Item 13 - Affordable Housing Project at 1411 N Broadway

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Page 14 proportionately reduced, or will not be required at all if all residents are relocated prior to the commencement of the project. Project-Based Vouchers: The basic terms of the award are as follows: •Funding Source: The twenty-five (25) PBVs will be funded exclusively out of the tenant-based voucher program annual budget authority received by the Housing Authority from the U.S. Department of Housing and Urban Development (HUD). •Rents: The PBV Housing Assistance Payments (HAP) Contract rents below are preliminary and contingent upon a reasonable rent determination to be conducted by the Housing Authority at the time of execution of the HAP Contract: o Studio:$1,682 In accordance with HUD regulations and SAHA's Administrative Plan, these rents are subject to review prior to the execution of a HAP contract. •Annual Amount: The Project will receive PB Vs for twenty-five (25) units: 30% AMI Unit Size No. Units Proposed Rent Studio 25 $1,682 The estimated maximum annual amount received under this award is $560,100. 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 chronically homeless individuals 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 twenty-five (25). •Local Preference: o All individuals and families shall be chronically homeless individuals with, subject to compliance with applicable fair housing laws, a preference for EXHIBIT 2