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80A - JOINT - LOAN AGMT AMCAL
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80A - JOINT - LOAN AGMT AMCAL
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Last modified
2/2/2017 4:09:44 PM
Creation date
2/2/2017 3:55:17 PM
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City Clerk
Doc Type
Agenda Packet
Agency
Community Development
Item #
80A
Date
2/7/2017
Destruction Year
2022
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LOAN AGREEMENT <br />INCLUSIONARY HOUSING PROGRAM <br />THIS LOAN AGREEMENT (the "Agreement ") dated, for identification purposes only, <br />as of February _, 2017, is made and entered into by and between the City of Santa Ana, a <br />charter city and municipal corporation ( "City "), and AMCAL 1440 Santa Ana Fund, L.P., a <br />California limited partnership ( "Developer ") with reference to the following: <br />RECITALS: <br />A. The City's Housing Opportunity Ordinance ( "Ordinance ") was originally adopted <br />by the City Council on November 28, 2011 (Ordinance No. NS- 2825), and is codified in Article <br />XVIII.I of the Santa Ana Municipal Code ( "SAMC "). The Ordinance was amended by the City <br />Council on September 1, 2015 (Ordinance No. NS- 2881), and on October 6, 2015 (Ordinance <br />No. NS- 2885). The Ordinance established standards and procedures to encourage the <br />development of housing that is affordable to a range of households with varying income levels. <br />Pursuant to SAMC section 41- 1904(c), developers may pay an in -lieu fee in certain instances to <br />satisfy the inclusionary requirements. These funds are deposited into the Inclusionary Housing <br />Fund, as defined by SAMC section 41 -1901, and are to be used to increase and improve the <br />supply of affordable housing per SAMC section 41 -1909. <br />B. Developer requested financial assistance in connection with the proposed <br />development of a sixty -nine (69) unit affordable workforce housing complex ( "Project ") to be <br />located at 1440 East First Street, Santa Ana, California, and legally described within Exhibit A <br />attached hereto and incorporated herein ( "Property "). The residential units will be located within <br />six (6) buildings. The rental units (less one manager's unit) are 100% affordable to family <br />households earning between 30% and 60% of the Area Median Income ( "AMI "). The unit mix <br />currently consists of six (6) four - bedroom units, twenty -eight (28) three- bedroom units, and <br />thirty -five (35) two- bedroom units (one being a manager's unit). Eight (8) of the units will be <br />assisted by the Santa Ana Housing Authority's Project -Based Voucher Program. On -site <br />amenities will include a community room and amenity space including tot lots /play areas for <br />children, outdoor seating, BBQ's, 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. <br />Developer will engage a qualified non - profit organization approved by the City (of which <br />LifeSTEPS is hereby approved by the City) to provide free on -site social services to Project <br />tenants. Services will be provided in the form of classes and workshops with the subject matter <br />tailored by a social service coordinator to the specific needs of the community. <br />C. The City reviewed Developer's request for assistance and at the City Council <br />meeting on December 20, 2016, the City Council authorized and approved issuance of a <br />conditional, pre - commitment letter evidencing the preliminary award of $2,600,000 of funds to <br />the Project ( "Inclusionary Loan "), to be funded exclusively from inclusionary housing in -lieu fee <br />2 <br />.1 <br />
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