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REQUEST FOR <br />COUNCIL ACTION <br />CITY COUNCIL MEETING DATE: <br />FEBRUARY 21, 2017 <br />TITLE: <br />AVAILABLE FUNDS FOR AFFORDABLE <br />HOUSING DEVELOPMENT PROJECTS <br />(STRATEGIC PLAN NO. 5,3) <br />CItY MANAGER <br />RECOMMENDED ACTION <br />Receive and file. <br />DISCUSSION <br />CLERK OF COUNCIL USE ONLY: <br />El As Recommended <br />❑ As Amended <br />0 Ordinance on 15' Reading <br />© Ordinance on 2A Reading <br />d Implementing Resolution <br />[] Set Public Hearing For v <br />CONTINUED TO <br />FILE NUMBER <br />The City of Santa Ana and Housing Authority acting as the Housing Successor Agency manages <br />multiple sources of local, state and federal funds to promote and facilitate the development of <br />affordable housing. These funding sources are used for the acquisition, rehabilitation, and new <br />construction of affordable housing units that carry long-term affordability requirements and <br />restrictions. Funding is loaned to developers in the form of low interest bearing gap financing <br />payable to the City or Housing Authority via residual receipts over a 55-year period. Developers <br />may utilize this gap financing to compete for 9% or request 4% Low Income Housing Tax Credits <br />from the State of California. Since 2009, the City of Santa Ana has provided funding for 16 <br />affordable housing projects which has facilitated the development of 550 affordable units for <br />Santa Ana's community. A complete list of multi -family affordable housing development projects <br />since 2009 is provided as Exhibit 1. <br />The affordable housing development funds include Housing Successor Agency, Inclusionary <br />Housing, HOME Investment Partnerships Program and Community Development Block Grant <br />funds. A detailed explanation of the restrictions and uses of each type of fund can be found in <br />Exhibit 2. Following is a general description of each of the funds available for affordable housing <br />development as of February 14, 2017. Available balances include City Council approved <br />commitments and proposed commitments. A detailed account of available funds for affordable <br />housing development projects is provided in Exhibit 3. <br />19G-1 <br />