HomeMy WebLinkAboutAgenda Report - August 11, 2009 D-02 SMAGENDA ITEM D
'• CITY OF LODI
COUNCIL COMMUNICATION
AGENDA TITLE: Adopt a Resolution Authorizing the City Manager to Submit a Joint Application with
Eden Development Inc. to the State of California Department of Housing and
Community Developmentfor HOME Investment Partnerships Program Funding;
and if Selected, the Execution of a Standard Agreement, and Amendments
Thereto, and of any Related Documents Necessaryto Participate in the HOME
Investment Partnerships Program
MEETING DATE: August 11,2009
PREPARED BY: Community Development Department
RECOMMENDED ACTION: Adopt Resolution authorizing the City Managerto submit a joint
application with Eden Development Inc. to the State of California
Department of Housing and Community Development (HCD) for
HOME Investment Partnerships (HOME) Program funding; and if
selected, the execution of a Standard Agreement, and amendments thereto, and of any related
documents necessaryto participate in the HOME Investment Partnerships Program
BACKGROUND INFORMATION: The City of Lodi is working with Eden Housing, Inc., and its affiliate,
Eden Development, Inc., toward the development of an affordable
senior housing project in Lodi, at 2245 Tienda Drive.
As noted during previous presentations to the City Council leading to the selection of the developer for
this project, Eden Housing has more than 40 years' experience in the development and management of
affordable housing projects. In addition, it has been certified in several county jurisdictions, including San
Joaquin County, as a Community Housing Development Organization (CHDO). CHDO certification in
those various county jurisdictions means that Eden has established a local board that maintains
accountability to low-income residents within those communities served by the CHDO. The benefitof
establishing a CHDO is to access HOME Program funds that are set aside specifically for CHDO projects
and activities.
For this project in Lodi, Eden Housing has identified the State HCD HOME Program as one of the two
key funding sources. Although Eden Housing has certification as a CHDO through the County, it has not
been certified by the State and therefore has been working diligentlyto meet State requirements in order
to obtain CHDO certification for Eden Development, Inc., its development arm.
On August 5, with the HOME application deadline less than two weeks away, the officials at HCD
informed Eden Housing that HCD could not certify Eden Development as a CHDO because Eden
Development, as a separate corporation, does not have a "history of serving the community" as that term
is defined in State regulations. The officials at HCD acknowledge that Eden Development has been
active in the discussion of housing policy and pre -development activities in several communities, but per
Section 8204.1(e), Eden Development has not "provided a housing -related service" that "has provided a
benefit to a tenant or homeowner."
APPROVED: 1
Blair King, City Aanager
HOME Fund Application with Eden Housing
August 11,2009
Page Two
Furthermore, HCD has determined that Eden Development cannot use the considerable service record of
the parent organization, Eden Housing, as that exception is only allowed for newly formed affiliate
organizations and Eden Development has been in existence for more than the one year that HCD uses
as a guideline. Therefore, according to HCD officials, Eden Housing can only obtain State HOME funds
this year if the City of Lodi - as the eligible State Recipient- applies for the funding with Eden Housing as
the developer.
HCD officials cite past practices of for-profit developers using nonprofit organizations with no housing
experience to access CHDO set-aside funding as the reason for why these regulations were created.
A Special Meeting is needed for action as the August 17 deadline for applications for State HOME
Program funding is prior to the next Regular Meeting.
Eden Housing has completed all the prerequisite work for the application (ExhibitA) and simply needs to
amend the Applicant information and include the City of Lodi and the City Council Resolution.
Based upon the maximum allowed HOME funding for this specific project in relation to the total project
cost, Eden Housing has determined that we should request $4 million in State HOME funds. However, it
is a standard practice and recommended by HCD that the adopted Resolution provide for funding up to
the maximum grant amount available, which in this case is $4.5 million.
FISCAL IMPACT: Eden Housing, as the developer/joint-applicant on this funding application
will assume responsibilityfor administering the funds in accordance with
the Standard Agreement with the State and any subsequent Loan
Agreement with the City of Lodi.
FUNDING AVAILABLE: HOME Program Funding through State Housing and Community
Development
unity Development Director
KB/jw
Attachment
J:\CornrnunityDeveloprnent\Council Communications\2009\58 8-11 Joint HOME Application with Eden.doc
EXHIBIT A
1w
Date of this Application or Update:
THIS APPLICATION REQUESTS
STATE OF CALIFORNIA
UNIVERSAL APPLICATION FOR THE
DEVELOPMENT OF AFFORDABLE RENTAL HOUSING
1 ,
Ca f.M''s.ltfa.r+: 40
17 -Aug -09 UA Version 3112/09
Tienda Drive Senior Housing
GENERAL INFORMATION
FINANCING OR AN ALLOCATION FROM THE FOLLOWING:
❑ CTCAC
❑ HCD
❑ CDLAC
❑ CaIHFA
Check all that apply. Amount
❑ Federal 9% $0
❑ Federal 4% $0
❑ state Credits $0
CTCAC Application Type:
HOME Funds
Tax -Exempt Bonds
Allocation Amount
1 $0
Pool
D
Is tax-exempt financing needed for
construction?
If yes, amount needed $0
Application Type:
HOMEActivityAmount
1 $4,000,0001
HOME Admin. Amount
$0
HOME Activity Delivery
$01
Amount of
Taxable Tail (if any)
$0
Amount of any prior
CDLAC Allocations
for this Project
$0
Multifamily
Predevelopment
Acquisition
Rehabilitation
Construction
Permanent
Bridge Loan
Second Mortgage
Financing Programs:
Amount Rate Term
If Reapplication, Previous CTCAC No.:
❑ - -I
State Set -a -Side
$0
Name of HCD Funding
$0
Amount
$0
$0
Federal Minimum Set -a -Side
$0
$0
CTCAC Housing Type
Name of HCD Funding
$0
Amount
Prior Application #
0
$0
Special Needs?
DDA or Qualified Census Tract?
CTCAC Geographical Area
Name of HCD Funding
MHSA Funds
Amount Term
Predevelopment $0
Construction $0
Permanent $0
Small County?
Operating Subsidy Required?
If yes, amount needed $0
For CTCAC Use Only
Amount
PROPOSED DEVE•
Name of HCD Funding
Amount
Proposed Name
Tienda Drive Senior Housing
Street Address or Location(s)
2245 Tienda Drive
City
Lodi
Zip Code County
95242 San Joaquin
Development Type
New Rental Construction
Age Restrictions
Senior
Special Facility Type
Tenure Type
APN(s)
Census Tract(s)
027-410-04 43.03
Proposed # of Units Project Site Area Units per Acre Multiple Parcels?
80 3.39 Acres 23.5988 Per Acre No
Relocation Req'd.? Commercial Space?
HOPE VI Project? Federally 'At Risk'?
"At -Risk" expiration date Rental Subsidy? HUD 811 Project?
APPLICANT (Update based on funding source -- see comment in first
Legal Name of Organization
City of Lodi
LEGISLATIVE INFORMATION
Congressperson Name(s) District # State Senator Name(s)
box)
Applicant Role
Local Government HOME Applicant
District # State Assembly Member Name(s) District #
Jerry McNerney 11
Dave Cogdill
14
Bill Berryhill 26
Lois Wolk
5
Joan Buchanan 15
AI son Huber 10
Page 2
Universal Application - General
0
PROPOSED PROJECT DESCRIPTION
(Narrative used for Project Summary Reports)
Instruction: Describe, at minimum, the following topics:
1) Type of Development
The proposed project is 80 units of senior rental housing, new construction.
2) Topography and Special Site Features
The site is approximately 3.39 acres and is undeveloped. The property is flat with very little vegetation.
3) Surrounding Neighborhood
The surrounding area of the property is mostly retail to the north and residential to the north and east. Immediately adjacent to
the east is a undeveloped swath of land with numerous trees. This piece of land is owned by the City of Lodi and will be
developed into a passive use park. Eden Development, Inc. may assist with the design and development of this park. The
park is scheduled to be developed in conjunction with the senior housing development.
4) Proposed Tenant Population and Any Special Occupancy Restrictions (Inc. those tied to land use approvals)
The proposed tenant population is seniors, aged 62 and over.
5) Any On -Site Services
Eden Housing Resident Services, Inc., an affiliate of Eden Housing, Inc., will be the on-site services provider and will have a
part-time services coordinator on site. Service Coordinators are responsible for identifying needs and preferences of
the residents and referring residents to the full range of formal and informal resources available in the community. Service
Coordinators are also responsible for identifying unmet needs of residents and working with the seniors and local community
to find appropriate resources to develop and oversee on-site consumer -driven services.
