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Consolidated Annual Performance Evaluation Report October 2, 2018 Page 5 effectively address the homeless crisis in Santa Ana with particular attention to the Plaza of the Flags. Affordable Housing Projects in the Pipeline Santa Ana Arts Collective — With an investment of $2.7M in HOME and CDBG funds and $5.2M in Inclusionary Housing Funds, this adaptive reuse project will convert an existing office building to 57 affordable residential units designed for artists with ground -floor commercial and community space. Santa Ana Veterans Village — With an investment of $352K in HOME Program funds and 75 HUD-VASH project -based vouchers, this project will create a 62,248 square foot permanent supportive housing development with 75 units restricted to homeless veterans. All residents will receive wrap-around supportive services from the Department of Veterans Affairs and Step Up on Second as the service providers. RHNA Progress: Additional projects in the pipeline include Aqua Housing, an acquisition and demolition of an underutilized, blighted motel to construct 56 units of permanent supportive housing for chronically homeless individuals, and Tiny Tim Plaza, a 51 unit affordable rental project for large families. In total, the City has 308 new affordable units in various stages of development. In regards to Santa Ana's progress to meet its share of the Regional Housing Needs Allocation (RHNA), the City has completed 59% of the overall target for Santa Ana's 405 RHNA units for the planning period of 2014 through 2021. Moreover, the City is on track to exceed its RHNA goals following the completion of Aqua Housing, Veterans Village, First Street Apartments, Tiny Tim Plaza Apartments and the Santa Ana Arts Collective. On -Going Challenges Due to high housing costs, economic conditions and poverty, a significantly large number of low- income residents are not economically self-sufficient. While Santa Ana currently has a total of 2,990 affordable housing units, it is not enough to meet the housing and community development needs. The City's HUD funds alone are not adequate to address all of these needs. Two challenges on the opposite ends of the spectrum include: Homeownership Rising home prices, increased interest rates and stricter lending practices have made the path to first time homeownership very difficult. Many potential homebuyers feel the dream of homeownership is not within reach due to the lack of affordable housing stock and challenging markets. Saving for a required down payment of even 3% of a purchase price, can be a barrier to homeownership due to the limited earned income of local residents. Despite this, the City continues to provide financing to assist Income -qualified Santa Ana residents an opportunity to become first-time homeowners. In fiscal year 2017-2018, four down -payment loan workshops were held, a homeownership fair was held together with NeighborWorks, and seven community outreach meetings were held. The current program is funded through the Inclusionary Housing 75A-5