Laserfiche WebLink
<br /> <br /> <br /> <br /> <br /> Quarterly Report for Housing Division Projects and Activities <br /> June 4, 2012 <br /> Page 4 <br /> <br /> <br /> NSP 1 includes the following four programs: Down Payment Assistance Program, Single-Family <br /> Acquisition-Rehabilitation Program, Historic/Condominium Acquisition-Rehabilitation Program and <br /> a Multifamily Acquisition-Rehabilitation Program. ANR Industries, the intermediary selected to <br /> implement homeownership programs including the Single-Family and Historic/Condominium, is <br /> responsible for the acquisition, rehabilitation, and resale of the foreclosed units. These homes are <br /> sold to families with incomes up to 120% of the area median (AMI). As of the end of the third <br /> quarter, ANR had used NSP 1 funds to acquire 35 single-family homes and condominium units for <br /> rehabilitation and resale to qualifying families. ANR has spent more than $3.3 million in NSP 1 <br /> funds and has leveraged an additional $4.5 million in private funds to make these affordable units <br /> available. Three of the families purchasing these homes also received a total of $104,243 in <br /> NSP1-funded down payment assistance loans from the City. Chart 3 shows the status of all single <br /> family properties purchased with NSP 1 funds as of the end of the third quarter. <br /> <br /> Chart 3: NSP 1-Status of All Single Family Properties <br /> 40 <br /> 35 <br /> 30 <br /> 25 <br /> <br /> 20 <br /> 15 <br /> 10 <br /> 5 <br /> 0 <br /> Acquisition Under Resale Sold <br /> Rehabilitation <br /> <br /> <br /> No NSP1 properties were sold during the third quarter. <br /> <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 /> <br /> <br /> <br /> <br /> <br /> <br /> 19D-4 <br />