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Both the Plan and the City's Housing Element identify affordable rental housing suitable for larger <br />households as a high priority for the City. One of the rating criteria is the bedroom size of the <br />proposed units. Project design and construction will be subject to and carried out in accordance with <br />established City standards and procedures. In accordance with the City's Early Outreach policy <br />(Attachment 5), the selected developer may be required to solicit significant neighborhood input <br />during the design process. <br />B. AVAILABLE FUNDS <br />As of the release date of this RFP, the City has approximately $1.5 million in HOME Investment <br />Partnership Act funds that may be used for development of HOME eligible projects. HOME Program <br />expenditures are limited to an amount equal to the maximum subsidy limit established by HUD for <br />units based on bedroom size times the number of such units. The maximum subsidy limits are as <br />follows: <br /># of Bedrooms HOME Maximum Subsidy <br />0 $128,000 <br />1 $148,000 <br />2 $180,000 <br />3 $235,000 <br />4 $255,000 <br />Only HOME assisted units count toward the calculation of the HOME Program funds that may be <br />invested in a project. HOME assisted units are deed restricted to rents and incomes eligible under <br />the HOME Program. <br />C. TERM OF AFFORDABILITY AND MAXIMUM ALLOWABLE RENTS <br />The selected developer shall enter into a Loan Agreement with the City of Santa. This Agreement <br />and other attendant documents shall provide for repayment of the loan. They shall also impose <br />affordability covenants of no less than fifteen (15) years for acquisition/rehabilitation projects or until <br />the City loan is repaid whichever is longer. HOME funded units must, at a minimum be affordable to <br />very low and low income households. For projects located in the Transit Zoning Code area, at least <br />ten (10) percent of the units must be affordable to and occupied by households with incomes at or <br />below 30 percent of the area median income. As of the date of this RFP allowable rents were as <br />follows: <br /># of Bedrooms Maximum <br />30% Rent Maximum <br />50% Rent (Very Low Maximum <br />65% Rent Low <br />0 $480 $843 $1,061 <br />1 $514 $903 $1,154 <br />2 $618 $1,083 $1,387 <br />3 $714 $1,252 $1,594 <br />4 $796 $1,397 $1,759 <br />Allowable rents must be reduced by a utility allowance for tenant paid utilities. HUD now requires that <br />City of Santa Ana Community Development Agency <br />Request for Proposals for Affordable Housing Development <br />Pa a 12 <br />196-15