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Required Provisions <br />Use of HOME Funds <br />Included in <br />Written <br />Agreement <br />® <br />Section of <br />Written <br />Agreement <br />5.A.1 <br />Affordability <br />® <br />7.1 <br />Project is identified by Address or Legal Description <br />Exhibit A <br />Project Requirements <br />® <br />7 <br />Property Standards <br />® <br />11.11 <br />Other Federal Requirements <br />® <br />11 <br />Affirmative Marketing <br />11.9 <br />Requests for Disbursement of Funds <br />6.2 <br />Records & Reports <br />® <br />11.16 <br />Enforcement of the Agreement <br />t9 <br />20 <br />Duration of the Agreement <br />Definitions <br />Conditions for Religious Organizations <br />11.33 <br />CHDO Provisions <br />7.8 & 11.1 <br />Identifies all Parties to the Agreement <br />Recitals <br />Provides dated, signatures for each Party <br />® <br />21.16 <br />Recommended Additional Provisions: <br />- Description of Project <br />Exhibit B <br />■ Roles & Responsibilities <br />Li <br />-- <br />- Conflict of Interest <br />0 <br />11.18 <br />- Monitoring <br />11.19 <br />D. Layering Requirements <br />HOME regulations require projects to provide a layering analysis demonstrating that the HOME <br />assistance is required to provide affordable housing. Based on the results of the preceding <br />underwriting analysis, KMA concludes that the Developer's request of $477,346 in HOME <br />assistance from the City is warranted by the Project economics. As such, it can be concluded <br />that the assistance package complies with the HOME layering requirement. <br />E. Cost Allocation (§92.205(d)) and HOME Unit Designation (Table 5) <br />HOME funds may only be used to pay eligible costs for HOME assisted units. When the City <br />designates fewer than 100% of the units as HOME assisted, the City must calculate the eligible <br />costs that are allocable to the assisted units and may only pay the actual costs related to those <br />HOME assisted units, capped by the maximum subsidy limits previously described. The <br />financial gap analysis concludes that the Project needs $477,346 in HOME assistance. <br />Given that the units are not uniform in size, KMA used the Standard Method to determine the <br />cost allocation. As detailed in Table 5, KMA estimated that eligible project costs equate to $696 <br />per square foot of net residential area. Therefore, per the cost allocation test, one 779-square <br />City of Santa Ana Underwriting & Subsidy Layering Review: Veteran's Village Page 119 <br />25B-53 <br />