LA County Board

3-D. Approval of Funding for Nine Multifamily Affordable Housing\nDevelopments in Claremont, El Monte, Long Beach, Los Angeles,\nMontebello, San Pedro, Pasadena, and Unincorporated Compton\nRecommendation: Approve loans to Bellamontes/Clifford Beers Housing,\nEsperanza Village/National Community Renaissance of California, East Rancho\nApartments/Coalition for Responsible Community Development, Fourth\nClover/West Hollywood Community Housing Corporation, Selby/A Community\nof Friends, 300 Alamitos/Mercy Housing of California, Hope on 6th/1010\nDevelopment Corporation, St. Ambrose Senior Housing/National Community\nRenaissance of California, and Pasadena Ramona Seniors/National Community\nRenaissance of California (Developers), using up to a total of $49,530,000, in\nNo Place Like Home (NPLH) funds and $10,000,000 in Affordable Housing\nTrust Funds (AHTF), to fund the development of nine affordable multifamily\nrental housing developments selected through the Notice of Funding Availability\n(NOFA) Round 30, issued by the Los Angeles County Development Authority\n(LACDA); find that approval of funding for these projects 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\nNegotiate, execute, and if necessary, amend, or reduce the loan\nagreements with the Developers, or their LACDA-approved assignees,\nand all related documents including, but not limited to, documents to\nsubordinate the loans to construction and permanent financing, and any\nintergovernmental, interagency, or inter-creditor agreements necessary\nfor the implementation of each development;\nAccept and incorporate, as needed, up to $49,530,000 in NPLH and\n$10,000,000 AHTF into LACDA’s approved Fiscal Year 2024-25 budget\nfor the purposes described herein; and\nReallocate the LACDA funding set aside for affordable housing at the\ntime of project funding, as needed and within each project’s approved\nfunding limit, in line with each project’s needs, and within the\nrequirements for each funding source. (24-4349)