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dear-End reportfor Housing Division Projects and Activities August Page ~D North Lacy - The City council and Agency have approved loans to AHD and Development for acquisition and rehabilitation of ~ unit building at 703 Noah ~.acy, Rents are to be restricted to those affordable to extremely lour- and very lo~u-incor~e households. The project has closed escro~r and the rehabilitation uvork is underway. The estimated completion date is September ~g~ NSP 1 Pro ram The federal Nei hborhood Stabilization Pro ram NSP i intended to tar et and stabilise g g ~ ~ g comrraunities hardest hit with foreclosures. To date, the pity has received o NSP awards, The first a~vard NSP ~ } came through a noncor~petitive process in the amount of ,~'g, ~ ~5. lender its terms, all grant funds must be obligated by September ~o~o, and expended by March - In addition, NSP grantees must expend at least 2 percent of the funds on households rho are very lour-income. The pity has obligated ~.4 r~illion or4~ percent of its funds and expended ~.4 million or percent of its funds on projects that vuill serve such households. As of the end of - the fiscal year, the pity had obli ated all of its NSP ~ funds and had ex ended 5,4~,7~ or 9 p - percent. - NSP implements the foilovuan five programs: Dorn Payment Assistance Program, Redevelopment Pro ram, Sin le-Famil Ac uisition-Rehabilitation Pro rare, Historic~ondominiun~ g g y q g Acquisition-Rehabilitation Program and a Multifamily Acquisition-rehabilitation Program. ANR Industries, the intermediary selected to implement hor~eovunership pro rams includin the Sin le- - g g g Family and Historic~Condo, is responsible far the acquisition, rehabilitation, and resale of the foreclosed units. These homes gill be sold to families Frith incor~e up to ~~g percent of the area r~edian ~AMI}. As of the end of the fiscal year, ANR had used NSP funds to acquire 1 single- family homes for rehabilitation and resale to qualifying families. ~f these, ~ ~ had been sold, Frith nine being purchased by lour-income farr~ilies and ei ht b moderate-income families. ~f the 4 9 Y remaining homes, seven are being rehabilitated, four are being r~arl~eted for resale, and three are in escrovu, ANR has spent more than million in NSP funds and has leveraged an additional 4,~ million in private funds to make these affordable units available. i The partnership of HD and Development uvas selected to in~plerent the Multifamily AcquisitionlRehabilitation Program. To date, the prtnershi has used X1.4 million in NSP ~ funds p to acquire a ~4-unit multi-farr~ily property t X410 N. Durant Street, It also used ~,ooo in NSP 1 = funds to acquire two vacant parcels at X05-~1~ E. Iashinton Avenue on ~rhich it gill construct approximately 0 affordable rental units. These units vuill be targeted to households at or belovu g , percent of AM I.