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HOUSING RESOURCES <br />Emergency Shelter Grant <br />The federal Emergency Shelter Grant program is available for projects serving <br />homeless people. Annual grant funds are allocated on a formula basis to assist <br />with the provision of shelter and social services for the homeless. Eligible activities <br />include the rehabilitation/remodeling of a building used as a new shelter, <br />operation and maintenance of the facility, supportive services, and homeless <br />prevention. Funds available in 2013/2014 total $538,354. <br />Neighborhood Stabilization <br />The Neighborhood Stabilization Program provides funding to cities with high <br />foreclosure problems and risk of property abandonment. The program permits <br />cities to buy foreclosed homes at a discount and rehabilitate or redevelop them. <br />Grants can be used to acquire land and property; demolish or rehabilitate <br />abandoned properties; offer down payment and closing cost assistance to low to <br />moderate income homebuyers; and create "land banks" to assemble, temporarily <br />manage, and dispose of vacant land for the purpose of stabilizing neighborhoods <br />and encouraging reuse or redevelopment of urban property. <br />In FY 2013/2014, the City has received $2,952,558 in funding for this program. <br />Funds will be used as follows: <br />• Down payment assistance <br />• Single - family home acquisition and rehabilitation <br />• Condominiums and historic home acquisition and rehabilitation <br />• Acquisition and rehabilitation of rental housing <br />• Redevelopment <br />Low Income Housing Tax Credits <br />The federal Low Income Housing Tax Credit program provides tax credits to <br />individuals and corporations that invest in low income rental housing. Tax credits <br />are sold to corporations and people with high tax liability, and proceeds are used <br />to create housing. Eligible activities include new construction, rehabilitation, and <br />acquisition of multiple - family rental projects. Several projects in the community <br />have used these funds for rehabilitation purposes. Typically, affordable housing <br />developers seek to utilize this source of funding. <br />PRIVATE RESOURCES <br />Federal National Mortgage Association (Fannie Mae) <br />Fannie Mae provides financial resources through a variety of programs, including <br />the Community Home Buyer Program (fixed -rate mortgages), the Community <br />Home Improvement Mortgage Program (mortgages for purchase and <br />rehabilitation of a home), and the Fannie Neighbor Program (low down - payment <br />mortgages for the purchase of single - family homes for underserved low income <br />minorities). <br />C -48 CITY OF SANTA ANA GENERAL PLAN HOUSING ELEMENT <br />