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HomeMy WebLinkAbout03 PROJBASEDAGMTVISTADELRIOPARTNRSLPREC~~JEST F®R HOUS6IVG ACTH®R1TY ACTT®N MEETING DATE: MARCH 29, 2D11 RECORDING SECRETARY USE ONLY: APPROVE© TITLE PROJECT-BASED VOUCHERS AGREEMENTS WITH VISTA DEL RIO HOUSING PARTNERS, L.P. ^ As Recommended ^ As Amended CONTINUED TO INTERI EXECUTIVE DIRECTOR RECOMMENDED ACTION Authorize the Executive Director of the Housing Authority or designee, contingent upon approval by the U. S. Department of Housing and Urban Development, to complete and execute the Project- Based Vouchers (PBV) Agreement to Enter into Housing Assistance Payments Contract and, after construction of the Vista Del Rio Project, to complete and execute the PBV Housing Assistance Payments Contract between the Housing Authority of the City of Santa Ana and Vista Dei Rio Housing Partners, L.P. for up to ten PBVs, and other necessary documents for the implementation of project-based vouchers for the Vista Del Rio project. COMMUNITY REDEVELOPMENT AND HOUSING COMMISSION RECOMMENDATION At its Regular Meeting of March 1~, 2011, by a vote of 6:0, the Community Redevelopment and Housing Commission recommended that the Housing Authority, contingent upon approval by the U. S. Department of Housing and Urban Development, authorize the Executive Director of the Housing Authority or designee to complete and execute the Project-Based Vouchers (PBV) Agreement to Enter into Housing Assistance Payments Contract and, after construction of the Vista Del Rio Project, to complete and execute the PBV Housing Assistance Payments Contract between the Housing Authority of the City of Santa Ana and Vista Del Rio Housing Partners, L.P. for up to ten PBVs, and other necessary documents for the implementation of project-based vouchers for the Vista Del Rio project. ~,~ Project-Based Vouchers Agreements With Vista Del Ria Housing Partners, L.P. March 21, 201'1 Page 2 DISCUSSIQN On December 27, 2010, staff published a Notice announcing the availability of a Request for Proposals (RFP} soliciting proposals for aproject-based voucher contract between the Housing Authority of the City of Santa Ana and one or more developers. Unlike conventional housing choice vouchers, PBVs are attached to a specific residential facility. The rental assistance is tied to the unit. The RFP was made available on the City's website, and letters announcing the availability were sent to '117 individuals and firms who had previously requested to be notified of development opportunities. Due to the number of applications received, the deadline was extended from January 25 to February 17, 2011. Two applications were received by the extended deadline. The application submitted by Vista Del Ria Housing Partners, L.P. was in compliance with the requirements of the RFP. In addition to ensuring the availability of newly constructed, fully accessible and affordable units to Authority clients, the income derived from the PBVs will assist in the financing of the project. The U. S. Department of Housing and Urban Development (HUD) regulations require that the Authority enter into a PBV Agreement to Enter Into Housing Assistance Payments Contract (Exhibit 1) prior to the start of construction, and a PBV Housing Assistance Payments Contract (Exhibit 2} after the completion of construction. Neither document can be executed until a subsidy layering analysis has been performed. This analysis will review the project's financing structure to ensure that the public funds being committed are not excessive. Under current HUD guidelines, this analysis must be conducted by HUD after the Authority has approved the project; or, for projects requesting tax credits in California, the analysis is to be conducted by the California Tax Credit Allocation Committee. FISCAL IMPACT There is no fiscal impact associated with this action. ~~Sh~ ly Land -Boyle ~loi~ ing Manager Community Development Agency NTE/SLB/TGlsr Exhibits: 1. PBV Agreement 2. HAP Contract Agreement ~~~~ <: