80A - PH AGMT WITH COUNTY OF ORANGE 65 YR GROUND LEASE

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Joint Powers Authority, Ground Lease, and Option Agreement For the Crossroads at Washington February 18, 2020 Page 3 partnership formed by the Developer to develop the Project. Following those approvals, staff began working with the County of Orange and the Developer to negotiate, draft and finalize a Joint Powers Agreement, a 65-year Ground Lease, an Option Agreement, as well as a Regional Housing Needs Allocation agreement, and a resolution granting consent to the Orange County Housing Authority to administer project -based vouchers in the City of Santa Ana. In general, this action will authorize staff to enter into an agreement with the County of Orange to join the adjacent properties (Joint Powers Agreement) and then lease the joint property to a California limited partnership formed by the Developer to develop the Crossroads at Washington (Option Agreement and 65-year Ground Lease). The action also includes an agreement between the County and the City to equitably share the number of affordable housing units built in this Project to meet each agency's mutually respective RHNA requirements. It also includes required actions involving two sources of financing needed for the Project's capital stack: project -based vouchers from the Orange County Housing Authority and Neighborhood Stabilization Program funds remaining from the American Recovery and Reinvestment Act. Together, all of these actions will fulfill the commitment made by the City Council in the pre -commitment letter to develop the Project. PROJECT DESCRIPTION The Crossroads at Washington will be 100% affordable to households earning no more than 30 percent of Area Median Income (AMI) of which 43 units will be set aside for permanent supportive housing, with one exempt 2-bedroom manager's unit. The large bedroom units align with the City's priorities and needs, while the permanent supportive housing units meets the County's priorities. The unit mix and rent restrictions are as follows: Bedroom Size 30% AMI PSH 30% AMI Manager's Unit Total Units Studios 16 16 One -Bedroom 26 26 Two -Bedroom 1 20 1 22 Three -Bedroom 17 17 Four -Bedroom 5 5 TOTAL 43 42 1 86 Related has partnered with ACOF as its non-profit partner for the Project to provide the services and expertise for serving the permanent supportive housing units. [Any future reference to "Developer" refers to Washington Santa Ana Housing Partners, L.P., a California limited partnership formed together by the Developer.] ACOF is one of the most experienced developers of permanent supportive housing in Los Angeles County and Southern California, with a long track record of delivering high quality supportive housing for people who were formerly homeless. ACOF has completed 50 housing developments with supportive housing for homeless individuals and families. The Crossroads at Washington will be a new transit -oriented affordable housing community on 2.286 acres located at 1126 and 1146 Washington Avenue, Santa Ana, CA 92701. The site is currently vacant, and positioned within walking distance from the Santa Ana Regional • I .