25D - AGMT - ALLOCATION NSP 3 - Laserfiche WebLink

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NEIGHBORHOOD STABILIZATION PROGRAM (PROGRAM 3) GRANT SERVICES AGREEMENT This Agreement is executed by and between the City of Santa Ana, a charter city and municipal corporation organized and existing under the Constitution and laws of the State of California (hereinafter "City") and ANR Santa Ana NSP, LLC, a California limited liability corporation ("Developer") as of June 21, 2011. RECITALS: A. Title III of Division B of the Housing and Economic Recovery Act of 2008 (Pub. L 110- 289, 122 Stat. 2654 enacted July 30, 2009), as amended, and an additional allocation of funds provided under Section 1497 of the Wall Street Reform and Consumer Protection Act of 2010 (Pub. L. 111-203, approved July 21, 2010) makes available to certain qualified municipalities for certain qualified grant funds termed Neighborhood Stabilization Program ("NSP Funds") under a program termed the Neighborhood Stabilization Program (the "NSP"). B. On October 19, 2010, the U.S. Department of Housing and Urban Development ("HUD") issued a Notice of Funding Availability (NOFA) for Neighborhood Stabilization Program 3 Funds (NSP 3). In March 2011, the City adopted a Substantial Amendment to its 2010-2011 Consolidated Plan Annual Action Plan for $1.4 million. C. On March 4, 2011, the City was notified that its application under the NSP for NSP 3 Funds was approved by HUD. Funding for Developer is allocated for acquisition and rehabilitation of the single family components of the NSP3 program in an amount not to exceed $1,317,703 plus program income. D. The City has developed certain criteria and guidelines for implementation of its Neighborhood Stabilization Program for the NSP funds. The City has identified the target area as illustrated in the map attached hereto as Exhibit A. E. The City intends for the NSP funds to be primarily used for acquisition of foreclosed properties and any expenses related to the acquisition and disposition of such properties, including developer fees. Only in special circumstances will the NSP funds be used for the rehabilitation costs associated with foreclosed properties. NOW THEREFORE, the parties agree as follows: 100. DEFINITIONS "Affordable Sales Price" shall mean a purchase price which results in an affordable cost to a Low, Moderate, and/or Middle Income Purchaser. The Affordable Sales Price for Low Income households will be the product of 30% times 50% of the Area Median Income adjusted for family size appropriate for the unit. For Middle H 4wi