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Amendment to Agreement with NCR <br />December 5, 2005 <br />Page 2 <br />proposing to utilize the single - family residence as a community center <br />for the project and open space. The proposed rehabilitation of the <br />multi - family buildings is to convert them into one, two and three <br />bedrooms. <br />The adoption of this resolution is necessary for Ross & Durant, LP and <br />this project to be eligible for tax - exempt mortgage revenue bond <br />financing and receipt of a bond allocation from the California Debt <br />Limitation Allocation Committee. OHDC has partnered with the City to <br />successfully acquire and rehabilitate several projects in the City <br />including Santiago Villas (89 senior units), Cornerstone Village (160 <br />units), and Garden Court Apartments (84 units) . OHDC and C &C R &D, LLC <br />were also partners in the acquisition and rehabilitation of Santiago <br />Villas. <br />The resolution of intention is non - binding but is necessary to permit <br />further evaluation of this project by the developer and the Housing <br />Authority. If the Housing Authority proceeds with the issuance of the <br />tax - exempt bonds, federal and state law will require that twenty percent <br />of the units be affordable to low- income households. The developer will <br />be required to provide an analysis of the financing structure, <br />rehabilitation scope of work, relocation report, and a management plan <br />for review and approval prior to the Housing Authority taking final <br />action with respect to the issuance of bonds. <br />FISCA1 IMPACT <br />There is no fiscal impact associated with the action. <br />PCW /JM /mlr <br />H: \ACTIONS \2005 AMAmendAgreeNCR 12- 5- 06.doc <br />