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MAY 20, 2013 <br />LOAN AGREEMENT AND PROJECT-BASED <br />VOUCHERS AGREEMENTS WITH DEPOT AT <br />SANTIAGO, LP <br /> <br /> <br />,~ <br />CITY COUNCIL ACTION <br />Authorize the City Manager and the Clerk of the Council to execute a loan agreement with Depot <br />at Santiago, LP in the amount of $3,000,000, subject to non-substantive changes approved by the <br />Acting Executive Director and City Attorney. <br />HOUSING AUTHORITY ACTION <br />Authorize the Executive Director of the Housing Authority or designee, contingent upon approval <br />by the U.S. Department of Housing and Urban Development, to complete and execute the Project- <br />Based Vouchers (PBV) Agreement to Enter into Housing Assistance Payments Contract and, after <br />construction of the Depot at Santiago project, to complete and execute the PBV Housing <br />Assistance Payments Contract between the Housing Authority of the City of Santa Ana and Depot <br />at Santiago, LP for up to eight PBV's, and other necessary documents, for the implementation of <br />project-based vouchers for the Depot at Santiago project. <br />COMMUNITY REDEVELOPMENT AND HOUSING COMMISSION RECOMMENDATION <br />At its special meeting on May 14, 2013, by a vote of 5:0 (Bist, Garcia absent) the Community <br />Redevelopment and Housing Commission recommended that the City Council and Housing <br />Authority approve the recommended actions stated above. <br />DISCUSSION <br />After receiving City Council approval on February 19, 2013, staff distributed a notice on February <br />20, 2013 announcing the availability of a Request for Proposals (RFP) soliciting proposals for <br />development of an affordable rental housing project. The RFP indicated that the City would <br />~~ <br />