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Quarterly Report for Housing Division <br />Projects and Activities <br />March 7, 2011 <br />Page 5 <br />NSP 1- Properties Available for Sale <br />Address Affordability Level <br />1001 W Stevens Ave #140 Moderate <br />1046 Cabrillo Park Dr #A Moderate <br />1345 Cabrillo Park Dr #F09 Moderate <br />1345 Cabrillo Park Dr #K05 Moderate <br />1345 Cabrillo Park Dr #R04 Moderate <br />NSP 1 - Single Family Properties Sold During the Quarter <br />Property Address Silent 2" Homebu er Income Level <br />1090 Cabrillo Park Dr #E $15,900 Low <br />1921 N Sher Ln #102 $25,900 Low <br />1422 S Shelton St $17,000 Moderate <br />1020 N Flower St $10,000 Moderate <br />333 E Berkeley St $10,000 Moderate <br />The partnership of OHDC and C&C Development was selected to implement the Multifamily <br />Acquisition/Rehabilitation Program. To date, the partnership has used $1.4 million in NSP 1 funds <br />to acquire a 14-unit multi-family property at 1410 N. Durant Street. The rehabilitation is complete <br />and the property is currently being leased and 13 units are occupied. The partnership also used <br />$655,000 in NSP 1 funds to acquire two vacant parcels at 605-611 E. Washington Avenue on <br />which they will construct approximately 38 affordable rental units. They have re-submitted plans <br />for development review. Both projects will be targeted to households at or below 50% of AMI. <br />NSP 2 Program <br />The City's second award (NSP 2) for $10 million was received through a highly competitive <br />process in which only 15 local government agencies were successful. Most awards were made to <br />nonprofit consortiums. Under the terms of this award, there is no obligation deadline to meet; <br />however, there is an expenditure deadline. Fifty percent of the funds must be expended by <br />February 11, 2012, and the remainder by February 11, 2013. As of the end of the second quarter, <br />the City had expended $2,391,584 or 23.9% of the funds. <br />NSP 2 implements three programs: Down Payment Assistance Program, Single-Family <br />Acquisition-Rehabilitation Program, and a Multifamily Acquisition-Rehabilitation Program. ANR <br />has spent more than $2.2 million in NSP 2 funds and has leveraged an additional $2.4 million in <br />private funds to make these affordable units available. As of the end of the second quarter, the <br />following activity had occurred- <br />19D-5