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JOINT SESSION OF THE CITY COUNCIL AND THE HOUSING AUTHORITY <br />80A. JOINT SESSION - APPROVE AMENDED AND RESTATED AFFORDABLE <br />HOUSING LOANS AND SUBORDINATION AGREEMENTS FOR THE <br />REHABILITATION OF CORNERSTONE APARTMENTS {STRATEGIC PLAN NO. 4, 5) <br />—Community Development Agency <br />CITY COUNCIL ACTION <br />Authorize the City Manager to execute an Amended and Restated Loan <br />Agreement with Cornerstone Housing Partners LP (c/o Jamboree Housing <br />Corporation) for $5,128,152 in HOME Investment Partnerships Program (HOME) <br />funds by consolidating and replacing ten existing HOME Program loans in order <br />to rehabilitate 126 units of existing affordable housing at 805, 810, 815, 816, 825, <br />828, 835, and 904 S. Minnie Street, Santa Ana, California, subject to non - <br />substantive changes approved by the City Manager and City Attorney <br />(Agreement No. A-2019-XXX). <br />Authorize the City Manager to execute a Subordination Agreement with MUFG <br />Union Bank, N.A., for the City's Amended and Restated HOME Loan Agreement <br />with Cornerstone Housing Partners LP (c/o Jamboree Housing Corporation), <br />subject to non -substantive changes approved by the City Manager and City <br />Attorney(Agreement No. A-2019-XXX). <br />HOUSING AUTHORITY ACTION <br />Authorize the Executive Director of the Housing Authority to execute an <br />Amended and Restated Loan Agreement with Cornerstone Housing Partners LP <br />(c/o Jamboree Housing Corporation) for $2,054,327 in Housing Successor <br />Agency funds by consolidating and replacing thirty-three existing Housing <br />Successor Agency loans in order to rehabilitate 126 units of existing affordable <br />housing at 805, 810, 815, 816, 825, 828, 835, and 904 S. Minnie Street, Santa <br />Ana, California, subject to non -substantive changes approved by the Executive <br />Director and Authority General Counsel. <br />Authorize the Executive Director of the Housing Authority to execute a <br />Subordination Agreement with MUFG Union Bank, N.A., for the Housing <br />Authority's Amended and Restated Housing Successor Agency Loan Agreement <br />with Cornerstone Housing Partners LP (c/o Jamboree Housing Corporation), <br />subject to non -substantive changes approved by the Executive Director and <br />Authority General Counsel. <br />Councilmember Solorio motioned to approve, seconded by Mayor Pulido. <br />MOTION: Councilmember SECOND: Mayor Pulido <br />Solorio <br />DRAFT CITY COUNCIL MINUTES 14 September 17, 2019 <br />1 OA-14 <br />