Laserfiche WebLink
Planning Period of July 1, 1994 through June 30, 1999 <br /> <br />7 Studio Apartments $ 361,025 <br />267 One Bedroom Apartments 17,201,475 <br />71 . ; Two Bedroom Apartments 6,790,973' <br />12 '~ ~ Three Bedroom Apartments 1.338.210 <br /> <br />TOTAL <br /> <br />$25,691,683 <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 Aha 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. <br /> <br />RESOURCES FOR PRESERVATION <br /> <br />Resources for the preservation of subsidized housing include both <br />public and nonprofit organizations that have the legal and <br />managerial capacity to acquire and manage assisted housing <br />developments, as well as direct financing and subsidy programs <br />through federal, state, or local sources. <br /> <br />Public Agency and Non profit Corporation Resources <br /> <br />The City of Santa Ana's Preservation Program includes the following <br />activities: <br /> <br />1. Evaluation of legal and procedural framework for <br /> preservation. <br /> <br />11 <br /> <br /> <br />