FULL AGENDA PACKET_2021-03-02 - Laserfiche WebLink

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EXHIBIT 3 If there are no chronically homeless veterans with strong ties to the City of Santa Ana, then these fifty-one (51)project-based vouchersmust be used to serve chronically homeless individualswith strong ties to the City of Santa Anaafter the local veteran preference isexhausted. Rents: The PBVHAPContract rents below are preliminary and contingent upon a reasonable rent determination to be conducted at the time of execution of the HAP Contract: o 0Bedroom -$1,527 In accordance with HUD regulations and the Housing AuthorityHousing Choice Voucher Program AdministrativePlan, these rents are subject to review prior to the execution of a HAP Contract. Rents and income requirements for the remaining affordable units shall be based on the requirements of the federal Low Income Housing Tax Credit Program as administered by TCAC. Annual Amount: The Project will receive PBVs for eighty-nine(89) units: Income Total Annual Unit SizeNo. UnitsProposed Rent TargetRevenue 0-Br30% AMI89$1,527$1,630,836 The estimated maximum annual amount received under this award is $1,630,836. These estimates assume 100% occupancy of the assisted units over the twelve- month period. Term: The HAP Contract will have a term of twenty (20) years. Any time before the expiration of the HAP Contract, the Developer may request an additional twenty (20) years, subject to a determination by the Housing Authoritythat it is appropriate to continue providing affordable housing for homeless veteransor to expand housing opportunities and HUD funding. Subsequent extensions are subject to the same requirements. Units Receiving PBV Assistance: The maximum number of units receiving PBV assistance will be eighty-nine(89). General Provisions: TheCity's obligation to provide the CityAssistanceto the Project issubject to each of the following conditions: Developer must provide proof that it has secured all of its remaining financing for the development of the Project before staff will return tothe City Council for consideration of the Loan Agreement.