Laserfiche WebLink
CITY OF SANTA ANA <br />2009-2010 ANNUAL ACTION PLAN <br />priority the City will be able to utilize limited resources more efficiently. When available, <br />Santa Ana will seek out additional resources beyond federal and local funds to address <br />barriers. <br />FOSTERING AND MAINTAINING AFFORDABLE HOUSING <br />Many of the barriers to maintaining and expanding affordable housirroppoi-tunities for all <br />~;`,' <br />residents of Santa Ana are attributable to market constraints=~~'~ Many of these market <br />.~ '= <br />constraints are beyond the control of the City, nonethele,~s the `Crty~ will utilize its limited <br />resources to foster and maintain affordable housing. B~ leveraging fede~l ,funds with local <br />., <br />redevelopment funds and resources available to nohprofit housing developers; the City may <br />_,, ,,:, <br />be able to increase its supply of long term affordable hous'rt The City's owner occupied <br />,i <br />housing stock will be preserved with rehabilitation fif~dsfor homeowners and enforcement <br />of local housing/building codes. While challenging, assisting first time homebuyers with <br />mortgage subsidies will reinforce neighborhood pride.., ADDI funded second mortgages and <br />sx <br />other forms of subsidies maybe provided""$ ;:b ~3X 4F `y~ <br />< -~r-~. , <br />,~ - - <br />~~~ ~' <br />In July 2008, the Housing and Economic Recovery Act of 2008 was signed into law. This law <br />.,~t_ t•~ , ~, .- <br />authorized the creation of the Nerghborhood•Stabilization Program ($5,795,151), which <br />aimed to s#em`a_the negative impact of foreclosed homes on residential neighborhoods. <br />Based on HUD's dist%bution formula, the City of Santa Ana qualified as a direct HUD-NSP <br />reci'pi~nt; therefore in December 2008, the City amended its 2008-2009 Annual Action Plan <br />in order tq receive NSP fund. Since this time, the City has taken initial steps to implement <br />its NSP progr-arn . wfi,icf~° includes using funding to acquire and rehabilitate foreclosed <br />residential properties. These units will be rehabilitated and marketed for sale to qualified <br />homebuyers. Additionally, the City will meet the NSP 25% fund allocation for Very Low- <br />Income persons by working in partnership with a nonprofit housing developer. The <br />ultimate goal of the program is to utilize limited NSP funds to make a significant impact in <br />neighborhoods that have been hard hit by the slump in the housing market and sub-prime <br />market collapse. <br />o~~ 4,~5,~ 2 9i~-41 <br />