6) Specific Issues (relocation, environmental, historical, etc.)
There will not be any relocation at this site. A Phase 1 Report was conducted on this property and the adjacent park site on
June 18, 2009 that concluded there were no environmental concerns. Due to its site's long history of use for agricultural
purposes, soil sampling was conducted to find the presence of any pesticides that included heavy metals and PCBs. Based
on the data collected for this assessment, environmentally persistent pesticides are not present at the Property in quantities
regulatory authorities would consider a health concern, and analyzed heavy metals are well within background
concentrations.
7) Any Demolition
N/A
8) Scope of Rehabilitation Work
N/A
9) Expected Start and Completion Date of Construction/Rehabilitation
The expected start of construction is November of 2011 and expected end of construction is March of 2013.
10) Changes in Land Area during Development (e.g. subsidivision)
N/A
11) Rent Subsidies
N/A
12) Whether Prevailing Wages will be paid.
Federal and State prevailing wages are expected to be paid.
UA Version 7/15109
Page 3
Universal Application - Narrative
Tienda Drive Senior Housing
CONTACT INFORMATION
(Please complete to the extent known)
Applicant
Legal Name
Form of Entity
Senior Official
Street Address
City
State
Zip Code
Phone No.
Fax No.
Email Address
City of Lodi
Applicant
Organization
Contact Person
Title
Street Address
City
State
Zip Code
Phone No.
Fax No.
Email Address
City of Lodi
Public Agency
Joseph lWood
Blair lKing
Community Improvement Manager
221 W. Pine Street
221 W. Pine Street
Lodi
Lodi
CA
CA
95240
95240
(209) 333-6711
(209) 333-6711
(209) 333-6842
(209) 333-6842
bking@lodi.gov
jwood@lodi.gov
• (Borrowing
Legal Name
Form of Entity
Contact Person
Street Address
City
State
Zip Code
Phone No.
Fax No.
Email Address
TBD
Owner Partner or Member
Legal Name
Form of Entity
Role
Contact Person
Street Address
City
State
Zip Code
Phone No.
Fax No.
Eden Development, Inc.
Yet to be formed L.P.
Non-profit Corporation
Faye Blackman
Managing General Partner of Owner
22645 Grand Street
Faye 113lackman
Hayward
22645 Grand Street
CA
Hayward
94541
CA
(510) 582-1460
94541
(510) 582-0122
(510) 582-1460
fblackman@edenhousing.org
(510) 582-0122
Owner Partner or Member
Legal Name
Form of Entity
Role
Contact Person
Street Address
City
State
Zip Code
Phone No.
Fax No.
Email Address
#2
N/A
Owner
Legal Name
Form of Entity
Role
Contact Person
Street Address
City
State
Zip Code
Phone No.
Fax No.
Email Address
N/A
Sponsorl Developer..
Legal Name
Form of Entity
Contact Person
City
Street Address
City
State
Zip Code
Phone No.
Fax No.
Email Address
Eden Development, Inc.
..
Legal Name
Form of Entity
Contact Person
City
Street Address
City
State
Zip Code
Phone No.
Fax No.
Email Address
N/A
Non-profit Corporation
Linda IMandolini
22645 Grand Street
Hayward
CA
94544
(510) 582-1460
(510) 582-0122
Imandolini@edenhousing.org
DeveloperTurnkey
Legal Name
Form of Entity
Partner Role
of Ownership
Street Address
City
State
Zip Code
Phone No.
Fax No.
Email Address
N/A
Applicant Notes
Page 4
Universal Application - Contacts
Tienda Drive Senior Housing
CONTACT INFORMATION
Please complete to the extent known
PropertyAgent
Legal Name
Contact Person
Street Address
City
State
Zip Code
Phone No.
Fax No.
Email Address
Eden Housing Management, Inc.
Financial Consultant
Legal Name
Contact Person
Street Address
City
State
Zip Code
Phone No.
Fax No.
Email Address
Community Economics, Inc.
Jan I Peters
Alice ITalcott
22645 Grand Street
538 9th Street, Suite 200
Hayward
Oakland
CA
CA
94541
94607
(510) 582-1460
(510) 832-8300
(510) 582-0122
(510) 832-2227
jpeters@edenhousing.org
Alice@communityeconomics.org
ProviderPrimary Service
Legal Name
Services Provided
Contact Person
Street Address
City
State
Zip Code
Phone No.
Fax No.
Email Address
Eden Housing Resident Services, Inc.
Borrower Legal
Legal Name
Type of Counsel
Contact Person
Street Address
City
State
Zip Code
Phone No.
Fax No.
Email Address
Jorgenson, Siegel, McClure & Flegel, LLP
Service Coordination,
Real Estate
Jennifer Reed
Mindie Romanowsky
22645 Grand Street
1100 Alma Street, Suite 210
Hayward
Menlo Park
CA
CA
94544
94025
(510) 582-1460
(650) 324-9300
(510) 582-0122
(650) 324-0227
freed@edenhousing.org
msr@jsmf.com
Bond Counsel
Firm Name
Attorney Contact
Street Address
City
State
Zip Code
Phone No.
Fax No.
Email Address
Private Placement Agent
Firm Name
Agent Name
Street Address
City
State
Zip Code
Phone No.
Fax No.
Email Address
Credit.
Firm Name
Agent Name
Street Address
City
State
Zip Code
Phone No.
Fax No.
Email Address
TBD
Bond Underwriter
Firm Name
Agent Name
Street Address
City
State
Zip Code
Phone No.
Fax No.
Email Address
Private Placement Purchaser
Firm Name
Agent Name
Street Address
City
State
Zip Code
Phone No.
Fax No.
Email Address
Legal Name
Contact Person
Street Address
City
State
Zip Code
Phone No.
Fax No.
Email Address
TBD
(if applicable)
TBD
(if applicable)
TBD
.Credit
N/A
TBD
General Contractor
Legal Name
Contact Person
Street Address
City
State
Zip Code
Phone No.
Fax No.
Email Address
TBD
Architect
Legal Name
Contact Person
Street Address
City
State
Zip Code
Phone No.
Fax No.
Email Address
Pyatok Architects
Peter Waller
1611 Telegraph Avenue, Suite 200
Oakland
CA
94612
(510) 465-7010
(510) 465-8575
pwaller@pyatok.com
Page 5
Universal Application - Contacts
Tienda Drive Senior Housing
CONTACT INFORMATION
Please complete to the extent known
Development..
Type
Legal Name
Contact Person
Street Address
City
State
Zip Code
Phone No.
Fax No.
Email Address
❑ Construction ❑ Permanent ❑ Other
Type
Legal Name
Contact Person
Street Address
City
State
Zip Code
Phone No.
Fax No.
Email Address
❑ Construction ❑ Permanent ❑ Other
City of Lodi
Joseph lWood
221 W. Pine Street
Lodi
CA
95240
(209) 333-6711
(209) 333-6842
jwood@lodi.gov
Development.Development
Type
Legal Name
Contact Person
Street Address
City
State
Zip Code
Phone No.
Fax No.
Email Address
Development Funding
Type
Legal Name
Contact Person
Street Address
City
State
Zip Code
Phone No.
Fax No.
Email Address
❑ Construction ❑ Permanent ❑ Other
Type
Legal Name
Contact Person
Street Address
City
State
Zip Code
Phone No.
Fax No.
Email Address
Development Funding
Type
Legal Name
Contact Person
Street Address
City
State
Zip Code
Phone No.
Fax No.
Email Address
❑ Construction ❑ Permanent ❑ Other
Source
❑ Construction ❑ Permanent ❑ Other
Source
❑ Construction ❑ Permanent ❑ Other
Development.Development
Type
Legal Name
Contact Person
Street Address
City
State
Zip Code
Phone No.
Fax No.
Email Address
Development Funding
Type
Legal Name
Contact Person
Street Address
City
State
Zip Code
Phone No.
Fax No.
Email Address
❑ Construction ❑ Permanent ❑ Other
Type
Legal Name
Contact Person
Street Address
City
State
Zip Code
Phone No.
Fax No.
Email Address
Development Funding
Type
Legal Name
Contact Person
Street Address
City
State
Zip Code
Phone No.
Fax No.
Email Address
❑ Construction ❑ Permanent ❑ Other
Source
❑ Construction ❑ Permanent ❑ Other
Source
❑ Construction ❑ Permanent ❑ Other
Page 6
Universal Application - Contacts
Tienda Drive Senior Housing
CONTACT INFORMATION
Please complete to the extent known
Development
Type
Legal Name
Contact Person
Street Address
City
State
Zip Code
Phone No.
