Laserfiche WebLink
4O6 <br /> <br />Analysis Of Federal, State And Local Financial Incentives To Deter Conversion And <br />Assist With Acquisition And Preservation Of Subsidized Housing <br /> <br />Identifying and determining the availability of financial <br />incentives to deter conversion and assist with acquisition and <br />preservation of subsidized housing is an ongoing part of the <br />city of Santa Ana's program for preservation. A summary of <br />potential resources for preservation are included as part of <br />this housing element amendment. Even in instances where a <br />purchaser assumes the existing mortgage and operating <br />subsidies, significant additional financial support is <br />anticipated to be required to finance the difference between <br />the purchase price and outstanding mortgages, as well as for <br />predevelopment expenses, and to make needed physical repairs <br />or improvements. Sources of funding for these items are <br />expected to be quite varied throughout the period of time in <br />which subsidized housing development may be threatened. The <br />City of Santa Ana is prepared to track current financial <br />incentives and analyze their applicability to the preservation <br />effort. <br /> <br />Provision Of Technical Assistance To Developers, Nonprofit, Corporations And <br />Resident Councils Interested In Negotiating The Acquisition Of Subsidized Housing <br /> <br />The Federal Low-Income Housing Preservation and Resident <br />Homeownership Act of 1990, includes a 12 month "Right of First <br />Offer" period for priority purchasers including resident <br />councils, nonprofit organizations, and state or local agencies <br />that agree to maintain the affordability restrictions for a <br />project's useful life. The City of Santa Ana is prepared to <br />provide technical assistance to these groups as well as to <br />other interested parties that seek to preserve affordable <br />housing developed with federal, state of local resources. <br /> <br />QUANTIFIED OBJECTIVES BY TARGET INCOME GROUP <br /> <br />In addition to addressing the preservation of assisted housing, <br />this amendment also quantifies the existing objectives in the <br />housing element by target income groups. The following table shows <br />the City's existing objectives which have been broken down by <br />target income households for either a one year or five year period. <br />These figures do not reflect the city's total goals but only those <br />for the target households: low, very-low, and moderate-incomes. <br /> <br />15 <br /> <br />I <br /> <br /> <br />