LA County Board

1-D. Multifamily Housing Mortgage Revenue Bonds for the Casa de la Luz\nProject\nRecommendation as submitted by Supervisor Solis: Adopt and instruct the\nChair to sign a resolution, as required under Treasury regulations, declaring an\nintent for the Hollywood Community Housing Corporation (HCHC), which will\nform a limited partnership, or a Los Angeles County Development Authority\n(LACDA) approved affiliate or assignee, to undertake bond financing in an\namount not to exceed $45,536,387, to finance the Casa de la Luz Development\n(Project), a 95-unit new construction to be located at 744-754 Kern Avenue in\nUnincorporated East Los Angeles; authorize the Executive Director of the Los\nAngeles County Development Authority to submit an application to the California\nDebt Limit Allocation Committee for a private activity bond allocation of an\naggregate amount not exceeding $45,536,387 for this purpose; approve a loan\nto HCHC for up to $7,000,000 in No Place Like Home (NPLH) funds for the\ndevelopment of the Project; find that approval of these actions is not subject to\nthe California Environmental Quality Act; and authorize the Executive Director to\ntake the following actions:\nNegotiate, execute, and if necessary, amend, or reduce a loan\nagreement with HCHC, or a designee approved by LACDA, and all\nrelated documents including, but not limited to, documents to subordinate\nthe loan to construction and permanent financing, and any\nintergovernmental, interagency, or inter-creditor agreements necessary\nfor the implementation of the Project;\nIncorporate, as needed, up to $7,000,000 in NPLH funds into LACDA’s\napproved Fiscal Year 2024-25 budget, as needed; and\nReallocate LACDA funding set aside for affordable housing at the time of\nProject's funding, as needed, and within the Project’s approved funding\nlimit, in line with the Project's needs, and within the requirements for\neach applicable funding source. (24-3197)