Item 62 - Pre-Commitment of Affordable Housing Funds for Jamboree Housing Corporation and WISEPlace

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Pre-Commitment of Affordable Housing Funds for Jamboree and WISEPlace June 21, 2022 Page 5 2 7 6 5 will return to the City Council for consideration of the Loan Agreements for this project. The pre-commitment letter is also conditional on the developer securing any and all permits and discretionary approvals that may be required for the Project by the City. The pre-commitment does not obligate the City or any department thereof to approve any application or request for or take any other action in connection with any planning approval, permit or other action necessary for the construction of the Project. In compliance with the City’s Affordable Housing Funds Policies and Procedures, KMA has conducted a preliminary financial gap analysis to confirm the project’s underwriting, the financial gap, and other programmatic requirements related to the funding sources (Exhibit 3). KMA reviewed the developer’s estimates and projections of rents, expenses, reserves and development costs in accordance with industry-standard underwriting guidelines. Following this preliminary financial gap analysis and the procurement and deliberative process described above, staff recommends the full amount of the award to City Council for final approval. Project Description Following the RFP process, Jamboree in partnership with WISEPlace is being recommended by staff as the developers to co-develop an affordable housing community at 1411 N. Broadway (the “Project”). The proposed name for the Project is WISEPlace Permanent Supportive Housing (“WISEPlace PSH”). Renderings of the Project are attached as Exhibit 4. Jamboree is an experienced affordable and permanent supportive housing developer focused on developing and rehabilitating housing throughout California. Since 1990, Jamboree has successfully built a portfolio of over 100 projects comprising over 10,000 units. Jamboree currently has $1.1 billion in permanent supportive housing, affordable and special needs housing projects under development and an estimated $3.2 billion in developments in its portfolio. Jamboree has extensive affordable housing financing experience, including securing 4% and 9% low income housing tax credits, and is well versed in navigating regulatory complexities. Jamboree is one of the leading non-profit developers of a wide range of housing and community developments that serve families and individuals not served by traditional market rate developers. Jamboree develops, acquires, renovates, and manages high quality and permanently affordable family, senior and supportive housing communities throughout the State of California. Jamboree has experience developing and operating communities in Santa Ana including the recently opened permanent supportive housing project Heroes Landing, which is exclusively for veterans. Additionally, Jamboree has four completed developments in Santa Ana including Heroes’ Landing, First Point I and II, Metro East and Cornerstone, and one development under construction, North Harbor Village.