City Council

HA CC 2.Approve Loan Agreement between the Lancaster Housing Authority and Maison's Sierra\nPhase 2, LP, a California Limited Partnership\nRecommendation(s):\n1. Approve, in substantially the form provided, Loan Agreement between the Lancaster\nHousing Authority and Maison's Sierra Phase 2, LP, a California Limited Partnership in the\namount of $3,509,756.67 to fund a portion of the costs associated with the construction of\nan 171 multifamily residential unit project (TTM 84221), consisting of 169 restricted\nrental units and 2 unrestricted manager's units. The project will have 132 one-bedroom\nunits, and 39 two-bedroom units, serving tenants with rents affordable to households\nearning 30%-70% of area median income (AMI).\n2. Approve Subordination of the Housing Authority Loan and Deed of Trust to\nconstruction loan and permanent loan in a total amount not to exceed $33,846,000.\n3. Authorize the Executive Director, or his designee, to negotiate, finalize, and execute all\ndocuments necessary or appropriate to complete the transaction, in a form to be approved\nby the City Attorney.\nOn March 14, 2023, the Housing Authority members approved an Exclusive\nNegotiating Agreement with Ravello Holdings, Inc. On May 9, 2023, the City Council and\nthe Lancaster Housing Authority authorized the execution of a Disposition and\nDevelopment Agreement (DDA) with Ravello Holdings, Inc. for the purchase and\nsubsequent development of vacant parcels between Whit Carter Park and Avenue H and\nsouth of Avenue H-8 between Sierra Highway and Cedar Avenue (3135-001-900-919,\n3135-005-901, -904-914, 3135-006-900, -901, -903, -905-923, 3135-025-986, -987). The\n60-acre project has been broken down into three phases, consisting of a total of 450-499\naffordable housing units.