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Request for Consent by Jamboree Housing Corporation <br />May 1, 2018 <br />Page 2 <br />neighborhood by installing parking lifts for residents. Another significant part of the rehabilitation <br />scope is the potential addition of a large solar installation, with a portion of the energy savings <br />going to offset resident electicity demand, reducing their energy bills. The improvements to the <br />project will not result in displacement or rent increases for the existing tenants. <br />Approval of this consent to acquire does not otherwise affect the current operations or repayment <br />of the existing City and Housing Authority debt. The only material change will be the elimination <br />of the Investor from the Limited Partnership, with Jamboree as the sole remaining entity with <br />100% ownership. Subsequent actions related to the proposed resyndication / recapitalization of <br />the Project will be brought forward at a later date. If for any reason, Jamboree could not execute <br />on their anticipated rehabilitation plans, this would leave the City and Housing Authority in no <br />worse position than it currently is in with respect to repayment of its' loans. <br />However, should this consent not be approved, it is possible that the Investor forces the public <br />marketing of the asset, which could then be purchased by an entity that is less mission focused <br />than Jamboree, with more of a focus on profits rather than serving the current residents. There <br />would be no requirement to adequately recapitalize the project, risking it falling into a state of <br />disrepair. <br />STRATEGIC PLAN ALIGNMENT <br />Approval of this item supports the City's efforts to meet Goal # 4 Fiscal Sustainability, Objective # <br />1 (maintain a stable, efficient and transparent financial environment) and Goal # 5 - Community <br />Health, Livability, Engagement & Sustainability, Objective # 3 (Facilitate diverse housing <br />opportunities and support efforts to preserve and improve the livability of Santa Ana <br />neighborhoods). <br />FISCAL IMPACT <br />There is no fiscal impact associated with this action. <br />Judson Brown <br />Acting Executive Director <br />Community Development Agency <br />Exhibit: 1. Request for Consent from Jamboree Housing Corporation <br />80A-2 <br />