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AHA-2011/08/23ANAHEIM HOUSING AUTHORITY REGULAR MEETING OF AUGUST 23, 2071 The Anaheim Housing Authority met in regular session on August 23, 2011 in the Chambers of Anaheim City Hall located at 200 South Anaheim Boulevard. The meeting was called to order by Chairman Tait at 5:15 P.M. for a joint public comment session with the Anaheim City Council and Redevelopment Agency. Present: Chairman Tom Tait and Housing Authority Members: Gail Eastman, Lord Galloway, Kris Murray and Harry Sidhu. Staff Present: City Manager Tom Wood, City Attorney Cristina Talley, and Secretary Linda Andal A copy of the agenda was posted on August 19, 2011 on the kiosk outside City Hall. ADDITIONS /DELETIONS TO THE AGENDA: None PUBLIC COMMENTS: No comments offered during joint oral communications related to the Housing Authority agenda. PUBLIC HEARING: 3. This is a public hearing to consider Amendment No. 4 to Affordable Housing Agreement with UHC 00190 Anaheim, L.P., for The Crossings at Cherry Orchard AG R- 3886.11.4 project located at 2748 W. Lincoln Avenue. Approve and authorize the Authority Executive Director to execute and administer Amendment No. 4 to Affordable Housing Agreement, in substantial form, with UHC 00190 Anaheim, L.P., for The Crossings at Cherry Orchard project located at 2748 W. Lincoln Avenue. John Woodhead, Acting Executive Director, reported the Housing Authority had approved an Affordable Housing Agreement with UHC 00190, Anaheim LP to develop the Old Lincoln Inn site as 45 multi - family rental units for low income families. Under the terms of that agreement, he stated, the developer was required to submit an application for nine percent Tax Credits to finance the project and in return, the agreement provided for a ground lease of the site to the developer for 55 years. After the developer unsuccessfully sought the nine percent Tax Credits, Mr. Woodhead explained, the Agreement was later amended to require UHC seek four percent Tax Credits, and in conjunction with that, MHP financing for the loan. As the developer was in the process of submitting application for the four percent Tax Credits, they were notified that the terms of the loan had to be increased to 65 years. Mr. Woodhead added this amendment before Council increased the term of the ground lease from 55 to 65 years, to comply with requirements of the MHP financing and would result in the Housing Authority receiving an additional $1.5 million in revenue over the term of the ground lease. Anaheim Housing Authority Minutes of August 23, 2011 Page 2 of 2 Chairman Tait opened the public hearing for comments. William Fitzgerald, Anaheim Home, queried why Anaheim Hills specifically and other portions of the city in general had not been considered appropriate for affordable housing sites rather than consistently constructing affordable housing developments in older parts of the city. With no other comments offered, Chairman Tait closed the public hearing. Authority Member Eastman moved to approve and authorize Amendment No. 4 to the Affordable Housing Agreement, in substantial form, with UHC 00190 Anaheim, L.P., for The Crossings at Cherry Orchard project located at 2748 West Lincoln Avenue, seconded by Authority Member Murray. Roll Call Vote: Ayes — 5: (ChairmanTait and Authority Members: Eastman, Galloway, Murray and Sidhu). Noes — 0. Motion Carried. ADJOURNMENT: With no other business to conduct, Chairman Tait adjourned the Housing Authority meeting of August 23, 2011 at 5:56 P.M. Res ec ly submitted, Linda N. Andal, CMC Secretary, Anaheim Housing Authority