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Joint P.H. - GPA No. 08-02, AA No. 08-11, <br />SPR No. 09-02 & DDA with Vista Del Rio <br />Housing Partners, L.P. <br />July 20, 2009 <br />Page 3 <br />DISCUSSION <br />In 2004, the Agency acquired a 3.2 acre vacant site from the County of <br />Orange at Memory Lane and the Santa Ana River channel for purposes of <br />developing a 41-unit (including an on-site manager's unit) affordable <br />housing project. Since that time, Goodwill Industries of Orange County <br />expressed an interest in developing permanent, affordable housing for <br />physically and/or developmentally-disabled persons. Goodwill entered <br />into an agreement with the Foundation for Affordable Housing, Inc. to <br />serve as the developer for the project. On October 6, 2008, the Agency <br />entered into a one-year Exclusive Negotiation Agreement (ENA) with Vista <br />Del Rio Housing Partners, L.P., a partnership of Foundation for <br />Affordable Housing (FFAH) and Goodwill Industries. In order for the <br />developer to secure the project entitlements and apply to the California <br />Tax Credit Allocation Committee (TCAC) for an allocation of $8,601,047 in <br />low-income tax credits to finance the project, the Agency must enter into <br />a Disposition and Development Agreement (DDA). <br />The major terms of the Disposition and Development Agreement (DDA) will <br />include the following: <br />• Purchase price for the property of $1.00 <br />• Agency shall pay for all application fees and permit fees or costs <br />associated with City entitlements, approximately $28,000. <br />Additionally, the Agency will contribute an amount not to exceed <br />$100,000 for an enhanced entryway to the development including <br />upgraded landscaping, pavers, fencing and signage. <br />• Scope of Development outlined in the Planning staff report. <br />• Developer will certify the income levels of persons (s)/households <br />residing in the units to maintain extremely low, very-low and low- <br />income affordability for a 55-year period. In addition, priority <br />will be given to Santa Ana residents and military veterans. <br />The unit mix and rent restrictions are as follows: <br /> <br />Bedroom 30o AMI <br />Extremely Low Income 50o AMI <br />Very Low Income <br />Size No. of Units Rent No. of Units Rent <br />Bachelor 9 $452 6 $717 <br />One 10 $475 10 $759 <br />Two 1 $568 4 $910 <br />80A-3 <br />