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REPORTS <br />65A. DISCUSSION ON FOUR AFFORDABLE HOUSING DEVELOPMENT <br />PROJECTS AND OPTIONS FOR CITY FINANCIAL ASSISTANCE <br />{STRATEGIC PLAN NO. 5, 3C) - Community Development Agency <br />OPTIONS FOR CITY COUNCIL CONSIDERATION: <br />As recommended by the Ad Hoc Committee, discuss the various Affordable <br />Housing Development projects requesting City financial assistance and seek <br />City Council direction on the allocation of current and available affordable <br />housing development funds. Following are options for City Council discussion <br />and consideration: <br />A) Santa Ana Arts Collective, Meta Housing Corporation: <br />Option #1: Amend the project's original award by an additional amount <br />up to $2.9 million per Keyser Marston Associates gap <br />analysis report. <br />Option #2: Amend the project's original award by an additional amount <br />up to $1,481,215, per CSG Advisors gap analysis report. City <br />financial assistance to be negotiated by CSG Advisors and <br />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 <br />amount up to $8,522,740, per CSG Advisors gap analysis <br />report. <br />Option #2: Award of affordable housing development funds for an <br />amount up to $8,795,000, per Keyser Marston Associates <br />gap analysis report. <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 <br />project -based vouchers. <br />Option #2: Take no additional action to fund the project at this time. <br />D) Tiny Tim Plaza, Community Development Partners: <br />CITY COUNCIL MINUTES 15 JUNE 6, 2017 <br />10A-15 <br />