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<br />Loan Agreements with <br />Ross & Durant, L. P. and <br />Authorization of Relocation Plans <br />January 3, 2006 <br />Page 2 <br /> <br />COMMUNITY REDEVELOPMENT AGENCY ACTION <br /> <br />1. Direct the Agency General Counsel to prepare a loan agreement with <br />Ross & Durant, L. P. for the acquisition of a 30 unit multi-family <br />property located at 1501 N. Ross Street in an amount not to exceed <br />$3,006,920 and authorize the Executive Director or designee to <br />execute all required documents. <br /> <br />2. Direct the Agency General Counsel to prepare a loan agreement with <br />Ross & Durant, L. P. for the acquisition of a 35 unit multi-family <br />property located at 1411 N. Durant Street in an amount not to exceed <br />$2,043,924 and authorize the Executive Director or designee to <br />execute all required documents. <br /> <br />DISCUSSION <br /> <br />In an effort to provide for the demand for appropriately sized affordable <br />housing in the City, staff continually seeks projects that will assist in <br />meeting this need. The current proposed proj ects are located in the <br />Willard neighborhood. In this neighborhood, multi-family units make up <br />ninety-one percent of the total, predominately studio and one-bedroom. <br />While the units are small, seventy-six percent of the households in <br />Willard are comprised of four or more individuals. <br /> <br />Orange Housing Development Corporation (OHDC) and C&C R&D, LLC, have <br />formed a partnership, Ross & Durant, L.P. to acquire and rehabilitate two <br />multi-family properties located at 1501 N. Ross Street and 1411 N. Durant <br />Street (Exhibit 1) which have 30 and 35 studio apartments, respectively. <br />The Ross Street property will be converted into 24 one and two bedroom <br />units. The Durant Street property will be converted into 25 one, two <br />and three bedroom units. All but one unit designated as a manager unit <br />at the Durant Street property will have recorded affordability covenants, <br />which restrict allowable rents and incomes to very low- and low-income <br />households in perpetuity (Exhibit 2). In addition to affordability <br />covenants, the future occupancy will be restricted to three persons for <br />one-bedroom units, four persons for two bedroom units, and six persons <br />for three bedroom units. <br /> <br />80A-2 <br />