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REQUEST FOR <br />COUNCIL ACTION <br />CITY COUNCIL MEETING DATE: <br />MARCH 7, 2011 <br />TITLE: <br />PUBLIC HEARING - ISSUANCE OF TAX- <br />EXEMPT BONDS FOR MULTI-FAMILY <br />HOUSING PROJECTS <br />CITY MANAGER <br />RECOMMENDED ACTION <br />CLERK OF COUNCIL USE ONLY: <br />APPROVED <br />? As Recommended <br />? As Amended <br />? Ordinance on 1" Reading <br />? Ordinance on 2nd Reading <br />? Implementing Resolution <br />? Set Public Hearing For_ <br />CONTINUED TO <br />FILE NUMBER <br />Hold a public hearing regarding the issuance of tax-exempt multi-family housing revenue <br />bonds by the Housing Authority of the City of Santa Ana for the purpose of financing the <br />construction of 51 rental housing units on properties located at 217-219 South Birch, 435- <br />437 South Birch, 2034-2038 North Bush, and 605-611 East Washington. <br />2. Adopt a resolution approving the issuance of the bonds by the Housing Authority. <br />COMMUNITY REDEVELOPMENT AND HOUSING COMMISSION ACTION <br />At its regular meeting on February 15, 2011, by a vote of 5:0 (Bist absent), the Community <br />Redevelopment and Housing Commission approved the recommended actions. <br />DISCUSSION <br />The Internal Revenue Code requires that, before tax-exempt bonds can be issued to finance a <br />multi-family housing facility, the legislative body for the public agency in whose jurisdiction the <br />project is located must hold a public hearing at which time the public may discuss the project and <br />the issuance of the bonds. This bond issuance by the Housing Authority will not be a general <br />obligation of the Housing Authority or the City; however, it will be a limited obligation of the <br />Housing Authority payable from revenues derived from the rental facilities to be financed. <br />Santa Ana WBBB, LP, a partnership between Orange Housing Development Corporation <br />(OHDC) and C & C Development, and a Limited Tax Equity Partner, is requesting that the City <br />Council hold a public hearing to consider the issuance of tax-exempt multi-family housing <br />revenue bonds by the Housing Authority of the City of Santa Ana; and that subsequent to the <br />public hearing, the City Council adopt a resolution approving the issuance of the bonds by the <br />Housing Authority. If approved, the bond proceeds will provide for the construction of a total of <br />51 new multi-family rental units on properties located at 217-219 South Birch, 435-437 South <br />Birch, 2034-2038 North Bush, and 605-611 East Washington. The attached map identifies the <br />location of the sites (Exhibit 1). <br />75A-1