Fax No.
Email Address
❑ construction ❑ Permanent ❑ Other
Development
Type
Legal Name
Contact Person
Street Address
City
State
Zip Code
Phone No.
Fax No.
Email Address
❑ construction ❑ Permanent ❑ Other
Development.Development
Type
Legal Name
Contact Person
Street Address
City
State
Zip Code
Phone No.
Fax No.
Email Address
❑ Construction ❑ Permanent ❑ Other
Type
Legal Name
Contact Person
Street Address
City
State
Zip Code
Phone No.
Fax No.
Email Address
❑ Construction ❑ Permanent ❑ Other
Rent / •.
Program Name
Source Name
Contact Person
Street Address
City
State
Zip Code
Phone No.
Fax No.
Email Address
Rent / •.
Program Name
Source Name
Contact Person
Street Address
City
State
Zip Code
Phone No.
Fax No.
Email Address
Operating
Program Name
Source Name
Contact Person
Street Address
City
State
Zip Code
Phone No.
Fax No.
Email Address
Operating
Program Name
Source Name
Contact Person
Street Address
City
State
Zip Code
Phone No.
Fax No.
Email Address
Other
Legal Name
Role
Contact Person
Street Address
City
State
Zip Code
Phone No.
Fax No.
Email Address
Other
Legal Name
Role
Contact Person
Street Address
City
State
Zip Code
Phone No.
Fax No.
Email Address
Applicant Notes UA Version 3/12109
The City of Lodi is the only funding source that has been committed to date.
Page 7
Universal Application - Contacts
Page 8
Universal Application - Site & Units
0
SITE & UNIT INFORMATION
SITE CONTROL
Site address or location:
2245 Tienda Drive, Lodi, CA 95242
Type of Site Control
Dated Expires
Extensions Available
Purchase Price
Total Land Area
$630,000
3.39 acres
Current Owner
Current Owner Address
City of Lodi
221 W. Pine Street, Lodi, CA 95240
COMPLETEDPLANNED AND
'••
Ground Lease Planned?
Lessor Term Annual Payment Amount
No
Below, describe property transfers occurring in connection with development of the Project
SITE USE
Current Use
Proposed Zoning (code and name) Is Site Improved? Year Improvements Built
Vacant
Mixed-Use Corridor No
Demolition Planned? or Done? Rent Control? Access Road Maintenance Applicant Notes
I
No
No No Public
SITE CONDITIONS AND
AD
❑ Poor drainage
❑ Grade 5-10% Describe adjoining land uses within 300 feet of the Project
❑ Erosion problems
❑ Grade over 10% Neighborhood shopping center with anchor tenants including Target and Safeway
❑ Unstable soil
El Airport within 2 miles West (Lodi Center) and vacant privately owned land.
❑ Retaining wall
❑ Possible high noise levels Immediately adjacent is a 4.3 acre vacant piece of land owned by the City,
El Possible lead paint
designated designated to be improved as a passive use park. Beyond that, to the east, are
❑Abandoned wells)
❑ Possible asbestos
❑ Railroad tracks within 100 yards Single family residences.
❑ Wetlands area
North
❑ Unusual ingress/egress
❑ On-site stream/creek
❑ Ground water contamination A small private school to the south and Crossroads Heartland Church to the
❑ 100-yr. flood plain
South
❑ High water table southeast.
❑ Possible soil pollution
❑ Underground storage tanks Unique Site N/A
Features
61110 il Q
:1 - • :LeLb1 Q oltill 0 11 16Mf Mi ffre - . ' Total it I Total if I Total if I Total # Total # of
Beds
0 Bdrm 1 Bdrm 2 Bdrm 3 Bdrm 4 Bdrm 5 Bdrm Units Bedrooms Buildings Mgr. Units Parking Spaces
EXISTING
0 0
PROPOSED
79 1 80 81 2 1 62
PROPOSED BUI►
Unit Size Baths Layout Ave. Sq. Ft. No. of Units
Units Bldgs. Units 1 Bdrm. 1 Flat 600 79
Townhouse/RowHouse
—Bldgs.
2 Bdrm. 1 Flat 950 1
One or Two Story Walk-Up
80 2
Mid-Rise (3-5 stories)
High-Rise (6+stories)
Detached Single Family
Duplex/4-Plex
Non-Residential Building(s)
TOTALS80 r-27-1 0 0
Applicant Notes
The type of site control we are demonstrating is an Exclusive Right to Negotiate
between Eden Development, Inc. and the City of Lodi.
Total Units 80
UA Version 7115109
Unit Amenities/Features
Project Amenities
Security & Other Charges
Other On-Site Services
❑ Air Conditioning
❑ Ceiling Fans
❑ Elevator(s) 2
❑ Gated Site Entry
Services programming will be
❑ Refrigerator
❑ Curtains/Blinds
❑ Laundry Rms. 2
❑ Bldg. Card Key
adminstered by an on-site, part-
❑ Range
❑ Fireplace
Washers 8
❑ Security Patrol
time social services coordinator.
❑ Microwave
❑ Emergency Call
Dryers 8
Services offered at the site will
❑ Disposal
❑ Free Cable TV
❑ Community Room
include classes (ie. wellness,
❑ Dishwasher
❑ Lofts
❑ Community Kitchen
financial, ESL), wellness clinics,
ElWalk-inCloset
El Storage Area
El Computer Room
peer groups, a resource
noteb000kok,, monthly newsletter, and
❑ Fenced Rear Yard
❑ Balcony
❑ High Speed Internet
community-based events
❑
❑ Patio
❑ Fitness Room
Describe any mandatory
(potlucks, cultural events, arts &
❑ Picnic/BBQ Area(s)
charges to tenants
crafts). The service coordinator
❑ Laundry Hookups or Appliances in Units
❑ Tot Lot or Playground
El Court
beyond allowable rents.
will also collaborate with local
organizations that exist in the
❑
Resident gardens
9
❑ Tennis Court
area to provide services to our
❑ Pool
❑ Jacuzzi/Sauna
residents.
Page 8
Universal Application - Site & Units
Page 9
Universal Application - Misc.
Tienda Drive Senior Housing
MISCELLANEOUS INFORMATION
RESIDENTIAL SPACE
RESIDENTIAL PARKING
COMMERCIAL
Residential Square Footage
Residential Units 48,200
Community Room 1,000
Free Residential Parking Spaces
Uncovered Tenant Parking 58
Commercial Square Foota e
Commercial Area
Leasing Office 550
Covered Tenant Parking
Offices
Additional Storage Space 1,250
Enclosed Tenant Parking
Childcare Center
Subtotal 51,000
Tenant Guest Spaces
4
Storage Space
Maintenance Shop 250
Subtotal Parking Spaces
62
Other
Childcare Center
Extra Spaces Tenants Can Rent
Total Commercial SF 0
Service Area
Uncovered Parking
Service Office 1,030
Covered Parking
Parking Spaces for Commercial Tenants
Other Toilets 750
Enclosed Parking
Uncovered
Total Residential SF 53,030
Grand Total Parking Spaces
62
Covered Spaces
Total Spaces 0
Total Handicap Parking Spaces
(included in totals above)
Describe other available parking for
commercial patrons.
INCOME -•M SOURCES OTHER
Laundry
Other Leased Spaces
No. of Units Using Central Laundry
80 Residential
Lease Terms Sq. Feet Rent/SF/Mo. Annual Gross
Weekly Assumed Income Per Unit
$1.62
$0
Annual Total Laundry Income
$6,739
$0
Residential Parking
$0
Tenant Rental Spaces
0
$0
Monthly Income Per Space
$01 Commercial
Annual Residential Parking Income
$0
$0
Commercial Parking
$0
Number of Rental Spaces0
$0
Monthly Income Per Space
$0
Annual Commercial Parking Income
$0
Total Income from Other Leased Spaces
$0
MONTHLY•
Type of Utility
Does the owner or
Enter Allowances for Tenant Paid Utilities by Bdrm. Size
Utilities Gas, Electric, etc. tenant pay utilities?
