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REQUEST FOR HOUSING <br />AUTHORITY ACTION <br /> <br />~~c~~~~~ ~~~~r~~~r~~ ~~~~~ <br /> <br />T~1~L~: <br />~RTGI~,E RE'~TN~ BAND INDU~NT <br />~N I I~NO~ ~~' TAB-E~iPT BOND <br />F~~ RO~OOD `ILLA <br />APPR~II~D <br />[] As Reeommendeal <br />^ As Amended <br />~lT1NU~D TO <br />/r <br />XECUTIVE RECTOR <br />RECOMMENDED ACTION <br />Adopt ~ resolution relating to the issuance of bonds for the purpose of <br />financing the acquisition and rehabilitation of Ross~ood ~Tillas located <br />at 1~~ ~Qrth Ross Street in Santa Ana. <br />C~NIl~U~I TY 1D~VELQFN~ENT AND HODS INO CO~+~+lI IAN A,OT I O1~ <br />At its Regular N~eeting of April , 2~0~, the Community ~ede~e~.opment and <br />Housing Cor~miss~.on recommended that the Hous~.ng Authorit~r adopt a <br />resolution relating to the issuance of bonds for the purpose of financing <br />the acquisition and rehabilitation of Rosswood ~lillas located at 1~~ <br />Forth doss street in Santa Ana ~~ a Grote of ~:0 ~~Tasquez absent} . <br />DIHOUIOI~ <br />Federal tai law author~.~es dousing Authorities to issue federally tax <br />exempt bonds for certain types of affordable housing projects. The bonds <br />ha~re a lo~rer interest rate than con~rentional financing. The lo~rer <br />interest rate reduces the debt serv~.ce, Which can be essential to the <br />financial feasibility of affordable housing projects. Housing <br />authorities assu~.e no risk by issuing these bonds because they are <br />"conduit" obligations. This r~eans that although a Housing Authority <br />issues the bonds, the developer of the affordable housi.g project ~. the <br />borroer and has sole responsibility for making payments to the bond- <br />holder. <br />In order to apply to the California Debt Limitation Allocation committee <br />cDLA}for authority to issue such bonds, the Authority must first adopt <br />~~ <br />~~~~:~~ <br />