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Low-Income Housing Tax Credit(LlHTC)-The availability of federal <br />and state low-income housing tax credits will assist with <br />future preservation efforts. <br /> <br />QUANTIFIED OB.IECTIVES <br /> <br />For the planning period through June 30, 1994, it is the objective <br />of the city of Santa Ana to retain as affordable housing all 112 <br />units threatened due to the possible prepayment of the federally <br />insured mortgage for the Fairview Green family apartments. After <br />an evaluation of this project, the City has determined that <br />preservation of these at-risk units is feasible. <br /> <br />PROGRAMS FOR PRESERVATION <br /> <br />Evaluating Legal And Procedural Framework For Preservation <br /> <br />Federal law in the area of affordable housing preservation <br />establishes significant restrictions upon an owner's ability <br />to terminate the affordability restrictions on housing <br />developed with a federal subsidy. The intent of federal law <br />in this area has been to preserve and retain subsidized units <br />to the maximum extent possible, minimize displacement of <br />tenants in residence, and continue partnerships between all <br />levels of government and property owners. Addressing the <br />challenges to long term affordability for units developed with <br />state and local resources has become a matter of increasing <br />concern in California was well. <br /> <br />Santa Ana's efforts to preserve affordable housing will <br />include an ongoing evaluation of the legal and procedural <br />framework established through regulatory mandates imposed by <br />all levels of government. In the area of federally assisted <br />housing, evaluation will be conducted of the Notice of Intent <br />process, Plan of Action procedure, availability of federal <br />incentives in exchange for extended low-income use <br />restrictions, modification to regulatory agreements, and <br />Section 8 contractual obligations of covered projects. In the <br />area of state or locally assisted affordable housing, while <br />there are currently no overriding regulations imposed, Santa <br />Ana will review the regulatory agreements of each development <br />to ascertain which preservation approach will be most <br />appropriate, especially in regard to locally assisted, bond <br />financed, and density bonus projects. <br /> <br />Identification And Monitoring Of Threatened Projects <br /> <br />Identifying and monitoring threatened projects is an important <br />component of Santa Ana's program for preservation. An initial <br />inventory of projects has been included as part of this <br />amendment to the City's housing element. The City is <br /> <br />13 <br /> <br />I <br /> <br /> <br />