TITLE
WITHDRAWN
Recommendation to receive supporting documentation into the record regarding the Tax Equity and Fiscal Responsibility Act (TEFRA) public hearing; and, adopt resolution approving the issuance of multifamily revenue bonds by the Housing Authority of the County of Los Angeles (HACOLA) to benefit LINC Housing Corporation (LINC), to finance the development of The Spark at Midtown, in an amount not to exceed $30,000,000. (District 6)
DISCUSSION
LINC, a California nonprofit, 501 (c)(3) corporation, has requested that the HACOLA issue bonds on its behalf, in an aggregate amount not to exceed $30,000,000, for the development of a new affordable rental housing complex known as The Spark at Midtown, which is located at 1900-1940 Long Beach Boulevard (Project).
Founded in 1984, LINC develops, operates, and provides resident services to affordable housing communities throughout California. With 7,500 units of development experience and more than 5,000 units under its management, LINC is one of the largest and most successful nonprofit affordable housing developer/operators in Southern California. LINC currently has a pipeline of 375 units and, over the last five years, has secured over $209 million in funding. LINC’s corporate office is less than two miles from the Project, and has committed to prioritizing Long Beach in the organization’s efforts to build upon affordable housing as a catalyst for broader community development.
The HACOLA will issue tax-exempt debt, the proceeds of which will be loaned to LINC (Borrower), to fund the Project. The Long Beach Community Investment Company has approved a loan, in the amount of $3,000,000, to LINC for the development of the Project. The Project will encompass 95 housing units and amenities including a community room, laundry rooms, supportive services space, bicycle storage, two outdoor courtyards, community garden planters, and dedicated space for an after-school program for school-age residents. Furthe...
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