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Quarterly Report for Housing Division <br />December 1, 2020 <br />Page 7 <br />live/work preference. The project anticipates completion and occupancy <br />at the end of 2020. <br />Projects in Pre -Development <br />Crossroads at Washinqton (1126 and 1146 E. Washington Avenue) <br />Developer <br />Related Companies of California with A Community of Friends (ACOF) as <br />co -developer and lead service provider <br />New construction of a 100% affordable multi -family apartment complex <br />Description <br />p <br />consisting of 85 units of rental housing and one manager's unit. All units will <br />be affordable to households earning less than 30% AMI of which 43 units <br />will be set -aside for permanent supportive housing. <br />HOME Investment Partnerships Program ($3,007,489), Neighborhood <br />City Funds <br />Stabilization Program ($963,951), 65-year ground lease agreement for <br />1126 and 1146 E. Washington Avenue (Appraised Value as of September <br />22, 2019: $4,108,136 <br />The Project received its entitlements on February 24, 2020. The Project <br />received a formal commitment for 43 Project Based Vouchers from the <br />Orange County Housing Authority on March 5, 2020. In February, the City <br />and County approved the 65-year Ground Lease, Option Agreement for the <br />Ground Lease, Joint Powers Agreement and Quitclaims associated with the <br />JPA. The documents were approved by City Council on February 18, 2020. <br />The Option Agreement was executed shortly afterwards. Following these <br />approvals, the developer submitted a 9% Tax Credit application for the <br />TCAC 9% Application 1 st Round on March 9 but did not receive an award. <br />Update <br />Developer submitted an FCAA 9/o Tax Credit application in July 2020 <br />(Round 2). Funding awards for Round 2 will be announced at the next <br />CTCAC Committee meeting which has been rescheduled to October 14, <br />2020. The Project is pursuing additional environmental assessments <br />based on the conditions of the sites (City and County parcels) identified in <br />the Phase I Environmental Site Assessment and the Phase II <br />Environmental Site Assessment. Additional assessment is required to <br />determine the extent of contamination and scope of future remediation <br />activities. Changes to the project timeline are anticipated. <br />FX Residences 801, 809, 809 % East Santa Ana Boulevard <br />Developer <br />HomeAid Orange County, Inc. with Mercy House as the service provider <br />New construction of an affordable multi -family apartment complex <br />Description <br />consisting of 16 units of permanent supportive housing, and one manager's <br />unit. <br />Housing Successor Agency ($1,069,947), three HUD-VASH PBVs, 99-year <br />City Funds <br />ground lease agreement for 801 E. Santa Ana Blvd. (Appraised Value as <br />of October 25, 2018: $788,000 <br />19 D-7 <br />