Laserfiche WebLink
P a g e | 3 <br /> <br /> <br /> <br /> <br /> <br /> <br /> Cost savings from the Project, if any, will be applied first to pay down the Agency <br />Loan, subject to compliance with the Tax Credit Allocation Committee (“TCAC”) <br />Regulations and California Health and Safety Code. <br /> <br />Ground Lease: <br /> <br />The Project will be located at 801, 809, and 809½ East Santa Ana Boulevard (APNs: 398- <br />303-04, 398-303-05, 398-303-06, and 398-303-07) (“Property”). The Housing Authority <br />currently owns the Property. Accordingly, the Housing Authority Board authorized the <br />lease of the Property to the Developer for the Project. After Developer secures all of its <br />remaining financing for the development of the Project, staff will return to the Housing <br />Authority for consideration of a 99-year Ground Lease Agreement. <br /> <br />HUD-VASH PBV’s: <br /> <br />The Project consists of twelve (12) permanent supportive housing units for homeless <br />individuals and families, including three (3) 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 /> <br />The HUD-VASH PBV’s shall include the following terms: <br /> <br /> Voucher Source: The three (3) 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 U.S. Department of Housing and Urban Development <br />(HUD). <br /> <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 - $1,599 <br />o 2 Bedroom - $1,996 <br /> <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 /> <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 /> <br /> Annual Amount: The Project will receive PBVs for three (3) units: <br />EXHIBIT 2 <br />3-15