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Housing Division Quarterly Report <br />February 6, 2024 <br />Page 4 <br />Table 2: Portfolio Revenue <br />HOME <br />CDBG <br />Redevelopment <br />CalHome <br />Loan Payoffs <br />$68,870.47 <br />$80,000 <br />$31,797.35 <br />$10,866.25 <br />Residual Receipts <br />$420,950.00 <br />$0 <br />$38,146.75 <br />0 <br />Payments <br />Amortized Loan <br />$789.38 <br />$4,852.13 <br />$21,382.14 <br />0 <br />Payments <br />Total for Q2 <br />$490,609.85 <br />$84,852.13 <br />$91,326.24 <br />$10,866.25 <br />Monitoring <br />As part of the requirements for these loans, staff must monitor the owner -occupancy of <br />single-family homes that have received loans, and the building code compliance of units <br />in rental projects with long-term affordability covenants. During this quarter, 48 owner - <br />occupancy recertification letters were mailed and 36 were returned and processed. This <br />number includes letters sent from previous months. Staff also conducted a total of 12 <br />inspections during this quarter. <br />Density Bonus Agreements <br />The California Density Bonus law allows developers proposing five or more residential <br />units to request incentives or concessions in exchange for providing affordable units on <br />site. To help make constructing on -site affordable units feasible, the law allows <br />developers to seek up to three incentives/concessions and an unlimited number of <br />waivers, which are variances from development standards that would help the project <br />be built without significant burden and without detriment to public health. As of the date <br />of this report, the City of Santa Ana has entered into the following Density Bonus <br />Agreements: <br />Date of <br />Agreement <br />Housing Development <br />Address <br />Affordable Units <br />415 rental units restricted <br />October 2018 <br />Metro East Senior Park <br />2222 E. First St. <br />for very low income and <br />low income or senior <br />tenants <br />2110, 2114, and 2020 <br />547 rental units restricted <br />August 2018 <br />First Point I & II Apartments <br />E. First St. <br />for very low income and <br />low income tenants <br />92 rental units restricted <br />February 2019 <br />Legacy Square <br />609 North Spurgeon St. <br />for very low income and <br />low income tenants <br />11 rental units restricted <br />November 2019 <br />The Rafferty <br />114 & 117 E. Fifth St. <br />for very low income <br />tenants <br />801, 807, 809, <br />16 permanent supportive <br />December 2021 <br />FX Residences <br />and 809 /2 <br />housing units <br />East Santa Ana Blvd <br />June 2022 <br />WISEPlace <br />1411 N. Broadway <br />47 permanent supportive <br />housing units <br />Brandywine Acquisition <br />4 townhomes restricted for <br />August 2022 <br />Group <br />1814 & 1818 E. First St. <br />sale to moderate -income <br />buyers <br />