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Layering Requirements <br />The assistance package complies with the HOME layering <br />687 <br />requirements. <br />HOME Unit Designation <br />The Project will meet the HOME requirements for the <br />Three -Bedroom Units <br />number of HOME designated units as well as the number <br />1,280 <br />of units restricted to very -low income households. The <br />58 <br />HOME units will be fixed. <br />Affordability Period <br />The Project will meet the HOME requirement for the <br />affordability period. <br />Cost Allocation <br />The HOME units are determined to not be comparable to <br />other units within the Project. Thus, the standard cost <br />allocation methodology was utilized. <br />Property Standards <br />The Project will meet the HOME property standard <br />requirements for new construction and on-going <br />property management. <br />HOME Rents/ Utility Allowances <br />The HOME units will be restricted at the appropriate <br />rents and utility allowances. <br />Financial Commitments <br />The funding sources discussed in this Report are <br />sufficient, and timely in availability, to cover the Project <br />costs. <br />II. PROJECT DESCRIPTION <br />The proposed scope of development can be described as follows: <br />1. The Site is comprised of 0.99 acres, or 43,293 square feet of land area. The Site includes <br />an existing office building, which the Developer will convert through adaptive reuse into <br />48 apartment units. The Developer will build two additional buildings on the Site, which <br />will consist of a total of 10 apartment units. Thus, the Project will include a total of 58 <br />apartment units (inclusive of a manager's unit). The project will have an estimated <br />gross building area (GBA) of 74,499 sf, with approximately 5,992 square feet reserved <br />for community facilities including an art gallery, laundry facilities, and leasing offices. <br />The Project's density is 58 units per acre. <br />2. The Project's unit mix is as follows: <br />One -Bedroom Units <br />26 <br />687 <br />Two -Bedroom Units <br />15 <br />939 <br />Three -Bedroom Units <br />17 <br />1,280 <br />Total/Averaee <br />58 <br />926 <br />3. The Project includes 113 parking spaces located in an existing subterranean parking <br />garage. This equates to 1.95 parking spaces per unit. <br />City of Santa Ana HOME Subsidy Layering Review: Santa Ana Arts Collective Page 13 <br />25J-25 <br />