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<br />CITY OF SANTA ANA <br />2006-2007 ANNUAL ACTION PLAN <br /> <br />PROGRAM DESCRIPTION ELIGIBLE ACTIVITIES <br /> Program encourages the investment of private <br /> capital for the creation of affordable rental . New Construction <br />Low Income Housing Tax housing for low-income households. Tax . Housing Rehabilitation <br />Credit (L1HTC) credits are available to individuals and . Acquisition <br /> corporations who inyest in such projects <br /> . Job Training <br />Empowerment Zone . Education <br /> A flexible funding source available to address . Health Services <br />$0 the needs of City residents with incomes at or . Small Business Loans <br />(Continue to use prior year funds.) below poverty level. . Housing Rehabilitation <br /> . Youth Activities <br />STATE RESOURCES <br /> A federal tax credit for low- and moderate- <br />Mortgage Credit Certificate income homebuyers who haye not owned a . First Time Home Buyer <br />(MCC) home in the past three years. Allocation for Assistance <br />MCC is Drovided by the State <br />California Department of <br />Housing & Community Low interest loans for the development of . Predevelopment Loans <br />Development: Pre- affordable housing with nonprofit agencies <br />development Loan Program <br />California Department of <br />Housing & Community . First-time Homebuyer <br />Development: CalHOME Financing for housing programs Assistance <br />Program . Ownership and Rental <br />$500,000 housing projects <br />CITY OF SANTA ANA <br />RESOURCES <br /> Funds received from increased property taxes . Residential Rehab. Loans <br />Santa Ana Redevelopment generated by property improyements . Replacement Housing <br />Agency Low Income Housing sponsored by the Agency's six redevelopment <br />Set-Aside Fund project areas. Twenty percent (20%) of these . Neighborhood <br /> property tax funds must be set aside for the Improvement Programs <br />$6,000,000 development, preservation, or rehabilitation of . Neighborhood Capital <br /> affordable housing Projects <br /> The City allows an increase in density to <br />Density Bonus developers who set-aside at least 25% of their . Density Bonus <br /> proiect to low- and moderate-income n<>rsons <br /> The Community Development Agency and <br />Tax Exempt Bonds Housing Authority have the authority to issue . Housing Development <br />tax-exempt bonds. Bond proceeds are used <br /> to develop affordable housing <br /> If available and appropriate, City or . Housing <br />City/Agency Owned Land Redevelopment Agency owned land might be <br /> made available. . Community Facilities <br /> <br />4120/06 <br /> <br />3 <br />190-54 <br /> <br />ATTACHMENT 1 <br />