MOTION
The Los Angeles City Council approved CF 22-0876-S2 on June 28, 2023 to obligate funds to projects admitted to the Affordable Housing Managed Pipeline (AHMP). This transmittal enabled projects to obtain funding commitments from the City making them competitive for an application to the California Department of Housing and Community Development's SuperNOFA by July 12, 2023.
Since the passage of that transmittal, Harmony Seniors, an 83 unit project located at 11416 W. Burbank Boulevard Los Angeles, CA 91601, in Council District 2, completed applications for outside funding. Given that Harmony Seniors has already been admitted to the AHMP and plans to apply to the SuperNOFA in the next few weeks, it is necessary that the Housing Department obligate funds to the Harmony Seniors project, already awarded to admittance to the pipeline.
I MOVE that the matter of the Council’s action on June 28, 2023 relative to the 2021 and 2022 Affordable Housing Managed Pipeline (AHMP) Project approvals for the 2023 Round 2 Multifamily Finance Super NOFA funding (CF 22-0876-S2) BE AMENDED to:
A: AMEND recommendation G.i. from CF 22-0876-S2:
a. TO AUTHORIZE the City Controller to obligate up to $8,232,756 for the Harmony Seniors project, as appropriated within the City of Los Angeles Housing HOME Fund –HOME/561, Appropriation Account No. 43Y800 – AHMP, to award the Harmony Seniors Project with a loan including the terms and conditions approved by Council in the Affordable Housing Managed Pipeline guidelines (CF 22-0876-S2); and expend funds upon proper written demand of the LAHD General Manager, or designee.:
B: Direct the Los Angeles Housing Department (LAHD) General Manager, or designee, to:
1. Effectuate a loan of up to $8,232,756 from the City of Los Angeles Housing Department HOME Fund, Number 561; Appropriation Account Name 43W800/AHMP to Harmony Seniors, already admitted to the Affordable Housing Managed Pipeline.
2. Draft, negotiate and execute loan documents to provide a loan of up to $8,232,756 for the Project, subject to review and approval of the City Attorney as to form.
PRESENTED BY: PAUL KREKORIAN
Councilmember, 2nd District