0 Bdrm 1
bdrm 2 bdrms 3 bdrms 4 bdrms >_5 bdrms
Heating Gas
Tenant
$0
$14 $16 $0 $0
$0
Cooking Electric
Tenant
$0
$11 $13 $0 $0
$0
Other Electric Electric
Tenant
$0
$25 $30 $0 $0
$0
Air Conditioning Electric
Tenant
$0
$7 $8 $0 $0
$0
Water Heating Gas
Tenant
$0
$12 $15 $0 $0
$0
Water Public
Owner
$0
$0 $01 0 $0
$0
Sewer Public
Owner
$0
$0 $0 $0 $0
$0
Trash Public
Owner
$0
$0 $0 $0 $0
$0
Other
$0
$0 $0 $0 $0
$0
Total Tenant Utility Allowance
$0
$69 $82 $0 $0
$0
Source for Utility Allowances
❑ Local PHA Name San Joaquin Housing Authority
Effective Date 10/1/2005
❑ HUD ❑ USDA RD ❑ Utility Company (Actual Survey)
❑ Other
UA Version 3112/09
Applicant Notes
Page 9
Universal Application - Misc.
Tienda Drive Senior Housing
RENTS & UNIT MIX INFORMATION
Enter Tax Credit 50% Income Limits for County of : San Joaquin HUD Notice Date:
Household Size: 1 2 3 4 5 6 7 8
Income Limit: $22,250 1 $25,450 $28,600 1 $31,800 1 $34,350 1 $36,900 $39,450 1 $42,000
CTCAC, CDLAC, MHP and CaIHFA rent limits are calculated based on the above income limits, and are automatically
shown below. If the most restrictive rent limits applicable to some units are required by another program, such as
HOME or USDA Rural Development, click here to enter these limits. (Or scroll to bottom of worksheeet)
Show rent limits set by the most restrictive re ul ory agency .
Income
Limit
(% AMI)
Rent Limit
Calc.
Formula
Unit Size
No. of
Units
Maximum
Gross Rent
Less Utility
Allowance
Maximum
Net Rent
Proposed
Net Rent
Monthly
Income at
Proposed
Rents
Monthly
Income at
Maximum
Rents
50%
TCAC
Beds
Rows 19-25 enter Restricted
Manager unit(s) only;
unrestricted Manager's unit(s)
use rows 119-121.
% of Restricted Units in
this category 100%
0 Bdrm.
0
$0
1 Bdrm.
79
$596
($69)
$527
$169
$13,351
$41,633
2 Bdrm.
0
$0
3 Bdrm.
0
$0
4 Bdrm.
1 0
1
1
1 $01
1
5 Bdrm.
1 0
1
$01
1
79
Subtotal
$13,351
$41,633
Beds
% of Restricted Units in
this category 0%
0 Bdrm.
0
$0
1 Bdrm. 0 $0
2 Bdrm. 0 $0
3 Bdrm. 0 $0
4 Bdrm. 0 $0
5 Bdrm. 0 $0
0
Subtotal
$0
$0
Beds
% of Restricted Units in
this category 0%
0 Bdrm.
0
$0
1 Bdrm. 0 $0
2 Bdrm. 0 $0
3 Bdrm. 0 $0
4 Bdrm. 0 $0
5 Bdrm. 0 $0
0
Subtotal
$0
$0
Beds
% of Restricted Units in
this category 0%
0 Bdrm.
0
$0
1 Bdrm. 0 $0
2 Bdrm. 0 $0
3 Bdrm. 0 $0
4 Bdrm. 0 $0
5 Bdrm. 0 $0
0
Subtotal
$0
$0
Beds
% of Restricted Units in
this category 0%
0 Bdrm.
0
$0
1 Bdrm. 0 $0
2 Bdrm. 0 $0
3 Bdrm. 0 $0
4 Bdrm. 0 $0
5 Bdrm. 0 $0
0
Subtotal
$0
$0
Page 10
Universal Application - Rents
Page 11
Universal Application - Rents
RENTS & UNIT MIX INFORMATION
Tienda Drive Senior Housing
Income
Limit
(% AMI)
Rent Limit
Calc.
Formula
Unit Size
No. of
Units
Maximum
Gross Rent
Less Utility
Allowance
Maximum
Net Rent
Proposed
Net Rent
Monthly
Income at
Proposed
Rents
Monthly
Income at
Maximum
Rents
Beds
% of Restricted Units in
this category 0%
0 Bdrm.
0
$0
1 Bdrm.
0
$0
2 Bdrm.
0
$0
3 Bdrm.
0
$0
4 Bdrm.
0
$0
5 Bdrm.
0
$0
0
Subtotal
$0
$0
Beds
% of Restricted Units in
this category 0%
0 Bdrm.
0
$0
1 Bdrm. 0 $0
2 Bdrm. 0 $0
3 Bdrm. 0 $0
4 Bdrm. 0 $0
5 Bdrm. 0 $0
0
Subtotal
$0
$0
Beds
% of Restricted Units in
this category 0%
0 Bdrm.
0
$0
1 Bdrm. 0 $0
2 Bdrm. 0 $0
3 Bdrm. 0 $0
4 Bdrm. 0 $0
5 Bdrm. 0 $0
0
Subtotal
$0
$0
Beds
% of Restricted Units in
this category 0%
0 Bdrm.
0
$0
1 Bdrm. 0 $0
2 Bdrm. 0 $0
3 Bdrm. 0 $0
4 Bdrm. 0 $0
5 Bdrm. 0 $0
0
Subtotal
$0
$0
Beds
% of Restricted Units in
this category 0%
0 Bdrm.
0
$0
1 Bdrm. 0 $0
2 Bdrm. 0 $0
3 Bdrm. 0 $0
4 Bdrm. 0 $0
5 Bdrm. 0 $0
0
Subtotal
$0
$0
Beds
% of Restricted Units in
this category 0%
0 Bdrm.
0
$0
1 Bdrm. 0 $0
2 Bdrm. 0 $0
3 Bdrm. 0 $0
4 Bdrm. 0 $0
5 Bdrm. 0 $0
0
Subtotal
$0
$0
79
Monthly Rental Income from Restricted Units
$13,351
$41,633
Page 11
Universal Application - Rents
..
TienDrive Senior Housing
RENTS & UNIT MIX INFORMATION
Manager Unit 2 Bdrm. 1 0 0
Manager Unit 0 $0 $0
Manager Unit 0 $0 $0
1 Subtotal $0
Other Rent Limits
Enter below any rent limits that are both the most restrictive and that are required by sources other than tax credits,
bonds, or MHP (e.g.. HOME or USDA Rural Development). Describe the limts in the box to the right.
After you are done, complete the table above.
Gross Rent Limits
Description of
Income Unit Size (Bdrms) Other Rent Limits
Level 0 1 2 3 4 5
65%
$0
60%
$0
55%
$0
50%
$0
45%
$0
40%
$0
Manager Unit 2 Bdrm. 1 0 0
Manager Unit 0 $0 $0
Manager Unit 0 $0 $0
1 Subtotal $0
Other Rent Limits
Enter below any rent limits that are both the most restrictive and that are required by sources other than tax credits,
bonds, or MHP (e.g.. HOME or USDA Rural Development). Describe the limts in the box to the right.
After you are done, complete the table above.
Gross Rent Limits
Description of
Income Unit Size (Bdrms) Other Rent Limits
Level 0 1 2 3 4 5
65%
$0
60%
$0
55%
$0
50%
$0
45%
$0
40%
$0
35%
$0
30%
$0
25%
$0
20% 1
$0
15% 1
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
Restricted Units by Income Level
Income
Level
No.
% of
Restricted
Units
65%
0
0%
60%
0
0%
55%
0
0%
50%
79
100%
45%
0
0%
40%
0
0%
35%
0
0%
30%
0
0%
25%
0
0%
20% 1
0
1 0%
15%
0
0%
Total:
79
100%
Restricted Units by Unit Size
Unit
Size
Units
% of
Restricted
Units
Beds
0
0%
0 Bdrm.
0
0%
1 Bdrm.
79
100%
2 Bdrm.
0
0%
3 Bdrm.
0
0%
4 Bdrm.
0
0%
5 Bdrm.
0
0%
Total:
79
100%
UA Version 3/12/09
Page 12
Universal Application - Rents
Page 13
Universal Application - Subsidies
Tienda Drive Senior Housing
SUBSIDY INFORMATION
Rent/OperatingIncremental Income from
on Contract Rents
The top part of this section estimates incremental
income from rent subsidy contracts, such as Section 8, above and beyond either 1) maximum
restricted rents or 2) proposed rents. Complete this part only if the Project will have a rent subsidy based on
contract rents.
List all Project -based or sponsor -based rent/operating subsidies in the bottom portion of this section, under the
"Rent/Operating Subsidy Programs"
heading.
