19D - QRTLY RPT HOUSING PROJECTS

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Quarterly Report for Housing Division Projects and Activities June 4, 2012 Page 5 NSP 2 Program The City's second award (NSP 2) for $10 million was received through a highly competitive process in which only 15 local government agencies were successful. Most awards were made to nonprofit consortiums. Under the terms of this award, there is no obligation deadline to meet; however, there is an expenditure deadline. Fifty percent of the funds must be expended by February 11, 2012, and the remainder by February 11, 2013. As of the end of the third quarter, the City had expended $8.5 million or 85% of its funds. The most current federal reports show that only 5 percent of NSP2 grantees have spent 75 Chart 4: NSP 2-Status of All Single Family Properties percent or more of their funds. NSP 2 implements 30 three programs: Down 25 Payment Assistance Program, Single-Family 20 Acquisition-Rehabilitation Program, and a Multifamily 15 Acquisition-Rehabilitation Program. ANR has spent 10 more than $4.8 million in NSP 2 funds and has 5 leveraged an additional $4.8 0 million in private funds to make these affordable units Acquisition Under Rehab Resale Sold available. One of the families purchasing an NSP2 home received a down payment assistance loan from the City, and a second down payment assistance loan was made to a family purchasing a home that ANR did not acquire. A total of $63,140 in NSP2 funds have been used for down payment assistance loans. Chart 4 shows the status of all properties purchased by ANR with NSP 2 funds as of the end of the third quarter. Tables 4, 5, and 6 provide additional detail. Table 4: NSP2 Properties Under Rehabilitation Address Projected Completion Date 2032 S. Artesia 07/12/2012 Table 5: NSP2 Single Family Properties Available for Sale Address Affordability Level 323 E. Chestnut Moderate 410 Wakeham Moderate 1119 W. 5 Moderate 19D-5