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Transfer of Ownership <br />at Santa Ana Towers <br />April 3, 2000 <br />Page 2 <br />In order to finalize the sale, the Housing Authority will need to <br />authorize the assignment of the Housing Assistance Payment (HAP) Contract <br />to the proposed new owners. <br />As part of the acquisition financing, the new owners will be providing <br />approximately $1,700,000 for rehabilitation of the property. The <br />assignment of the HAP contract will allow for the continuation of the <br />rental assistance payment to the owner on behalf of the 199 senior <br />citizens currently residing at the Santa Ana Towers. <br />FISCAL TMQACT <br />There is no fiscal impact associated with this action. <br />sue'""..._. <br />Cynt is J. elson <br />Executive Director <br />H:Actions12000 HA1SATowers <br />