LA County Board

1-D. Preservation of Affordable Housing at Broadway Village 1 and Broadway Village 2 in the City of Los Angeles Recommendation as submitted by Supervisor Mitchell: Authorize the Executive Director of the Los Angeles County Development Authority (LACDA) to incorporate up to $384,000 in Condominium Conversion Funds received by LACDA into LACDA’s approved Fiscal Year 2026-27 budget, or into future fiscal year budgets as needed. Authorize the Executive Director of LACDA to do the following: negotiate and execute an amended and restated loan agreement with Alliance Property Group, Inc., or its LACDA-approved designee, to incorporate the additional funding of up to $384,000 into the Projects; execute any and all related documents, including but not limited to subordination agreements, deeds of trust, intercreditor agreements, and new or amended covenants and restrictions, including a new 55-year affordability covenant; restructure the Projects in the event either Project is further assigned, and negotiate and execute any necessary agreements for such restructuring; and execute any amendments to the foregoing documents, including extensions of terms, reductions or forgiveness of accrued interest, or other changes needed to stabilize the Projects and protect the LACDA asset, or assign any of the foregoing documents to a LACDA approved assignee, all upon approval as to form by County Counsel. Find that the approval of these directives is exempt from the California Environmental Quality Act. (Relates to Agenda No. 16) (26-5998)