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Authorization Of Multi-Family Housing <br />~evenue Refunding Bonds And Loan <br /> Agreements With Wakeham-Grant, LP <br /> January 5, 2004 <br /> Page 3 <br /> <br />Although all recommended actions of the Housing Authority of the City of <br />Santa Ana are first reviewed and acted upon by the Redevelopment and <br />Housing Commission, in this case there was insufficient time to process <br />this request through standard procedures. Therefore, this action of the <br />Housing Authority will be processed as an emergency action as required <br />by state and federal regulations. The Housing Authority declares this <br />to be an emergency matter under Health and Safety Code Section 34292 in <br />order for the Housing Authority to take action. <br /> <br />FISCAL IMPACT <br /> <br />The issuance of tax-exempt bonds will result in developer payment of an <br />annual affordable monitoring fee to the Housing Authority for a term of <br />55 years. Funds received will be deposited into the Issuer Fee account <br />(account no. 133-01-5594). Funds for the loans are available in Tax <br />Increment and HOME accounts (505-936-6951 & 130-148-6951/7094). <br /> <br />APPROVED AS TO FUNDS AND ACCOUNTS: <br /> <br />EJ°x~c/utP/i~rSet~or <br />Community Development Agency <br /> <br />\ .... <br />~Executive ~rector <br />%Finance & Management Services Agenc~ <br /> <br />JPR/SLB/mlr <br /> <br />Page 140 25.1. <br /> <br /> <br />