19C - RECIEVE AND FILE QRTLY REPORT

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Quarterly Report for Housing Division October 6, 2020 Page 7 La Placita Cinco — formerly Tiny Tim Plaza (2239 West 5th Street) Developer Community Development Partners New construction of an affordable multifamily apartment complex consisting Description of 50 units of rental housing serving very -low and extremely -low income families, and 1 manager's unit. City Funds Inclusionary Housing ($1,300,000), Housing Successor Agency $4,700,000 The project is currently under construction, at 65% complete. The retail renovations are also under construction. Marketing and lease -up have Update begun, with the City's approval of Santa Ana preference notations. A new name has been selected: La Placita Cinco, in consultation with the Artesia Pilar Neighborhood Association. The project anticipates completion and occu ancy at the end of 2020. Projects in Pre -Development Crossroads at Washin ton (1126 and 1146 E. Washington Avenue) Developer Related Companies of California with A Community of Friends (ACOF) as the service provider New construction of a 100% affordable multifamily apartment complex Description consisting of 85 units of rental housing and 1 manager's unit. All units will be affordable to households earning less than 30 /o AMI of which 43 units will be set -aside for permanent supportive housing. HOME Investment Partnerships Program ($3,007,489), Neighborhood City Funds Stabilization Program ($963,951), sixty-five (65) year ground lease agreement for 1126 and 1146 E. Washington Avenue (Appraised Value as of September 22, 2019: $4,108,136 The Project received its entitlements on February 24, 2020. The Project received a formal commitment for 43 Project Based Vouchers from the Orange County Housing Authority on March 5, 2020. In February, the City and County approved the 65 year Ground Lease, Option Agreement for the Ground Lease, Joint Powers Agreement and Quitclaims associated with the JPA. The documents were approved by City Council on February 18, 2020. The Option Agreement was executed shortly afterwards. Following these approvals, the developer submitted a 9% Tax Credit application for the Update TCAC 9% Application 1 st Round on March 9 but did not receive an award. Developer submitted an FCAA 9% Tax Credit application in July 2020 (Round 2). Funding awards for Round 2 will be announced at the September 30, 2020 CTCAC Committee Meeting. The Project is pursuing additional environmental assessments based on the conditions of the sites (City and County parcels) identified in the Phase I Environmental Site Assessment and the Phase II Environmental Site Assessment. Additional assessment is required to determine the extent of contamination and scope of future remediation activities. 19C-7