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2. NSP BACKGROUND <br />The purpose of NSP is to provide targeted assistance to state and local governments to acquire <br />and redevelop abandoned or foreclosed homes and residential properties that might otherwise <br />become sources of blight within their communities. HUD is now funding the third round of the <br />Program, and has allocated $1,464,113 to the City of Santa Ana. HUD's Notice announcing the <br />NSP3 formula allocations and programmatic requirements can be accessed via the following <br />link: <br />http://www.hud.gov/offices/cpd/communitydevelopment/programs/neiphborhoodspg/nsp3 announcement cfm <br />The City's NSP3 application, also known as its Substantial Amendment, contains information <br />regarding the City's intended programs and can be found at the following link: <br />http://www.santa-ana.org/cda/documents/NSP3SubstantialAmendment ForSaleOnly2 1 <br />1_ 1.pdf <br />3. PRIORITY AREA <br />NSP regulations mandate that jurisdictloA..give <br />priority emphasis to areas of greatest need, <br />including those with the greatest percer,ge offore?closures`homes financed by subprime <br />mortgages, and homes in default or delin uency. ` The -City has identified the Priority Area <br />shown in Attachment 1. 5+' <br />} <br />The City's Priority Area el ction a product of careful review of the City's own data on <br />foreclosures and default n ' ces, <br />as HUD'S,data. It also reflects staff knowledge of <br />neighborhood co,n d'tions, an " r'' cSkyit h previous NSP rounds in specific <br />neighborhoods. Fin llyr-)t also r cts HUD's stated preference that recipients maximize the <br />positive,impact they achieve?with t. limited funds available through NSP3 funds by focusing <br />their efforts on limited geographic arLIas. <br />4. NSP CITY PROGRAMS s_ <br />As identified by HUD in its NSP3 regulations, eligible activities include establishment of <br />financing mechanisms for. purchase and redevelopment of abandoned or foreclosed upon <br />homes and residential properties. The City has established two such programs, and those are <br />summarized below: <br />Acquisition/Rehab/Resale-50 Percent of Area Median <br />• Program will be used by the City to meet the NSP3 requirement that 25 percent of its <br />allocation be spent on housing occupied by households with incomes at 50 percent of <br />area median. <br />• As of June 26, 2010 the applicable limits as adjusted for household size were as follows: <br />Page 3 <br />20A-40