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REQUEST FOR HOUSING <br />AUTHORITY ACTION <br />MEETING DATE: <br />RECORDING SECRETARY USE ONLY: <br />OCTOBER 3, 2011 <br />TITLE <br />APPROVED <br />^ As Recomrr-ended <br />^ As Amended <br />RESOLUTION AUTHORIZING THE ISSUANCE <br />OF MULTIFAMILY HOUSING REVENUE <br />BONDS <br />CDNTENUED TO <br />IN ERIM CUTIVE DIRECTOR <br />RECOMMENDED ACTION <br />Adopt a resolution authorizing the issuance of multifamily housing revenue bonds in an amount <br />not to exceed $10,615,700 for the purpose of financing the construction of 51 affordable rental <br />units on properties located at 217-219 South Birch Street, 435-437 South Birch S#reet, 2034-203$ <br />North Bush Street and 605-611 East Washington Avenue, and authorize the Executive Director of <br />the Housing Authority or their designee to execute all documents as necessary. <br />COMMUNITY REDEVELOPMENT AND HOUSING COMMISSION RECOMMENDATION <br />At its Regular Meeting of September 20, 2011, by a vote of 7:0, the Community Redevelopment <br />and Housing Commission recommended that the Housing Authority adopt a Resolution <br />Authorizing the Issuance of Multifamily Housing Revenue Bonds. <br />DISCUSSION <br />The City, Community Redevelopment Agency (Agency) and Housing Authority, have previously <br />approved loans and a Disposition and Development Agreement (DDA) with Santa Ana WBBB, LP, <br />which is comprised of Orange Housing Development Corporation, anon-profit 501(c)(3), and C & <br />C Development Company, LLC. The City and Agency loan funds were contingent on the <br />developer receiving approval for both atax-exempt bond allocation through the California Debt <br />Limit Allocation Committee (CDLAC} and tax credits. The developer has now received notification <br />that they were successful in securing the allocation of tax credits and tax-exempt bonds. In order <br />for the developer to close escrow, the Housing Authority must adopt a resolution authorizing <br />issuance of the bonds. <br />Although the tax credits and bonds were applied far under one application, the funds will be <br />expended on four separate housing projects (Exhibit 1}. In June 20'10, the Devebper acquired the <br /> <br />