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P a g e | 4 <br /> <br /> <br /> <br /> <br /> <br />proportionately reduced, or will not be required at all if all residents are rel ocated prior to <br />the commencement of the project. <br /> <br />Project-Based Vouchers: <br /> <br />The basic terms of the award are as follows: <br /> <br /> Funding Source: The twenty-five (25) PBVs will be funded exclusively out of the <br />tenant-based voucher program annual budget authority received by the Housing <br />Authority from the U.S. Department of Housing and Urban Development (HUD). <br /> <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 /> <br />o Studio: $1,682 <br /> <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 /> <br /> Annual Amount: The Project will receive PBVs for twenty-five (25) units: <br /> <br />Unit Size <br />30% AMI <br />No. Units Proposed Rent <br />Studio 25 $1,682 <br /> <br />The estimated maximum annual amount received under this award is $560,100. <br />These estimates assume 100% occupancy of the units over the twelve-month period <br />with contract rent amounts limited to the current applicable Santa Ana Housing <br />Authority Payment Standard. <br /> <br /> Term: The HAP Contract will have a term of twenty (20) years. Any time before the <br />expiration of the HAP Contract, the Developer may request an additional twenty (20) <br />years, subject to a determination by the Housing Authority that it is appropriate to <br />continue providing permanent supportive housing for chronically homeless <br />individuals or to expand housing opportunities and HUD funding. Subsequent <br />extensions are subject to the same requirements. <br /> <br /> Units Receiving Assistance: The maximum number of units receiving PBV <br />assistance will be twenty-five (25). <br /> <br /> Local Preference: <br /> <br />o All individuals and families shall be chronically homeless individuals with, <br />subject to compliance with applicable fair housing laws, a preference for <br />EXHIBIT 2