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,~ . <br />CITY OF SANTA ANA <br />CALHOME OWNER OCCUPIED REHABILITATION <br />REUSE ACCOUNT PLAN <br />All repayments of loan principal and any loan interest derived from loans funded through <br />the CalHome Owner Occupied Rehabilitation Loan Program will be deposited into the <br />City of Santa Ana CalHome Manufactured Housing Loan Program Account No.143-01- <br />5360. This account will insure that CalHome funds are separated from other funds, and <br />that no co-mingling of funds will occur. Any accrued interest earned on CalHome funds <br />will accrue to this account. <br />Maintenance of this account will enable the Division to use the City's computerized <br />accounting system. This system will assist the Division to make all required reports on <br />the use of CalHome Program funds. It will also ensure timely processing of payment or <br />other requests relating to these funds. <br />Funds deposited into this account will be used only for the following approved, eligible <br />uses of such funds: <br />1. Loans to individual homeowners as allowed pursuant to CalHome Program <br />requirements; <br />2. A CalHome activity delivery fee in accordance with CalHome Program <br />requirements; <br />3. Up to 5% of funds deposited may be used towards the cost of loan servicing by <br />the Division or the cost of third-party loan servicing contracted by the Division. <br />The City may use these funds for other CalHome-eligible activities upon approval from <br />the State of California. <br />H:\Share\TERRYG1CalHome Program\CalHome 2008\Reuse Plan updated.doc <br />