TO: Honorable Mayor and Members of the City Council
THRU: Tom Kisela, City Manager
FROM: Russell Bunim, Community Development Director
1. SUBJECT
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Affordable Housing Agreement between the City of Orange and Orange 702, L.P.
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2. SUMMARY
Agreement with Orange 702, L.P., a limited partnership including USA Properties, to provide financing for a 166-unit affordable housing development for extremely low income and lower income senior citizen households to be located at 1800 E. La Veta Avenue, and to be developed as the Orion Senior Housing Apartments.
3. RECOMMENDED ACTION
recommendation
1. Approve the Affordable Housing Agreement between the City of Orange and Orange 702, L.P. in the amount of $2,200,000.
2. Authorize the City Manager and City Clerk to execute the Agreement, with any minor, non-substantive changes approved by the City Attorney, as well as any amendments thereto and all documentation in furtherance of the Agreement, including, but not limited to, any attachments to the Agreement and any necessary subordination agreements.
3. Authorize the appropriation of $2,200,000 from the Low and Moderate Income Housing Asset Fund (921) unreserved balance to expenditure account number 921.9810.56571.20540 - Rehab/Dev Loans - Orion Project. Estimated fund balance after appropriation is $955,000.
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4. FISCAL IMPACT
The total expenditure for this agreement is $2,200,000.00 and will be funded in Rehab/Dev Loans - Orion Project (20540) through the Low- and Moderate-Income Housing Asset Fund (921).
Upon approval of this appropriation, the estimated fund balance in Fund 921 at June 30, 2023 will be $955,000
5. STRATEGIC PLAN GOALS
Goal 3: Enhance and promote quality of life in the community
c: Support and enhance attractive, diverse living environments.
6. DISCUSSION AND BACKGROUND
Orange 702, L.P. is proposing to develop and operate 164 affordable housing units for extremely low income and lower income senior citizens and two manger's uni...
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