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<br /> <br />by a real estate advisor selected by the City. The real estate advisor shall confirm the <br />underwriting for the project, the financial gap, and other programmatic requirements <br />related to the HOME-ARP funds and any other funding sources requested for the <br />development of the project. <br />Following the RFP, proposal review process, and underwriting and subsidy layering <br />review, a pre-loan commitment letter may be drafted by the Housing Division, reviewed <br />and approved by the Housing Division Manager, the City Attorney’s Office, and the <br />Executive Director of Community Development, before being recommended for approval <br />by the City Council. The letter shall state the maximum amount of HOME-ARP Program <br />funds and any other funding sources to be reserved for the project and list all of the <br />additional conditions, documents and steps that must be taken by the developer prior to <br />loan closing. <br />After the pre-loan commitment letter has been drafted, staff will prepare a written staff <br />report recommending a commitment of HOME-ARP funds and any other funding sources <br />for a proposal(s) and explaining the reasons for the commitment. The recommendation <br />will be made first by the Housing Division to the Community Development Commission to <br />issue the commitment of program funds to the project in the form of an award of program <br />funds. If recommended by the Commission to City Council, a recommendation will then <br />be made by the Housing Division to the City Council and/or Housing Authority for final <br />approval of the commitment of program funds by motion adopted by the affirmative votes <br />of at least two-thirds (2/3) of the members. <br />After issuance of a pre-loan commitment letter, the Housing Division will work with the <br />developer to secure all of their remaining financing and ensure compliance with CDP <br />Notice 21-10. <br />If any portion of the PJ’s HOME-ARP administrative funds were provided to a <br />subrecipient or contractor prior to HUD’s acceptance of the HOME-ARP allocation <br />plan because the subrecipient or contractor is responsible for the administration <br />of the PJ’s entire HOME-ARP grant, identify the subrecipient or contractor and <br />describe its role and responsibilities in administering all of the PJ’s HOME-ARP <br />program: <br />NOT APPLICABLE <br />PJs must indicate the amount of HOME-ARP funding that is planned for each <br />eligible HOME-ARP activity type and demonstrate that any planned funding for <br />nonprofit organization operating assistance, nonprofit capacity building, and <br />administrative costs is within HOME-ARP limits. The following table may be used <br />to meet this requirement. <br />EXHIBIT 2