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TO". Mayor Vince Sarrniento Co u nci I m e rn be r Je ssie Lopez CC- Santa Ana City Councill Katritta Foley, Orange County Supervisor, District 3 Kristine Ridge, City Managor Mayor Sarmiento Last melefing,the City Council heard directly from niurnerous senior citizens, regyardirtg the extrerttne. finaincial difficulties plaiced upon then through the 110%, rental increase from the Developers of 2222 cast first St (a ,a Metro East Senior Apartments), The 10% increase in both extraordinary in its size bait also the negative iimpart it wiH place an the senior citizen residents, many who are disabled, as wel] as the long-term sustainability of the Metro East Project. The 1.0% increase is also remarkable for a project designated by the Developers as a, so,inior affordable housing, The developers have justified the increases based on market conditions brought forth by the post, pandernic demand for housing. Yet, as a project that was activated just: under two years ago, there are no ism-neidiate capital needs and maintenance requirements seemi very oirdinary, Accordingly,, there is little possibility that the proceeds of trhie,, 10% rent increase wKI be allocated to, cornmiunity, and instead drop straight down'to Devetopler profit, which, is expected to be around, $1400,000 per year. Given the aibove conditions, the 2222 residents request the l'oflowing: 1. 'Roll'ing" financial assistance, up to, a $750 maximurn, over a six-month period to impacted apartment units, The total estirtrated expenseshould be less than $300,000. The assistance can be funded oiut of direct Revive Program Funds or through, a transfer of the loss allocationn within these fundis to the City General Fund. 2. Incorporation of a senior affordable housing, element to the City's current rent control ordinance. We look, forward to future discussions, ICTOR D MENDEZ