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1 s?,a w ` ; . A-2011-170 <br />A'I <br />LERK r ?? t <br />?Z: NEIGHBORHOOD STABILIZATION PROGRAM <br />(PROGRAM 3) GRANT SERVICES AGREEMENT <br />This Agreement is executed by and between the City of Santa Ana, a charter city and <br />municipal corporation organized and existing under the Constitution and laws of the State of <br />California (hereinafter "City") and ANR Santa Ana NSP, LLC, a California limited liability <br />corporation ("Developer") as of June 21, 2011. <br />RECITALS: <br />v <br />A. Title III of Division B of the Housing and Economic Recovery Act of 2008 (Pub. L 1 10- <br />289, 122 Stat. 2654 enacted July 30, 2009), as amended, and an additional allocation of <br />funds provided under Section 1497 of the Wall Street Reform and Consumer Protection <br />Act of 2010 (Pub. L. 111-203, approved July 21, 2010) makes available to certain <br />qualified municipalities for certain qualified grant funds termed Neighborhood <br />Stabilization Program ("NSP Funds") under a program termed the Neighborhood <br />Stabilization Program (the "NSP"). <br />B. On October 19, 2010, the U.S. Department of Housing and Urban Development ("HUD") <br />issued a Notice of Funding Availability (NOFA) for Neighborhood Stabilization Program <br />3 Funds (NSP 3). In March 2011, the City adopted a Substantial Amendment to its <br />2010-2011 Consolidated Plan Annual Action Plan for $1.4 million. <br />C. On March 4, 2011, the City was notified that its application under the NSP for NSP 3 <br />Funds was approved by HUD. Funding for Developer is allocated for acquisition and <br />rehabilitation of the single family components of the NSP3 program in an amount not to <br />exceed $1,317,703 plus program income. <br />D. The City has developed certain criteria and guidelines for implementation of its <br />Neighborhood Stabilization Program for the NSP funds. The City has identified the <br />target area as illustrated in the map attached hereto as Exhibit A. <br />E. The City intends for the NSP funds to be primarily used for acquisition of foreclosed <br />properties and any expenses related to the acquisition and disposition of such properties, <br />including developer fees. Only in special circumstances will the NSP funds be used for <br />the rehabilitation costs associated with foreclosed properties. <br />NOW THEREFORE, the parties agree as follows: <br />100. DEFINITIONS <br />"Affordable Sales Price" shall mean a purchase price which results in an <br />affordable cost to a Low, Moderate, and/or Middle Income Purchaser. The Affordable <br />Sales Price for Low Income households will be the product of 30% times 50% of the <br />Area Median Income adjusted for family size appropriate for the unit. For Middle