80A - JOINT - LOAN AGMT AND VOUCHER AGMTS DEPOT AT SANTIAGO

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REQUEST FOR COUNCIL/ HOUSING AUTHORITY ACTION MEETING DATE: MAY 20, 2013 TITLE: LOAN AGREEMENT AND PROJECT-BASED VOUCHERS AGREEMENTS WITH DEPOT AT SANTIAGO, LP CIT MANAGER EXECUTIVE DIRECTOR RECOMMENDED ACTION CLERK OF COUNCIL USE ONLY: APPROVED ? As Recommended ? As Amended ? Ordinance on 1st Reading ? Ordinance on 2nd Reading ? Implementing Resolution ? Set Public Hearing For CONTINUED TO FILE NUMBER CITY COUNCIL ACTION Authorize the City Manager and the Clerk of the Council to execute a loan agreement with Depot at Santiago, LP in the amount of $3,000,000, subject to non-substantive changes approved by the Acting Executive Director and City Attorney. HOUSING AUTHORITY ACTION Authorize the Executive Director of the Housing Authority or designee, contingent upon approval by the U.S. Department of Housing and Urban Development, to complete and execute the Project- Based Vouchers (PBV) Agreement to Enter into Housing Assistance Payments Contract and, after construction of the Depot at Santiago project, to complete and execute the PBV Housing Assistance Payments Contract between the Housing Authority of the City of Santa Ana and Depot at Santiago, LP for up to eight PBV's, and other necessary documents, for the implementation of project-based vouchers for the Depot at Santiago project. COMMUNITY REDEVELOPMENT AND HOUSING COMMISSION RECOMMENDATION At its special meeting on May 14, 2013, by a vote of 5:0 (Bist, Garcia absent) the Community Redevelopment and Housing Commission recommended that the City Council and Housing Authority approve the recommended actions stated above. DISCUSSION After receiving City Council approval on February 19, 2013, staff distributed a notice on February 20, 2013 announcing the availability of a Request for Proposals (RFP) soliciting proposals for development of an affordable rental housing project. The RFP indicated that the City would 8OA-1