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EXHIBIT 2 <br />Projects <br />Acquisition / Rehabilitation Projects: <br />Minimum <br />Affordability <br />PeriodRental <br />HOME Funds Under $15,000 per Unit <br />5 Years <br />HOME Funds Under $15,000 - $40,000 per Unit <br />10 Years <br />HOME Funds Over $40,000 per Unit <br />15 Years <br />Rehabilitation Projects Involving Refinancing <br />15 Years <br />New Construction Projects <br />20 Years <br />The HOME Program affordability requirements must: <br />1. Apply without regard to the term of any loan or mortgage, repayment of the HOME <br />investment, or the transfer of ownership; <br />Be imposed by a deed restriction, a covenant running with the land, an agreement <br />restricting the use of the property, or other mechanisms approved by HUD and must <br />give the City the right to require specific performance; and <br />3. Must be recorded in accordance with State recordation laws. <br />The HOME Agreement requires the two HOME units to be restricted as affordable for 55 years. <br />Therefore, the Project will exceed the HOME requirement for new construction projects. The <br />affordability restrictions are detailed in the HOME Regulatory Agreement that will be recorded <br />on the property. <br />G. Property Standards (§92.251) <br />The Project will be subject to the following property standards: <br />The Project will also meet the current edition of the Model Energy Code published by the <br />Council of American Building Officials. <br />City of Santa Ana Underwriting & Subsidy Layering Review: Veteran's Village Page 120 <br />25L-30 <br />Included in <br />HOME <br />PropertyAgreement <br />State and local codes, ordinances and zoning <br />requirements <br />Accessibility: <br />• Accessibility requirements of 24 CFR part 8 <br />• Design and construction requirements at 24 <br />CFR 100.205 <br />Disaster Mitigation <br />Not Applicable <br />Written cost estimates, construction contracts and <br />construction documents <br />Construction progress inspections <br />The Project will also meet the current edition of the Model Energy Code published by the <br />Council of American Building Officials. <br />City of Santa Ana Underwriting & Subsidy Layering Review: Veteran's Village Page 120 <br />25L-30 <br />