City Council

(13) 21­0112­S2 HOUSING AND HOMELESSNESS COMMITTEE REPORT relative to funding allocated to the Professional Service Agreement with the Housing Authority of the City of Los Angeles (HACLA) for Homekey Round 2, transferring of funds to support Homekey Round 2 Projects, and related matters. Recommendations for Council action, SUBJECT TO THE APPROVAL OF THE MAYOR: 1. NOTE and FILE the Los Angeles Housing Department (LAHD) Friday report dated May - June 21,28, 2024, 2024 - attached to Council file No. 21­0112­S2, PAGE 15 relative to authority to increase funding allocated to the Professional funding allocated to the Professional Service Agreement with the Housing Authority of the City of Los Angeles (HACLA) for Homekey Round 2, transferring of funds to support Homekey Round 2 Projects, and related matters. Recommendations for Council action, SUBJECT TO THE APPROVAL OF THE MAYOR: 1. NOTE and FILE the Los Angeles Housing Department (LAHD) report dated May 28, 2024, attached to Council file No. 21­0112­S2, relative to authority to increase funding allocated to the Professional Services Agreement with the HACLA for Homekey Round 2 Projects. 2. AUTHORIZE the General Manager, LAHD, or designee, to: a. Obligate and transfer up to $6,590,000 to HACLA for reimbursement of due diligence reports, property management, and real estate services related to the acquisition and management of the Homekey Round 2 properties, as outlined in the Professional Services Agreement between the City and HACLA. b. Obligate and expend $3,555,555 from HOME Investment Partnership Program Fund No. 561, Account No. 43W800, Affordable Housing Managed Pipeline, for rehabilitation loans for the Homekey Round 2 property located at 1654 West Florence Avenue in Council District 8. c. Amend the Loan Agreement (Contract No. C­144787) between the City and Linc­Florence Apts., LP to reduce the loan amount for the Reserve Fund by $3,555,555 and increase the loan amount from HOME by the same amount. 3. AUTHORIZE the General Manager, LAHD, or designee, to prepare Controller instructions and any necessary technical adjustments consistent with the Mayor and Council actions, subject to the approval of the City Administrative Officer (CAO); and, REQUEST the Controller to implement the instructions. Fiscal Impact Statement: The CAO reports that the recommendations in the report have no 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 one­ time funding is used for one­time expenses. Friday Community Impact 21, 2024None Statement: - June - submitted PAGE 16 Fiscal Impact Statement: The CAO reports that the recommendations in the report have no 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 one­ time funding is used for one­time expenses.