80B - JAMBOREE HOUSING PRE-LOAN COMMITMENT

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EXHIBIT 2 Page 13 The HUD-VASH PBV's shall include the following terms: Voucher Source: The eighty-nine (89) HUD-VASH PBVs will be funded exclusively out of the tenant -based voucher program annual budget authority received by the Housing Authority from the U.S. Department of Housing and Urban Development (HUD). • Rents: The PBV Housing Assistance Payments ("HAP") Contract rents below are preliminary and contingent upon a reasonable rent determination to be conducted at the time of execution of the HAP Contract: o 0 Bedroom - $1,387 In accordance with HUD regulations and the Housing Authority's Housing Choice Voucher Program Administrative Plan, these rents are subject to review prior to the execution of a HAP Contract. Rents and income requirements for the remaining affordable units shall be based on the requirements of the federal Low Income Housing Tax Credit Program as administered by TCAC. • Annual Amount: The Project will receive PBVs for eighty-nine (89) units: Unit Size Income No. Units Proposed Rent Total Annual Target Revenue 0 -Br 30% AMI 89 $1,387 $1,481,316 The estimated maximum annual amount received under this award is $1,481,316. These estimates assume 100% occupancy of the assisted units over the twelve- month period. • Term: The HAP Contract will have a term of twenty (20) years. Any time before the expiration of the HAP Contract, the Developer may request an additional twenty (20) years, subject to a determination by the Housing Authority that it is appropriate to continue providing affordable housing for homeless veterans or to expand housing opportunities and HUD funding. Subsequent extensions are subject to the same requirements. Units Receiving PBV Assistance: The maximum number of units receiving PBV assistance will be eighty-nine (89).