City Council

HA CC 2.Approve Agreements regarding Maison’s Sierra Phase 1 and 2A and Approve Amendments to Recorded Documents for Maison’s Sierra Phase 1 Recommendation(s): 1. Approve revised 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 for Phase 2 to construction loan ($42,000,000) and permanent loan ($25,305,000) in a total amount not to exceed $42,000,000. 3. Approve amendment to Maison Sierra’s Phase 1 Grant Deed to grant a portion of Lot G of Tract Map 84221 to the Phase 1 owner. 4. Approve the amendment of the Maison Sierra’s Phase 1 recorded documents to revise the legal description of Phase 1 to refer to Tract Map 84221 instead of LLA 24-002. Those documents include, but are not limited to: (a) First Amendment to Deed of Trust with Assignment of Rents, (b) First Amendment to Residential Declaration of Conditions, Covenants and Restrictions, and (c) Regulatory Agreement 5. Approve the Consent and Subordination to Access Easement. 6. Authorize the Executive Director, or his designee, to negotiate, finalize, and execute any and all documents necessary or appropriate to complete the contemplated transactions, in a form to be approved by the City Attorney.