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MEETING DATE: <br />DECEMBER 5, 2005 <br />TITLE: <br />MORTGAGE REVENUE BOND <br />INDUCEMENT -ROSS AND DURANT <br />RECOMMENDED ACTION <br />kdUc tti0 Igo <br />RECORDING SECRETARY USE ONLY: <br />APPROVED <br />❑ As Recommended <br />❑ As Amended <br />CONTINUED TO <br />Adopt a resolution relating to the issuance of bonds for the purpose of <br />financing the acquisition and rehabilitation of two multi - family and one <br />single- family properties in the Willard Neighborhood. <br />COMMUNITY REDEVELOPMENT AND HOUSING COMMISSION RECOMMENDATION <br />Recommended that the Housing Authority adopt a resolution relating to the <br />issuance of bonds for the purpose of financing the acquisition and <br />rehabilitation of two multi - family and one single - family properties in <br />the Willard Neighborhood. <br />By a vote of 4:0 at its Regular Meeting of November 15, 2005. <br />DISCUSSION <br />The Housing Authority has developed a multifamily acquisition and <br />rehabilitation bond - -financing program to address the renovation <br />requirements of affordable rental housing. Ross & Durant, LP, a <br />partnership of Orange Housing Development Corporation (OHDC) and C & C <br />R &D, LLC, and the Limited Tax Credit Equity Partner, is requesting that a <br />resolution be adopted by the Housing Authority indicating its intent to <br />issue bonds to finance the acquisition and rehabilitation of two <br />multifamily properties located at 1501 North Ross and 1411 North Durant <br />and 1401 North Durant, which is a single family residence located in the <br />Willard Neighborhood (Exhibit 1). Currently the multifamily properties <br />are composed exclusively of studio units. Ross & Durant, LP, is <br />Y <br />J <br />