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Quarterly Report for Housing Division November 19, 2019 Page 8 • 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: The developer is moving forward with the original proposal to provide two single-family detached homes on the site and is working on their site plans. Leoacv Square, formerly Santa Ana United Methodist Church (609 North Spurgeon Street) • Developer: National Community Renaissance with Mercy House as the service provider • 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: AHSC funding awards were announced on June 21st and the developer did not receive an AHSC grant due to extraordinary competition. Developer is pursuing an alternative financing scenario by applying for Multifamily Housing Program (MHP) funds on August 20. Developer was awarded a total of $6,013,134 for 16 No Place Like Home (NPLH) units - $3,135,262 for capital and $2,887,872 for the capitalized operating subsidy reserve. NPLH funding will provide additional leverage for a competitive MHP application. North Harbor Village (1108 N. Harbor) • Developer: Jamboree Housing Corporation • Description: New construction of a 100% affordable multifamily apartment complex consisting of 89 permanent supportive housing studio units for homeless veterans. • City Funds: Eight -nine (89) HUD-VASH PBVs and CDBG ($1,687,047) • Update: The project received an Affordable Housing Program award of $890,000 from the Federal Home Loan Bank of San Francisco on June 26. The project submitted for the Multifamily Housing Program (MHP) on August 20 and is waiting for the award determination. If awarded, developer will apply for 4% tax credits in early 2020. Alternatively, developer is analyzing the No Place Like Home (NPLH) or Veterans Housing and Homelessness Prevention (VHHP) Program funds which are due in January 2020, in combination with 4% or 9% tax credits later in 2020. Existing Projects under Rehabilitation Cornerstone Apartments (805. 810. 815. 816. 825. 835 and 904 S. Minnie Street • Developer: Jamboree Housing • Description: Rehabilitation of a 126-unit affordable housing project originally built in 1961. • City Funds: HOME Investment Partnerships Program ($5,128,152) and Housing Successor Agency ($2,054,327) in existing affordable housing loans