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CITY OF SANTA ANA <br />2008-2009 ANNUAL ACTION PLAN <br />activities will benefit Low- and Moderate-Income households (that is, no CDBG <br />funds will be spent on activities that do not benefit a minimum of 51 % Low- and <br />Moderate-Income households). These activities are described in detail in <br />Attachment 3. The City anticipates it will receive program income during the 2008- <br />2009 Program Year; however, these resources will be reprogrammed at a later time. <br />The City did not have any grant funds returned to its line of credit, nor will it <br />undertake float-funded activities (thus will not realize any program income from float- <br />funded activities). Finally, the City does not anticipate undertaking urgent need <br />activities during the 2008-2009 Program Year. <br />HOME AND AMERICAN DOWNPAYMENT DREAM INITIATIVE (ADDI) <br />The City of Santa Ana HOME program for the 2008-2009 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 HUD regulations. <br />Federal regulations require that if HOME funds are used to refinance existing debt <br />secured by multi-family housing, the City must ensure that its rehabilitation program <br />guidelines comply with section 92.206(b) of the HOME Program regulations. Even <br />though no such project is contemplated for the 2008-2009 fiscal year, HUD requires <br />that the City outline certain program provisions in the Action Plan; therefore, should <br />a multi-family housing rehabilitation/refinance project present itself to the City, at a <br />minimum, the following program provisions will be implemented: <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 affordability period shall be 15 years. <br />an s~oa 34 <br />19E-46 <br />