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i. Preservation of Affordable Units: There are several affordable housing
<br />complexes located in Santa Ana. The Agency will consider assisting those
<br />affordable housing projects that have expiring affordable housing covenants in
<br />order to preserve the affordable housing stock.
<br />2. Administrative Expenses: Costs such as salaries; overhead; consultant and legal fees;
<br />and supplies will be incurred to implement the Affordable Housing Program. The actual
<br />expenditures must be determined each year, and found to be necessary to implement
<br />the housing program. The cash flow projection includes annual estimates through fiscal
<br />year 2014115.
<br />3. In fiscal year 2005/06, it is anticipated that the Agency will borrow $3.4 million in Set -
<br />Aside funds to pay for a portion of the State mandated ERAF payment.
<br />4. Prior to this Implementation Plan period, the Agenc obtalne a HELP Loan from the
<br />California Housing Finance Agency, The annu ebt sery a on this loan equals
<br />$100,000. The loan is projected to be rep iin fis Wek 2 2/13.
<br />The projected Affordable Housing Fund elgnl c`an,m^`qummkize2,as follows:
<br />The cash flow projected to ge rated by the Affordable Housing Fund is detailed in Table H-
<br />10, and summarized in the fol wing table:
<br />Fiscal Years
<br />2005/06- 2009110
<br />Revenues $86,772,000
<br />Costs 74,248,000
<br />Fiscal Year
<br />2010/11- 2014/15 Total
<br />$91,370,000 $178,142,000
<br />77,499, 000 151, 747, 000
<br />Net Revenue /(Cost) $12,524,000 $13,871,000 $26,395,000
<br />Santa Ana Community Redevelopment Agency Implementation Plan - Kayser Marston Associates, Inc.
<br />For the Merged Santa Ana Redevelopment Project Area July 1, 2005 to June 30, 2010
<br />Page 40
<br />0504021.SA.KHH.JLR.gbd
<br />19090.004.001/4/22/2005
<br />Fiscal Y r
<br />Fis I Year
<br />v
<br />005/ -20 /1
<br />1 11 014/15
<br />Total
<br />Project Costs
<br />X58, 97, 00
<br />7,2 ,000
<br />$125,996,000
<br />Administrative s
<br />1,6 0,0 0
<br />900,000
<br />21,550,000
<br />Other Cos
<br />3,9 , 0
<br />300,000
<br />4,201,000
<br />Total Costs
<br />74, 000
<br />$77,499,000
<br />$151,747,000
<br />The cash flow projected to ge rated by the Affordable Housing Fund is detailed in Table H-
<br />10, and summarized in the fol wing table:
<br />Fiscal Years
<br />2005/06- 2009110
<br />Revenues $86,772,000
<br />Costs 74,248,000
<br />Fiscal Year
<br />2010/11- 2014/15 Total
<br />$91,370,000 $178,142,000
<br />77,499, 000 151, 747, 000
<br />Net Revenue /(Cost) $12,524,000 $13,871,000 $26,395,000
<br />Santa Ana Community Redevelopment Agency Implementation Plan - Kayser Marston Associates, Inc.
<br />For the Merged Santa Ana Redevelopment Project Area July 1, 2005 to June 30, 2010
<br />Page 40
<br />0504021.SA.KHH.JLR.gbd
<br />19090.004.001/4/22/2005
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