03 - JOINT - Lacy Settlement - Laserfiche WebLink

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LACY HOUSING FUND PROGRAM The Community Redevelopment Agency of the City of Santa Ana (Agency) has designed the Lacy Housing Fund (Program) to assist owners of rental properties and owner occupants of detached single family homes to keep their homes attractive and well maintained. In addition, funds may be used for payment of fees associated with nomination to the California Register of Historical Resources (CRHR) or the Santa Ana Register of Historic Properties (SARHP) and Mills Act Property Tax Abatement Program. This Program is designed and implemented in accordance with the State laws that govern its funding source. Should those laws change, the Program may be modified so as to insure continued compliance with the law. Continued operation of the Program is dependent upon availability of funds. The maximum loan amount is $25,000. The amount eligible for the grant funds will be in addition to the maximum loan. Funding will be prioritized on a fiscal year by 75% to be expended for homes 50 years and older and 25% for homes less than 50 years old. Eligibility Requirements Borrowers must be the owners of detached single family homes located within the Lacy Neighborhood (Attachment 1) in the City of Santa Ana. These properties may be either owner occupied or renter occupied. All owners of record must have a credit score of at least 580, and must be current on all loans and taxes related to the property. Owners must not have had a bankruptcy or foreclosure within the last two years. Total debt on the property, including the exterior rehabilitation loan, cannot exceed 95 percent of its appraised, after rehabilitation value. There can be no more than one loan superior to the Agency's rehabilitation loan. Only one loan and grant will be provided to a property under this program. Borrowers must agree to conform to all applicable Federal and State lead-based paint and asbestos regulations. All Notices of Violation issued by the City must be corrected by the time the Agency approved repairs are completed. For owner occupants, total annual income of the household, meaning all persons using the home as their primary residence, cannot exceed 120 percent of the area median income as determined by the California Department of Housing and Community Development. The following table was effective as of June 17, 2010: Household Size Maximum Income Household Size Maximum Income 1 Person $73,250 5 Persons $113,000 2 Persons $83,700 6 Persons $121,400 3 Persons $94,200 7 Persons $129,750 4 Persons $104,650 8 Persons $138,150 Page 1 of 3 ~ ~ 3 5 Exhibit 4