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<br />Legal Notice published in the Orange County Register on August 30, 2019. <br /> <br />RECOMMENDED ACTION: Authorize the submission of the Citizen <br />Participation Plan to the U.S. Department of Housing and Urban Development. <br /> <br /> <br /> <br />JOINT SESSION OF THE CITY COUNCIL AND THE HOUSING AUTHORITY <br /> <br />80A. JOINT SESSION - APPROVE AMENDED AND RESTATED AFFORDABLE HOUSING <br />LOANS AND SUBORDINATION AGREEMENTS FOR THE REHABILITATION OF <br />CORNERSTONE APARTMENTS {STRATEGIC PLAN NO. 4, 5} – Community Development <br />Agency <br /> <br /> CITY COUNCIL ACTION <br /> <br /> RECOMMENDED ACTION: <br /> <br />1. Authorize the City Manager to execute an Amended and Restated Loan <br />Agreement with Cornerstone Housing Partners LP (c/o Jamboree Housing <br />Corporation) for $5,128,152 in HOME Investment Partnerships Program <br />(HOME) funds by consolidating and replacing ten existing HOME Program <br />loans in order to rehabilitate 126 units of existing affordable housing at 805, 810, <br />815, 816, 825, 828, 835, and 904 S. Minnie Street, Santa Ana, California, subject to <br />non-substantive changes approved by the City Manager and City Attorney <br />(Agreement No. A-2019-XXX). <br /> <br />2. Authorize the City Manager to execute a Subordination Agreement with MUFG <br />Union Bank, N.A., for the City’s Amended and Restated HOME Loan <br />Agreement with Cornerstone Housing Partners LP (c/o Jamboree Housing <br />Corporation), subject to non-substantive changes approved by the City Manager <br />and City Attorney(Agreement No. A-2019-XXX). <br /> <br /> HOUSING AUTHORITY ACTION <br /> <br /> RECOMMENDED ACTION: <br /> <br />1. Authorize the Executive Director of the Housing Authority to execute an <br />Amended and Restated Loan Agreement with Cornerstone Housing Partners LP <br />(c/o Jamboree Housing Corporation) for $2,054,327 in Housing Successor <br />Agency funds by consolidating and replacing thirty-three existing Housing <br />Successor Agency loans in order to rehabilitate 126 units of existing affordable <br />housing at 805, 810, 815, 816, 825, 828, 835, and 904 S. Minnie Street, Santa Ana, <br />California, subject to non-substantive changes approved by the Executive <br />Director and Authority General Counsel. <br /> <br />2. Authorize the Executive Director of the Housing Authority to execute a <br />Subordination Agreement with MUFG Union Bank, N.A., for the Housing <br />Authority’s Amended and Restated Housing Successor Agency Loan Agreement <br />CITY COUNCIL AGENDA 11 SEPTEMBER 17, 2019 <br /> <br /> <br />