Report to Housing Authority
Tuesday, October 18, 2016
Special Orders of the Day
SUBJECT:
Title
SECOND AMENDMENT TO THE DISPOSITION AND DEVELOPMENT AGREEMENT BY AND BETWEEN THE CARSON HOUSING AUTHORITY AND AFFIRMED HOUSING GROUP, INC. FOR A PROJECT LOCATED AT 402 EAST SEPULVEDA BOULEVARD, AND APPROVING A GRANT AGREEMENT BY AND BETWEEN THE CARSON HOUSING AUTHORITY AND NEXUS FOR AFFORDABLE HOUSING, INC., A CALIFORNIA NON-PROFIT (HOUSING AUTHORITY)
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I. SUMMARY
The Carson Housing Authority ("Authority") and Affirmed Housing Group, Inc., a Delaware corporation ("Developer"), entered into a Disposition and Development Agreement ("DDA") for development of a 65-unit affordable senior housing project ("Project") on the Authority-owned property located at 402 East Sepulveda Boulevard in the City of Carson. The DDA was amended in February, 2016, providing additional Housing Authority funding to make the project more competitive in the Low Income Housing Tax Credit ("LIHTC") process. The project received an award of tax credits in the March, 2016 LIHTC funding round, and is now proceeding with close of escrow and commencement of construction.
This Second Amendment makes a technical change to the DDA and does not increase the amount of Housing Authority funding or in any way change the project.
II. RECOMMENDATION
Recommendation
TAKE the following actions:
1. APPROVE Resolution No. 16-22-CHA, "A RESOLUTION OF THE CARSON HOUSING AUTHORITY APPROVING THE SECOND AMENDMENT TO THE DISPOSITION AND DEVELOPMENT AGREEMENT BY AND BETWEEN THE CARSON HOUSING AUTHORITY AND AFFIRMED HOUSING GROUP, INC., AND APPROVING A GRANT AGREEMENT BY AND BETWEEN THE CARSON HOUSING AUTHORITY AND NEXUS FOR AFFORDABLE HOUSING, INC., RELATING TO THE DEVELOPMENT OF 402 SEPULVEDA BOULEVARD."
2. AUTHORIZE the Chairman to execute the Resolution and all Agreements related to the Amendment or Grant Agreement.
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III. ALTERNATIVES
None.
IV. BACKGROUND
On June 16, 2015 the Authority and "...
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