LA County Board

3-D. Gap Financing for The Morris, A Multifamily Rental Development in the\nCity of Los Angeles\nRecommendation as submitted by Supervisors Solis: Suspend Section 22.1 of\nthe Rules of the Board for the limited purpose of considering this motion.\nApprove a loan to the CRCD 5th Street LP, or a Los Angeles County\nDevelopment Authority (LACDA)-approved assignee, for development of The\nMorris using up to a total of $4,200,000 in No Place Like Home funds. Find that\napproval of funding for this project is not subject to California Environmental\nQuality Act. Authorize the Executive Director of LACDA to take the following\nactions:\nNegotiate, execute, and if necessary, amend, or reduce the loan\nagreement with CRCD 5th Street LP, or an LACDA-approved assignee,\nand all related documents including, but not limited to, documents to\nsubordinate the loan to construction and permanent financing, and any\nintergovernmental, interagency, or inter-creditor agreements necessary\nfor the implementation of the development.\nAccept and incorporate, as needed, up to $4,200,000 No Place Like\nHome funds into LACDA’s approved Fiscal Year 2025-26 budget, or\nfuture fiscal year budgets, for the purposes described herein.\nReallocate LACDA funding set aside for affordable housing at the time of\nproject funding, as needed and within the project’s approved funding\nlimit, in line with the project’s need, and within the requirements for each\nfunding source. (26-3387)