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Page 13 <br />The City Assistance shall include the following general terms: <br />• The HHAP Grant shall be for a maximum amount of $2,021,319, or as much <br />thereof as is disbursed for hard and soft costs in constructing the Project, provided <br />from the HHAP funds. <br />• The provision of HHAP funds will be structured as a grant; therefore, no repayment <br />is due to the City unless the Project is in default. <br />• Cost savings from the Project, if any, will be applied first to repay the City <br />Assistance, as applicable. <br />• All other funding sources must be secured through enforceable funding <br />commitments prior to disbursement of any of the HHAP Grant funds. <br />• An environmental review in compliance with the National Environmental Policy Act <br />is required prior to entering into an Agreement to Enter into a Project -Based <br />Vouchers Housing Assistance Payments Contract for the PBVs committed to the <br />Project. <br />Project -Based Vouchers: <br />The basic terms of the award are as follows: <br />• Funding Source: The eight (8) PBVs will be funded exclusively out of the tenant - <br />based voucher program annual budget authority received by the Housing Authority <br />from the U.S. Department of Housing and Urban Development ("HUD"). <br />• Rents: The PBV Housing Assistance Payments ("HAP") Contract rents below are <br />preliminary and contingent upon a reasonable rent determination to be conducted by <br />the Housing Authority at the time of execution of the HAP Contract: <br />o One -Bedroom: $2)219 <br />o Two -Bedroom: $2)665 <br />In accordance with HUD regulations and SAHA's Administrative Plan, these rents <br />are subject to review prior to the execution of a HAP contract. <br />• Annual Amount: The Project will receive PBVs for the eight (8) TAY units: <br />30% AM <br />Unit Size <br />Proposed HAP <br />No. Units <br />Contract Rent <br />One -Bedroom <br />2 <br />$27219 <br />Two -Bedroom <br />6 <br />$205 <br />