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EXHIBIT °F" <br />LACY HOUSING FUND PROGRAM <br />The Community Redevelopment Agency of the City of Santa Ana (Agency) has designed <br />the Lacy Housing Fund (Program) to assist owners of rental properties and owner <br />occupants of detached single family homes to keep their homes attractive and well <br />maintained. In addition, funds may be used for payment of fees associated with <br />nomination to the California Register of Historical Resources (CRHR) or the Santa Ana <br />Register of Historic Properties (SARHP) and Mills Act Property Tax Abatement Program. <br />This Program is designed and implemented in accordance with the State laws that <br />govern its funding source. Should those laws change, the Program may be modified so <br />as to insure continued compliance with the law. Continued operation of the Program is <br />dependent upon availability of funds. The maximum loan amount is $25,000. The <br />amount eligible for the grant funds will be in addition to the maximum loan. Funding <br />will be prioritized on a fiscal year by 75% to be expended for homes 50 years and older <br />and 25% for homes less than 50 years old. <br />Eliaibility Requirements <br />Borrowers must be the owners of detached single family homes located within the Lacy <br />Neighborhood (Attachment 1) in the City of Santa Ana. These properties may be either <br />owner occupied or renter occupied. All owners of record must have a credit score of at <br />least 580, and must be current on all loans and taxes related to the property. Owners <br />must not have had a bankruptcy or foreclosure within the last two years. <br />Total debt on the property, including the exterior rehabilitation loan, cannot exceed 95 <br />percent of its appraised, after rehabilitation value. There can be no more than one loan <br />superior to the Agency's rehabilitation loan. Only one loan and grant will be provided to <br />a property under this program. <br />Borrowers must agree to conform to all applicable Federal and State lead-based paint <br />and asbestos regulations. All Notices of Violation issued by the City must be corrected <br />by the time the Agency approved repairs are completed. <br />For owner occupants, total annual income of the household, meaning all persons using <br />the home as their primary residence, cannot exceed 120 percent of the area median <br />income as determined by the California Department of Housing and Community <br />Development. The following table was effective as of June 17, 2010: <br />Household Size Maximum <br />Income Household <br />Size Maximum <br />Income <br />1 Person $73,250 5 Persons $113,000 <br />2 Persons $83,700 6 Persons $121,400 <br />Page 1 of 3 <br />Exhibit F