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Quarterly Housing Projects & Activities September 4, 2012 Page 5 for tax credits, and have started construction. Both projects will be targeted to households at or below 50% of AMI. 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 fourth quarter, the City had expended $8.8 million or 88% of its funds. The most current federal reports show that only 5 percent of NSP2 grantees have spent 75 percent or more of their funds. NSP 2 implements three programs: Down Payment Assistance 35 Program, Single-Family 30 Acquisition-Rehabilitation 25 Program, and a Multifamily Acquisition-Rehabilitation 20 Program. ANR has spent is more than $4.8 million in io NSP 2 funds and has 5 Chart 4: NSP 2 - Status of All Single Family Properties leveraged an additional $4.8 ° million in private funds to Acquisition make these affordable units available. Two of the families purchasing an NSP2 home received a down payment assistance loan from the City, and a third down payment assistance loan was made to a family purchasing a home that ANR did not acquire. A total of $88,277 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 fourth quarter. Tables 3, 4, and 5 provide additional detail. Table 3: NSP2 Properties Under Rehabilitation Address Projected Completion Date 1901 S. Wood Street 8/4/2012 1230 W. Camden Place 8/26/2012 2537 W. Camden Place 9/3/2012 328 E. Harwood Place 11/5/2012 19D-5 Under Rehab Resale Sold