City Council

(8) 26-0209 CD 13 HOUSING AND HOMELESSNESS COMMITTEE REPORT and RESOLUTION relative to adopting the Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA) Resolution and Minutes; and issuing a supplemental tax-exempt multifamily housing conduit revenue note in an amount up to $29,739,488; and executing related financing documents for the Prisma Apartments Supportive Housing Project located at 6914 West De Longpre Avenue and 1350-1358 North Orange Drive in Council District 13. Recommendations for Council action, SUBJECT TO THE APPROVAL OF THE MAYOR: 1. NOTE and FILE the Los Angeles Housing Department (LAHD) report dated February 11, 2026, attached to Council file No. 26- 0209, relative to the issuance of supplemental tax-exempt multifamily housing conduit revenue note for the Prisma Apartments Supportive Housing Project (Project). 2. ADOPT the August 19, 2025 TEFRA minutes for the Project contained in the City Administrative Officer (CAO) report dated March 2, 2026, attached to Council file No. 26-0209. 3. ADOPT the accompanying RESOLUTION attached to the CAO report dated March 2, 2026, attached to the Council file, authorizing the issuance of up to $29,739,488 in supplemental tax-exempt multifamily housing conduit revenue note for the Project. 4. AUTHORIZE the General Manager, LAHD, or designee, to negotiate and execute the relevant financing documents for the Project, subject to the approval of the City Attorney as to form. Fiscal Impact Statement: The CAO reports that there is no General Fund impact as a result of the issuance of the supplemental tax- exempt multifamily housing revenue note (Note) for the Project. The City is a conduit issuer and does not incur liability for the repayment of the Note, which is a limited obligation payable solely from the revenues of the Project, and the City is not, under any circumstances, obligated to make payments on the Note. Financial Policies Statement: The CAO reports that recommendations in this report comply with the City’s Financial Policies in that the Note is a limited obligation payable solely from the revenues of the Project and the City is not, under any circumstances, obligated to make payments on the Note. Debt Impact Statement: The CAO reports that there is no debt impact as the Note is a conduit issuance debt and not a debt of the City.