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Housing Successor Annual Report FY 2016-17 <br />December 19, 2017 <br />Page 2 <br />During FY 16-17, the Housing Authority Board approved a pre -loan commitment of $8,522,740 <br />from the LMIHAF for the First Street Apartments project to be located at 1440 E. 1st Street. With <br />the pre -commitment, AMCAL Multi -Housing, Inc., the developer, was successful in applying for <br />and being awarded 9% low-income housing tax credits and was able to secure all necessary <br />financing and funding for the construction and operation of the project. Upon completion, this <br />project will provide 69 units of affordable workforce housing. <br />At the close of the fiscal year, the Housing Authority owned four developable sites as listed in <br />Section VII of the report (Exhibit 1). The development of a policy to allocate housing <br />development funds and criteria for selection of projects began in FY 16-17. The adoption by City <br />Council and Housing Authority of this policy is anticipated during the current fiscal year, and will <br />enable staff to initiate a request for proposals for the development and/or sale of these real <br />properties. <br />STRATEGIC PLAN ALIGNMENT <br />Approval of this item supports the City's efforts to meet Goal #5 — Community Health, Livability, <br />Engagement & Sustainability, Objective #1, Establish a comprehensive community engagement <br />initiative to expand access to information and create opportunities for stakeholders to play an <br />active role in discussing public policy and setting priorities. <br />FISCAL IMPACT <br />There is no fiscal impact associated with this action. <br />Robert M. Zur S h iede <br />Interim Executive ctor <br />Community Development Agency <br />SG/tg <br />Exhibit: 1. Housing Successor Annual Report FY 2016-17 <br />80A-2 <br />