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Authorization Of Multi- Family Housing <br />Revenue Refunding Bonds And Loan <br />Agreements With Wakeham- Grant, LP <br />January 5, 2004 <br />Page 3 <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 was 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 <br />by state and federal regulations. The Housing Authority declares this <br />to be an emergency matter under Health and Safety Code Section 34292 in <br />order for the Housing Authority to take action. <br />FISCAL IMPACT <br />The issuance of tax - exempt bonds will result in developer payment of an <br />annual affordable monitoring fee to the Housing Authority for a term of <br />55 years. Funds received will be deposited into the Issuer Fee account <br />(account no. 133 -01- 5594). Funds for the loans are available in Tax <br />Increment and HOME accounts (505- 936 -6951 & 130 - 148 - 6951/7094). <br />John P Reekstin <br />Executive Director <br />Community Development Agency <br />JPR /SLB /mlr <br />APPROVED AS TO FUNDS AND ACCOUNTS: <br />Finance & Management Services Agency /./ <br />J <br />91 <br />