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fees in phases, First Street Apartments needs the funding requested today. The City funding of <br />MfM $8.795 million ($2.6 million from The Heritage and $6.195 million from the City) is needed to make <br />the tax credit application 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 Apartments cannot go <br />forward. <br />First Street Apartments are also part of a vital revitalization effort to develop residential uses along <br />the First Street corridor— an important gateway for the City of Santa Ana. The local residents <br />deserve to be a part of this gateway and not be priced out by market rate projects in our City. <br />Santa Ana residents can't afford to live in the newer market rate housing developed in Santa Ana. <br />For example, at Nineteen 01, a luxury apartment community located down the street from First <br />Street Apartments, the rent for a two bedroom apartment ranges from $2,700 to $4,100 per <br />month, which 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 necessary at this point in <br />time and we ask for you to act now in support of this important development. <br />Please do not hesitate to contact me at brodriauez@affordable-housing.ora with any questions. <br />Sincerely, <br />Brenda J. Rodriguez <br />Executive Director <br />