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<br /> <br /> <br />JOINT ITEM OF THE CITY COUNCIL, SUCCESSOR AGENCY AND HOUSING <br />AUTHORITY <br /> <br />80A. JOINT ITEM - DISCUSSION ON AFFORDABLE HOUSING DEVELOPMENT <br />PROJECTS, APPROVAL OF CITY FINANCIAL ASSISTANCE, AND APPROVAL <br />OF APPROPRIATION ADJUSTMENT {STRATEGIC PLAN NO. 5, 3C} - Community <br />Development <br /> <br /> Item continued from the June 6, 2017 City Council Meeting by a 5-0 vote (Benavides and <br />Sarmiento absent). <br /> <br /> OPTIONS FOR CITY COUNCIL CONSIDERATION: <br /> As recommended by the Ad Hoc Committee, discuss the various Affordable Housing <br />Development projects requesting City financial assistance and seek City Council direction <br />on the allocation of current and available affordable housing development funds. <br />Following are options for City Council discussion and consideration: <br /> <br /> <br />A)Santa Ana Arts Collective, Meta Housing Corporation: <br /> <br />Option #1: Amend the project’s original award by an additional amount up to <br />$2.9 million per Keyser Marston Associates gap analysis report. <br /> <br />Option #2: Amend the project’s original award by an additional amount up to <br />$1,481,215, per CSG Advisors gap analysis report. City financial <br />assistance to be negotiated by CSG Advisors and Meta Housing. <br /> <br />Option #3: Take no additional action to fund the project at this time. <br /> <br /> <br />B)First Street Apartments, AMCAL Multi-Housing: <br /> <br />Option #1: Award of affordable housing development funds for an amount up to <br />$8,522,740, per CSG Advisors gap analysis report. <br /> <br />Option #2: Award of affordable housing development funds for an amount up to <br />$8,795,000, per Keyser Marston Associates gap analysis report. <br /> <br />Option #3: Take no additional action to fund the project at this time. <br /> <br /> <br />C)Aqua Housing, Community Development Partners: <br /> <br />Option #1: Amend the original project award with an additional 31 project-based <br />vouchers. <br /> <br />Option #2: Take no additional action to fund the project at this time. <br /> <br /> <br />D)Tiny Tim Plaza, Community Development Partners: <br /> <br />CITY COUNCIL AGENDA 23 JUNE 20, 2017 <br /> <br />