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Table of Contents <br />I. <br />Executive Summary ............................................................................................................. <br />1 <br />II. <br />Project Description............................................................................................................. <br />3 <br />III. <br />Project Underwriting Assessment...................................................................................... <br />4 <br />A. Estimated Development Costs (Table 1)....................................................................... <br />4 <br />B. Stabilized Net Operating Income (Table 2)................................................................... <br />7 <br />C. Financial Gap Analysis (Table 3).................................................................................... <br />9 <br />D. Cash Flow Over Affordability Term (Table 4).............................................................. <br />11 <br />E. Profit and Returns....................................................................................................... <br />13 <br />IV. <br />Developer Assessment...................................................................................................... <br />13 <br />A. Development Team..................................................................................................... <br />14 <br />B. Ability to Perform........................................................................................................ <br />14 <br />C. Fiscal Soundness.........................................................................................................16 <br />D. Conclusion...................................................................................................................16 <br />V. <br />Market Assessment........................................................................................................... <br />16 <br />VI. <br />HOME Requirements........................................................................................................ <br />17 <br />A. HOME Program Deadlines.......................................................................................... <br />17 <br />B. Cost Reasonableness.................................................................................................. <br />18 <br />C. Written Agreement..................................................................................................... <br />18 <br />D. Layering Requirements............................................................................................... <br />19 <br />E. Cost Allocation (§92.205(d)) and HOME Unit Designation (Table 5) ..........................19 <br />F. Affordability Period..................................................................................................... <br />20 <br />G. Property Standards (§92.251)..................................................................................... <br />21 <br />H. HOME Rents/ Utility Allowances............................................................................... <br />21 <br />I. Financial Commitments..............................................................................................21 <br />VII. <br />Certifications.....................................................................................................................22 <br />VIII. <br />Commitment Checklist(§92.2)......................................................................................... <br />23 <br />Appendix A Pro Forma Analysis, Cash Flow Analysis, Cost Allocation <br />City of Santa Ana HOME Subsidy Layering Review: Santa Ana Arts Collective Page I i <br />1808002:SA:TRB <br />25J-22 <br />