80A - JOINT - AMEND NSP - Laserfiche WebLink

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(2) Use of Funds and Firm Commitments In additional to the program activities in the City's original application, the City is submitting this substantial amendment to include the addition of Program 5 and 6 to expedite the City's NSP 2 funds, which is described below: Program 5: Redevelopment of Vacant Properties as Rental Housing for Low-Income Households (up to 50% AMI) This program will be used to acquire vacant properties and redevelop as rental housing for low-income households at or below 50 percent of the area median income. After acquisition and redevelopment, such housing will be code compliant, energy-efficient and be restricted to low-income households with income at or below 50 percent of area median income. The City anticipates that through this activity, with leveraged NSP 3 funds, it will facilitate the acquisition of a vacant commercial property in tax default and redevelop the property into 49 rental units for low-income households. Program 6 Redevelopment of Vacant Properties as Rental Housing for Low-Income Households (up to 60% AMI) This program will be used to acquire vacant properties and redevelop as rental housing for low-income households at or below 60 percent of the area median income. After acquisition and redevelopment, such housing will be code compliant, energy-efficient and be restricted to low-income households with income at or below 60 percent of area median income. The City anticipates that through this activity, with leveraged NSP 3 funds, it will facilitate the acquisition of a vacant commercial property in tax default and redevelop the property into 20 rental units for low-income households. (b) Project Completion Schedule The City's substantial amendment submission will allow the City of Santa Ana to successfully reach and exceed the targeted goal of 100 units with NSP 2 funds within the program schedule. 80A-8