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CITY OF SANTA ANA- <br />HOME PROGRAM SUBSIDY LAYERING GUIDELINES <br /> <br />INTRODUCTION <br /> <br />· As required by the subsidy layering provisions of § 92.250(b) of the HOME final rule, <br />the City of Santa Ana has established and will use these.guidelines to ensure that when <br />HOME funds are used in combination with Other governmental assistance, no more <br />subsidy is invested than is necessary. The City will keep the results of its analysis in the <br />project file and will certify that no more assistance is being used than is necessary. <br />Where available, the City will rely upon guidelines developed and evaluation conducted <br />by other agencies pursuant to either applicable HUD regulations or the Internal Revenue <br />Code. <br /> <br />PROJECT EVALUATION <br /> <br />Before the City of Santa Ana invests HOME funds in a project, it will assess if other <br />governmental assistance has been, or is likely to be, made available to the project. In <br />performing this evaluation, the City will consider the aggregate amount of assistance <br />from HUD and other sources that is necessary to ensure the project's feasibility. These <br />may include, but will not be limited to, past rates of return to owners, sponsors and <br />investors; the long-term needs of the project and its tenants3 and the usual and customary <br />fees in project development. Major emphasis will be given to the income level of the <br />population to be served, the level of rent restriction to be recorded against the property, <br />and time of duration of such restrictions. <br /> <br />A. Certification of Federal Assistance <br /> <br />The City will obtain a formal certification from each applicant concerning the <br />governmental assistance provided or to be provided to the project. If no such <br />assistance is to be provided at the time of application or in the future, the <br />applicant(s) will need to certify to that fact. The applicant must also certify that <br />should other governmental assistance be sought in the future, the City will be <br />notified promptly. <br /> <br />B. Sources and Uses of the Funds Statement <br /> <br />All applicants are required to submit a Sources af~d~ Uses of Funds Statement for <br />their project. This Statement must be consistent with the project development <br />budget (see below) and must list: <br /> <br />EXHIBIT <br /> <br />Resolution No. 2003-032 <br /> Page 3 of 5 <br /> <br /> <br />