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Discussion on Four Affordable Housing Development Projects and Options for City Financial <br />Assistance June 1, 2017 <br />Page 2 <br />Option #3: Take no additional action to fund the project at this time. <br />C) Aqua Housing, Community Development Partners: <br />Option #1: Amend the original project award with an additional 31 project -based <br />vouchers. <br />Option #2: Take no additional action to fund the project at this time. <br />D) Tiny Tim Plaza, Community Development Partners: <br />Option #1: Commit to a future award of affordable housing funds for an amount up to <br />$11.7 million per CSG Advisors gap analysis report. Award of funds to <br />follow the approval of the project by the Planning Commission and City <br />Council pending'the availability of funds. <br />Option #2: Take no action to fund the project at this time. <br />2. Direct staff to prepare the necessary commitment letters and loan documents for City Council <br />consideration at the June 20, 2017 City Council meeting or other future date. <br />3. Direct staff to develop a policy and criteria for the allocation of future affordable housing <br />development funds. <br />STAFF RECOMMENDATION <br />Staff recommends the approval of items 1A option 1, 1B option 1, 1C option 1, 1D option 1, and <br />items 2 and 3. <br />DISCUSSION <br />On February 21, 2017, City Council established an Ad Hoc Committee to provide <br />recommendations on how to move forward on affordable housing development projects in the <br />queue and to return to the City Council with options for consideration. The Ad Hoc Committee <br />met on February 28, and requested that staff seek the assistance of CSG Advisors, an <br />independent affordable housing development finance firm, to prepare: <br />• A second opinion financial gap analysis for the Santa Ana Arts Collective and First Street <br />Apartments projects to compare to the previously completed financial gap analysis reports <br />prepared by Keyser Marston Associates (KMA), and <br />• Financial gap analysis reports on Aqua Housing and Tiny Time Plaza affordable housing <br />development projects seeking City financial assistance. <br />65A-2 <br />