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Quarterly Report for Housing Division <br />February 2, 2021 <br />Page 8 <br />3 <br />8 <br />8 <br />Update <br />The developer has completed discussions with the Historic French <br />Park Committee. The Neighborhood Review Application was <br />submitted to city staff and corrections are being addressed. Site Plan <br />Review will be submitted in January 2021. Developer is awaiting final <br />documentation from Southern California Edison regarding the <br />abandonment of the easement that currently exists between the two <br />(2) parcels. The Ground Lease Agreement and Inclusionary Grant <br />Documents were approved by City Council on November 17, 2020, <br />and have been recorded. <br />Legacy Square (609 North Spurgeon Street) <br />Developer National Community Renaissance with Mercy House as the service <br />provider <br />Description <br />New construction of a 100% affordable multifamily apartment complex <br />consisting of 92 units of rental housing and one (1) manager’s unit. All <br />units will be affordable to households earning less than 60% AMI of <br />which 33 units will be set-aside for permanent supportive housing. <br />City Funds Inclusionary Housing ($3,170,547) and eight (8) PBVs [The 8 PBVs <br />were changed from HUD-VASH to non-HUD-VASH] <br />Update <br />On December 15, 2020, City Council approved the developer’s <br />$3,170,547 Loan Agreement and subordination agreement with Bank <br />of America as the Senior Lender. Subsequently, the COVID-19 <br />Omnibus Relief Bill included a provision to create a permanent <br />minimum 4% low-income housing tax credit rate that allows the <br />developer to generate more tax credit equity. The developer has <br />revised their closing deadline based on this legislative change and is <br />expected to decline the City’s $3,170,547 in funding. <br />North Harbor Village (1108 N. Harbor) <br />Developer Jamboree Housing Corporation <br />Description Acquisition and rehabilitation of a former motel yielding 89 units of <br />permanent supportive housing. <br />City Funds Eight-nine (89) PBVs and CDBG ($1,687,047) [The 89 PBVs were <br />changed to 34 HUD-VASH PBVs and 55 non HUD-VASH PBVs] <br />Update <br />A consultant team kick-off meeting was held in September in <br />preparation for closing in March 2021. A community meeting was also <br />held November 4, 2020 to finalize design review approval. The <br />developer is currently working with City staff toward a closing deadline <br />of March 17, 2021. The COVID-19 Omnibus Relief Bill included a <br />provision to create a permanent minimum 4% low-income housing tax <br />credit rate that allows the developer to generate more tax credit equity <br />and the developer is currently evaluating if they will need the City’s <br />entire $1,687,047 in CDBG Program funds for the project.