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EXHIBIT 2 <br />Paoe 13 <br />HUD-VASH PBV's: <br />The Project consists of thirty-three (33) permanent supportive housing units for homeless <br />individuals and families, including eight (8) units to be made available at affordable rents <br />to HUD-VASH eligible homeless veterans for a term of fifty-five (55) years. All individuals <br />and families shall be referred from the Orange County Coordinated Entry System, and <br />are residing or working in the City of Santa Ana as defined under the City's criteria. Efforts <br />shall be made to incorporate ground -level retail as an interface for the forthcoming <br />Orange County Streetcar. <br />The HUD-VASH PBV's shall include the following terms: <br />Voucher Source: The eight (8) HUD-VASH PBVs will be funded exclusively out of <br />the tenant -based voucher program annual budget authority received by the <br />Housing Authority from the Department of Housing and Urban Development <br />(HUD). <br />• Rents: The PBV Housing Assistance Payments ("HAP") Contract rents below are <br />preliminary and contingent upon a reasonable rent determination to be conducted <br />at the time of execution of the HAP Contract: <br />o 1 Bedroom - $1,388 <br />In accordance with HUD regulations and the Housing Authority's Housing Choice <br />Voucher Program Administrative Plan, these rents are subject to review prior to <br />the execution of a HAP Contract. <br />Rents and income requirements for the remaining affordable units shall be based <br />on the requirements of the federal Low Income Housing Tax Credit Program as <br />administered by TCAC. <br />• Annual Amount: The Project will receive PBVs for eight (8) units: <br />Unit Size <br />Income <br />No. Units <br />Proposed Rent <br />Total Annual <br />Target <br />Revenue <br />1 -Br <br />30% AM] <br />8 <br />$1,388 <br />$16,656 <br />The estimated maximum annual amount received under this award is $133,248. <br />These estimates assume 100% occupancy of the assisted units over the twelve- <br />month period. <br />Term: The HAP Contract will have a term of twenty (20) years. Any time before <br />the expiration of the HAP Contract, the Developer may request an additional <br />twenty (20) years, subject to a determination by the Housing Authority that it is <br />appropriate to continue providing affordable housing for low-income families or to <br />80A-17 <br />