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Community Development Agency <br />www.santa-ana.org/community-development <br />Item # 10 <br />City of Santa Ana <br />20 Civic Center Plaza, Santa Ana, CA 92701 <br />Staff Report <br />October 17, 2023 <br />TOPIC: Fiscal Year 2023-24 Homeownership Initiatives <br />AGENDA TITLE <br />Authorize Issuance of the Fiscal Year 2023-24 Request for Proposals for Affordable <br />Homeownership Opportunities; Approve an Update to the Down Payment Assistance <br />Program Guidelines; Allocate Additional Funds to Down Payment Assistance <br />RECOMMENDED ACTION <br />1. Authorize the City Manager to issue a Fiscal Year 2023-24 Request for Proposals <br />for Affordable Homeownership Opportunities to solicit proposals for affordable <br />ownership project(s) in the City of Santa Ana with funding from the HOME <br />Investment Partnerships (HOME) Program. <br />2. Authorize the City Manager to update the City's Down Payment Assistance Program <br />to include City's high school loan forgiveness incentive and increase the maximum <br />debt -to -income ratios. <br />3. Approve an Appropriation Adjustment to recognize $762,979.40 in CalHome <br />Program Re -use Funds and $1,527,020.60 in Inclusionary Housing Funds and <br />appropriate these additional funds to the Down Payment Assistance Program. <br />(Requires five affirmative votes) <br />GOVERNMENT CODE §84308 APPLIES: No <br />COMMUNITY DEVELOPMENT COMMISSION RECOMMENDATION <br />At its regular meeting on September 27, 2023, the Community Development <br />Commission amended the Down Payment Assistance Program Guidelines to include <br />trade schools with 4-year colleges and recommended approval of the Recommended <br />Action by a vote of 4:0 (Martinez, Padilla and Rios -Pacheco absent). <br />DISCUSSION <br />Homeownership can be a way that a family can build generational wealth. As a family <br />makes mortgage payments and their home value appreciates over time, they build <br />equity in their property. This equity can be passed on to their heirs when they sell the <br />home or through an inheritance. There are various other benefits to homeownership <br />including stability and security, tax benefits, and pride. Buying a home is the lifelong <br />