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REQUEST FOR COUNCIL/ <br />HOUSING AUTHORITY <br />ACTION <br />[aYrY.T•I�1,I�I�4L�il.[�7731114 <br />SEPTEMBER 17, 2019 <br />TITLE: <br />APPROVE AMENDED AND RESTATED <br />AFFORDABLE HOUSING LOANS AND <br />SUBORDINATION AGREEMENTS FOR <br />THE REHABILITATION OF <br />CORNERSTONE APARTMENTS <br />(STRATEGIC PLAN NO. 4,5) <br />CITY A.4NAGER <br />RECOMMENDED ACTION <br />CITY COUNCIL <br />u <br />CLERK OF COUNCIL USE ONLY: <br />APPROVED <br />❑ As Recommended <br />❑ As Amended <br />❑ Ordinance on 1� Reading <br />❑ Ordinance on 2nd Reading <br />❑ Implementing Resolution <br />❑ Set Public Hearing For <br />CONTINUED TO <br />FILE NUMBER <br />Authorize the City Manager to execute an Amended and Restated Loan Agreement with <br />Cornerstone Housing Partners LP (c/o Jamboree Housing Corporation) for $5,128,152 in <br />HOME Investment Partnerships Program (HOME) funds by consolidating and replacing ten <br />existing HOME Program loans in order to rehabilitate 126 units of existing affordable housing <br />at 805, 810, 815, 816, 825, 828, 835, and 904 S. Minnie Street, Santa Ana, California, subject <br />to non -substantive changes approved by the City Manager and City Attorney. <br />2. Authorize the City Manager to execute a Subordination Agreement with MUFG Union Bank, <br />N.A., for the City's Amended and Restated HOME Loan Agreement with Cornerstone Housing <br />Partners LP (c/o Jamboree Housing Corporation), subject to non -substantive changes <br />approved by the City Manager and City Attorney. <br />HOUSING AUTHORITY <br />Authorize the Executive Director of the Housing Authority to execute an Amended and <br />Restated Loan Agreement with Cornerstone Housing Partners LP (c/o Jamboree Housing <br />Corporation) for $2,054,327 in Housing Successor Agency funds by consolidating and <br />replacing thirty-three existing Housing Successor Agency loans in order to rehabilitate 126 <br />units of existing affordable housing at 805, 810, 815, 816, 825, 828, 835, and 904 S. Minnie <br />Street, Santa Ana, California, subject to non -substantive changes approved by the Executive <br />Director and Authority General Counsel. <br />2. Authorize the Executive Director of the Housing Authority to execute a Subordination <br />Agreement with MUFG Union Bank, N.A., for the Housing Authority's Amended and Restated <br />80A-1 <br />