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Project Based Vouchers <br />May 5, 2015 <br />Page 3 <br />Contract (Exhibit 1) prior to the start of construction, and a PBV Housing Assistance Payments <br />Contract (Exhibit 2) after the completion of construction. Neither document can be executed until <br />a subsidy layering analysis has been performed. This analysis will review the project's financing <br />structure to ensure that the public funds being committed are not excessive. Under current HUD <br />guidelines, this analysis must be conducted by HUD after the Authority has approved the project; <br />or, for projects requesting tax credits in California, the analysis is to be conducted by the <br />California Tax Credit Allocation Committee. <br />STRATEGIC PLAN ALIGNMENT <br />Approval of this item allows the City to meet Goal #5 Community Health, Livability, Engagement <br />& Sustainability), Objective #3 (Facilitate diverse housing opportunities and support efforts to <br />preserve and improve the livability of Santa Ana neighborhoods), <br />FISCAL IMPACT <br />There is no fiscal impact associated with this action. <br />Keller Ree ddrs' U <br />Executive `rector <br />Housing Authority of the City of Santa Ana <br />KR/NV/sb <br />Exhibits: 1. PBV Agreement Template <br />2. HAP Contract Agreement Template <br />3. Maps of Proposed Project Locations <br />4-3 <br />