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EXHIBIT 2 <br />The following summarizes the affordability restrictions that will be placed on the Project: <br />Achievable Rental 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. <br />The maximum allowable rents, net of the appropriate utility allowances, are estimated as <br />follows:, <br />30% AMI TCAC & SNHP / Low HOME <br /># of Units <br />1 <br />1 <br />TCAC Rent <br />$615 <br />$738 <br />SNHP Rent <br />$225 <br />$337 <br />HOME Rent <br />$1,025 <br />$1,230 <br />Applicable Rent <br />$225 <br />$225 <br />Project -Based Vouchers <br />Yes <br />Yes <br />30% AM[ TCAC & SNHP <br /># of Units <br />69 <br />4 <br />TCAC Rent <br />$615 <br />$738 <br />SNHP Rent <br />$225 <br />$337 <br />Applicable Rent <br />$225 <br />$337 <br />Project -Based Vouchers <br />Yes <br />Yes <br />Estimated Net Operating Income (NO/J <br />The Project's effective gross income (EGI) is estimated at approximately $1,309,543 based on <br />the following assumptions: <br />1. The gross potential rental income is estimated at $209,220. <br />2. The PBV subsidy overhand is estimated at $1,237,620. <br />1 The property owner will pay all utilities. <br />City of Santa Ana Underwriting & Subsidy Layering Review: Veteran's Village Page 17 <br />25L-17 <br />