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Natalie Verlinich, City of Santa AnaApril 15, 2016 <br />First Street Apartments: Financial Gap Analysis Page 9 <br /> H&SC TCAC Applicable <br />RentsRentsRents <br />Rent Restriction <br />Three-Bedroom Units <br />VL Inc H&SC / TC @ 30% TC Median $975 $645$645 <br />VL Inc H&SC / TC @ 35% TC Median $975 $772$772 <br />Mod Inc H&SC / TC @ 60% TC Median $2,283 $1,406$1,406 <br /> H&SC TCAC Applicable <br />RentsRentsRents <br />Rent Restriction <br />Four-Bedroom Units <br />VL Inc H&SC / TC @ 30% TC Median $1,050 $720$720 <br />Mod Inc H&SC / TC @ 60% TC Median $2,463 $1,568$1,568 <br />The Developer is proposing that the Housing Authority provide eight PBVs to the <br />Project. The PBV payments are equal to the difference between the tenants’ rent <br />payments and the fair market rents (FMRs) approved by the Housing Authority. The <br />2016 FMRs for the Project are as follows: <br />Two-Bedroom Units$1,543 <br />Three-Bedroom Units $2,160 <br />The PBVs are proposed to be applied as follows: <br />1.Three 2-bedroom units at 30% of the TC Median; <br />2.Three3-bedroom units at 30% of the TC Median; <br />3.One 2-bedroom unit at 35% of the TC Median; and <br />4.One 3-bedroom unit at 35% of the TC Median. <br />The PBV assistance is estimated at $106,900 per year. <br />1604007:SA;TRB <br />19090.014.001 <br />