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RESOLUTION 2009-010 <br />6!30!09 les <br />A RESOLUTION OF THE COMMUNITY REDEVELOPMENT AGENCY <br />OF THE CITY OF SANTA ANA APPROVING THE OPERATION OF THE <br />NEIGHBORHOOD STABILIZATION DOWN PAYMENT ASSISTANCE <br />PROGRAM BY THE COMMUNITY REDEVELOPMENT AGENCY OF <br />THE CITY OF SANTA ANA BOTH WITHIN AND OUTSIDE THE <br />MERGED REDEVELOPMENT PROJECT AREA OF THE AGENCY, BUT <br />WITHIN CITY BOUNDARIES AND A COMMITMENT OF FUNDS <br />BE IT RESOLVED BY THE MEMBERS OF THE COMMUNITY <br />REDEVELOPMENT AGENCY OF THE CITY OF SANTA ANA, AS FOLLOWS: <br />Section 1. The Community Redevelopment Agency of the City of Santa Ana <br />finds, determines and declares as follows: <br />A. On May 4, 2009, the U.S. Department of Housing and Urban Development <br />(HUD) issued a Notice of Fund Availability (NOFA) for $1.93 billion of <br />Neighborhood Stabilization Program funds (NSP-2) and the City is eligible to <br />apply. <br />B. Grant funds under NSP-2 must be used for activities that will reduce the <br />numbers of foreclosed and abandoned residences in census tracts with a high <br />concentration of foreclosures according to HUD data. The City is preparing an <br />application for $10 million in NSP-2 funds. <br />C. Staff is recommending adoption of a Neighborhood Stabilization Downpayment <br />Assistance Program (Program) to be available for bank-owned properties and <br />also short sales as NSP-2 funds are limited to properties that are foreclosed <br />and/or abandoned and bank-owned. This Program will complement the other <br />existing City and Agency programs. <br />D. Priority will be given to properties that are in the City's NSP priority areas as <br />shown on the map (seen in Exhibit 1), however funds will also be available <br />citywide. Also, the Program will be operated both within the merged <br />redevelopment project area of the Agency and outside such area, but still within <br />the boundaries of the City of Santa Ana. <br />E. The Program will allow households with incomes up to 120% of the area median <br />income to participate. Maximum loan amounts will be $40,000 or 10% of the <br />purchase price, whichever is lower. The loans will have no interest rate and will <br />be deferred for forty-five (45) years. Participants need not be first time <br />homebuyers. <br />Resolution No. CRA 2009-010 <br />Page 1 of 3 <br />