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Quarterly Report for Housing Division Projects and Activities March 7, 2011 Page 7 single family housing at sites identified as 719 & 812 N. Concord Street; 1114, 1121, S. Cypress Avenue; 1314 Eastwood Avenue; 4809 W. Edinger Avenue; 4010 & 4018 W. McFadden Avenue; 4106 & 4110 W. McFadden Avenue; 717 E. Third; and 1029 McLean Drive for a total of 17 single family units. Staff is finalizing the Disposition and Development Agreement (DDA) with presentation to the Agency for approval in March 2011. Also approved was OHDC and C&C Development as the developer for multi-family housing at sites identified as 217, 219 & 435, 437 S. Birch Street; 2034 & 2038 N. Bush Street; and N. Spurgeon & E. 22nd Street. They have submitted plans for the Birch Street and Bush Street properties. Their DDA was approved on September 7, 2010 for all sites except North Spurgeon, which is still being negotiated. Finally, the Agency selected Hope Builders, a Division of Taller San Jose, as developer for two single family homes on a site identified as 542 E. Central Avenue. This site will afford Hope Builders further training in the construction of single family dwellings and assist in its mission of providing high quality construction jobs for local Santa Ana residents who are graduates of Taller San Jose. The Developer has submitted its plans into the City's site plan review process, while Agency staff continues working with them on its DDA. Station District On June 7, 2010, after an extensive public outreach process which garnered a great deal of input on community needs and issues, the City Council/Redevelopment Agency approved several monumental actions to facilitate the development of an affordable housing project, located in the 94-acre Station District, that will enhance the Lacy neighborhood and support the transit vision for the area. The project is situated along a corridor and is a key connection from the 1-5 freeway into the Downtown and will also serve as a major transportation link for the planned Go Local Fixed Guideway System. Related California/Griffin Realty Corporation, the master developer selected last year after a wide-reaching Request for Proposals process, helped spearhead the outreach efforts with support from the City. The project calls for the construction of approximately 112 rental units and 32 for sale units on a total of approximately six acres of land. The City is also looking to provide a community center and park/open space along with the developer project. Of the 112 rental units, all but two (manager units) will be available to persons at or below 50% of the adjusted median income (AM[); and of those, 20% of the units will be offered to residents at 30% AMI. This amount of affordability exceeds that required by State law, as well as the requirements imposed for state tax credit financing. The term of affordability will be for 55 years. Additionally, six of the for-sale units will be offered at 120% AMI. The estimated market price for a three bedroom home in the Lacy Neighborhood today is approximately $290,000. The 26 market rate homes will be sold between $250,000 and $300,000. The affordable homebuyers (120% AMI) will be provided a $30,000 silent second loan, thus reducing the sales price to the range of $220,000 and $270,000. 19D-7