City Council

13.\nApprove a Loan Agreement with North Broadway Housing Partners LP (C/O Jamboree\nHousing Corporation and WISEPlace) for a total of $5,256,327 for the Development of the\nWISEPlace Permanent Supportive Housing Project Located at 1411 N Broadway; Approve\na Subordination Agreement with Bank of America as the Senior Lender; Approve Two (2)\nSubordination Agreements with the County of Orange and the Orange County Housing\nFinance Trust, Respectively, as Junior Lenders (Non-General Fund)\nDepartment(s): Community Development Agency\nRecommended Action: 1. Authorize the City Manager to execute a Loan Agreement with\nNorth Broadway Housing Partners LP (c/o Jamboree Housing Corporation and\nWISEPlace) for $5,256,327 in HOME Investment Partnerships Program - American\nRescue Plan (“HOME-ARP”) funds for the development of the WISEPlace Permanent\nSupportive Housing project located at 1411 N. Broadway, Santa Ana, CA 92701, APN 398-\n523-04 (“Site”) subject to non-substantive changes approved by the City Manager and City\nAttorney (Agreement No. A-2023-XXX).\n2. Authorize the City Manager to execute a Subordination Agreement with Bank of America\nto subordinate the City’s Loan Agreement to a senior loan, subject to non-substantive\nchanges approved by the City Manager and City Attorney (Agreement No. A-2023-XXX).\n3. Authorize the City Manager to execute two (2) Subordination Agreements with the\nCounty of Orange (“County”) and Orange County Housing Finance Trust (“OCHFT),\nrespectively, to subordinate the County and OCHFT’s junior loan agreements to the City’s\nHOME-ARP Loan Agreement, subject to non-substantive changes approved by the City\nManager and City Attorney (Agreement Nos. A-2023-XXX and A-2023-XXX).\n4. Authorize the City Manager to execute a future Subordination Agreement with Jamboree\nHousing Corporation, WISEPlace, Bank of America and/or any other senior lender as\nneeded after the WISEPlace Permanent Supportive Housing project is complete, subject\nto approval as to form by the City Attorney (Agreement No. 2023-XXX).