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Housing Division Quarterly Report <br />November 15, 2022 <br />Page 3 <br />3 <br />0 <br />6 <br />5 <br />$144,624,843. This is composed of 344 loans, 319 of which are deferred or residual <br />receipt payment loans. As shown in Table 2, the loan portfolio generated $77,095.24 in <br />payments of principal and interest during the first quarter. The amount of residual <br />receipts payments changes every quarter. <br />Table 2: Portfolio Revenue <br /> Funding Source <br />HOME CDBG Redevelopment NSP CalHOME Inclusionary <br />Loan Payoffs $54.68 $0 $0 $0 $0 $40,000.00 <br />Residual Receipts <br />Payments $0 $0 $0 $0 $0 $0 <br />Amortized Loan <br />Payments $1,158.46 $3,466.01 $27,216.09 $0 $5,200.00 $0 <br />Total for Q1 $1,213.14 $3,466.01 $27,216.09 $0 $5,200.00 $40,000.00 <br />Monitoring <br />As part of the requirements for these loans, staff must monitor the owner-occupancy of <br />single-family homes that have received loans, and the building code compliance of units <br />in rental projects with long-term affordability covenants. During this quarter, 72 owner- <br />occupancy recertification letters were mailed and 47 were returned and processed. This <br />number includes letters sent from previous months. Staff also conducted a total of 153 <br />inspections during this quarter. <br />Density Bonus Housing Agreements <br />The California Density Bonus law allows developers proposing five or more residential <br />units to seek increases in base density for providing on-site housing units in exchange <br />for providing affordable units on site. To help make constructing on-site affordable units <br />feasible, the law allows developers to seek up to three incentives/concessions and an <br />unlimited number of waivers, which are variances from development standards that <br />would help the project be built without significant burden and without detriment to public <br />health. The first version of the Density Bonus Law was adopted in 1979 and has since <br />been amended at various times. Recent revisions allow affordable housing developers <br />to request incentives/concessions and/or waivers for 100-percent affordable <br />developments, even if they do not require a numerical density bonus. Moreover, in early <br />2017, the law was amended to restrict the ability of local jurisdictions to require studies <br />to “justify” the density bonus and requested incentives/waivers, and place the onus on <br />local jurisdictions to prove that the incentives/concessions or waivers are not financially <br />warranted. <br />Since 2018, the City of Santa Ana has entered into the following Density Bonus Housing <br />Agreements: <br />Date of <br />Agreement <br />Developer or Housing <br />Development <br />Housing Development <br />Address Affordable Units <br />October 2018 <br />Metro East Senior Park, <br />aka, Santa Ana Senior <br />Associates <br />2222 E. First St. <br />415 Rental units restricted <br />for Very Low Income and <br />Low Income or Senior <br />Tenants