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Pre -Commitment of Affordable Housing Funds to Community Development Partners <br />April 7, 2020 <br />Page 3 <br />development costs in accordance with industry -standard underwriting guidelines. Following this <br />financial gap analysis and the procurement and deliberative process described above, staff <br />recommends the full amount of the award to City Council for final approval. <br />Project Description <br />Following the Request for Proposal ("RFP") process, Community Development Partners ("CDP") <br />in partnership with Mercy House Community Housing Development Organization ("Mercy House <br />CHDO") is being recommended by the City of Santa Ana staff as the developers to co -develop an <br />affordable housing community at 2530 and 2534 Westminster Avenue (the "Project"). The <br />proposed name for the Project is the Westview House. <br />Community Development Partners is an experienced multifamily and mixed -use developer <br />focused exclusively on creating and preserving vibrant affordable housing communities with a <br />focus on Southern California, where the company is headquartered. Since 2011, CDP has <br />successfully built a portfolio of 22 unique projects comprising over 1,660 units and $400 million in <br />total development costs. As of August 2019, CDP became a Certified B Corporation ("B-Corp"), <br />a reflection of their dedication to mission and priority of impact over profits. The company's <br />principals have over 30 years of combined experience working with cities and public agencies to <br />bring new investment into existing neighborhoods. CDP has extensive affordable housing <br />financing experience, including securing 4% and 9% low income housing tax credits, and is well <br />versed in navigating regulatory complexities. CDP's long term and multiple deal relationships <br />with various public and private financial partners provide access to external capital resources and <br />expertise in leveraging public financing sources for affordable housing projects. CDP has <br />experience developing and operating communities in Santa Ana including the recently opened <br />permanent supportive housing project The Orchard, and two affordable housing developments <br />currently under construction, Aqua Housing and Tiny Tim Plaza. <br />CDP has formed a qualified team to design and partner with in supporting the ongoing mission of <br />the property. This includes, as co -developer and Managing General Partner, the local non-profit <br />Mercy House CHDO, their specialized supportive services provider affiliate Mercy House Living <br />Centers, development partner Magis Realty, non-profit project architecture firm City Fabrick, The <br />Orangewood Foundation, the Orange County Healthcare Agency, and experienced property <br />management firm Solari Enterprises, Inc. <br />Mercy House CHDO, Inc. was founded in 2007 by Mercy House Living Centers in order to assist <br />and support its existing transitional housing activities. Mercy House CHDO, Inc. is dedicated to <br />providing support and transitional assistance to low- and moderate -income people, with an <br />emphasis on development, construction, and operations of decent, safe, and sanitary housing in <br />the geographic area of Greater Southern California. The work of Mercy House CHDO, Inc. is <br />guided by its mission, to become a community -based developer, owner, and manager of <br />affordable housing. Mercy House has been providing supportive services and comprehensive <br />case management to homeless individuals, veterans, and families in Southern California for over <br />29 years. As a co -developer and general partner, Mercy House CHDO will work with CDP, <br />particularly within Mercy House's areas of expertise including the project's resident selection, <br />�. 1 <br />