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<br /> <br />APRIL 3, 2000 <br />~~~~. <br />TRANSFER OF OWNERSHIP <br />AT SANTA ANA TOWERS <br />r <br />~x~~ ~v ~~~~~c~~ <br />~ A°T'1 <br />l~~OCJ~~7{l~C~ S~CS~7A~Y USA ONLY: <br />Af~pROV~C3 <br />C1 As Recommended <br />Cl As Amended <br />cO~~ri~u~~ ro <br />Authorize the sale and transfer of the Santa An.a Towers from SBD <br />Properties to Santa Ana Towers Senior Housing, L,td. and authorize the <br />Chairman anal Executive Director to execute the assignment of the Housing <br />Assistance Payment Contract and any other required documents. <br />REDEVELOPMENT AND HOUSING COMMISSION RECOMMENDATION <br />Recommend that the Housing Authority authorize the sale and transfer of <br />the Santa Ana Towers from SBD Properties to Santa Ana Towers Senior <br />Housing, Ltd. and authorize the Chairman and Executive Director to <br />execute the assignment of the Housing Assistance Payment Contract and any <br />other required documents by a vote of 8:0. <br />DISCUSSION <br />In 1976 the Community Redevelopment Agency authorized the sale of <br />property far the development of the Santa Ana Towers, an affordable <br />senior project located at 407. W. First Street which is at the corner of <br />Ross and First Streets. Funds to construct the project were provided by <br />the Department of Housing and Urban Development Section 8 New <br />Construction. Program. <br />SBD Properties, the current owners of the Santa Ana Towers, has provided <br />notification that they have entered into escrow to sell the Santa Ana <br />Towers to Santa Ana Towers Senior Housing, Ltd., a subsidiary of Thomas <br />Safran & Associates. They are a for-profit affordable housing developer <br />who has developed over 2,050 rental units in the last 20 years. In <br />addition, they have experience in. performing extensive rehabilitation and <br />currently manage over 1,200 units. <br />4~F.Aiicn#iuu ts(T <br />~~--.. <br />