City Council

(35) 19-0922 CD 8 HOUSING AND HOMELESSNESS COMMITTEE REPORT and RESOLUTION relative to considering the results of the Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA) hearing minutes; and reissuing tax-exempt multifamily conduit revenue notes in an amount up to $17,469,381; and issuing supplemental tax-exempt multifamily conduit revenue notes in an amount up to $1,300,000; and executing related financing documents for the Isla de Los Angeles Apartments Supportive and Affordable Housing Project located at 283 West Imperial Highway in Council District 8. Recommendations for Council action, SUBJECT TO THE APPROVAL OF THE MAYOR: NOTE and FILE the Los Angeles Housing Department (LAHD) report dated March 31, 2023, attached to Council file No. 19-0922, relative to the re-issuance and issuance of supplemental tax-exempt multifamily conduit revenue notes for the Isla de Los Angeles Apartments Supportive and Affordable Housing Project. CONSIDER the results of the TEFRA hearing held on December 15, 2022 for the Isla de Los Angeles Apartments Supportive and Affordable Housing Project located at 283 West Imperial Highway in Council District 8, contained in the City Administrative Officer (CAO) report dated April 14, 2023, attached to Council file No. 19-0922. ADOPT the accompanying RESOLUTION attached to the CAO report dated April 14, 2023, attached to Council file No. 19-0922, authorizing the reissuance of up to $17,469,381 in tax-exempt multifamily conduit revenue notes and issuance of up to $1,300,000 in supplemental tax-exempt multifamily conduit revenue notes for the Isla de Los Angeles Apartments Supportive and Affordable Housing Project located at 283 West Imperial Highway in Council District 8. AUTHORIZE the General Manager, LAHD, or designee, to negotiate and execute the relevant financing documents for the Isla de Los Angeles Apartments Supportive and Affordable Housing Project, subject to the approval of the City Attorney as to form.