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Tiny Tim Apartments — TEFRA Hearing December 19, 2017 Page 2 Interior units will be serviced by an elevator and improved with energy efficient appliances, low - flow plumbing fixtures, solid surface countertops, vinyl plank flooring, A/C and heat. The project will be financed through 4% federal low-income housing tax credit equity, permanent hard debt, a loan from the City of Santa Ana, Affordable Housing and Sustainable Communities Grant funds, Infill Infrastructure Grant funds, and deferred developer fee. The Project anticipates receiving site plan / design review approval on December 19th, 2017, an award of low-income housing tax credits in June 2018 in order for construction to start in October 2019 and the project to be completed in January 2020. DISCUSSION Community Development Partners (the "Developer"), consisting at least of the Developer or a related person to the Developer and one or more limited partners, has requested that CSCDA adopt a plan of financing providing for the issuance of one or more series of revenue bonds issued from time to time, including bonds issued to refund such revenue bonds in one or more series from time to time, in an aggregate principal amount not to exceed $27,000,000 (the "Bonds") for the acquisition, construction, improvement and equipping of a 51 -unit multifamily rental housing project located at 2223 West Fifth Street, Santa Ana, California, generally known as Tiny Tim Apartments. However, in order for all or a portion of the Bonds to qualify as tax-exempt bonds, the City of Santa Ana must conduct a public hearing (the "TEFRA Hearing") providing for the members of the community an opportunity to speak in favor of or against the use of tax-exempt bonds for the financing of the Project. Following the close of the TEFRA Hearing, an "applicable elected representative" of the governmental unit hosting the Project, in this case the City, must provide its approval of the issuance of the Bonds by the Authority for the refinancing of the Project. The bonds to be issued by the Authority are the sole responsibility of the borrower. The City has no financial or legal liability for the project or repayment of the bonds and does not constitute any type of indebtedness for the City. In addition, this TEFRA Hearing and the adoption of the Resolution shall not obligate the City or any department thereof to (i) provide any financing to acquire or construct the Project or any refinancing of the Project; (ii) approve any application or request for or take any other action in connection with any planning approval, permit or other action necessary for the acquisition, construction, rehabilitation, installation or operation of the Project; (iii) make any contribution or advance any funds whatsoever to the Authority; or (iv) take any further action with respect to the Authority or its membership therein. In general, this action by the City of Santa Ana will not obligate the City or any department thereof to undertake any discretionary action related to the development of the project. California Statewide Communities Development Authority CSCDA is a joint powers authority sponsored by the League of California Cities ("League") and the California State Association of Counties ("CSAC"). CSCDA was created by the League and CSAC in 1988 to enable local government and eligible private entities access to low-cost, tax-exempt financing for projects that provide a tangible public benefit, contribute to social and economic growth and 75B-2