HomeMy WebLinkAbout03 - MORTREVBONDINDUCEWYCLIFFETOWERSMORTGAGE REVENUE BOND
INDUCEMENT - WYCLIFFE TOWERS
EXECUTIVE DIRECTOR
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RECORDING SECRETARY USE ONLY:
APPROVED
L) As Recommended
U As Amended
CONTINUED TO
Adopt a resolution relating to the issuance of bonds for the purpose of
financing the acquisition and rehabilitation of multifamily residential
rental projects and related facilities at 1401 N. Flower, Wycliffe
Towers.
DISCUSSION
The Housing .Authority has developed a multifamily acquisition and
rehabilitation bond -financing program to address the renovation
requirements of affordable rental. housing. Providence Housing L.L.C. is
requesting that a resolution be adopted by the Housing Authority
indicating its intent to issue bonds to finance their acquisition and
rehabilitation of Wycliffe `Powers, which is located at 1401 N. Flower.
The adoption of this resolution is necessary for Providence Housing
L.L.C. and this project to be eligible for tax-exempt mortgage revenue
bond financing and receipt of a bond allocation from the California Debt
Limit Allocation Committee (CDLAC).
The resolution of intention is nonbinding but is necessary to permit
further evaluation of this project by the developer and the Housing
Authority. If the Housing Authority proceeds with the issuance of tax-
exempt bonds, federal and state law require that 20 percent of the units
be affordable to low-income households. The developer will be required
to provide an analysis of the financing structure, rehabilitation scope
of work, and a management plan for review and approval prior to the
Housing Authority's final action with respect to the issuance of bonds.
Although all recommended actions of the Housing Authority of the City of
Santa Ana are first reviewed and acted upon the Redevelopment and Housing
Commission, in this case there is insufficient time to process this
Mortgage Revenue Bond Inducement -
Wycliffe Towers
October 1, 2001
Page 2
request through standard procedures and meet the CDLAC application
deadline. Therefore, this action of the Housing Authority will be
processed as an emergency action as required by state and federal
regulations. The Housing Authority declares this to be an emergency
matter under Health and Safety Code Section 34292 in order for the
Housing Authority to take action.
FISCAL IMPACT
There is no fiscal impact associated with this action.
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John Reekstin
Executive Director
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