HomeMy WebLinkAbout3C - TRANSFER OWNSHP SATOWERS
APRIL 3, 2000
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TRANSFER OF OWNERSHIP
AT SANTA ANA TOWERS
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l~~OCJ~~7{l~C~ S~CS~7A~Y USA ONLY:
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C1 As Recommended
Cl As Amended
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Authorize the sale and transfer of the Santa An.a Towers from SBD
Properties to Santa Ana Towers Senior Housing, L,td. and authorize the
Chairman anal Executive Director to execute the assignment of the Housing
Assistance Payment Contract and any other required documents.
REDEVELOPMENT AND HOUSING COMMISSION RECOMMENDATION
Recommend that the Housing Authority authorize the sale and transfer of
the Santa Ana Towers from SBD Properties to Santa Ana Towers Senior
Housing, Ltd. and authorize the Chairman and Executive Director to
execute the assignment of the Housing Assistance Payment Contract and any
other required documents by a vote of 8:0.
DISCUSSION
In 1976 the Community Redevelopment Agency authorized the sale of
property far the development of the Santa Ana Towers, an affordable
senior project located at 407. W. First Street which is at the corner of
Ross and First Streets. Funds to construct the project were provided by
the Department of Housing and Urban Development Section 8 New
Construction. Program.
SBD Properties, the current owners of the Santa Ana Towers, has provided
notification that they have entered into escrow to sell the Santa Ana
Towers to Santa Ana Towers Senior Housing, Ltd., a subsidiary of Thomas
Safran & Associates. They are a for-profit affordable housing developer
who has developed over 2,050 rental units in the last 20 years. In
addition, they have experience in. performing extensive rehabilitation and
currently manage over 1,200 units.
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Transfer of Ownership
at Santa Ana Towers
April 3, 2000
Page 2
In order to finalize the sale, the Housing Authority will need to
authorize the assignment of the Housing Assistance Payment (HAP) Contract
to the proposed new owners.
As part of the acquisition financing, the new owners will be providing
approximately $1,700,000 for rehabilitation of the property. The
assignment of the HAP contract will allow for the continuation of the
rental assistance payment to the owner on behalf of the 199 senior
citizens currently residing at the Santa Ana Towers.
FISCAL TMQACT
There is no fiscal impact associated with this action.
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Cynt is J. elson
Executive Director
H:Actions12000 HA1SATowers