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Quarterly Housing Projects & Activities September 4, 2012 Page 4 third quarter, we had already expended more than $6.7 million or 116% of its grant amount. The amount spent is greater than the grant amount because it includes program income. Finally, the City has spent $2.34 million, or 33% of its NSP 1 funds, on projects that serve very low- income households exclusively. Currently, NSP 1 is only operating with program income and these funds will diminish overtime. NSP 1 includes the following four programs: Down Payment Assistance Program, Single - Family Acquisition - Rehabilitation Program, Historic /Condominium Acquisition - Rehabilitation Program, and a Multifamily Acquisition - Rehabilitation Program. ANR Industries, the intermediary selected to implement homeownership programs including the Single - Family and Historic /Condominium, is responsible for the acquisition, rehabilitation, and resale of the foreclosed units. These homes are sold to families with incomes up to 120% of the area median (AMI). As of the end of the fourth quarter, ANR utilized NSP 1 funds to acquire 37 single - family homes and condominium units for rehabilitation and resale to qualifying families. ANR has spent more than $3.3 million in NSP 1 funds and has leveraged an additional $4.5 million in private funds to make these affordable units available. Three of the families purchasing these homes also received a total of $104,243 in NSP1- funded down payment assistance loans from the City. Chart 3 shows the status of all single family properties purchased with NSP 1 funds as of the end of the fourth quarter. No NSP1 properties were sold during the fourth quarter. The partnership of Orange Housing Development Corporation (OHDC) and C &C Development was selected to implement the Multifamily Acquisition /Rehabilitation Program. To date, the partnership has used $1.4 million in NSP 1 funds to acquire a 14 -unit multi - family property at 1410 North Durant Street. The rehabilitation is complete and the property is now occupied. The partnership also used $655,000 in NSP 1 funds to acquire two vacant parcels at 605 -611 East Washington Avenue on which they will construct 36 affordable rental units. They were approved 19D -4 Chart 3: NSP - Status of All Single Family Properties 40 35 30 25 20 15 10 5 0 Acquisition Under Resale Sold Rehabilitation No NSP1 properties were sold during the fourth quarter. The partnership of Orange Housing Development Corporation (OHDC) and C &C Development was selected to implement the Multifamily Acquisition /Rehabilitation Program. To date, the partnership has used $1.4 million in NSP 1 funds to acquire a 14 -unit multi - family property at 1410 North Durant Street. The rehabilitation is complete and the property is now occupied. The partnership also used $655,000 in NSP 1 funds to acquire two vacant parcels at 605 -611 East Washington Avenue on which they will construct 36 affordable rental units. They were approved 19D -4