80B - NEIGHBORHOOD STABLIZATION PROGRAM

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DRAFT The program will be operated exclusively within the City's priority areas as described in Section A of this Substantial Amendment. (6) Performance Measures (e.g., units of housing to be acquired, rehabilitated, or demolished for the income levels of households that are 50 percent of area median. income and below, 51-80 percent, and 81-120 percent). Total number of units to be assisted: 20. Assumes average down payment assistance loan of $20,000. Households to be assisted by income category: Below 50 percent of area median income: 0 Between 50 percent and 80 percent of area median income: 3 Between 80 percent and 120 percent of area median income: 17 Total households to be assisted: 20 (7) Total Budget: (Include public and private components) NSP Funds: $400,000 Private Mortgage Funds: $4,600,000. Assumes $20,000 average down' payment assistance loan, $250,000 average purchase price. Other potential funding sources include $325,046 in HOME Program ADDI funds. (8) Responsible Organization: The City of Santa Ana Community Development Agency, Housing Division, has extensive experience managing affordable housing. funds. and programs. The Division has expertise in the areas of housing rehabilitation,' finance, development, rental assistance and grant management. Ms. Shelly Landry-Bayle Housing Manager Community Development Agency of the City of Santa Ana 20 Civic Center Plaza, M-37 Santa Ana, CA 92701 Telephone: (714) 667-2287 Facsimile (714) 667-2225 Email: SLandry-bayle@santa-ana.org (9) Projected Start Date: February 1, 2009 or such other date upon which grant funds are received by the City of Santa Ana (10) Projected End Date: January 31, 2014 (5 years) (11) Specific Activity Requirements For acquisition activities, include discount rate: • The required discount rate for all home purchases will be consistent with the regulatory requirement. 14 80B-24