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REQUEST FOR <br />COUNCIL ACTION <br />CITY COUNCIL MEETING DATE: <br />DECEMBER 19, 2017 <br />TITLE: <br />PUBLIC HEARING ON ISSUANCE OF TAX <br />EXEMPT BONDS FOR THE BENEFIT OF <br />CORNERSTONE APARTMENTS AND <br />RESOLUTION APPROVING THE <br />ISSUANCE OF BONDS <br />(STRATEGIC PLAN NO. 5, 3) <br />CITY MUNAGER <br />APPLICANT REQUESTED ACTION <br />CLERK OF COUNCIL USE ONLY: <br />APPROVED <br />❑ As Recommended <br />❑ As Amended <br />❑ Ordinance on I� Reading <br />❑ Ordinance on 2nd Reading <br />❑ Implementing Resolution <br />❑ Set Public Hearing For <br />CONTINUED TO <br />FILE NUMBER <br />Conduct a Tax Equity and Fiscal Responsibility Act (TEFRA) Hearing in consideration of <br />the issuance of tax exempt bond financing by the California Municipal Finance Authority <br />(the "Authority") on behalf of Cornerstone Housing Partners LP (the 'Borrower"), for the <br />benefit of Cornerstone Apartments (the "Project") for the acquisition, rehabilitation, <br />improvement and equipping of a 126 -unit multifamily rental housing project located at 805 - <br />904 South Minnie Street, Santa Ana, California. <br />2. Adopt a resolution approving the issuance of revenue bonds by the Authority in an amount <br />not to exceed $23,000,000 for the acquisition, rehabilitation, improvement and equipping of <br />a 126 -unit multifamily rental housing project located at 805 - 904 South Minnie Street, <br />Santa Ana, California. <br />BACKGROUND <br />The Cornerstone Apartments project is an acquisition/rehabilitation of a 126 -unit multi -family <br />affordable housing project located in the City of Santa Ana. The project will involve the <br />rehabilitation of the existing structures. Rehabilitation will include the addition of a new community <br />building to serve the residents and provide more space for programs. Property amenities will <br />include laundry rooms in all buildings, courtyards with seating and landscaping, and tuck under <br />parking in select locations. There will be a site needs assessment to determine if the property will <br />benefit from programs including afterschool programs, English as a Second Language, computer <br />literacy, financial literacy, and leadership development. The units will be restricted to households <br />with incomes no more than 50% of the area median income. The financing of this project will <br />result in continuing to provide affordable housing for 126 households in the City of Santa Ana for <br />7513-1 <br />