Item 18 - Permanent Supportive Housing Project at 918 Bewley Street

Home Browse Search

requirements to participate in the Homeless Data Integration System (HDIS), pursuant to California Health and Safety Code §§ 50220.6 and 50220.7(b)(3). 4.14.2 Housing First. Owner shall operate the Project in accordance with the Housing First provisions of Chapter 6.5 (commencing with Section 8255) of Division 8 of the Welfare and Institutions Code. 4.15 Supportive Services. Owner, at its sole cost and expense, shall provide case management and supportive services to all tenants on the Property. On or before ________, 2024, Owner shall provide the City with a supportive services plan that will set forth the services provided to residents at the Property, and City shall have thirty (30) days to review and approve the plan, which approval shall not be unreasonably withheld. 4.15.1 The annual budget for supportive services paid out of the Project’s operating expenses shall be no more than seventy five thousand dollars ($75,000) or $7,500 per affordable unit, adjusted annually based upon the United States Department of Labor, Bureau of Labor Statistics, Consumer Price Index of Urban Wage Earners and Clerical Workers, Subgroup “All Items,” for the Los Angeles-Riverside-Orange County area, 1982-84 = 100, or successor or equivalent index in case such index is no longer published. Owner may choose to provide additional supportive services through fundraising efforts external to the Project. 4.15.2 For purposes of ensuring the long-term viability of the Project, Owner shall deposit fifty percent (50%) of “Net Cash Flow” into an operating and replacement reserve account, to be held in a separate, interest bearing account for the Project. Owner shall notify the City for any disbursements from the operating and replacement reserve account. 4.15.3 For purposes of Section 4.16.2, Net Cash Flow shall be determined by subtracting “Operating Expenses” from “Gross Revenues” as those terms are defined below: (a)“Gross Revenues” shall mean all revenues and receipts of every kind actually received by Owner from operating the Property, and all parts thereof, including, but not limited to, income from both cash and credit transactions, rental payments from leased and/or subleased spaces, governmental assistance housing payments or other operating subsidies, and parking fees and charges (but not including security deposits and other tenant deposits, except to the extent such deposits are forfeited to the Owner under the tenant's lease). Gross Revenues does not include any insurance proceeds other than any rental interruption insurance proceeds. Any credit consideration shall be included in Gross Revenues at the time cash proceeds (principal, interest and/or other) are received. Owner shall establish and maintain accounts for the Gross Revenues (the '"Project Accounts") that are segregated from revenues and income received by Owner from all other projects. Gross Revenues shall also include all interest earned on the Project Accounts to the extent interest is released from the Project Accounts. EXHIBIT 2