Item 03 - Crossroads at Washington Affordable Housing Project

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Housing Authority www.santa-ana.org/cd Item # 3 City of Santa Ana 20 Civic Center Plaza, Santa Ana, CA 92701 Staff Report August 17, 2021 TOPIC: Crossroads at Washington Affordable Housing Project AGENDA TITLE: Approve a Second Amendment to the Option Agreement with Washington Santa Ana Housing Partners, L.P. for the development of the Crossroads at Washington for up to $300,000 in backstop funding; approve an additional award of $333,742 of Neighborhood Stabilization Program funds and Seven Project-Based Vouchers to the existing Pre-Loan Commitment Letter for $3,971,440, for a total of $4,305,182, to the Related Companies of California, LLC and A Community of Friends for the development of the Crossroads at Washington RECOMMENDED ACTION 1. Authorize the Executive Director of the Housing Authority to execute a Second Amendment to Option Agreement with Washington Santa Ana Housing Partners, L.P., a California limited partnership for the development of the Crossroads at Washington affordable housing project located at 1126 and 1146 E. Washington Avenue, Santa Ana, CA 92701, (APNs 398-092-13 and 398-092-14) to include an environmental remediation backstop amount not to exceed $300,000 (if required), subject to non- substantive changes approved by the Executive Director and Housing Authority General Counsel. 2. Approve an award of up to seven project-based vouchers and authorize the Executive Director of the Housing Authority to execute an Agreement to enter into a Project- Based Vouchers Housing Assistance Payments Contract with Washington Santa Ana Housing Partners, L.P., a California limited partnership for the development of the Crossroads at Washington affordable housing project located at 1126 and 1146 E. Washington Avenue, Santa Ana, CA 92701, (APNs 398-092-13 and 398-092-14), subject to non-substantive changes approved by the Executive Director of the Housing Authority and Authority General Counsel. DISCUSSION On February 18, 2020, the City Council approved a Joint Powers Agreement with the County of Orange to mutually develop the Crossroads at Washington affordable housing project located at 1126 and 1146 E. Washington Avenue, Santa Ana, CA 92701 as joint property owners. The City Council also approved an Option Agreement and 65-year Ground Lease with the Related Companies of California for the development of the combined property. Since that date, the developer has conducted various environmental