LA County Board

3-D. Disaster Recovery Multifamily Housing Program Funding for a Multifamily\nAffordable Housing Development\nRecommendation: Authorize the Executive Director of the Los Angeles County\nDevelopment Authority to negotiate, execute, and if necessary, amend, or\nreduce loan agreement with EAH, Inc., or their Los Angeles County\nDevelopment Authority (LACDA)-approved assignee, using up a total of\n$3,141,177, in Disaster Recovery Multifamily Housing Program funds allocated\nto the County by the California Department of Housing and Community\nDevelopment to fund the development of the 2052 Lake Avenue Apartments\naffordable multifamily rental housing development in unincorporated Altadena\n(5), and 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 for the\nimplementation of the development; reallocate the LACDA funding set aside for\naffordable housing at the time of project funding, as needed and within the\nproject’s approved funding limit, in line with the project’s needs, and within the\nrequirements for each funding source; and find that this action is exempt from\nthe California Environmental Quality Act. APPROVE (Relates to Agenda No. 58)\n(23-4492)