MOTION
Moved by Housing Authority Member ____________________________, seconded by Housing Authority Member ___________________________ that the Executive Director, or his designee, is hereby authorized to enter into a Mortgage Loan Sale Agreement by and between the Housing Authority, California Community Reinvestment Corporation (“CCRC”) and Los Angeles County Development Authority, or any such similarly titled agreement meant to effectuate the purchase of the first deed of trust loan held by CCRC with respect to Metro Loma Apartments, an affordable rental housing project located at 328 Mira Loma Avenue (“Agreement”). Further, the Executive Director, or his designee, is hereby authorized to execute any and all documents related to said Agreement, including all exhibits and/or attachments to said Agreement that are necessary to effectuate the intent of the Agreement, to purchase the CCRC loan, as outlined in the Joint Report to Council and Housing Authority dated May 20, 2025 from the Director of Community Development (“Report”) in substantially the same form as the draft of the Agreement attached to the Report as Exhibit 2, subject to any Housing Authority comments or modifications. Said Agreement shall be subject to approval as to form by the City Attorney.
Vote as follows:
Ayes:
Noes:
Absent:
Abstain: