City Council

F.2.\nREQUEST FOR FINANCING\nCOMMITMENT LETTER AND\nAUTHORIZATION TO ISSUE LOAN FROM THE AFFORDABLE\nHOUSING TRUST FUND IN THE AMOUNT OF $4,245,000 FOR\nACQUISITION FINANCING AT 1006 AND 1010 N. EDINBURGH\nAVENUE [S. CAMPBELL, A. BARTLE]:\nSUBJECT: The City Council will consider issuing a commitment letter and\nloan from the Affordable Housing Trust Fund to West Hollywood\nCommunity Housing Corporation, a non-profit housing developer and\noperator, in the amount of $4,245,000 for acquisition financing at 1006\nand 1010 N. Edinburgh Avenue.\nRECOMMENDATIONS: 1) Authorize the City Manager or designee to\nexecute a commitment letter in substantially the form attached, pledging\n$4,245,000 for acquisition financing for the development of between 55\nand 65 affordable housing units at 1006 and 1010 N. Edinburgh Avenue;\n2) Authorize the Director of Finance and Technology Services to allocate\n$200,000 from the Affordable Housing Trust Fund to cover the costs\nassociated with plan check services; 3) Authorize the City Manager or\ndesignee to designate $4,445,000 from the City’s General Fund to the\nCity’s Affordable Housing Trust Fund; 4) Authorize the Director of Finance\nand Technology Services to: allocate $4,445,000 from unallocated\nreserves in the General Fund; establish a $4,445,000 budget for an\ninterfund transfer from the General Fund to the Affordable Housing Trust\nfund; establish a $4,245,000 budget for the purposes of funding the loan;\nand establish a $200,000 budget to fund the costs associated with plan\ncheck services; and 5) Authorize the City Manager or designee to execute\nall documents incident to the agreement.