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*AV NMI Is Is <br />VII. FUNDING SOURCES <br />Low and Moderate Income Housing Asset Fund <br />(Housing Successor Agency Fund) <br />Source of Funds <br />Funding sources for this program are generated from proceeds from the sale of former <br />Redevelopment Agency housing assets, residual receipts from former Redevelopment Agency <br />assets (i.e. loans), as well as a portion of the loan repayments from the former Redevelopment <br />Agency to the City. Sources are set aside for the purpose of increasing, improving and preserving <br />the community's supply of low and moderate income housing as stipulated by California Health <br />and Safety Code Section 34176. (Further information on grant terms provided in Section III). <br />This fund includes land assets owned by the Housing Authority acting as the Housing Successor <br />Agency that must be developed for affordable housing or sold at or above fair market value to <br />increase the Low and Moderate Income Housing Asset Fund. <br />Eligible Borrowers/Grantees <br />Eligible borrowers are nonprofit Housing Development Corporations (HDC's) duly organized to <br />promote and undertake community development activities on a not-for-profit basis, or for-profit <br />housing developers or development corporations, with proven capacities to develop, own, and <br />operate affordable housing. Limited partnerships whose general partners are otherwise eligible <br />under the above are also eligible to borrow Program funds. <br />Eligible Proiects <br />All new construction projects shall be affordable to households whose income, as adjusted for <br />household size, does not exceed 80% of area median income. <br />Eligible acquisition and/or rehabilitation projects will: <br />(1) have four or more apartments or be congregate housing or mobile home units, except <br />where the Housing Division Manager finds that the project will provide a substantial <br />public benefit; <br />(2) be in need of rehabilitation as defined herein; <br />(3) be located in the City of Santa Ana; <br />(4) be free from significant adverse environmental conditions, except those that can be <br />mitigated at a reasonable cost through rehabilitation; and, <br />(5) minimize tenant displacement. <br />Eligible Uses and Activities <br />Program funds can be used to make loans or grants to eligible borrowers who will provide <br />affordable housing, principally for low- and moderate -income households. Eligible uses of <br />deferred payment loan funds or grants include, but are not limited to, the following: <br />(1) acquisition and/or rehabilitation of eligible properties for rental or transitional <br />housing; <br />Affordable Housing Funds Policies and Procedures <br />80A-27 <br />Page 23 <br />