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Quarterly Report - Housing Division <br />Projects and Activities <br />November 19, 2012 <br />Page 4 <br />amount spent is greater than the grant amount because it includes program income. Finally, the <br />City has spent $2.4 million, or 34% of all 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 over time. During this quarter, two properties are in escrow for resale and one <br />property was sold. Table 3 and 4 provide additional detail. <br />Table 3: NSP1 Single Family Properties Available for Sale <br />Address Affordability Level <br />2537 W. Camden Moderate <br />1904 S. Wood Moderate <br />Table 4: NSP1 Single Family Properties Sold During This Quarter <br />Property Address Silent 2" <br />4 Income Level <br />2227 N. Broadway, Unit O $10,000 - Moderate <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 <br />to nonprofit consortiums. Under the terms of this award, there is no obligation deadline to meet; <br />however, there is an expenditure deadline. In this quarter, HUD approved a technical <br />amendment to allow the City to close the DPAP activity and move the remaining $336,860 to the <br />Single-Family Acquisition-Rehabilitation activity. <br />During this quarter, three properties were under rehabilitation, one property was in escrow for <br />resale and three properties were sold. Tables 5, 6, and 7 provide additional detail. <br />Table 5: NSP2 Properties Under Rehabilitation <br />Address Projected Completion Date <br />328 E. Harwood 10/12/2012 <br />705 S. Kilson 11/23/2012 <br />1227 W. Camile 11/22/2012 <br />Table 6: NSP2 Single Family Properties Available for Sale <br />Address Affordability Level <br />1230 W. Camden Moderate <br />19E-4