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6 <br /> <br />60 % AMI 9 0 0 9 <br />80% AMI 0 0 11 11 <br />Total 12 22 11 45 <br /> <br /> <br />A.) HOME units. The HOME eligible costs of the total development cost is $61,198,347 , pursuant to <br />Section 92.206 of the HOME regulations. The HOME cost allocation tool standard method analysis <br />shows that the City must restrict 12 floating HOME units for the HOME investment of $2,502,136. <br />HOME requires 20% of HOME units to serve very low-income households. Therefore, three (3) <br />City HOME-restricted units will be designated to very low-income households or up to 50% AMI <br />households and will utilize the Low HOME rents, while nine (9) City HOME-restricted units will <br />serve up to 60%AMI households and will utilize the High HOME rents. <br />B.) RDA LMIHF. Per the NOFA, at least 50% of RDA funds must serve extremely low income <br />households (ELI) and up to 50% must serve very low income (VLI) households. Based on the <br />proposed $300,000/unit maximum subsidy limit, 22 units will be funded by RDA LMIHF, including <br />11 ELI units and 11 VLI units, defined by Health and Safety Code Section 50053. <br />C.) City Housing Impact fee. Based on the proposed $300,000/unit maximum subsidy limit, 11 units <br />will be funded with housing impact fee units and must serve households at or below 80% AMI, as <br />defined by Health and Safety Code Section 50053. <br />D.) Extremely Low- Income NOFA Requirement - The City’s NOFA requires at least 15% or 15 units <br />must serve households at or below 30% AMI. The project is providing 24 units (or 26% of the total <br />units) at 20% AMI and, therefore, meets the City’s NOFA criteria. <br /> <br />Land Use Affordability Restrictions <br /> <br />A.) SB 35. The project will be using SB 35 which requires at least 50% of the units or 47 units to be <br />affordable to households 80% AMI or below . 100% of the units serve households earning 80% <br />AMI or below. The project exceeds this criteria. <br />B.) State Density Bonus. The project qualified for an unlimited density bonus and related <br />concessions and waivers, pursuant to Section 65915(b)(1)(G) which requires 100% of the units be <br />affordable, exclusive of the manager’s units, to lower income households, except up to 20% of <br />the total units including density bonus units may serve moderate income households. The project <br />meets this criteria. <br />C.) City’s Affordable Housing Ordinance (AHO). AHO requires developments to have at least 5% of <br />units for very low-income households, 5% of the units for low-income households, and 10% of <br />units for moderate income households. The project exceeds the AHO requirements as 100% of <br />the affordable units are serving households up to 80% AMI, including 42% of units or 40 units <br />serving households at or below 50% AMI. <br /> <br />Unit designation of restrictions are subject to change. <br /> <br />Finance & Underwriting: <br /> <br />9.A. - Page 24 of 37 <br />490