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4„~~>; <br /> <br /> <br />JULY 7,6, 2001 <br />~'I~~~: <br />API~ROVEb <br />f~ As Recommended <br />® As Amended <br />MULTI-FAMILY HOUSING REVENUE <br />BONDS - WAKEHAM-GRANT Ak~ARTMENTS <br />7~EC11~'111 D1l~C~'C~R.~4 <br />CC?~#'~INUE~ TQ <br /> <br />Adopt a resolution authorizing the issuance of multi-family housing <br />revenue bonds in an amount not to exceed $8,155,000 for the Wakeham-Grant <br />Apartments, a California Limited Partnership, and authorize the Chair and <br />Executive Director of the Housing Authority to execute all documents as <br />necessary. <br />COMMUNITY REDEVELOPMENT AND HOUSING COMMISSION RECOMMENDATION <br />Recommended that the Housing Authority adapt a resolution authorizing the <br />issuance of multi-family housing revenue bonds in an amount not to exceed <br />$8,155,000 for the WakehamTGrant Apartments, a California Limited <br />Partnership, and authorize the Chair and Executive Director of the <br />Housing Authority to execute all documents as necessary. <br />By a vote of 6:0 (Hill absent) at its Regular Meeting of July 3, 2001. <br />DISCUSSION <br />Wakeham-Grant Apartments, LP has requested that the Housing Authority <br />issue tax-exempt bonds to be utilized in the acquisition and <br />rehabilitation of the properties located at 805, 810, 815, 816, 825, 828, <br />835 and 904 S. Minnie Street {Exhibit 1). The project consists of 127 <br />ane- and two-bedroom units. Wakeham-Grant will finalize the purchase of <br />the properties with the proceeds from the band issue and initiate <br />rehabilitation in September 2001. The sale of the bonds will provide <br />permanent financing far the Wakeham-Grant Apartments project with a <br />below-market, fixed-rate loan. The owner/developer wild, be required to <br />3 <br />