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<br /> Agreements for Federal NSP 1 and NSP 2 <br /> March 1, 2010 <br /> Page 3 <br /> The City, along with our partners, continues to implement the NSP 1 activities and expects to meet <br /> the legislative deadlines for obligating (18 months) and expending (36 months) the funds. <br /> Currently, we have obligated 87 percent of our funds and have expended 56 percent. Inherent in <br /> single family and condo/historic programs is Program Income. This is generated from the <br /> subsequent sale of properties to new homebuyers. Per HUD regulations, NSP Program Income <br /> can only be used for activities approved in the NSP application. These include down payment <br /> assistance, single-family acquisition and rehabilitation, condo/historic acquisition and rehabilitation, <br /> rental housing, redevelopment and administration. As with the original allocation, HUD also <br /> requires that 25 percent of all program income be used for activities that benefit households at 50 <br /> percent of Area Median Income (AMI); these funds will be programmed into the rental programs. <br /> Additionally, 10 percent of the Program Income is to be used for program administration costs. <br /> Staff is requesting that Program Income generated by NSP 1 be recognized and approved for use. <br /> Given the nature of these programs, staff expects to continually recycle program income into NSP <br /> activities. <br /> FISCAL IMPACT <br /> By submitting the executed grant agreement, the City of Santa Ana will be eligible to receive up to <br /> $10,000,000 in grant funds from the U. S. Department of Housing and Urban Development. <br /> APPROVED AS TO FUNDS AND ACCOUNTS: <br /> r. <br /> ~ <br /> Cynthia J. Nelson Francisco Gutierrez <br /> Deputy City Manager for Development Executive Director <br /> Services Finance & Management Services Agency <br /> Community Development Agency <br /> CJN/SLB/JPH/kg <br /> Exhibit: 1. NSP 1 & 2 Target Geography Map <br /> 25K-3 <br /> <br />