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City of Redwood 20-PLHA-15099, Am. 2 (Rev 11/2022) Page 1 of 3 EXHIBIT E PROGRAM -SPECIFIC PROVISIONS AND SPECIAL CONDITIONS 1. Program -Specific Provisions The following are project -specific terms and conditions (referred to as enumerated provision(s) for ease of reference in prior exhibits) and shall inform the references made to project -specific information not contained in those prior exhibits. Budget Detail: Contractor has been awarded the following grant activity amounts for 2019: $347,719 Contractor has been awarded the following grant activity amounts for 2020: $540,463 Contractor has been awarded the following grant activity amounts for 2021: $594,763 Estimated five-year allocation may not exceed: $2,086,314 Payees: A. The authorized Payee(s) is/are as specified below: Name: City of Redwood Amount: $1,482,945 Plan: A. Provide a description of how allocated funds will be used for the proposed activity. Preservation of Unsubsidized Affordable Housing — Proposed Activities Year 2-5 funds will be used to support the acquisition and/or rehabilitation of privately - owned, multi -family rental properties and converting these to deed -restricted affordable units. The funds would be prioritized for projects that serve households earning 60 percent AMI or less. Based on other recent preservation projects, it is estimated that an approximately $200,000 per unit subsidy is needed in order for the acquisition/rehabilitation to be financially feasible. The City estimates that the PLHA funds from Years 2-5, approximately $1.6 million, could subsidize approximately eight (8) units. However, as mentioned the City plans to leverage the PLHA funds with other funding sources to acquire additional units. Any projects receiving PLHA funds would be deed -restricted for 55 years. Permanent Local Housing Allocation (PLHA) Program — Grant NOFA Date: (RD 1) 02/26/2020, (RD 2) 05/03/2021 (RD 3) 08/17/2022 Approved Date: 10/05/2020 Prep. Date: 11/18/2022