80B - NEIGHBORHOOD STABLIZATION PROGRAM

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DRAFT Between 80 percent and 120 percent of area median income 0 Total households to be assisted: 24 (7) Total Budget: (Include public and private components) NSP: $1,800,000 Other potential sources include private loans, multifamily mortgage revenue bonds, federal low income housing tax credits, State of California Multifamily Housing Program funds, and City of Santa Ana Community Redevelopment Agency tax increment set-aside 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: (71.4) 667-2287 Facsimile: (714) 667-2225 Email: SLandry-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 SantaAna. (10) Projected End Date: January 31, 2014 (11) Specific Activit~quirement: For acquisition activities, include: • Discount rate: The required discount rate for all purchases will be consistent with the HUD regulatory requirement. For financing activities, include: • Range of interest rates: Range of interest rates will be 0 percent to 3 percent annually depending on anticipated project revenue and expenses. For housing related activities, include: • Duration or term of assistance; Fifty five years • Tenure ofbeneficiaries--rental or homeownership; Rental • A description of how the design of the activity will ensure continued affordability. Recordation of trust deeds, loan agreements and regulatory agreements securing the NSP funds and mandating fifty five years of affordability. 23 80B-33