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Amendments to Promissory Notes with C&C Development Company and Orange Housing <br />Development Corporation <br />March 6, 2018 <br />Page 4 <br />management fee of gross rents and the current management fees would result in an annual <br />increase of approximately $48,800 for the six properties as a whole (Exhibt 2). <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 # 3 (Facilitate diverse housing opportunities and support <br />efforts to preserve and improve the livability of Santa Ana neighborhoods). <br />FISCAL IMPACT <br />The proposed increase would raise property management fees for the six properties and <br />decrease the amount of residual receipts payable to the City and/or Housing Authority as the <br />Successor Housing Agency under the City's / Agency's Loan Agreements for each property. The <br />financial impact on the amount of residual receipts fluctuates from year to year based on various <br />factors which impact exactly how much the residual receipts would decrease for these six loans. <br />However, it is anticipated that the HOME Investment Partnership Program, Neighborhood <br />Stabilization Program, and Successor Housing Agency principal and interest repayment revenue <br />accounts (no. 13018002-56900, 13018002-56901, 14218002-56900, 14218002-56901, <br />60718002-56900, and 60718002-56901 respectively) will be reduced starting in FY 18/19. <br />Robert M. Zur h ied <br />Interim Executive erector <br />Community Development Agency <br />APPROVED AS TO FUNDS AND ACCOUNTS: <br />Francisco Gutierrez 11-� <br />Executive Director <br />Finance and Management Services Agency <br />Exhibits: 1. C&C Development Company and Orange Housing Development Corporation <br />Request Letter <br />2. Management Fee Increase Comparison <br />3. City of Santa Ana Amendments to Promissory Notes with C&C Development <br />Company and Orange Housing Development Corporation <br />4. Housing Authority Amendments to Promissory Notes with C&C Development <br />Company and Orange Housing Development Corporation <br />