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REQUEST FOR <br />COUNCIL ACTION <br />CITY COUNCIL MEETING DATE: <br />NOVEMBER 3, 2015 <br />TITLE: <br />AWARD A PRE -LOAN COMMITMENT FOR <br />META HOUSING CORPORATION <br />{STRATEGIC PLAN NO. 5,3A; 3C) <br />:E / e� <br />CITY MANA R <br />RECOMMENDED ACTION <br />CLERK OF COUNCIL USE ONLY: <br />❑ As Recommended <br />❑ As Amended <br />❑ Ordinance on I" Reading <br />❑ Ordinance on 2"d Reading <br />❑ Implementing Resolution <br />❑ Set Public Hearing For <br />CONTINUED TO <br />191111114111iS11i 7 <br />Award a pre -loan commitment to Meta Housing Corporation and authorize the City Attorney and the <br />Community Development Agency to draft loan agreements in an amount not to exceed $4,635,000 <br />for the Santa Ana Arts Collective project that will be conveyed to City Council for approval at a future <br />date. <br />COMMUNITY REDEVELOPMENT AND HOUSING COMMISSION RECOMMENDATION <br />At its regular meeting on October 14, 2015, by a vote of 5:0, the Community Redevelopment and <br />Housing Commission approved the recommended action. <br />DISCUSSION <br />On June 1, 2015, City staff issued a Request for Proposals (RFP) soliciting applications for the <br />development of an affordable housing project. The RFP indicated that the City would consider <br />proposals for new construction and/or acquisition and rehabilitation projects. It also indicated that <br />the City had approximately $1,875,000 in Inclusionary Housing funds; $500,000 in Community <br />Development Block Grant (CDBG) funds; $830,000 in federal HOME Program funds to be <br />committed by July 31, 2016; $1,430,000 in federal HOME Program funds to be committed by July <br />31, 2017; and twenty-four Project -Based Vouchers. <br />The RFP was published on both the City and Housing Authority's websites; public notice in the <br />OC Register on June 1, 2015; and electronic letters and hard copy letters announcing its <br />availability were sent to individuals and firms who had previously requested to be informed of <br />development opportunities. The Community Development Agency received four proposals <br />submitted by the deadline which met the application requirements for the RFP. <br />The criteria used to evaluate proposals included: demonstrated ability of the developer team to <br />develop (20%); demonstrated ability to manage affordable rental units so as to ensure both <br />29A-1 <br />