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Total Estimated Development Casts <br />The total estimated development costs are $29,954,000, or $394,100 per unit. Based on the <br />analysis above, KMA finds Developer's cost estimates to be reasonable and necessary in order <br />to construct, lease -up and complete the Project. As the Project moves through the <br />construction process, the City needs to keep track of the changes to the costs, if any. <br />B. Stabilized Net Operating Income (Table 2) <br />The Project's proposed funding sources include HOME Program funds, low income housing tax <br />credits (Tax Credits), Special Needs Housing Program (SNHP), and other funds. Income limits <br />are published for households that are qualified to reside in units that have received assistance <br />from these sources. <br />The HOME Program publishes rent standards for projects receiving assistance from HOME <br />funds. Tax Credit and SNHP program also publishes rent standards. Developer will be required <br />to adhere to the strictest of the standards imposed by the funding sources. <br />The HOME affordability requirements will remain in place for 20 years, which is equal to the 20- <br />year minimum period that the HOME Program requires. Therefore, the Project will meet the <br />minimum HOME Program requirements. <br />The following summarizes the affordability restrictions that will be placed on the Project: <br />Achlemble Rentallncome <br />The Project rents must adhere to the most restrictive of the requirements imposed by the <br />proposed funding sources. The rents used in this analysis are based on 2019 income and rent <br />information. <br />The maximum allowable rents, net of the appropriate utility allowances, are estimated as <br />follows:, <br />1 The property owner will <br />City of Santa Ana <br />all utilities. <br />Underwriting & Subsidy Layering Review: Veteran's Village Page 17 <br />25B-41 <br />