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<br />,,,,,,,,u'",.,,,,,,-- <br /> <br />~ <br />~. <br /> <br />REQUEST FOR <br />COUNCIL ACTION <br /> <br />!!!! <br /> <br />/ CITY COUNCIL MEETING DATE: <br /> <br />CLERK OF COUNCIL USE ONLY: <br /> <br />JULY 6, 2004 <br /> <br />TITLE: <br /> <br />APPROVED <br /> <br />0 As Recommended <br />0 As Amended <br />0 Ordinance on 1st Reading <br />0 Ordinance on 2nd Reading <br />0 Implementing Resolution <br />0 Set Public Hearing For <br /> <br />RENTAL REHABILITATION LOAN PROGRAM <br />AND RENTAL REHABILITATION REBATE <br />PROGRAM <br /> <br /> <br />{2¡¡~ <br /> <br />CONTINUED TO <br /> <br />FILE NUMBER <br /> <br />RECOMMENDED ACTION <br /> <br />1. <br /> <br />Approve the Rental Rehabilitation Loan program, <br />Executive Director of the Community Development Agency <br />necessary documentation to implement the program <br />$150,000 for program funding. <br /> <br />authorize the <br />to execute all <br />and allocate <br /> <br />tr. <br /> <br />Approve the Rental Rehabilitation Rebate Program, <br />Executive Director of the Community Development Agency <br />necessary documentation to implement the program <br />$100,000 for program funding. <br /> <br />authorize the <br />to execute all <br />and allocate <br /> <br />DISCUSSION <br /> <br />The City of Santa Ana strives to ensure that the City's neighborhoods are <br />attractive and well maintained. To achieve that goal, the City has <br />designed the Rental Rehabilitation Loan Program (Exhibit 1) and Rental <br />Rehabilitation Rebate Program (Exhibit 2) to assist owners of multi-family <br />rental properties, occupied by low income households, to bring their <br />properties into conformance with the City's municipal code. Properties <br />cited by Code Enforcement receive priority for funding under these <br />programs. <br /> <br />The loan program offers loans in an amount not to exceed $75,000. <br />Borrowers must have acceptable credit history to qualify. The total debt <br />on the property, including the rehabilitation loan, must not exceed ninety <br />percent of the appraised, after rehabilitation value of the property. <br /> <br />Borrowers would be required to restrict occupancy of at least fifty-one <br />percent of the uni ts to households whose income does not exceed eighty <br />~ercent of the area median for a period of ten years. Of those restricted <br />~nits, fifty percent must be rented at or below fifty percent of the area <br /> <br />19D-1 <br />