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Page 13 <br />The HUD-VASH PBV's shall include the following terms: <br />Voucher Source: The eighty-nine (89) HUD-VASH PBVs will be funded exclusively <br />out of the tenant -based voucher program annual budget authority received by the <br />Housing Authority from the U.S. Department of Housing and Urban Development <br />(HUD). <br />Rents: The PBV Housing Assistance Payments ("HAP") Contract rents below are <br />preliminary and contingent upon a reasonable rent determination to be conducted <br />at the time of execution of the HAP Contract: <br />o 0 Bedroom - $1,387 <br />In accordance with HUD regulations and the Housing Authority's Housing Choice <br />Voucher Program Administrative Plan, these rents are subject to review prior to <br />the execution of a HAP Contract. <br />Rents and income requirements for the remaining affordable units shall be based <br />on the requirements of the federal Low Income Housing Tax Credit Program as <br />administered by ICAC. <br />• Annual Amount: The Project will receive PBVs for eighty-nine (89) units: <br />Unit Size <br />Income <br />No. Units <br />Proposed Rent <br />Total Annual <br />Target <br />Revenue <br />0 -Br <br />30% AMI <br />89 <br />$1,387 <br />$1,481,316 <br />The estimated maximum annual amount received under this award is $1,481,316. <br />These estimates assume 100% occupancy of the assisted units over the twelve- <br />month period. <br />Term: The HAP Contract will have a term of twenty (20) years. Any time before <br />the expiration of the HAP Contract, the Developer may request an additional <br />twenty (20) years, subject to a determination by the Housing Authority that it is <br />appropriate to continue providing affordable housing for homeless veterans or to <br />expand housing opportunities and HUD funding. Subsequent extensions are <br />subject to the same requirements. <br />• Units Receiving PBV Assistance: The maximum number of units receiving PBV <br />assistance will be eighty-nine (89). <br />