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loan. The permanent loan is now estimated at $10.30 million, but will be finalized closer <br />to the time of permanent loan closing. <br />2. An executed financing commitment letter from Union Bank dated June 6, 2018 to <br />provide $1.02 per Tax Credit as equity financing. <br />3. A reservation letter dated June 13, 2018 from TCAC to provide $12,648,740 in federal <br />Tax Credits. <br />4. A commitment letter from OCCF dated February 8, 2018 to provide a $1,500,000 loan. <br />S. A commitment letter from CaIHFA dated February 2, 2017 to provide $2,912,000 in <br />SNHP loan for 20 units. <br />6. A commitment letter from the Federal Home Loan Bank dated June 18, 2018 to provide <br />a $750,000 loan. <br />Home Depot provided a letter dated May 1, 2018 that commits a $500,000 grant to the <br />Project. <br />8. Santa Ana Housing Authority provided a May 4, 2017 commitment letter to provide 75 <br />VASH vouchers to the Project. <br />9. The City entered into the HOME Agreement to provide $352,963 to the Project on <br />August 21, 2018. The City proposes to amend the 2018 HOME Agreement to provide a <br />total of $477,346 in HOME funds to the Project. <br />VII. CERTIFICATIONS <br />Based on the results of the analysis, the following certifications are provided: <br />Requirement <br />Certifications <br />The funding sources discussed in this Report are sufficient, and timely in <br />Met <br />availability, to cover the Project costs. <br />The estimated costs for the Project are necessary, reasonable, and in <br />compliance with the cost principles described in 2 CFR part 200. <br />The scope and budget for the Project are sufficient to meet the HOME <br />property standards set forth at 24 CFR 92.251 over the life of the <br />affordability covenants imposed by the HOME Agreement. <br />The Developer's operating pro forma includes realistic assumptions <br />regarding the base year revenues and expenses, and reasonable escalation <br />factors for the revenues and expenses. <br />The market assessment confirms the demand for the Project, and the <br />Project can be expected to be leased up within the 18-month period <br />mandated by HUD. <br />City of Santa Ana Underwriting & Subsidy Layering Review: Veteran's Village Page 122 <br />25B-56 <br />