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Achievable Renta/Income <br />The Project rents must adhere to the most restrictive of the requirements imposed by the <br />proposed funding sources. The rents used in this analysis are based on 2018 income and rent <br />information. The maximum allowable rents, net of the appropriate utility allowances, are <br />estimated as follows:s <br />Estimated Net Operating Income (N01) <br />The Project's effective gross income (EGI) is estimated at approximately $686,000 based on the <br />following assumptions: <br />'The Developer estimates the monthly utility allowances at: $43 for one -bedroom units; $49 for two-bedroom <br />units; and $71 for three-bedroom units. <br />City of Santa Ana HOME Subsidy Layering Review: Santa Ana Arts Collective Page 18 <br />25J-30 <br />Three - <br />Bedroom <br />BedroomBedroom <br />Rent Restrictions <br />Units <br />Units <br />Units <br />30% AMI TCAC / Low HOME <br /># of Units <br />3 <br />N/A <br />4 <br />TCAC Rent <br />$572 <br />N/A <br />$781 <br />HOME Rent <br />$935 <br />N/A <br />$1,285 <br />Applicable Rent <br />$572 <br />N/A <br />$781 <br />30% AMI TCAC <br /># of Units <br />11 <br />2 <br />N/A <br />TCAC Rent <br />$572 <br />$689 <br />N/A <br />Applicable Rent <br />$572 <br />$689 <br />N/A <br />35% AMI TCAC <br /># of Units <br />6 <br />N/A <br />N/A <br />TCAC Rent <br />$674 <br />N/A <br />N/A <br />Applicable Rent <br />$674 <br />N/A <br />N/A <br />40% AMI TCAC <br /># of Units <br />6 <br />N/A <br />N/A <br />TCAC Rent <br />$777 <br />N/A <br />N/A <br />Applicable Rent <br />$777 <br />N/A <br />N/A <br />60% AMI TCAC / High HOME <br /># of Units <br />N/A <br />N/A <br />4 <br />TCAC Rent <br />N/A <br />N/A <br />$1,634 <br />HOME Rent <br />N/A <br />N/A <br />$1,710 <br />Applicable Rent <br />N/A <br />N/A <br />$1,634 <br />60% AMI TCAC <br /># of Units <br />N/A <br />12 <br />9 <br />TCAC Rent <br />N/A <br />$1,427 <br />$1,634 <br />Applicable Rent <br />N/A <br />$1,427 <br />$1,634 <br />Estimated Net Operating Income (N01) <br />The Project's effective gross income (EGI) is estimated at approximately $686,000 based on the <br />following assumptions: <br />'The Developer estimates the monthly utility allowances at: $43 for one -bedroom units; $49 for two-bedroom <br />units; and $71 for three-bedroom units. <br />City of Santa Ana HOME Subsidy Layering Review: Santa Ana Arts Collective Page 18 <br />25J-30 <br />