29A - META HOUSING CORP - Laserfiche WebLink

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Meta Housing Corporation Santa Ana Arts Collective November 3, 2015 Page 3 4. 63 of the 64 "Housing Units" at the Project shall and will be restricted to "Affordable Rent" as defined by the TCAC Regulations for a period not less than 55 years pursuant to conditions, covenants and restrictions recorded against the Project in the Official Records, County of Orange, California. One (1) Housing Unit will be rented to an on-site property manager; the manager's unit will not be rent -restricted. 11 0£ the 64 units will be HOME -funded units. 5, All Housing Units at the Project must pass Housing Quality Standard and the City's HOME Property Standards (or other standards as applicable) inspections at the completion of construction, as required by applicable HUD federal regulations at 24 CFR Part 92. 6. The HOME Loan Agreement will require that, the Developer will not charge more than an Affordable HOME Rent (at the levels prescribed in the HOME Loan Agreement) for any HOME Unit at the Project, notwithstanding that the Developer may accept tenants holding Section 8 vouchers or certificates. Thus, the total per-unit subsidy the Developer will receive under the Section 8 program or other tenant -based or project - based rental assistance program will be limited to the difference between the Affordable HOME Rent for the HOME Unit under the HOME Loan Agreement and 30% of the tenant's monthly income. The HOME Loan Agreement will provide the Community Development Agency Executive Director with authority to waive or modify this requirement in his or her sole and absolute discretion. The HOME Loan Agreement shall provide that each of the following conditions shall be met prior to the disbursement of any portion of the HOME Loan: a. All grading permits shall have been issued and the City shall have issued a letter stating that building permits are ready to issue, subject only to payment of fees and the completion of grading of the Project site. b. Developer shall have secured all necessary financing and funding for the construction and operation of the Project. Such financing and funding shall be sufficient to pay all Project development costs, through lease -up, as set forth in a final budget consistent with the approved Profenna (or as otherwise approved by Santa Ana). c. The Developer shall have provided evidence to Santa Ana that the Developer has obtained insurance policies and certificates or endorsements acceptable to Santa Ana, as described in the HOME Loan Agreement. d. The Developer shall have provided construction security in favor of Santa Ana, which may include a completion guarantee from Meta Housing Corporation and/or a letter of credit and/or performance & payment bonds from the general contractor for the Project (or some combination of these), in an amount sufficient to ensure the Project will be completed and placed in service within the time set forth in the Project schedule approved by Santa Ana. e. Developer shall submit and obtain Executive Director of the Community Development Agency's approval of the construction contract, Developer's limited partnership agreement for the limited partnership entity to be formed to own and operate the Project, and management, marketing and tenant selection plans for the Project. 29A-11