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<br />~ <br />~ <br />\ - .... <br />'\t):::S <br />-~ <br />~~ <br />~~ <br />C'(I <br />. . <t <br />0~ <br /> <br />I <br /> <br />I I <br /> <br />A-201O-047 <br /> <br />INSURANCE ON FILE <br />WORi< MAY PROCEED <br />UNTIL INSURANCE EXPIRES <br />6 -tq - 1 0 <br />CLERK OF COUNCIL <br />nATE: 4 - [l.f -/ () <br /> <br />NEIGHBORHOOD STABILIZATION PROGRAM <br />(PROGRAM 2) GRANT SERVICES AGREEMENT <br /> <br />This Agreement is executed by and between the City of Santa Ana, a charter city and <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 California limited liability <br />corporation ("Developer") as of March 1st, 2010. <br /> <br />R E C I TAL S: <br /> <br />A. Title III of Division B of the Housing and Economic Recovery Act of2008 (Pub. L 110- <br />289, 122 Stat. 2654 enacted July 30, 2009) makes available to certain qualified <br />municipalities for certain qualified grant funds termed Neighborhood Stabilization <br />Program ("NSP Funds") under a program termed the Neighborhood Stabilization <br />Program (the "NSP"). <br /> <br />B. On May 4,2009, the U.S. Department of Housing and Urban Development ("HUD") <br />issued a Notice of Funding Availability (NOF A) for Neighborhood Stabilization Program <br />2 Funds (NSP 2). In July 2009, the City submitted an application for $10 million. <br /> <br />C. On January 14,2010, the City was notified that its application under the NSP for NSP 2 <br />Funds was approved by HUD. Funding for Developer is allocated for acquisition and <br />rehabilitation of the single family component of the NSP2 program in an amount not to <br />exceed $6,500,000.00, but not less than $3,000,000.00 plus program income. <br /> <br />D. The City has developed certain criteria and guidelines for implementation of its <br />Neighborhood Stabilization Program for the NSP funds. The City has identified the <br />target area as illustrated in the map attached hereto as Exhibit A. <br /> <br />E. Developer was awarded an Agreement for NSP 1 funds, and due to the successful <br />implementation ofNSP 1 with Developer, this Agreement is being awarded to Developer. <br /> <br />F. The City intends for the NSP funds to be primarily used for acquisition of foreclosed <br />properties and any expenses related to the acquisition and disposition of such properties, <br />including developer fees. Only in special circumstances will the NSP funds be used for <br />the rehabilitation costs associated with foreclosed properties. <br /> <br />NOW THEREFORE, the parties agree as follows: <br /> <br />100. DEFINITIONS <br /> <br />"Abandoned" a residential property is abandoned when mortgage or tax <br />foreclosure proceedings have been initiated for that property, no mortgage or tax <br />payments have been made by the property owner for at least 90 days AND the property <br />has been vacant for at least 90 days. <br /> <br />1 <br />