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Tax Exempt Bond Financing and Loan <br />Agreements with Lacy and Raitt, LP <br />(703 N. Lacy/702 S. Raitt) <br />January 5, 2009 <br />Page 4 <br />Recommended that the Housing Authority adopt a resolution relating to <br />the issuance of bonds for the purpose of financing the acquisition and <br />rehabilitation of the properties located at 703 N. Lacy and 702 S. <br />Raitt. <br />DISCUSSION <br />Orange Housing Development Corporation (OHDC), a 501(c)(3) nonprofit <br />organization, and C & C Development Company, LLC (C & C) have formed a <br />limited partnership, Lacy and Raitt, LP, to acquire and rehabilitate two <br />apartment complexes. The first is a twenty-seven unit apartment building <br />located at 703 N. Lacy (Exhibit 1). The second is a ten unit apartment <br />building located at 702 S. Raitt (Exhibit 2). OHDC has successfully <br />partnered with the City of Santa Ana and the Community Redevelopment <br />Agency to acquire and rehabilitate 618 units in the City. In addition, <br />OHDC owns and manages more than 2,600 apartment units throughout <br />California. C & C has many years of residential development and <br />management experience, and most recently partnered with OHDC in the <br />Townsend and Raitt project. <br />The proposed projects will build on the City's existing focus in the <br />Townsend/Raitt neighborhood and Santa Ana Boulevard area. The Lacy <br />Street project is adjacent to properties currently owned by the <br />Community Redevelopment Agency (Agency) in the Santa Ana Boulevard area. <br />The acquisition and rehabilitation will assist in the long-term <br />stabilization of the neighborhood, promote the City's goal of providing <br />long-term, affordable housing, and assist in the revitalization of the <br />corridor. The exterior rehabilitation will incorporate design details <br />that are consistent with the draft Santa Ana Renaissance Specific Plan, <br />to the extent possible. Although the building will be rehabilitated, <br />there will be no reconfiguration of units. The unit mix and rent <br />restrictions are as follows: <br /> 30o AMI <br />Extremely Low 50o AMI <br />Very Low <br />703 N. Lacy No.Units Rent No.Units Rent <br />Studio 3 $788 <br />One-bedroom 15 $839 <br />Two-bedroom 1 $589 7 $1,008 <br />80B-4 <br />