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Judson Brown, City of Santa Ana February 21, 2019 <br />Budget Inn: Preliminary Financial Gap Analysis Page 7 <br />Stabilized Net Operating Income (Table 2) <br />The Project's funding sources include Tax Credits, VHHP funds, and CDBG funds. These <br />programs all publish the applicable income limits for households that are qualified to <br />reside in the development. <br />TCAC publishes rent standards for projects that receive Tax Credits. HCD publishes <br />regulations regarding the applicable rents for projects with VHHP funds, and HUD defers <br />to HOME Program rents for projects with CDBG funds. The Developer will be required <br />to adhere to the strictest of the standards imposed by the funding sources contributed <br />to the Project. <br />Tenant -Paid Rents <br />The rents used in this analysis are based on 2018 income and rent information published <br />by TCAC and the HOME Program. The maximum allowable rents, net of the appropriate <br />utility allowances, are estimated as follows: <br />Rent Restriction) Studio <br />Tax Credit @ 30% Median $574 <br />VHHP @ 30% Median $574 <br />CDBG @ Low HOME $913 <br />30% SSI $273 <br />Applicable Rent $273 <br />The Authority will provide HUD-VASH PBVs for the 89 income -restricted units. The PBV <br />payments are based on the difference between the rent paid by the tenant and the fair <br />market rent (FMR) approved by HUD. The 2019 FMR for a studio unit is set at $1,387 <br />per unit per month. <br />'For the purposes of underwriting, the rents for the PSH units are set at the lesser of 30% of SSI and the <br />rent restrictions imposed by the funding sources. <br />TRB <br />80B-25 119090.17.009 <br />19090.017.009 <br />