September 28, 2026 10401 Virginia Avenue Property Disposition Action Item

Staff recommended approval and authority for the City Attorney and City Manager to finalize the agreement and for the City Manager to execute it. The staff report states AFHDC received project entitlements in September 2026. It also states the proposed agreement would provide evidence of site control for funding applications and authorize a 99-year lease after complete funding, including tax-credit allocation; the residential component would be 100% affordable and subject to a regulatory agreement governing occupancy, maximum affordable rents, and reserves. Proposed funding sources include LACAHSA, HDFC, and CDLAC/TCAC, with anticipated LIHTC. AFHDC would have until December 2027 to secure complete funding and close, subject to a City Manager extension of up to 12 months. As of September 30, the meeting page said minutes were draft and actions/results were unavailable, so this record does not assert final Council approval or execution.