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Year~Fnd Report far Housing Division Projects and Activities September 8, X009 Page 4 lacy/Raitt lty council and the community Redevelopment Agency approved the Lacy project with lacy and Raitt, LP. They approved the acquisition and rehabilitation of this ~ unit apartment cor~ple~ located at the corner of Lacy and Santa Ana Blvd. The rents for of the units will be restricted to families with extremely low- and very low-incomes. one unit is reserved for an an-site manager, NP Program The pity couni~.'s submittal of a eighbarhood Stabili~atian Program ~N~P~ application to the U. Department of Housing and Urban Development ~HUD~ in the amount of 5, 7~5,15~ was approved. NP is targeted at stabilizing communities hardest hit with foreclosures. with these funds, the pity i i~nple~nenting five NP programs including a Down Payment Assistance Program, Redevelopment Pragram, dingle-Family Acquisition-Rehabilitation Pragram, Histariclcondo Acquisition- r r Rehabilitation Program and a Multifamily Acquisition-~Rehabilitation Pragram. In March ~~a~, the city approved contracts with two intermediaries for the implementation of three of the five p~`ograms. The pity selected AIR, Inc, for the implementation of the homeownership programs including the Single Family and Historic condo. They are responsible for the acquisit~.on, rehabilitation and resale of the - foreclaed units. These homes gill be sold to families with incomes up to ~.2 D percent of the area median ~AMI } . Ta date, there are nine single-~ family homes in various stages of acquisition and rehabilitation that will be sold to qualifying families. orange Hauling Development orparation ~OHDC} was selected far the implementation a~ the Multifamily AcquisitianlRehab Program. As required by NP, these units will be targeted at households at our below 5~ percent ANSI. AHD is actively seeping foreclosed multi-family properties. Raitt street Infill site civic tenter Barrio Housing orparation ~~BHC} is proposing to construct an 11-unit affordable housing project comprised of three triplexes and two single fam~.ly units. The project will be integrated with BH's existing 1~~unit development to the north. Plans are proceeding through the i.ty's site plan review process, while the developer continues praforma preparation and lender negotiations. This material w~.ll form the basis of a Disposition and Development Agreement, which is anticipated to be considered in late summer of 2~~9. _