City Council

(17) 17­0090­S15 CDs 1, 3, HOUSING AND HOMELESSNESS COMMITTEE REPORT relative to 4, 6­8, 10, amending the Proposition HHH (Prop HHH) Fiscal Year 2020­21 (FY 20­ 11, 13, 15 21) Project Expenditure Plan (PEP). Recommendations for Council action, SUBJECT TO THE APPROVAL OF THE MAYOR: 1. APPROVE the amendment to the Prop HHH FY 20­21 PEP with the following projects in the amounts specified: a. Weingart Tower 1B [Council District (CD) 14] ­ $16,000,000 Tuesday - June 18, 2024 - PAGE 13 11, 13, 15 21) Project Expenditure Plan (PEP). Recommendations for Council action, SUBJECT TO THE APPROVAL OF THE MAYOR: 1. APPROVE the amendment to the Prop HHH FY 20­21 PEP with the following projects in the amounts specified: a. Weingart Tower 1B [Council District (CD) 14] ­ $16,000,000 b. Chavez Gardens (CD 14) ­ $6,300,000 c. The Main (CD 6) ­ $6,795,000 d. The Rigby (CD 6) ­ $6,795,000 e. 87th & Western (CD 8) ­ $9,000,000 f. Hope on 6th (CD 15) ­ $6,040,000 2. AUTHORIZE the General Manager, Los Angeles Housing Department (LAHD), or designee, to negotiate and execute loan documents, covenant/regulatory agreements, and any other documents necessary to implement the Prop HHH PEP FY 20­21, Attachment A of the LAHD report dated April 19, 2024 contained in Prop HHH Administrative Oversight Committee (AOC) report dated May 7, 2024, attached to Council file No. 17­0090­S15, with each of the borrowers for the selected projects, subject to the approval of the City Attorney as to form. 3. AUTHORIZE the disbursement of Prop HHH funds once the borrowers obtain enforceable commitments for all proposed funding, including, but not limited to, the full amount of funding and/or tax credits proposed. 4. AMEND Line 68 for the Hope on 6th Project in Attachment A, contained in said Prop HHH AOC report titled Prop HHH PEP FY 20­21 Amendment, to reflect 9 percent for Leverage Source. 5. REPLACE Attachment B, contained in said Prop HHH AOC report titled Project Staff Report, for the Hope on 6th Project with the new LAHD staff report dated June 4, 2024, attached to the Communication from the City Administrative Officer (CAO) dated June 5, 2024, attached to Council file No. 17­0090­S15. Tuesday Fiscal Impact Statement: None -submitted by the Prop HHH - June 18, 2024 PAGEAOC. 14 Neither the CAO nor the Chief Legislative Analyst has completed a financial 20­21 Amendment, to reflect 9 percent for Leverage Source. 5. REPLACE Attachment B, contained in said Prop HHH AOC report titled Project Staff Report, for the Hope on 6th Project with the new LAHD staff report dated June 4, 2024, attached to the Communication from the City Administrative Officer (CAO) dated June 5, 2024, attached to Council file No. 17­0090­S15. Fiscal Impact Statement: None submitted by the Prop HHH AOC. Neither the CAO nor the Chief Legislative Analyst has completed a financial analysis of this report.