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Resolution. Authorizing the Issuance of <br />Multi-family Housing Re~renue Bands - <br />Minnie Street Apartments TT <br />June 17, 20D2 <br />Page 2 <br />bonds to be issued by the Authority for the project will provide <br />permanent fixed-rate financing at below-market interest rates. <br />The sale and issuance of tax-exempt, fixed-rate multi-family housing <br />revenue bonds wi11 be secured by Washington Mutual. OI-iDC will be <br />responsible for the debt service payments on the bonds; the Housing <br />Authority wiZ1 not incur any financial liability. The bond documents <br />appoint Tones Hall as bond counsel. <br />Minnie ,Street Apartments TT will assist the City to meet its very 1ow- <br />income affordable housing goals as identified in the Consolidated Plan, <br />Redevelopment Implementation Plan and Housing Element. The <br />rehabilitation will consist of reconfiguring ten, one-bedroom units into <br />four, one-bedroom; two, two-bedroom; and two, three-bedroom units. <br />I?ursuant to Federal Bond Regulations, OHDC will be required to designate <br />20 percent, or eight units, for occupancy by very law-income persons far <br />a minimum of 15 years. Tho Federal affordability restrictions exceed <br />those incorporated within the Cornerstone Village Owner Participation <br />Agreement (OPA), which requires that tenants be low-income. <br />FISCAL IMPACT <br />'The issuance of tax-exempt bonds will result in developer payment of a <br />one-time issuer fee and an annual affordable monitoring fee to the <br />Housing Authority for a term of 15 years. Funds received wi11 be <br />deposited into the Issuer Fee account account na. 133-01-5594). <br />APPROVED AS TO FUNDS AND ACCOUNTS: <br />Jo P. Reekstin <br />Ex cutive Director <br />- L-,~ <br />Rod R. Coloma <br />Executive Director <br />Finance & Management Services Agency'" <br />~7PR/RDD/k1p <br />C-3:~lctions120021~1t~IMultil~a~nl~CsgRcvl3m~dsMinnicStAptsll-G-17-02 <br />~; <br />~~~.: <br />