The Denver City Council approved a Fifth Amendatory Agreement with Denver Dry Preservation, LLC, for a loan related to an affordable housing development at 1565 California Street. This amendment adjusts the interest calculation on an existing $3,237,815 loan from simple to annual compounding interest. The change was critical for the developer to comply with federal tax regulations and claim Low-Income Housing Tax Credit (LIHTC) acquisition credits at the loan's full value. Without this adjustment, the value of the loan for tax credit purposes would have been significantly discounted, resulting in a loss of over $760,000 in project equity. The agreement does not alter the loan's principal amount or its term, which runs through July 2085. The resolution was passed to preserve the financial viability of the affordable housing project.