RESTORE NEIGHBORHOODS LA INC

HOME OWNERSHIP REHABILITATION PROGRAM: SINGLE FAMILY HOMES RESTORE NEIGHBORHOODS LA (RNLA) ACQUIRES FORECLOSED SINGLE-FAMILY HOMES IN BULK FROM THE NATIONAL COMMUNITY STABILIZATION TRUST AND OTHER SERVICING COMPANIES, REHABILITATES THEM AND SELLS THEM TO ELIGIBLE HOMEBUYERS WHOSE INCOME DOES NOT EXCEED 120% OF AMI. THE HOME WILL BE REHABILITATED TO MEET CODE REQUIREMENTS, ADDRESS ALL MAJOR BUILDING DEFICIENCIES, AND INCORPORATE ENVIRONMENTALLY RESPONSIBLE GREEN BUILDING COMPONENTS. SOME PROPERTIES MAY BE RIGHT-SIZED WITH THE ADDITION OF A NEW BEDROOM AND BATHROOM TO BETTER ACCOMMODATE THE NEEDS OF LARGER HOUSEHOLDS. AS REHABILITATION IS NEARING COMPLETION, RNLA WILL LIST ALL HOMES FOR SALE ON OUR WEBSITE UNDER THE PROPERTIES SECTION. MULTI-UNIT PROPERTIES RNLA WILL ALSO PURCHASE FORECLOSED AND ABANDONED 2-4 MULTI-UNIT, AND 5+ UNIT RENTAL PROPERTIES AND OFFER THEM, THROUGH A COMPETITIVE PROCESS, FOR OWNERSHIP AND REHABILTATION BY ORGANIZATIONS WITH DEMONSTRATED CAPACITY AND EXPERIENCE WITH AFFORDABLE HOUSING DEVELOPMENT AND MANAGEMENT. RNLA WILL GROUP THESE MULTI-FAMILY PROPERTIES INTO CLUSTERS WITH SOME GEOGRAPHIC PROXIMITY IN ORDER TO ACHIEVE ECONOMIES OF SCALE WITH THE REHABILITATION AND LONG-TERM OPERATION OF THE RENTAL PROPERTIES. RNLA WILL FULLY COMPLY WITH THE CITY OF LOS ANGELES RENT STABILIZATION ORDINANCE WHICH PROTECTS TENANTS FROM EVICTION AS A RESULT OF A FORECLOSURE. IT IS ANTICIPATED THAT MANY RNLA PURCHASED MULTI-FAMILY PROPERTIES WILL BE PARTIALLY OR FULLY OCCUPIED. IF TEMPORARY RELOCATION IS NECESSARY TO FACILITATE A TIMELY REHABILITATION OF THE PROPERTY, RNLA WILL WORK WITH EXISTING TENANTS TO MINIMIZE DISRUPTION.