UA Version 3112/09
Subsidy payment over net rent based on:
Restricted Rents O
Proposed Rents
Incremental Income from
Incremental Income from
Rent/Operating Subsidy
Rent/Operating Subsidy
Subsidy Program Name: HUD PRAC
Subsidy Program Name:
Rent
Gross
Subsidy Total
Gross
Subsidy Total
Income
Limit
Monthly
Payment Units Monthly
Monthly
Payment Units Monthly
Limit Unit Size
Calc.
Contract
Over Net Subsidized Extra
Contract
Over Net Subsidized Extra
(% AMI)
Formula
Rent
Rent Income
Rent
Rent Income
50% TCAC Beds
$0
0
$0
0
0 Bdrm.
$0
0
$0
0
1 Bdrm.
$728
$201 79 $15,879
$0
0
2 Bdrm.
$0
0
$0
0
3 Bdrm.
$0
0
$0
0
4 Bdrm.
1 $01
0
$0
0
5 Bdrm.
1 $01
1 0
$0
0
0% 0.0 Beds
$0
0
$0
0
0 Bdrm.
$0
0
$0
0
1 Bdrm.
$0
0
$0
0
2 Bdrm.
$0
0
$0
0
3 Bdrm.
$0
0
$0
0
4 Bdrm.
$0
1 0
$01
0
5 Bdrm.
$0
1 0
$01
0
0% 0.0 Beds
$0
0
$0
0
0 Bdrm.
$0
0
$0
0
1 Bdrm.
$0
0
$0
0
2 Bdrm.
$0
0
$0
0
3 Bdrm.
$0
0
$0
0
4 Bdrm.
$0
1 0
$01
0
5 Bdrm.
$0
1 0
$01
1 0
0% 0.0 Beds
$0
0
$0
0
0 Bdrm.
$0
0
$0
0
1 Bdrm.
$0
0
$0
0
2 Bdrm.
$0
0
$0
0
3 Bdrm.
$0
0
$0
0
4 Bdrm.
$0
1 0
$01
1 0
5 Bdrm.
$0
1 0 1
$01
1 0
0% 0.0 Beds
$0
0
$0
0
0 Bdrm.
$0
0
$0
0
1 Bdrm.
$0
0
$0
0
2 Bdrm.
$0
0
$0
0
3 Bdrm.
$0
0
$0
0
4 Bdrm.
$0
1 0
$01
1 0
5 Bdrm.
$0
1 0
$01
1 0
Page 13
Universal Application - Subsidies
SUBSIDY INFORMATION
$0
Incremental Income from
0
1 Bdrm.
Rent/Operating Subsidy
Incremental Income from
0
Subsidy Program Name: HUD PRAC
$0
Rent
3 Bdrm.
Gross
Subsidy
Total
4 Bdrm.
Income
Monthly
0
5 Bdrm.
$01
Contract
0
Subsidized
Limit
Rent
Monthly
Payment
Units Monthly
0 Bdrm.
Limit
0
Unit Size
$0
0
2 Bdrm.
$0
0
Calc.
$0
Contract
Over Net
Subsidized Extra
0
(% AMI)
$0
0
Beds
$0
Formula
0 Bdrm.
Rent
Rent
Income
$0
0 Bdrm.
$0
0
1 Bdrm.
$0
Incremental Income from
0
2 Bdrm.
$0
0
3 Bdrm.
$0
Gross
0
4 Bdrm.
$0
Monthly
0
5 Bdrm.
$01
Contract
0
Subsidized
Extra
Rent
Beds
$0
0
0 Bdrm.
$0
0
1 Bdrm.
$0
0
2 Bdrm.
$0
0
3 Bdrm.
$0
0
4 Bdrm.
$0
0
5 Bdrm.
$0
0
Beds
$0
0
0 Bdrm.
$0
0
1 Bdrm.
$0
0
2 Bdrm.
$0
0
3 Bdrm.
$0
0
4 Bdrm.
$0
0
5 Bdrm.
$0
0
Beds
$0
0
0 Bdrm.
$0
0
1 Bdrm.
$0
0
2 Bdrm.
$0
0
3 Bdrm.
$0
0
4 Bdrm.
$0
0
5 Bdrm.
$0
0
Beds
$0
0
0 Bdrm.
$0
0
1 Bdrm.
$0
0
2 Bdrm.
$0
0
3 Bdrm.
$0
0
4 Bdrm.
$0
0
5 Bdrm.
$0
0
Beds
$0
0
0 Bdrm.
$0
0
1 Bdrm.
$0
0
2 Bdrm.
$0
0
3 Bdrm.
$0
0
4 Bdrm.
$0
0
5 Bdrm.
$0
0
Total Units Subsidized
Total Monthly Subsidy
79
Page 14
Universal Application - Subsidies
$0 0
$0 0
$0 0
$0 0
$0 0
$0 0
$0 0
$0 0
$0 0
$0 0
$0 0
$0 0
$0 0
$0 0
$0 0
$0 0
$0 0
$0 0
$0 0
$0 0
$0 0
$0 0
$0 0
$0 0
$0 0
$0 0
$0 0
$0 0
$0 0
$0 0
$0 0
$0 0
$0 0
$0 0
$0 0
$0 0
$0 0
$0 0
$0 0
$0 0
$0 0
Total Units Subsidized 0
Total Monthly Subsidy
Tienda Drive Senior Housing
Incremental Income from
Rent/Operating Subsidy
tubsidy Program Name:
0
Gross
Subsidy
Total
Monthly
Payment
Units
Monthly
Contract
Over Net
Subsidized
Extra
Rent
Rent
Income
$0 0
$0 0
$0 0
$0 0
$0 0
$0 0
$0 0
$0 0
$0 0
$0 0
$0 0
$0 0
$0 0
$0 0
$0 0
$0 0
$0 0
$0 0
$0 0
$0 0
$0 0
$0 0
$0 0
$0 0
$0 0
$0 0
$0 0
$0 0
$0 0
$0 0
$0 0
$0 0
$0 0
$0 0
$0 0
$0 0
$0 0
$0 0
$0 0
$0 0
$0 0
Total Units Subsidized 0
Total Monthly Subsidy
Tienda Drive Senior Housing
SUBSIDY INFORMATION
Rent/Operating..
Subsidv Pro ram Name: HUD Section 202
Subsidy Program Component: PRAC
Subsidy Currently in Place? ❑ Yes ❑ No ❑ Yes ❑ No ❑ Yes ❑ No ❑ Yes
❑ No
Date Application Submitted or 2009 (When HUD NOFA is released)
To be Submitted:
Date Award Expected: 3/1/2010
Contract Term (Years): 5 years
Expected 1st Year Amount, Based on contract rents
if not based on contract rents:
Basis for Subsequent Amounts, Based on contract rents
if not based on contract rents:
Continuum of Care Process
If one or more of the subsidy programs listed above is part of your local Continuum of Care process (i.e., Shelter Plus Care,
Supportive Housing Program, Section 8 Mod Rehab SRO, etc.), please complete the following:
1. Has your community completed its Continuum of Care ranking process? ❑ Yes
❑ No
2. If you answered yes to question number one, is your Project ranked within the fundable range? ❑ Yes
❑ No
3. If you answered no to question number one, when will your community complete its Continuum of Care ranking process?
Applicant Notes
Page 15
Universal Application - Subsidies
Page 16
Universal Application - Dev Sources
SOURCES OF DEVELOPMENT FUNDS
CONSTRUCTION PERIOD SOURCES OF
Tienda Drive Senior Housing
Committed?
No
No
Yes
No
Source Name Lien
(listed in order of lien priority) No.
Tax -Exempt Construction Loan 1
State HOME Investment Program 2
City of Lodi Urban County HOME/CDBG 3
FHLB - Affordable Housing Program 4
Costs Deferred Until Perm Conversion N/A
Equity Investor TBD
TOTALS1
Amount
$8,001,976
$4,000,000
$1,174,762
$790,000
$2,327,225
$1,149,249
$17,443,212
Interest
Rate
5.50%
3.00%
3.00%
Required
Payment
Interest Only
Deferred
Deferred
None
None
Loan Term
(months)
21
21
21
SOURCESPERMANENT
Tax Exempt Residential
Amount Amount
$8,001,976 $8,001,976
$4,000,000
$1,174,762
$790,000
$2,327,225
$1,149,249
$8,001,976 $17,443,212
OF
Commercial
Amount
$0
$0
$0
$0
$0
$0
Committed?
Source Name
(listed in order of lien priority)
Lien
No.
