25J - AGMT ARTS COLLECTIVE GRANT

Home Browse Search

2. An executed Second Amended and Restated Agreement of Limited Partnership with Bank of America as the Investor dated July 1, 2017 to provide $18.04 million in Tax Credit equity. A Standard Loan Agreement from HCD for $4.94 million in AHSC funds executed on July 26, 2017. 4. A Standard Grant Agreement from HCD for $22,500 in AHSC funds executed on July 26, 2017. 5. The City entered into the 2017 HOME Loan Agreement to provide $2,219,760 to the Project on July 5, 2018. The City intends to amend the 2017 HOME Loan Agreement in August 2018 to provide $2,627,631 in HOME funds to the Project. VII. CERTIFICATIONS Based on the results of the analysis, the following certifications are provided: City of Santa Ana HOME Subsidy Layering Review: Santa Ana Arts Collective Page 122 25J-44 Requirement Certifications The funding sources discussed in this Report are sufficient, and timely in Met availability, to cover the Project costs. The estimated costs for the Project are necessary, reasonable, and in compliance with the cost principles described in 2 CFR part 200. The scope and budget for the Project are sufficient to meet the HOME property standards set forth at 24 CFR 92.251 over the life of the affordability covenants imposed by the HOME Loan Financing Agreement. The Developer's operating pro forma includes realistic assumptions regarding the base year revenues and expenses, and reasonable escalation factors for the revenues and expenses. The market assessment confirms the demand for the Project, and the Project can be expected to be leased up within the 18 -month period mandated by HUD. The Developer's experience and financial capacity are adequate to implement the Project, and meet the financial obligations and risks related to the Project. The developer fee, cash flow projection, equity appreciation, and profit anticipated to be generated by the Project are appropriate. The Project meets the minimum HOME investment requirement of $1,000 per HOME designated unit. The Project will provide the minimum number of HOME -Assisted Units as required under the cost allocation rule at 24 CFR 92.504. The HOME Program assistance provided to the Project does not exceed the subsidy limits, and the appropriate number of units have been designated as HOME units as established by 24 CFR 92.504. City of Santa Ana HOME Subsidy Layering Review: Santa Ana Arts Collective Page 122 25J-44