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P. H. - Mortgage Revenue Band Inducement
<br />and TEFRA on Issuance of Tax-Exempt
<br />and Loan Agreements with Wilshire/Minnie, L.P.
<br />December 18, 2006
<br />Page 2
<br />Minnie with Wilshire/Minnie, L.P. in a total amount not to exceed $8.1
<br />million.
<br />HOUSING AUTHORITY ACTION
<br />Adopt a resolution relating to the issuance of bonds for the purpose of
<br />financing the acquisition and rehabilitation of seventeen properties
<br />located at 1201, 1209, 1213, 1221, 1225, 1229, and 1233 East Wilshire
<br />and 1401, 1403, 1409, 1413, 1421, 1425, 1429, 1433, 1437, and 1439 South
<br />Minnie by Wilshire/Minnie, L.P.
<br />COMMUNITY REDEVELOPMENT AND HOUSING COMMISSION RECOMMENDATION
<br />At its Regular Meeting of December 5, 2006, the Community Redevelopment
<br />and Housing Commission voted 6:0 (Turner absent) to continue this item
<br />to a Special Meeting an December 13, 2006.
<br />-The results will be reported to the City Council.
<br />DISCUSSION
<br />Orange Housing Development Corporation, a non-profit 501(c)(3) (OHDC),
<br />and C & C Development Company, LLC (C & C) have formed a partnership,
<br />Wilshire/Minnie, L.P. to acquire and rehabilitate seventeen apartment
<br />buildings containing 164 units located at 1201, 1209, 1213, 1221, 1225,
<br />1229, and 1233 East Wilshire and 1401, 1403, 1409, 1413, 1421, 1425,
<br />1429, 1433, 1437, and 1439 South Minnie (Exhibit 1) OHDC has
<br />successfully partnered with the City of Santa Ana and the Community
<br />Redevelopment Agency to acquire and rehabilitate 424 units in the City.
<br />Its projects include Santiago Villas, an 89 unit seniors only project,
<br />Ross-Durant, an acquisition-reconfiguration project offering larger
<br />units for families, and the acquisition and rehabilitatian of 178 units
<br />in Cornerstone Village. OHBC owns and manages 2,626 units located
<br />throughout California. C & C has many years of residential development
<br />and management experience and previously partnered with OHDC in the
<br />Santiago Villas and Ross-Durant projects.
<br />As part of the rehabilitation, the partnership is proposing to
<br />reconfigure the 164 one--bedroom units into 144 one, two, three and four
<br />bedrooms. After the reconfiguration, the unit mix will be 108 one-
<br />bedroom, 16 twa-bedroom, 18 three-bedroom and 2 four-bedroom units. In
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