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Aqua Apartments — TEFRA Hearing December 19, 2017 Page 2 which includes the management and services offices along 17th street, in the commercial zoned section of the property. Buildings are connected by a catwalk and serviced by an elevator. Interior units will be improved with energy efficient appliances, low -flow plumbing fixtures, solid surface countertops, vinyl plank flooring, A/C and heat. The owner will pay utilities and common area laundry will be provided. The project will be financed through 4% federal low-income housing tax credit equity, permanent hard debt, Affordable Housing Program funds and deferred developer fee. Fifty-six Project -Based Vouchers (PBVs) from the Santa Ana Housing Authority have been awarded, which will insure all residents have rental assistance and pay no more than 30% of their income. Mercy House and the property management company will follow a Housing First model and make every effort to help applicants get approved for and then maintain housing. Mercy House will take applicant referrals from the Coordinated Entry System and work with applicants to secure housing. The Project received site plan / design review approval on June 20, 2017, and anticipates 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 $30,000,000 (the "Bonds") for the acquisition, rehabilitation, improvement and equipping of a 57 -unit multifamily rental housing project located at 317 East 17th Street, Santa Ana, California, generally known as Aqua 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. 75C-2