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Discussion on Affordable Housing Development Projects, Approval of City Financial Assistance, <br />and Approval of Appropriation Adjustment <br />June 20, 2017 <br />Page 2 <br /> <br /> <br />C) Aqua Housing, Community Development Partners: <br /> <br />Option #1: Amend the original project award with an additional 31 project-based <br />vouchers. <br /> <br />Option #2: Take no additional action to fund the project at this time. <br /> <br />D) Tiny Tim Plaza, Community Development Partners: <br /> <br />Option #1: Commit to a future award of affordable housing funds for an amount of $6 <br />million up to $11.7 million per CSG Advisors gap analysis report. Award of <br />funds to follow the approval of the project by the Planning Commission and <br />City Council pending the availability of funds. <br /> <br />Option #2: Take no action to fund the project at this time. <br /> <br />JOINT RECOMMENDED ACTIONS: <br /> <br />1. Staff recommends the approval of option A1, option B1, option C1, and option D1. <br /> <br />2. Direct staff to develop a policy and criteria for the allocation of future affordable housing <br />development funds. <br /> <br />3. Approve a conditional pre-loan commitment, pending the approval of the Site Plan Review by <br />the Planning Commission and City Council for the Tiny Tim Plaza project, as follow: <br /> <br /> <br />Housing City Council - <br /> <br />Development Project Successor Inclusionary <br /> <br />Agency Funds Housing Funds <br /> <br />Tiny Tim Plaza $4,700,000 $1,300,000 <br /> <br /> <br />CITY COUNCIL ACTIONS: <br /> <br />1. Staff recommends the approval of the following actions regarding loan documents and <br />commitment letters: <br /> <br />a. Direct staff to amend the Inclusionary Housing loan agreement for the Santa Ana Arts <br />Collective project for an additional amount not to exceed $2,900,000 in Inclusionary <br />Housing funds and provide for City Council consideration at the July 5, 2017 meeting. <br /> <br />2. Approve an appropriation adjustment. (Requires five affirmative votes). <br /> <br /> <br />