LA County Board

5-D. Gap Financing for Multifamily Affordable Housing Development\nRecommendation: Approve an increased loan amount to Excelerate Housing\nGroup, LLC, in an amount of up to $1,995,000 in Affordable Housing Trust\nFunds (AHTF), for one affordable multifamily rental housing development\nfunded by the Los Angeles County Development Authority (LACDA), which\nrequires additional funding due to a financing gap, located in the City of Long\nBeach (4); find that approval of funding for this project is not subject to the\nCalifornia Environmental Quality Act; and authorize the Executive Director of\nthe Los Angeles County Development Authority to take the following actions:\nAPPROVE\nIncorporate, as needed, up to $1,995,000 in AHTF into LACDA’s\napproved Fiscal Year 2024-25 budget, as needed; and\nNegotiate, execute, and if necessary, amend, or reduce the loan\nagreement and all related documents including, but not limited to,\ndocuments to subordinate the loan to construction and permanent\nfinancing and any intergovernmental, interagency, or inter-creditor\nagreements necessary for the implementation of the development.\n(24-3041)