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<br />REQUEST FOR COUNCIL/ <br />HOUSING AUTHORITY <br />ACTION <br /> <br /> <br />CITY COUNCIL MEETING DATE: CLERK OF COUNCIL USE ONLY: <br /> <br />JUNE 20, 2017 <br /> <br />TITLE <br /> <br />: APPROVED <br /> As Recommended <br /> As Amended <br />DISCUSSION ON AFFORDABLE HOUSING <br />st <br /> Ordinance on 1 Reading <br />DEVELOPMENT PROJECTS, APPROVAL <br />nd <br /> Ordinance on 2 Reading <br />OF CITY FINANCIAL ASSISTANCE, AND <br /> Implementing Resolution <br /> Set Public Hearing For__________ <br />APPROVAL OF APPROPRIATION <br />ADJUSTMENT <br />{STRATEGIC PLAN NO. 5, 3C} <br /> <br />CONTINUED TO <br /> <br /> <br />FILE NUMBER <br /> <br />CITY MANAGER EXECUTIVE DIRECTOR <br /> <br />OPTIONS FOR CITY COUNCIL CONSIDERATION <br /> <br />As recommended by the Ad Hoc Committee, discuss the various Affordable Housing <br />Development projects requesting City financial assistance and seek City Council direction on the <br />allocation of current and available affordable housing development funds. Following are options <br />for City Council discussion and consideration: <br /> <br />A) Santa Ana Arts Collective, Meta Housing Corporation: <br /> <br />Option #1: Amend the project’s original award by an additional amount up to $2.9 <br />million per Keyser Marston Associates gap analysis report. <br /> <br />Option #2: Amend the project’s original award by an additional amount up to <br />$1,481,215, per CSG Advisors gap analysis report. City financial <br />assistance to be negotiated by CSG Advisors and Meta Housing. <br /> <br />Option #3: Take no additional action to fund the project at this time. <br /> <br />B) First Street Apartments, AMCAL Multi-Housing: <br /> <br />Option #1: Award of affordable housing development funds for an amount up to <br />$8,522,740, per CSG Advisors gap analysis report. <br /> <br />Option #2: Award of affordable housing development funds for an amount up to <br />$8,795,000, per Keyser Marston Associates gap analysis report. <br /> <br />Option #3: Take no additional action to fund the project at this time. <br /> <br /> <br /> <br /> <br />