Amount
Interest Rate
Rate Type
Amortization
Period (yrs.)
Re a ment Terms
Type Due in (yrs)
Required
Residential
Debt Service
Required
Tax Exempt Residential
Commercial Amount Amount
Debt Service
Commerical
Amount
No
HUD Section 202
1
$5,911,116
None
$5,911,116
$0
No
State HOME Investment Program
2
$4,000,000
3.00%
Fixed for Term
DEF
55
$4,000,000
$0
Yes
City of Lodi Urban County HOME/CDBG
3
$1,174,762
3.00%
Fixed for Term
DEF
55
$1,174,762
$0
No
FHLB -Affordable Housinq Pro ram
4
$790,000
None
$790,000
$0
No
General Partner Capital Contrib.
N/A
$970,337
None
$970,337
$0
No
Equity Investor TBD
$4,596,997
$4,596,997
TOTALS1
$17,443,212
$0
$0 $0 $17,443,212
$0
Applicant Comments
UA Version 3/12/09
Page 16
Universal Application - Dev Sources
Tienda Drive Senior Housing
DEVELOPMENT BUDGET
Page 17
Universal Application - Dev Budget
Total Cost
Residential
Total Per Unit
Per Sq. Ft.
Eligible Basis Costs
70% 30%
Commercial
Total Applicant Comment
�Eaost or Value
$630,000
$630,000
$7,875
$11.88
XXXXXXXXXX XXXXXXXXXX
Demolition
$0
$0
$0.00
XXXXXXXXXX XXXXXXXXXX
losing Costs
$15,000
$15,000
$188
$0.28
XXXXXXXXXX XXXXXXXXXX
Carrying Costs
$0
$0
$0.00
XXXXXXXXXX XXXXXXXXXX
$645,000
$645,000
$8,063
$12.16
XXXXXXXXXX XXXXXXXXXX
$0
mprovements Cost
h
$0
$0
$0.00
XXXXXXXXXX $0
e Maintenance
$5,000
$5,000
$63
$0.09
XXXXXXXXXX $5,000
uisition
REHABILITATION
$650,0001
$650,000
$8,125
$12.26
$0 1 $5,000
$0
Off -Site Improvements
$0
$0
$0.00
XXXXXXXXXX $0
Environmental Remediation
$0
$0
$0.00
$0 $0
Site Work
$0
$0
$0.00
$0 $0
Structures
$0
$0
$0.00
$0 $0
General Requirements
$0
$0
$0.00
$0 $0
Contractor Overhead
$0
$0
$0.00
$0 $0
Contractor Profit
1
$0
$0
$0.00
$0 1 $0
General Liability Insurance
1
$0
$0
$0.00
$0 I $0
Other: (specify)
I
$0
$0
$0.00
1 $0 1 $0
Total Rehabilitation Costs
RELOCATION
$0 1
$0
$0
$0.00
1 $0 1 $0 1
$0
Temporary Relocation I
1
0 1
0
1 0.00
1 0 1 0
Permanent Relocation
1
$0 1
$0
1 $0.00
1 $0 1 $0
Total Relocation
NEW CONSTRUCTION
$0 1
$0 1
$0
1 $0.00
1 $0 1 $0 1
$0
Off -Site Improvements
$0
$0
$0.00
XXXXXXXXXX $0
Environmental Remediation
$0
$0
$0
$0.00
$0 $0
Site Work (hard costs)
$1,301,837
$1,301,837
$16,273
$24.55
$1,301,837 $1,301,837
Structures (hard costs)
$5,568,150
$5,568,150
$69,602
$105.00
$5,568,150 $5,568,150
General Requirements
$547,881
$547,881
$6,849
$10.33
$547,881 $547,881
Contractor Overhead
$186,744
$186,744
$2,334
$3.52
$186,744 $186,744
Contractor Profit
$224,093
$224,093
$2,801
$4.23
$224,093 $224,093
General Liability Insurance
$51,884
$51,884
$649
$0.98
$51,884 $51,884
Other: Pricing and Design Contingency
$1,216,936
$1,216,936
$15,212
$22.95
$1,216,936 $1,216,936
$1,010,836 - owner cont, $206,100 - GC cont
Total New Construction
ARCHITECTURAL
$9,097,525
$9,097,525 1
$113,719
1 $171.551
$9,097,525 1 $9,097,525 1
$0
Design
$770,000
$770,000 1
9,625
1 14.52
1 770,000 11 770,000
Supervision
$0
$0
$0.00
$0 $0
j
Total Architectural Costs
$770,000
$770,000
$9,625
$14.52
$770,000 $770,000 1
$0 I
Page 17
Universal Application - Dev Budget
Tienda Drive Senior Housing
DEVELOPMENT BUDGET
SURVEY & ENGINEERING
Total Cost
Residential
Total Per Unit
Per Sq. Ft.
Eligible Basis Costs
70% 30%
Commercial
Total Applicant Comment
Engineering
$61,300
$61,300
$766
$1.16
$61,300 $61,300
ALTA Land Survey
$5,000
$5,000
$63
$0.09
$5,000 $5,000
Total Survey & Engineering 1
CONTINGENCY•
$66,3001
$66,300 1
$829
1 $1.251
$66,300 1 $66,300 1
$0
Hard Cost Contingency 1
458,876 1
458,876 1
5,736
1 8.65
1 458,876 1 458,876
Soft Cost Contingency 1
$102,227 1
$102,227 1
$1,278
1 $1.93
1 $102,227 1 $102,227
Total Contingency Costs 1
CONSTRUCTION PERIOD EXPENSES
$561,1031
$561,103 1
$7,0141
$10.58
1 $561,103 1 $561,103 1
$0
Construction Loan Interest
$531,798
$531,798
$6,647
$10.03
$531,798 $531,798
Origination Fee
$40,010
$40,010
$500
$0.75
$40,010 $40,010
Credit Enhancement & App. Fee
$0
$0
$0.00
$0 $0
Owner Paid Bonds/Insurance
$0
$0
$0.00
$0 $0
Lender Inspection Fees
$40,000
$40,000
$500
$0.75
$40,000 $40,000
Taxes During Construction
$7,056
$7,056
$88
$0.13
$7,056 $7,056
Prevailing Wage Monitor
$15,000
$15,000
$188
$0.28
$15,000 $15,000
Insurance During Construction
$118,134
$118,134
$1,477
$2.23
$118,134 $118,134
Title and Recording Fees
$30,000
$30,000
$375
$0.57
$30,000 $30,000
Construction Mgmt. & Testing
$100,000
$100,000
$1,250
$1.89
$100,000 $100,000
Predevelopment Interest Exp.
$65,957
$65,957
$824
$1.24
$65,957 $65,957
Other:
$0
$0
$0.00
$0 $0
Other:
$0
$0
$0.00
$0 $0
Total Construction Expenses
$947,9551
$947,955 1
$11,849
$17.88
$947,9551 $947,9551
$0
PERMANENT FINANCING EXPENSES
Loan Origination Fee(s)
$0
$0
$0.00
XXXXXXXXXX XXXXXXXXXX
Credit Enhancement & App. Fee
$0
$0
$0.00
XXXXXXXXXX XXXXXXXXXX
Title and Recording
$15,000
$15,000
$188
$0.28
XXXXXXXXXX XXXXXXXXXX
Property Taxes
$0
$0
$0.00
XXXXXXXXXX XXXXXXXXXX
Insurance
$0
$0
$0.00
XXXXXXXXXX XXXXXXXXXX
Other: (specify)
$0
$0
$0.00
XXXXXXXXXX XXXXXXXXXX
Other: (specify)$0
$0
$0.00
XXXXXXXXXX XXXXXXXXXX
Total Permanent Financing
$15,000
$15,000
$188
$0.28
$0 $0
$0
Construction Lender Legal Expenses
$30,000
$30,000
$375
$0.57
$30,000 $30,000
Permanent Lender Legal Fees
$25,000
$25,000
$313
$0.47
$25,000 $25,000
S onsor Le al Fees
$0
$0
$0.00
$0 $0
Or anizationail Le al Fees
$6,000
$6,000
$75
$0.11
$6,000 $6,000
Syndication Legal Fees
$40,000
$40,000
$500
$0.75
XXXXXXXXXX XXXXXXXXXX
Other:(specify)
$0
$0
$0.00
$0 $0
Total Legal Fees
CAPITALIZED RESERVES
$101,000
$101,000
$1,263
$1.90
$61,000 $61,000
$0
Operating Reserve
$93,794
$93,794
$1,172
$1.77
XXXXXXXXXX XXXXXXXXXX
Replacement Reserve
$38,079
$38,079
$476
$0.72
XXXXXXXXXX XXXXXXXXXX
Rent -Up Reserve
$0
$0
$0.00
XXXXXXXXXX XXXXXXXXXX
Transition Reserve
$0
$0
$0.00
XXXXXXXXXX XXXXXXXXXX
Other: Initial Services Reserve
$100,000
$100,000
$1,250
$1.89
XXXXXXXXXX XXXXXXXXXX
Other: Investor Services Fee Reserve
$41,783
$41,783
$522
$0.79
XXXXXXXXXX XXXXXXXXXX
Total Capitalized Reserves
$273,656
$273,656
$3,421
$5.16
$0 $0
$0
Page 18
Universal Application - Dev Budget
Tienda Drive Senior Housing
DEVELOPMENT BUDGET
REPORTS
Total Cost
Residential
Total Per Unit
Per Sq. Ft.
