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EXHIBIT 2 <br />the City. Thus, the analysis demonstrates that the proposed $352,963 in HOME <br />assistance is necessary to provide the proposed affordable housing units. <br />b. The cash flow analysis projects that the Project will have positive cash flow <br />through the 55 -year affordability and loan term. <br />C. The developer fee, cash flow projection, equity appreciation and profit <br />anticipated to be generated by the Project are appropriate. <br />2. Developer has demonstrated the development capacity and fiscal soundness to <br />undertake the Project. <br />Developer provided a market study which demonstrates that there is more than <br />adequate demand for affordable housing to support the Project. <br />4. Other HOME Requirements: <br />HOME Requirement <br />Conclusion <br />HOME Program Deadlines <br />The Project is estimated to meet the construction <br />commencement, Project completion and Project lease -up <br />requirements imposed by HOME. <br />Written Agreement <br />The HOME Agreement meets the HOME requirements <br />for written agreements. <br />Layering Requirements <br />The assistance package complies with the HOME layering <br />requirements <br />HOME Unit Designation <br />The Project will exceed the HOME requirements for the <br />number of HOME designated units as well as the number <br />of units restricted to very -low income households. The <br />units will be fixed. <br />Affordability Period <br />The Project will exceed the HOME requirement for the <br />affordability period. <br />Cost Allocation <br />The HOME units are determined to be representative of <br />the entire Project. Thus, the cost allocation can be <br />prorated across eligible costs. <br />Property Standards <br />The Project will meet the HOME property standards <br />requirements for new construction and the on-going <br />property management. <br />HOME Rents / Utility Allowances <br />The HOME units will be restricted at the appropriate <br />rents and the 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 />City of Santa Ana Underwriting & Subsidy Layering Review: Veteran's Village Page 12 <br />25L-12 <br />