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192 <br /> <br />e <br /> <br />Community Development Block Grant (CDBG) - of the $10,600,000 <br />anticipated to be available to the City of Santa Aha 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 Repaymen~- The Rental Rehabilitation Program <br />provides below-market rate deferred loans or grants to <br />investor/owners of apartment buildings. To the extent <br />permissible under regulation, a portion of any repayment funds <br />can be allocated by the City towards preserving affordable <br />housing. Funds available through this source are limited and <br />uncertain as they are based on repayments on executed deferred <br />loans. <br /> <br />Rental Ce~ificates And Rental Vouchem - Through the City's Housing <br />Authority certificates and vouchers are provided for low- <br />income families and individuals. The Housing Authority may <br />direct rental certificate and voucher holders towards <br />preserving units at risk. <br /> <br />Redevelopment Housing Set Aside-The Santa Ana Redevelopment Agency <br />maintains active programs utilizing the Housing Set Aside <br />funds. The annual budget is approximately $3,000,000 million. <br />The housing fund is an appropriate and allowable source of <br />funds to preserve units at risk of conversion. Funds for <br />preservation can be allocated on an as-needed basis by the <br />Redevelopment Agency. <br /> <br />Tax Exempt Bond ~nancing- The Santa Ana Housing Authority, the <br />Santa Ana Community Redevelopment Agency, as well as the <br />County of Orange have the capacity to issue multi-family <br />revenue bonds. It is anticipated that any of these entities <br />could utilize this resource to offer incentives for <br />preservation of expiring bend issue units (refunding) as an <br />economic incentive to replace conventional financing for other <br />units at risk of conversion. <br /> <br />Low-Income Housing Tax Credlt(LIHTC)-The availability of federal <br />and state low-income housing tax credits will assist with <br />future preservation efforts. <br /> <br />14 <br /> <br /> <br />