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I ' <br />EE'T'ITd~ I~AT'E: <br />FEBRUARY 20r 200]. <br />°l"I°fLE: <br />MORTGAGE REVENUE BOND <br />INDUCEMENT - CORNERSTONE <br />VILLAGE <br />1 <br />cc n <br />-.~ V <br />E~E~l1T'IV ®iREC`C'®R <br />~~~N~ ~~ <br />EOC)~?~JI~(~ SECI~ETA~9Y USE OP1LY: <br />i <br />AI~PROVE <br />As F2ecommended <br />® As Amended <br />CU1V1"INUE[~ TO <br />Adopt a resolution relating to the issuance of bonds for the purpose of <br />financing the acquisition and rehabilitation of multi-family residential <br />rental projects and related facilities within the Cornerstone Village <br />project. <br />REDEVELOPMENT AND HOUSING COMMISSION RECOMMENDATION <br />Recommend that the Housing Authority adopt a resolution relating to the <br />issuance of bonds for the purpose of financing the acquisition and <br />rehabilitation of multi-family residential rental projects and related <br />facilities within the Cornerstone Village project. <br />By a vote of 7:0 at its Regular Meeting of February 6, 2001. <br />DISCUSSION <br />The Housing Authority has developed a multi-family acquisition and <br />rehabilitation bond-financing program to address the renovation <br />requirements of rental. housing while providing affordable rental units in <br />Santa Ana. Avalon Communities, LLC (Avalon} is requesting that the <br />Housing Authority adopt a resolution indicating its intent to issue bonds <br />to finance Avalon's acquisitiol~ and rehabilitation of eight apartment <br />buildings consisting of 127 units within the Cornerstone Village project <br />area. The adoption of this resolution is necessary for Avalon <br />Communities and this project to be eligible for tax-exempt mortgage <br />revenue bond financing and receipt of a bond allocation from the <br />California Debt Limit Allocation Committee (CDLAC}. <br />n <br />