55A - ADOPT RES WIKTH NATIONAL COMMUNITY RENAISSANCE

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AHSC Resolution for Legacy Square February 4, 2020 Page 2 Following a similar resolution adoption in February 2019, adoption by the City Council, the Developer applied for a Round 4 NOFA of the AHSC Program. Due to extreme competition and the lack of a high GHG reducing transit improvement (i.e., rail/commuter train) in their application, the Developer was not awarded a Round 4 AHSC grant following that NOFA. The Developer then pursued an alternative financing scenario by applying for Multifamily Housing Program (MHP) funds in August 2019 and 4% low income housing tax credits in October 2019, but the Developer did not receive funding from those sources due to extraordinary competition across the state. On November 1, 2019, HCD announced the availability of approximately $550 million in funding for Round 5 of the AHSC Program. A large portion of National CORE's financing for the project includes applying for up to $30,000,000 in AHSC funds. The deadline for the application is February 11, 2020. In order for National CORE to apply for Round 5 of the AHSC Program, the Developer will again need a Resolution supporting the submittal of the application for AHSC funding from the State of California and if awarded, authorizing the City to enter into an agreement with the Developer for the use of the funds. The Resolution is included as Exhibit 1 and the AHSC Implementation Agreement is included as Exhibit 2. Additional details on this Resolution and Implementation Agreement are provided below. The application for AHSC funds to be submitted by National CORE is not to exceed $30,000,000, of which up to $18,000,000 is requested for the Affordable Housing Development (AHD) at Legacy Square and up to $12,000,000 is requested for: • Sustainable Transportation Infrastructure (STI) - capital projects that result in the improvement or addition of infrastructure that encourages mode -shift from single occupancy vehicles by enhancing: 1) public transit service, 2) pedestrian networks, or 3) bicycle networks within the defined Project Area. • Transit -Related Amenities (TRA) - capital improvements that are publicly accessible and provide supportive amenities to pedestrians, cyclists and transit riders (i.e. bike parking, bus shelter, benches, street trees, etc.) within the defined Project Area; and • Program (PGM) activities - New active transportation, transit ridership, and/or workforce development programs or expansion of existing programs to serve new populations. The Legacy Square project is a 93-unit new construction affordable housing development at 609 N. Spurgeon Street in Santa Ana targeting low-income families making 30% to 60% area median income (Project). The development will include 33 units of housing with wrap -around supportive services. The AHSC Grant will be for a portion of the AHD and all of the STI and TRA improvements related to and surrounding the Project (Exhibit 3). The STI and TRA improvements around the project include a Metrolink signal respacing project, as well as bicycle, pedestrian and mobility improvements. The Metrolink signaling project will add additional intermediate signals and re -space existing signals in order to increase train density, line capacity, and train speeds. This project will reduce train travel time by five minutes between the Santa Ana and Laguna Niguel/Mission Viejo Metrolink stations resulting in additional peak and off-peak rail service, increased access to job centers and affordable housing, seamless connections to other rail providers including Amtrak and the OC Streetcar, additional jobs and economic development and healthier air for all. The project will remove a substantial amount of GHG emissions thereby significantly increasing Legacy's Square competitiveness to win AHSC funding for Round 5. The project is consistent with the goals set forth in the Southern California Association of Governments' 55A-2