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4OO <br /> <br />Planning Period of July 1, 1994 through June 30, 1999 <br /> <br />9 Studio Apartments $ 464,175 <br />313 One Bedroom Apartments 20,165,025 <br />168 Two Bedroom Apartments 16,068,780 <br />26 Three Bedroom Apartments 2,899,455 <br />14 Four Bedroom Apartments 1,757,245 <br />2 Five Bedroom Apartments 271,035 <br /> <br />TOTAL <br /> <br />$41,625,715 <br /> <br />While these estimates are indicative of the cost associated with <br />producing replacement housing, the figures represent total <br />necessary capital, a portion of which may be financed through <br />available lending sources. The targeted level of affordability and <br />form of ownership will greatly influence that portion of the <br />replacement cost which may not be financed and must instead be <br />advanced in the form of deferred loans and grants. A complete <br />analysis of the financial feasibility of producing this replacement <br />housing is beyond the scope of this housing element amendment. <br /> <br />At this time it is also not possible to reliably estimate the costs <br />associated with preserving all of the at risk housing rather than <br />producing replacement units. All three housing developments <br />included on the inventory for the July 1, 1989, through June 30, <br />1994, planning period are considered HUD assisted projects, and <br />most of the assistance necessary to preserve these units is <br />anticipated to be made available by the federal government. The <br />City of Santa Ana is prepared to assist in preserving these units <br />as well, through the advance of predevelopment funds, equity <br />contributions, and deferred loans for rehabilitation expenses. <br /> <br />The availability of land and costs associated with new construction <br />in Santa Ana greatly influence any comparison of public policy <br />options with respect to producing new housing units or working to <br />preserve the existing affordable housing. Costs associated with <br />preserving the existing affordable housing units are anticipated to <br />be significantly less than for new construction. During the July <br />1, 1989, through June 30, 1994 planning period, a total of three <br />housing developments containing 511 affordable units are at risk. <br />Two of these developments are eligible for extensions to existing <br />Section 8 rental assistance contracts, and in the current housing <br />market are considered unlikely to opt out of the program. In <br />addition, one project is ineligible to prepay the federally <br />assisted mortgage prior to the year 2017. The inability of this <br />property owner to prepay their mortgage will assure that the <br />affordability of these units is maintained well into the future. <br /> <br />9 <br /> <br /> <br />