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<br />CITY OF SANTA ANA <br />2006-2007 ANNUAL ACTION PLAN <br /> <br />HOME/AMERICAN DOWNPA YMENT DREAM INITIA TIVE (ADDI) <br />The City of Santa Ana HOME program for the 2006-2007 Program Year is designed <br />to undertake eligible activities to preserve existing affordable housing, expand the <br />supply of decent and affordable housing, and strengthen public-private partnerships. <br />All HOME assisted units will have appropriate covenants and written agreements in <br />accordance with HUO regulations. Although no specific project is contemplated for <br />the 2006-2007 fiscal year, there is a possibility that HOME funds may be used to <br />refinance existing debt secured by multi-family housing that is being rehabilitated. If <br />such a project comes to fruition, the City will revise its rehabilitation program <br />guidelines to ensure compliance with the provisions delineated in section 92.206(b) <br />of the HOME Program regulations. <br />At a minimum, the following program provisions will be required: <br />. Refinancing will be permitted on a citywide basis; however such assistance will <br />only be provided to permit or continue affordability for projects undertaken by a <br />qualified nonprofit affordable housing development organization in good standing <br />with City, HUD, private lenders, etc. <br />. The minimum afford ability period shall be 15 years. <br />. Rehabilitation, not refinancing, must be the primary eligible purpose for the use of <br />HOME funds. To ensure that this requirement is met a minimum level of <br />rehabilitation of $15,000 per unit is required. <br />. A review of management practices will be undertaken by the City to determine <br />that disinvestment in the property has not occurred, that the long term needs of <br />the project can be met, and that the feasibility of serving the targeted population <br />over the extended affordability period can be demonstrated. <br /> <br />During FY 2004-2005, program guidelines were developed to implement an ADOI- <br />funded homebuyer assistance program. Pursuant to AOOI regulations, funds will be <br />utilized to provide down payment assistance for eligible households. In addition to <br />marketing the program citywide, and in various languages, Housing Choice Voucher <br /> <br />4/20/06 <br /> <br />28 <br />190-33 <br />