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2. NSP BACKGROUND The purpose of NSP is to provide targeted assistance to state and local governments to acquire and redevelop abandoned or foreclosed homes and residential properties that might otherwise become sources of blight within their communities. HUD is now funding the third round of the Program, and has allocated $1,464,113 to the City of Santa Ana. HUD's Notice announcing the NSP3 formula allocations and programmatic requirements can be accessed via the following link: �h "u. The City's NSP3 application, also known as its Substantial, dment, contains information regarding the City's intended programs and can be fou I 19,jollowing link: nttp: / /www.santa- ana.org /cda /documents /NSP ntia lAm 611ft ent- ForSaleOnlv2 -1- is to areas of greatest need, Les financed by subprime .,tified the Priority Area areful review of the City's own data on i ta. It also reflects staff knowledge of ous NSP rounds in specific reference that recipients maximize the available through NSP3 funds by focusing As identified by HUD "' 4N u gulations, eligible activities include establishment of financing mechanisms fo ase and redevelopment of abandoned or foreclosed upon homes and residential prop sties. The City has established two such programs, and those are summarized below: Acquisition /Rehab /Resale -50 Percent of Area Median • Program will be used by the City to meet the NSP3 requirement that 25 percent of its allocation be spent on housing occupied by households with incomes at 50 percent of area median. • As of June 26, 2010 the applicable limits as adjusted for household size were as follows: Page 3 41M, A C