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Resolution Authorizing the Issuance of Multifamily Hauling Revenue Bonds <br />October 3, 2011 <br />Page 2 <br />foreclosed vacant lots at 605-611 East Washington using Neighborhood Stabilization Program 1 <br />Funds. Later in March 2011, the City and Agency approved development loans with the <br />Developer. The project will consist of 36 multifamily rental units (Exhibit 2} which will be rented to <br />extremely low income families (at or below 30% of the Area Median Income (AMl}} and very low <br />income families (at or below 50% of AMI}. The one remaining unit will be designated as a <br />manager uni#. The project will have 8 twabedrooms, 27 three-bedrooms and 1five-bedroom. <br />The table below breaks down the level of affordability. <br />fi05-611 E. Washington Avenue <br />No. Of Bedrooms 30% AMl 50%AMI <br /> # of Units # of Units <br />2 0 8 <br />3 4 22 <br />5 0 1 <br />The other three sites, 217-219 South Birch Street, 435437 South Birch Street, and 2034-2038 <br />North Bush Street (Exhibit 3) were Agency-owned properties that were part of the Infill Request for <br />Proposal (RFP). On September 7, 2010, a DDA was approved with Santa Ana WBBB, LP, for the <br />development of the three Agency-owned infill sites. Under the proposed DDA, the Agency will <br />convey three si#es which will all be developed into rental units affordable to very low-income <br />households {50%AMI). <br />2034-2038 N. Bush, 217-219 S. Birch and 435-437 S. Birch <br />All 50%AMI <br />No. Of Bedrooms <br />2034-2038 N. Bush <br />2'17-219 S. Birch <br />435-437 S. Birch <br /> # of Units # of Units # of Units <br />z 2 2 2 <br />3 3 3 3 <br />The developer will begin construction in October and November. They anticipate that construction <br />on both Birch parcels and Bush will take 10 months. Washington's construction schedule is 13 <br />months. All projects should be completed in December 2012. <br />Construction of these units will assist the City and Agency in meeting the Regional Housing Needs <br />Assessment (RHNA} goals identified in the Housing Element, Consolidated Plan and the <br />Implementation Plan. In addition, the five-bedroom unit in the Washington Project will fulfill the <br />3 <br />