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REQUEST FOR HC)uSING <br />AUTHORITY ACTION <br />MEETING DATE: <br />~ ucetiori 1af <br />RECORDING SECRETARY USE ONLY: <br />NOVEMBER ~.7. 2003 <br />TITLE: <br />RESOLUTION AUTHORIZING THE <br />ISSUANCE OF MULTI-FAMILY <br />HOUSING REVENUE BONDS - <br />SANTIAGO VILLAS <br />APPROVED <br />^ As F3ecommer~ded <br />^ As Amended <br />CONTINUED TO <br />~ EXECUTIVE DIRECTOR <br />RECOMMENDED ACT10N <br />Adopt Resolution No. HA 2003-04 authorizing the issuance of multi-family <br />housing revenue bonds in an, amount not to exceed $5,100,000 for the <br />Santiago Villas project, arzd authorize the Chairman, Vice-Chairman or <br />Executive Director of the Hauling Authority or their designee to execute <br />all documents as necessary. <br />COMMUNITY REDEVELOPMENT AND HOUSING COMMISSION RECOMMENDATION <br />Recommended that the Housing Authority of the City of Santa Ana adapt a <br />resolution authorizing the issuance of multi-family housing revenue bonds <br />in an amount not to exceed $5,100,000 for the Santiago Villas project, <br />and authorize the Chairman, Vice-Chairman or Executive Director of the <br />Housing Authority or their designee to execute all documents as <br />necessary. <br />By a vote of 7:0 at its Regular Meeting of November 4, 2003. <br />DISCUSSION <br />Orange Housing Development Corporation (OHDC) and Mosaic Housing Group, <br />LLC have formed a partnership, Fountainhead Partners, L.P., to purchase a <br />155-unit hotel, which will be converted to an 89-unit senior residential <br />rental project to be named Santiago Villas Senior Apartments. The <br />project is located at 939 E. Seventeenth Street tExhibit 1). <br />Fountainhead Partners anticipates converting the hotel into 89 units <br />comprised of 12 efficiencies, 71 one-bedroom, and six two-bedroom units. <br />