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REQUEST FOR <br />COUNCIL ACTION <br />CITY COUNCIL MEETING DATE: <br />JUNE 6, 2017 <br />TITLE: <br />DISCUSSION ON FOUR AFFORDABLE <br />HOUSING DEVELOPMENT PROJECTS <br />AND OPTIONS FOR CITY FINANCIAL <br />ASSISTANCE <br />(STRATEGIC PLAN NO. 5,3C) <br />zvv - X'3 <br />INTER CITY MANAG <br />RECOMMENDED ACTION <br />CLERK OF COUNCIL USE ONLY: <br />APPROVED <br />❑ As Recommended <br />❑ As Amended <br />❑ Ordinance on 1`' Reading <br />❑ Ordinance on od Reading <br />❑ Implementing Resolution <br />❑ Set Public Hearing For <br />CONTINUED TO <br />FILE NUMBER <br />As recommended by the Ad Hoc Committee, discuss the various Affordable Housing <br />Development projects requesting City financial assistance and seek City Council direction on <br />the allocation of current and available affordable housing development funds. Following are <br />options for City Council discussion and consideration: <br />A) Santa Ana Arts Collective, Meta Housing Corporation: <br />Option #1: Amend the project's original award by an additional amount up to $2.9 <br />million per Keyser Marston Associates gap analysis report. <br />Option #2: Amend the project's original award by an additional amount up to <br />$1,481,215, per CSG Advisors gap analysis report. City financial <br />assistance to be negotiated by CSG Advisors and Meta Housing. <br />Option #3: Take no additional action to fund the project at this time. <br />B) First Street Apartments, AMCAL Multi -Housing: <br />Option #1: Award of affordable housing development funds for an amount up to <br />$8,522,740, per CSG Advisors gap analysis report. <br />Option #2: Award of affordable housing development funds for an amount up to <br />$8,795,000, per Keyser Marston Associates gap analysis report. <br />65A-1 <br />