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<br />Page | 68 <br />4894-6811-3695v.2 0017787-000542 <br />4894-6811-3695v.2 0017787-000542 <br />EXHIBIT B <br />INITIAL IMPROVEMENTS <br /> <br />The proposed Project includes the development of two residential buildings with 86 units <br />surrounding two interior, landscaped courtyard/amenity spaces. The Project includes 16 studio units, <br />26 one bedroom units, 22 two-bedroom units, 17 three-bedroom units, and 5 four-bedroom units. All <br />units will be flat apartments located on the first, second, third and fourth floors. In addition, a <br />proposed sound wall is being positioned along the eastern property line adjacent to the US Interstate <br />5 ramp. Approximately 3,500 square foot of interior community amenities and leasing offices is <br />designed to accommodate supportive and management services. <br />The Project will be 100% affordable to households earning no more than 30 percent of Area Median <br />Income (AMI) for Orange County of which 43 units will be set-aside for Permanent Supportive <br />Housing (PSH), with one exempt 2-bedroom managers unit. The unit mix and rent restrictions are as <br />follows, provided, however, the rent and income restrictions applicable to the Project shall be set <br />forth in and subject to the terms of the County Loan Regulatory Agreement: <br />Bedroom <br />Size <br />30% <br />AMI (PSH) <br />30% <br />AMI <br />Manager’s <br />Unit Total Units <br />Studios 16 16 <br />One-Bedroom 26 26 <br />Two-Bedroom 1 20 1 22 <br />Three-Bedroom 17 17 <br />Four-Bedroom 5 5 <br />TOTAL 43 42 1 86 <br /> <br />[We understand that there will be float up language inSection 2(g) of the County’s Loan Regulatory <br />Agreement and the Agency’s Regulatory Agreement(s). Please mirror that float up language here <br />on this exhibit (as the County did on Stanton Inn) or include a cross reference to those sections here <br />with an indication that it appliesregarding a loss of subsidy is incorporated herein as if set forth at <br />full length herein. Thanks.] <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />EXHIBIT 11