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183 <br /> <br />Tax Exempt Mortgage Revenue Bonds <br /> <br />* 26 unit~, Harbor Pointe <br /> <br />* 14 units, Tradewinds <br /> <br />* 42 units, Villa Verde <br /> <br />7) Projects Assisted with Redevelopment Resources <br /> <br />* 1 unit, 324 East Pine <br /> <br />There are three projects, or 511 units, which during the current <br />planning period of July 1, 1989 to June 30, 1994 have the potential <br />for loss of affordable units. The following is a summary of these <br />projects and discussion of the status of their affordability. <br /> <br />1) SaDta Ana Towers <br /> <br />2) <br /> <br />3) <br /> <br />The Santa Aha Towers is a 199 unit senior project which was <br />financed conventionally with a Section 23 conversion to the <br />Section 8 New Construction program. The date of the initial <br />Housing Assistance Plan (HAP) agreement was December 5, 1972. <br />The Section 8 contract expires on December 5, 1992 but may be <br />extended for three 5 year periods to December 5, 2007. <br />Currently, the Santa Ana Housing Authority, the United States <br />Department of Housing and Urban Development, and the project <br />owner are in the process of amending the annual contributions <br />contract and housing assistance payment contract to extend the <br />terms of each. <br /> <br />Fairview Green Apartments <br /> <br />The Fairview Green Apartments is a 112 unit family project <br />which was financed with the assistance of the FHA Section <br />236(J) (1) Loan Program. The date of loan closing for this <br />project was May 16, 1974. The mortgage may be prepaid <br />effective May 16, 1994. This project is subject to the <br />restrictions of the Low Income Housing Preservation and <br />Resident Homeownership Act and the owners will be required to <br />develop an action plan prior to any change in affordable <br />housing operations. <br /> <br />Wycliffe Plaza <br /> <br />Wycliffe Plaza is a 200 unit senior project financed with a <br />loan under the FHA Section 236 (J)(1) program. The date of <br />loan closing for this project was March 9, 1977. The mortgage <br />can not be prepaid and will be paid off March 9, 2017. <br />Additionally, 140 units in the project are assisted under a <br />Section 8 contract which expires June 25, 1994; although, it <br />may be extended for one five year period. At the present time <br />it appears unlikely that the affordability of these units will <br />be threatened. This determination is based on the nonprofit <br /> <br /> <br />