City Council

HA CC 2.Approve Loan Agreement between the Lancaster Housing Authority and Maison's Sierra Phase 2, LP, a California Limited Partnership Recommendation(s): 1. Approve, in substantially the form provided, Loan Agreement between the Lancaster Housing Authority and Maison's Sierra Phase 2, LP, a California Limited Partnership in the amount of $3,509,756.67 to fund a portion of the costs associated with the construction of an 171 multifamily residential unit project (TTM 84221), consisting of 169 restricted rental units and 2 unrestricted manager's units. The project will have 132 one-bedroom units, and 39 two-bedroom units, serving tenants with rents affordable to households earning 30%-70% of area median income (AMI). 2. Approve Subordination of the Housing Authority Loan and Deed of Trust to construction loan and permanent loan in a total amount not to exceed $33,846,000. 3. Authorize the Executive Director, or his designee, to negotiate, finalize, and execute all documents necessary or appropriate to complete the transaction, in a form to be approved by the City Attorney. On March 14, 2023, the Housing Authority members approved an Exclusive Negotiating Agreement with Ravello Holdings, Inc. On May 9, 2023, the City Council and the Lancaster Housing Authority authorized the execution of a Disposition and Development Agreement (DDA) with Ravello Holdings, Inc. for the purchase and subsequent development of vacant parcels between Whit Carter Park and Avenue H and south of Avenue H-8 between Sierra Highway and Cedar Avenue (3135-001-900-919, 3135-005-901, -904-914, 3135-006-900, -901, -903, -905-923, 3135-025-986, -987). The 60-acre project has been broken down into three phases, consisting of a total of 450-499 affordable housing units.