55G - RESO - AFFORDABLE HOUSING PROGRAM

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Resolution — AHSC Program Application June 7, 2016 Page 2 The AHSC Loan will be for the Santa Ana Arts Collective project (Project), which will adaptively reuse an existing commercial building at 1666 N. Main Street in Santa Ana with new construction to develop a mixed -use, multi - family affordable housing community consisting of 57 affordable units, with a community arts gallery, an art garden on the ground floor, a maker space, digital and media lab, music room, performing arts room, and activity programs (Exhibit 1). The Project will be one of the first projects under the City's new adaptive reuse ordinance and the first affordable housing complex with an artist preference. The AHSC Grant will be for the development's STI and TRA portion of the project which is a bicycle boulevard treatment along Bush Street between 17th Street and Civic Center Drive. A bicycle boulevard provides a bicycle friendly low- stress alternative to Main Street and a crucial connection to Downtown Santa Ana. If awarded funding from the State for the AHSC Grant, staff will recommend to City Council to acknowledge the grant funds and enter into a contract with Meta Housing Corporation to utilize the grant funds to construct the transportation related infrastructure for the Santa Ana Arts Collective Project, subject to non - substantive changes approved by the City Manager and City Attorney. The Project proposal is consistent with the goals set forth in the Southern California Association of Government's 2012 -2035 Regional Transportation Plan /Sustainable Communities Strategy, which places great importance on sustainable and smart growth, as well as the interconnectivity of land use and transportation planning. On November 3, 2015, the City Council awarded a pre -loan commitment to the Developer of Inclusionary Housing Funds, Community Development Block Grant (CDBG) and HOME Investment Partnership Program (HOME) funds, not to exceed $4,635,000. In February 2016, City Council approved the loan agreement for the Inclusionary Housing Funds and CDBG funds with affordable housing restrictions in place for fifty -five years. The Santa Ana Arts Collective Project was approved by the Planning Commission on May 9, 2016 with approval of Variance No. 2016 -04. On June 7, 2016, the City Council will receive and file the Planning Commission's approval. STRATEGIC PLAN ALIGNMENT Approval of this item assists the City in meeting Goal #5 - Community Health, Livability, Engagement & Sustainability, Objective #3 (Facilitate diverse housing opportunities and support efforts to preserve and improve the livability of Santa Ana neighborhoods) and Objective #6 (Focus projects and programs on improving the health and wellness of all residents). FISCAL IMPACT There are no fiscal impacts associated with this item at this time. Contingent on the award of funds, the resolution authorizes the City Manager to enter into a Standard Agreement with the 55G -2