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HA - Approval of an Amendment to the Amended and Restated Disposition, Development and Loan Agreement with Habitat for Humanity of Greater Los Angeles for the Development of 10 Ownership Affordable and Workforce Units
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Meeting Date: November 6, 2017
Contact Person/Dept: Tevis Barnes/CDD-Housing
Phone Number: (310)253-5782
Fiscal Impact: Yes [] No [X] General Fund: Yes [] No [X]
Public Hearing: [] Action Item: [X] Attachments: [X]
Commission Action Required: Yes [] No [X] Date:
Public Notification: (E-Mail) Meetings and Agendas - City Council (11/01/17);
Department Approval: Sol Blumenfeld, Community Development Director (10/30/17)
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RECOMMENDATION:
Staff recommends the Culver City Housing Authority Board ("Board") approve the First Amendment to the Amended and Restated Disposition, Development and Loan Agreement with Habitat for Humanity of Greater Los Angeles for the development of 10 affordable and workforce ownership housing units.
BACKGROUND:
The Culver City Housing Authority (the "Authority") and Habitat for Humanity of Greater Los Angeles ("Habitat") entered into a Disposition, Development and Loan Agreement (the "Original DDA") on January 30, 2012 for the Globe affordable housing project (the "Project"). On December 14, 2015, the Authority and Habitat replaced the Original DDA by entering into an Amended and Restated Disposition, Development and Loan Agreement for the Project (the "Amended and Restated DDA").
Under the Amended and Restated DDA, Habitat is required to construct 10 ownership housing (4 Low Income, 4 Moderate Income and 2 Workforce Housing) units and sell four of them to "Low Income" homebuyers at an "Affordable Housing Cost". In both the Original DDA and the Amended and Restated DDA, the definition of "Affordable Housing Cost" for Low Income homebuyers was defined as a "housing cost that does n...
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