Laserfiche WebLink
194 <br /> <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 />committed to obtaining accurate information on each at risk <br />project and maintaining ongoing contact with the respective <br />regulatory agencies, lenders, and property owners. As part of <br />Santa Ana's Housing Element amendment, a determination has <br />been made regarding the legal status of each threatened <br />project. Additional information necessary to assess the <br />feasibility of acquisition in now necessary. This information <br />includes copies of Promissory Notes, Deed of Trust or <br />mortgages, regulatory agreements, subsidy contracts, financial <br />statements, physical inspection reports, agency audits, and <br />actual rent schedules. This information will be obtained, to <br />the extent available, as part of the City's preservation <br />program. <br /> <br />Analysis Of Factors That Influence An Owner's Decision To Terminate The <br />Operation Of Subsidized Housing <br /> <br />As part of the City of Santa Ana's program for preservation, <br />each threatened subsidized housing development will be <br />analyzed to determine the likelihood that the property owner <br />will repay the mortgage, opt out of rent subsidy programs or <br />bring rents to market at the conclusion of regulatory <br />agreements. This analysis while being grounded in the <br />operating data for each project, such as ownership type, <br />existing rent structure, net income, and owners's tax <br />situation, will also include local housing market conditions <br />and factors such as market rents, vacancy rates, and <br />appreciated property values. Through this analysis of the <br />Santa Ana housing market, key factors that motivate property <br />owners will be better understood, advantages and disadvantages <br />to terminating the operation of subsidized housing explored <br />and potential incentives to encourage continued subsidized <br />housing operation identified. <br /> <br />Determination Of The Feasibility Of An Entity Acquiring And Preserving Subsidized <br />Housing <br /> <br />The City of Santa Ana's preservation program includes the <br />provision of careful feasibility analysis to determine: l) <br />Whether an owner is willing to sell to a nonprofit developer <br /> <br />16 <br /> <br /> <br />