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Quarterly Report for Housing Division Projects and Activities <br />June 4, 2012 <br />Page 4 <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 />40 <br />Chart 3: NSP 1- Status of All Single Family Properties <br />35 <br />30 <br />25 <br />20 <br />15 <br />10 <br />5 <br />0 <br />Acquisition Under Resale Sold <br />Rehabilitation <br />No NSP1 properties were sold during the third quarter. <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 />19D -4 <br />