RECOMMENDATIONS
Authorize and adopt Resolution No. 5234 to execute an amendment to the Limited Partnership Agreement for the purposes of admittance and withdrawal of the Limited Partners and withdrawal of a General Partner for DeAnza Gardens.
BACKGROUND
DeAnza Gardens (the "Project") is comprised of 180 units constructed in 2004 – 2005 and funded by a number of resources including Low Income Housing Tax Credits ("LIHTC"). As part of the transaction, DeAnza Garden, L.P., a California limited partnership (the "Partnership") was formed for the purpose of owning, constructing, and operating the Project. DeAnza Housing Corporation was formed as a California nonprofit public benefit corporation to serve as a general partner in the Partnership along with the Housing Authority of the County of Contra Costa ("HACCC"). BCP/DeAnza Gardens, LLC, a Delaware limited liability company and BCCC, Inc., a Massachusetts corporation, are the investor limited partner and the special limited partner of the Partnership, respectively (collectively, the "Limited Partners"), and contributed the LIHTC equity to and received the tax credits from the Project.
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