19D - HOUSING DIV REPORT - Laserfiche WebLink

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Quarterly Report for Housing Division May 21, 2019 Page 8 Francis Xavier (801. 809. 809 % East Santa Ana Boulevard) • Developer: HomeAid Orange County, Inc. and Mercy House • Description: New construction of an affordable multifamily apartment complex consisting of 16 units of permanent supportive housing. • City Funds: Housing Successor Agency Funds ($1,069,947), three (3) HUD-VASH PBVs, 99 -year ground lease agreement for 801 E. Santa Ana Blvd. (Appraised Value as of Oct 25, 2018: $788,000) • Update: The developer is revising their plans to increase the number of units from 12 to 17 to include one market rate managers unit and four additional affordable units. The level of affordability is still to be determined pending a financial analysis. The neighboring parcel of land has also been listed for sale and the developer is pursuing the purchase of this adjacent lot. If successful, the total number of units may be increased to over 30, which would enable the project to qualify for Low Income Housing Tax Credit financing. The developer is also working to secure their remaining financing. An application for No Place Like Home funds has been submitted to secure financing for nine (9) of the units. Habitat for Humanity (416 Vance Street & 826 N. Lacy Street) • Developer: Habitat for Humanity of Orange County • Description: New construction of two single-family detached homes for home -ownership serving households up to 120% AMI. • City Funds: Inclusionary Housing ($231,494) and 99 -year ground lease agreement for 416 Vance Street and 826 N. Lacy Street (Appraised Value as of Oct 25, 2018: $578,000) • Update: Developer has confirmed they will be able to secure the additional funding necessary for the project through fundraising efforts. Leaacv Sauare (formerly Santa Ana United Methodist Church) (609 North Snuraeon Street • Developer: National Community Renaissance and Mercy House • Description: New construction of a 100% affordable multifamily apartment complex consisting of 92 units of rental housing and 1 manager's unit. All units will be affordable to households earning less than 60% AMI of which 33 units will be set-aside for permanent supportive housing. • City Funds: Inclusionary Housing ($3,170,547) and Eight (8) HUD-VASH PBVs • Update: Developer has submitted an application for $20 million in Affordable Housing Sustainable Communities (AHSC) funding on February 11. AHSC funding awards will be announced June 21. After AHSC funding is secured, National CORE will apply for noncompetitive 4% tax credits and tax-exempt bonds. AHSC funding is highly competitive. In the event AHSC funding is not awarded, the developer will apply for second round 9% tax credits on July 1. Both financing scenarios include Special Needs Housing Program (SNHP) funds from the County of Orange. SNHP funds for Legacy Square may be considered at the May 7, 2019 Board of Supervisors meeting. 19D-8