City Council

(24) 21-1177-S1 CD 8 CONSIDERATION OF MOTION (HARRIS-DAWSON - RAMAN) relative to funding for the Manchester Urban Homes Project located at 8721-8765 South Broadway Avenue in Council District 8. Recommendations for Council action, SUBJECT TO THE APPROVAL OF THE MAYOR: DIRECT the General Manager, Los Angeles Housing Department (LAHD), or designee, to: Effectuate a loan of up to $7,000,000 from the City of Los Angeles Housing Impact Trust Fund to Manchester Urban Homes, L.P., for the Manchester Urban Homes Development Project located at 8721-8765 South Broadway Avenue. Draft, negotiate and execute loan documents to provide a loan of up to $7,000,000 for the Manchester Urban Homes Development Project, subject to review and approval of the City Attorney as to form. Report within 90 days on the final amount of the loan and all funding sources. AUTHORIZE the Controller to obligate up to $7,000,000 for the Manchester Urban Homes Development Project, as appropriated within the City of Los Angeles Housing Impact Trust Fund No. 43/59T, Appropriation Account No. 43W23 - Rental New Construction, to fund a deferred payment loan with the terms and conditions approved by Council in the Affordable Housing Managed Pipeline guidelines (Council file No. 22-0876); and, EXPEND funds upon proper written demand of the General Manager, LAHD, or designee. AUTHORIZE the General Manager, LAHD, or designee, to make any necessary technical corrections consistent with the Mayor and Council actions, subject to the approval of the City Administrative Officer; and, AUTHORIZE the Controller to implement these instructions. (Housing and Homelessness Committee waived consideration of the above matter) Motion (Harris -Dawson - Raman) dated 5-02-23.pdf