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DRAFT <br />The City will insure that this activity benefits income qualified households by limiting <br />eligibility to those with incomes at or below 120 percent of area median income. Given <br />the significant upfront and long term costs associated with homeownership the City does <br />not anticipate that this program will serve any very low-income households, and it will <br />not deed restrict any homes purchased through this program to occupancy by very low- <br />income households. <br />(5) Location Description: (Description may include specific addresses, blocks or <br />neighborhoods to the extent known.) <br />For reasons described in Section A of this Substantial Amendment, condominiums were <br />excluded from the City's analysis of its Areas of Greatest Need. Additionally, <br />historically significant homes are widely scattered, but are an important contributor to the <br />City's cultural life. As a consequence the City will offer this program on a citywide basis <br />to insure that both types of housing can be acquired and rehabilitated with NSP funds. <br />(6) Performance Measures (e.g., units of housing to be acquired, rehabilitated, or <br />demolished for the income levels of households that are 50 percent of area median <br />income and below, 51-80 percent, and 81-120 percent): <br />Number of units expected to be assisted: 10. Based on the assumption that NSP cost per <br />unit will be approximately $70,000.. <br />Households to be assisted by income category: <br />Below 50 percent of area median income: 0 <br />Between 50 percent and 80 percent of area median' income 3 <br />Between 80 percent and 120 percent of area median income 7 <br />Total households to be assisted: <br />10 <br />(7) Total Budget: (Include public and private components) <br />NSP Funds: $700,000 <br />Private Mortgage Funds: $2,300,000 Assumes $250,000 average purchase price <br />and;$20,000 average down payment. <br />(8) Responsible Organization: <br />The City of Santa Ana Community Development Agency, Housing Division, has <br />extensive experience managing affordable housing funds and programs. The Division <br />has expertise in the areas of housing rehabilitation, finance, development, rental <br />assistance and grant management. <br />Ms. Shelly Landry-Bayle <br />Housing Manager <br />Community Development Agency of the City of Santa Ana <br />20 Civic Center Plaza, M-37 <br />Santa Ana, CA 92701 <br />Telephone: (714) 667-2287 <br />Facsimile: (714) 667-2225 <br />Email: SLandry-bayle(a~santa-ana.or~ <br />20 <br />80B-30 <br />