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Activity Number 2 <br />Activity Name ° <br />Redevelopment of Vacant Properties as Rental Housing for Low - Income <br />Households <br />Select <br />all that apply: <br />Eligible Use A: Financing Mechanisms <br />Use <br />❑ <br />Eligible Use B: Acquisition and Rehabilitation <br />Eligible Use C: Land Banking <br />❑ <br />Eligible Use D: Demolition <br />® <br />Eligible Use E: Redevelopment <br />CDBG Activity or <br />Activities <br />Acquisition, Disposition [24 CFR 770201 (a)], <br />and Eligible rehabilitation and preservation activities for demolished or <br />vacant properties [24 CFR 570.2021 <br />National Objective <br />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 <br />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 <br />Area identified in attached;Exhibit 1 <br />Source of Funding <br />Dollar Amount <br />Budget <br />NSP3 _ <br />$857,104.00 <br />(Other funding source) <br />$ <br />(Other funding source) <br />$ <br />Total Budget for Activity <br />$857,104.00 <br />easures <br />Acqusition; Redevelopment and Construction of rental property with units for <br />low,income households whose annual income will not exceed 50 percent of <br />the area median income as established by HUD. <br />t Date <br />9/1/2013 <br />Date <br />4/1/2017 <br />tEnd <br />Name <br />City Of Santa Ana <br />Location <br />Santa Ana, CA <br />Administrator Contact Info <br />Shelly Landry-Bayle <br />20 Civic Center Plaza, M -37 <br />Santa Ana, CA 92702 <br />(714) 667 -2250 <br />SLa ndrvRAvle @Santa- Ana,Org <br />NSP3 Substantial Amendment Page 6 <br />City of Santa Ana <br />