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2014/15 <br />AC 2010/11- 2014/15 CITY OF SANTA ANA CONSOLIDATED PLAN <br />TION PLAN <br />PROGRAM SPECIFIC REQUIREMENTS <br />HUD requires that the City discuss how certain program specific requirements will be <br />addressed during the program year. These actions are outlined below. <br />COMMUNITY DEVELOPMENT BLOCK GRANT <br />The City of Santa Ana will expend CDBG funds on eligible activities to address priority <br />housing and community needs. it is anticipated that 100 percent of CDBG funded activities <br />will benefit Low- and Moderate - Income households (that is, no CDBG funds will be spent on <br />activities that do not benefit a minimum of 51 percent Low- and Moderate - Income <br />households). These activities are described in detail in EXHIBIT 3. The City anticipates it will <br />receive program income during the 2014 -2015 Program Year. As required by HUD <br />regulations, these resources will be utilized during the program year. <br />The City did not have any grant funds returned to its line of credit, nor will it undertake <br />float- funded activities (thus it will not realize any program income from float- funded <br />activities). Finally, the City does not anticipate undertaking urgent need activities during the <br />2014 -2015 Program Year. <br />HOME <br />The City of Santa Ana 2014 -2015 HOME program is designed to undertake eligible activities <br />to preserve existing affordable housing, expand the supply of decent and affordable <br />housing, and strengthen public - private partnerships. All HOME assisted units will have <br />appropriate covenants and written agreements in accordance with HUD regulations. <br />To comply with HOME regulations a homeownership unit will meet certain "affordable" <br />requirements: <br />■ The initial purchase price cannot exceed 95 percent of the area median purchase price <br />■ The home must be the principal residence of low- income household <br />■ The unit is subject to resale restrictions; specifically for Santa Ana, the City will allow for <br />subsequent purchase of a HOME- assisted property only by low income buyer. <br />Affordability covenants will be in place for 15 years. <br />While the City no longer has ADDI funds (a subprogram of the HOME program), the City will <br />allocate $280,000 in 2014 -2015 HOME funds to assist qualified homebuyers purchase a <br />home in Santa Ana. Applicable regulations and requirements will be incorporated into <br />related homebuyer loan agreements and covenants /conditions. <br />36 04/25/2014 <br />