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MORTGAGE REVENUE BOND <br />INDUCEMENT - WYCLIFFE TOWERS <br />EXECUTIVE DIRECTOR <br />IYI;�'���7►�11��11 � !Ilr��l�ilF[+��C�17►'1 <br />RECORDING SECRETARY USE ONLY: <br />APPROVED <br />L) As Recommended <br />U As Amended <br />CONTINUED TO <br />Adopt a resolution relating to the issuance of bonds for the purpose of <br />financing the acquisition and rehabilitation of multifamily residential <br />rental projects and related facilities at 1401 N. Flower, Wycliffe <br />Towers. <br />DISCUSSION <br />The Housing .Authority has developed a multifamily acquisition and <br />rehabilitation bond -financing program to address the renovation <br />requirements of affordable rental. housing. Providence Housing L.L.C. is <br />requesting that a resolution be adopted by the Housing Authority <br />indicating its intent to issue bonds to finance their acquisition and <br />rehabilitation of Wycliffe `Powers, which is located at 1401 N. Flower. <br />The adoption of this resolution is necessary for Providence Housing <br />L.L.C. and this project to be eligible for tax-exempt mortgage revenue <br />bond financing and receipt of a bond allocation from the California Debt <br />Limit Allocation Committee (CDLAC). <br />The resolution of intention is nonbinding but is necessary to permit <br />further evaluation of this project by the developer and the Housing <br />Authority. If the Housing Authority proceeds with the issuance of tax- <br />exempt bonds, federal and state law require that 20 percent of the units <br />be affordable to low-income households. The developer will be required <br />to provide an analysis of the financing structure, rehabilitation scope <br />of work, and a management plan for review and approval prior to the <br />Housing Authority's final action with respect to the issuance of bonds. <br />Although all recommended actions of the Housing Authority of the City of <br />Santa Ana are first reviewed and acted upon the Redevelopment and Housing <br />Commission, in this case there is insufficient time to process this <br />