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AFFORDABLE HOUSING Generates funding to house 100 low-income Santa Ana families The latest homeless headcount required by the Federal Housing and Urban Development Department estimated that 4,792 homeless people lived in Orange County with 2,208 in shelters and 2,584 on the streets. This housing shortage is a severe crisis and has resulted in a vacancy rate of 2% in this area of Santa Ana. Typically, cities have between two to Page 4 of 9 Highlights $6.1m for City's HOO Supports 100 new affordable units • 25% more affordable units than three people for every one housing unit. Santa Ana, however, is among the worst ratio in the nation at 4.5 people for every housing unit and is considered a job rich and housing poor city by the Southern California Association of Governments. The Addington's in -lieu fees will help fight this growing crisis and put an affordable roof over the head of approximately 100 working Santa Ana families. Under the City of Santa Ana's Housing Opportunity Ordinance (HOO), developers have the option to build affordable housing on site or pay an in -lieu fee that is designated to fund off-site affordable housing units for Santa Ana residents. Early on in the planning process, we consulted with City of Santa Ana staff, planning professionals, and heard opposition to inclusive affordable housing on site from Park Santiago residents, so we have elected to pay the in -lieu option. Overall, we will pay approximately $6.1 million to the City under the HOO prior to pulling permits which will inevitably produce more affordable units than the inclusive option, as displayed in the following table: Off -Site: Inclusionary Fee HOO Current Fee $15 per sq. ft. of rentable area Total In -Lieu Fee $6,182,345 Units In -Lieu Fee would provide off site 100 Units if Inclusive in Project 75 240 NEWPORT CENTER DRIVE SUITE#200 NEWPORT BEACH CA 92650