City Council

(30) 20­0023­S1 COMMUNICATIONS FROM THE CITY ADMINISTRATIVE OFFICER (CAO) and LOS ANGELES HOUSING DEPARTMENT (LAHD) relative to loan and regulatory agreements to finance accessibility retrofits of existing affordable housing developments and to provide loans to support the retrofit work. A. COMMUNICATION FROM THE CAO Recommendations for Council action, SUBJECT TO THE APPROVAL OF THE MAYOR: 1. NOTE and FILE the LAHD report dated April 11, 2024, attached to Council file No. 20­0023­S1, relative to loan and regulatory agreements to finance accessibility retrofits of Tuesday existing affordable - June 4, 2024 housing - developments. PAGE 27 retrofit work. A. COMMUNICATION FROM THE CAO Recommendations for Council action, SUBJECT TO THE APPROVAL OF THE MAYOR: 1. NOTE and FILE the LAHD report dated April 11, 2024, attached to Council file No. 20­0023­S1, relative to loan and regulatory agreements to finance accessibility retrofits of existing affordable housing developments. 2. AUTHORIZE the General Manager, LAHD, or designee, subject to the review and approval of the City Attorney as to form, to: a. Negotiate and execute accessibility retrofit loan and regulatory agreements with the legal owner of each project identified with the accounts and amounts contained in Table 1 of the CAO report dated May 22, 2024, attached to Council file No. 20­0023­S1. b. Execute subordination agreements of the financial commitment for each of the projects identified by owner, account and amount in Table 1 contained in the CAO report dated May 22, 2024, attached to the Council file, wherein the City’s loan and regulatory agreements are subordinated to their respective conventional or municipally funded loans, as required. 3. AUTHORIZE the General Manager, LAHD, or designee, to obligate $3.471 million and disburse funds for the projects in amounts not to exceed those listed in Table 1 contained in the CAO report dated May 22, 2024, attached to the Council file. 4. AUTHORIZE the General Manager, LAHD, or designee, to prepare Controller instructions and any necessary technical adjustments consistent with the Mayor and City Council actions, subject to the approval of the CAO; and, REQUEST the Controller to implement the instructions. B. COMMUNICATION FROM THE LAHD Recommendations for Council action, SUBJECT TO THE APPROVAL OF THE MAYOR: 1. AUTHORIZE the General Manager, LAHD, or designee, subject to the review and approval of the City Attorney as to form, to negotiate and execute accessibility retrofit Loan and Regulatory Agreements with the legal owner of each project identified with the accounts and amounts contained in Table 1 Tuesday - June of the LAHD4, 2024 report- dated April 11, 2024, attached PAGE 28 to Council file No. 20­0023­S1. B. COMMUNICATION FROM THE LAHD Recommendations for Council action, SUBJECT TO THE APPROVAL OF THE MAYOR: 1. AUTHORIZE the General Manager, LAHD, or designee, subject to the review and approval of the City Attorney as to form, to negotiate and execute accessibility retrofit Loan and Regulatory Agreements with the legal owner of each project identified with the accounts and amounts contained in Table 1 of the LAHD report dated April 11, 2024, attached to Council file No. 20­0023­S1. 2. AUTHORIZE the General Manager, LAHD, or designee, subject to the review and approval of the City Attorney as to form, to execute subordination agreements of the financial commitment for each of the projects identified by owner, account and amount in Table 1 contained in the LAHD report dated April 11, 2024, attached to the Council file, wherein the City’s Loan and Regulatory Agreements are subordinated to their respective conventional or municipally funded loans, as required. 3. AUTHORIZE the General Manager, LAHD, or designee, to obligate funds for the projects in amounts not to exceed those listed in Table 1 contained in the LAHD report dated April 11, 2024, attached to the Council file. 4. AUTHORIZE the General Manager, LAHD, or designee, to prepare Controller’s instructions and any necessary technical adjustments consistent with Mayor and City Council actions, subject to the approval of the CAO; and, request the Controller to implement the instructions. Fiscal Impact Statement: The CAO reports that the recommendations in the report obligate $3.471 million of the anticipated $10 million Fiscal Year 2024­25 budget for the Accessible Housing Loan Retrofit Program. There is no additional impact on the General Fund. Financial Policies Statement: The CAO reports that the recommendations in the report are consistent with the City’s financial policies in that future costs are projected to be fully paid by future revenues.