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Community Development Agency <br />https://www.santa-ana.org/cd <br />Item # 21 <br />City of Santa Ana <br />20 Civic Center Plaza, Santa Ana, CA 92701 <br /> Staff Report <br />April 20, 2021 <br />TOPIC: Affordable Housing Project at 1108 N. Harbor Blvd <br />AGENDA TITLE: <br />Approve a $1,687,047 loan agreement with North Harbor Housing Partners LP for a 55- <br />year term for the development of the North Harbor Village affordable housing project; <br />approve a future Subordination Agreement with JP Morgan Chase Bank, N.A.; approve <br />a future subordination agreement with the State of California Department of Housing and <br />Community Development (Non-General Fund) <br />RECOMMENDED ACTION <br />1. Authorize the City Manager to execute a loan agreement with North Harbor Housing <br />Partners LP (c/o Jamboree Housing Corporation) for $1,687,047 in Community <br />Development Block Grant funds for the development of the North Harbor Village <br />affordable housing project located at 1108 N Harbor Boulevard, Santa Ana, CA 92701, <br />subject to non-substantive changes approved by the City Manager and City Attorney. <br />2. Authorize the City Manager to execute two future Subordination Agreements with <br />Union Bank and Jamboree Housing for the City’s Community Development Block <br />Grant loan agreement with North Harbor Housing Partners LP, prior to the execution <br />of the loan agreement, subject to non-substantive changes approved by the City <br />Manager and City Attorney. <br />3. Authorize the City Manager to execute a future Subordination Agreement with the <br />State of California Department of Housing and Community Development, for the City’s <br />Community Development Block Grant loan agreement with North Harbor Housing <br />Partners LP, after the North Harbor Village affordable housing project is complete, <br />subject to non-substantive changes approved by the City Manager and City Attorney. <br />DISCUSSION <br />On March 5, 2019, the City Council approved a pre-loan commitment letter with Jamboree <br />for $1,687,047 in Community Development Block Grant (CDBG) funds for the <br />development of the North Harbor Village affordable housing project located at 1108 N. <br />Harbor Blvd, by a unanimous vote (Exhibit 1). On March 2, 2021, the City Council