LA County Board

3-D.\nFunding for Multifamily Affordable Housing Development in the City of Los\nAngeles\nRecommendation: Approve a loan totaling up to $5,950,000 in No Place Like\nHome (NPLH) funding for the development of Estrella Azul, L.P., an affordable\nmultifamily rental housing development selected through the Notice of Funding\nAvailability (NOFA) Round 30, located in the City of Los Angeles (1), issued by\nthe Los Angeles County Development Authority (LACDA). Authorize the\nExecutive Director of the Los Angeles County Development Authority to\nnegotiate, execute, and if necessary, amend, or reduce the loan agreement or\ntheir LACDA-approved assignees, and all related documents including, but not\nlimited to, documents to subordinate the loans to construction and permanent\nfinancing, and any intergovernmental, interagency, or inter-creditor agreements\nnecessary for the implementation of the development. Authorize the Executive\nDirector to incorporate, as needed, up to $5,950,000 in NPLH funds into the\nLACDA’s approved Fiscal Year 2025-26 budget for the purposes described\nherein. Authorize the Executive Director to reallocate the LACDA funding set\naside for affordable housing at the time of project funding, as needed and within\nthe project’s approved funding limit, in line with the project’s needs, and within\nthe requirements for each funding source. Find that approval of funding for the\nproject is not subject to the California Environmental Quality Act. APPROVE\n(25-6426)\nBoard Letter