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Housing Authority <br />www.santa-ana.org/cd <br />Item # 3 <br />City of Santa Ana <br />20 Civic Center Plaza, Santa Ana, CA 92701 <br /> Staff Report <br />December 7, 2021 <br />TOPIC: Affordable Housing Project at 801, 807, 809 and 809 ½ E. Santa Ana Blvd. <br />AGENDA TITLE: <br />Approve a $1,656,947 Loan Agreement and a 99-year Ground Lease with Shelter <br />Providers of Orange County, Inc. DBA HomeAid Orange County, Inc. for the development <br />of the FX Residences affordable housing project located at 801, 807, 809 and 809 ½ E. <br />Santa Ana Blvd. (Non-General Fund) (Contingent upon approval of City Council Item <br />#16). <br />RECOMMENDED ACTION <br />1. Approve an amended award of $587,000 in additional funds from the Low and <br />Moderate Income Housing Asset Fund for the development of the FX Residences <br />affordable housing project located at 801, 807, 809 and 809 ½ E. Santa Ana Blvd. to <br />offset a portion of the additional construction costs associated with the project since <br />approval of the pre-loan commitment for the project by the Housing Authority on <br />January 15, 2019. <br />2. Authorize the Executive Director of the Housing Authority to execute a Loan <br />Agreement with Shelter Providers of Orange County, Inc. DBA HomeAid Orange <br />County, Inc. for $1,656,947 in Low and Moderate Income Housing Asset Funds for <br />the development of the FX Residences affordable housing project located at 801, 807, <br />809 and 809 ½ E. Santa Ana Blvd., subject to non-substantive changes approved by <br />the Executive Director of the Housing Authority and Authority General Counsel. <br />3. Authorize the Executive Director of the Housing Authority to execute a ninety-nine (99) <br />year Ground Lease with Shelter Providers of Orange County, Inc. DBA HomeAid <br />Orange County, Inc., for the development of the FX Residences affordable housing <br />project located at 801, 807, 809 and 809 ½ E. Santa Ana Blvd, subject to non- <br />substantive changes approved by the Executive Director of the Housing Authority and <br />Authority General Counsel. <br />4. Authorize the Executive Director of the Housing Authority to execute a future <br />Subordination Agreement with a senior lender for the development of the FX <br />Residences affordable housing project, subject to non-substantive changes approved <br />by the City Manager and City Attorney.