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Judson Brown, City of Santa Ana <br />March 19, 2020 <br />Westview House: Financial Gap Analysis Page 17 <br />upon sale or transfer of the property after the City Loans are repaid in <br />full. <br />4. Based on a preliminary HOME Cost Allocation Analysis (Table 5), the City must <br />designate at least nine (9) units in the Project as HOME units based on the <br />following unit mix: <br />a. Three (3) one -bedroom units; <br />b. One (1) two -bedroom unit; <br />C. Three (3) three -bedroom units; and <br />d. Two (2) two -bedroom units. <br />5. At least 20%of the HOME -designated units must be restricted as Low HOME <br />units, which equates to two (2) units. <br />6. It is important to note that the City cannot commit HOME funds to the Project <br />until after all of the other funding sources have received formal commitments. <br />At that time, the City must prepare a HOME Subsidy Layering Review in order to <br />formally commit HOME funds to the Project. <br />2003012:SA:TRB <br />60 B-31 19090.017.022 <br />