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Project-Based Vouchers Agreements <br />With Vista Del Ria Housing Partners, L.P. <br />March 21, 201'1 <br />Page 2 <br />DISCUSSIQN <br />On December 27, 2010, staff published a Notice announcing the availability of a Request for <br />Proposals (RFP} soliciting proposals for aproject-based voucher contract between the Housing <br />Authority of the City of Santa Ana and one or more developers. Unlike conventional housing <br />choice vouchers, PBVs are attached to a specific residential facility. The rental assistance is tied <br />to the unit. The RFP was made available on the City's website, and letters announcing the <br />availability were sent to '117 individuals and firms who had previously requested to be notified of <br />development opportunities. Due to the number of applications received, the deadline was <br />extended from January 25 to February 17, 2011. Two applications were received by the extended <br />deadline. The application submitted by Vista Del Ria Housing Partners, L.P. was in compliance <br />with the requirements of the RFP. In addition to ensuring the availability of newly constructed, fully <br />accessible and affordable units to Authority clients, the income derived from the PBVs will assist in <br />the financing of the project. <br />The U. S. Department of Housing and Urban Development (HUD) regulations require that the <br />Authority enter into a PBV Agreement to Enter Into Housing Assistance Payments Contract <br />(Exhibit 1) prior to the start of construction, and a PBV Housing Assistance Payments Contract <br />(Exhibit 2} after the completion of construction. Neither document can be executed until a subsidy <br />layering analysis has been performed. This analysis will review the project's financing structure to <br />ensure that the public funds being committed are not excessive. Under current HUD guidelines, <br />this analysis must be conducted by HUD after the Authority has approved the project; or, for <br />projects requesting tax credits in California, the analysis is to be conducted by the California Tax <br />Credit Allocation Committee. <br />FISCAL IMPACT <br />There is no fiscal impact associated with this action. <br />~~Sh~ ly Land -Boyle <br />~loi~ ing Manager <br />Community Development Agency <br />NTE/SLB/TGlsr <br />Exhibits: 1. PBV Agreement <br />2. HAP Contract Agreement <br />~~~~ <br /><: <br />