City Council

(63) 22-0876-S2 CONSIDERATION OF MOTION (KREKORIAN - RAMAN) relative to amending the Council action taken on June 28, 2023, regarding the Housing and Homelessness Committee report regarding funding for approved 2021 and 2022 Affordable Housing Managed Pipeline (AHMP) projects and related matters. Recommendation for Council action, SUBJECT TO THE APPROVAL OF THE MAYOR: AMEND the Council Action of June 28, 2023, relative to the Housing and Homelessness Committee report related to funding for approved 2021 and 2022 AHMP projects and related matters, to adopt the following additional recommendations, with all other aspects of the action to remain unchanged: AUTHORIZE the Controller to obligate up to $8,232,756 for the Harmony Senior Apartments Project located at 11416 Burbank Boulevard (Project), as appropriated within the City of Los Angeles HOME Fund -HOME/561, Appropriation Account No. 43Y800 - AHMP, to award the Project with a loan including the terms and conditions approved by Council in the AHMP guidelines, included in Council file No. 22-0876-S2; and, expend funds upon proper written demand of the General Manager, Los Angeles Housing Department (LAHD) or designee. DIRECT the General Manager, LAHD, or designee, to: Effectuate a loan of up to $8,232,756 from the City of Los Angeles Housing Department HOME Fund, No. 561; Appropriation Account No. 43W800/AHMP to Harmony Senior Apartments L.P. for the Project, already admitted to the AHMP. Issue a funding recommendation letter to the Project, subject to the following conditions: The final funding commitment will not exceed the amount listed. The Project sponsor must apply to the California Department of Housing and Community Development Multifamily Finance Super Notice of Funding Availability. The disbursement of LAHD funds will occur only after the sponsor obtains enforceable commitments for all proposed funding. Draft, negotiate, and execute loan agreements with the legal owner of the Project to provide a loan of up to $8,232,756 for the Project, subject to the satisfaction of all conditions and criteria contained in the LAHD AHMP application, and the LAHD Award letter, subject to review and approval of the City Attorney as to form. Execute subordination agreements of the City's financial commitment, wherein the City Loan and Regulatory Agreements are subordinated to their respective conventional or municipally funded construction and permanent loans, as required. Allow the transfer of the City’s financial commitment to a limited partnership or other legal entity formed solely for the purpose of owning and operating the Project in accordance with City and federal requirements. Community Impact Statement: None submitted (Housing and Homelessness Committee waived consideration of the above matter) Motion (Krekrorian - Raman) dated 6-30-23 Report from Housing and Homelessness Committee 6-21-23