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Commitment of Affordable Housing Funds and a Ground -Lease to Habitat for Humanity <br />March 5, 2019 <br />Page 7 <br />For the development of this project by Habitat for Humanity of Orange County, the Review Panel <br />is recommending an award of $231,494 in Inclusionary Housing Funds and a 99 -year ground - <br />lease of 416 Vance Street (APN 398-041-22) and 826 N. Lacy Street (APN 398-041-22) following <br />a competitive selection process through RFP # 18-056 in compliance with the City's Affordable <br />Housing Funds Policies and Procedures. After Habitat for Humanity secures all of their <br />remaining financing for the development of the project, staff will return to City Council and the <br />Housing Authority with a Loan Agreement and a 99 -year ground -lease agreement. <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), and Strategy C <br />(Provide that Santa Ana residents, employees, artists and veterans receive priority for affordable <br />housing created under the Citys Housing Opportunity Ordinance or with City funding to the <br />extent allowed under state law). <br />FISCAL IMPACT <br />Upon approval of the loan agreement, funds in the amount of $231,494 within the Inclusionary <br />Housing Fund will be made available for distribution (Loans and Grants account no. 41718820- <br />69152). <br />Any payment associated with the lease agreement will be addressed at the time the agreement is <br />presented to the Housing Authority Board for approval. <br />APPROVED AS TO FUNDS AND ACCOUNTS: <br />ff <br />Steven A. Mendoza Kathryn Downs, CPA <br />Executive Director Executive Director Do <br />Community Development Agency Finance and Management Services Agency <br />Exhibits: 1. Pre -Commitment Letter for Habitat for Humanity of Orange County <br />2. Underwriting and Subsidy Layering Analysis by Keyser Marston Associates <br />3. Letter of Support from Historic French Park Association <br />80A-7 <br />