LA County Board

1-D.\nPreservation of Affordable Housing at the Metro Loma Housing\nDevelopment in Glendale\nRecommendation as submitted by Supervisor Barger: Suspend Section 22.1 of\nthe Rules of the Board for the limited purpose of considering this motion.\nAuthorize the Executive Director of the Los Angeles County Development\nAuthority to incorporate $660,000 in Housing Successor Agency Funds into the\nLos Angeles County Development Authority’s (LACDA’s) approved Fiscal Year\n2025-26 budget, or future fiscal year budgets, as needed. Find that approval of\nthese directives is exempt from the California Environmental Quality Act.\nAuthorize the Executive Director to take the following actions:\nNegotiate and execute with Linc Housing, or its LACDA-approved\ndesignee, an amended and restated loan agreement to incorporate up to\nan additional $660,000 to the Metro Loma Housing Development Project\n(Project), located at 328 Mira Loma Avenue in the City of Glendale,\nadjust the amount of the loan to forgive, reduce or extend payment of any\nnon-principal sums.\nExecute any and all related documents including, but not limited to,\nsubordination agreements, deeds of trust, intercreditor agreements and\nany covenants and restrictions.\nAuthorize the restructuring of the Project in the event the Project will be\nfurther assigned and negotiate and execute any necessary agreements\nfor the restructuring, following approval by the Executive Director.\nWhen necessary, execute any amendments to the foregoing documents\nor assign any of the foregoing documents to a LACDA-approved\nassignee. (25-4424)\nMotion by Supervisor Barger (Exempt From Cluster)