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Strategy #1: Pursue the preservation of affordable u conversion to non -low income uses or market rents. The 2000-2005 Housing Element identified 2,500 public -assisted affordable units, of which at least 750 units were at risk of conversion. As of 2007, most of these affordable units could convert to non -low income uses by 2018. State law allows a jurisdiction to count up to 25 percent of its lower income requirement by preserving at -risk housing units through rehabilitating the housing units, purchasing affordability covenants, or otherwise preserving at -risk affordable units. The preservation of at -risk affordable housing units might be a particularly effective strategy for Santa Ana because (1) it helps preserve affordable housing, (2) it serves as a vehicle for neighborhood improvement, and (3) it avoids the issue of deciding where additional affordable housing could be located. In fact, of all the strategies allowed for under state law, the purchase of affordability covenants offers the most cost-effective approach to addressing multiple goals. The City is already involved in the rehabilitation of multiple -family projects in several instances. Described in the inset, the Ross & Durant Apartment project is currently being rehabilitated and preserved. In 2005, the California Housing Finance Agency (CaIHFA) approved $25. I million in loans to Christian Church Homes of Northern California to purchase the existing 200-unit senior apartment complex, Flower Park Plaza, renovate the units, and preserve the affordability for 45years. Strategy #2: Count the residential sites set forth in the Specific Plan areas toward the regional housing needs allocation. The City of Santa Ana is currently preparing several large-scale Specific Plans that will provide the opportunity to provide high -end and highly amenitized housing for the City's workforce: The Metro East Mixed Use Overlay Zone covers 200 acres in an area bordered by Interstate 5, State Route 55, and Sixth Street. This designation will help create an active, mixed -use urban village integrated into a mid- and high-rise office environment. The project offers potential for 5,500 units in a dynamic urban environment where residents can live, play, shop, and work. Housing Element Update THE PLANNING CENTER I Page 2-7