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Quarterly Report for Housing Division <br />February 18, 2020 <br />Page 8 <br />Multifamily Housing Program (MHP) funding awards were announced in <br />late December and the developer did not receive an MHP grant due to <br />extraordinary competition across the state. In November, the developer <br />also applied for a special allocation of 4% State low income housing tax <br />credits; however, it is unlikely the project will be awarded State tax credits <br />Update this round. Thus the developer is re -applying for Affordable Housing and <br />Sustainable Communities (AHSC) funding on February 11. The developer <br />was awarded a total of$6,013,134 for 16 No Place Like Home (NPLH) units <br />- $3,135,262 for capital and $2,887,872 for the capitalized operating <br />subsidy reserve. NPLH funding will provide additional leverage for a <br />competitive AHSC application. <br />�J�1�7:F.11.T.7�Id1Fi.T�ffUI:1J�:F17.T.TJJ <br />Developer <br />Jamboree Housing Corporation <br />New construction of a 100% affordable multifamily apartment complex <br />Description <br />consisting of 89 permanent supportive housing studio units for homeless <br />veterans. <br />City Funds <br />Eight -nine (89) HUD-VASH PBVs and CDBG ($1,687,047) <br />Multifamily Housing Program (MHP) funding awards were announced in <br />late December and the developer did not receive an MHP grant due to <br />extraordinary competition across the state. The developer is preparing to <br />submit a Veterans Housing and Homelessness Prevention (VHHP) <br />Update <br />Program application which is due on February 13, 2020. If successful, they <br />will submit a 9% tax credit application on July 1, 2020. The developer will <br />also analyze the previous round of MHP applications and consider <br />resubmitting for the current MHP Notice of Funding Availability (NOFA) due <br />on March 2, 2020. <br />Existing Projects under Rehabilitation <br />Cornerstone Apartments (805. 810. 815. 816. 825. 835 and 904 S. Minnie Street) <br />Developer <br />Jamboree Housing <br />Description <br />Rehabilitation of a 126-unit affordable housing project originally built in <br />1961. <br />City Funds <br />HOME Investment Partnerships Program ($5,128,152) and Housing <br />Successor Agency $2,054,327 in existing affordable housing loans <br />Ten (10) existing HOME Program loans and thirty-three (33) existing <br />Housing Successor Agency loans were consolidated into two (2) Amended <br />Update <br />and Restated Loan Agreements in order to enable the project to re - <br />syndicate and resubordinate existing affordable housing loans to a new <br />senior loan. Renovations have been started and are anticipated to be <br />completed in June 2020. <br />19C-8 <br />