Agenda Packet_2023-05-02 - Laserfiche WebLink

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Housing Division Quarterly Report May 2, 2023 Page 3 3 3 9 8 $132,267.74 in payments of principal and interest during the third quarter. The amount of residual receipts payments changes every quarter. Table 2: Portfolio Revenue Funding Source HOME CDBG Redevelopment NSP CalHOME Inclusionary Loan Payoffs $71,285.04 $0 $0 $0 $0 $0 Residual Receipts Payments $36,902.44 $0 $0 $0 $0 $0 Amortized Loan Payments $0 $3,668.83 $20,311.43 $0 $100.00 $0 Total for Q2 $108,187.48 $3,668.83 $20,311.43 $0 $100.00 $0 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, 42 owner- occupancy recertification letters were mailed and 38 were returned and processed. This number includes letters sent from previous months. Staff also conducted a total of 224 inspections during this quarter. Density Bonus 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 places the burden on local jurisdictions to prove that the incentives/concessions or waivers are not financially warranted. As of the date of this report, the City of Santa Ana has entered into the following Density Bonus Agreements: Date of Agreement Housing Development Address Affordable Units October 2018 Metro East Senior Park 2222 E. First St. 415 rental units restricted for very low income and low income or senior tenants August 2018 First Point I & II Apartments 2110, 2114 and 2020 E. First St. 547 rental units restricted for very low income and low income tenants City Council 7 – 3 5/2/2023