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REC~UEST FC~R H®USIIVG AUTHORITY ACTIGN MEETING DATE: JUNE 8, 2009 TITLE: RESOLUTION AUTHORIZING THE ISSUANCE OF MULTI-FAMILY HOUSING REVENUE BONDS - 703 NORTH LACY/702 SOUTH RAITT EXEC IVE DIRECTOR RECOMMENDED ACTION RECORDING SECRETARY USE ONLY: APPROVED ^ As Recommended ^ As Amended coNTio~uED To Adopt a resolution authorizing the issuance of multi-family housing revenue bonds in an amount not to exceed $4,500,000 for the acquisition and rehabilitation of 703 North Lacy and 702 South Raitt and authorize the Executive Director of the Housing Authority to execute all documents as necessary. COMMUNITY REDEVELOPMENT AND HOUSING COMMISSION RECOMMENDATION At its Regular Meeting of June 2, 2009, by a vote of 4:0 (Bist absent), the Community Redevelopment and Housing Commission recommended that the Housing Authority adopt a resolution authorizing the issuance of multi- family housing revenue bands in an amount not to exceed $4,500,000 far the acquisition and rehabilitation of 703 North Lacy and 702 South Raitt and authorize the Executive Director of the Housing Authority to execute all documents as necessary. DISCUSSION On January 5, 2009, the City Council and Community Redevelopment Agency approved loans in the amount of $4,382,522 to Lacy and Raitt, L.P, for the acquisition and rehabilitation of the twenty-seven unit apartment building located at 703 North Lacy (Exhibit 1) and the ten unit apartment building located at 702 South Raitt (Exhibit 2). The Lacy and Raitt, L.P. is comprised of Orange Housing Development Corporation, a non-profit 501(c)(3), and C & C Development Company, LLC. The exterior rehabilitation of 703 North Lacy will incorporate design details that are consistent with the draft Santa Ana Renaissance Specific Plan, to the extent possible. Although the building will be rehabilitated, there will -~