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• Rents: The Project -Based Voucher Housing Assistance Payments (HAP) Contract rents below are preliminary and contingent upon a reasonable rent determination to be conducted by the Housing Authority at the time of execution of the HAP Contract: o Studio: $1,382 0 1 -bedroom: $1,579 In accordance with HUD regulations and SAHA's Administrative Plan, these rents are subject to review prior to the execution of a HAP contract. Annual Amount: Should the project receive low-income housing tax credits, it will receive PBVs for fiftv-six (56) units: Unit Size 30% AMI 60% AMI Total No. Units Proposed Rent No. Units Proposed Rent Studio 9 $1,382 3 $1,382 12 One Bedroom 30 $1,579 14 $1,579 44 Total 39 17 56 The estimated maximum annual amount received under this award is $1,032,720. These estimates assume 100% occupancy of the units over the twelve-month period. Term: The HAP Contract will have a term of twenty (20) years. Any time before the expiration of the HAP Contract, the developer may request an additional twenty (20) year term, subject to a determination by SAHA that it is appropriate to continue providing affordable housing for chronically homeless individuals and/or to expand housing opportunities and HUD funding. Subsequent extensions are subject to the same requirement. • Units Receiving Assistance: The maximum number of units receiving assistance will be fifty-six (56). Should the project receive low-income housing tax credits, the maximum number of units will be fifty-six (56). If you have any questions or require any additional information regarding this award letter, please contact Judson Brown, Housing Division Manager, by telephone at (714) 667- 2241 or by e-mail at ibrownCa�santa-ana.org. Sincerely, Cynthia Kurtz Interim City Manager City of Santa Ana / Housing Authority of the City of Santa Ana ,:1 X :1