City Council 5 5 2026 Agenda Item N3 HOME ARP Loan Agreement for the Cypress Place at Garden

The City Council of Oxnard held a meeting on April 23, 2026, to discuss and approve a Home American Rescue Plan (Home ARP) loan agreement for the Cypress Place at Garden City Phase 2 affordable housing project. The project, developed by People's Self-Help Housing (PSH), is a two-phase development with Phase 2 consisting of 59 affordable rental units and one manager unit. The council reviewed the project's background, funding status, and community outreach efforts. To address a financial gap in the estimated $43.5 million development cost, the council considered awarding a $1.2 million Home ARP loan to PSH. The loan agreement includes terms for construction to begin in summer 2026 and complete in 2028. The council recommended adopting a resolution to authorize the city manager to execute the loan agreement and related documents to support the development of this affordable housing project.