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REQUEST FOR <br />COUNCIL ACTION <br />CITY COUNCIL MEETING DATE: <br />JULY 7, 2008 <br />TITLE: <br />PUBLIC HEARING - MORTGAGE REVENUE <br />BOND TEFRA HEARING ON ISSUANCE OF <br />TAX-EXEMPT BONDS FOR ROSSWOOD VILLA <br />APARTMENTS /'~ <br />l• CITY MANAGER <br />RECOMMENDED ACTION <br />CLERK OF COUNCIL USE ONLY: <br />APPROVED <br />^ As Recommended <br />^ As Amended <br />^ Ordinance on 1St Reading <br />^ Ordinance on 2"d Reading <br />^ Implementing Resolution <br />^ Set Public Hearing For_ <br />CONTINUED TO <br />FILE NUMBER <br />1. Hold a TEFRA (Tax Equity and Fiscal Responsibility Act) Hearing in <br />consideration of the issuance of multi-family housing revenue bonds <br />by the Housing Authority of the City of Santa Ana for the purpose of <br />financing the acquisition and rehabilitation of Rosswood Villa <br />Apartments located at 100 N. Ross Street in Santa Ana. <br />2. Adopt a resolution approving the issuance of multifamily housing <br />revenue bonds by the Housing Authority of the City of Santa Ana for <br />the purpose of financing the acquisition and rehabilitation of <br />multifamily rental housing. <br />DISCUSSION <br />On August 1, 1977, the Community Redevelopment Agency of the City of <br />Santa Ana granted the property located at 100 N. Ross Street (Exhibit 1) <br />to the original owners, Santa Ana Intown Apartments, LP for the purpose <br />of constructing a multifamily rental project of not less than 199 units. <br />All of the units are one bedroom. Under the terms of the Agency's <br />Declaration of Restrictions all units were to be rented to low and <br />moderate income households at affordable rent. This restriction expires <br />on August 1, 2012. In addition, there is an existing contract with the <br />Department of Housing and Urban Development (HUD) which provides project <br />based rental assistance. This contract is due to expire in November <br />2009. The developer is currently in negotiations with HUD to extend the <br />contract. <br />The property was acquired in July 2007 by two parties, NU-156 Apartments, <br />LLC and H&K Estancia, LLC (the owners), each with fifty percent tenant in <br />common interests. The owners have requested that the Housing Authority <br />issue tax exempt mortgage revenue bonds to refinance their acquisition <br />75D-1 <br />