|
Loan Agreements with AMCAL Multi- Housing, Inc. and Appropriation Adjustments
<br />February 7, 2017
<br />Page 3
<br />one manager's unit) are 100% affordable to family households earning between 30% and 60% of
<br />the Area Median Income (AMI). The unit mix currently consists of six four - bedroom units, 28
<br />three - bedroom units and 35 two - bedroom units (one being a manager's unit). Eight of the units
<br />will be assisted by the Santa Ana Housing Authority's Project -Based Voucher Program.
<br />The unit mix and affordabilitv restrictions are as follows:
<br />On -site amenities will include a community room and amenity space including tot lots /play areas
<br />for children, outdoor seating, BBQs, a flex play space and planters. The community room will be
<br />incorporated into the development, providing a computer laboratory, kitchen, activity room for
<br />resident activities, and office space for property management and social services staff. AMCAL
<br />will engage the non - profit organization LifeSTEPS to provide free on -site social services to
<br />project tenants. Services will be provided in the form of classes and workshops with the subject
<br />matter tailored by a social service coordinator to the specific needs of the community.
<br />The City's inclusionary housing funds will be provided by means of a 55 -year City loan carrying a
<br />three percent interest rate and payable by residual receipts. The Housing Successor Agency
<br />funds will also be provided by means of a 55 -year loan carrying a three percent interest rate and
<br />payable by residual receipts.
<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 />Upon actual receipt of the funds, approval of the appropriation adjustment will recognize
<br />$2,600,000 in the Inclusionary Housing Fund revenue account no. (41718002- 57896) and
<br />increase the Inclusionary Housing Fund Loans and Grant account no. (41718820- 69152) by the
<br />same amount in the FY 2016 -17 budget. The $2,600,000 loan amount will be encumbered in FY
<br />2016 -17, but anticipated expenditure will most likely occur in FY 2017 -18.
<br />• I .
<br />30% AMI
<br />36 9 AMI
<br />40% AMI
<br />46% AMI
<br />60% AMI
<br />60% AMI
<br />Unit Size
<br />No. Units
<br />Proposed
<br />Proposed
<br />Proposed
<br />Proposed
<br />Proposed
<br />Proposed
<br />Total
<br />Rent
<br />No. Units
<br />Rent
<br />No. Units
<br />Rent
<br />No. Units
<br />Rent
<br />No. Units
<br />Rent
<br />No. Units
<br />Rent
<br />Two
<br />29
<br />$ 604
<br />0
<br />0
<br />0
<br />4
<br />$ 1,043
<br />1
<br />$ 1,263
<br />34
<br />Bedroom
<br />Three
<br />4
<br />$ 700
<br />0
<br />0
<br />—
<br />0
<br />--
<br />17
<br />$ 1,207
<br />7
<br />$ 1,461
<br />28
<br />Bedroom
<br />Four
<br />1
<br />$ 780
<br />0
<br />--
<br />0
<br />—
<br />0
<br />--
<br />0
<br />$ 1,345
<br />5
<br />$ 1,628
<br />6
<br />Bedroom
<br />Total
<br />34
<br />21
<br />13
<br />68
<br />1. The one two - bedroom Manager's Unit is not included,
<br />2. Rents are based on the most current 2016 rents published by the Tax Credit Allocation Committee, Utility Allowances are deducted from rents using the following
<br />amounts per the Califomia Utility Allowance Calculator (CUAC)', $54 for 2 Bdmt units; $60 for 3 Bdrm units; $68 for 4 Bdrm units.
<br />On -site amenities will include a community room and amenity space including tot lots /play areas
<br />for children, outdoor seating, BBQs, a flex play space and planters. The community room will be
<br />incorporated into the development, providing a computer laboratory, kitchen, activity room for
<br />resident activities, and office space for property management and social services staff. AMCAL
<br />will engage the non - profit organization LifeSTEPS to provide free on -site social services to
<br />project tenants. Services will be provided in the form of classes and workshops with the subject
<br />matter tailored by a social service coordinator to the specific needs of the community.
<br />The City's inclusionary housing funds will be provided by means of a 55 -year City loan carrying a
<br />three percent interest rate and payable by residual receipts. The Housing Successor Agency
<br />funds will also be provided by means of a 55 -year loan carrying a three percent interest rate and
<br />payable by residual receipts.
<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 />Upon actual receipt of the funds, approval of the appropriation adjustment will recognize
<br />$2,600,000 in the Inclusionary Housing Fund revenue account no. (41718002- 57896) and
<br />increase the Inclusionary Housing Fund Loans and Grant account no. (41718820- 69152) by the
<br />same amount in the FY 2016 -17 budget. The $2,600,000 loan amount will be encumbered in FY
<br />2016 -17, but anticipated expenditure will most likely occur in FY 2017 -18.
<br />• I .
<br />
|