Laserfiche WebLink
The City Assistance shall ihelude the folloW;ing general terms: <br />•The HHAP Grant shall be for a maximum amount of $2,021,319, or as much <br />thereof as is disbursed for hard and soft costs in constructing the Project, provided <br />from the HHAP funds. <br />•The provision of HHAP funds will be structured as a grant; therefore, no repayment <br />is due to the City unless the Project is in default. <br />•Cost savings from the Project, if any, will be applied first to repay the City <br />Assistance, as applicable. <br />•All other funding sources must be secured through enforceable funding <br />commitments prior to disbursement of any of the HHAP Grant funds. <br />•An environmental review in compliance with the National Environmental Policy Act <br />is required prior to entering into an Agreement to Enter into a Project-Based <br />Vouchers Housing Assistance Payments Contract for the PBVs committed to the <br />Project. <br />Project-Based Vouchers: <br />The basic terms of the award are as follows: <br />•Funding Source: The eight (8) PBVs will be funded exclusively out of the tenant­ <br />based voucher program annual budget authority received by the Housing Authority <br />from the U.S. Department of Housing and Urban Development ("HUD"). <br />•Rents: The PBV Housing Assistance Payments ("HAP") Contract rents below are <br />preliminary and co ntingent upon a reasonable rent determination to be conducted by <br />the Housing Authority at the time of execution of the HAP Contract: <br />o One-Bedroom: <br />o Two-Bedroom: <br />$2,219 <br />$2,665 <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 />•Annual Amount: The Project will receive PBVs for the eight (8) TAY units: <br />30% AMI Unit Size Proposed HAP No. Units Contract Rent <br />One-Bedroom 2 $2,219 <br />Two-Bedroom 6 $2,665 <br />EXHIBIT 1