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CITY OF SANTA ANA <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />A. INCLUSIONARY HOUSING FUNDS <br /> <br />Source of Funds <br />Funding for this program is provided using revenues generated through in-lieu fees collected under <br />the City of Santa Ana Housing Opportunity Ordinance. <br /> <br />Eligible Borrowers/Grantees <br />Eligible borrowers are nonprofit Housing Development Corporations (HDC’s) duly organized to <br />promote and undertake community development activities on a not for profit basis, and which have a <br />valid 501(c)(3) or (4) designation from the IRS, or for profit housing developers or development <br />corporations, with proven capacities to develop, own, and operate affordable housing. Limited <br />partnerships whose general partners are otherwise eligible under the above are also eligible to borrow <br />Program funds. <br /> <br />Eligible Projects <br />Funds can be used to increase and improve the supply of housing affordable to moderate, low, very- <br />low and extremely-low income households in the City. <br /> <br />Eligible rehabilitation projects will: <br />(1) Be in need of rehabilitation as defined herein; <br />(2) Be located in the City of Santa Ana; <br />(3) Be free from significant adverse environmental impacts, except those that can be mitigated <br />through rehabilitation; and <br />(4) Avoid permanent involuntary tenant displacement to the greatest degree feasible in order to <br />carry out the project. <br />Eligible projects which involve new construction or conversion of an existing non-residential use will <br />conform to items (2), (3), and (4) above. <br /> <br />Eligible Uses and Activities <br />Funds can be used to make loans to eligible borrowers to provide affordable housing, for moderate, <br />low, very low, and extremely-low income households, including, but not limited to, the following: <br /> <br />(1) Acquisition and rehabilitation of eligible rental properties. Existing rental units may be <br />acquired, substantially rehabilitated and then income and affordability covenants can be <br />recorded on the units for rental or ownership. <br />(2) Purchase and rehabilitation of homes with code-related issues for sale to low and moderate <br />income buyers. <br />(3) Acquisition and conversion of non-residential property to multifamily rental and/or ownership <br />housing units. <br />(4) New construction of rental and/or ownership housing units. <br />For more information, please see Santa Ana Municipal Code Section 41-1900. <br /> <br />EXHIBIT 1