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<br />The remaining restricted units must have rents that <br />exceed 60 percent of the area median. The following <br />would apply as of March 15, 2004: <br /> <br />do not <br />rents <br /> <br />Bedrooms Allowable Rent <br />Studio $793 <br />One Bedroom $907 <br />Two Bedrooms $1,020 <br />Three Bedrooms $1,134 <br /> <br />These rents must be reduced in accordance <br />allowance based upon tables maintained by <br />Authority of the City of Santa Ana. <br /> <br />with a utility <br />the Housing <br /> <br />The presumed household sizes are as follows: <br /> <br />Bedrooms Household Size <br />Studio One Person <br />One Bedroom Two Persons <br />Two Bedrooms Three Persons <br />Three Bedrooms Four Persons <br /> <br />Use of Loan Proceeds <br /> <br />Loan proceeds may only be used to fund work that is <br />necessary to bring the property into compliance with the <br />City's municipal ordinance and other applicable Federal or <br />State building codes. Properties with eight or more units <br />will be subject to Federal Davis-Bacon requirements. <br />Properties built before 1978 are subject to Federal <br />regulations governing lead-based paint. Any relocation <br />costs necessitated by the contracted work will be the <br />responsibility of the borrower. These costs may be <br />included in the loan. <br /> <br />Loan proceeds may also be used to pay for certain costs <br />normally associated with the loan process. These include <br />but are not necessarily limited to the cost of appraisals, <br />title reports, credit checks, flood certifications, <br />underwriting fees, document preparation, and warehousing. <br /> <br />Loan Terms <br /> <br />Loans will be zero percent interest and be amortized over a <br />period of 10 years beginning after the work is completed. <br />At the City's discretion, loan payments may be deferred if <br />EXHIBIT 1 <br />Page 3 <br /> <br />19D-6 <br />