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Of the 51 total units in the five buildings, 50 are restricted to be occupied by very-low <br />income households, with the remaining unit restricted to occupancy by moderate income <br />households. The length of the restrictions is 55 years. <br />Townsend and Raitt Apartments <br />and new community center <br />¦ Lacy & Raitt - the Agency and City assisted a limited partnership to purchase and <br />rehabilitate two apartment buildings with a total of 34 units. All of the units are restricted <br />to occupancy by very-low income households, and the length of the restrictions is 45 years. <br />One of the two buildings is located in the Townsend and Raitt area and the Agency's <br />assistance represents a continuation of its commitment to assist the low income people <br />residing in the area. The Lacy building is located in the Station District. <br />¦ Santa Ana Boulevard -The Agency has acquired properties in the City's Station District. The <br />City has selected a master developer for the area, and the Agency will work with the <br />developer to insure that its properties are developed in a manner that is consistent with <br />other development in the area, and in a manner that services the diverse housing needs of <br />Santa Ana's residents. <br />¦ Infill Development - The Agency has acquired properties throughout the City for residential <br />development. The Agency utilized a Request for Proposals process to select qualified <br />developers interested in working with the Agency on these properties. All will be developed <br />for residential use, and will offer a mix of bedroom sizes and prices suitable to the diverse <br />needs of Santa Ana residents. While the majority will be developed for owner occupancy, <br />four properties will be developed as affordable rental properties that also offer a mix of <br />bedroom sizes and rents suitable to the diverse needs of Santa Ana residents. <br />¦ Neighborhood Stabilization - The City has been awarded $15.8 million in federal <br />Neighborhood Stabilization Program grant funds for the purpose of facilitating the <br />acquisition, rehabilitation and resale of abandoned and foreclosed homes and apartments. <br />The City estimates it will be able to produce approximately 194 affordable units with these <br />funds. Of these, approximately 54 units will be rental units carrying 55-year very-low <br />income affordability covenants. <br />¦ Rehabilitation Loan Programs - The Agency and the City offer a variety of loans to income <br />eligible owners of both conventional and mobile homes to make necessary repairs. Mobile <br />home funds are offered as forgivable loans with no interest rate, while single-family loans <br />are offered at below market interest rates. For owners of historic homes, the interest rate <br />Santa Ana Community Redevelopment Agency IrTiA o t 0 July 1, 2010 to June 30, 2015 <br />For the Merged Santa Ana Redevelopment Projec1 Page 22