Agenda Packet_2022-11-15 - Laserfiche WebLink

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Housing Division Quarterly Report November 15, 2022 Page 3 $144,624,843. This is composed of 344 loans, 319 of which are deferred or residual receipt payment loans. As shown in Table 2, the loan portfolio generated $77,095.24 in payments of principal and interest during the first quarter. The amount of residual receipts payments changes every quarter. Table 2: Portfolio Revenue Funding Source HOME CDBG Redevelopment NSP CaIHOME Inclusionary Loan Payoffs $54.68 $0 $0 $0 $0 $40,000.00 Residual Receipts $0 $0 $0 $0 $0 $0 Payments Amortized Loan $1,158.46 $3,466.01 $27,216.09 $0 $5,200.00 $0 Payments Total for Q1 $1,213.14 $3,466.01 $27,216.09 $0 $5,200.00 $40,000.00 Monitoring As part of the requirements for these loans, staff must monitor the owner -occupancy of single-family homes that have received loans, and the building code compliance of units in rental projects with long-term affordability covenants. During this quarter, 72 owner - occupancy recertification letters were mailed and 47 were returned and processed. This number includes letters sent from previous months. Staff also conducted a total of 153 inspections during this quarter. Density Bonus Housing Agreements The California Density Bonus law allows developers proposing five or more residential units to seek increases in base density for providing on -site housing units in exchange for providing affordable units on site. To help make constructing on -site affordable units feasible, the law allows developers to seek up to three incentives/concessions and an unlimited number of waivers, which are variances from development standards that would help the project be built without significant burden and without detriment to public health. The first version of the Density Bonus Law was adopted in 1979 and has since been amended at various times. Recent revisions allow affordable housing developers to request incentives/concessions and/or waivers for 100-percent affordable developments, even if they do not require a numerical density bonus. Moreover, in early 2017, the law was amended to restrict the ability of local jurisdictions to require studies to "justify" the density bonus and requested incentives/waivers, and place the onus on local jurisdictions to prove that the incentives/concessions or waivers are not financially warranted. Since 2018, the City of Santa Ana has entered into the following Density Bonus Housing Agreements: Date of Developer or Housing Housing Development Affordable Units Agreement Development Address Metro East Senior Park, 415 Rental units restricted October 2018 aka, Santa Ana Senior 2222 E. First St. for Very Low Income and Associates Low Income or Senior Tenants City Council 8-3 11/15/2022