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Joint Public Hearing - <br />DDA with RSI Development LLC <br />January 5, 2009 <br />Page 3 <br />amount of the note will be equal to the difference between the fair <br />market value of the homes and the affordable sales price at the time of <br />completion. In accordance with previous direction from the Community <br />Redevelopment and Housing Commission, preference will first be given to <br />homebuyers that are military veterans and who live or work in Santa Ana. <br />The second preference is for homebuyers who live or work in Santa Ana. <br />The homes will be sold through a lottery process. The sale of these <br />properties will be income-restricted for a period of forty-five years in <br />accordance with California Redevelopment Law. All subsequent homeowners <br />must also meet income eligibility requirements. It is anticipated that <br />construction will commence by February 2009 and be completed in April <br />2009. <br />Construction of these homes will assist the City and Agency in meeting <br />the Regional Housing Needs Assessment (RHNA) goals identified in the <br />Housing Element and the Agency's replacement and inclusionary housing <br />obligations. <br />On December 22 and December 29, 2008, notification was published in the <br />Orange County Reporter that a public hearing will be held with regard to <br />the proposed sale of the property at 1112 and 1118 S. Orange to RSI <br />Development LLC. <br />ENVIRONMENTAL COMPLIANCE <br />In accordance with the California Environmental Quality Act, the <br />proposed project is exempt from further review. <br />FISCAL IMPACT <br />Funds are available in the Tax Increment Housing Set-Aside account (no. <br />507-936-6631). <br />APPROVED AS TO FUNDS AND ACCOUNTS: <br />CJN/SLB/mlr <br />H:\ACTION ITEMS\COUNCIL\2009\010509 JT PH CC-CRA DDA RSI (1}.doc <br />-3 <br />