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EXHIBIT 2 <br />VII. CERTIFICATIONS <br />Based on the results of the analysis, the following certifications are provided: <br />City of Santa Ana Underwriting & Subsidy Layering Review: Veteran's Village Page 122 <br />25L-32 <br />Requirement <br />Certifications <br />The funding sources discussed in this Report are sufficient, and timely in <br />Met <br />availability, to cover the Project costs. <br />The estimated costs for the Project are necessary, reasonable, and in <br />compliance with the cost principles described in 2 CFR part 200. <br />The scope and budget for the Project are sufficient to meet the HOME <br />property standards set forth at 24 CFR 92.251 over the life of the <br />affordability covenants imposed by the HOME Agreement. <br />The Developer's operating pro forma includes realistic assumptions <br />regarding the base year revenues and expenses, and reasonable escalation <br />factors for the revenues and expenses. <br />The market assessment confirms the demand for the Project, and the <br />Project can be expected to be leased up within the 18 -month period <br />mandated by HUD. <br />The Developer's experience and financial capacity are adequate to <br />implement the Project, and meet the financial obligations and risks related <br />to the Project. <br />The developer fee, cash flow projection, equity appreciation, and profit <br />anticipated to be generated by the Project are appropriate. <br />The Project meets the minimum HOME investment requirement of $1,000 <br />per HOME designated unit. <br />The Project will provide the minimum number of HOME -Assisted Units as <br />required under the cost allocation rule at 24 CFR 92.504. <br />The HOME Program assistance provided to the Project does not exceed the <br />subsidy limits, and the appropriate number of units have been designated <br />as HOME units as established by 24 CFR 92.504. <br />In accordance with 24 CFR 92.205(e)(2), the Project will be completed <br />within four years of the date the HOME funds are committed. <br />The Project will comply with the property standards and affordability <br />requirements imposed by CFR 92.252(e). <br />City of Santa Ana Underwriting & Subsidy Layering Review: Veteran's Village Page 122 <br />25L-32 <br />