2014-006 - Santa Ana General Plan Housing Element and Public Safety Element Updates

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PLANNING CONTEXT HOUSING PRESERVATION NEEDS Santa Ana has a significant number of affordable housing units that receive public subsidies in return for long -term affordability controls. Typically, these projects provide units affordable to extremely low, very low, and low income households, including persons with special needs. Over time, certain affordable units are eligible to change from lower income housing to market rate housing within ten years of the beginning of the planning period (2024). The reasons why publicly assisted housing might convert to market rate include expiring subsidies, mortgage prepayments, and expiration of affordability restrictions. The City of Santa Ana has more than 2,500 affordable housing units that have been built with local, state, or federal monies and provide housing affordable to lower income families and seniors. Based on the latest available information, 880 units are technically at risk of conversion by June, 30, 2024. Chart 14 shows the number of affordable units and those at risk of conversion. Another critical issue related to housing preservation, particularly single - family homes, is foreclosures. In the past few years, the City of Santa Ana has experienced a significant number of foreclosures that have displaced individuals and families. The roots of the foreclosure crisis are complex, related to the purchase of overvalued real estate with creative lending packages. As the market has receded and loans readjusted, many homeowners are simply unable to afford their homes. CITY OF SANTA ANA GENERAL PLAN HOUSING ELEMENT 3,000 2,508 2,000 1,642 1,000 All Family Senior Assisted Projects Projects Projects Affordable Units Affordable At -Risk Units (units at risk of converting to market rate by 2024, 10 years from the beginning of the planning period) Chart 14: Affordable Housing Projects Source: City of Santa Ana. AA&