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Natalie Verlinich, City of Santa Ana April 15, 2016 <br />First Street Apartments: Financial Gap Analysis Page 9 <br />H&SC <br />Rent Restriction Rents <br />TCAC <br />Rents <br />Applicable <br />Rents <br />Three -Bedroom Units <br />Rents <br />Rents <br />VL Inc H&SC/TC @ 30%TC Median $975 <br />$645 <br />$645 <br />VL Inc H&SC / TC @ 35% TC Median $975 <br />$772 <br />$772 <br />Mod Inc H&SC / TC @ 60% TC Median $2,283 <br />$1,406 <br />$1,406 <br />H&SC <br />TCAC <br />Applicable <br />Rents <br />Rents <br />Rents <br />Rent Restriction <br />Four -Bedroom Units <br />VL Inc H&SC /TC @ 30%TC Median $1,050 <br />$720 <br />$720 <br />Mod Inc H&SC / TC @ 60% TC Median $2,463 <br />$1,568 <br />$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. Three 3 -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 />65A-49 <br />