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CITY OF SANTA ANA <br />2008-2009 ANNUAL ACTION PLAN <br />• i <br /> Rental assistance program that provides a <br /> subsidy to very low-income families, <br />Housing Choice Vouchers individuals, seniors and the disabled. <br /> Participants pay 30 /° of their adjusted income <br />Rental Assistance <br />$26,256,000 toward rent. The Santa Ana Housing <br /> Authority pays the balance of rent to property <br /> owners, and administers the program - 2,500 <br /> vouchers <br /> Program encourages the investment of private <br />Low Income Housing Tax capital for the creation of affordable rental New Construction <br />Credit (LIHTC) housing for low-income households. Tax ^ Housing Rehabilitation <br /> credits are available to individuals and Acquisition <br /> cor orations who invest in such ro'ects <br /> ^ Job Training <br />Empowerment Zone A flexible funding source available to address ~ Education <br /> <br />$0 the needs of City residents with incomes at or Health Services <br />^ <br /> below poverty level. Small Business Loans <br />(Continue to use prior year funds.) ^ Housing Rehabilitation <br /> ^ Youth Activities <br />STATE RESOURCES <br />California Department of <br />Housing & Community Low interest loans for the development of <br /> <br />Development: Pre- <br />affordable housing with nonprofit agencies Predevelopment Loans <br />^ <br />develo ment Loan Pro ram <br />California Department of <br />Housing & Community ^ First-time Homebuyer <br />Development: CaIHOME Financing for housing programs Assistance <br />Program Ownership and Rental <br /> housing projects <br />$600,000 <br />CITY OF $ANTA ANA <br />RESOURCES <br /> Funds received from increased property taxes Residential Rehab <br />Loans <br />Santa Ana Redevelopment generated by property improvements . <br /> <br />Agency Low Income Housing <br />sponsored by the Agency's six redevelopment Replacement Housing <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 />$15,000,000 development, preservation, or rehabilitation of ' Neighborhood Capital <br /> affordable housin 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 /> ro'ect to low- and moderate-income ersons <br /> The Community Development Agency and <br />Tax Exem t Bonds <br />p Housing Authority have the authority to issue ^ <br />Housing Development <br /> tax-exempt bonds. Bond proceeds are used <br /> to develo affordable housin <br /> If available and appropriate, City or <br />City/Agency Owned Land Redevelopment Agency owned land might be ^ Housing <br /> made available. <br />ATTACHMENT 2 <br />4/16/08 <br />19E-74 <br />