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<br />. ,-' . <br /> <br />. <br /> <br />MINUTES <br />HOUSING AUTHORITY OF THE CITY <br />OF SANTA ANA, CALIFORNIA <br /> <br />September 2, 1975 <br /> <br />The Special Meeting of the Housing Authority of the City of <br />Santa Ana was called to order at 2:05 P.M., by Chairman Harry <br />K. Yamamoto, in the Council Chambers, 22 Civic Center Plaza, <br />Santa Ana. The following members of the Authori ty responded <br />to the roll call: <br /> <br />- <br /> <br />Present <br /> <br />Absent <br /> <br />Gordon Bricken <br />David F. Orti z <br />John Ga rthe <br />Vernon S. Evans <br />David L. Brandt <br />James E. Ward <br />Harry K. Yamamoto, <br /> <br />None <br /> <br />Chairman <br /> <br />. <br /> <br />The following persons were also present: <br /> <br />Manuel Rede, Executive Director-Secretary <br />Keith L. Gow, City Attorney <br />Bruce C. Spragg, City Manager <br />Florence I. Malone, Recording Secretary <br />Representatives of the Press <br /> <br />REPORT OF DIRECTOR <br />SENIOR CITIZENS HOUSING <br /> <br />Mr. Rede stated that <br />although the developer, <br />National Housing <br />Consultants, Inc., is <br />willing and able to finance the project as a Revised Section 23 <br />FHA insured 221 (d) 4 project, he has requested the opportunity <br />to explore the possibility of bond financing under Section 8 <br />of the 1974 Housing and Community Development Act which permits <br />higher "fair-market" rents (to be paid by HUD), reduced interest <br />rates by 1 or 1 1/2 percentage points, and reduced processing <br />time. <br /> <br />. <br /> <br />He stated further that staff concurred in the developer's request <br />with the proviso that an outside financial consultant analyze the <br />opportunities that might be available under Section 8 as opposed <br />to proceeding under FHA insured. <br /> <br />Mr. Charles Peters, of National Housing Consultants, Inc., spoke <br />in favor of exploring the Section 8 financing and stated that <br />ultimately it would result in tenant rent reduction. <br /> <br />On motion of Commissioner Ward, seconded by Commissioner Bricken <br />and carried unanimously (7-0) the Authority: <br /> <br />- <br /> <br />1. <br /> <br />. <br /> <br />2. <br /> <br />Authorized Housing staff to hire a financial consultant <br />at a cost not to exceed $2,000 to conduct a feasibility <br />study for the Santa Ana Senior Housing Project to include <br />the following: (a) HUD Section 8 and Section 23 housing <br />programs, as applicable to the Senior Housing Project, <br />(b) bond financing, FHA insured financing, or other <br />alternative methods, (c) a proposed implementation plan <br />for expeditious development of the Senior Housing Project. <br /> <br />Directed Housing Authori ty staff to prepare a report for <br />the Housing Commission which will: <br />