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C1TV OF SANTA ANA <br />2009-2010 ANNUAL ACTION PLAN <br />activities that do not benefit a minimum of 51% Low- and Moderate-Income households). <br />These activities are described in detail in Attachment 3. The City anticipates it will receive <br />program income during the 2009-2010 Program Year; however, these resources will be <br />reprogrammed at a later time. <br />The City did not have any grant funds returned to its line of credit, nor will it undertake <br />float-funded activities (thus will not realize any program incom" from float-funded <br />~' <br />activities). Finally, the City does not anticipate undertaking urg~e~nt'rieed activities during the <br />2009-2010 Program Year. ~ ~~~`,~'~ `~ <br />€ ~t,.. ~ <br />;~~ ~~ <br />HOME ~ , - <br />~tY ~~ ,: , <br />The City of Santa Ana HOME program for theL009-2010~_Program Year is designed to <br />undertake eligible activities to preserve existing a~,~rdable housing, expand the supply of <br />decent and affordable housing, and s#ren hen public private partnerships. All HOME <br />.~, ; <br />assisted units will have appropriate cove~ants'`an :written agreements in accordance with <br />~~ - v <br />HUD regulations. ~:~~~' .~, `a` <br />,; <br />tiz;. <br />~~.. _~:. <br />z ,,,, <br />- : , '-M <br />:= ~ t <br />Federal regulations require that rfIOME fund'~~are used to refinance existing debt secured <br />by multi-family housing; ;the Gty must ensur.e''that its rehabilitation program guidelines <br />comply with section 92.206(b) of the HOME Program regulations. Even though no such <br />project is contemplated for the~,2009-2010 fiscal year, HUD requires that the City outline <br />certain-program provisions in theme Action Plan; therefore, should amulti-family housing <br />rehabilitation/refinance p;r oject present itself to the City, at a minimum, the following <br />_Y. <br />program provisions will be implemented: <br />,~..~ <br />~~ <br />^ Refinancing wiil be permitted on a citywide basis; however such assistance will only be <br />provided to permit or continue affordability for projects undertaken by a qualified <br />nonprofit affordable housing development organization in good standing with City, <br />HUD, private lenders, etc. <br />^ The minimum affordability period shall be 15 years. <br />DRAFr 4/15/09 2 ~~-4 7 <br />