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2010-2011 and 2011-2012 Annual Action Plan Substantial <br />Amendments and ANR Agreement Amendment <br />May 7, 2012 <br />Page 3 <br />In order to fund the Foreclosed Homes Acquisition Program for the remainder of the 2011-2012 <br />fiscal year, the City must adopt Substantial Amendments to its 2010-2011 (Exhibit 2) and 2011- <br />2012 (Exhibit 3) Annual Action Plans. Under the proposed Substantial Amendments, $3.6 million <br />in HOME funds and $1 million in CDBG residential loan repayment funds will be reprogrammed for <br />support of the acquisition, rehabilitation and resale of foreclosed and abandoned single-family <br />homes in the NSP2 target area to qualified low income households. <br />On March 1, 2010, the City Council approved a contract with ANR Industries to assist the City with <br />implementation of the single-family components of the NSP2 Program. The amendment to this <br />contract would authorize ANR to use HOME and CDBG funds in an amount up to $5 million plus <br />program income for the new Foreclosed Homes Acquisition Program (Exhibit 4). This amount <br />includes both the current proposed reallocations of HOME and CDBG funds and funds from the <br />2012-2013 HOME allocation. <br />Finally, the 2011-2012 Action Plan budgeted $890,000 for the purchase of fire equipment to be <br />housed in a fire station that serves a CDBG eligible area. The funds will be reprogrammed for <br />improvements to fire stations in CDBG eligible areas in Santa Ana. The attached 2011-2012 <br />Substantial Amendment provides for that change to the CDBG grant program. <br />HUD regulations require that the draft Substantial Amendment be made available for a 30-day <br />public review and comment period. On March 30, 2012, notification was published in the Orange <br />County Reporter that the Substantial Amendment was available for review beginning March 30, <br />2012, and that the public hearing would be held on April 3, 2012. It was also noticed in La Opinion <br />and Nguoi Viet as well as on the City's website. The 30-day public comment period concluded on <br />April 30, at 5 p.m. All comments received, including all funding recommendations made by the City <br />Council, will be included in the final document when it is submitted to HUD. <br />FISCAL IMPACT <br />Funds for the Foreclosed Homes Acquisition Program are available in the HOME Program Account <br />(no. 13018780-69152) and the CDBG Account (nos. 13518782-69152 and 13518783-66200). <br />APPROVED AS TO FUNDS AND ACCOUNTS: <br />Nancy T. E ards <br />Interim Exe tive Director <br />Community Development Agency <br />Francisco Gutierrez <br />Executive Director <br />Finance & Management Services Agency <br />NTE/SLB/TG/mlr <br />29C-3