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Mortgage Revenue Bond Inducement - <br />Fountain Gardens <br />January 6, 2003 <br />Page 2 <br />to provide an analysis of the financing structure, rehabilitation scope <br />of work, and a management plan far review and approval prior to the <br />Housing Authority's final action with respect to the issuance of bonds. <br />Although all recommended actions of the Housing Authority are first <br />reviewed and acted upon by the Redevelopment and Housing Commission, in <br />this case there is insufficient time to process this request through <br />standard procedures and meet the CDLAC application deadline. Therefore, <br />this action of the Housing Authority will be processed as an emergency <br />action as required by state and federal regulations. The Housing <br />Authority declares this an emergency matter under Health and Safety Code <br />Section 34292 in order for the Housing Authority to take action. <br />k'ISCAL IMPACT <br />There is no fiscal impact associated with this action. <br />.Tohn Reekstin <br />Executi~cre Director <br />JPR/SLB/sr <br />i <br />M:1SharelSAN©RAISTFRPT11=ountain Gardens Bond Inducements-Ofi-03,doc <l <br />~.~~.~ <br />s <br />