City Council

1.\nApprove the Option to Purchase Agreement (Elm Street Commons Affordable Housing Project),\nwith Elm Street Commons LP, in substantial form; approve a Mortgage Loan Sale Agreement\nwith California Community Reinvestment Corporation to purchase the Elm Street Commons\nproperty, located at 111-125 West Elm Street, for $2,881,430.20 utilizing Low Moderate Income\nHousing Asset funds, in substantial form; approve the First Amendment to Authority Regulatory\nAgreement authorizing the Executive Director to implement Tax Credit Allocation Committee\n(TCAC) rent limits for the Elm Street Commons property which may result in rent increases;\napprove the First Amendment to City Affordable Housing Restrictions [Non-Subordinate] with the\nCity of Anaheim to authorize the Executive Director to implement a rent limit structure associated\nwith the Low-Income Housing Tax Credit program which is primarily based on a percentage of the\nArea Median Income; authorize the creation of a reserve fund, in an amount not to exceed\n$230,000, to address emergency deferred maintenance during the interim ownership period;\nauthorize the Executive Director, or designee, to execute and administer the Option to Purchase\nAgreement, Mortgage Loan Sale Agreement, First Amendment to Authority Regulatory\nAgreement, and First Amendment to City Affordable Housing Restrictions; authorize de minimis\nchanges that do not substantially change the terms and conditions of the agreements, as\ndetermined by the City Attorney’s Office; and find and determine that the proposed amendments\nare not subject to the California Environmental Quality Act pursuant to Sections 15060(c)(2),\n15060(c)(3), 15378, and 15061(b)(3) of Title 14 of the California Code of Regulations and making\ncertain other findings in connection therewith [related to Council Item No. 11].