City Council

(17)\n23-0206\nHOUSING AND HOMELESSNESS COMMITTEE REPORT relative to\nawarding a total of $17,551,219 in funding to eight projects under the\nFast Track Loan Solutions Loan Program (Program).\nRecommendations for Council action, SUBJECT TO THE APPROVAL\nOF THE MAYOR:\n1. AUTHORIZE the Controller to obligate and disburse the\namounts in the table entitled “Table 1: Fast Track 3 Awardees”\ncontained under Recommendation No. A in the Los Angeles\nHousing Department (LAHD) report dated August 27, 2025,\nattached to Council file No. 23-0206, to the assigned projects.\n2. AUTHORIZE the General Manager, LAHD, or designee, to:\na. Review, approve, negotiate and execute new loan\nagreements or amendments to existing loan agreements\nfor each project that receives a loan increase from the\nProgram, subject to review and approval of the City\nAttorney as to form.\nb. Execute subordination agreements of the City’s financial\ncommitment, wherein the City Loan and Regulatory\nAgreements are subordinated to their respective\nconventional or municipally funded construction and\npermanent loans, as required.\nc. Allow the transfer of the City’s financial commitment to a\nlimited partnership or other legal entity formed solely for\nthe purpose of owning and operating the project in\naccordance with City and State requirements.\n3. AUTHORIZE the General Manager, LAHD, or designee, to\nprepare Controller instructions and any necessary technical\nadjustments consistent with Mayor and Council actions, subject\nto the approval of the City Administrative Officer (CAO); and,\nREQUEST the Controller to implement the instructions.\nFiscal Impact Statement: The LAHD reports that there is no impact to\nthe General Fund.