HomeMy WebLinkAboutNB-4 - 26-167 - Draft Commitment Letters - 3/17/2026March 18, 2026
Ms. Tish Kelly
Jamboree Housing Corporation
17701 Cowan Avenue, Suite 200
Irvine, CA 92614
Re: Preliminary Award by City of Costa Mesa of HOME Funds for Jamboree Senior
Housing Project in Costa Mesa, California
Dear Ms. Kelly,
I am pleased to inform you that the City Council for the City of Costa Mesa ("City") has
approved a total loan funding commitment of $750,000 to Jamboree Housing Corporation
("Developer"), to provide local match funds for costs associated with the construction of the
Jamboree Senior Housing Project located at 695 West 19th Street, Costa Mesa, CA 92627
("Project"), into a 100% affordable senior housing development (including permanent
supportive housing), subject to the terms of this letter.
Fund Source: HOME Investment Partnership Program (HOME) funds
Amount: $750,000
Approval Date: March 17, 2026
A copy of the City Council's action approving this funding commitment is forthcoming. The
City's funding commitment is conditional on the parties reaching final and mutually
agreeable terms of a funding and regulatory agreement, and promissory note, setting forth
each parties' rights and obligations.
Sincerely,
Cecilia Gallardo-Daly
City Manager
ATTACHMENT 1
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March 18, 2026
Mr. Myles A. Peinemann II
Chief Executive Officer
American Family Housing
15161 Jackson Street
Midway City, CA 92655
Re: Preliminary Award by City of Costa Mesa of HOME Funds for the Avon River
Apartments at 1400 Bristol Street in Costa Mesa, California
Dear Mr. Peinemann,
I am pleased to inform you that the City Council for the City of Costa Mesa ("City") has
approved a total loan funding commitment of $750,000 to American Family Housing
("Developer"), to provide local match funds for costs associated with the construction of the
Avon River Apartments located at 1400 Bristol Street, Costa Mesa, CA 92627 ("Project"), into
permanent supportive housing, subject to the terms of this letter.
Fund Source: HOME Investment Partnership Program (HOME) funds
Amount: $750,000
Approval Date: March 17, 2026
A copy of the City Council's action approving this funding commitment is forthcoming. The
City's funding commitment is conditional on the parties reaching final and mutually
agreeable terms of a funding and regulatory agreement, and promissory note, setting forth
each parties' rights and obligations.
Sincerely,
Cecilia Gallardo-Daly
City Manager
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