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Quarterly Report for Housing Division Projects and Activities <br />September 6, 2011 <br />Page 5 <br />Table 3: NSP 1 Properties Available for Sale <br />Address <br />NSP Funds for Acquisition <br />1001 W. MacArthur Blvd #14 <br />$110,704.98 <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 36 <br />affordable rental units. They have submitted an application for tax credits, and expect to start <br />construction in September of 2011. Both projects will be targeted to households at or below 50% of <br />AMI. <br />NSP 2 Program Chart 4: NSP 2 - Status of All Single Family <br />Properties <br />The City's second <br />Projected Completion Date <br />award (NSP 2) for $10 <br />14 <br />million was received <br />so <br />through a highly <br />6 <br />competitive process in <br />4 <br />which only 15 local <br />o <br />government agencies <br />were successful. Most <br />awards were made to <br />Acquisition Under Resale Sold <br />Rehabilitation <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 fourth quarter, the City had expended $6.3 <br />million or 63% 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 $3.17 million in NSP 2 funds and has <br />leveraged an additional $3.6 million in private funds to make these affordable units available. <br />Chart 4 shows the status of all properties purchased with NSP 2 funds as of the end of the fiscal <br />year. Tables 4, 5, and 6 provide additional detail. <br />Table 4. NSP2 Properties Under Rehabilitation <br />Address <br />Projected Completion Date <br />1410 S. Shelton <br />712112011 <br />1233 W. Myrtle <br />8115111 <br />2047 S. Birch <br />8108111 <br />1319 W. 7 1 <br />8118111 <br />1643 W. 12th 19102111 <br />19E -5 <br />