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<br />Option #1: Commit to a future award of affordable housing funds for an amount <br />up to $11.7 million per CSG Advisors gap analysis report. Award of <br />funds to follow the approval of the project by the Planning <br />Commission and City Council pending the availability of funds. <br /> <br />Option #2: Take no action to fund the project at this time. <br /> <br />JOINT RECOMMENDED ACTIONS: <br /> <br /> <br />1.Staff recommends the approval of option A1, option B1, option C1, and option <br />D1. <br /> <br /> <br />2.Direct staff to develop a policy and criteria for the allocation of future affordable <br />housing development funds. <br /> <br /> <br />3.Approve a conditional pre-loan commitment, pending the approval of the Site <br />Plan Review by the Planning Commission and City Council for the Tiny Tim <br />Plaza project, as follow: <br /> <br /> <br />Housing City Council - <br /> <br />Development Project Successor Inclusionary Housing <br /> <br />Agency Funds Funds <br /> <br />Tiny Tim Plaza $4,700,000 $1,300,000 <br /> <br /> <br />CITY COUNCIL RECOMMENDED ACTIONS: <br /> <br /> <br />1.Staff recommends the approval of the following actions regarding loan <br />documents and commitment letters: <br /> <br /> <br />a.Direct staff to amend the Inclusionary Housing loan agreement for the Santa <br />Ana Arts Collective project for an additional amount not to exceed $2,900,000 in <br />Inclusionary Housing funds and provide for City Council consideration at the <br />July 5, 2017 meeting. <br /> <br /> <br />2.Approve an appropriation adjustment. (Requires five affirmative votes). <br /> <br />APPROPRIATION ADJUSTMENT NO. 2017-148 - Recognizing the <br />Inclusionary Housing Fund balance in the amount of $4,200,000 in revenue <br />account (no. 41718002-50001) and appropriating same to the Inclusionary <br />Housing Fund’s Loans and Grants expenditure account no. (41718820-69152) for <br />the Santa Ana Arts Collective project and conditional pre-loan commitment for <br />the Tiny Tim Plaza project. <br /> <br />HOUSING AUTHORITY RECOMMENDED ACTIONS: <br /> <br /> <br />1.Staff recommends the approval of the following actions regarding loan <br />documents and commitment letters: <br /> <br />CITY COUNCIL AGENDA 24 JUNE 20, 2017 <br /> <br />