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Item 28 - Fiscal Year 2023-24 Request for Proposals for Affordable Homeownership Opportunities
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Item 28 - Fiscal Year 2023-24 Request for Proposals for Affordable Homeownership Opportunities
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2/28/2024 4:59:37 PM
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Agenda Packet
Agency
Community Development
Item #
28
Date
2/20/2024
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Community Development Agency <br />www.santa-ana.org/community-development <br />Item # 28 <br />City of Santa Ana <br />20 Civic Center Plaza, Santa Ana, CA 92701 <br />Staff Report <br />February 20, 2024 <br />TOPIC: Addendum to the Fiscal Year 2023-24 Request for Proposals for Affordable <br />Homeownership Opportunities <br />AGENDA TITLE <br />Approve an Addendum to the Fiscal Year 2023-24 Request for Proposals for Affordable <br />Homeownership Opportunities <br />RECOMMENDED ACTION <br />Authorize the City Manager to issue an Addendum to the Fiscal Year 2023-24 Request <br />for Proposals for Affordable Homeownership Opportunities to expand the types of <br />eligible proposals for affordable rental projects with a development site preference for <br />specific areas in the City and revise the name to Request for Proposals for Affordable <br />Housing Development. <br />GOVERNMENT CODE §84308 APPLIES: No <br />DISCUSSION <br />On October 17, 2023, the City Council authorized the City Manager to issue a Fiscal <br />Year 2023-24 Request for Proposals (RFP) for Affordable Homeownership <br />Opportunities to solicit proposals for affordable ownership projects in the City of Santa <br />Ana with funding from the HOME Investment Partnerships (HOME) Program (Exhibit <br />1). Following this approval, RFP # 23-156 was issued on October 19, 2023. The first <br />deadline for the RFP was on December 15, 2023, and the City received one proposal <br />before the deadline requesting a total of $2.4 million out of the $7.8 million made <br />available. Staff is still reviewing the proposal. <br />In general, there was a low response to the RFP. Multiple developers worked to create <br />a proposal to develop new affordable homeownership opportunities. However, the <br />feedback that staff received was that developers were unable to formulate a feasible <br />proposal due to various complexities with financing affordable homeownership <br />opportunities using the City's HOME Program funds. Developers had the following <br />issues: <br />Maximum per -unit subsidy limit: The HOME Program establishes maximum per - <br />unit subsidy limits for the use of HOME funds. The 2023 maximum per -unit <br />subsidy limits published by the Department of Housing and Urban Development <br />(HUD) and applicable to Santa Ana are as follows: <br />
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