80B - NEIGHBORHOOD STABLIZATION PROGRAM

Home Browse Search

DRAFT G. NSP INFORMATION BY ACTIVITY (COMPLETE FOR EACH ACTIVITY) (1) Activity Name: Program 4: Acquisition and Rehabilitation of Foreclosed or Abandoned Rental Housing Units (2) Activity Type: (include NSP eligible use &CDBG eligible activity) NSP Eligible Use: Financing mechanisms for purchase and redevelopment of foreclosed upon homes and residential properties (HERA, 2301(c)(3)(A). CDBG: 24 CFR 570.201 (a) Acquisition, 201(b) Disposition, 201(i) Relocation, 201(n) Direct homeownership assistance; 202 Eligible rehabilitation and preservation activities for homes. (3) National Objective: (Must be a national objective benefiting low, moderate and middle income persons, as defined in the NSP Noticei.e., < 120% of area median income). LMMH: Expected to exclusively benefit households at or below 50'percent of area median (4) Activity Description: Include a narrative describing the area of greatest need that the activity addresses; the expected benefit to income-qualified persons; and whether funds used for this activity will be used to meet the low income housingxequirement for those below 50% of area median income. The City will operate this program on a citywide basis through contracted intermediaries who will possess demonstrated capacity to acquire, rehabilitate, operate and maintain rental housing units restricted to very low-income tenants. NSP funds will be used in conjunction with other private and/or public funds for this purpose. The City will use this activity to meet the low-income housing requirement for those below 50 percent of area median income. Long term affordability will be insured by recordation of a City deed of trust; loan agreement and,regulatory agreement stipulating the amount of the NSP loan and requiring a fifty five year period of affordability for households between 30 percent and 50 percent of area median income for all NSP assisted units. (5) Location Description: (Description may include specific addresses, blocks or neighborhoods to the extent known.) Based on its current Consolidated Five Year Plan and its draft Housing Element, the City of Santa Ana has deterniined that there is a citywide shortage of rental housing available and affordable to households at or below 50 percent of area median income. As a consequence the City will operate this program on a citywide basis. (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): Households to be assisted with NSP funds by income category: Below 50 percent of area median income: 24 Between 50 percent and 80 percent of area median income 0 22 80B-32