25J - AGMT ARTS COLLECTIVE GRANT

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C. Absorption The demand estimate indicates there area sufficient number of income eligible households in the Target Area. The overall vacancy rates among the comparable properties average 1%. Three of the five Tax Credit comparables reported zero vacancies, as did two market rate comparables. Further, four of the Tax Credit comparables maintain waiting lists. The Market Study estimates that the Project will reach stabilized occupancy within two to three months of completion. This equates to an absorption pace of approximately 25 units per month. D. Market Study Conclusions Based on the market assessment results, KMA concludes that there is adequate demand for affordable housing to support the Project. Therefore, it is anticipated that the Project will be leased up well before the six-month HOME requirement. VI. HOME REQUIREMENTS The following summarizes additional HOME requirements. A. HOME Program Deadlines Deadline Acquisition §92.2 states that acquisition of The Site has housing will occur within 6 already been months of contract date. acquired. Demolition/Construction §92.2 states that The Project is construction/demolition of currently under property is scheduled or construction reasonably can be expected to start within 12 months of the agreement date (8/21/18). Project Completion §92.205(e)(2), 92.2 state that the To be project must be completed completed in within 4 years of the date the June 2019 funds are committed to the project (8/29/2018). Lease -up §92.252 states that HOME To be assisted units must be occupied completed by an eligible tenant within six within 6 months following project months completion. City of Santa Ana HOME Subsidy Layering Review: Santa Ana Arts Collective Page 1 17 25J-39