Item 39 - Affordable Housing Project at 2530 & 2534 Westminster Avenue

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Affordable Housing Project at 2530 & 2534 Westminster Avenue May 17, 2022 Page 7 2 6 8 9 (AMI), with the remainder of the units at 60-perecent AMI. There are 26 of the project units (30 percent) also specifically designated for permanent supportive housing for persons who are experiencing chronic homelessness. The proposed unit mix and rent restrictions are as follows: Bedroom Size 30% AMI (PSH) 30% AMI 60% AMI Manager’s Unit Total Units One-Bedroom 23 23 Two-Bedroom 3 1 4 Three-Bedroom 21 13 34 Four-Bedroom 16 8 24 TOTAL 26 37 21 1 85 TEFRA Hearing and Resolution In order for an affordable housing project to receive tax-exempt financing, federal tax law requires that the project hold a Tax Equity and Fiscal Responsibility Act (TEFRA) Hearing prior to the issuance of the bonds. On April 7, 2020, the City Council approved a pre- loan commitment of $3,904,341 in affordable housing funds and 26 project-based vouchers to develop the Project. On December 8, 2022, the Project was awarded 4- percent tax credits from the California Tax Credit Allocation Committee and bond allocation from the California Debt Limit Allocation Committee. Community Development Partners has requested that the California Statewide Communities Development Authority (“CSCDA” or the “Authority”) adopt a plan of financing providing for the issuance of one or more series of revenue bonds issued from time to time, in one or more series from time to time, in an aggregate principal amount not to exceed $45,000,000 (the “Bonds”) for the acquisition, construction, improvement and equipping of a 85-unit multifamily rental housing project located at 2530 & 2534 Westminster Avenue, Santa Ana, California, generally known as Westview House Apartments. However, in order for all or a portion of the Bonds to qualify as tax-exempt bonds, the City of Santa Ana must conduct a public hearing (the “TEFRA Hearing”) providing for the members of the community an opportunity to speak in favor of or against the use of tax- exempt bonds for the financing of the Project. Following the close of the TEFRA Hearing, an “applicable elected representative” of the governmental unit hosting the Project, in this case the City, must provide its approval of the issuance of the Bonds by the Authority for the refinancing of the Project by adopting a Resolution (Exhibit 7). The bonds to be issued by the Authority are the sole responsibility of the borrower. The City has no financial or legal liability for the project or repayment of the bonds and does not constitute any type of indebtedness for the City. In addition, this TEFRA Hearing and the adoption of the Resolution shall not obligate the City or any department thereof to (i) provide any financing to acquire or construct the Project or any refinancing of the Project; (ii) approve any application or request for or take any other action in connection with any