LA County Board

3-D. Affordable Multifamily Rental Housing Developments Funding\nRecommendation: Approve loans to Lincoln Theater Housing/CRCD Partners\nand East Rancho Apartments/Coalition for Responsible Community\nDevelopment, up to a total of $7,220,000 in Affordable Housing Trust Funds\n(AHTF) and No Place Like Home (NPLH) funds to finance the development of\ntwo affordable multifamily rental housing developments selected through the\nNotice of Funding Availability (NOFA) Round 26 and NOFA Round 27, issued\nby the Los Angeles County Development Authority (LACDA); find that the\napproval of funding for these projects are not subject to the California\nEnvironmental Quality Act; and authorize the Executive Director of the Los\nAngeles County Development Authority to take the following actions: APPROVE\nNegotiate, execute and if necessary, amend, and or reduce the loan\nagreements with the recommended developers, or their LACDA-approved\nassignees, and all related documents, including, but not limited to,\ndocuments to subordinate the loans to construction and permanent\nfinancing, and any intergovernmental, interagency, or inter-creditor\nagreements necessary for the implementation of each development;\nAccept and incorporate, as needed, up to $7,220,000 in AHTF and\n$3,100,000 NPLH into the LACDA’s approved Fiscal Year 2023-24\nbudget, as needed, for the purposes described herein; 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. (24-0969)