Laserfiche WebLink
Reauthorization of Multifamily Revenue Bonds <br />Por Cornerstone Village Apartments <br />November 5, 2001 <br />Page 2 <br />Tn order to utilize federal tax credits, for the profit developer of <br />Cornerstone Village Apartments, Wakeham-Grant LP, must have a non-profit <br />partner. The developer, Avalon Communities, has finalized the selection <br />of a non-profit partner. Jamboree Housing Corporation (JHC) is a non- <br />profit 510 (C){3) corporation and will be acting as the managing general <br />partner for this project. JHC currently serves as managing general <br />partner far seven low- and very low-income rental projects with a total <br />of 1,125 units. They have also served as developer or co-developer for <br />an additional six rental projects with a total of G05 units. <br />Although all recommended actions of the Housing Authority of the City of <br />Santa Ana are first reviewed and acted upon by the Redevelopment and <br />Housing Commission, in this case there is insufficient time to process <br />this request through standard procedures. Therefore, this action of the <br />Housing Authority will be processed as an emergency action as required by <br />state and federal regulations. The Housing Authority declares this to be <br />an emergency matter under Health and Safety Code Section 34292 in order <br />far the Housing Authority to take action. <br />FISCAL IMPACT <br />There is no fiscal impact associated with this action. <br />Jahn Reekstin <br />Exec ive Director <br />JPR:SLB:sks <br /> <br />