Laserfiche WebLink
Quarterly Report for Housing Division Projects and Activities: <br />October 2011 - December 2011 <br />March 5, 2012 <br />Page 5 <br />The partnership of Orange Housing Development Corporation (OHDC) and C&C Development was <br />selected to implement the Multifamily Acquisition/Rehabilitation Program. To date, the partnership <br />has used $1.4 million in NSP 1 funds to acquire a 14-unit multi-family property at 1410 North <br />Durant Street. The rehabilitation is complete and the property is now occupied. The partnership <br />also used $655,000 in NSP 1 funds to acquire two vacant parcels at 605-611 East Washington <br />Avenue on which they will construct 36 affordable rental units. They were approved for tax credits <br />and have started construction. Both projects will be targeted to households at or below 50% of <br />AMI. <br />NSP 2 Program <br />The City's second award (NSP 2) for $10 million was received through a highly competitive <br />process in which only 15 local government agencies were successful. Most awards were made to <br />nonprofit consortiums. Under the terms of this award, there is no obligation deadline to meet; <br />however, there is an expenditure deadline. Fifty percent of the funds must be expended by <br />February 11, 2012, and the remainder by February 11, 2013. As of the end of the second quarter, <br />the City had expended $7.7 million or 77% of its funds. The most current federal reports show <br />that only 18% of NSP 2 <br />grantees have spent 50% or <br />more of their funds. NSP 2 <br />implements three programs: <br />Down Payment Assistance <br />Program, Single-Family <br />Acquisition-Rehabilitation <br />Program, and a Multifamily <br />Acquisition-Rehabilitation <br />Program. ANR has spent <br />more than $4.3 million in <br />NSP 2 funds and has <br />leveraged an additional $4.8 <br />million in private funds to <br />make these affordable units <br />available. Chart 4 shows the <br />status of all properties <br />purchased with NSP 2 funds <br />additional detail. <br />Chart 4: NSP 2-Status of All Single Family Properties <br />25 <br />20 <br />15 <br />10 <br />5 <br />0 <br />Acquisition Under Rehab Resale Sold <br />as of the end of the second quarter. Tables 4, 5, and 6 provide <br />Table 4: NSP 2 Properties Under Rehabilitation <br />Address Projected Completion Date <br />410 Wakeham 3/1/2012 <br />19D-5