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Activity Number 3 <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 570.202] <br />National Objective Low Moderate Middle Income Housing (LMMH) <br /> This activity will be used to acquire and redevelop vacant properites as rental <br /> housing for low-income households at or below 60 percent of the area <br /> median income as established by HUD. The term of3he loan will be 55 years, <br /> and the City will record (rust deeds and covenants to insure affordability for <br /> that period of time. The interest rate will be 0 percent. The City anticipates <br /> that through this activity it will facilitate the acqusition and redeveloment of <br /> rental units. <br />Activity Description <br /> The City will carryout this activity through an intermediary who will be <br /> required to leverage the NSP3 funds with other public and/or private funds so <br /> as to 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 selectthem to the maxi mum extent feasible. <br />Location Description Area identified in attached Exhibit 1 <br /> Source of Funding Dollar Amount <br />Budget NSP3 $214,276.00 <br /> (Other funding source) $ <br /> (Other funding source) $ <br />Total Budget for Activity $214,276.00 <br /> Acqusition Redevelopment and Construction of rental property with units for <br />Performance Measures fow-income households whose annual income will not exceed 60 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 /> Stand ryBayle@Santa-Ana.Org <br />NSP3 Substantial Amendment Page 7 <br />City of Santa Ana