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3. The Agency borrowed Set -Aside funds in fiscal years 2003/04 and 2004/05, and <br />anticipates borrowing funds in fiscal year 2005/06, to pay for a portion of the State <br />mandated ERAF payment. In accordance with State Law, these loans must be repaid <br />within 10 years. As shown in the projection, the fiscal year 2003/04 loan is repaid in <br />fiscal year 2013/14, and the fiscal year 2004/05 loan is repaid in fiscal year 2014/15. <br />These loan repayment amounts include 4.5% simple interest accrued annually. <br />4. The Agency will earn interest on the monies deposited in the Affordable Housing Fund. <br />These interest earnings are projected to average 3 %, and the interest factor is applied to <br />average balance in the Affordable Housing fund during the previous year. <br />The projected revenue streams for the Affordable Housing Fund can be summarized as follows: <br />Beginning Balance 2005/06 /$10,000 <br />Revenues Generated FY 2005/06 — 2009/10 ` \/ 6 62,000 <br />Revenues Generated FY 1010/11 — 2014/ 370,000 <br />Total Revenues <br />The cash flow projection <br />during this five -year Impl <br />10 also projects the e <br />implement the fol ing <br />and to pay for ex ting <br />1. The Agency is`p <br />Housing Funds: <br />$178,142,000 <br />UUlu at s th t costs anticipated to be incurred <br />br pr o ion lity testing purposes, Table H- <br />30,20 . e costs will be incurred to <br />`iiO a mini er the affordable housing activities; <br />a n activities are: <br />projects /programs with Affordable <br />a. New Residen 'al nstruction Programs — Infill Sites: The Agency plans to enter <br />into partnerships with several developers to develop approximately 17 vacant <br />parcels located throughout Santa Ana. It is anticipated that these projects will all <br />be single - family homes that will be sold to low and moderate income households. <br />Examples of these projects are: <br />I. The Agency is currently working with a non - profit housing developer to <br />develop three of the parcels. <br />Santa Ana Community Redevelopment Agency Implementation Plan Keyser Marston Associates, Inc <br />For the Merged Santa Ana Redevelopment Project Area July 1, 2005 to June 30, 2010 <br />Page 37 <br />0504021. SA.KHH.JLR.gbd <br />19090.004.00114/22/2005 <br />