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Community Development Agency <br />santa-ana.org/community-development <br />Item # 13 <br />City of Santa Ana <br />20 Civic Center Plaza, Santa Ana, CA 92701 <br />Staff Report <br />March 7, 2023 <br />TOPIC: Affordable Housing Project at 1411 N Broadway <br />AGENDA TITLE: <br />Approve a Loan Agreement with North Broadway Housing Partners LP (C/O Jamboree <br />Housing Corporation and WISEPIace) for a total of $5,256,327 for the Development of <br />the WISEPIace Permanent Supportive Housing Project Located at 1411 N Broadway; <br />Approve a Subordination Agreement with Bank of America as the Senior Lender; <br />Approve Two (2) Subordination Agreements with the County of Orange and the Orange <br />County Housing Finance Trust, Respectively, as Junior Lenders (Non -General Fund) <br />RECOMMENDED ACTION <br />1. Authorize the City Manager to execute a Loan Agreement with North Broadway <br />Housing Partners LP (c/o Jamboree Housing Corporation and WISEPIace) for <br />$5,256,327 in HOME Investment Partnerships Program - American Rescue Plan <br />("HOME -ARP") funds for the development of the WISEPIace Permanent Supportive <br />Housing project located at 1411 N. Broadway, Santa Ana, CA 92701, APN 398-523- <br />04 ("Site") subject to non -substantive changes approved by the City Manager and <br />City Attorney. <br />2. Authorize the City Manager to execute a Subordination Agreement with Bank of <br />America to subordinate the City's Loan Agreement to a senior loan, subject to non - <br />substantive changes approved by the City Manager and City Attorney. <br />3. Authorize the City Manager to execute two (2) Subordination Agreements with the <br />County of Orange ("County") and Orange County Housing Finance Trust ("OCHFT), <br />respectively, to subordinate the County and OCHFT's junior loan agreements to the <br />City's HOME -ARP Loan Agreement, subject to non -substantive changes approved <br />by the City Manager and City Attorney. <br />4. Authorize the City Manager to execute a future Subordination Agreement with <br />Jamboree Housing Corporation, WISEPIace, Bank of America and/or any other <br />senior lender as needed after the WISEPIace Permanent Supportive Housing project <br />is complete, subject to approval as to form by the City Attorney. <br />EXECUTIVE SUMMARY <br />On June 21, 2022, the City Council (attached as Exhibit 1) authorized the City Manager <br />to execute a pre -commitment letter (attached as Exhibit 2) for an award of $5,256,327 in <br />HOME Investment Partnerships Program - American Rescue Plan ("HOME -ARP") <br />funds, and an award of twenty-five (25) U. S. Department of Housing and Urban <br />City Council 13 — 1 3/7/2023 <br />