The Phoenix City Council authorized an amendment to the federal HOME Investment Partnerships (HOME) Program Acquisition and Rehabilitation Loan Agreement, City Contract 132009, with Madison Pointe Apartments LP. This amendment increases the number of City HOME units from 13 to 18 units and extends the period of affordability for all City HOME units by five years, from 2053 to 2058. In exchange, the city will forgive up to $800,000 in outstanding interest on the loan, while the owner will pay the full $1,569,000 principal balance. The original contract, executed in 2011, provided $1,569,000 in HOME funds to assist with the development of the 60-unit Madison Pointe Apartments located at 4150 N. 9th Street. The additional five HOME units will also serve households whose income does not exceed 50 percent of the Area Median Income (AMI). There is no impact to the General Fund, as all loan debt paid will be re-purposed for further affordable housing.