The URL can be used to link to this page

Home My WebLink About04 ResoAuthIssuMultiFamRevBondsWilshireMinnieREQUEST FOR HOUSING 4UTHORITY ACTION EET~~I DATE# NAY 2~, X447 T~T~E: RE~LUTI~N AUT~RIZIN~ THE ISSUANCE ~F MULTI ~~'Ai~lILY H~UIN RE~TENUE BANDS - ~ILIR~~N~I~IE ~~o~ECT //~ ~ ~~. XECUTEVE D CT~R RECOMMENDED ACTION RE~RDIN E~ETARY E ~NL,Y: APPR~V~~ ^ As Re~~~me~n~ed ^ A Aen~ed ~~v~~~u~~To Adopt ~ rosolution authorizing the issuance of multi-~a.~.1y housing ~~evenu~ bonds in an amount not to ooo~d 1,000,0~~ for the . .~]iihire~~innie project and authorize the ~,~ocutivo Director of tho . ous~.ng Authority to oxeouto ~~.~. dacu~.ents as necessary. ~ON~+lUNITY REDE~EL~PI+~NT D I~DUI1~ C~NIl~lII~N REC~N~-lE~iTI~~ At its Regular Meeting of day ~~, 2~Q?, by a gate of 5:~ ~~'urn~r No, Yanez absent}, the carunity Redv~lopmont ar~d Housing Commission r~comr~ndod that t~ ~Iau~.ng Authority adapt a resolution authorizing tho issuance of molt ~. ~ f ami 1 hotz ing rov~nue bands in an mount not to exceed 1~, aka, ODO far the ~Iilshire~Minni~ pro~oct ar~d authorize the Executive Director of the I~ouig Authority to execute all dooum~nts as necessary. ~Iror~ an Decon~be~ 18, 200, the city Council and Cor~munity Rode~~~.opent Agency approved 1 eons in the amount of ~. ~ , 0 ~ r ~ Q ~ t a wi 1 Shiro IN~innie, L . P for the acquisition and rehabilitation of sovor~ten apartment buildings oantaininq 1~4 units located at 12D1, 129, 121, 1221, 1225, 1229, and 12 East Wilshire and 141, 14~ 1409, 141, 1421, 1425, 1429, 143, 147, and 1439 youth Minnie ~Exh~.bit 1}. The wilshirelNlinnie, ~.P. is comprised of Ox~a~ge Housing Development Corparatlon, a non-profit 5~1 ~ c} ~ ~ , and ~ Developme.t on~pany, LLC . ~ part of the rehabilitation, 2D of the units will be reconfigured to provide for two, three and four bedroan~s. ~n addition, a co~nmunity~~.earnig renter wi11 be ~, ~:~ Resolution ~utharizing the Issuance a f N~ult ~. ~ ~'a~nll~ Hour ing Rvenua Bonds -- ~~ilshire~~Iinnie Project Wage built on-site for the use of residents of this projoat and the surrounding naighbarhaad. T~~ city and Agenoy loan funds ~a~ aont.~ngent an the developer receiving approval far bath tax-exer~pt band allocat~.on through t~ califarnia Debt Limit ~llooation committee ~c~LAC} and tax credits. 'the d~velapr has now ~aoaiv~d natiflcatian that that' sera successful in securing the tax- ~xar~pt bond allocation and tax credits. In ardor fog the developer to close escrow, the Hauling ~uthorit~r must adopt a resolution authorizing isuanco of the bonds. Thy bonds aro cansidorod "oondult" obligations, This means that tha Housing ~uthorit~ will issue the bands, but the do~~lapar is the borrower and is respansibla far epay~ont. Tho bonds are repaid strictl~r from the davelopr under the project mortgage. `hare is no ~oaoure to the city of Santa Ana, the Hauling ~utharit~ or the ommunit~ ~ede~relapment Agency. The bands ~aill be purohased da~~eotly bar the lender, ~1ash~.ngton Mutualr as a private placement. The lair firm of banes Hall has been retained to serve as band counsel, and C~ Advisors has been retained a. financial advisor. Final issuance of the bands is conditioned an the under~rriting b~ the lender and approval b~ the Housing Authority. 'This project mill ensure the future integrity of the neighborhood b~ ~'etaining o~nership of seventeen cant~.guous build~.ngs under one owner, which wi11 be rehabilitated and have affordability' and acaupana~ covenants. It mill also increase the availability of larger affordab~.e housing units. 'The acquisition and rehab~.litatian of these properties ~ri11 assist the pity and Agency to meet its affordable housing goals as identified in the cansa~.idated Plan, Redevelopment Implementation Plan and Hauling element. x Resolution ~uthori~in~ the nuance of Multi-Fami1~ Housing revenue Bonde - ~]ilhire~I~inna~ Prof ~~ Nlay ~~., Z~07 Page 3 ~IC~L IMP~~T The issuance of tax-~e~empt o~ds wa~~.i r~u1~~ i~ d~~relo~r p~~rment of a one ~ t ime i ~ suer fee a~,d annual of f ordabl ~ monitoring f ~~ to the Housa.n Authorit~r for the term of affordabilit~r. Funds received ~ril~ b deposited into the issuer Fee account {account no. ~.~~-~~.-5~4}. ~PPR~~TED A. T~ ~"UND ~~D ~oUNT .~ 4 r '~'1 ~• , '~ - r hell~r ndr~r~B e Francisco utierre~ Housing Manager Executive director commun~.t~r Eeveloment ~genc~r Finance Management Services A~enc~r UGH f LBO sr H:1ACT~aNS~2~a7 HA~Issue~ru~~iFamilyR~v~onds~Wil~h~r~M~r~~e 5-21-07.doc r# ~~~~~ ~~ ~ J s s ~ ~ i ~ i ! ~.~... _ v_~..,_ r~_~ .,.W ~~~kx~~~~ ~~~Fl~ ~" $ ~ # j E 3 S ~~IK~Y+• ~I Fwi L~~ 1Li 1111111NII~II,d11wwIM1 2 Exhibit 1 f~~ €l. ~~~~~ ~yY 1~ ~~.i~~ ~v~~uu~ ~~~