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Fiscal Year 2023-24 Homeownership Initiatives <br />October 17, 2023 <br />Page 2 <br />goal of many renters. For the first time ever in the history of the City of Santa Ana, staff <br />is recommending approval of over $10 million in affordable housing funds for <br />homeownership opportunities. This is the largest one-time investment in affordable <br />homeownership in the City of Santa Ana ever made. This investment will be allocated <br />between developing new homeownership opportunities ($7.7 million) and the City's <br />Down Payment Assistance Program ($2.3 million). The following discussion describes <br />this investment in greater detail. <br />RFP for Affordable Homeownership Opportunities <br />Under Section III of the Affordable Housing Funds Policies and Procedures amended by <br />City Council on August 18, 2020, the Community Development Agency, upon City <br />Council approval, will issue a Request for Proposals (RFP) for available funds. The RFP <br />will be open and provide sufficient time for applicants to identify an eligible site and <br />complete and submit a proposal. As such, staff is requesting authorization to release <br />the Fiscal Year 2023-24 Request for Proposals for Affordable Homeownership <br />Opportunities (Exhibit 1). <br />The available funds for this RFP include $7,796,256 in funds available in the HOME <br />Investment Partnerships (HOME) Program for affordable homeownership opportunities. <br />The RFP will be restricted to projects that will provide affordable homeownership <br />opportunities. Available program funds may be used for affordable housing <br />development loans for the following eligible purposes: <br />(1) The purchase of existing multi -family or other buildings for sale to low- and <br />moderate -income households. <br />(2) The purchase or lease of land and buildings for new construction. <br />(3) The development of limited -equity housing cooperatives through either <br />conversion or new construction. <br />(4) The provision of interim loan funds for any of the above purposes prior to the <br />funding of a public or private loan. Eligible development costs for the above uses <br />include, but are not limited to: <br />a. Site acquisition and preparation <br />b. Rehabilitation of dwelling units, common areas, and related structures <br />c. New construction <br />d. Carrying charges and financing fees <br />e. Architectural, legal, and organizational fees <br />f. Temporary or permanent tenant relocation costs <br />Land Assets Owned by the Housing Authority <br />Staff is also including a land asset currently held by the Housing Authority in this RFP. <br />This will be the fourth time this land asset has been included in an RFP. The proposed <br />development of the property would be solely for the development of affordable <br />homeownership. The land asset owned by the Housing Authority and available for <br />development under this RFP is as follows: <br />(1) 2101 N. Spurgeon Street <br />a. APN:003-122-25 <br />