Laserfiche WebLink
EXHIBIT 2 <br />Page 14 <br />Unit Size <br />Income <br />No. Units <br />Proposed Rent <br />Total Annual <br />Target <br />Revenue <br />1 -Br <br />30% AMI <br />1 <br />$1,599 <br />$19,188 <br />2 -Br <br />30% AMI <br />2 <br />$1,996 <br />$47,904 <br />The estimated maximum annual amount received under this award is $67,092. <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 />expand housing opportunities and HUD funding. Subsequent extensions are <br />subject to the same requirements. <br />• Units Receiving PBV Assistance: The maximum number of units receiving PBV <br />assistance will be three (3). <br />General Provisions: <br />The Agency's obligation to provide the Agency Assistance to the Project is subject to each <br />of the following conditions: <br />• Developer must provide proof that it has secured all of its remaining financing for <br />the development of the Project before staff will return to the City Council and/or <br />Housing Authority for consideration of the Loan Agreement and Ground Lease <br />Agreement. <br />• All provided funding and project requirements shall conform to the City's adopted <br />Affordable Housing Funds Policies and Procedures, unless alternative <br />requirements are expressly provided in the executed Loan Agreement, Ground <br />Lease Agreement, or any other documents related to the development of the <br />Project. <br />• Approval of all required entitlements and discretionary actions, to allow the <br />construction of a 12 -unit affordable housing complex to be located at 801, 809, and <br />809'/2 East Santa Ana Boulevard, Santa Ana, CA 92701. <br />• The Agency's obligation to provide the Loan is and shall remain subject to all <br />covenants, conditions, and restrictions set forth in the Loan Agreement, and in <br />particular Agency's analysis of the available funding sources and development and <br />operating costs of the Project and the overall economic feasibility of the Project. <br />3-16 <br />