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Pre-Commitment of Affordable Housing Funds for Habitat for Humanity of Orange County <br />November 15, 2022 <br />Page 3 <br />3 <br />0 <br />6 <br />7 <br />surfaces, and professionally designed landscaping. All units will have approximately <br />1,430 sq. ft. of interior living space, with 3-bedrooms and 2.5-bathrooms, a private yard <br />(431 sq. ft.), and a private two-car garage with direct access to each unit (residents will <br />be required to park vehicles in the garages and not use garages only for storage). The <br />site plan also includes short-term overflow/guest parking spots (2 standard parking spots <br />and 1 accessible parking spot). <br />The three (3) buildings will be constructed concurrently with an anticipated building cycle <br />of 14 months from the issuance of building permits. The Project will provide six (6) <br />affordable units for purchase by low-income families who earn up to 80% of the Area <br />Median Income with a preference for families who live and/or work in the City. Renderings <br />and photos of the Project are attached as Exhibit 4. <br />The Developer <br />Habitat for Humanity of Orange County is a nonprofit organization that: specializes in <br />affordable housing for purchase by qualifying families, dedicates resources to address <br />substandard housing, serves as an advocate for fair and just housing policies, and <br />provides training and access to resources for families. Since 1988, the Orange County <br />affiliate has completed and sold 231 new homes in this service area, and Habitat for <br />Humanity has completed 30 affordable homes in the City. <br />FISCAL IMPACT <br />The grant agreement is estimated to be finalized for City Council approval in FY 2022-23. <br />Upon future approval of the grant agreement, funds will be budgeted and available as <br />shown below: <br />Fiscal <br />Year <br />Accounting Unit <br />– Account # <br />Fund <br />Description <br />Accounting Unit, <br />Account <br />Description <br />Amount <br />FY 22-23 41718820-69152 Inclusionary <br />Housing Fund Loans and Grants $2,200,000 <br />EXHIBITS <br />1.Staff Report from December 7, 2021 <br />2. Pre-Commitment Letter with Habitat for Humanity of Orange County <br />3. Preliminary Financial Gap Analysis by Keyser Marston Associates <br />4. Proposed Project Renderings/Preliminary Site Plan and Photos <br />Submitted By: Michael L. Garcia, Executive Director of Community Development <br />Approved By: Kristine Ridge, City Manager