Laserfiche WebLink
Quarterly Report for Housing Division Projects and Activities <br />June 20, 2011 <br />Page 5 <br />Table 3. NSP 1 Properties Under Pnhahilitatinn <br />Address NSP is for Acquisition <br />1001 W. MacArthur Blvd #14 $110,704.98 <br />Table 4- NSP 1 PrnnPrtiP.Q Availahla fnr _Cahn <br />Address Affordability Level <br />1001 W. Stevens Ave #140 Moderate <br />The partnership of OHDC and C&C Development was selected to implement the Multifamily <br />Acquisition/Rehabilitation Program. To date, the partnership has used $1.4 million in NSP 1 funds <br />to acquire a 14-unit multi-family property at 1410 North Durant Street. The rehabilitation is <br />complete and the property is now occupied. The partnership also used $655,000 in NSP 1 funds <br />to acquire two vacant parcels at 605-611 East Washington Avenue on which they will construct <br />approximately 38 affordable rental units. They have submitted an application for tax credits, and <br />expect to start construction in September of 2011. Both projects will be targeted to households at <br />or below 50% of AMI. <br />NSP 2 Program Chart 4: NSP 2 - Status of All Single Family <br />Properties <br />The City's second io <br />award (NSP 2) for $10 a <br />million was received <br />through a highly 4 <br />competitive process in 2 <br />which only 15 local 6 <br />government agencies Acquisition Under Resale sold <br />were successful. Most Rehabilitation <br />awards were made to <br />nonprofit consortiums. <br />Under the terms of this award, there is no obligation deadline to meet; however, there is an <br />expenditure deadline. Fifty percent of the funds must be expended by February 11, 2012, and the <br />remainder by February 11, 2013. As of the end of the third quarter, the City had expended nearly <br />$2.6 million or 26% of the funds. NSP 2 implements three programs: Down Payment Assistance <br />Program, Single-Family Acquisition-Rehabilitation Program, and a Multifamily Acquisition- <br />Rehabilitation Program. ANR has spent more than $2.4 million in NSP 2 funds and has leveraged <br />an additional $2.6 million in private funds to make these affordable units available. Chart 4 shows <br />the status of all properties purchased with NSP 2 funds as of the end of the third quarter. Tables 5, <br />6, 7 and 8 provide additional detail. <br />19C-5