29A - CON PLAN ANNUAL UPDATE FOR FEDERAL FUNDED PROGRAMS

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DESCRIPTION ELIGIBLE ACTIVITIES PRIVATE RESOURCES 1. Community Home Buyer Program - Fixed rate Federal National Mortgage mortgages 2. Community Home Improvement Mortgage . Homebuyer Assistance Assoc. (Fannie Mae) Program - Mortgages for both purchase and ¦ Homebuyer rehabilitation of a home Assistance/Rehab Freddie Mac 3. Fannie Neighbor -Under served low-income ¦ Expand Home Ownership minorities are eligible for low down-payment for Minorities FHA mortgages for the purchase of single family homes California Community Nonprofit mortgage banking consortium that ¦ New Construction Reinvestment Corp. pools resources to reduce lender risk in financing (CCRC) affordable housing Rehabilitation Federal Home Loan Bank Direct subsidies to nonprofit and for-profit • New Construction Affordable Housing Program developers, and public agencies for affordable ¦ Expand Home Ownership low-income ownership and rental projects for Lower Income Persons Orange County Affordable Nonprofit lender consortium ' Construction Financing Housing Clearinghouse ¦ Permanent Financing OTHER NON-FEDERAL PUBLIC AND PRIVATE RESOURCES As outlined above (TABLE 3) , there are additional federal, non-federal and private resources that the City anticipates it may receive or seek in support of meeting priority needs and specific objectives identified in the Consolidated Plan. LEVERAGING OF RESOURCES HUD requires the City to discuss how federal resources to be made available during the 2013-2014 Program Year will leverage other non-federal public and private resources. In past years the City of Santa Ana had implemented a strategy of linking non-federal resources for housing and community development needs with federal grant funds. This strategy involves identifying federal resources that may be available to undertake a project. If grant funds are insufficient other non-federal resources will be utilized to meet project finance gaps. In past years local redevelopment funding was the primary source of leveraging (and HOME match). Unfortunately as of February 2012, State legislation has resulted in the dissolution of all California redevelopment agencies, and while some legislation is being considered that may address affordable housing needs, for the short- to medium-term, this funding source will no longer be available. The City will be severely challenged in identifying new resources that can be used to leverage declining federal funds. To the extent resources are available, the City will continue to commit non-federal resources to undertake activities that are not federally funded, but address the priority needs of the community. HUD's IDIS system will help facilitate more accurate reporting of DRAFT 04/22/2013 19 29A-24