Laserfiche WebLink
HOME Requirement <br />Conclusion <br />HOME Program Deadlines <br />The Project is currently under construction and expected <br />to meet the Project completion and' Project lease -up <br />requirements imposed, by HOME. <br />Written Agreement <br />The HOME Agreement meets the HOME requirements <br />for written agreements. <br />Layering Requirements <br />The assistance package complies with the HOME layering <br />requirements <br />HOME Unit Designation <br />The Project will meet the HOME requirements for the <br />number of HOME designated units as well as the number <br />of units restricted to very -low income households. KMA <br />recommends that the units be fixed. <br />Affordability Period <br />The Project will meet the HOME requirement forthe <br />affordability period. <br />Cost Allocation <br />The standard cost allocation methodology was utilized. <br />Property Standards <br />The Project will meet the HOME property standards <br />requirements for new construction and the on -going <br />property management. <br />HOME Rents / Utility Allowances <br />The HOME units will be restricted at the appropriate <br />rents and the utility allowances. <br />Financial Commitments <br />The funding sources discussed in this Report are <br />sufficient, and timely in availability, to cover the Project <br />costs. <br />II. PROJECT DESCRIPTION <br />The proposed scope of development can be described as follows: <br />1. The vacant Site is comprised of 1.54 acres, or 66,994 square feet, and the proposed <br />project will consist of a three-story apartment building. The project will have a gross <br />building area of 67,868 square feet and includes 76 residential units (inclusive of a <br />manager's unit), with approximately 6,765 square feet reserved for community facilities <br />including recreational space, meeting rooms, fitness room, a laundry facility and staff <br />offices. The project density is 49.4 units per acre. <br />2. The Project's unit mix is as follows: <br />One -Bedroom Units 71 536 <br />Two -Bedroom Units 5 788 <br />Total/Averaee 76 553 <br />3. The Project includes forty-two parking spaces, four of which will be designated for guest <br />parking, equating to 0.5 spaces per unit. Sixteen stalls of bike parking will be provided. <br />City of Santa Ana Underwriting & Subsidy Layering Review: Veteran's Village Page 13 <br />25B-37 <br />