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Quarterly Housing Projects & Activities <br />September 4, 2012 <br />Page 5 <br />for tax credits, and have started construction. Both projects will be targeted to households at or <br />below 50% of AMI. <br />NSP 2 Program <br />The City's second award (NSP 2) for $10 million was received through a highly competitive <br />process in which only 15 local government agencies were successful. Most awards were made to <br />nonprofit consortiums. Under the terms of this award, there is no obligation deadline to meet. <br />However, there is an expenditure deadline. Fifty percent of the funds must be expended by <br />February 11, 2012 and the remainder by February 11, 2013. As of the end of the fourth quarter, <br />the City had expended $8.8 million or 88% of its funds. The most current federal reports show that <br />only 5 percent of NSP2 <br />grantees have spent 75 <br />Projected Completion Date <br />percent or more of their <br />8/4/2012 <br />funds. NSP 2 implements <br />8/26/2012 <br />three programs: Down <br />9/3/2012 <br />Payment Assistance <br />35 <br />Program, Single - Family <br />30 <br />Acquisition - Rehabilitation <br />25 <br />Program, and a Multifamily <br />Acquisition - Rehabilitation <br />20 <br />Program. ANR has spent <br />is <br />more than $4.8 million in <br />io <br />NSP 2 funds and has 5 <br />leveraged an additional $4.8 ° <br />million in private funds to Acquisition <br />make these affordable units <br />available. Two of the <br />families purchasing an NSP2 home received a down payment assistance loan from the City, and a <br />third down payment assistance loan was made to a family purchasing a home that ANR did not <br />acquire. A total of $88,277 in NSP2 funds have been used for down payment assistance loans. <br />Chart 4: NSP 2 - Status of All <br />Single Family Properties <br />Under Rehab Resale Sold <br />Chart 4 shows the status of all properties purchased by ANR with NSP 2 funds as of the end of the <br />fourth quarter. Tables 3, 4, and 5 provide additional detail. <br />Table 3: NSP2 Properties Under Rehabilitation <br />Address <br />Projected Completion Date <br />1901 S. Wood Street <br />8/4/2012 <br />1230 W. Camden Place <br />8/26/2012 <br />2537 W. Camden Place <br />9/3/2012 <br />328 E. Harwood Place <br />11/5/2012 <br />19D -5 <br />