title
CC:HA - ACTION ITEM: Discussion of and Direction to the City Manager on the Terms and Conditions of a $16 Million Loan to Community Corporation of Santa Monica for the Jubilo Village Affordable Housing Project.
body
Meeting Date: June 9, 2025
Contact Person/Dept.: Jesse Mays - Assistant City Manager
Tevis Barnes - Director of Housing and Human Services
Lisa Soghor - Chief Financial Officer
Phone Number: City Manager's Office (310) 253-6000
Housing and Human Services (310) 253-5780
Finance Department (310) 253-5865
Fiscal Impact: Yes [X] No [] General Fund: Yes [X] No []
Attachments: Yes [X] No []
Public Notification: (E-Mail) Meetings and Agendas - City Council (06/05/2025)
Department Approval: John Nachbar, City Manager (06/04/2025) _____________________________________________________________________
RECOMMENDATION
Staff recommends the City Council and the Culver City Housing Authority (Authority) Board discuss and provide direction to the City Manager/Executive Director on the terms of a $16 million loan commitment to Community Corporation of Santa Monica for the Jubilo Village affordable housing project.
BACKGROUND
Jubilo Village
Jubilo Village is a proposed 100% affordable housing development at 4464 Sepulveda Boulevard that will provide 95 affordable one, two and three-bedroom apartments to at-risk and low-income households. Jubilo will be service-enriched and provide onsite supportive services through a partnership with Upward Bound House, a Culver City local emergency shelter for homeless children and their families. In addition to providing residents with access to resources, Jubilo will also include onsite property management services. Jubilo will be developed in partnership with the property owner, Culver Palms United Methodist Church ("the Church").
2022 Loan
In 2021, the City approved a commitment to Jubilo of a $2 million construction and permanent loan. In 2022, the City incr...
Click here for full text