REQUEST FOR PROPOSALS - ELM STREET COMMONS

The Anaheim Housing Authority ("Authority") is soliciting proposals from qualified affordable housing developers ("Developers") to acquire, through a long-term ground lease, the Elm Street Commons affordable multifamily rental housing development located at 111–125 West Elm Street, Anaheim, California ("Project"). The selected Developer will partner with the Authority to preserve long-term affordability and stabilize the property.

The Project is a 52‑unit, 100% affordable rental community currently restricted to households earning 30%–60% of Area Median Income (AMI). The Authority recently acquired control of the property to prevent foreclosure, stabilize operations, and preserve affordability. The Authority intends to transfer long‑term operational responsibility to a qualified Developer with demonstrated expertise in affordable housing preservation.

Elm Street Commons was originally developed in 2006 with Redevelopment Agency financing and Low-Income Housing Tax Credits. Over time, the property experienced operational and financial challenges that threatened its long-term stability. Following a strategic default by the former ownership entity, the Authority exercised its option to assume ownership. It purchased the outstanding mortgage loan using Low and Moderate Income Housing Asset Funds, preventing foreclosure and protecting residents and affordability restrictions.