Laserfiche WebLink
Joint Public Hearing -DDA and Resolutions <br />March 21, 2011 <br />Page 2 <br />DISCUSSION <br />A key objective of the Redevelopment Agency (Agency) is to expand and preserve affordable <br />housing. Staff was directed in December 2009 to negotiate a Disposition and Development <br />Agreement (DDA) with the developers resulting from a Request for Qualifications for both single <br />family and multi-family residential units on properties owned by the Agency. Habitat for Humanity <br />of Orange County, Inc. (Habitat) was selected as developer for the single-family housing parcels. <br />Habitat was created for the purpose of constructing and selling new homes to low and moderate <br />income families. Their strength and experience over the past 21 years has been in the design and <br />development of small, irregular, scattered sites for the construction of single family dwellings. <br />Negotiations have been concluded and we are prepared to move forward with a DDA. Under the <br />proposed DDA, the Agency will convey properties in three phases. Atypical site plan and <br />elevations for the various sites is attached as Exhibit 1. <br />In accordance with redevelopment law, a Summary of Sale has been prepared by Keyser Marston <br />Associates, which outlines in detail the financial terms of the proposed transaction. A summary of <br />the terms and conditions contained in the proposed DDA are as follows: <br />• Developer will construct a total of 17 single family homes: <br />0 9 three bedrooms and 8 four bedrooms <br />0 7 low-income (80% Area Median Income- AMI) homes <br />0 10 moderate income(120% AMI) homes <br />® Construction will be accomplished in three phases; <br />® Conveyance of Agency parcels at no cost; <br />® Agency will loan an amount not to exceed $1,615,513, (includes planning, transportation <br />and school fees), which will be repaid in the form of 45 year affordability covenants ; <br />• Agency to provide a Developer fee in the amount of $50,000 per affordable unit at time of <br />sale to qualified home buyer; <br />® Affordability covenants will run with land for 45 years. <br />The following identifies the size of the homes and level of affordability: <br />4-2 <br />