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RESOLUTION NO. 2011- A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA ANA APPROVING THE ISSUANCE OF BONDS BY THE HOUSING AUTHORITY OF THE CITY OF SANTA ANA TO FINANCE MULTIFAMILY RESIDENTIAL RENTAL FACILITIES FOR SANTA ANA WBBB, LP BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SANTA ANA AS FOLLOWS: Section 1. The City Council of the City of Santa Ana hereby finds, determines and declares as follows: A. Santa Ana WBBB, LP (the "Borrower"), a California limited partnership formed by the Orange Housing Development Corporation and C&C Development, has requested that the Housing Authority of the City of Santa Ana (the "Authority") issue one or more series of revenue bonds in an aggregate principal amount not to exceed $12,500,000 (the "Bonds"), and lend the proceeds of the Bonds to the Borrower for the purpose of financing the costs of the construction by the Borrower of 51 units of multifamily residential rental housing at the following locations in the City of Santa Ana (the "City"): 217-219 South Birch (5 units), 435-437 South Birch (5 units), 2034-2038 North Bush (5 units), and 605-611 East Washington (36 units) (collectively, the "Project"). B. Section 147(f) of the Internal Revenue Code of 1986 (the "Code") requires that an "applicable elected representative" with respect to the Project approve the issuance of the Bonds by the Authority after a public hearing has been held concerning the issuance of the Bonds and the financing of the Project. C. The City Council of the City of Santa Ana (the "City Council") is the elected legislative body of the City and is an applicable elected representative with respect to the Project under section 147(f) of the Code, because the Project is located in the City. D. The Authority has requested that the City Council approve the issuance of the Bonds by the Authority in order to satisfy the public approval requirement of section 147(f) of the Code; and Resolution No. 2011- Page 1 of 3 75A-5