19D - HOUSING DIV REPORT - Laserfiche WebLink

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Quarterly Report for Housing Division May 21, 2019 Page 4 Available Funds and Land Assets for Affordable Housing Development Projects The City of Santa Ana and the Housing Authority acting as the Housing Successor Agency manages multiple sources of local, state and federal funds to promote and facilitate the development of affordable housing as well as land assets held by the Housing Successor Agency. Exhibit 1 provides a summary of the funds available as of the end of this quarter. Exhibit 2 provides a summary of available land assets. The Summary of Available Funds has been adjusted to reflect the award of conditional pre - commitments to four new development projects, described in detail below, and the addition of $377,235 in Rental Rehabilitation Program (RRP) Grant Funds. The RRP Grant was authorized by Congress on November 30, 1983 by Section 301 of the 1983 Housing and Urban -Rural Recovery Act to stabilize the condition of existing rental housing stock in low-income communities through the physical improvement of multi -family rental housing. The City of Santa Ana was selected by the U.S. Department of Housing and Urban Development to participate in the RRP and grant funds were utilized to provide rental rehabilitation deferred loans. All federal funds were expended and the grant program has had no activity for over ten years. All outstanding loans from this grant source have since been repaid, and the repayments are considered program income. Federal guidelines allow program income earned to be used for activities that would be eligible under other affordable housing activities. Housing Opportunity Ordinance On -Site Development: Since 2011, a total of 33 units have been developed on-site as a result of the Ordinance, including 23 ownership units for -sale and 10 rental units: Units Built On -Site Ownership Rental TOTAL 23 10 33 In -Lieu Fees Generated.- All enerated. All in -lieu fees, penalties and other monies collected pursuant to the Housing Opportunity Ordinance, including interest, are deposited into the Inclusionary Housing Fund. Since inception, the Inclusionary Housing Fund has generated $17,800,251 to be used for the development of housing affordable to low and moderate -income households, with a reasonable amount spent on administrative or related expenses associated with the administration of the Housing Opportunity Ordinance. These fees were generated from a total of 9 projects that opted to pay the in -lieu fee instead of building units on-site. If those 9 projects had instead built the inclusionary housing units on-site, a total of 393 low-income units or 263 very low-income units would have been created. By comparison, there were 2,589 market -rate units produced or are under construction. 19D-4