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CITY OF SANTA ANA 2006-2007 ANNUAL ACTION PLAN HOME/AMERICAN DOWNPAYMENT DREAM /NITIATIVE (ADDI) The City of Santa Ana HOME program for the 2006-2007 Program Year is designed to undertake eligible activities to preserve existing affordable housing, expand the supply of decent and affordable housing, and strengthen public-private partnerships. All HOME assisted units will have appropriate covenants and written agreements in accordance with HUD regulations. Although no specific project is contemplated for the 2006-2007 fiscal year, there is a possibility that HOME funds may be used to refinance existing debt secured by multi-family housing that is being rehabilitated. If such a project comes to fruition, the City will revise its rehabilitation program guidelines to ensure compliance with the provisions delineated in section 92.206(b) of the HOME Program regulations. At a minimum, the following program provisions will be required: • Refinancing will be permitted on a citywide basis; however such assistance will only be provided to permit or continue affordability for projects undertaken by a qualified nonprofit affordable housing development organization in good standing with City, HUD, private lenders, etc. ^ The minimum affordability period shall be 15 years. ^ Rehabilitation, not refinancing, must be the primary eligible purpose for the use of HOME funds. To ensure that this requirement is met a minimum level of rehabilitation of $15,000 per unit is required. ^ A review of management practices will be undertaken by the City to determine that disinvestment in the property has not occurred, that the long term needs of the project can be met, and that the feasibility of serving the targeted population over the extended affordability period can be demonstrated. During FY 2004-2005, program guidelines were developed to implement an ADDI- funded homebuyer assistance program. Pursuant to ADDI regulations, funds will be utilized to provide down payment assistance for eligible households. In addition to marketing the program citywide, and in various languages, Housing Choice Voucher arzoros 28 19D-33