8. CHAIRMAN/ COMMISSIONER REPORTS
9. COMMITTEE REPORTS
10. EXECUTIVE DIRECTOR REPORTS/ COMMUNICATION ITEMS:
PENDING DEVELOPMENT PIPELINE UPDATE - Provided for
information.
Attachments:
11. REPORT ITEMS
11.1
REPORT - BURBANK HOUSING DEVELOPMENT CORPORATION
AND BURBANK HOUSING NEIGHBORHOOD REVITALIZATION
CORPORATION’S REQUEST FOR A CONDITIONAL
CONSOLIDATION, EXTENSION AND MODIFICATION OF LOAN
TERMS FOR 2862 AND 2866 APPLE VALLEY LANE, 2870 AND 2874
APPLE VALLEY LANE, PAPAGO COURT, PAULIN CREEK, AND
OLIVE GROVE APARTMENTS
BACKGROUND: The Housing Authority has provided loans to Burbank
Housing Development Corporation and Burbank Housing Neighborhood
Revitalization Corporation (Burbank Housing) for five affordable
housing properties in the total principal amount of $13,868,472
representing a total of 232 units, with 226 units affordable to extremely
low-, very low- and low-income households. The properties, identified
as 2862 and 2866 Apple Valley Lane, 2870 and 2874 Apple Valley
Lane, Papago Court, Paulin Creek and Olive Grove Apartments, are
being consolidated into a “scattered site” application known as Apple
Valley Scattered Sites to pursue tax exempt bonds and tax credits to
access funds for rehabilitation of the project sites. The proposed
consolidation includes a request to extend the terms of the loans to
June 30, 2083, as well as extend the term of the Regulatory
Agreements and updates to the affordability mix, securing long term
affordability for 228 income restricted units for an additional 21 to 34
years through the extension of each regulatory agreement.
RECOMMENDATION: It is recommended by the Housing and
Community Services Department that the Housing Authority, by five
resolutions, conditionally approve a consolidation, extension and
modification to the loans for 2862 and 2866 Apple Valley Lane, 2870
and 2874 Apple Valley Lane, Papago Court, Paulin Creek and Olive