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FIRST AMENDMENT TO <br /> NEIGHBORHOOD STABILIZATION PROGRAM <br /> GRANT SERVICES AGREEMENT <br /> WITH ANR SANTA ANA NSP, LLC <br /> This Amendment is executed by and between the City of Santa Ana, a charter city and <br /> <br /> municipal corporation organized and existing under the Constitution and laws of the State of <br /> California (hereinafter "City") and ANR Santa Ana NSP, LLC, a limited liability company <br /> ("Developer") as of March , 2010. <br /> RECITALS: <br /> A. City and Developer entered into the Neighborhood Stabilization Program Grant Services <br /> Agreement (said "Agreement") on , 2009 for Developer to assist City <br /> with the acquisition and rehabilitation of single family, condominium and historic <br /> components of the Neighborhood Stabilization Program (NSP). <br /> B. The parties now desire to amend said Agreement to include terms related to additional <br /> funding generated by program income. <br /> WHEREFORE, in consideration of the covenants contained in said Agreement, and subject to <br /> all the terms and conditions of said Agreement, except those amended in this <br /> First Amendment to Agreement, the parties agree as follows: <br /> 1. Each party hereto agrees that Sections 500 and 700 of said Agreement, shall be amended to <br /> include the following additional terms: <br /> 507. Verification of Homebuyer Income. Prior to the sale of any NSP Assisted Unit to <br /> a Homebuyer, the Developer shall submit to the City a completed income computation and <br /> certification form from each Homebuyer of the NSP Assisted Unit in the form which is provided <br /> by the City. Each Homebuyer shall certify, to the best of the Homebuyer's knowledge, that it is <br /> a Low or Moderate Income Household and meets the eligibility requirements established for the <br /> NSP Assisted Unit. The Developer shall obtain an income verification and lender's packet from <br /> the prospective purchaser of an NSP Assisted Unit (which shall be provided to the City). For <br /> purposes of this Program, income will be calculated per HUD guidelines for federal programs <br /> (Exhibit E: HUD Part 5 Income & Assets Definitions). For purposes of such certification, the <br /> Developer shall verify the income certification of the prospective Homebuyer in one or more of <br /> the following methods reasonably acceptable to the City: <br /> (a) obtain three (3) paycheck stubs from the prospective Homebuyer's <br /> three (3) most recent pay periods. <br /> (b) obtain a true copy of an income tax return from the prospective <br /> Homebuyer for the most recent three tax years in which a return was filed. <br /> (c) obtain an income verification certification from the employer of <br /> the prospective Homebuyer. <br /> Final Amend NSP1 ANR <br /> 2~-~qit 3 <br /> <br />