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Award of Affordable Housing Funds to AMCAL <br />December 20, 2016 <br />Page 3 <br />available to provide affordable housing in the City of Santa Ana in addition to the remainder of <br />the in -lieu fees expected from the Heritage Village. <br />Project Description <br />AMCAL's proposed project, located at 1440 East First Street in Santa Ana (Exhibit 3), will provide <br />69 units of affordable workforce housing. The residential units will be located within six buildings. <br />The rental units (less one manager's unit) are 100% affordable to family households earning <br />between 30% and 60% of the Area Median Income (AMI). The unit mix currently consists of six <br />four-bedroom units, 28 three-bedroom units and 35 two-bedroom units (one being a manager's <br />unit). Eight of the units will be assisted by the Santa Ana Housing Authority's Project -Based <br />Voucher Program. On-site amenities will include a community room and amenity space including <br />tot lots/play areas for children, outdoor seatting, BBQs, a flex play space and planters. The <br />community room will be incorporated into the development, providing a computer laboratory, <br />kitchen, activity room for resident activities, and office space for property management and social <br />services staff. AMCAL will engage the non-profit organization LifeSTEPS to provide free on-site <br />social services to project tenants. Services will be provided in the form of classes and workshops <br />with the subject matter tailored by a social service coordinator to the specific needs of the <br />community. <br />This pre -commitment of $6,195,000 in Housing Successor Agency funds will require deeper <br />affordability (units affordable to lower-income households at 30% AMI) to ensure the City <br />complies with regulatory requirements from the California Department of Housing and <br />Community Development. The City's Housing Successor Agency funds will be provided by <br />means of a 55 -year City loan carrying a 3 percent interest rate and payable by residual receipts. <br />The loan agreements for these funds will be conveyed to City Council for approval prior to <br />execution in accordance with the funding requirement. Execution of these loan agreement <br />documents will be contingent upon completion of the National Environmental Policy Act (NEPA) <br />and California Environmental Quality Act (CEQA) requirements. <br />STRATEGIC PLAN ALIGNMENT <br />Approval of this item supports the City's efforts to meet Goal #5 - Community Health, Livability, <br />Engagement & Sustainability, Objective #3 (Facilitate diverse housing opportunities and support <br />efforts to preserve and improve the livability of Santa Ana neighborhoods), Strategy C (Provide <br />that Santa Ana residents, employees, artists and veterans receive priority for affordable housing <br />created under the City's Housing Opportunity Ordinance or with City funding to the extent allowed <br />under state law). <br />FISCAL IMPACT <br />Pre -Commitment Loan <br />As noted above the item is a funding commitment for which the City has available in the Low and <br />Moderate Income Housing Asset fund balance $6,195,000. <br />1W <br />