City Council

(10) 26-1157 CD 1, CD 2 HOUSING COMMITTEE REPORT relative to amending the terms of the loan agreements with Los Angeles Family Housing for affordable housing projects Strong Residence and Harmony Place Apartments. Recommendations for Council action: 1. AUTHORIZE the General Manager, Housing Department (LAHD), or designee, to negotiate and execute all documents required for Strong Residence and Harmony Place Apartments. 2. REQUEST the City Attorney to prepare all necessary documents including, but not limited to, a recasting of project debt and a new loan agreement (and/or amendments and restatements of any necessary existing documents) to preserve and support affordable housing units at: a. The Strong Residence property by establishing a new loan maturity date up through and including June 10, 2045. b. The Harmony Place Apartments property by establishing a new loan maturity date up through and including September 19, 2040 and updating the reserve requirements to be consistent with current LAHD standards. 3. AUTHORIZE any other technical adjustments to the loan agreement and other documents as deemed necessary by the City Attorney to implement the changes outlined in this report. Fiscal Impact Statement: The LAHD reports that there is no impact to the General Fund. Neither the City Administrative Officer nor the Chief Legislative Analyst has completed a financial analysis of this report.