RESOLUTION 15-017 AHP DIRECT SUBSIDY AGREEMENT_COFFELT.DOCX

RESOLUTION 15-017
FEDERAL HOME LOAN BANK OF SAN FRANCISCO
AFFORDABLE HOUSING PROGRAM DIRECT SUBSIDY AGREEMENT
COFFELT-LAMOREAUX PROJECT
WHEREAS, the Federal Home Loan Bank of San Francisco (the Bank) has established an
Affordable Housing Program (AHP) pursuant to Section 10(j) of the Federal Home Loan
Bank Act as implemented by the Federal Housing Finance Agency’s AHP regulation, 12
CFR Part 1291; and
WHEREAS, HAMC is the owner of certain real property and related improvements located
in Phoenix, Arizona known as the Coffelt Lamoreaux Public Housing Project (the Project);
and
WHEREAS, the Project contains 301 apartment units of public housing. HAMC and
Gorman & Company, Inc. as Co-Developers intend to revitalize and rehabilitate the
Project and convert all 301 apartment units from public housing to Section 8 housing
utilizing the U.S. Department of Housing and Urban Development's ("HUD") Rental
Assistance Demonstration. The Project will include community service facilities, office
spaces and on-site community centers. The Project will be developed in an economical
and high-quality manner, and compliant with applicable federal, state, and local rules and
laws. The Project will be affordable to tenants whose incomes are 60% or less of area
median income; and
WHEREAS, HAMC desired to participate in the Bank’s AHP and submitted an application
through National Bank of Arizona to the Bank to obtain an amount of $1,500,000 for use
in the Project; and
WHEREAS, the Bank’s Board of Directors approved HAMC’s subsidy application for the
amount of $1,500,000 effective June 17, 2015 and is willing to make such subsidy
available upon the terms and subject to the conditions set forth in the Subsidy
Agreement.
NOW THEREFORE:
BE IT RESOLVED, the Board of Commissioners hereby adopts Resolution 15-017 and
approves entering into the Direct Subsidy Agreement with the Federal Home Loan Bank
of San Francisco in the amount of $1,500,000 effective June 17, 2015, for use in the
redevelopment of the Project and in accordance with the terms and conditions of the
Loan Agreement.

BE IT FURTHER RESOLVED, the Executive Director of the Housing Authority of Maricopa
County is authorized to sign and submit such documents as are necessary to effectuate
and administer the Subsidy Agreement.
Dated this _____________ day of _______________________________________, 2015.
Housing Authority of Maricopa County
ATTEST:
Chairman, Board of Commissioners
Gloria Munoz, Clerk of the Board
Approved As To Form
Attorney for Housing Authority