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ILLUMINATION FOUNDATION (41)
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ILLUMINATION FOUNDATION (41)
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11/7/2024 3:11:10 PM
Creation date
11/7/2024 3:11:07 PM
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Contracts
Company Name
ILLUMINATION FOUNDATION
Contract #
A-2024-170
Agency
Community Development
Council Approval Date
10/15/2024
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requirements to participate in the Homeless Data Integration System (HDIS), <br /> pursuant to California Health and Safety Code §§ 50220.6 and 50220.7(b)(3). <br /> 4.14.2 Housing First. Owner shall operate the Project in accordance <br /> with the Housing First provisions of Chapter 6.5 (commencing with Section 8255) <br /> of Division 8 of the Welfare and Institutions Code. <br /> 4.15 Supportive Services. Owner, at its sole cost and expense, shall provide case <br /> management and supportive services to all tenants on the Property. On or before December 31, <br /> 2024, Owner shall provide the City with a supportive services plan that will set forth the <br /> services provided to residents at the Property, and City shall have thirty (30) days to review and <br /> approve the plan, which approval shall not be unreasonably withheld. <br /> 4.15.1 The annual budget for supportive services paid out of the <br /> Project's operating expenses shall be no more than seventy five thousand dollars <br /> ($75,000) or $7,500 per affordable unit, adjusted annually based upon the United <br /> States Department of Labor, Bureau of Labor Statistics, Consumer Price Index of <br /> Urban Wage Earners and Clerical Workers, Subgroup "All Items," for the Los <br /> Angeles-Riverside-Orange County area, 1982-84 = 100,or successor or equivalent <br /> index in case such index is no longer published. Owner may choose to provide <br /> additional supportive services through fundraising efforts external to the Project. <br /> 4.15.2 For purposes of ensuring the long-term viability of the <br /> Project, Owner shall deposit fifty percent (50%) of "Net Cash Flow" into an <br /> operating and replacement reserve account,to be held in a separate, interest bearing <br /> account for the Project. Owner shall notify the City for any disbursements from <br /> the operating and replacement reserve account. <br /> 4.15.3 For purposes of Section 4.16.2, Net Cash Flow shall be <br /> determined by subtracting "Operating Expenses" from "Gross Revenues" as those <br /> terms are defined below: <br /> (a) "Gross Revenues" shall mean all revenues and <br /> receipts of every kind actually received by Owner from operating the Property, and <br /> all parts thereof, including, but not limited to, income from both cash and credit <br /> transactions, rental payments from leased and/or subleased spaces, governmental <br /> assistance housing payments or other operating subsidies, and parking fees and <br /> charges (but not including security deposits and other tenant deposits, except to the <br /> extent such deposits are forfeited to the Owner under the tenant's lease). Gross <br /> Revenues does not include any insurance proceeds other than any rental <br /> interruption insurance proceeds. Any credit consideration shall be included in <br /> Gross Revenues at the time cash proceeds (principal, interest and/or other) are <br /> received. Owner shall establish and maintain accounts for the Gross Revenues (the <br /> 'Project Accounts") that are segregated from revenues and income received by <br /> Owner from all other projects. Gross Revenues shall also include all interest earned <br /> on the Project Accounts to the extent interest is released from the Project Accounts. <br />
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