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EXHIBIT 1 <br />Discussion on Affordable Housing Development Projects, Approval of City Financial Assistance, <br />and Approval of Appropriation Adjustment <br />June 20, 2017 <br />Page 3 <br />APPROPRIATION ADJUSTMENT NO. 2017-148 - Recognizing the Inclusionary Housing <br />Fund balance In the amount of $4,200,000 in revenue account (no. 41718002-50001) and <br />appropriating same to the Inclusionary Housing Fund's Loans and Grants expenditure account <br />no. (41718820-69152) for the Santa Ana Arts Collective project and conditional pre -loan <br />commitment for the Tiny Tim Plaza project. <br />HOUSING AUTHORITY ACTIONS: <br />Staff recommends the approval of the following actions regarding loan documents and <br />commitment letters: <br />a. Approve a pre -loan commitment in an amount not to exceed $8,522,740 for the First <br />Street Apartments project. <br />b. Approve an award of 31 additional project based vouchers to Community Development <br />Partners with Mercy Housing Living Centers as the service provider for the Aqua <br />Housing project and authorize the Executive Director of the Housing Authority to <br />execute an amendment to the Agreement to Enter into a Project -Based Vouchers <br />Housing Assistance Payments contract for an additional 31 vouchers for the Aqua <br />Housing project. <br />3. Approve an appropriation adjustment. (Requires rive affirmative votes). <br />APPROPRIATION ADJUSTMENT NO. 2017-149 - Recognizing the Housing Successor <br />Agency's fund balance In the amount of $8,633,785 in revenue account no. (60718002-50001) <br />and appropriating same to the Low and Moderate Income Housing Asset Fund's Loans and <br />Grants expenditure account no. (60718830-69152) for the First Street Apartments project's <br />pre -loan commitment and conditional pre -loan commitment for the Tiny Tim Plaza project, <br />On February 21, 2017, City Council established an Ad Hoc Committee to provide <br />recommendations on how to move forward on affordable housing development projects In the <br />queue and to return to the City Council with options for consideration. The Ad Hoc Committee <br />met on February 28, and requested that staff seek the assistance of CSG Advisors, an <br />independent affordable housing development finance firm, to prepare: <br />• A second opinion financial gap analysis for the Santa Ana Arts Collective and First Street <br />Apartments projects to compare to the previously completed financial gap analysis reports <br />prepared by Keyser Marston Associates (KMA), and <br />80A-11 <br />