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Quarterly Report for Housing Division <br />August 20, 2019 <br />Page 8 <br />• Update: The project received an Affordable Housing Program award of $890,000 from <br />the Federal Home Loan Bank of San Francisco on June 26. Due to not <br />receiving other expected sources of financing on the project, the developer <br />was unable to apply for the second round 9% low-income housing tax credits <br />due on July 1. Developer is pursuing an alternative financing scenario by <br />applying for the Multifamily Housing Program (MHP) and/or Veterans <br />Housing and Homelessness Prevention (VHHP) Program funds which are <br />due in August and October respectively, in combination with 4% tax credits at <br />a later date. <br />Legacy Square (609 North Spurgeon Street) <br />• Developer: National Community Renaissance and Mercy House <br />• Description: New construction of a 100% affordable multifamily apartment complex <br />consisting of 92 units of rental housing and 1 manager's unit. All units will be <br />affordable to households earning less than 60% AM] of which 33 units will be <br />set -aside for permanent supportive housing. <br />• City Funds: Inclusionary Housing ($3,170,547) and Eight (8) HUD-VASH PBVs <br />• Update: The project was not awarded $20 million in Affordable Housing Sustainable <br />Communities (AHSC) funding it had been seeking due to extraordinary <br />competition during this last AHSC round. Developer is pursuing an <br />alternative financing scenario by applying for Multifamily Housing Program <br />(MHP) funds on August 20. However, the project was awarded a total of <br />$6,013,134 for sixteen (16) No Place Like Home (NPLH) units including <br />$3,135,262 for capital and $2,887,872 for the capitalized operating subsidy <br />reserve. The NPLH funding will provide additional leverage for a competitive <br />MHP application. <br />STRATEGIC PLAN ALIGNMENT <br />The activities covered by this report allow the City to meet Goal # 5 - Community Health, <br />Livability, Engagement & Sustainability, Objective # 3 (Facilitate diverse housing opportunities <br />and support efforts to preserve and improve the livability of Santa Ana neighborhoods). <br />FISCAL IMPACT <br />There is no fiscal impact associated with this action. <br />Steven A. Mendoza <br />Executive Director <br />Community Development Agency <br />Exhibits: 1. Available Funds for Affordable Housing Development Projects <br />2. Available Land Assets for Affordable Housing Development <br />3. Project Timelines <br />19F-8 <br />