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NSP 3 Implementation Agreement <br />June 20, 2011 <br />Page 2 <br />purchasing, rehabilitating and selling foreclosed properties, and where applicable, on team <br />member experience in working together in an efficient and timely manner. The table below lists <br />responsive applicants and their scores from their proposal. <br />Ac uisition/Rehabilitation/Resale - Single Family Program <br />ANR Homes, Inc. 92 <br />Neighborhood Housing Services of Orange County, Inc. 83 <br />Based on the rating of its proposal, the interview and previous experience, ANR Homes, Inc. <br />(ANR) is being recommended. ANR has been acquiring, rehabilitating and selling foreclosed <br />properties since 1995. Working with many local government agencies and nonprofit corporations, <br />ANR has rehabilitated more than 3,000 properties throughout Southern California. Additionally, <br />through the City's previous allocations of NSP, ANR has acquired and rehabilitated 50 single <br />family homes since July 2009 of which 36 have already been sold to income-qualified homebuyers. <br />ANR also works with fourteen other public entities utilizing NSP funds throughout Southern <br />California. <br />As part of its proposal, ANR provided commitment letters from two financial institutions to leverage <br />the City's NSP funds. With these funding commitments, ANR has the capacity to finance up to <br />80% of costs with its own acquisition/construction lender. This leveraging will allow the City to <br />meet and possibly exceed its goals which were identified in the application to HUD as seven single <br />family homes. The NSP funds will be used for acquisition and rehabilitation costs. Given the <br />desire to recycle funds and stabilize communities as quickly as possible, ANR will be working with <br />local real estate brokers that are most knowledgeable of the market and have a successful track <br />record. <br />FISCAL IMPACT <br />Funds for the Acquisition/Rehabilitation/Resale Activities are available in the Neighborhood <br />Stabilization Program 3 Grant Fund account (no. 14218762-62300). <br />APPROVED AS TO FUNDS AND ACCOUNTS: <br />-1K a 6 <br />Nancy T. E ards Francisco Gutierrez <br />Interim Exe tive Director Executive Director <br />Community Development Agency Finance & Management Services Agency <br />NTE/SLB/MA/kg <br />Exhibit: 1. Agreement <br /> <br />25D-2