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. moderate Income housing available at affordable housing cost. For the Bristol Corridor Project, as part of s settlement agreement, tha Agency agread 10 set-aside 30 percant of the tax increment allocated to the Agency for affordable housing, Most of the Agency's affordable housing requirementa will be met through the rehabilitation/development of affordable housing w~hin the Merged Project Area. The Agency has adopted resolutions for all Project Areas to sllow expenditures from the Housing Fund to be used outside of Project Areas' boundaries. Therefore, money could be spent anywhere In the City depending on the need. The Agency will evaluate projects outside of the Merged Project Area to determine the overall merits and benefits to the Agency and City as a whole. The Agency in its current Five-Year (2000-2005) Implementation Plan have outlined six (6) primary programs relsted to affordable housing: 1) Multi-Family Residential Rehabilitation Programs; 2) Single-family Residential Rehabilltetion Programs; 3) Housing Mortgage AsslstancelFlrst TIme Home Buyer Program; 4) New Residential Construction and substantial Rehabilitation Programs; 5) Mobile Home Parks Program; and 6) Assistance for the Preservation of Affordable Units, . The Multi-Family Residential Rehabilitation Programs Involves alleviating blighting conditions at overcrowded, small apartment complexes by working within focused neighborhoods to provide the necessary financing 10 improve the conditions of thesa propartles, The Single-Family Residential Rehabilitation Programs are administered through the City's Community Development Agency and Include funding by HOME, CBDG, snd the Agency's housing set-aside funds. This program Is available to very low-, low and moderate income families, with the majority of the funds going 10 households In the very Iow- and low range. The Agency's set-aside funds provide approximately 20 loans annually In the amount of $20,000 to $30,000. The Agency and City will Implement a mortgage assistance program for first time homebuyers. As part of the New Residential Construction and Substantial RehabHltation Programs, the Agency will participate with the private sector'for-profit and nonprofit housing developers to develop and substantially rehabHltate a mix of ownership and rental housing opportunities throughout the City. The City has a total of 29 mobile home parks, which serve a substantial number of very low- and low Income seniors and families. The City provides Agency loans between $5,000 - $7,500 to cover the cost of rehabilitation 10 mobile home units for eligible very low-, low and moderate Income persons. This program will be funded through HOME funds and Agency funds, In addition, the Agency provides loans up to $20,000 for replacement mobile homes. The Agency, In cooperation with the Housing Authority, will continue 10 work with owners of affordable housing projects, which have expiring affordable housing covenants, . 'Preliminary Report for the Merger of the Santa Ana Redevelopment Projects lIõJUIJ..tS.I.:I.' " Kaysar Marston AssOCIates, Inc. Page 15 .............,....."""'" 10<lIO..............,... 55C-33