Item 68 - Crossroads at Washington Affordable Housing Project at 1126, 1136, & 1146 East Washigton Ave.

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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 PBVs for seven (7) units: 30% AMI Unit Size No. Units Proposed Rent Three-Bedroom 2 $2,937 Four-Bedroom 5 $3,382 Total 7 •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 affordable housing for low-income families 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 assistance from the Housing Authority will be seven (7). 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 the form of enforceable funding commitments, which may include 9% or 4% Federal Low Income Housing Tax Credits, State Housing Tax Credits, a loan of affordable housing funds from the County of Orange, Section 8 project-based vouchers from the Orange County Housing Authority, or any other fu nding sources necessary in the Project's capital stack to close on their financing, before staff will return to the City Council for consideration of the NSP and HOME Loan Agreements. •Developer must provide proof that the County has approved or committed to approve a 62-year ground lease for the County portion of the Property located at 1126 and 1146 E. Washington Avenue, Santa Ana, CA 92701 (APNs: 398-092-13 and 398- 092-14) before staff will return to the Housing Authority for consideration of the Ground Lease Agreement. •All of the affordable units (less 1 manager's unit) in the Project will be restricted to extremely low-income households. EXHIBIT 4