Item 07 - Quarterly Report for Housing Division Projects and Activities

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Quarterly Report for Housing Division May 4, 2021 Page 5 6 8 5 manager’s unit. 28 of the 56 units are funded by MHSA/SNHP funds from the County of Orange. City Funds Fifty-six (56) Project-Based Vouchers (PBVs) Update Construction is 100% complete and received final building sign-off on December 31, 2020. 100% lease-up status was achieved on March, 23, 2021 and all units are now occupied by qualified tenants who were previously homeless in Santa Ana. Projects under Construction La Placita Cinco – formerly Tiny Tim Plaza (2239 West 5th Street) Developer Community Development Partners Description New construction of an affordable multifamily apartment complex consisting of 50 units of rental housing serving very-low and extremely-low income families, and one (1) manager’s unit. City Funds Inclusionary Housing ($1,300,000), Housing Successor Agency ($4,700,000) Update The project is 99% complete, with final close-out items remaining. A temporary Certificate of Occupancy was issued in January 2021, and a final Certificate of Occupancy is anticipated no later than June 1, 2021. Retail renovations are complete, with final signage in progress. The project is currently 50% leased. Legacy Square (609 North Spurgeon Street) Developer National Community Renaissance with Mercy House as the service provider Description New construction of a 100% affordable multifamily apartment complex consisting of 92 units of rental housing and one (1) manager’s unit. All units will be affordable to households earning less than 60% AMI of which 33 units will be set-aside for permanent supportive housing. City Funds Eight (8) PBVs Update On December 15, 2020, City Council approved the developer’s $3,170,547 Loan Agreement and subordination agreement with Bank of America as the Senior Lender. Subsequently, the Consolidated Appropriations Act of 2021 passed by Congress on December 27, 2020, included a provision to create a permanent minimum 4% low-income housing tax credit rate that allowed the developer to generate more tax credit equity. As a result, the developer was able to decline the City’s $3,170,547 in funding because they were able to generate more funding from their tax credits. However, the Housing Authority still has a commitment of eight (8) PBVs to this project. The developer closed on their construction financing on February 11, 2021 and has started construction of the project. Construction is currently ongoing.