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55A - AGMT LEGACY APARTMENTS
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55A - AGMT LEGACY APARTMENTS
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Last modified
12/10/2020 5:00:39 PM
Creation date
12/10/2020 4:55:21 PM
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City Clerk
Doc Type
Agenda Packet
Agency
Community Development
Item #
55A
Date
12/15/2020
Destruction Year
2025
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The unit mix and levels of affordability required for the Restricted Units are as follows: <br />PSH - <br />25% AMI <br />PSH - <br />30% AMI <br />30% AMI <br />50% AMI <br />Total <br />1-bedroom <br />16 <br />16 <br />2-bedroom <br />3 <br />6 <br />18 <br />27 <br />3-bedroom <br />2 <br />2 <br />Total <br />16 <br />3 <br />8 <br />18 <br />45 <br />B. The affordable rents charged at the Project must comply with the standards set forth <br />by the California Tax Credit Allocation Committee (TCAC). <br />C. Utility allowances must be deducted from the maximum gross monthly Affordable <br />Rent. The Housing Authority publishes a Utility Allowance Schedule on an annual <br />basis, which shall be used by Developer in connection with units receiving Rental <br />Subsidies as defined below for so long as may be required by the Housing Authority. <br />D. The Project will receive eight (8) project based vouchers from the Housing <br />Authority of the City of Santa Ana (the "Rental Subsidies") during the Term of <br />Affordability of this Agreement. If, during the Term of Affordability of this <br />Agreement, any change in federal law occurs or any action (or inaction) by <br />Congress or any federal or State agency occurs, which results in a reduction, <br />termination or nonrenewal of the Rental Subsidies, such that the rental subsidy <br />projected on the budget for the Project is reduced or no longer available, the <br />Developer may increase the rents on the eight project -based voucher assisted -units <br />during the remainder of the Term of Affordability of this Agreement to the <br />maximum rent published by the California Tax Credit Allocation Committee for a <br />"60% AMI Household" in Orange County for the applicable bedroom size subject <br />to the City Project Manager's prior written approval, which shall not be <br />unreasonably withheld, conditioned, or delayed. If Developer demonstrates to the <br />satisfaction of the City that such rental increase is necessary to maintain the <br />financial stability of the Project and no alternative rental subsidies are available, the <br />City will review and consider such rental increase. <br />3.3 Calculation of Rent for Restricted Units: <br />A. The affordable rents charged for the Restricted Units must comply with the <br />standards set forth by the California Tax Credit Allocation Committee (TCAC). <br />B. Utility allowances must be deducted from the maximum gross monthly Affordable <br />Rent. The Housing Authority publishes a Utility Allowance Schedule on an annual basis, which <br />shall be used by Developer in connection with units receiving Rental Subsidies for so long as may <br />be required by the Housing Authority. <br />7 <br />55A-70 <br />
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