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units affordable to family households earning no more than 50% of the AMI; seventeen (17) of the <br />units affordable to family households earning no more than 60% of the AMI; and one (1) <br />manager's unit. The Project unit mix adopted voluntarily by the Developer consists of: <br />PSH - <br />30% AMI <br />30% AMI <br />50% AMI <br />60% AMI <br />Total <br />1-bedroom <br />30 <br />30 <br />2-bedroom <br />3 <br />6 <br />18 <br />11 <br />38 <br />3-bedroom <br />5 <br />13 <br />6 <br />24 <br />2-bedroom Manager <br />1 <br />Total <br />33 <br />11 <br />31 <br />17 <br />93 <br />Mercy House Living Centers ("Mercy House") will manage onsite residential services <br />coordination for all households. <br />C. The City and the Housing Authority ofthe City of Santa Ana ("Housing Authority") <br />reviewed Developer's request for assistance and at the City Council/Housing Authority meeting <br />on January 15, 2019, the City Council authorized and approved issuance of a conditional, pre - <br />commitment letter evidencing the preliminary award of $3,170,547 of fends to the Project <br />("Inclusionary Loan"), to be funded exclusively from the Inclusionary Housing Fund. <br />D. The amount of the Inclusionary Loan was determined based upon the City's review <br />of the Developer's request for the receipt of the Inclusionary Loan and the development proforma <br />and projected cash flows for the Project submitted by the Developer to the City as of January 15, <br />2019 ("Proforma"). The City Manager has authority to approve revised development proformas <br />and projected cash flows for the Project; provided, however, that the Inclusionary Loan is not <br />materially increased or extended. <br />E. In furtherance of the Inclusionary Housing Program, Developer has applied to the <br />City for a loan with which to: <br />1. Acquire, develop and construct the project, and <br />2. Thereafter to maintain, operate and professionally manage the Project as decent, <br />safe, sanitary and affordable rental housing. <br />F. The City, on certain terms and conditions, desires to make such Inclusionary Loan <br />to Developer in order to make possible the acquisition, development, construction, ownership, <br />maintenance and operation of the Project, thereby expanding the supply of decent, safe, sanitary and <br />affordable housing within the City. <br />G. If there is any inconsistency between State, and local guidelines with regard to any <br />of the terms and conditions contained herein, the more stringent shall apply. <br />2 <br />55A-65 <br />