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<br /> <br />1.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 /> <br />2. Authorize the City Manager to execute a Subordination Agreement with MUFG <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 /> <br />HOUSING AUTHORITY ACTION <br /> <br />1. 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 /> <br />2. Authorize the Executive Director of the Housing Authority to execute a <br />Subordination Agreement with MUFG Union Bank, N.A., for the Housing <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 /> <br />Councilmember Solorio motioned to approve, seconded by Mayor Pulido. <br /> <br />MOTION: Councilmember SECOND: Mayor Pulido <br />Solorio <br />VOTE: AYES: Mayor Pulido, Mayor Pro Tem Villegas, <br />Councilmember Iglesias, Councilmember <br />Penaloza, Councilmember Solorio, <br />Councilmember Sarmiento (6) <br /> <br /> NOES: None (0) <br /> <br /> ABSTAIN: None (0) <br /> <br /> ABSENT: None (None) <br />CITY COUNCIL MINUTES 14 September 17, 2019 <br /> <br /> <br />