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Resolution ~utharizing the Issuance <br />a f N~ult ~. ~ ~'a~nll~ Hour ing Rvenua Bonds -- <br />~~ilshire~~Iinnie Project <br />Wage <br />built on-site for the use of residents of this projoat and the <br />surrounding naighbarhaad. <br />T~~ city and Agenoy loan funds ~a~ aont.~ngent an the developer receiving <br />approval far bath tax-exer~pt band allocat~.on through t~ califarnia Debt <br />Limit ~llooation committee ~c~LAC} and tax credits. 'the d~velapr has <br />now ~aoaiv~d natiflcatian that that' sera successful in securing the tax- <br />~xar~pt bond allocation and tax credits. In ardor fog the developer to <br />close escrow, the Hauling ~uthorit~r must adopt a resolution authorizing <br />isuanco of the bonds. <br />Thy bonds aro cansidorod "oondult" obligations, This means that tha <br />Housing ~uthorit~ will issue the bands, but the do~~lapar is the borrower <br />and is respansibla far epay~ont. Tho bonds are repaid strictl~r from the <br />davelopr under the project mortgage. `hare is no ~oaoure to the city <br />of Santa Ana, the Hauling ~utharit~ or the ommunit~ ~ede~relapment <br />Agency. The bands ~aill be purohased da~~eotly bar the lender, ~1ash~.ngton <br />Mutualr as a private placement. The lair firm of banes Hall has been <br />retained to serve as band counsel, and C~ Advisors has been retained a. <br />financial advisor. Final issuance of the bands is conditioned an the <br />under~rriting b~ the lender and approval b~ the Housing Authority. <br />'This project mill ensure the future integrity of the neighborhood b~ <br />~'etaining o~nership of seventeen cant~.guous build~.ngs under one owner, <br />which wi11 be rehabilitated and have affordability' and acaupana~ <br />covenants. It mill also increase the availability of larger affordab~.e <br />housing units. 'The acquisition and rehab~.litatian of these properties <br />~ri11 assist the pity and Agency to meet its affordable housing goals as <br />identified in the cansa~.idated Plan, Redevelopment Implementation Plan <br />and Hauling element. <br />x <br />