031504 RESO Prelim Rprt Rec-File Plan Amend Merger SA Redvlp Proj

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moderate income housing available at affordable housing cost. For the Bristol Corridor Project, as part of a settlement agreement, the Agency agreed to set -aside 30 percent of the tax increment allocated to the Agency for affordable housing. Most of the Agency's affordable housing requirements will be met through the rehabilitation /development of affordable housing within the Merged Project Area. The Agency has adopted resolutions for all Project Areas to allow expenditures from the Housing Fund to be used outside of Project Areas' boundaries. Therefore, money could be spent anywhere in the City depending on the need. The Agency will evaluate projects outside of the Merged Project Area to determine the overall merits and benefits to the Agency and City as a whole. The Agency in its current Five -Year (2000 -2005) Implementation Plan have outlined six (6) primary programs related to affordable housing: 1) Multi - Family Residential Rehabilitation Programs; 2) Single- family Residential Rehabilitation Programs; 3) Housing Mortgage Assistance /First Time Home Buyer Program; 4) New Residential Construction and substantial Rehabilitation Programs; 5) Mobile Home Parks Program; and 6) Assistance for the Preservation of Affordable Units. The Multi - Family Residential Rehabilitation Programs involves alleviating blighting conditions at overcrowded, small apartment complexes by working within focused neighborhoods to provide the necessary financing to improve the conditions of these properties. The Single - Family Residential Rehabilitation Programs are administered through the City's Community Development Agency and include funding by HOME, CBDG, and the Agency's housing set -aside funds. This program is available to very low -, low and moderate income families, with the majority of the funds going to households in the very low- and low range. The Agency's set -aside funds provide approximately 20 loans annually in the amount of $20,000 to $30,000. The Agency and City will implement a mortgage assistance program for first time homebuyers. As part of the New Residential Construction and Substantial Rehabilitation Programs, the Agency will participate with the private sector for - profit and nonprofit housing developers to develop and substantially rehabilitate a mix of ownership and rental housing opportunities throughout the City. The City has a total of 29 mobile home parks, which serve a substantial number of very low- and low income seniors and families. The City provides Agency loans between $5,000 — $7,500 to cover the cost of rehabilitation to mobile home units for eligible very low -, low and moderate income persons. This program will be funded through HOME funds and Agency funds. In addition, the Agency provides loans up to $20,000 for replacement mobile homes. The Agency, in cooperation with the Housing Authority, will continue to work with owners of affordable housing projects, which have expiring affordable housing covenants. Preliminary Report for the Merger of the Santa Ana Redevelopment Projects 0402006SNTA: 19 b 3 19090.003.00310212] /04 27104 Keyser Marston Associates, Inc. Page 15