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Quarterly Report for Housing Division <br />May 4, 2021 <br />Page 5 <br />manager's unit. 28 of the 56 units are funded by MHSA/SNHP funds from the <br />County of Orange. <br />City Funds <br />Fifty-six (56) Project -Based Vouchers (PBVs) <br />Construction is 100% complete and received final building sign -off on <br />Update <br />December 31, 2020. 100%, lease -up status was achieved on March, 23, <br />2021 and all units are now occupied by qualified tenants who were <br />previously homeless in Santa Ana. <br />Projects under Construction <br />La Placita Cinco- formerly Tiny Tim Plaza (2239 West 51" Street) <br />Developer <br />Community Development Partners <br />New construction of an affordable rnultifarTiily apartment complex consisting <br />Description <br />of 50 units of rental housing serving very -low and extremely -low income <br />families, and one 1 manager's unit. <br />City Funds <br />Inclusionary Housing ($1,300,000), Housing Successor Agency ($4,700,000) <br />The project is 99% complete, with final close-out items remaining. A <br />temporary Certificate of Occupancy was issued in January 2021, and a final <br />Update <br />Certificate of Occupancy is anticipated no later than June 1, 2021. Retail <br />renovations are complete, with final signage in progress. The project is <br />current) 50% leased. <br />Le ac S uare 609 North Spurgeon Street <br />Developer <br />National Community Renaissance with Mercy House as the service provider <br />New construction of a 100% affordable multifamily apartment complex <br />Description <br />consisting of 92 units of rental housing and one (1) manager's unit. All units <br />will be affordable to households earning less than 60 /o AMI of which 33 units <br />will be set -aside for permanent supportive housing. <br />City Funds <br />Eight (8) PBVs <br />On December 15, 2020, City Council approved the developer's $3,170,547 <br />Loan Agreement and subordination agreement with Bank of America as the <br />Senior Lender. Subsequently, the Consolidated Appropriations Act of 2021 <br />passed by Congress on December 27, 2020, included a provision to create a <br />permanent minimum 4% low-income housing tax credit rate that allowed the <br />Update <br />developer to generate more tax credit equity. As a result, the developer was <br />able to decline the City's $3,170.547 in funding because they were able to <br />generate more funding from their tax credits. However, the Housing Authority <br />still has a commitment of eight (8) PBVs to this project. The developer closed <br />on their construction financing on February 11, 2021 and has started <br />construction of the project. Construction is currently ongoing. <br />City Council 7-5 5/4/2021 <br />