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80A - JOINT - AMEND NSP
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80A - JOINT - AMEND NSP
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Last modified
9/16/2013 8:54:33 AM
Creation date
9/12/2013 5:48:44 PM
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Template:
City Clerk
Doc Type
Agenda Packet
Agency
Community Development
Item #
80A
Date
9/16/2013
Destruction Year
2018
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Activity Number 2 <br />Activity Name° Redevelopment of Vacant Properties as Rental Housing for Low-Income <br /> Households <br /> Sele ct all that apply: <br /> Eligible Use A: Financing Mechanisms <br />Use Eligible Use B: Acquisition and Rehabilitation <br /> ? Eligible Use C: Land Banking <br /> ? Eligible Use D: Demolition <br /> ® Eligible Use E: Redevelopment <br />CDBG Activity or Acquisition, Disposition [24 CFR 770201 (a)], <br />Activities and Eligible rehabilitation and preservation activities for demolished or <br /> vacant properties [24 CFR 570.2021 <br />National Objective Low-Income Housing to Meet 25% Set-Aside (LH25) <br /> This activity will be used to acquire and redevelop vacant properites as rental <br /> housing for low-income households at or below 50 percent of the area <br /> median income as established by HUD. The City has budgeted at least 58 <br /> percent of the anticipated NSP 3 grant for this activity and will use it to meet <br /> its very-low requirement. The term of the loan will be 55 years, and the City <br /> will record trust deeds and covenants to insure affordability for that period of <br /> time. The interest rate will be 0 percent. The City anticipates that through this <br />Activity Description activity it will facilitate the acqusition,and redeveloment of rental units. <br /> The City will carryout this activity through an intermediary who will be <br /> requi€ed to leverage the NSP3 fUnds,with other public and/or private funds so <br /> as fo'maximize the number of units produced. This will address local market <br /> conditions by making affordable rental units available to low-income <br /> households. The intermediary will also be required to market any <br /> employment or contracting opportunities to priority area residents and firms, <br /> and to select themtothe maximum extent feasible. <br />Location Description Area identified in attached;Exhibit 1 <br /> Source of Funding Dollar Amount <br />Budget NSP3 _ $857,104.00 <br /> (Other funding source) $ <br /> (Other funding source) $ <br />Total Budget for Activity $857,104.00 <br /> Acqusition; Redevelopment and Construction of rental property with units for <br />Performance Measures low,inme households whose annual income will not exceed 50 percent of <br /> the area median income as established by HUD. <br />Projected Start Date 9/1/2013 <br />Projected End Date 4/1/2017 <br /> Name City Of Santa Ana <br /> Location Santa Ana, CA <br />Responsible Administrator Contact Info Shelly Landry-Bayle <br />Organization 20 Civic Center Plaza, M-37 <br /> Santa Ana, CA 92702 <br /> (714) 667-2250 <br /> SLa ndryBayle@Santa-Ana,Org <br />NSP3 Substantial Amendment Page 6 <br />City of Santa Ana
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