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NSP (3) <br />February 22, 2011 <br />Page 3 <br />Program Program Budget Goal <br />No. # of Homes <br /> Acquisition/Rehabilitation/Resale of Single <br />1 Family Homes for Low-Income Households (at <br /> or below 50% AMI $366,029 1 <br /> Acquisition/Rehabilitation/Resale of Single <br />2 Family Homes for Low-, Moderate-, Middle- <br /> Income Households u to 120% AMI $951,674 6 <br />n/a Administration $146,410 N/A <br />Total NSP Grant $1,464,113 <br />The guidelines of the loan program are described in Exhibit 3. <br />The acquisition, rehabilitation and resale to affordable homebuyers will be undertaken by either a <br />non-profit or for-profit developer. This entity will be procured through a Request for Proposal <br />(RFP) (Exhibit 4) that will be distributed to a broad range of consultants, non-profits, and <br />developers. The purpose of the RFP is to solicit and select a developer to provide the complete <br />range of services for the successful implementation of NSP 3. They will be selected based on <br />experience, resources and financial capacity to effectively acquire, rehabilitate, and sell properties <br />to eligible homebuyers. In an effort to leverage the NSP funds, the developer will be required to <br />have a line of credit available for the acquisition component. <br />A public notice was published on January 31, 2011, in the Orange County Reporter, La Opinion <br />and Nguoi Viet News indicating that the draft Neighborhood Stabilization Program 3 substantial <br />amendment was available for review for the required fifteen days. In addition, it was posted on the <br />City's website. <br />FISCAL IMPACT <br />By submitting this substantial amendment to its 2010-2011 Annual Action Plan and grant <br />agreement, the City of Santa Ana will be eligible to receive up to $1,464,113 in grant funds from <br />the U. S. Department of Housing and Urban Development. These funds will be appropriated into <br />the NSP 3 account (no. 14218762-various). <br />APPROVED AS TO FUNDS AND ACCOUNTS: <br /> <br />Nancy T. dwards Francisco Gutierrez <br />Interim E cutive Director Executive Director <br />Community Development Agency Finance & Management Services Agency <br />NTE/SLB/MA/mlr <br /> <br />20A-3