80B - NEIGHBORHOOD STABLIZATION PROGRAM

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DRAFT income households. Should these homes prove hard to sell, the intermediaries will be able to offer them to income qualified households on a lease to own basis. (5) Location Description: (Description may include specific addresses, blocks or neighborhoods to the extent known.) 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): Number of units expected to be assisted: 40. Based on the assumption that NSP cost per unit will be approximately $50,000. 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 10 Between 80 percent and 120 percent of area median income 30 Total households to be assisted: 40 (7) Total Budget: (Include public and private components),- NSP Funds: $2,015,636 Private Mortgage Funds: $9,200,000. Assumes $250,000 average purchase price and $20,000 average down payment. Redevelopment Agency Tax Increment Set-aside Funds: $1,125,000 (8) Responsible Organization: The City ofSanta 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) 667-2237 Facsimile: (714) 667-2225 Email: SLandr ~~bayle(a,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) Protected End Date: January 31, 2014 17 80B-27