Agenda Packet_2023-02-07 - Laserfiche WebLink

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Housing Division Quarterly Report February 7, 2023 Page 3 Table 2: Portfolio Revenue Fundin Source HOME CDBG Redevelopment NSP CaIHOME Inclusionar Loan Payoffs $0 $0 $18,028.27 $0 $0 $0 Residual Receipts $285,586.49 $0 $37,689.00 $0 $0 $0 Payments Amortized Loan $1,335.45 $5,416.01 $20,955.21 $0 $200.00 $0 Payments Total for Q2 $286,921.94 $5,416.01 $76,672.48 $0 $200.00 $0 Monitoring As part of the requirements for these loans, staff must monitor the owner -occupancy of single-family homes that have received loans, and the building code compliance of units in rental projects with long-term affordability covenants. During this quarter, 54 owner - occupancy recertification letters were mailed and 45 were returned and processed. This number includes letters sent from previous months. Staff also conducted a total of 58 inspections during this quarter. Density Bonus Housing Agreements The California Density Bonus law allows developers proposing five or more residential units to seek increases in base density for providing on -site housing units in exchange for providing affordable units on site. To help make constructing on -site affordable units feasible, the law allows developers to seek up to three incentives/concessions and an unlimited number of waivers, which are variances from development standards that would help the project be built without significant burden and without detriment to public health. The first version of the Density Bonus Law was adopted in 1979 and has since been amended at various times. Recent revisions allow affordable housing developers to request incentives/concessions and/or waivers for 100-percent affordable developments, even if they do not require a numerical density bonus. Moreover, in early 2017, the law was amended to restrict the ability of local jurisdictions to require studies to "justify" the density bonus, and requests incentives/waivers and places the onus on local jurisdictions to prove that the incentives/concessions or waivers are not financially warranted. As of the date of this report, the City of Santa Ana has entered into the following Density Bonus Housing Agreements: Date of Developer or Housing Housing Development Affordable Units Agreement Development Address Metro East Senior Park, 415 Rental units restricted October 2018 aka, Santa Ana Senior 2222 E. First St. for Very Low Income and Associates Low Income or Senior Tenants First Point I & II 2110, 2114 and 2020 E. 547 Rental units restricted August 2018 Apartments, aka, Santa First St for Very Low Income and Ana Pacific Associates . Low Income Tenants The Rafferty, aka, QOZB 11 Rental units restricted November 2019 III, LLC 114 & 117 E. Fifth St. for Very Low Income Tenants City Council 12 — 3 2/7/2023