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NSP (3) <br />February 22, 2011 <br />Page 3 <br />Program <br />Program <br />Budget <br />Goal <br />No. <br /># of Homes <br />Acquisition /Rehabilitation /Resale of Single <br />1 <br />Family Homes for Low - Income Households (at <br />or below 50% AMI ) <br />$366,029 <br />1 <br />Acquisition /Rehabilitation /Resale of Single <br />2 <br />Family Homes for Low -, Moderate -, Middle - <br />Income Households (up to 120% AMI <br />$951,674 <br />6 <br />n/a <br />Administration <br />$146,410 <br />N/A <br />Total NSP Grant <br />$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 />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 />