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Community Development Agency <br />https://www.santa-ana.org/cd <br />Item # 27 <br />City of Santa Ana <br />20 Civic Center Plaza, Santa Ana, CA 92701 <br /> Staff Report <br />March 2, 2021 <br />TOPIC: Extension of Pre-Loan Commitment for North Harbor Village and TEFRA <br />AGENDA TITLE: <br />Approve a Two-Year Extension of the Pre-Loan Commitment Letter for the Development <br />of North Harbor Village and Adopt a Resolution Approving the Issuance of Bonds (Non- <br />General Fund) <br />RECOMMENDED ACTION <br />1. Authorize the City Manager to execute a two-year extension of the pre-loan <br />commitment letter with Jamboree Housing for $1,687,047 in Community Development <br />Block Grant funds for the development of the North Harbor Village (formerly Budget Inn) <br />affordable housing project located at 1108 N Harbor Boulevard, subject to non- <br />substantive changes approved by the City Manager and City Attorney. <br />2. Adopt a resolution approving the issuance of revenue bonds by the California Municipal <br />Finance Authority in an amount not to exceed $30,000,000 for the acquisition, <br />construction, improvement, and equipping of a multi-family rental housing project located <br />at 1108 North Harbor Boulevard. <br />DISCUSSION <br />Two years ago, the City Council approved an award of $1.6 million in funding for the <br />development of the North Harbor Village affordable housing project by Jamboree Housing <br />(Jamboree). After two years of pre-development in which Jamboree worked with staff to <br />secure all of their remaining sources of financing in their capital stack as a condition of <br />the City’s award of funds, staff is now returning to the City Council to extend their award <br />of funds for two years because the project may not need the City’s funds now that <br />Congress has established a new fixed rate for 4% tax credits in the Consolidated <br />Appropriations Act of 2021. However, the project does need approval of a TEFRA <br />Resolution in order to close on their financing before March 30, 2021. <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 (formerly Budget Inn) affordable housing project