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Page 12 <br />issuance of this pre-commitment letter evidencing the preliminary award of $3,904,341 in <br />affordable housing funds consisting of ( collectively, the "City Assistance"): <br />-A loan in the maximum amount of $1,514,113 from the lnclusionary Housing <br />Fund held by the City for the Project ("lnclusionary Loan"); <br />-A loan in the maximum amount of $1,412,643 from the HOME Investment <br />Partnerships Program ("HOME") funds held by the City for the Project ("HOME <br />Loan"); <br />-A loan in the maximum amount of $591,062 from the HOME Community <br />Housing Development Organization ("CHOO") funds held by the City for the <br />Project ("HOME CHOO Loan"); and, <br />-A loan in the maximum amount of $386,523 from the Rental Rehabilitation <br />Program held by the City for the Project ("RRP Loan"). <br />This letter shall evidence the City's pre-commitment of the City Assistance to the <br />Developer for the Project subject to the conditions described below. <br />City Assistance: <br />The amount of the proposed City Assistance has been determined based upon the City's <br />review of the Developer's request for the receipt of the City Assistance and the <br />development proforma and projected cash flows for the Project submitted by the <br />Developer to the City ("Proforma"). The City Manager has authority to approve revised <br />development proformas and projected cash flows for the Project; provided, however, that <br />the City Assistance is not increased or extended. <br />The City Assistance shall include the following loan terms: <br />•The lnclusionary Loan shall be for a maximum principal amount of $1,514,113, or <br />as much thereof as is disbursed for hard and soft costs in constructing the Project, <br />provided from the lnclusionary Housing Fund. <br />•The HOME Loan and HOME CHOO Loan shall be for a maximum principal amount <br />of $2,003,705, or as much thereof as is disbursed for hard and soft costs in <br />constructing the Project, provided from HOME funds. <br />•The RRP Loan shall be for a maximum principal amount of $386,523, or as much <br />thereof as is disbursed for hard and soft costs in constructing the Project, provided <br />from RRP funds. <br />•3% simple interest per annum. <br />EXHIBIT 2