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HOUSING AUTHORITY <br /> <br />4 NOVEMBER 20, 2018 <br />BUSINESS CALENDAR <br /> <br /> <br />JOINT SESSION OF THE CITY COUNCIL AND THE HOUSING AUTHORITY AGENCY <br /> <br />4. APPROVE COMMITMENT TO RESUBORDINATE THE EXISTING AFFORDABLE <br />HOUSING LOANS FOR THE CORNERSTONE APARTMENTS TO $8,700,000 IN <br />DEBT TO FUND REHABILITATION COSTS {STRATEGIC PLAN NO. 4, 5} <br /> <br />RECOMMENDED ACTION : Authorize the City Manager and Executive Director <br />of the Housing Authority to execute a commitment letter to: <br /> <br />1. Resubordinate the current affordable housing loans for the Cornerstone <br />Apartments at 805 - 904 South Minnie Street, Santa Ana, California to tax-exempt <br />multifamily bonds (Bonds) in an amount not to exceed $8,700,000. The Bond funds <br />will be used to substantially rehabilitate the Project. <br /> <br />2. Authorize the City Manager and Executive Director of the Housing Authority to <br />execute the necessary documents to level all rents onsite at the 50% TCAC rents <br />instead of the existing Health and Safety Code rents. <br /> <br /> <br />*** END OF BUSINESS CALENDAR *** <br /> <br /> <br />COMMENTS <br /> <br /> <br />5. HOUSING AUTHORITY MEMBER COMMENTS <br /> <br />AT THIS TIME Housing Authority members may comment on non-agenda matters and ask <br />questions of or give directions to staff. NO action may be taken on non-agenda items unless <br />authorized by law. <br /> <br /> <br /> <br />ADJOURNMENT