80A - JOINT -AFFORDABLE HOUSING - Laserfiche WebLink

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Discussion on Affordable Housing Development Projects, Approval of City Financial Assistance, and Approval of Appropriation Adjustment June 20, 2017 Page 7 activities, the currently available affordable housing development funds amount is $18,661,468. This value includes Housing Successor Agency, Inclusionary Housing, HOME program and CDBG available funds as detailed in Exhibit 1. In addition, staff estimates that the City will receive future Inclusionary Housing Funds from the Heritage Project (est. $9.7M) and 421 N. Harbor Blvd mixed use market -rate development project (est. $717,388). The future sale of Housing Successor Agency properties (four developable sites) may generate an estimated $4 million. Lastly, the allocation of 2017-18 CDBG funds for multi -family housing will provide an additional $300,000 and is dependent on the allocation of federal funds. STRATEGIC PLAN ALIGNMENT Approval of this item supports the City's efforts to meet Goal #5 - Community Health, Livability, Engagement & Sustainability, Objective #3 (Facilitate diverse housing opportunities and support efforts to preserve and improve the livability of Santa Ana neighborhoods), Strategy C (Provide that Santa Ana residents, employees, artists and veterans receive priority for affordable housing created under the City's Housing Opportunity Ordinance or with City funding to the extent allowed under state law). FISCAL IMPACT Approval of the City Council appropriation adjustment will recognize $4,200,000 in the Inclusionary Housing Fund's revenue account (no. 41718002-50001) and increase the Loan and Grants expenditure account no. (41718820-69152) by the same amount in the FY 2016-17 budget, for the Santa Ana Arts Collective project and a portion of the conditional pre -loan commitment for the Tiny Tim Plaza project. Both loans from the Inclusionary Housing Fund are estimated to be fully expended in FY 2017-18, pending changes to the project schedules for both projects. Funds in the amount of $4,588,955 are available in the Low and Moderate Income Housing Asset Fund, Loans and Grants account (no. 60718830-69152) for a portion of the pre -loan commitment for the First Street Apartments project. Approval of the Housing Authority appropriation adjustment will recognize $8,633,785 in the Low and Moderate Income Housing Asset Fund's revenue account (no. 60718002-50001) and increase the Loan and Grants expenditure account no. (60718830-69152) by the same amount in the FY 2016-17 budget, for the remaining First Street Apartments project commitment and the Tiny Tim Plaza project conditional pre -loan commitment. Both loans from the Low and Moderate Income Housing Asset Fund are estimated to be fully expended in FY 2017-18, pending changes to the project schedules for both projects. 80A-7