City Council 5 5 2026 Agenda Item N4 Loan Agreements for Aspire Apartments

The City Council of Oxnard held a meeting on April 23, 2026, to discuss and approve loan agreements for the Aspire Apartments project, an 87-unit affordable rental housing development including a pocket park. The council reviewed funding allocations from various sources including $1.2 million in Home American Rescue Plan (Home ARP) funds, $1 million in Home funds, and $689,659 in Community Development Block Grant (CDBG) funds to support the project. The council also considered an amendment to increase labor compliance monitoring services funding from $220,000 to $291,000 with MNS Engineers, Inc. The council was recommended to adopt resolutions authorizing the city manager to execute the loan agreements and related documents to facilitate construction starting in summer 2026 and completion by 2028.