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SUBSTANTIAL AMENDMENT TO THE CITY OF SANTA ANA <br />NEIGHBORHOOD STABILIZATION PROGRAM (NSP 1, 2 and 3) <br />The City of Santa Ana recommends a "Substantial Amendment" to the Neighborhood <br />Stabilization Program 1, 2, and 3 (NSP) to reallocate funds to a newly added activity. <br />The City of Santa Ana is proposing to: <br />Add the Crossroads at Washington affordable housing project as a new NSP Activity. <br />Reallocate $963,951 in NSP 1, 2 and 3 funds to the Crossroads at Washington <br />affordable housing project. <br />The proposed use of NSP 1, 2 and 3 funds will allow the City to increase the housing <br />stock and provide suitable housing for low and moderate -income residents. In particular, <br />the funds will be used to complete the development of the Crossroads at Washington <br />affordable housing project. Due to the project's development costs, the project <br />requires funding from the NSP Program. The reallocation and obligation of NSP 1, 2, <br />and 3 dollars to this project will allow the developer to secure their remaining financing, <br />including Low -Income Housing Tax Credits, needed to complete the project. <br />Attached is a "New Activity" sheet providing a detailed description of the Crossroads at <br />Washington affordable housing project. <br />80A-296 <br />