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Pre-Commitment of Affordable Housing Funds for Jamboree Housing Corporation and <br />WISEPlace; Density Bonus Agreement; Loan Forgiveness <br />June 21, 2022 <br />Page 5 <br />2 <br />8 <br />1 <br />6 <br />(Exhibit 3). KMA reviewed the developer’s estimates and projections of rents, expenses, <br />reserves and development costs in accordance with industry-standard underwriting <br />guidelines. Following this preliminary financial gap analysis and the procurement and <br />deliberative process described above, staff recommends the full amount of the award to <br />City Council for final approval. <br />Project Description <br />Following the RFP process, Jamboree in partnership with WISEPlace is being <br />recommended by staff as the developers to co-develop an affordable housing community <br />at 1411 N. Broadway (the “Project”). The proposed name for the Project is WISEPlace <br />Permanent Supportive Housing (“WISEPlace PSH”). Renderings of the Project are <br />attached as Exhibit 4. <br />Jamboree is an experienced affordable and permanent supportive housing developer <br />focused on developing and rehabilitating housing throughout California. Since 1990, <br />Jamboree has successfully built a portfolio of over 100 projects comprising over 10,000 <br />units. Jamboree currently has $1.1 billion in permanent supportive housing, affordable <br />and special needs housing projects under development and an estimated $3.2 billion in <br />developments in its portfolio. Jamboree has extensive affordable housing financing <br />experience, including securing 4% and 9% low income housing tax credits, and is well <br />versed in navigating regulatory complexities. <br />Jamboree is one of the leading non-profit developers of a wide range of housing and <br />community developments that serve families and individuals not served by traditional <br />market rate developers. Jamboree develops, acquires, renovates, and manages high <br />quality and permanently affordable family, senior and supportive housing communities <br />throughout the State of California. Jamboree has experience developing and operating <br />communities in Santa Ana including the recently opened permanent supportive housing <br />project Heroes Landing, which is exclusively for veterans. Additionally, Jamboree has four <br />completed developments in Santa Ana including Heroes’ Landing, First Point I and II, <br />Metro East and Cornerstone, and one development under construction, North Harbor <br />Village. <br />Jamboree has formed a qualified team to design and partner with in supporting the <br />ongoing mission of the property. This includes, as Administrative General Partner and <br />supportive services provider, the local non-profit WISEPlace, architecture firm <br />Architecture Design Collaborative, the Orange County Health Care Agency, the Orange <br />County Housing Finance Trust, and experienced property management firm Quality <br />Management Group. On May 18, 2022, the Orange County Housing Finance Trust <br />(“OCHFT”) approved an award of $2,480,030 in funding. Councilmember Penaloza voted <br />in support of this award as City Council’s appointee to the OCHFT Board.