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BUSINESS CALENDAR <br />JOINT SESSION OF THE CITY COUNCIL AND THE HOUSING AUTHORITY AGENCY <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. 4,51 <br />RECOMMENDEDACTION.• Authorize the City Manager and Executive Director <br />of the Housing Authority to execute a commitment letter to: <br />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 />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 />*** END OF BUSINESS CALENDAR *** <br />COMMENTS <br />HOUSING AUTHORITY MEMBER COMMENTS <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 />ADJOURNMENT <br />HOUSING AUTHORITY 4 NOVEMBER 20, 2018 <br />