Laserfiche WebLink
EXHIBIT 2 <br />Terri Eggers /Judson Brown, City of Santa Ana June 221 2023 <br />Bewley Street —Preliminary Financial Gap Analysis Page 7 <br />attributed to KMA including higher indirect costs, including an indirect cost contingency <br />allowance, in the KMA pro forma analysis. <br />Stabilized Net Operating Income (Table 2) <br />The Project's funding sources include a loan provided by the Developer, and <br />fundraising/grant funds secured by the Developer. In addition, the City intends to utilize <br />Homeless Housing, Assistance and Prevention (HHAP) grant funds allocated to the City <br />by HCD. To that end, the City will impose the following affordability requirements on the <br />Project: <br />INCOME RESTRICTIONS <br />1. The eight (8) TAY units will be restricted to homeless TAY households earning no <br />more than the 30% MTSP AMI income limits as published by HCD. <br />2. For the three -bedroom shared housing units, each bedroom shall be restricted <br />to a homeless senior citizen household earning up to the 50% MTSP AMI income <br />limit. <br />RENT RESTRICTIONS <br />1. The maximum affordable rent for the eight TAY units will be set at the 30% MTSP <br />AMI rent as published annually by HCD.3 <br />2. For the three -bedroom shared housing units, the total rent payments must not <br />exceed the 50% MTSP AMI rent for a three -bedroom unit. Additionally, each <br />tenant's rent must not exceed the lesser of: <br />a. One-third (1/3) of the 50% MTSP AMI rent for athree-bedroom unit; or <br />b. 30% of the household's actual income (inclusive of Supplemental Security <br />Income (SSI) /State Supplementary Payment (SSP) payments. <br />3 Each of the TAY units will have a PBV, and thus, each TAY tenant can pay no more than 30% of their <br />income towards rent. For underwriting purposes, KMA set the TAY tenant payments at 30% SSI. <br />2306002v3.SA.TRB <br />19090.018.028 <br />