TO: Community Development Block Grant Program Committee
THRU: Russell Bunim, Community Development Director
FROM: Jessica Herrera, Housing Manager
1. SUBJECT
title
Commitment of $1,700,000 in HOME Program Income, HOME Entitlement Funds, and Housing Set-Aside Funds for the acquisition and preservation of a 20-unit affordable housing property at 202-208 W. Hoover Avenue.
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2. SUMMARY
Consideration of a recommendation to approve a conditional commitment of $1,700,000 in City affordable housing funds to Orange Senior Housing, a California nonprofit public benefit corporation, for the acquisition and preservation of a 20-unit apartment property located at 202–208 W. Hoover Avenue, subject to completion and satisfaction of all City and federal program requirements.
3. RECOMMENDED ACTION
recommendation
Approve a preliminary commitment of $1,700,000 in affordable housing funds for the acquisition and preservation of the 20-unit apartment property located at 202-208 Hoover Avenue using the following resources:
$383,914.31 in HOME Program Income
$1,200,000 in HOME Entitlement Funds, including CHDO Set-Aside Funds; and
$116,0855.69 in Housing Set-Aside Funds.
Authorize staff to draft a conditional commitment letter based on the recommended City assisted funding to the City Council for consideration and approval, incorporating the conditions listed in the staff report and any additional changes or revisions approved by the Committee.
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4. DISCUSSION AND BACKGROUND
Orange Senior Housing submitted a request for $1,700,000 in affordable housing funds to assist with the acquisition and rehabilitation of 202–208 W. Hoover Avenue in Orange, 20-unit apartment complex. The proposal is intended to preserve the existing apartment community as affordable housing rather than pursue a conventional market-rate acquisition. The developer states that its due diligence will confirm the current income characteristics of the existing tenants and that the proposed pro...
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