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EXHIBIT 3 <br />Judson Brown, City of Santa Ana January 9, 2019 <br />Francis Xavier Residence: Preliminary Financial Gap Analysis Page 7 <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:z <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 />z The utility allowances are estimated at: $29 for one -bedroom units and $40 for two-bedroom units. <br />1901007:sA:TRB <br />19090.017.010 <br />3-24 <br />