19D - QRTLY RPT HOUSING DIVISION

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Quarterly Report for Housing Division February 7, 2017 Page 4 Habitat for Humanity of Orange County Permits for the construction of five homes located at 4010 - 4026 E. McFadden Street were issued in November and construction commenced in December. Once completed, the homes will be sold to qualified low- and moderate - income homebuyers. Depot at Santiago (New 70 -Unit Affordable Rental Housing Development) Construction commenced in April 2016 and the retaining walls and podium columns are nearly complete. The project is expected to be completed in the Fall of 2017. Andalucia Apartments (New 70 -Unit Affordable Rental Housing Development) The exterior of all of the buildings is complete and the unit interiors are about 75% complete. The site work is still underway. The project is expected to be completed by the beginning of March 2017. Santa Ana Arts Collective (Adaptive Reuse for 57 Units of Affordable Rental Housing) The Developer, Meta Housing Corporation, was awarded funds through a Request for Proposal (RFP) process to acquire and develop 57 affordable rental housing units with a preference for applicants who are artists and working artist families within Santa Ana. The Developer has completed the entitlement process. The project was awarded and accepted 9% Tax Credits in December 2016. On December 14, 2016, the City received a letter from Meta Housing Corporation requesting the City to commit $3.1 million in additional City funds to fill a shortfall they are projecting for their financing due to the unanticipated nationwide fluctuation in the Low - Income Housing Tax Credit equity market. Staff is currently researching this request and will bring forward a recommendation at a later date. The Orchard (Rehabilitation of 71 Units of Affordable Rental Housing) The Developer, Community Development Partners and Mercy House, was awarded funds through two Request for Proposal (RFP) processes to acquire and rehabilitate a former motel on First Street into 71 units of permanent supportive housing for homeless individuals. The Developer was successful in obtaining tax credits and affordable housing bonds, and is anticipated to start construction during this quarter. First Street Apartments (New 69 -Unit Affordable Rental Housing Development) On April 19, 2016, City Council approved an award of inclusionary housing in -lieu fees to the Developer, AMCAL Multi- Housing LLC, for the First Street Apartments project and approved a conditional loan commitment letter of $8,795,000 that will be contingent on the City's actual receipt of in -lieu fee payments of $9,695,725.60, or a portion thereof, or a cash equivalent to the in -lieu fee payments from the Heritage Village OC, LLC. On December 20, 2016, City Council approved a pre- commitment letter of $6,195,000 in Housing Successor Agency funds to AMCAL Multi- Housing for the project to bridge $2,600,000 of inclusionary housing in -lieu fees anticipated to be received from Heritage Village for the first phase. 19D-4