LA County Board

3-D. Affordable Multifamily Rental Housing Developments Funding Agreement\nRecommendation: Approve increased loan amounts to Meta Housing Corp.,\nEast LA Community Corp., American Family Housing, West Hollywood\nCommunity Housing Corp., Daylight Community Development, Venice\nCommunity Housing and Brilliant Corners, in an aggregate amount of up to\n$11,986,000, using a combination of Affordable Housing Trust Funds (AHTF)\nand HOME Investment Partnerships Program (HOME) funds, for eight\naffordable multifamily rental housing developments located in unincorporated\nEast Los Angeles and the Cities of Alhambra and Los Angeles (1, 2, 3 and 4);\nfind that the approval of funding for these projects are not subject to the\nCalifornia Environmental Quality Act; and authorize the Executive Director of\nthe Los Angeles County Development Authority to take the following actions:\nAPPROVE\nExecute and/or amend a funding agreement with the County to accept\n$22,705,000 in AHTF, of which up to $9,986,000 will be used to provide\ngap financing for affordable housing projects previously approved for\nfunding, with the remaining funding allocated to new projects through the\nLos Angeles County Development Authority’s (LACDA’s) Notice of\nFunding Availability;\nIncorporate $22,705,000 in AHTF and $2,000,000 in HOME funds into\nLACDA’s approved Fiscal Year 2023-24 budget, or future fiscal year\nbudgets, as needed; and\nReallocate the LACDA funding set aside for affordable housing at the\ntime of project funding, as needed and within each project’s approved\nfunding limit, in line with each project’s needs, and within the\nrequirements for each funding source. (24-0051)