Resolution authorizing the execution and delivery of a multifamily housing revenue note in one or more series in an aggregate principal amount not to exceed $50,000,000 for the purpose of providing financing for the acquisition and rehabilitation of a 110-unit multifamily rental housing project located at 145 Guerrero Street, known as Francis of Assisi Community; approving the form of and authorizing the execution of a funding loan agreement providing the terms and conditions of the loan from the funding lender to the City, and the execution and delivery of the note; approving the form of and authorizing the execution of a borrower loan agreement providing the terms and conditions of the loan from the City to the borrower; approving the form of and authorizing the execution of a regulatory agreement and declaration of restrictive covenants; authorizing the collection of certain fees; approving modifications, changes and additions to the documents; ratifying and approving any action heretofore taken in connection with the back-to-back loans, the note, and the project, as defined herein; granting general authority to City officials to take actions necessary to implement this Resolution, as defined herein; and related matters.

Committee

Clerk of the Board

Requested by

Mayor’s Office of Housing and Community Development

Introduced

August 2, 2016

Passed

September 22, 2016

Enactment no.

393-16

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