Title:
Title
(City Council / Housing Authority) Central City (Rental Assistance Demonstration 2) Tax Equity and Fiscal Responsibility Act Hearing, and Approval of Tax-Exempt Bonds, Option Agreement and Loan Commitment (Noticed 04/06/2021) [Published for 10-Day Review 04/08/2021)
End
FileID
File ID: 2021-00086
Location
Location: 1820 Capitol Avenue and 626 I Street; District 4
End
Recommendation:
Recommendation
Conduct a public hearing and upon conclusion, adopt: 1) a City Council Resolution indicating the Housing Authority has conducted a Tax Equity and Fiscal Responsibility Act (TEFRA) public hearing related to the proposed acquisition, rehabilitation and development of the Rental Assistance Demonstration 2 (RAD 2) project; 2) a Housing Authority Resolution authorizing: a) the intention of the Housing Authority to issue up to $40,000,000 in tax exempt mortgage revenue bonds to finance the acquisition, rehabilitation and development of the project, and b) the Housing Authority to submit an application to the California Debt Limit Allocation Committee (CDLAC) for allocation authority to issue bonds; and 3) a Housing Authority Resolution authorizing the Housing Authority of the City of Sacramento to: a) amend the Housing Authority budget, b) approve an Option Agreement for the Ground Lease and the Purchase and Sale of Improvements (Option Agreement) for the project, c) approve the Conditional Funding Commitment comprised of a seller carryback loan, a ground lease loan, and a cash proceeds note (Loan Commitment), d) execute any related documents with Sacramento Housing Authority Repositioning Program, Inc., (SHARP), or related entity, and e) make related findings.
FileName
Contact: Christine Weichert, Director, (916) 440-1353, Sacramento Housing and Redevelopment Agency; Tyrone Roderick Williams, Deputy Executive Director, (916) 440-1316, Sacramento Housing and Redevelopment Agency
Body
Presenter: Cylus Scarbrough, Housing Finance Analyst, (916) 44...
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