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Substantial Amendments - NSP 2 & 3 and <br />Loan Agreement with 815 N Harbor LP <br />September 16, 2013 <br />Page 5 <br />The loan will be a 55-year affordability term with 0 percent interest rate and payable by residual <br />receipts. The City will record trust deeds and covenants to insure affordability for that period of <br />time. The budget proposal requests eight project based vouchers (PBVs). Unlike conventional <br />housing choice vouchers, PBVs are attached to a specific residential facility. The rental assistance <br />is tied to the unit. The U.S. Department of Housing and Urban Development (HUD) regulations <br />require that the Housing Authority enter into a PBV Agreement to Enter Into Housing Assistance <br />Payments Contract (Exhibit 6) prior to the start of construction, and a PBV Housing Assistance <br />Payments Contact (Exhibit 7) after the completion of construction. Execution of these documents <br />will be contingent upon completion of the National Environmental Policy Act (NEPA) and California <br />Environmental Quality Act (CEQA) requirements, approval of the developer's application for a tax <br />credit allocation, and completion of a subsidy layering analysis by the California Tax Credit <br />Allocation Committee. <br />FISCAL IMPACT <br />Funds will be available in the NSP 2 Program account (Account #14218761-69152) and NSP 3 <br />Program account (Account #14218762-69152). <br />APPROVED AS TO FUNDS AND ACCOUNTS: <br />CA* )?6) <br />Nancy Fong CP <br />Interim Exec ive irector <br />Community Development Agency <br />NF/SLB/kg <br />Francisco G tier <br />Executive Director <br />Finance and Management Services Agency <br />Exhibit: 1. NSP 2 Substantial Amendment <br />2. NSP 3 Substantial Amendment <br />3. 815 Harbor Site Map <br />4. Proposed Development Schedule <br />5. Loan Agreement <br />6. PBV Agreement <br />7. PBV Contract <br />80A-5 <br />