LA County Board

2-D. Multifamily Housing Mortgage Revenue Bonds for the Century +\nRestorative Care Village Project\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 Century Affordable Development, Inc. (CADI), which will form a\nlimited partnership, or a Los Angeles County Development Authority (LACDA)\napproved affiliate or assignee, to undertake bond financing in an amount not\nexceeding $55,000,000 to finance the Century + Restorative Care Village\nPhase I Project; authorize the Executive Director of the Los Angeles County\nDevelopment Authority to submit an application to the California Debt Limit\nAllocation Committee for a private activity bond allocation of an aggregate\namount not exceeding $55,000,000 for this purpose; approve a loan to CADI for\nup to $10,000,000 in Affordable Housing Trust Funds (ATHF) funding for the\ndevelopment of the Century + Restorative Care Village Phase II Project; find\nthat approval of these actions is not subject to the California Environmental\nQuality Act; and authorize the Executive Director to take the following actions:\nNegotiate, execute, and if necessary, amend, or reduce a loan\nagreement with CADI, or a designee approved by LACDA, and all related\ndocuments including, but not limited to, documents to subordinate the\nloan to construction and permanent financing, and any\nintergovernmental, interagency, or inter-creditor agreements necessary\nfor the implementation of the Century + Restorative Care Village Phase I\nand Phase II Projects to be located on County-owned land at 1321 and\n1318 North Mission Road in the City of Los Angeles (Project);\nIncorporate up to $10,000,000 in ATHF into LACDA’s approved Fiscal\nYear 2024-25 budget, as needed; and\nReallocate LACDA funding set aside for affordable housing at the time of\nthe Project's funding, as needed and within the Project’s approved\nfunding limits, in line with Project needs, and within the requirements for\neach applicable funding source. (24-3199)