Pelican Harbor housing financing approved
At a glance
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The Housing Authority approved a financing package for Pelican Harbor Apartments, including continued tax-exempt bonds of up to $20 million and revised affordable housing agreements. The action also extends affordability covenants to 60 years.
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What this means
The Housing Authority backed a plan to refinance and improve Pelican Harbor Apartments, a housing project formerly referred to as Huntington Beach Senior Housing. The approved package allows up to $20 million in tax-exempt bonds and updates the housing agreements tied to the project. A key change in the final motion was extending the affordability covenants to 60 years, which keeps the housing affordable for a longer period.
Key decisions
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- Held the TEFRA public hearing for Pelican Harbor Apartments.
- Adopted Resolution No. 2025-65 approving continued tax-exempt bonds of up to $20,000,000.
- Approved the First Amendment to the Affordable Housing Agreement.
- Approved the First Amendment to the Amended and Restated Agreement Containing Covenants, with affordability covenants extended to 60 years.
- Approved the First Amendment to the City HOME Promissory Note.
- Approved the First Amendment to the City Inclusionary Housing Promissory Note.
- Authorized the City Manager and Housing Authority Executive Director, or their designees, to execute the documents.
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Huntington Beach Housing Authority
Special Meeting
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