HA - Item 03 - Pre -Commitment of Affordable Housing Funds for Illumination Foundation

Home Browse Search

EXHIBIT 1 Page 14 The estimated maximum annual amount received under this award is $245,136. These estimates assume 100% occupancy of the units over the twelve-month period with contract rent amounts limited to the current applicable Santa Ana Housing Authority Payment Standard. • 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 Authority that it is appropriate to continue providing permanent supportive housing for homeless TAY or to expand housing opportunities and HUD funding. Subsequent extensions are subject to the same requirements. • Units Receiving Assistance: The maximum number of units receiving PBV assistance will be the eight (8) TAY units. The PBVs may not be utilized for the two (2) shared housing units. • Local Preference: All individuals and families shall be homeless individuals with a preference for local residents from the City of Santa Ana based on the City's local residency screening criteria, subject to compliance with applicable fair housing laws. General Provisions: The City's obligation to provide the City Assistance to the Project is subject 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, in particular the fundraising amounts currently committed by the Developer, in the form of enforceable funding commitments to develop the Project before staff will return to the City Council for consideration of the HHAP Grant Agreement. 100% of the affordable units (less one (1) manager's unit) in the Project will be restricted to homeless households as follows: o The eight (8) TAY units will be restricted to homeless TAY households earning no more than 30% of the Area Median Income ("AMI"); and o Each bedroom in the two (2) shared housing units will be restricted to homeless senior citizen households earning no more than 50% AMI. The Project consists of ten (10) permanent supportive housing units for homeless individuals and families. All individuals and families shall be referred from the Orange County Coordinated Entry System with a preference for local residents from the City of Santa Ana based on the City's local residency screening criteria, subject to compliance with applicable fair housing laws.