Item 27 - Public Hearing - Approve an Amended and Restated Regulatory Agreement for Garden Court Apartments Rehabilitation Project

Home Browse Search

Garden Court Apartments Rehabilitation Project July 16, 2024 Page 5 Draft Relocation Plan of Existing Tenants Relocation activities are subject to California Relocation Assistance Law, Government Code Section 7260, et seq., and the Relocation Assistance and Real Property Acquisition Guidelines adopted by the Department of Housing and Community Development as in Title 25, California Code of Regulations Section 6000, et seq. The rehabilitation of Garden Court Apartments requires 21 units to be unoccupied for the start of the four (4) separate phases referenced above. Based upon resident interviews conducted by Overland, Pacific and Cutler and current household and income information, it is currently anticipated the vacancy of these units will be achieved through the permanent relocation of nine (9) existing households that are currently over - income, six (6) existing vacancies that have been accumulated as of the date of the Staff Report, and the relocation of six (6) income -qualified households who will be relocated on a permanent basis but have the right of first refusal to return to Garden Court Apartments upon completion of the rehabilitation. All households permanently relocated from the property will be receive relocation benefits. The requirement to relocate income -qualified households may decrease to the extent additional units become vacant at the property due to normal turnover. At the time of relocation, C&C and OHDC will also work to relocate those income -qualified households to existing C&C/OHDC affordable communities in Santa Ana. The Relocation Plan as of June 27, 2024, is attached as Exhibit 2. With approval by City Council, the Acting City Manager will approve any required amendments or modifications to the Relocation Plan, as reasonably necessary to implement the approval of the Regulatory Agreement to comply with reasonable conditions of financing for rehabilitation of the Project. Any changes to final Relocation Plan will be consistent with the project and approved by the City Manager and City Attorney. The Regulatory Agreement provides that relocation will not commence unless and until the City is provided with advance notice and written confirmation that the relocation is consistent with the Relocation Plan or, to the extent any changes are requested, the City Manager has approved those changes. Tax Equity Fiscal Responsibility Act Hearing C&C Development Co., LLC (the "Borrower) has requested that the California Municipal Finance Authority ("CMFA") adopt a financing plan to issue one or more series of revenue bonds, issued periodically, including bonds for refunding such revenue bonds, in an aggregate principal amount not exceeding $55,000,000 (the "Bonds"). These funds are intended to finance or refinance the acquisition, rehabilitation, improvement, and equipping of the multifamily rental housing project located at 300 East Santa Ana Boulevard, Santa Ana, CA 92701 known herein as the Garden Court Apartments Project. However, for any portion of the Bonds to qualify as tax-exempt, the City must conduct a public hearing (the "TEFRA Hearing"), allowing community members the opportunity to