75C - PH - ANNUAL ACTION PLAN - Laserfiche WebLink

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Affordable Housing AP-55 Affordable Housing — 91.220(g) Introduction As noted earlier, the most important impediment to providing affordable housing is due to limited Federal and State resources for affordable housing initiatives. The lack of programs and resources to reduce excessive rent or mortgage burdens to qualified persons is a key factor. Another barrier to providing affordable housing in Santa Ana isgt_i6 iigh cost of housing created by a demand for housing, both existing and new, which exceedsWlY,, uT?` 0 supply. Housing prices, both v k ownership and rental, remain high, especially for loweryt�c e house klts In addition, the cost of site acquisition is very hig.h8�T1`development costs a also very high. These factors make affordable housing construction exprt3 ire and put affordable hoti; og out of the reach of low-income households. & �%- The Housing Needs Assessment also id'ei still remains, which also is outside the sc Payment Assistance Program, applicants for a down payment or p$?fl* �_.�.. i`,histoi market. in the mortgage origination process V. In several instances for our Down qf. �nances including lack of funds ualify for a first loan in the private In an effort to mitigate thes7lnrrier5anta Ana h02dertaken'the following actions among several others In 2015fifie City Council'r l ed anc! adopted an Ificld-ionary housing ordinance referred to as the �sr a. o. Housing iOppQltunity Ordinahee H00) t a applies to residential projects with a zone change that allow residential defgp;ment where such uses we,not previously allowed, and include more than 5 units, to provide eithe-F46%of all new u-i{ to be affordable to very -low income households or 15% of all new units to be affords letb>low-incoriig households. The City's inclusionary housing ordinance has generated over $13.8 rrli)kn sincetti3vuas adopted in 2011. - The City utilizes HOME, CDBG`imd Inclusionary Housing Funds to fund the development, acquisition and/or rehabilitation of affordable rental housing units. This public assistance will result in restricted lower rents for assisted units that are affordable to low -Income and very low-income families. - The City doubled the amount of Down Payment Assistance Funds available to low-income families to purchase a home from $40,000 to $80,000 in order to make homeownership more accessible. Annual Action Plan 2019 37 OMB Control No: 2506-0117(up. O6/30/2018) 75C-43