LA County Board

3-D. Gap Financing for The Morris, A Multifamily Rental Development in the Recommendation as submitted by Supervisors Solis: Suspend Section 22.1 of the Rules of the Board for the limited purpose of considering this motion. Approve a loan to the CRCD 5th Street LP, or a Los Angeles County Development Authority (LACDA)-approved assignee, for development of The Morris using up to a total of $4,200,000 in No Place Like Home funds. Find that approval of funding for this project is not subject to California Environmental Quality Act. Authorize the Executive Director of LACDA to take the following actions: Negotiate, execute, and if necessary, amend, or reduce the loan agreement with CRCD 5th Street LP, or an LACDA-approved assignee, and all related documents including, but not limited to, documents to subordinate the loan to construction and permanent financing, and any intergovernmental, interagency, or inter-creditor agreements necessary for the implementation of the development. Accept and incorporate, as needed, up to $4,200,000 No Place Like Home funds into LACDA’s approved Fiscal Year 2025-26 budget, or future fiscal year budgets, for the purposes described herein. Reallocate LACDA funding set aside for affordable housing at the time of project funding, as needed and within the project’s approved funding limit, in line with the project’s need, and within the requirements for each funding source. (26-3387)