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H-2. RESOLUTION 14-021 RESTRUCTURE THE OWNERSHIP, OPERATIONS AND FINANCING OF THE AFFORDABLE HOUSING SITE COLLECTIVELY KNOWN AS MARICOPA SCATTERED SITE REVITALIZATION Adopt Resolution 14-021 and authorize the Executive Director to: (1) Take any and all actions for the purpose of restructuring the Revitalization Project, including but not limited to negotiation and execution of management, operational and financial documents to effectuate the reorganization; (2) Take any and all actions for the purpose of restructuring the Revitalization Project, including but not limited to the negotiation and execution of organizational documents related to the formation of an entity for the purpose of holding title to property or otherwise, and including, but not limited to, Articles of Amendment to Articles of Organization, Amendments to Operating Agreements, Resolutions, and Articles of Termination; and (3) Take any and all acts for the purpose of restructuring the Revitalization Project including but not limited to the negotiation and execution of all government-related documents and any such other documents in support of purposes set forth in this Resolution. This item is effective upon Board approval. Maricopa Scattered Site Revitalization is a low income residential housing project consisting of thirty-five (35) Units on scattered sites in Maricopa County. The Revitalization Project was developed as a mixed finance partnership among the predecessor to HAMC, Community Services of Arizona, Inc. (“CSA”), and Enterprise Housing Partners X Limited Partnership. CSA and HAMC formed an Arizona LLC known as CSA-Maricopa Revitalization, LLC (“CSA-Maricopa”) and CSA-Maricopa and Enterprise formed an Arizona LLC known as Maricopa Revitalization Partnership, LLC (“MRP”) of which CSA-Maricopa is the managing member. CSA is withdrawing its membership from CSA-Maricopa and MRP, and HAMC wishes to become the Managing Member to protect its public housing investment in the project and to ensure the integrity and long-term availability of the housing for residents. HAMC seeks to restructure the Revitalization Project because it has multiple layers of financing and subsidies, each of which Housing Authority has the expertise to manage without the assistance of CSA. HAMC has received conditional approvals regarding its restructure efforts for the Revitalization Project from HUD and Enterprise, subject to further negotiation finalization of certain transaction documents. (C-66-15-009-M-00)