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A-2012-092 <br />INSURANCE NOT ON FILE <br />WORK MAY NU PROCEED <br />CLERK OF =COUNCIL AMENDMENT TO <br />` DATE; NEIGHBORHOOD STABILIZATION PROGRAM <br />GRANT SERVICES AGREEMENT <br />WITH ANR SANTA ANA NSP, LLC <br />` This Amendment is executed by and between the City of Santa Ana, a charter city and <br />--t7_ municipal corporation organized and existing under the Constitution and laws of the State of <br />California (hereinafter "City") and ANR Santa Ana NSP, LLC, a limited liability company <br />c ("Developer") as of May 7 2012. <br />y <br />V RECITALS: <br />A. City and Developer entered into the Neighborhood Stabilization Program (Program 2) <br />Grant Services Agreement (said "Agreement") on March 1, 2010, for Developer to assist <br />City with the acquisition, rehabilitation and resale of foreclosed properties. <br />17 <br />B. The NSP2 Program requires a minimum production goal of 100 units. Due to higher <br />acquisition and rehabilitation costs, additional funds are required for the City to achieve <br />this goal. The proposed Foreclosed Homes Acquisition Program ("Program") has been <br />designed to augment the current NSP2 efforts and ensure the achievement of the 100 unit <br />goal. <br />C. The City has approved Substantial Amendments to its 2010-11 and 2011-12 Annual <br />Action Plans to fund the Program by reprogramming $3.6 Million Dollars in HOME <br />funds and $1 Million Dollars in CDBG residential loan repayments funds to support the <br />acquisition, rehabilitation and resale of foreclosed and abandoned single-family homes in <br />the NSP2 target area to qualified low income households. <br />D. The parties now desire to amend said Agreement to increase and expand the sources of <br />funding as discussed. <br />WHEREFORE, in consideration of the covenants contained in said Agreement, and subject to <br />all the terms and conditions of said Agreement, except those amended in this Amendment to <br />Agreement, the parties agree as follows: <br />1. The funding for the Program 2 activities shall be amended to include HOME and CDBG <br />funds in an amount not to exceed Five ($5,000,000) Million Dollars plus program income for the <br />new Foreclosed Homes Acquisition Program. <br />2. Resale of homes purchased through the new Program will be restricted to households with <br />incomes at or below 80% of the area median income as determined by the U.S. Department of <br />Housing and Urban Development. <br />3. To the extent participating households want to sell their homes, they are required to resell <br />them to other low income families at an affordable sales price. This resale restriction will remain <br />for a period of fifteen (15) years after transfer of title to the purchasing household.