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<br /> <br /> <br /> <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 seven (7) units: <br /> <br />Unit Size 30% AMI <br />No. Units Proposed Rent <br />Three-Bedroom 2 $2,937 <br />Four-Bedroom 5 $3,382 <br />Total 7 <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 affordable housing for low-income families or to expand housing <br />opportunities and HUD funding. Subsequent extensions are subject to the same <br />requirements. <br /> <br /> Units Receiving Assistance: The maximum number of units receiving assistance <br />from the Housing Authority will be seven (7). <br /> <br />General Provisions: <br /> <br />The City's obligation to provide the City Assistance to the Project is subject to each of the <br />following conditions: <br /> <br /> Developer must provide proof that it has secured all of its remaining financing for <br />the development of the Project in the form of enforceable funding commitments, <br />which may include 9% or 4% Federal Low Income Housing Tax Credits, State <br />Housing Tax Credits, a loan of affordable housing funds from the County of <br />Orange, Section 8 project-based vouchers from the Orange County Housing <br />Authority, or any other funding sources necessary in the Project’s capital stack to <br />close on their financing, before staff will return to the City Council for consideration <br />of the NSP and HOME Loan Agreements. <br /> Developer must provide proof that the County has approved or committed to approve <br />a 62-year ground lease for the County portion of the Property located at 1126 and <br />1146 E. Washington Avenue, Santa Ana, CA 92701 (APNs: 398-092-13 and 398- <br />092-14) before staff will return to the Housing Authority for consideration of the <br />Ground Lease Agreement. <br /> <br /> All of the affordable units (less 1 manager’s unit) in the Project will be restricted to <br />extremely low-income households. <br /> <br />EXHIBIT 3