19E - RFP AFFORDABLE HOUSING - Laserfiche WebLink

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#of Bedrooms Maximum Maximum Maximum 30% Rent 50% Rent (Very Low) 65% Rent (Low) 3 $714 $1,252 $1,594 4 $796 $1,397 $1,759 Allowable rents must be reduced by a utility allowance for tenant paid utilities. HUD now requires that utility allowances be calculated for each project, and recommends using the model found at the following location: http :ljhud user. oral portal /resources /utilmodeLhtmi. D. LOAN TERMS City assistance will be offered in the form of a long term loo recorded against the property. If necessary, this loan may loan will carry a 3 percent interest rate payable through e the close of each fiscal year and as part of a required residual receipts, and make an annual payment to i receipts. E. DISCLOSURES • HUD has recently adopted significant changes t implications of these changes ar t clear. The • home All documents su records request response to on the deve Iq confidential. al City utilizes r k ped by the Ca ed or may go v ents. The Cif ram el du to the n s y a promissory note and a deed of trust ed to loans from other lenders, The recei er a period of thirty (30) years. At audit, the d er will calculate the amount of n an amount eq 0 percent of the residual erning the H rogram. The full accessed at: requir of this RFP are subject to public ormas other information submitted in aluate the reasonableness of the return canno rantee that these records will be kept ncy standard of two persons per bedroom plus c tiles developed by HUD, and for 30 percent of median rents, tables o Tax Allocation Committee. Allowable rents and incomes may remain from o ar to the next. Attainable rents may be significantly less than icipates at HUD may release new rent and income tables for the HOME e next several months. Both maybe lower than the current tables. • The City utiliz Info n Bulletin released annually by HUD to determine the maximum per unit HOME subsidy li st such Bulletin was released May 31, 2012 with an effective date of January 1, 2012. When release . new bulletin may increase or decrease the HOME subsidy limits applicable to this RFP. • Projects with more than 11 (11) HOME Assisted units are subject to Davis Bacon wage requirements. • HUD regulations prohibit the use of federal funds to pay relocation costs for tenants without a legal right to reside in the United States. State law requires that they be paid for those costs. Consequently the City will require that they be paid out of a nonfederal funding source. City of Santa Ana Community Development Agency Request for Proposals for Affordable Housing Development Page 13 19E -18