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03- MFREVBONDSKDFHENINGER
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03- MFREVBONDSKDFHENINGER
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1/3/2012 3:31:54 PM
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10/24/2011 3:05:16 PM
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City Clerk
Doc Type
Agenda Packet
Item #
3
Date
7/2/2001
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Multi-Family Housing Revenue Bonds -- <br />KDF Heninger <br />July 2, 2001 <br />Page 2 <br />and new tax-exempt bonds were issued by the Housing Authority in the <br />amount of $2,540,000. <br />The building is currently in escrow and the buyer, KDF Heninger, has <br />requested that the Housing Authority issue tax-exempt and taxable bonds <br />for the acquisition and rehabilitation of the property. KDF Heninger <br />will finalize the purchase of the property with the proceeds from the <br />bonds issued and start rehabilitation in August 2001. The sale of the <br />bonds will provide permanent financing for the Heninger Village <br />Apartments project with a below-market, fixed-rate loan. The <br />owner/developer will be required to reserve 20 percent, or 12 units, for <br />very low-income persons and the remaining 4& units for lower-income <br />persons for a minimum of 55 years. <br />This project will assist the City in continuing to meet its overall <br />affordable housing goals. Without the issuance of bonds, KDF Heninger <br />would be required to obtain market-rate permanent financing, and there <br />would not be a provision for continued affordable housing. <br />The 2041 Series A Bonds and 2001 Series A-T Bands will be sold to Fannie <br />Mae in a private placement. The Series S~-T bands will be held by the <br />Agency. Neither the Housing Authority nor the Agency will be incurring <br />any financial liability for the issuance of these bonds. The band <br />documents appoint the firm of Jones Hall as band counsel. <br />On April 2, 2001 the Redevelopment Agency authorized the continued <br />subordination of the existing loan of $240,000 that had been authorized <br />in 1987. KDF Heninger is requesting that this promissory note be <br />exchanged for the 200. Series A-ST Bonds issued by the Housing Authority <br />of the City of Santa Ana. The principal balance owed and interest rate <br />will remain the same. The repayment of this debt will be based an <br />residual receipt. Residual receipt is defined as the positive cash flow <br />to the project after payment of debt service on senior liens. A residual <br />receipt note provides an assurance to the first mortgage holder that they <br />will receive priority in payment of debt from project cash flow. The <br />Agency will receive repayment from the net cash flow after the senior <br />lien holder is paid. The Redevelopment Agency will take action on the <br />acceptance of the exchange on July 2, 2001. <br />~,~3 <br />Y`~; <br />
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