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EXHIBIT 1 <br />Natalie Verlinich, City of Santa Ana April 15, 2016 <br />First Street Apartments: Financial Gap Analysis Rage 8 <br />a. H&SC Section 50105 forvery-low Income households, 50079.5 for low <br />Income households and Section 50093 for moderate Income households; <br />and <br />b. Federal Low Income Housing Tax Credits income restrictions defined <br />under United States Code, Title 25, Section 142(d)(2)(B), <br />2. Affordability Restrictions: Rents applied to all of the units must reflect the most <br />stringent of: <br />a. H&SC very -low, low and moderate income rents based on the calculation <br />methodology defined in Section 50053; and <br />b. Tax Credit rents published annually by TCAC. <br />Achievable Rent Income <br />The rents used in this analysis are based on 2016 information published by TCAC, and <br />2015 information published by HCD.s The maximum allowable rents, net of the <br />appropriate utlllty allowances, are estimated as follows 4 <br />Rent Restriction <br />H&SC <br />Rents <br />TCAC <br />Rents <br />Applicable <br />Rents <br />Two -Bedroom Units <br />VL Inc H&SC/TC @ 30% TC, Median <br />$902 <br />$579 <br />$579 <br />VL Inc H&SC/TC @ 35% TC Median <br />$902 <br />$689 <br />$689 <br />VL Inc H&SC/TC @ 40% TC Median <br />$902 <br />$799 <br />$799 <br />VL Inc H&SC /TC @ 45% TC Median <br />$902 <br />$908 <br />$902 <br />Low Inc H&SC / TC @ 50% TC Median <br />$1,099 <br />$1,018 <br />$1,018 <br />Mod Inc H&SC /TC @ 60% TC Median <br />$2,080 <br />$1,238 <br />$1,238 <br />3 As of April 1S, ].pili, HCO has not yet published the 2016 household Income information required to <br />calculate the affordable rents under H&SC Section 50053. <br />4 The monthly utility allowances are estimated at: $79 fortwo-bedroom units; $115 for three-bedroom <br />units; and $128 for four-bedroom units, <br />1604007:SA;TRa <br />19080.014.001 <br />