LA County Board

3-D. Multifamily Affordable Housing Development Housing Development\nRecommendation: Approve a loan to LINC Housing Corporation (LINC), a\nCalifornia non-profits public benefit corporation, for the Project for the\ndevelopment of the Willowbrook III affordable multifamily rental housing\ndevelopment located in the unincorporated Willowbrook (2) (Project), using up\nto a total of $7,000,000 in Affordable Housing Development Trust Funds\n(AHTF), which will be incorporated into the Los Angeles County Development\nAuthority’s (LACDA’s) approved Fiscal Year 2023-24 budget; acting as a\nresponsible agency pursuant to the California Environmental Quality Act, certify\nthat the Project, which was prepared by the Department of Regional Planning\nas lead agency, find that the mitigation measures identified in the Mitigation\nMonitoring and Reporting Program are adequate to avoid or reduce potential\nimpacts below significant levels, and find that this Project will not cause a\nsignificant impact on the environment; and authorize the Executive Director of\nthe Los Angeles County Development Authority to take the following actions:\nNegotiate, execute, and if necessary, amend, or reduce the loan\nagreement with LINC, or their LACDA-approved assignee, and all related\ndocuments, including, but not limited to, documents to subordinate the\nloan to construction and permanent financing, and any\nintergovernmental, interagency, or inter-creditor agreements necessary\nfor the implementation of the development;\nAccept and incorporate, as needed, up to $7,000,000 in AHTF into\nLACDA’s approved Fiscal Year 2023-24 budget, as needed, for the\npurposes described herein; and\nReallocate the LACDA funding set aside for affordable housing at the\ntime of Project funding, as needed and within the Project’s approved\nfunding limit, in line with the Project’s needs, and within the requirements\nfor each funding source. (23-2496)\nAttachments: Board Letter\nPublic Comment/Correspondence