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PROGRAM DESCRIPTION ELIGIBLE ACTIVITIES <br /> If available and appropriate, City or <br />City/Agency Owned Land Redevelopment Agency owned land might be ¦ Housing <br /> made available. <br />PRIVATE RESOURCES <br /> 1. Community Home Buyer Program - Fixed rate <br />Federal National Mortgage mortgages <br />Assoc. (Fannie Mae) 2. Community Home Improvement Mortgage ¦ Homebuyer Assistance <br /> Program - Mortgages for both purchase and ¦ Homebuyer <br />Freddie Mac rehabilitation of a home Assistance/Rehab <br /> 3. Fannie Neighbor- Under served low-income ¦ Expand Home Ownership <br />FHA minorities are eligible for low down-payment for Minorities <br /> mortgages for the purchase of single family <br /> homes <br />California Community Nonprofit mortgage banking consortium that <br /> <br />Reinvestment Corp. <br />pools resources to reduce lender risk in financing ¦ New Construction <br />(CCRC) affordable housing ' Rehabilitation <br />Federal Home Loan Bank Direct subsidies to nonprofit and for-profit ¦ New Construction <br /> <br />Affordable Housing Program developers, and public agencies for affordable ¦ Expand Home Ownership <br /> low-income ownership and rental projects for Lower Income Persons <br />Orange County Affordable Nonprofit lender consortium ' Construction Financing <br />Housing Clearinghouse ¦ Permanent Financing <br />OTHER NON-FEDERAL PUBLIC AND PRIVATE RESOURCES <br />As outlined above (TABLE 3) , there are additional federal, non-federal and private resources <br />that the City anticipates it may receive or seek in support of meeting priority needs and <br />specific objectives identified in the Consolidated Plan. <br />LEVERAGING OF RESOURCES <br />HUD requires the City to discuss how federal resources to be made available during the <br />2012-2013 Program Year will leverage other non-federal public and private resources. In <br />past years the City of Santa Ana had implemented a strategy of linking non-federal <br />resources for housing and community development needs with federal grant funds. This <br />strategy involves identifying federal resources that may be available to undertake a project. <br />If grant funds are insufficient other non-federal resources will be utilized to meet project <br />finance gaps. In past years local redevelopment funding was the primary source of <br />leveraging (and HOME match). Unfortunately as of February 2012, State legislation has <br />resulted in the dissolution of all California redevelopment agencies, and while some <br />legislation is being considered that may address affordable housing needs, for the short- to <br />medium-term, this funding source will no longer be available. The City will be severely <br />challenged in identifying new resources that can be used to leverage declining federal <br />funds. To the extent resources are available, the City will continue to commit non-federal <br />DRAFT 04/08/2012 19 2012-2013 ANNUAL ACTION PLAN <br />29B-26