TO: Honorable Mayor and Members of the City Council
FROM: Rick Otto, City Manager
1. SUBJECT
title
Affordable Housing Disposition, Development, and Loan Agreement among the City of Orange, C&C Development Co., LLC, and Orange Housing Development Corporation. (Relates to Items 11.1, 11.2, and 11.3)
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2. SUMMARY
Agreement with C&C Development Co., LLC and Orange Housing Development Corporation to sell approximately two acres of the City's Corporation Yard and provide financing for a 62-unit affordable housing development.
3. RECOMMENDED ACTION
recommendation
1. Approve the Affordable Housing Disposition, Development, and Loan Agreement among the City of Orange, C&C Development Co., LLC, and Orange Housing Development Corporation and authorize the Mayor and City Clerk to execute on behalf of the City.
2. Authorize the appropriation of $1,250,000 from Low and Moderate Income Housing Asset Fund unreserved fund balance to expenditure account number 921.9810.56571.20469, Low and Moderate Income Housing Asset Fund- OHDC/C&C Affordable Housing Loan.
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4. FISCAL IMPACT
The total expenditure for this agreement is $1,250,000 and will be funded in OHDC/C&C Affordable Housing Loan through Low and Moderate Income Housing Asset Fund (921).
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 Housing Development Corporation (OHCD) and C&C Development Co. (C&C) have a long history of partnering with the City of Orange (City) to develop and manage quality affordable housing. The statewide elimination of redevelopment agencies in 2012 removed an important funding source for affordable housing, requiring creative solutions to fund these projects. This report is one of four on today's Council agenda that addresses a piece of the financing and development of the proposed project. The three associated reports address the following:
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