Eligible Basis Costs
70% 30%
Commercial
Total Applicant Comment
Appraisal(s)
$3,500
$3,500
$44
$0.07
$3,500 $3,500
Market Study
$9,500
$9,500
$119
$0.18
$9,500 $9,500
Physical Needs Assessment
$0
$0
$0.00
$0 $0
Environmental Studies
$20,000
$20,000
$250
$0.38
$20,000 $20,000
Other: (specify)
$0
$0
$0.00
$0 $0
Other:(specify)
$0
$0
$0.00
$0 $0
Other:(specify)
$0
$0
$0.00
$0 $0
Other: (specify)
$0
$0
$0.00
1 $0 1 $0
Total Reports & Studies 1
OTHER
$33,0001
$33,000 1
$413
$0.62
1 $33,000 1 $33,000 1
$0
CTCAC App./Alloc./Monitor Fees
$40,773
$40,773
$510
$0.77
XXXXXXXXXX XXXXXXXXXX
CDLAC Fees
$0
$0
$0.00
XXXXXXXXXX XXXXXXXXXX
Local Permit Fees
$369,532
$369,532
$4,619
$6.97
$369,532 $369,532
Local Development Impact Fees
$1,804,238
$1,804,238
$22,553
$34.02
$1,804,238 $1,804,238
Other Costs of Bond Issuance
$164,009
$164,009
$2,050
$3.09
$164,009 $164,009
Syndicator / Investor Fees & Expenses
$45,000
$45,000
$563
$0.85
XXXXXXXXXX XXXXXXXXXX
Furnishings
$80,000
$80,000
$1,000
$1.51
$80,000 $80,000
Final Cost Audit Expense
$20,000
$20,000
$250
$0.38
$20,000 $20,000
Marketing
$80,000
$80,000
$1,000
$1.51
XXXXXXXXXX XXXXXXXXXX
Financial Consulting
$0
$0
$0.00
$0 $0
Other: Partnership M mt Fee Reserve
$298,448
$298,448
$3,731
$5.63
$298,448 $298,448
Other: HUD Minimum Cap. Investment
$10,000
$10,000
$125
$0.19
$10,000 $10,000
HUD 202 Requirement
Other: (specify)
$0
$0
$0.00
$0 $0
Other: (specify)
$0
$0
$0.00
1 $0 $0
Total Other Costs
$2,912,000
$2,912,000
$36,400
$54.91
1 $2,746,227 $2,746,227
$0
SUBTOTAL
DEVELOPER •
$15,427,539
$15,427,539 1
$192,8441
$290.92
1 $14,283,110 $14,288,110
$0
Developer Fee/Overhead/Profit
$0
$0
$0.00
$0 $0
Consultant/Processing Agent
$0
$0
$0.00
$0 $0
Project Administration
$1,940,674
$1,940,674
$24,258
$36.60
$1,940,674 $1,940,674
Syndicator Consultant Fees
$0
$0
$0.00
XXXXXXXXXX XXXXXXXXXX
Guarantee Fees
$0
$0
$0.00
XXXXXXXXXX XXXXXXXXXX
Broker Fees Paid to Related Party
$0
$0
$0.00
$0 $0
Construction Oversight & Mgmt.
$75,000
$75,000
$938
$1.41
$75,000 $75,000
Other:
$0
$0
$0.00
$0 $0
Other:
$0
$0
$0.00
$0 $0
Total Developer Costs
$2,015,674
$2,015,674
$25,196
$38.01
$2,015,674 $2,015,674
$0
TOTAL DEVELOPMENT COST
$17,443,213
$17,443,213
$218,040
$328.93
$16,298,784 $16,303,784
$0
Bridge Loan Expense During Construction
Less Total Ineligible Financing Amounts
ELIGIBLE BASIS $16,298,784 $16,303,784
CTCAC Total Project Costs $17,358,213
(Excludes Syndication Legal Fees and Syndicator / Investor Fees and Expenses)
Page 19
Universal Application - Dev Budget
UA Version 3112109
Additional Applicant Comments on Development Budget
If the Project includes commercial space, include a detailed explanation here of the method(s) used to allocate costs between commercial and residential use. E.g. "Line items allocated based
on floor area are indicated by a 1 in the applicant comment box, line items allocated based on construction cost are indicted by a 2, and line items for which no allocation is necessary are
indicated by a 3."
Page 20
Universal Application - Dev Budget
USES OF FUNDS
Total
Costs
(Residential
&
Commercial)
Total
Residential
Cost from
Dev Budget
HUD Section
202
State HOME
Investment
Program
Permanent Sources & Uses
FHLB -
City of Lodi General
Affordable
Urban County Partner Capital
HOMEICDBG Housing Contrib.
Program
•
0
0
Gross
Tax
Credit
Equity
Total
Residential
Sources
Commercial
Costs
Total
Source Name:
Tienda Drive Senior Housing
Residential
Cost
Source Name: Difference
Dev Budget
vs. Sources
ACQUISITION
Lesser of Land Cost or Value
$630,000
$630,000
$630,000
$630,000
$0
$0
Demolition
$0
$0
$0
$0
$0
Legal & Closing Costs
$15,000
$15,000
$15,000
$15,000
$0
$0
Verifiable Carrying Costs
$0
$0
$0
$0
$0
Subtotal
$645,000
$645,000
$0
$0
$645,000
$0
$0
$0
$0
$0
$645,000
$0
$0
$0
EO
Existing Improvements Cost
$0
$0
$0
$0
$0
Other: Site Maintenance
$5,000
$5,000
$5,000
$5,000
$0
$0
Total Acquisition
REHABILITATION
$650,000
$650,000
$0
$0
$650,000
$0
$0
$0
$0
$0
$650,000
$0
$0
$0
EO
Off -Site Improvements
$0
ul
0
ul
0
Environmental Remediation
$0
$0
$0
$0
$0
Site Work
$0
$0
$0
$0
$0
Structures
$0
$0
$0
$0
$0
General Requirements
$0
$0
$0
$0
$0
Contractor Overhead
$0
$0
$0
$0
$0
Contractor Profit
$0
$0
$0
$0
$0
General Liability Insurance
$0
$0
$0
$0
$0
Other:
$o
$o
$o
$o
$o
Total Rehabilitation Costal
RELOCATION
$0 1
$0
$0 I
$0 I
$0 I
$0
I $0 I
$0 I
$0 I
$0 I
$0 1
$0
$0
$0
EO
Temporary Relocation
$0
$0
$0
$0
$0
Permanent Relocation
$0
$0
$0
$01
1$0
Total Relocation 1
NEW
$0 1
$0 1
$0
$0 1
$0
$0
1 $0
$0 1
$0
$0 1
$0
$0
1 $0
1Eo
Eo
CONSTRUCTION
Off -Site Improvements
$0
$0
$0
ul
0
Environmental Remediation
$0
$0
$0
$0
$0
Site Work (hard costs)
$1,301,837
$1,301,837
$1,301,837
$1,301,837
$0
$0
Structures (hard costs)
$5,568,150
$5,568,150
$2,079,987
$2,698,163
$790,000
$5,568,150
$0
$0
General Requirements
$547,881
$547,881
$547,881
$547,881
$0
$0
Contractor Overhead
$186,744
$186,744
$186,744
$186,744
$0
$0
Contractor Profit
$224,093
$224,093
$224,093
$224,093
$0
$0
General Liability Insurance
$51,884
$51,884
$51,884
$51,884
$0
$0
Other: Pricing and Design Contingent
$1,216,936
$1,216,936
$246,599
$970,337
$1,216,936
$0
$0
Total New Constmctionj
ARCHITECTURAL
$9,097,525 1
$9,097,525 1
$3,337,188 1
$4,000,000 1
EO 1
$790,000
1 $970,337 1
EO I
EO 1
$0 1
$9,097,525 1
$0
EO
$0
$n
Design
$770,000
$770,000
$150,312
$619,688
$770,000
$0
$0
Supervision
$0
$0
$01
$01
1
0
Total Architectural Costal
ENGINEERING
$770,000
$770,000
$0
EO 1
$150,312
$0
1 $0
EO 1
$0
$619,688 1
$770,000
$0
1 EO
I EO
$0
SURVEY &
Engineering
$61,300
$61,300
$61,300
$61,300
$0
$0
ALTA Land Survey
$5,000
$5,000
$5,000
$5,000
$0
$0
Total Survey & Engineeringi
CONTINGENCY COSTS
$66,300
$66,300
$0
$0 1
$66,300
EO
1 $0
$0 1
$0
$0 1
$66,300
$0
1 $0
1 EO
E0
Hard Cost Contin enc
$458,876
$458,876
$458,876
$458,876
$0
$0
Soft Cost Contingency
$102,227
$102,2271
$102,227 1
1
$102,227 1
$0
I
1
$0
Total Contingency Costal
$561,1031
$561,1031
$561,1031
$0 I
$0 I
$0
I $0 I
EO I
EO I
EO 1
$561,103 1
$0
I $0
I EO 1
$0
Page 21
Universal Application - Perm S&U
USES OF FUNDS
Total
Costs
(Residential
&
Commercial)
Total
Residential
Cost from
Dev Budget
HUD Section
202
State HOME
Investment
Proram
g
Permanent Sources & Uses
FHLB -
City of Lodi General
Affordable
Urban County Partner Capital
HOME/CDBG Housing Contrib.
