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Quarterly Housing Projects & Activities <br />September 4, 2012 <br />Page 4 <br />third quarter, we had already expended more than $6.7 million or 116% of its grant amount. The <br />amount spent is greater than the grant amount because it includes program income. Finally, the <br />City has spent $2.34 million, or 33% of its NSP 1 funds, on projects that serve very low-income <br />households exclusively. Currently, NSP 1 is only operating with program income and these funds <br />will diminish overtime. <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 fourth <br />quarter, ANR utilized NSP 1 funds to acquire 37 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 fourth quarter. <br /> <br />40 Chart 3: NSP -Status of All Single Family Properties <br />35 <br />30 <br />2 <br />5 <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 fourth quarter. <br />The partnership of Orange Housing Development Corporation (OHDC) and C&C Development <br />was selected to implement the Multifamily Acquisition/Rehabilitation Program. To date, the <br />partnership has used $1.4 million in NSP 1 funds to acquire a 14-unit multi-family property at 1410 <br />North Durant Street. The rehabilitation is complete and the property is now occupied. The <br />partnership also used $655,000 in NSP 1 funds to acquire two vacant parcels at 605-611 East <br />Washington Avenue on which they will construct 36 affordable rental units. They were approved <br />19D-4