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REQUEST FOR HOUSING <br />AUTHORITY ACTION <br />MEETING DATE: <br />MAY 1, 2006 <br />TITLE: <br />RECOMMENDED ACTION <br />Adopt a resolution authorizing <br />revenue bonds in an amount not to <br />Villas project, and authorize <br />Executive Director of the Housing <br />all documents as necessary. <br />RECORDING SECRETARY USE ONLY: <br />APPROVED <br />❑ As Recommended <br />❑ As Amended <br />CONTINUED TO <br />the issuance of multi -family housing <br />exceed $7,344,000 for the Ross -Durant <br />the Chairperson, Vice -Chairperson or <br />Authority or their designee to execute <br />COMMUNITY REDEVELOPMENT AND HOUSING COMMISSION RECOMMENDATION <br />Recommended that the Housing Authority of the City of Santa Ana adopt a <br />resolution authorizing the issuance of multi -family housing revenue bonds <br />in an amount not to exceed $7,344,000 for the Ross -Durant Villas project, <br />and authorize the Chairperson, Vice -Chairperson or Executive Director of <br />the Housing Authority or their designee to execute all documents as <br />necessary. <br />By a vote of 7:0 at its Regular Meeting of April 4, 2006. <br />DISCUSSION <br />Orange Housing Development Corporation (OHDC) and C&C R&D I, LLC, have <br />formed a partnership, Ross & Durant, L.P. to acquire and rehabilitate two <br />multi -family properties located at 1501 N. Ross Street and 1411 N. Durant <br />Street (Exhibit 1) which have 30 and 35 studio apartments, respectively. <br />The Ross Street property will be converted into 24 one and two bedroom <br />units. The Durant Street property will be converted into 25 one, two <br />and three bedroom units. All but one unit designated as a manager unit <br />at the Durant Street property will have recorded affordability covenants, <br />which restrict allowable rents and incomes to very low- and low-income <br />