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Judson Brown, City of Santa Ana January 9, 2019 <br />Francis Xavier Residence: Preliminary Financial Gap Analysis Page 7 <br /> <br /> 1901007:SA:TRB <br /> 19090.017.010 <br /> <br />Stabilized Net Operating Income (Table 2) <br />The Project’s funding sources include NPLH funds and LMIHAF funds. The Project’s <br />income and affordability standards must comport with the most stringent of the <br />following: <br />1. Income Restrictions: The tenants’ household incomes cannot exceed the stricter <br />of: <br />a. H&SC Section 50106 for extremely low income households; and <br />b. The applicable income limits published by HCD for the NPLH Program. <br />2. Affordability Restrictions: Rents applied to all of the units must reflect the more <br />stringent of: <br />a. H&SC extremely low income rents based on the calculation defined in <br />Section 50053; and <br />b. The applicable rents published by HCD for the NPLH Program. <br />Tenant-Paid Rents <br />The rents used in this analysis are based on 2018 income and rent information published <br />by HCD. Additionally, for the purposes of underwriting the project, the maximum <br />tenant-paid rents are also limited by 30% of the monthly Supplemental Security Income <br />allowance. The maximum allowable rents, net of the appropriate utility allowances, are <br />estimated as follows:2 <br />Rent Restriction 1-Bedroom 2-Bedrooms <br /> H&SC ELI / NPLH @ 25% Median <br />30% Supplemental Security Income $250 $429 <br />H&SC Extremely Low Income $527 $586 <br />NPLH @ 25% NPLH Median $586 $698 <br /> Applicable Rents $250 $429 <br /> <br />2 The utility allowances are estimated at: $29 for one-bedroom units and $40 for two-bedroom units. <br />EXHIBIT 3 <br />3-24