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Quarterly Report — Housing Division Projects and Activities November 19, 2012 Page 4 amount spent is greater than the grant amount because it includes program income. Finally, the City has spent $2.4 million, or 34% of all 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 over time. During this quarter, two properties are in escrow for resale and one property was sold. Table 3 and 4 provide additional detail. Table 3: NSP1 Single Family Properties Available for Sale Address Affordability Level 2537 W. Camden Moderate 1904 S. Wood Moderate Table 4: NSP1 Single Family Properties Sold During This Quarter Property Address Silent 2 nd Income Level 2227 N. Broadway, Unit O $10,000 Moderate 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. In this quarter, HUD approved a technical amendment to allow the City to close the DPAP activity and move the remaining $336,860 to the Single - Family Acquisition - Rehabilitation activity. During this quarter, three properties were under rehabilitation, one property was in escrow for resale and three properties were sold. Tables 5, 6, and 7 provide additional detail. Table 5: NSP2 Properties Under Rehabilitation Address Projected Completion Date 328 E. Harwood 10/12/2012 705 S. Kilson 11/23/2012 1227 W. Camile 11/22/2012 Table 6: NSP2 Single Family Properties Available for Sale Address Affordability Level 1230 W. Camden Moderate 19E -4