Affordable Housing Effort Advances With $2M Loan Proposal In Mill Valley

MILL VALLEY, CA — Mill Valley's City Council voted unanimously in early October to authorize a loan of up to $2 million from the city's Affordable Housing Trust Fund to EAH Housing for predevelopment activities.

The council also formed a subcommittee to work with staff on the loan terms before the city manager executed the agreement.

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Vice Mayor Caroline Joachim said the subcommittee would include her and Councilmember Urban Carmel, who agreed to serve.

"I'm going to move that we consider to authorize a loan to EH Housing in an amount not to exceed $2 million from the city's affordable housing trust fund, and with that there will be a subcommittee that is formed that includes myself as vice mayor as well as council member Urban Carmel to work with the city manager and EH to specify the terms of the agreement, and therefore, after we reach that agreement, we're going to give you authorization to enter the agreement with EAH," Joachim

The motion passed on a roll-call vote, with all four council members present voting in favor.

Staff had told the council the request involved a $2 million loan, rather than a smaller investment, and asked the council to formalize the subcommittee and authorize the city manager to sign once the terms were settled.

The council's action approved the loan amount and process; the agreement's specific terms remained to be developed.