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Quarterly Report for Housing Division Projects and Activities <br />February 1, 2022 <br />Page 7 <br />2 <br />4 <br />1 <br />0 <br />unanticipated increase in construction costs for the project. City <br />Council also approved the project’s Loan Agreement, 99-Year Ground <br />Lease, Density Bonus Agreement, and Development Impact Fee <br />Deferral Agreement. HomeAid Orange County will be submitting the <br />first set of building permit drawings in January 2022. <br />Habitat for Humanity (416 Vance Street & 826 N Lacy Street) <br />Developer Habitat for Humanity of Orange County <br />Description New construction of two single-family detached homes for <br />homeownership serving households up to 120% AMI. <br />City / Authority <br />Funds <br />Inclusionary Housing ($565,271) and a 99-year ground lease <br />agreement for 416 Vance Street and 826 N. Lacy Street (Appraised <br />Value as of Oct 25, 2018: $578,000) <br />Update <br />The Developer’s Site Plan Review application was submitted in April <br />2021. Final approval of Site Plan Review was awarded and Grading <br />Plans were submitted for review at the end of December 2021. <br />Westview House (2530 Westminster Avenue) <br />Developer Community Development Partners <br />Description <br />New construction of an affordable multifamily apartment development <br />consisting of 85 units of both large family and PSH with one (1) <br />manager’s unit. Twenty-six of the units will be funded by PBV and <br />MHSA funds through the NPLH program. <br />City / Authority <br />Funds <br />Inclusionary Housing ($1,514,113), HOME Investment Partnerships <br />Program ($2,003,705), Rental Rehabilitation Program ($386,523), and <br />26 Mainstream Program PBVs <br />Update <br />The developer received an award of 4% tax credits and bonds on <br />December 8, 2021. The project is expected to close on their financing <br />by early June 2022 and break ground. <br />Regional Housing Needs Assessment <br />Housing projects that have been approved, permitted, or received a certificate of <br />occupancy after June 30, 2021 may be counted towards the 6th Regional Housing Needs <br />Assessment (RHNA) Cycle (October 2021 to October 2029). Below is a summary of our <br />progress to meet our 6th RHNA Cycle requirements for affordable housing: