Item HA-03 - Amended and Restated Regulatory Agreement for the Rehabilitation of Garden Court

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INTRODUCTION C&C Development Co., LLC (Owner) has authorized the preparation of a Relocation Plan to be undertaken in connection with planning for the proposed rehabilitation of rental housing units located at 300 E. Santa Ana Boulevard, Santa Ana, CA 92701 (Project site) known as Garden Court (Project). The Owner plans to rehabilitate 84 units, including both the building exterior and unit interiors. Improvements will include: Interior Exterior New cabinets Replace building lighting New countertops Replace landscaping New interior lighting Replace playground equipment New HVAC equipment Stucco repairs New doors and frames New paint Replace Appliances Roofing Drywall repairs New windows New flooring throughout New decking Repaint interiors The Project consists of 84 total units: 24 one -bedroom units and 60 two -bedroom units. It is anticipated that nine units will be at 30% area median income (AMI), nine units will be at 50% AMI, 29 units will be at 60% AMI, and 36 units will be at 70% AMI. The remaining unit will be an unrestricted manager's unit. AMI levels are based on the HUD Income Limits as shown in Exhibit A. There will be no loss of units and bedroom counts will remain the same post - renovations. The building has four quadrants, each with 21 units. The Project construction plan proposes that each quadrant will be rehabilitated by itself, resulting in four phases to the Project. Each quadrant will take approximately six months to complete. To renovate the first quadrant, 15 households will be permanently relocated, and a certain number of households will be moved to other Project units temporarily to clear one quadrant. (There are currently six vacant units). Once that quadrant has been rehabilitated, 21 qualified Project households will be moved directly one-time into a newly renovated Project unit, and this process will continue quadrant by quadrant as renovations are completed. When the final quadrant has been completed, any previously displaced qualified tenants will be offered the first right of refusal to return to a Project unit. The Owner anticipates utilizing financing including Tax -Exempt Bonds, a Seller Carryback Loan, a Deferred Developer Fee, Seller Contribution, Income from Operations, and Limited Partner Equity in the form of Federal Tax Credits. Due to the proposed funding sources, the Relocation Plan and the relocation program described within meets the requirements of California Relocation Assistance Law, Government Code Section 7260, et seq. (Law), 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. (Guidelines).