Laserfiche WebLink
Public Hearing - Issuance of Tax-Exempt Bonds <br />for Multi-Family Housing Projects <br />March 7, 2011 <br />Page 2 <br />605-611 EAST WASHINGTON <br />On March 1, 2010, OHDC, a non-profit 501(c)(3) corporation, and C&C Development, a for-profit <br />developer, were awarded the contract to implement the multi-family rental program funded by the <br />Federal National Stabilization Program (NSP). They have formed a Limited Partnership named <br />Santa Ana WBBB, LP (Developer) for financing purposes. <br />In June 2010, the Developer acquired foreclosed vacant lots at 605-611 East Washington using <br />NSP funds. The entitlement process is being completed and the project is proceeding with <br />funding in order to commence construction. The Developer proposes to construct 36 multi-family <br />rental units of which 10% or 4 units will be rented to extremely low income families (at or below <br />30% of the Area Median Income (AMI)) and 31 units will be rented to very low income families (at <br />or below 50% of AMI). The one remaining unit will be designated as a manager unit. The project <br />will have 8 two-bedrooms, 27 three-bedrooms and 1 five-bedroom. <br />BIRCH, BIRCH AND BUSH SITES <br />On September 7, 2010, a Disposition and Development Agreement (DDA) was approved with the <br />Developer, for the development of three Agency-owned infill sites at 217-219 South Birch, 435- <br />437 South Birch and 2034-2038 North Bush. Under the proposed DDA, the Agency will convey <br />three sites and the Developer will construct the units on the sites. The units will all be affordable <br />to very low-income households (50% Area Median Income). The beginning rents will be $989 for <br />two-bedrooms and $1,125 for three bedrooms. Each site will be improved with 5 units. They will <br />each have two 2-bedroom units and three 3-bedroom units. <br />Construction of these units will assist the City and Agency in meeting the Regional Housing <br />Needs Assessment (RHNA) goals identified in the Housing Element, Consolidated Plan and the <br />Implementation Plan. <br />FISCAL IMPACT <br />There are no fiscal or economic liabilities or obligations assumed or imposed upon the City of <br />Santa Ana as a result of the public hearing or the adoption of the resolution. <br />6un e-14 <br />Nancy T. E ards <br />Interim Executive Director <br />Community Development Agency <br />NTE/SLB/JP-H/mlr <br />Exhibits: 1. Map <br />2. Resolution <br />75A-2