LA County Board

1-D. Authorize the Los Angeles County Development Authority to Act as an\nAgent of the County to Conduct Monitoring Duties for Homekey Projects\nand Other County-Led Affordable Housing Projects\nRecommendation as submitted by Supervisor Horvath: Accept the designation\nto act as the agent of the County in monitoring development projects approved\npursuant to the Homekey Program and other County-led Affordable Housing\nprojects, as agreed to by the County and the Los Angeles County Development\nAuthority; find that the proposed actions are not a project under the California\nEnvironmental Quality Act; and authorize the Executive Director of the Los\nAngeles County Development Authority to take the following actions: (Relates to\nAgenda No. 18)\nNegotiate and execute a monitoring agreement with the County to act as\nthe agent of the County in monitoring the Homekey Program projects and\nother County-led Affordable Housing projects as agreed to by the Chief\nExecutive Officer and the Executive Director, and execute any\nsubsequent amendments thereto;\nNegotiate and execute monitoring agreements with Homekey Program\nGrantees and development teams from other County-led Affordable\nHousing projects to monitor compliance with the recorded covenants, and\nexecute any subsequent amendments to such agreements; and\nCollect an annual monitoring fee of $7,150 (escalating at 2.5% per\nannuum) per Permanent Supportive Housing Homekey project; collect an\nannual monitoring fee, which amount has yet to be determined per\ninterim Homekey project; and collect an annual monitoring fee for any\nother County-led Affordable Housing project which amount has yet to be\ndetermined. (24-1260)