LA County Board

2-D. Funding and Environmental Documentation for Multifamily Affordable\nHousing Development\nRevised recommendation: Approve increased loan amounts to West Hollywood\nCommunity Housing Corp. for the Third Thyme Affordable Multifamily Rental\nHousing Development and Excelerate for the 26 Point 2 Affordable Multifamily\nRental Housing Development, in an aggregate amount of up to $2,000,000 in\nAffordable Housing Trust funds (AHTF), and approve a loan to EAH, Inc., for\nthe Detroit Street Apartments, in an amount up to $3,360,000 in AHTF (1, 3 and\n4); acting as a responsible agency pursuant to the California Environmental\nQuality Act (CEQA), certify that the Los Angeles County Development Authority\n(LACDA) has considered the exemption determination for the Detroit Street\nApartments Project prepared by the City of West Hollywood as lead agency,\nand find that this Project will not cause a significant impact on the environment;\nand authorize the Executive Director of the Los Angeles County Development\nAuthority to take the following actions: (Continued from the meeting of 3-7-23)\nIncorporate, as needed, up to $5,360,000 $2,000,000 in AHTF into the\nLACDA’s approved Fiscal Year (FY) 2022-23 budget, and future Fiscal\nYear budgets, as needed, for the purposes described herein;\nTransfer $3,360,000 in AHTF of the $3,620,000, originally allocated to\nthe Martel project, to the Detroit Street Apartments project, with the\nremaining $260,000 to be used for a future project;\nReallocate LACDA funding set aside for affordable housing at the time of\nproject funding, as needed and within each project’s approved funding\nlimit, in line with each project’s needs, and within the requirements for\neach funding source; and\nExecute, and if necessary, amend, or reduce the loan agreements with\nthe recommended developers or their LACDA-approved assignees, and\nall related documents including, but not limited to, documents to\nsubordinate the loans to construction and permanent financing, and any\nintergovernmental, interagency, or inter-creditor agreements necessary\nfor the implementation of each development. (23-0903)\nAttachments: Board Letter\nRevised Board Letter\nPublic Comment/Correspondence