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