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REQUEST FOR HOUSING <br />AUTHORITY ACTION <br />MEETING DATE: <br />JANUARY 16, 2018 <br />TITLE: <br />HOUSING SUCCESSOR AGENCY <br />FUNDS LOAN AGREEMENT WITH <br />AMCAL MULTI -HOUSING, INC FOR <br />$8,522,740 FOR THE FIRST STREET <br />APARTMENTS PROJECT <br />{STRATEGIC PLAN NO. 5,3C) <br />INTERIM C I E DIR TOR <br />RECOMMENDED ACTION <br />RECORDING SECRETARY USE ONLY: <br />APPROVED <br />❑ As Recommended <br />❑ As Amended <br />CONTINUED TO <br />Authorize the City Manager, acting as the Executive Director of the Housing Authority of the <br />City of Santa Ana, or his or her designee to execute a Loan Agreement with AMCAL Multi - <br />Housing, Inc. for $8,522,740 in Housing Successor Agency Funds to create 69 units of <br />affordable housing at 1440 East First Street in Santa Ana, subject to non -substantive <br />changes approved by the City Manager and Authority General Counsel. <br />2. Authorize the City Manager, acting as the Executive Director of the Housing Authority of the <br />City of Santa Ana, or his or her designee to execute a Subordination Agreement with Bank of <br />America, N.A., for the Loan Agreement with AMCAL Multi -Housing, Inc., subject to non - <br />substantive changes approved by the City Manager and Authority General Counsel. <br />COMMUNITY REDEVELOPMENT AND HOUSING COMMISSION RECOMMENDATION <br />At a Special Meeting on December 20, 2017, by a vote of 6:0 (Cann, Santana absent) the <br />Community Redevelopment and Housing Commission recommended that the Housing Authority <br />of the City of Santa Ana acting as the Housing Successor Agency authorize the City Manager, <br />acting as the Executive Director of the Housing Authority of the City of Santa Ana, or his or her <br />designee to execute a Loan Agreement with AMCAL Multi -Housing, Inc. for $8,522,740 in <br />Housing Successor Agency Funds to create 69 units of affordable housing at 1440 East. First <br />Street in Santa Ana, subject to non -substantive changes approved by the City Manager and City <br />Attorney. <br />3-1 <br />