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Discussion on Affordable Housing Development Projects, Approval of City Financial Assistance, and Approval of Appropriation Adjustment June 20, 2017 Page 3 APPROPRIATION ADJUSTMENT NO. 2017-148 - Recognizing the Inclusionary Housing Fund balance in the amount of $4,200,000 in revenue account (no. 41718002-50001) and appropriating same to the Inclusionary Housing Fund's Loans and Grants expenditure account no. (41718820-69152) for the Santa Ana Arts Collective project and conditional pre -loan commitment for the Tiny Tim Plaza project. HOUSING AUTHORITY ACTIONS: 1. Staff recommends the approval of the following actions regarding loan documents and commitment letters: Approve a pre -loan commitment in an amount not to exceed $8,522,740 for the First Street Apartments project. Approve an award of 31 additional project based vouchers to Community Development Partners with Mercy Housing Living Centers as the service provider for the Aqua Housing project and authorize the Executive Director of the Housing Authority to execute an amendment to the Agreement to Enter into a Project -Based Vouchers Housing Assistance Payments contract for an additional 31 vouchers for the Aqua Housing project. 3. Approve an appropriation adjustment. (Requires five affirmative votes). APPROPRIATION ADJUSTMENT NO. 2017-149 - Recognizing the Housing Successor Agency's fund balance in the amount of $8,633,785 in revenue account no. (60718002-50001) and appropriating same to the Low and Moderate Income Housing Asset Fund's Loans and Grants expenditure account no. (60718830-69152) for the First Street Apartments project's pre -loan commitment and conditional pre -loan commitment for the Tiny Tim Plaza project. On February 21, 2017, City Council established an Ad Hoc Committee to provide recommendations on how to move forward on affordable housing development projects in the queue and to return to the City Council with options for consideration. The Ad Hoc Committee met on February 28, and requested that staff seek the assistance of CSG Advisors, an independent affordable housing development finance firm, to prepare: A second opinion financial gap analysis for the Santa Ana Arts Collective and First Street Apartments projects to compare to the previously completed financial gap analysis reports prepared by Keyser Marston Associates (KMA), and • I .