19C - RECEIVE AND FILE QRTLY REPORT FOR HOUSING

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Quarterly Report for Housing Division May 5, 2020 Page 6 Tiny Tim Plaza (2239 West 5th Street) Developer Community Development Partners New construction of an affordable multifamily apartment complex consisting Description of 50 units of rental housing serving very -low and extremely -low income families, and 1 manager's unit. City Funds Inclusionary Housing ($1,300,000), Housing Successor Agency $4, 700, 000 The project is currently under construction, including framing and trades above the podium deck, at 27% complete. The retail renovations have Update been permitted, and construction is to begin in April. Owner and management are beginning marketing and lease -up plans in anticipation of occupancy at the end of 2020. Projects in Pre -Development Crossroads at Washington (1126 and 1146 E. Washington Avenue) Developer Related Companies of California with A Community of Friends (ACOF) as the service provider New construction of a 100% affordable multifamily apartment complex Descri tion p consisting of 85 units of rental housing and 1 manager's unit. All units will be affordable to households earning less than 30% AMI of which 43 units will be set -aside for permanent supportive housing. HOME Investment Partnerships Program ($3,007,489), Neighborhood City Funds Stabilization Program ($963,951), sixty-five (65) year ground lease agreement for 1126 and 1146 E. Washington Avenue (Appraised Value as of September 22, 2019: $4,108,136 The Project received its entitlements on February 24, 2020. The Project received a formal commitment for the 43 Project Based Vouchers from the Orange County Housing Authority on March 5, 2020. In February, the City and County approved the 65 year Ground Lease, Option Agreement for the Ground Lease, Joint Powers Agreement and Quitclaims associated with the Update JPA. The documents were approved by City Council on February 18. The Option Agreement was executed shortly afterwards. Following these approvals, the developer submitted a 9% Tax Credit application for the TCAC 9% Application 1st Round on March 9 and is awaiting the official results. Preliminary results show that the developer will not be awarded funding in the 1st Round and therefore will need to submit another 9% Tax Credit application for the 2"d Round on July 1, 2020. FX Residences (801, 809, 809 % East Santa Ana Boulevard) Developer HomeAid Orange County, Inc. with Mercy House as the service provider Description New construction of an affordable multifamily apartment complex consisting of 16 units of permanent supportive housing, and 1 manager's unit. 19C-6