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/'- OUANTIFIED OBJECTIVES During the July 1, 1989 through June 3Q, 1994 planning period, a total of three housing developments containing 511 affordable units are at risk. Two of these developments, Santa Ana Towers and Wycliffe Plaza, are eligible for extensions to existing Section 8 rental assistance contracts and in the current housing market are considered unlikely to opt out of the program. In addition, Wycliffe Plaza is ineligible to prepay the federally assisted mortgage prior to the year 2017. The inability of this property owner to prepay their mortgage will assure that the affordability of these units is maintained well into the future. The Fairview Green Apartments, is eligible for mortgage prepayment in May 1994, and has been identified by the City of Santa Ana for a concerted preservation effort. This 112 unit housing development, affordable to families earning 50 percent of the county median income was developed through the FHA Section 236(J) (I) Program. For the planning period through June 30, 1994, it is the objective of the city of Santa Ana to retain as affordable housing all 112 units threatened due to the possible prepayment of the federally insured mortgage for the Fairview Green family apartments. After an evaluation of this project, the City has determined that ~ preservation of these at-risk units is feasible. PROGRAMS FOR PRESERVATION 1. Evaluating Legal And Procedural Framework For Preservation Federal law in the area of affordable housing preservation establishes significant restrictions upon an owner's ability to terminate the affordability restrictions on housing developed with a federal subsidy. The intent of federal law in this area has been to preserve and retain subsidized units to the maximum extent possible, minimize displacement of tenants in residence, and continue partnerships between all levels of government and property owners. Addressing the challenges to long term affordability for units developed with state and local resources has become a matter of increasing concern in California was well. Santa Ana's efforts to preserve affordable housing will include an ongoing evaluation of the legal and procedural framework established through regulatory mandates imposed by all levels of government. In the area of federally assisted housing, evaluation will be conducted of the Notice of Intent process, Plan of Action procedure, availability c federal incentives in exchange for extended low-ir 1~ use restrictions, modification to regulatory agreel~ ts, and Section 8 contractual obligations of covered projecu., in the 15