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Loan Agreement with Santa Ana Village LP <br />August 21, 2018 <br />Page 3 <br />veterans will be provided on site by Step Up on Second and the Veterans Affairs Medical Center <br />of Long Beach. <br />The unit mix and affordability restrictions are as follows: <br />Bedroom Size <br />30% AMI <br />Manager's Unit <br />Total <br />One -Bedroom <br />70 <br />1 <br />71 <br />Two -Bedroom <br />5 <br />5 <br />Totals <br />75 <br />1 <br />76 <br />Jamboree expects to close on their financing for the project before December 31, 2018 and start <br />construction in early 2019. <br />STRATEGIC PLAN ALIGNMENT <br />Approval of this item supports the City's efforts to meet Goal # 5 - Community Health, Livability, <br />Engagement & Sustainability, Objective # 3 (Facilitate diverse housing opportunities and support <br />efforts to preserve and improve the livability of Santa Ana neighborhoods), Strategy C (Provide <br />that Santa Ana residents, employees, artists and veterans receive priority for affordable housing <br />created under the City's Housing Opportunity Ordinance or with City funding to the extent allowed <br />under state law). <br />FISCAL IMPACT <br />Funds in the amount of $352,962.90 for the HOME Program will be carried forward from prior <br />year for expenditure in FY 2018-19 from the Loans & Grants account (no. 13018780-69152). <br />Steven A. Mendoza <br />Executive Director <br />Community Development Agency <br />APPROVED Bib TO FUNDS AND ACCOUNTS: <br />Sergio Vk�IL" -Y <br />Assistant Director <br />Finance & Management Services Agency <br />Exhibits: 1. Pre -Loan Commitment Letter <br />,2: Subsidy Layering Analysis by Keyser Marston Associates <br />3. Draft Loan Agreement <br />4. Subordination Agreement with Union Bank <br />25L-3 <br />