City of Anaheim
ANAHEIM HOUSING AUTHORITY
August 12, 2025
Michael Massie, Executive Vice President/Chief Development Officer Jamboree Housing Corporation
17701 Cowan Ave., Suite 200
Irvine, CA 92614
Re: First Amendment to Preliminary Award Letter regarding Certain Financial Assistance by the Anaheim Housing Authority for the Proposed Construction and Operation of a New Affordable Rental Housing Project (32 Units) on an approximately 0.51-Acre Site Located at 151 S. Cenpla Way (formerly, 120 S. State College Boulevard), Anaheim, California Dear Mr. Massie:
The Anaheim Housing Authority (“Authority”) and Jamboree Housing Corporation (“JHC”) previously approved the Preliminary Award Letter dated August 13, 2024 (“Preliminary Award Letter”), which set forth the basic terms under which the Authority is prepared to proceed with implementation of certain public programs in connection with the development of an approximately 0.51-acre site located at 151 S. Cenpla Way (formerly,120 S. State College Boulevard) (the “Site”) located within the corporate limits of the City of Anaheim (“City”). Center Housing Partners LP, a limited partnership in which JHC or an affiliate of JHC is the managing general partner (the “Developer”), will enter into a Ground Lease, Affordable Housing Agreement, and other related documents with the Authority under which the Developer wi ll construct and operate on the Site a new affordable rental housing development consisting of thirty-two (32) apartment units and ancillary amenities and improvements for tenancy and occupancy by Transitional Age Youth (“TAY”) Extremely Low Income Households (collectively, the “Project”).
The Preliminary Award Letter outlined key funding commitments, including a 55-year ground lease, 31 Project-Based Vouchers, $6,900,000 in gap financing sourced from HOME American Rescue Plan, Cal-Optima, and Homeless Housing, Assistance and Prevention (“HHAP”) Youth Set Aside funds , and seller carryback financing in the collective amount of $5,447,255.07 to cover the purchase price for the existing improvements, the assembly and site preparation costs incurred by the Authority, and pre-paid rent under the ground lease. All Authority funds, excluding the HHAP Youth Set Aside, were to be loaned to the project at a simple 3% interest rate to be repaid from residual receipts.
Michael Massie
Jamboree Housing Corporation August 12, 2025 P a g e | 2 The Parties now desire to amend the Preliminary Award Letter to increase the interest rate on a portion of the Authority Loan, change the lien priority for the Authority Rehabilitation Loan, and add HHAP 5 Youth Set Aside funds as part of the HHAP grant to the Project (“First Amendment to Preliminary Award Letter”).
Defined Terms
Except as otherwise defined herein, all capitalized terms used herein shall have the meanings set forth for such terms in the Preliminary Award Letter or the Affordable Housing Agreement.
Authority Assistance
The parties hereby agree that subsection (ii) of the Authority Assistance section shall be amended to allocate an additional $587,839.34 from the HHAP Round 5 Youth Set Aside to the previous award of HHAP funds, for a total of $3,018,453.09 in HHAP funds to be granted by the Authority for the Project to help address an unexpected shortfall in funding for on-site social services. The additional HHAP funds, together with a commitment from JHC to secure other funding sources or directly cover these costs, will ensure continued delivery of tailored supportive services for the young adult residents, including case management, life skills training, and connections to employment and education.
Authority Loan Terms
The parties hereby agree to amend the Authority Loan Terms section to revise and add the following terms:
• The principal amount of all loans , excluding the Authority Improvements Acquisition Loan, shall bear simple interest at a rate of three percent (3%) per annum. The $658,801.98 Authority Improvements Acquisition Loan shall bear interest at the compounding Applicable Federal Rate (AFR) , which is currently
4.90%.
• The Authority’s loans will be in a second lien position , third lien position , etc., subordinate to the Developer’s construction and/or permanent financing (the “Primary Loan”), except for the $3,768,453.09 Authority Rehabilitation Loan, which will be assigned the lowest lien priority in order to prevent the reallocation of losses and tax credits during the Low-Income Housing Tax Credit (LIHTC) compliance period, which extends through 2037. Notably, this revision does not affect the Authority’s repayment percentage or order from project cash flow, which remains unchanged.
Michael Massie
Jamboree Housing Corporation August 12, 2025 P a g e | 3
Integration
This First Amendment to Preliminary Award Letter integrates all of the terms and conditions mentioned herein, and supersedes all negotiations with respect to the subject matter hereof. This First Amendment to Preliminary Award Letter amends, as set forth herein, the Preliminary Award Letter and, except as specifically amended hereby and implemented in the Affordable Housing Agreement , the Preliminary Award Letter shall remain in full force and effect. To the extent that there is any conflict or inconsistency between the terms and provisions of this First Amendment to Preliminary Award Letter and the terms and provisions of the Prelim inary Award Letter as implemented in the Affordable Housing Agreement) , the terms and provisions of this First Amendment to Preliminary Award Letter shall control and govern the rights and obligations of the parties.
[First Amendment to Preliminary Award Letter
and signature blocks continued on next page]
Michael Massie
Jamboree Housing Corporation August 12, 2025 P a g e | 4
Should you have any questions or require additional information, please contact me at (714) 765-4315 or by email at [email protected].
Sincerely,
Anaheim Housing Authority
By: Grace Stepter, Executive Director
AGREED AND ACCEPTED
this __ day of ______, 2025:
JAMBOREE HOUSING CORPORATION, a California nonprofit public benefit corporation
By: Michael Massie, Executive Vice President/Chief Development Officer