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Award A Pre -Loan Commitment Meta Housing Corporation/Santa Ana Arts Collective November 3, 2015 Page 2 ongoing compliance with affordability requirements and long term financial solvency (15%); demonstrated readiness of the proposed project to proceed (30%); proposed levels of affordability (15%); extent to which City funds will be leveraged by outside funds as shown by sources and uses budget (10%); and anticipated cash flows as shown by the pro forma (10%). For the evaluation of the proposals received under the RFP, staff formed a Review Panel made- up of senior staff from the Planning and Building Agency, the Community Development Agency, Keyser Marston Associates Inc., and housing staff from the City of Anaheim. The panel met on September 29, 2015 to review the proposals and interview the developer teams. Each proposal was evaluated based on the RFP criteria, with the average scores below: Proposal Average Score Meta Housing Corporation / Santa Ana Arts Collective 95.2 C&C Development / Orange Housing Development Corporation 88.8 Jamboree Housing Corporation 86.8 Mary Erickson Community Housing 56.8 The top-rated proposal, Meta Housing Corporation / Santa Ana Arts Collective, was unanimously recommended by the Review Panel to be submitted to the Community Redevelopment and Housing Commission for award and recommendation to City Council for final approval. Project Description Meta Housing Corporation (Developer) is an affordable housing developer based in Los Angeles, California, whose mission is to enrich the lives of residents and enhance the larger community. Started in 1993, the Developer has a successful track record as an affordable housing developer with over 6,000 residential units developed, including adaptive reuse housing projects, artist colonies, and transit oriented development projects. Meta Housing has already developed successful art communities in Burbank, North Hollywood, San Pedro, and Long Beach. The Developer's projects actively engage their tenants in activities such as, tutoring, wellness, and the arts. Meta Housing Corporation has received national recognition from the National Association of Home Builders, the SAGE Award, and the National Endowment for the Arts. The proposed project, located at 1666 N. Main Street (Exhibit 1), will enhance the connectivity of the Artist Village in the downtown to the arts and cultural institutions on Main Street including the Bowers Museum, Kidseum, Discovery Cube, The Wooden Floor, Orange County School of the Arts, and others. The proposed project, named the Santa Ana Arts Collective would adaptively reuse a late modern five -story office building and site, into a community gallery and affordable family development designed for artists of all disciplines. The proposed project would promote the City's goal of providing long-term affordable housing and meeting the affordable housing goals as identified in the City's Strategic Plan, Housing Element and Consolidated Five Year Plan. 29A-2