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80A. JOINT ITEM - DISCUSSION ON AFFORDABLE HOUSING DEVELOPMENT PROJECTS, APPROVAL OF CITY FINANCIAL ASSISTANCE, AND APPROVAL OF APPROPRIATION ADJUSTMENT {STRATEGIC PLAN NO. 5, 3C} - Community Development Item continued from the June 6, 2017 City Council Meeting by a 5-0 vote (Benavides and Sarmiento absent). OPTIONS FOR CITY COUNCIL CONSIDERATION: As recommended by the Ad Hoc Committee, discuss the various Affordable Housing Development projects requesting City financial assistance and seek City Council direction on the allocation of current and available affordable housing development funds. Following are options for City Council discussion and consideration: A) Santa Ana Arts Collective, Meta Housing Corporation: Option #1: Amend the project's original award by an additional amount up to $2.9 million per Keyser Marston Associates gap analysis report. Option #2: Amend the project's original award by an additional amount up to $1,481,215, per CSG Advisors gap analysis report. City financial assistance to be negotiated by CSG Advisors and Meta Housing. Option #3: Take no additional action to fund the project at this time. B) First Street Apartments, AMCAL Multi -Housing: Option #1: Award of affordable housing development funds for an amount up to $8,522,740, per CSG Advisors gap analysis report. Option #2: Award of affordable housing development funds for an amount up to $8,795,000, per Keyser Marston Associates gap analysis report. Option #3: Take no additional action to fund the project at this time. C) Aqua Housing, Community Development Partners: Option #1: Amend the original project award with an additional 31 project -based vouchers. Option #2: Take no additional action to fund the project at this time. D) Tiny Tim Plaza, Community Development Partners: CITY COUNCIL MINUTES 24 JUNE 20, 2017