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Community Development Agency <br />santa-ana.org/cd <br />Item # 62 <br /> City of Santa Ana <br />20 Civic Center Plaza, Santa Ana, CA 92701 <br />Staff Report <br />June 21, 2022 <br />TOPIC: Pre-Commitment of Affordable Housing Funds for Jamboree Housing <br />Corporation and WISEPlace; Density Bonus Agreement; Loan Forgiveness <br />TITLE <br />Approve a pre-commitment of $5,256,327 in HOME - American Rescue Plan funds, <br />$484,000 in Inclusionary Housing Funds, twenty-five (25) project-based vouchers, a <br />Density Bonus Agreement, and loan forgiveness for Jamboree Housing Corporation and <br />WISEPlace for the development of the WISEPlace Permanent Supportive Housing <br />project located at 1411 N. Broadway (Contingent upon approval of Housing Authority Item <br />#3) <br />RECOMMENDED ACTION <br />CITY COUNCIL <br />1. Authorize the City Manager to execute a pre-commitment letter with Jamboree <br />Housing Corporation (“Jamboree”) and WISEPlace for $5,256,237 in HOME <br />Investment Partnerships Program – American Rescue Plan (“HOME-ARP”) funds and <br />$484,000 in Inclusionary Housing Funds for the development of the WISEPlace <br />Permanent Supportive Housing project located at 1411 N. Broadway, Santa Ana, CA <br />92706, (APN 398-523-04), subject to non-substantive changes approved by the City <br />Manager and City Attorney. <br />2. Authorize the City Manager to execute a Density Bonus Agreement with North <br />Broadway Housing Partners LP (c/o of Jamboree and WISEPlace), for a 55-year term, <br />for the development of the WISEPlace Permanent Supportive Housing project located <br />at 1411 N. Broadway, Santa Ana, CA 92706, (APN 398-523-04), subject to non- <br />substantive changes approved by the City Manager and City Attorney. <br />3. Authorize the City Manager to forgive the existing City loan with WISEPlace for <br />$723,446.41 in Community Development Block Grant funds outstanding from a Loan <br />Agreement executed in 1996 and amended in 2001.