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Solorio, Tinajero, Villegas (7) <br />NOES: None (0) <br />ABSTAIN: None (0) <br />ABSENT: None (0) <br />JOINT SESSIONS OF THE CITY COUNCIL AND THE HOUSING AUTHORITY <br />80A. APPROVE COMMITMENT TO RESUBORDINATE THE EXISTING <br />AFFORDABLE HOUSING LOANS FOR THE CORNERSTONE <br />APARTMENTS TO $8,700,000 IN DEBT TO FUND REHABILITATION <br />COSTS {STRATEGIC PLAN NO. 4, 5) — Community Development Agency <br />MOTION: Authorize the City Manager and Executive Director of the <br />Housing Authority to execute a commitment letter to: <br />1. Resubordinate the current affordable housing loans for the <br />Cornerstone Apartments at 805-904 South Minnie Street, Santa <br />Ana, California to tax-exempt multifamily bonds (Bonds) in an <br />amount not to exceed $8,700,000. The Bond funds will be used to <br />substantially rehabilitate the Project. <br />2. Authorize the City Manager and Executive Director of the Housing <br />Authority to execute the necessary documents to level all rents <br />onsite at the 50% ICAC rents instead of the existing Health and <br />Safety Code rents. <br />MOTION: Tinajero <br />VOTE: AYES: <br />NOES: <br />ABSTAIN <br />ABSENT: <br />SECOND: Sarmiento <br />Benavides, Martinez, Pulido, Sarmiento, <br />Solorio, Tinajero, Villegas (7) <br />None (0) <br />None (0) <br />None (0) <br />CITY COUNCIL MEETING RECESSED AT 9:45 P.M. AND CONVENED THE HOUSING <br />AUTHORITY MEETING. CITY COUNCIL MEETING RECONVENED WITH SAME <br />MEMBERS PRESENT AT 9:46 P.M. <br />CITY COUNCIL MINUTES 42 NOVEMBER 20, 2018 <br />1 OA -42 <br />