City Council

7.2. Affordable Housing Agreement between the City of Orange and Orange 702, L.P.\nRecommended Action:\n1. Approve the Affordable Housing Agreement between the City of Orange and\nOrange 702, L.P. in the amount of $2,200,000.\n2. Authorize the City Manager and City Clerk to execute the Agreement, with any\nminor, non-substantive changes approved by the City Attorney, as well as any\namendments thereto and all documentation in furtherance of the Agreement,\nincluding, but not limited to, any attachments to the Agreement and any necessary\nsubordination agreements.\n3. Authorize the appropriation of $2,200,000 from the Low and Moderate Income\nHousing Asset Fund (921) unreserved balance to expenditure account number\n921.9810.56571.20540 - Rehab/Dev Loans - Orion Project. Estimated fund balance\nafter appropriation is $955,000.\nAttachments: Staff Report\nAffordable Housing Agreement with Orange 702, L.P