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The Developer's experience and financial capacity are adequate to <br />implement the Project, and meet the financial obligations and risks related <br />to the Project. <br />The developer fee, cash flow projection, equity appreciation, and profit <br />anticipated to be generated by the Project are appropriate. <br />The Project meets the minimum HOME investment requirement of $1,000 <br />per HOME designated unit. <br />The Project will provide the minimum number of HOME -Assisted Units as <br />required under the cost allocation rule at 24 CFR 92.504. <br />The HOME Program assistance provided to the Project does not exceed the <br />subsidy limits, and the appropriate number of units have been designated <br />as HOME units as established by 24 CFR 92.504. <br />In accordance with 24 CFR 92.205(e)(2), the Project will be completed <br />within four years of the date the HOME funds are committed. <br />The Project will comply with the property standards and affordability <br />requirements imposed by CFR 92.252(e). <br />VIII. COMMITMENT CHECKLIST (§92.2) <br />HOME funds are not committed to an identifiable project in IDIS until the parties have provided <br />the following: <br />Requirements <br />Project is associated with approved Consolidated Plan / <br />Annual Action Plan projects <br />Requirement <br />Met <br />® <br />Completion Dates <br />May 15, 2018 <br />Environmental Review Requirements have been met <br />August 2018 <br />Legally binding written agreement has been executed <br />August 2018 / July 2019 <br />All necessary financing is secured <br />August 21, 2018 <br />Subsidy Layering & Underwriting Analysis Completed <br />August 2018 / July 2019 <br />Construction Expected to begin within 12 months <br />Under Construction <br />Commitment Date <br />❑ <br />August 21, 2018 / July 2019 <br />City of Santa Ana Underwriting & Subsidy Layering Review: Veteran's Village Page 123 <br />25B-57 <br />