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Mu~.tifartril.y Housing Revenue Bonds - <br />Minnie Street Apartments <br />November 5, 206. <br />Page 2 <br />The sale and issuance of tax-exempt, faxed-rate multifamily hausirrg <br />revenue bonds will be secured by a Fannie Mae credit enhancement. Tl~e <br />Housing Autharity will not incur financial Liability for the issuance of <br />these tax_exempt bonds. The bond documents appoint ~7ones Hall as bond <br />counsel.. <br />The Minnie .Street Apartments wzll assist the City to meet its very low- <br />income affordable housing goals as identified ir-r the Consolidated Plan, <br />Redevelopment 1mpLementatian Plan and Housing Element. l±ederal Band <br />Regulations mandate t.krat. 22 ~rnits be designated as affordable and are <br />reserved for occupancy by very .law-i.ncorne households. The l;ederal <br />affordability zw•estrictions exceed those incorporated within the <br />Cornerstone Vi1l.age Owner Participation Agreement (OPA), which requires <br />that tenants be law-incame. <br />Although all recornrner~ded actions of tyre I-tousiz~g Authority of the City of <br />Santa Ana a~~e first reviewed and acted upon the Redevelopment and Housing <br />Commission, in this case there is insufficient time to process this <br />request through standard procedures. Therefore, tl~as action of the <br />Housing Authority will be processed as az~ emergency action as required by <br />state and federal ~~egulations. 'I'he Housing Aut~~rority declares this to be <br />an emergency matter under Health and Safety Code Section 39292 in order <br />for the Housing Authority to take action. <br />FISCAL IMPACT <br />The issuance of tax-exempt k~onds wi11 result. in developer payment of a <br />one-time issuer fee and an annual affordable rnonitoriz~g fee to the <br />Housing Autharity for a term of 1~ years. F~znds received will be <br />deposited into the Issuer Fee account (account no. 133-O1-X599). Funds <br />received frarr~ repayment of HOME funded loans wi.L1. be deposited into the <br />HOME account (account no. 1.30-O1-5~3fJ 1.) <br />APPROVEP AS TO FUN~]S AN17 ACCOUNTS: <br />Jo P. Reekstin <br />Ex cutave Director <br />-'% <br />~`~i i <br />Executave~~areCtar <br />Fir~ar~ce & Management Services Agency <br />~PR:SLB:sks <br />. ~~~ <br />