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Priority Need <br />Preserve the supply of affordable housing <br />Name <br />Priority Level <br />High <br />2 <br />Population <br />Extremely Low <br />Low <br />Moderate <br />Geographic <br />Citywide <br />Areas <br />Affected <br />Associated <br />Affordable Housing Development, Maintenance and Preservation <br />Goals <br />Description <br />Throughout the City of Santa Ana, rental and homeownership costs continue to <br />rise, creating increased pressure on low- and moderate -income residents to be <br />able to afford safe and suitable housing. As noted in the needs assessment, 66% <br />of all households earning less than 80%experience housing cost burden (paying <br />more than 30% of income for housing costs). As housing costs will continue to <br />rise, the rate of cost burden will continue to increase and more low- and <br />moderate -income households will no longer be able to afford to live in Santa <br />Ana. <br />In addition to increasing the supply of affordable housing (as noted in the prior <br />need), Santa Ana will strive to preserve existing affordable housing units within <br />the City. In the next five years, 231 currently affordable housing units are at -risk <br />of converting to market -rate units. An additional 652 affordable units are <br />renewed annually. The City will prioritize using Federal resources to fund <br />rehabilitation or other mechanisms to extend the affordability covenants of <br />these units. <br />Basis for <br />The need for additional affordable housing was documented in stakeholder/ <br />Relative <br />resident workshops, the community needs survey, and an analysis of federal and <br />Priority <br />local data sources. Preserving affordable housing is a cost-effective solution to <br />acquiring, constructing or rehabilitating new affordable housing as generally the <br />marginal cost of preserving a unit is significantly lower than creating a new <br />affordable unit. As such, the City will prioritize this need as a component of <br />maintaining and ensuring affordable, accessible housing units within the City of <br />Santa Ana. <br />Consolidated Plan SANTA ANA 117 <br />OMB Control No: 2506-0117(exp. 06/30/2018) 75A-125 <br />