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City with unanimous approval from the Planning Commission and City Council. We <br />also know that First Street Apartments was approved by the City Council as a <br />companion project of the Heritage to meet the requirements of the Housing <br />Opportunity Ordinance. As a result of The Heritage receiving recent approval to pay <br />the in -lieu fees in phases, First Street Apartments needs the funding requested <br />today. The City funding of $8.795 million ($2.6 million from The Heritage and <br />$6.195 million from the City) ' is needed to make the tax credit application <br />competitive for an award, similar to past projects funded by the City. <br />Without the necessary funding from the City of Santa Ana, First Street <br />Apartments cannot go forward. <br />First Street Apts are also part of a key revitalization effort to develop residential <br />uses along the First Street corridor - an important gateway for the City of Santa Ana. <br />Our local residents deserve to be a part of this gateway and not be priced out by <br />market rate projects in our City. Our residents can't afford to lieu in the newer <br />market rate housing developed in Santa Ana. For example, at Nineteen 01, a luxury <br />apartment community located down the street from First Street Apartments, the <br />rent for a two bedroom apartment ranges from $2,700 to $4;100 per month, which <br />is disheartening because none of our families can even come close to afford it. <br />AMCAL's proposal will provide greatly needed, high quality housing that is needed <br />at this point in time and we ask for you to act now in support of this important <br />development: <br />Please do not hesitate to contact me with any questions. <br />Sincerely, <br />S yed <br />xecutive Olrector <br />