Stockton City Council Resolution 2026-03-31-1601 2026-03-31
City Approves $2.8M Loan for Fairview Terrace Housing
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Description
The Stockton City Council approved a $2,800,000, 55-year residual-receipts loan at 3% interest to Mutual Housing California to support the Fairview Terrace affordable housing development. The loan may be capitalized from multiple housing and community development funding sources and is secured by a Deed of Trust, Promissory Note, and Regulatory Agreement.
Contract Details
Contract Amount
$2,800,000
Vendor
MUTUAL HOUSING CALIFORNIA
Agency
City of Stockton, CA
Contract Type
FINANCIAL_SERVICES
Document Date
March 31, 2026
Contract Term
55-year loan term
Renewal Info
Single 55-year residual-receipts loan term with interest at 3%; any unpaid principal and interest are due as a lump sum at the end of the 55-year term.
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