19C - RECEIVE AND FILE QRTLY REPORT FOR HOUSING

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Quarterly Report for Housing Division May 5, 2020 Page 8 North Harbor Village (1108 N. Harbor) Developer Jamboree Housing Corporation New construction of a 100% affordable multifamily apartment complex Description consisting of 89 permanent supportive housing studio units for homeless veterans. City Funds Eight -nine (89) HUD-VASH PBVs and CDBG ($1,687,047) Multifamily Housing Program (MHP) funding awards were announced in late December and the developer did not receive an MHP grant due to extraordinary competition across the state. The developer submitted an application to the Veterans Housing and Homelessness Prevention (VHHP) Program on February 13, 2020. The developer also resubmitted an MHP application on March 3, 2020 for the second round as an alternative Update financing strategy. Additionally, the developer applied on March 25, 2020 to the Orange County Housing Finance Trust fund for additional financing. The developer believes that the VHHP application combined with funding from the OCHFT is the most obtainable financing strategy. If the developer is successful, they will submit a 4% tax credit application on August 21, 2020. If awarded tax credits, construction would then likely begin early to late Q1 2021. Existing Projects under Rehabilitation Cornerstone Apartments (805, 810, 815, 816, 825, 835 and 904 S. Minnie Street) Developer Jamboree Housing Description Rehabilitation of a 126-unit affordable housing project originally built in 1961. City Funds HOME Investment Partnerships Program ($5,128,152) and Housing Successor Agency $2,054,327 in existing affordable housing loans Ten (10) existing HOME Program loans and thirty-three (33) existing Housing Successor Agency loans were consolidated into two (2) Amended and Restated Loan Agreements in order to enable the project to re - syndicate and resubordinate existing affordable housing loans to a new Update senior loan. Construction work started in October 2019 and is currently 59 percent complete. Interior unit work has currently been put on hold due to COVID-19. Exterior work is continuing as planned. The completion date for the project was originally the end of June 2020. Due to the circumstances, it is difficult to ascertain the exact completion date, but the developer is targeting July 2020 if possible. STRATEGIC PLAN ALIGNMENT This report support's the City's efforts to meet Goal #5 - Community Health, Livability, Engagement & Sustainability, Objective #3 (facilitate diverse housing opportunities and support efforts to preserve and improve the livability of Santa Ana neighborhoods). 19C-8