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Ca1HFA HELP Program Application <br />September 20, 2004 <br />Page 2 <br />To date, it has assisted more than 130,000 Californians to become first - <br />time homebuyers and has helped finance 415 multi - family projects with a <br />total of 33,371 units. Ca1HFA created the Housing Enabled by Local <br />Partnerships Program (HELP) in 1999 to help local governments meet <br />affordable housing needs. The program provides unsecured three percent <br />interest loans payable over ten years to local governments for affordable <br />housing projects. The Community Redevelopment Agency previously received <br />two HELP loans totaling $2.6 million. These loans were used to meet a <br />portion of the costs associated with the Cornerstone Village project. <br />Ca1HFA recently announced the availability of an additional $10 million <br />through the HELP Program. Under the proposed application, the Agency <br />will request a third loan in the amount of $2 million. If awarded, the <br />loan will be used to provide funds necessary for the acquisition of 1029, <br />1101, 1122 and 1126 S. Minnie Street by Orange Housing Development <br />Corporation (OHDC). OHDC is a nonprofit corporation that qualifies as a <br />Community Housing Development Organization. It currently owns and <br />operates 16 buildings in the project area and has played a critical <br />leadership role among property owners. Exhibit 1 shows the location of <br />the buildings that OHDC owns and the buildings it is proposing to <br />acquire. <br />If the loan is awarded and the buildings are acquired, OHDC will <br />rehabilitate all of the units to eliminate any code deficiencies and will <br />reconfigure some of the units to provide units with more bedrooms. All <br />units will be offered at rents affordable to very low and extremely low - <br />income households. <br />FISCAL IMPACT <br />By submitting this application, the Community Redevelopment Agency may be <br />eligible to receive up to $2 million in loan funds from the California <br />Housing Finance Agency. <br />PatYfcia C. Whitaker <br />Executive Director <br />PCW /TG /kla <br />H: Actions\ 2004CRA \CaIHFAHeIpProgApplic- 9 -20 -04 <br />4 -2 <br />