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CITY OF SANTA ANA <br />2006-2007 ANNUAL ACTION PLAN <br />'• • <br /> Program encourages the investment of private <br /> capital for the creation of affordable rental : New Construction <br />Low Income Housing Tax housing for low-income households. Tax Housing Rehabilitation <br />Credit (LIHTC) credits are available to individuals and Acquisition <br /> corporations who invest in such projects <br /> ^ Job Training <br />Empowerment Zone A flexible funding source available to address ~ Education <br />Health Services <br />b0 the needs of City residents with incomes at or ^ Small Business Loans <br />(Continue to use prior year funds) below poverty level. ^ Housing Rehabilitation <br /> ^ Youth Activities <br />STATE RESOURCES _ <br /> A federal tax credit for low- and moderate- <br />Mortgage Credit Cert~cate income homebuyers who have not owned a ^ First Time Home Buyer <br />(MCC) home in the past three years. Allocation for Assistance <br /> MCC is rovided b the State <br />California Department of <br />Housing 8 Community Low interest loans for the development of ^ predevelopment Loans <br />Development: Pre- affordable housing with nonprofit agencies <br />development Loan Program <br />California Department of <br />Housing R Community ^ First-time Homebuyer <br />Development: CaIHOME Financing for housing programs Assistance <br />Program ^ Ownership and Rental <br /> housing projects <br />E500,000 <br />CITY OF SANTA ANA <br />RESOURCES <br /> Funds received from increased property taxes Residential Rehab. Loans <br />Santa Ana Redevelopment generated by property improvements <br />' ^ Replacement Housing <br />Agency Low Income Housing s six reds velopment <br />sponsored by the Agency Neighborhood <br />Set-Aside Fund project areas. Twenty percent (20 /o) of these Improvement Programs <br /> property tax funds must be set aside for the <br />56,000,000 development, preservation, or rehabilitation of ' Neighborhood Capital <br /> affordable housing Projects <br /> The City allows an increase in density to <br />Density Bonus developers who set-aside at least 25% of their ^ Density Bonus <br /> 'ect to low- and moderate-income rsons <br /> The Community Development Agency and <br />Tax Exempt Bonds Housing Authority have the authority to issue ^ Housing Development <br /> tax-exempt bonds. Bond proceeds are used <br /> to develop affordable housing - <br /> ff available and appropriate, City or ^ Housing <br />City/Agency Owned Land Redevelopment Agency owned land might be . Community Facilities <br /> made available. <br />4/20/06 3 ATTACHMENT 7 <br />19 D-54 <br />