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· : ,103 <br /> <br />Priority purchasers have access to the following assistance, some <br />of which is unavailable to other qualified purchasers: 1) <br />Insurance for financing up to 95 percent of the preservation equity <br />under the Section 241(f) program; 2) Grants up to the present <br />value of the total of projected published fair market rents for <br />Section 8 existing housing for the next ten years; and 3) <br />Reimbursement for certain transaction expenses. <br /> <br />The Low-Income Housing Preservation and Resident Homeownership Act <br />of 1990, does not cover Section 8 opt-outs, and expirations, and <br />owners retain the decision whether or not to remain in the program, <br />after receiving an offer from HUD to increase the contract rents up <br />to the Section 8 existing fair market rent. <br /> <br />Additional federal, state, and local resources available to assist <br />in preserving federal. State and local subsidized affordable <br />housing include the following: <br /> <br />Home Investment Pa~ne~hip Act (HOME) - The City of Santa Ana <br />expects to receive $1,600,000 in HOME funds for fiscal year <br />1993. To the extent permissible under federal regulations the <br />City is prepared to allocate a portion of this resource <br />towards preserving affordable housing. <br /> <br />Community Development Block Grant (CDBG) - of the $10,600,000 <br />anticipated to be available to the City of Santa And in fiscal <br />year 1993, only a portion is designated to the Housing <br />Division for housing related activities. The city has been a <br />Community Development Block Grant (CDBG) Entitlement Community <br />since 1974. Every year approximately 12 to 13 percent of the <br />CDBG allocation is directed toward meeting affordable housing <br />objectives. Additionally, all program income received from <br />the CDBG revolving loan program for the rehabilitation of <br />existing housing is reused to fund additional rehabilitation <br />projects. With program income included, the city allocates <br />approximately 20 percent of available CDBG funds to meet <br />affordable housing objectives. <br /> <br />Rental Rehabilitation Repaymenls-The Rental Rehabilitation Program <br />provides below-market rates to investor/owners of apartment <br />buildings. To the extent permissible under regulation, the <br />City is prepared to apply a portion of repayment funds towards <br />preserving affordable housing. <br /> <br />Rental Ce~ificates And Rental Vouche~ - Through the city's Housing <br />Authority (a Housing and Urban Development program) <br />certificates and vouchers are provided for low-income families <br />and individuals. The city is prepared to direct rental <br />certificate and voucher assistance towards preserving <br />affordable housing. <br /> <br />Tax Increment- Six redevelopment projects within the City of <br />Santa Ana have been formed in response to the physical and <br />economic deterioration of those areas. Affordable housing set <br />aside funds generated from tax increment may be available to <br />assist in preservation efforts. <br /> <br />12 <br /> <br />I <br /> <br /> <br />