City Council

(1) 17-0090-S15 CD 15 HOUSING AND HOMELESSNESS COMMITTEE REPORT relative to the issuance of the final loan commitment for the Proposition HHH (Prop HHH) Housing Challenge Project located at 25820-25896 South Western Avenue in Council District 15; amendment to the Prop HHH Fiscal Year (FY) 2020-21 Project Expenditure Plan (PEP); and related matters. Recommendations for Council action, SUBJECT TO THE APPROVAL OF THE MAYOR: AUTHORIZE the Los Angeles Housing Department (LAHD) to issue a letter of financial commitment for the Western Landing Project located at 25820-25896 South Western Avenue in Council District 15, which was selected as a result of the Housing Challenge Request for Proposal, and the final Housing Challenge Prop HHH Commitment will not exceed $8,289,109, per the breakdown contained in Table 1 of the Prop HHH Administrative Oversight Committee (AOC) report dated March 9, 2023, attached to Council file No. 17-0090-S15. APPROVE the FY 2020-2021 PEP to be amended and increased as follows: $8,289,109 for Western Landing (Attachment A of the LAHD report contained in the Prop HHH AOC report dated March 9, 2023). AUTHORIZE the General Manager, LAHD, or designee, to negotiate and execute loan documents, covenant/regulatory agreements and any other documents necessary to implement the Prop HHH PEP FY 2020-2021 (Attachment A of the LAHD report contained in the Prop HHH AOC report dated March 9, 2023) with each of the borrowers on projects selected for funding, subject to the approval of the City Attorney as to form. AUTHORIZE the disbursement of Prop HHH funds to take place after the sponsors obtain enforceable commitments for all proposed funding, including by not limited to, the full amount of funding and/or tax credits proposed. Fiscal Impact Statement: None submitted by the Prop HHH AOC. Neither the City Administrative Officer nor the Chief Legislative Analyst has completed a financial analysis of this report.