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Substantial Amendments — NSP 2 & 3 and Loan Agreement with 815 N Harbor LP September 16, 2013 Page 3 for Low - Income Households (up to 60% AMI) Current Budget Proposed 6. Administration $ 1,000,000 $ 1,000,000 TOTAL NSP 2 GRANT $ 10,000,000 $ 10,000,000 NSP 3 Program Activities Current Budget Proposed Budget 1. Acquisition, Rehabilitation & Resale of Single Family $ 366,029 $ 0 Residences up to 50% AM]) 2. Acquisition, Rehabilitation & Resale of Single Family $ 951,674 $ 246,323 Residences (up to 120% AMI 3. Redevelopment of Vacant Properties as Rental Housing $ 0 $ 857,104 for Low- Income Households up to 50% AMI 4. Redevelopment of Vacant Properties as Rental Housing $ 0 $ 214,276 for Low - Income Households up to 60% AMI 5. Administration $ 146,410 $ 146,410 TOTAL NSP 3 GRANT $ 1,464,113 $ 1,464,113 The addition of this activity will help the City to expend the NSP funds within the required expenditure deadlines. In addition, the City will be able to achieve the 100 unit goal requirement for NSP 2 funding. A public notice was published on August 19, 2013, in the Orange County Register, La Opinion and Nguoi Viet News indicating the draft Neighborhood Stabilization Program 2 & 3 substantial amendments was available for review for the required fifteen (15) days. In addition, it was posted on the City's website. LOAN AGREEMENT WITH 815 N HARBOR, LP Orange Housing Development Corporation and C &C Development have been previously approved and contracted to implement the NSP 1 & 2 rental activities. They are currently under contract for an NSP eligible property located at 815 N. Harbor Blvd (Exhibit 3). The proposed partnership is tentatively named 815 N Harbor, LP. The property is located within the proposed Corridor (CDR) Zoning District which is proposed to allow for moderate to high density residential projects. The proposed site is approximately 2.26 acres. Exhibit 4 is the proposed development timeline. 80A -3