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REQUEST FOR COUNCIL/ <br />HOUSING AUTHORITY <br />ACTION <br />MEETING DATE: <br />AUGUST 6, 2012 <br />TITLE: <br />PUBLIC HEARING — MORTGAGE REVENUE BOND <br />INDUCEMENT AND TEFRA ON ISSUANCE OF TAX - <br />EXEMPT BONDS WITH WASHINGTON PLACE <br />MANAGEMENT, LLC <br />CLERK OF COUNCIL USE ONLY: <br />APPROVED <br />❑ <br />As Recommended <br />❑ <br />As Amended <br />❑ <br />Ordinance on 1st Reading <br />❑ <br />Ordinance on 2nd Reading <br />❑ <br />Implementing Resolution <br />❑ <br />Set Public Hearing For <br />CONTINUED TO <br />i <br />tAk t� G , A41 � � FILE NUMBER <br />CITY MANAGER EXECUTIfJ DIRECTOR <br />RECOMMENDED ACTION <br />CITY COUNCIL ACTION <br />Hold a TEFRA (Tax Equity and Financial Responsibility Act) Hearing in consideration of the <br />issuance of multi - family housing revenue bonds by the Housing Authority of the City of <br />Santa Ana for the purpose of financing the acquisition and rehabilitation of 1401 N. <br />Flower Street by Washington Place Management, LLC. <br />2. Adopt a resolution approving the issuance of tax - exempt bonds for the project. <br />HOUSING AUTHORITY ACTION <br />Adopt a resolution relating to the issuance of bonds for the purpose of financing the acquisition and <br />rehabilitation of multifamily rental housing located at 1401 N. Flower Street. <br />COMMUNITY REDEVELOPMENT AND HOUSING COMMISSION RECOMMENDATION <br />At its regular meeting on July 17, 2012, by a vote of 5:0 (Wooten and Reyes absent), the <br />Community Redevelopment and Housing Commission adopted a resolution recommending <br />approval of the issuance of multifamily housing revenue bonds by the Housing Authority of the City <br />of Santa Ana for the purpose of financing the acquisition and rehabilitation of multifamily rental <br />housing. <br />