Res H-23-01RESOLUTION NO. H-23-01
A RESOLUTION OF THE POWAY HOUSING AUTHORITY
APPROVING THE SUBMISSION OF APPLICATIONS FOR THE
RESYNDICATION OF LOW-INCOME HOUSING TAX CREDITS
AND TAX-EXEMPT BONDS FOR HALEY RANCH ESTATES,
HILLSIDE VILLAGE, AND PARKVIEW TERRACE AFFORDABLE
HOUSING COMMUNITIES
WHEREAS, the Poway Housing Authority ("Authority") is a public body, corporate and
politic, organized and existing under the Housing Authorities Law (Health & Safety Code § 34200
et seq.);
WHEREAS, a fundamental purpose of the Housing Authorities Law is to expand the
supply of low- and moderate -income housing (Health & Safety Code, § 33071);
WHEREAS, Community HousingWorks, a nonprofit affordable housing developer, is the
owner, through its affiliates, of three affordable housing communities in the City of Poway: Haley
Ranch Estates, Hillside Village, and Parkview Terrace (collectively, the "Communities");
WHEREAS, the Authority provided a portion of the funding for the construction of the
Communities;
WHEREAS, Community HousingWorks has requested the Authority to support its
reinvestment in the Communities by obtaining a new reservation of low-income housing tax
credits and a new allocation of tax-exempt bonds to fund a portion of the rehabilitation of the
Communities to enhance the viability of the Communities and quality of life for the residents;
WHEREAS, Community HousingWorks has further requested the Authority's
consideration for assigning, modifying, and extending the Authority's existing financial support
and Regulatory Agreements as described in the staff report; and
WHEREAS, the Authority has the power and authority to approve the transactions
described below and no further action by the Poway Housing Authority Board shall be necessary
to implement the transactions contemplated herein.
NOW, THEREFORE, BE IT RESOLVED that the Poway Housing Authority is making the
following findings in authorizing the submission of applications of low-income housing tax credits
and tax-exempt bonds on behalf of the Communities, as follows:
SECTION 1: Community HousingWorks is authorized to submit applications to apply for
a new reservation of low-income housing tax credits and a new allocation of tax-exempt bonds to
the California Tax Credit Allocation Committee and California Debt Limit Allocation Committee for
the affordable communities of Haley Ranch Estates, Hillside Village, and Parkview Terrace.
SECTION 2: The Executive Director is authorized to execute all necessary documents
relating to the application and implementation of low-income housing tax credit resyndication for
the affordable communities of Haley Ranch Estates, Hillside Village, and Parkview Terrace.
SECTION 3: The Executive Director is authorized to execute all necessary documents
relating to the support of Community HousingWorks ` applications for tax-exempt bond and low-
Resolution No. H-23-01
Page 2
income housing tax credits for the communities of Haley Ranch Estates, Hillside Village, and
Parkview Terrace, including, providing any needed commitment letters consistent with this
resolution, review and approval of temporary relocation plans for community residents, and
California Tax Credit Allocation Committee local reviewing agency packages.
SECTION 4: The Executive Director is authorized to (i) transfer and assign the Ground
Lease and Regulatory Agreement dated September 26, 2000 by and between the Poway Housing
Authority, as housing successor to the former Poway Redevelopment Agency, and Haley Ranch
Estates Housing Associates, L.P., to a new low-income housing tax credit partnership controlled
by Community HousingWorks, yet to be formed, (ii) amend the Ground Lease to extend the initial
term thereof for a new 55-year term, and (iii) amend the Regulatory Agreement to reaffirm the
term thereof as in perpetuity.
SECTION 5: The Executive Director is authorized to (i) transfer and assign the Ground
Lease for Hillside Village, dated June 8, 2001, by and between the Poway Housing Authority, as
housing successor to the former Poway Redevelopment Agency, and Community Housing of
North County, to a new low-income housing tax credit partnership controlled by Community
HousingWorks, yet to be formed, and (ii) ament the Ground to extend the initial term thereof for a
new 55-year term.
SECTION 6: The Executive Director is authorized to (i) transfer and assign the
Regulatory Agreement for Hillside Village, dated February 5, 2002, by and between the Poway
Housing Authority, as housing successor to the former Poway Redevelopment Agency, Breihan
Housing Associates, L.P., and Community Housing of North County, to a new low-income housing
tax credit partnership, yet to be formed, and (ii) amend the Regulatory Agreement to reaffirm the
term thereof as in perpetuity.
SECTION 7: The Executive Director is authorized to (i) transfer and assign the Loan
Agreement for Hillside Village by and between the Poway Housing Authority, as housing
successor to the former Poway Redevelopment Agency, and Breihan Housing Associates, L.P.,
to a new low-income housing tax credit partnership, yet to be formed, and, (ii) amend the Loan
Agreement and Promissory Note to restate the loan amount thereunder to include the full principal
amount of the Loan and all accrued interest through the date of finance closing, modify the interest
rate on the Loan to the Applicable Federal Rate compounding in effect as of the date of finance
closing, and extend the term of the Loan for a new 55-year term.
SECTION 8: The Executive Director is authorized to (i) transfer and assign the Ground
Lease and Regulatory Agreement for Parkview Terrace, dated August 29, 1997 by and between
the Poway Housing Authority, as housing successor to the former Poway Redevelopment
Agency, Community Housing of North County, and Bowron Road Group, L.P., to a new low-
income housing tax credit partnership controlled by Community HousingWorks, yet to be formed,
and (ii) amend the Ground Lease to extend the initial term thereof for a new 55-year term, and
(iii) amend the Regulatory Agreement to reaffirm the term thereof as in perpetuity.
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Resolution No. H-23-01
Page 3
PASSED, APPROVED AND ADOPTED by the Poway Housing Authority of the City of
Poway, California, at a regular meeting this 5th day of December, 2023 by the following vote, to
wit:
AYES: EDMONDSON, PEPIN, FRANK, VAUS
NOES: NONE
ABSTAINED: NONE
ABSENT: DE HOFF
DISQUALIFIED: NONE
--Sfeve Vaus, Authority Chair
Poway Housing Authority
ATTEST:
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