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Quarterly Report for Housing Division <br />May 2, 2017 <br />Page 4 <br />Development Projects <br />NSP 1, 2 and 3 Programs <br />The City's intermediaries, ANR Industries, Orange Housing Development Corporation, and C &C <br />Development, continue to look for eligible properties for this program. <br />Habitat for Humanity of Orange County <br />Permits for the construction of five homes located at 4010 - 4026 E. McFadden Street were <br />issued in November and construction commenced in December. Once completed, the homes will <br />be sold to qualified low and moderate income homebuyers. <br />Depot at Santiago (New 70 -Unit Affordable Rental Housing Development) <br />Construction commenced in April 2016 and the first floor framing is underway. The project is <br />expected to be completed in November of 2017. <br />Andalucia Apartments (New 70 -Unit Affordable Rental Housing Development) <br />Construction was completed in March and qualified tenants started moving in shortly thereafter. <br />The project is expected to be fully occupied by the end of April. <br />The Orchard (Rehabilitation of 71 Units of Affordable Rental Housing) <br />The Developer, Community Development Partners and Mercy House, was awarded funds <br />through two Request for Proposals (RFP) processes to acquire and rehabilitate a former motel on <br />First Street into 71 units of permanent supportive housing for homeless individuals. Construction <br />commenced in January and is approximately 10% complete. <br />Santa Ana Arts Collective (Adaptive Reuse for 57 Units of Affordable Rental Housing) <br />The developer, Meta Housing Corporation, was awarded funds through a Request for Proposals <br />(RFP) process to acquire and develop 57 affordable rental housing units with a preference for <br />applicants who are artists and working artist families within Santa Ana. The Developer has <br />completed the entitlement process. The project was awarded and accepted 9% Tax Credits in <br />December 2016. On December 14, 2016, the City received a letter from Meta Housing <br />Corporation requesting the City to commit $3.1 million in additional City funds to fill a shortfall <br />they are projecting for their financing due to the unanticipated nationwide fluctuation in the Low - <br />Income Housing Tax Credit equity market. As an alternative, Meta Housing Corporation <br />submitted an application to the State of California Tax Credit Allocation Committee (TCAC) for a <br />proposed hybrid 4 %/9% model to reduce their financing gap. On April 13, TCAC formally <br />declined the request for additional credits under the hybrid Low Income Housing Tax Credit <br />(LIHTC) structure. Staff is currently researching the request from December 14, 2016 and will <br />bring forward a recommendation at a later date. <br />First Street Apartments (New 69 -Unit Affordable Rental Housing Development) <br />On April 19, 2016, City Council approved an award of inclusionary housing in -lieu fees to the <br />Developer, AMCAL Multi- Housing LLC, for the First Street Apartments project and approved a <br />conditional loan commitment letter of $8,795,000 that will be contingent on the City's actual <br />191 -4 <br />