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undertake float funded activities, nor did the City receive income from the sale of real <br />property. Finally, the City did not adjust or write -off any CDBG- funded loan. <br />■ Economic Development: The City \by rtake C unded economic development <br />activities during the report period a J b pended for such activities, <br />additional reporting w be prha a tions taken to ensure jobs <br />created by such act Ile Mode ncome individuals. <br />The City ut ther rces to expand economic opportunities for residents. Non -HUD <br />economic dev ctivities undertaken during 2009 -2010 include the following: <br />• State Enterprise Zone: The Enterprise Zone is designed to promote business growth and <br />job generation by offering tax credits. Qualified businesses reduce State income taxes by <br />an amount equal to the amount of wages paid to qualified employees. These "hiring <br />credits" are provided to employers who hire low -wage earners, target area residents, laid - <br />off, or long -term unemployed persons. A business may earn up to $35,000 in tax credits <br />per qualified employee. A total of 2,190 individuals were assisted through these efforts <br />during the 2009 — 2010 report period. It is noteworthy that Santa Ana's Enterprise Zone <br />was awarded a new 15 -year Enterprise Zone designation by the State effective June 2008. <br />42 08/24 /2010 <br />