City Council

(15) 23-0879 CD 1 HOUSING AND HOMELESSNESS COMMITTEE REPORT and RESOLUTION relative to the results of the Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA) hearing and authority to issue tax-exempt and taxable multifamily conduit revenue notes (notes) for the Grandview Apartments project (Project) located at 714 – 760 South Grand View Street in Council District 1, and related matters. Recommendations for Council action, SUBJECT TO THE APPROVAL OF THE MAYOR: NOTE and FILE the Los Angeles Housing Department (LAHD) report dated August 22, 2023, relative to the issuance of notes for the Project. CONSIDER the results of the TEFRA hearing held on July 28, 2023 for the Project, attached to the City Administrative Officer (CAO) report dated August 31, 2023 in the Council file. ADOPT the accompanying RESOLUTION, attached to the CAO report dated August 31, 2023 in the Council file, authorizing the issuance of up to $41,287,000 in tax-exempt notes and issuance of up to $12,000,000 in taxable notes for the Project. AUTHORIZE the General Manager, LAHD, or designee, to: Negotiate and execute the relevant financing documents for the Project, subject to the approval of the City Attorney as to form. Negotiate and reduce, if necessary, the interest rate of the Grandview Apartments’ Proposition HHH Supportive Housing loan of $12,000,000 from a 3.0 percent simple interest rate to a minimum of a 1.0 percent simple interest rate.