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Judson Brown, City of Santa Ana <br />EXHIBIT 2 <br />May 22, 2019 <br />1126-46 E. Washington Ave: Preliminary Financial Gap Analysis Page 14 <br />5. Based on a preliminary HOME Cost Allocation Analysis, the City must designate <br />at least 15 units in the Project as HOME units per the following unit mix: <br />a. Three (3) studio units; <br />b. Four (4) one -bedroom units; <br />C. Four (4) two -bedroom units; <br />d. Three (3) three -bedroom units; and <br />e. One (1) four -bedroom unit. <br />6. At least 20% of the HOME -designated units must be designated as Low HOME <br />units. This equates to three Low HOME units based on a 15-unit HOME <br />Requirement. The remainder of the HOME -designated units can be restricted as <br />High HOME units. <br />7. It is important to note that the City cannot commit HOME funds to the Project <br />until after all of the other funding sources have received formal commitments. <br />At that time, the City must prepare a HOME Subsidy Layering Review in order to <br />formally commit HOME funds to the Project. <br />1905019:SA:TRB <br />19090.017.019 <br />FO <br />