Loan Agreement for the Use of PLHA Program Funds

The Loan Agreement for the Use of PLHA Program Funds for $4,000,000 will be used to pay a portion of the construction costs for Palm Villas at State Apartments located on an approximately 7 .76 acres of Housing Authority-owned real property located at 761 & 785 North State Street and 160,260 & 320 West Menlo Avenue in the City of Hemet, CA 92543, identified as Assessor's Parcel Numbers (APNs) 439-060-009, 010, 011, 014, 015 and 439-281-035. The Project consists of 108 rental units within four, three-story residential buildings, including 75 two-bedroom units, 33 three-bedroom units, and one three-bedroom manager's unit. Except for the manager's unit, all rental units will be restricted for households earning between 30% and 60% of the Riverside County Area Median Income (AMI). Site amenities will include a community center, computer lab, kitchen, flexible community rooms, playground, picnic areas, and sports courts. Under the County's PLHA program, 52 units will be restricted to low and very low income households. Those will be restricted fora period of atleast55 years from the recordation of the Notice of Completion.