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Quarterly Report for Housing Division <br />October 6, 2020 <br />Page 10 <br />The developer applied for the OC 2020 Supportive Housing NOFA on May <br />27th for both PBVs and MHSA funds and are awaiting a final response from <br />Update the County of Orange. The developer submitted for project entitlements to <br />the City of Santa Ana on June 16, 2020 and has a Sunshine Ordinance <br />meeting scheduled for July 20, 2020. <br />Existing Projects under Rehabilitation <br />Cornerstone Apartments (805, 810, 815, 816, 825, 835 and 904 S. Minnie Street) <br />Developer <br />Jamboree Housing <br />Description <br />Rehabilitation of a 126-unit affordable housing project originally built in <br />1961. <br />City Funds <br />HOME Investment Partnerships Program ($5,128,152) and Housing <br />Successor Agency $2,054,327 in existing affordable housing loans <br />Ten (10) existing HOME Program loans and thirty-three (33) existing <br />Housing Successor Agency loans were consolidated into two (2) Amended <br />and Restated Loan Agreements in order to enable the project to re - <br />syndicate and resubordinate existing affordable housing loans to a new <br />senior loan. Construction work started in October 2019 and is currently 59 <br />percent complete. Exterior work is continuing as planned. Due to the <br />Update <br />circumstances of COVID19 and the shelter in place order, interior work <br />construction was temporarily halted in March. Jamboree Housing resumed <br />interior work on June 29, 2020. Assuming there are no further delays, <br />Jamboree Housing anticipates construction completion by the end of <br />October 2020. The project will then transition into stabilization and the <br />permanent loan conversion. The project anticipates converting to the <br />permanent loan by February 1, 2021. <br />FISCAL IMPACT <br />There is no fiscal impact associated with this action. <br />Submitted By: Steven A. Mendoza, Executive Director - Community Development Agency <br />Exhibits: 1. Available Funds for Affordable Housing Development Projects <br />2. Available Land Assets for Affordable Housing Development <br />3. Project Timelines <br />19C-10 <br />