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Quarterly Report Housing Division Projects <br />March 4, 2013 <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 the second quarter, two properties were sold. Table 3 provides <br />additional details. <br />Table 3: NSP1 Single Family Properties Sold During This Quarter <br />Property Address Silent 2" Income Level <br />1904 S. Wood $10,000 Moderate <br />2537 W. Camden Place $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 the first 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, two properties were being rehabilitated and one property was offered for <br />resale. Tables 4 and 5 provide additional detail. <br />Table 4: NSP2 Properties Being Rehabilitation <br />Address Projected Completion Date <br />705 S. Kilson 11/23/2012 <br />1227 W. Camile 11/22/2012 <br />able 5: NSP2 Single Family Properties Available for Sa, <br />Address Affordability Level <br />328 E. Harwood Place Moderate <br />The partnership of Orange Housing Development Corporation and C&C Development was also <br />selected to implement the NSP2 Multifamily Acquisition/Rehabilitation Program. To date, the <br />partnership has used $3.94 million in NSP 2 funds to acquire a 26-unit multi-family property at <br />326 S. Garnsey Street. The property was rehabilitated by the partnership and the units are now <br />100% leased. <br />NSP 3 Program <br />19C-4