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I <br />~G 6167L9 FJP~~~: <br />JUNE ~7, zoos <br />°T6~°L~w <br />RESOLUTION AUTHORIZING THE <br />ISSUANCE OF MULTI-FAMILY <br />HOUSING REVENUE BONDS - <br />MINNTE STREET APARTMENTS II <br />4tC 1~~c F~tiv^ fy t. <br />~`~I T <br />~~~0[~~"IV~ [71F~OT°O~ <br />~ME~® AEI <br />~C®HDING S~CF~E7'AI~Y IJS~ ONLY: <br />Af~PI~OV~n <br />® As Recommended <br />© As Amended <br />CC?NTIfVU~10 TO <br />Adopt Resolution No. 2002-02 authorizing the issuance of multi-family <br />housing revenue bonds in an amount not to exceed X2,000,000 for the <br />Minnie Street Apartments TT, and authorize the Chairman, Vice--Chairman or <br />Executive Director of the Housing Authority or their designee to execute <br />all documents as necessary. <br />COMMUNITY REDEVELOPMENT AND HOUSING COMMISSION RECOMMENDATION <br />Recommended that the Housing Authority adopt a resolution authorizing the <br />issuance of multi-family housing revenue bonds in an amount not to exceed <br />X2,000,000 for the Minnie Street Apartments TT, and authorize the <br />Chairman, vice-Chairman. or Executive Director of the Housing Authority or <br />their designee to execute all documents as necessary. <br />By a vote of 4:0 (Betancourt, Hill, Sarmiento absent) at its Regular <br />Meeting of June 4, 2002. <br />DISCUSSION <br />Orange Housing Development Corporation (OHDC), a non-profit housing <br />provider, is in the process of acquiring five buildings located within <br />the Cornerstone Village project through a combination of conventional <br />financing and HOME funds provided by the City. OHDC has requested that <br />the Santa Ana Housing Authority issue mortgage revenue tax-exempt bonds <br />for the purpose of financing the acquisition, development and <br />rehabilitation of the properties located at 935, 1006, 1010, 101.9 and <br />1018 S. Minnie Street (Exhibit ~). 7'he project currently consists of <br />five buildings containing ten, one-bedroom units in each. The tax-exempt <br />'~5 <br />