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Joint Public Hearing - DDA with RSI Development LLC January 5, 2009 Page 3 amount of the note will be equal to the difference between the fair market value of the homes and the affordable sales price at the time of completion. In accordance with previous direction from the Community Redevelopment and Housing Commission, preference will first be given to homebuyers that are military veterans and who live or work in Santa Ana. The second preference is for homebuyers who live or work in Santa Ana. The homes will be sold through a lottery process. The sale of these properties will be income-restricted for a period of forty-five years in accordance with California Redevelopment Law. All subsequent homeowners must also meet income eligibility requirements. It is anticipated that construction will commence by February 2009 and be completed in April 2009. Construction of these homes will assist the City and Agency in meeting the Regional Housing Needs Assessment (RHNA) goals identified in the Housing Element and the Agency's replacement and inclusionary housing obligations. On December 22 and December 29, 2008, notification was published in the Orange County Reporter that a public hearing will be held with regard to the proposed sale of the property at 1112 and 1118 S. Orange to RSI Development LLC. ENVIRONMENTAL COMPLIANCE In accordance with the California Environmental Quality Act, the proposed project is exempt from further review. FISCAL IMPACT Funds are available in the Tax Increment Housing Set-Aside account (no. 507-936-6631). ~.Q~ ~ She ly Landry-Bayle Ho ing Manager Community Development Agency CJN/SLB/mlr APPROVED AS TO FUNDS AND ACCOUNTS: Francisco Gutierrez Executive Director Finance and Management Services Agency H:\ACTION ITEMS\COUNCIL\2009\010509 JT PH CC-CRA DDA RSI (1).doc 80A-3