City Council

(8)\n26-0209\nCD 13\nHOUSING AND HOMELESSNESS COMMITTEE REPORT and\nRESOLUTION relative to adopting the Tax Equity and Fiscal\nResponsibility Act of 1982 (TEFRA) Resolution and Minutes; and\nissuing a supplemental tax-exempt multifamily housing conduit\nrevenue note in an amount up to $29,739,488; and executing related\nfinancing documents for the Prisma Apartments Supportive Housing\nProject located at 6914 West De Longpre Avenue and 1350-1358\nNorth Orange Drive in Council District 13.\nRecommendations for Council action, SUBJECT TO THE APPROVAL\nOF THE MAYOR:\n1. NOTE and FILE the Los Angeles Housing Department (LAHD)\nreport dated February 11, 2026, attached to Council file No. 26-\n0209, relative to the issuance of supplemental tax-exempt\nmultifamily housing conduit revenue note for the Prisma\nApartments Supportive Housing Project (Project).\n2. ADOPT the August 19, 2025 TEFRA minutes for the Project\ncontained in the City Administrative Officer (CAO) report dated\nMarch 2, 2026, attached to Council file No. 26-0209.\n3. ADOPT the accompanying RESOLUTION attached to the CAO\nreport dated March 2, 2026, attached to the Council file,\nauthorizing the issuance of up to $29,739,488 in supplemental\ntax-exempt multifamily housing conduit revenue note for the\nProject.\n4. AUTHORIZE the General Manager, LAHD, or designee, to\nnegotiate and execute the relevant financing documents for the\nProject, subject to the approval of the City Attorney as to form.\nFiscal Impact Statement: The CAO reports that there is no General\nFund impact as a result of the issuance of the supplemental tax-\nexempt multifamily housing revenue note (Note) for the Project. The\nCity is a conduit issuer and does not incur liability for the repayment of\nthe Note, which is a limited obligation payable solely from the\nrevenues of the Project, and the City is not, under any circumstances,\nobligated to make payments on the Note.\nFinancial Policies Statement: The CAO reports that recommendations\nin this report comply with the City’s Financial Policies in that the Note\nis a limited obligation payable solely from the revenues of the Project\nand the City is not, under any circumstances, obligated to make\npayments on the Note.\nDebt Impact Statement: The CAO reports that there is no debt impact\nas the Note is a conduit issuance debt and not a debt of the City.