Program
•
0
0
Gross
Tax
Credit
Equity
Total
Residential
Sources
Commercial
Costs
Total
Source Name:
Tienda Drive Senior Housing
Residential
Cost
Source Name: Difference
Dev, Budget
vs. Sources
CONSTRUCTION PERIOD EXPENSES
Construction Loan Interest
$531,798
$531,798
$531,798 I
$531,798 I
0 1
0
Origination Fee
$40,010
$40,010
$40,010
$40,010
$0
$0
Credit Enhancement & App. Fee
$0
$0
$0
$0
$0
Owner Paid Bonds/Insurance
$0
$0
$0
$0
$0
Lender Inspection Fees
$40,000
$40,000
$40,000
$40,000
$0
$0
Taxes During Construction
$7,056
$7,056
$7,056
$7,056
$0
$0
Prevailing Wage Monitor
$15,000
$15,000
$15,000
$15,000
$0
$0
Insurance During Construction
$118,134
$118,134
$118,134
$118,134
$0
$0
Title and Recording Fees
$30,000
$30,000
$30,000
$30,000
$0
$0
Construction Mgmt. & Testing
$100,000
$100,000
$100,000
1
$100,000 1
$0
$0
Predevelopment Interest Exp.
$65,957
$65,957
$65,957
$65,957
$0
$0
Other:
$0
$0$0
$0
$0
Other:
$0
$0
$0
$0
k;;;$0
$0
Total Construction Expenses
$947,955
$947,955
$947,955
$0
$0
$0
$0
$0
$0
$0
$947,955
$0
$0
$0
PERMANENT FINANCING EXPENSES
Loan Origination Fees
$0
$0
$0
$0
$0
Credit Enhancement & App. Fee
$0
$0
$0
$0
$0
Title and Recording
$15,000
$15,000
$15,000
$15,000
$0
$0
Property Taxes
$0
$0
$0
$0
$0
Insurance
$0
$0
$0
$0
$0
Other:
$0
$0
$0
$0
$0
Other:
$0
$0
$0
$0
$0
Total Permanent Financing
$15,000
$15,000
$15,000
$0
$0
$0
$0
$0
$0
$0
$15,000
$0
$0
$0
E0
Construction Lender Legal Expenses
$30,000
$30,000
$30,000
$30,000
$0
$0
Permanent Lender Legal Fees
$25,000
$25,000
$25,000
$25,000
$0
$0
Sponsor Legal Fees
$0
$0
$0
$0
$0
Organizational Legal Fees
$6,000
$6,000
$6,000
$6,000
$0$0
Syndication Legal Fees
$40,000
$40,000
$18,533
$21,467
$40,000
$0
$0
Other:
$0
$0
$0
$0
$0
Total Legal Fees
CAPITALIZED RESERVES
$101,000
$101,000
$79,533
$0
$0
$0
$0
$0
$0
$21,467
$101,000
$0
$0
$0
EO
Operating Reserve
$93,794
$93,794
$93,794
$93,794 1
0
$0
Replacement Reserve
$38,079
$38,079
$38,079
$38,079 1
$01
0
Rent -Up Reserve
$0
$0
$01
0
$0
Transition Reserve
$0
$0
$0$0
$0
Other: Initial Services Reserve
$100,000
$100,000
$100,000
$100,000
$0
$0
Other: Investor Services Fee Reserve
$41,783
$41,783
$41,783
$41,783 1
0
$0
Total Capitalized Reserves
$273,656
$273,656
$0
$0
$0
$0
$0
$0
$0
$273,656
$273,656
$0
$0
$0
$0
REPORTS r
Appraisal(s)
$3,500
$3,500
$3,500
$3,500
$0$0
Market Study
$9,500
$9,500
$9,500
$9,500
$0
$0
Physical Needs Assessment
$0
$0
$0
$0
$0
Environmental Studies
$20,000
$20,000
$20,000
$20,000
$0
$0
Other:
$0
$0
$0
$0
$0
Other:
$0
$0
$0
$0
$0
Other:
$0
$0
$0
$0
$0
Other:
$0
$0
$0
$0
$0
Total Reports & Studies
$33,000
$33,000
$0
$0
$0
$0
$0
$0
$0
$33,000
$33,000
$0
$0
$0
$0
Page 22
Universal Application - Perm S&U
USES OF FUNDS
Total
Costs
(Residential
&
Commercial)
Total
Residential
Cost from
Dev, Budget
HUD Section
202
State HOME
Investment
Program
Permanent Sources & Uses
FHLB -
City of Lodi General
Affordable
Urban County Partner Capital
HOME/CDBG Housing Contrib.
Program
•
0
0
Gross
Tax
Credit
Equity
Total
Residential
Sources
Commercial
Costs
Total
WAMM
Source Name:
Tienda Drive Senior Housing
Residential
Cost
Source Name: Difference
Dev, Budget
vs. Sources
OTHER
CTCAC App./Allot./Monitor Fees
$40,773
$40,773
$40,773
40,7731
0
$0
CDLAC Fees
$0
$0
$0
$0
$0
Local Permit Fees
$369,532
$369,532
$36,953
$332,579
$369,532
$0
$0
Local Development Impact Fees
$1,804,238
$1,804,238
$180,424
$1,623,814
$1,804,238
$0
$0
Other Costs of Bond Issuance
$164,009
$164,009
$164,009
$164,009
$0
$0
Syndicator / Investor Fees & ExpenseE
$45,000
$45,000
$45,000
$45,000
$0
$0
Furnishings
$80,000
$80,000
$00,000
$80,000
$0
$0
Final Cost Audit Expense
$20,000
$20,000
$20,000
$20,000
$0
$0
Marketing
$80,000
$80,000
$00,000
$80,000
$0
$0
Financial Consulting
$0
$0
$0
$0
$0
Other: Partnership M ml Fee Reserve
$298,448
$298,448
$298,448
$298,448
$0
1
$0
Other: HUD Minimum Cap. Investment
$10,000
$10,000
$10,000
$10,000
$0
$0
Other:
$0
$0
$0
$0
$0
Other:
$0
$0
$0
$0
$0
Total Other Costs
$2,912,000
$2,912,000
$0
$0
$258,150
$0
$0
$0
$0
$2,653,850
$2,912,000
$0
$0
$0 $0
SUBTOTAL
DEVELOPER
$15,427,539
$15,427,539
$4,940,779
$4,000,000
$1,124,762
$790,000
$970,337
$0
$0
$3,601,661
$15,427,539
$0
$0
$0 $0
Developer Fee/Overhead/Profit
$0
$0
$0
ul
0
Consultant/Processing Agent
$0
$0
$0
$0
$0
Project Administration
$1,940,674
$1,940,674
$895,337
$50,000
$995,336
$1,940,673
$0
$1
Syndicator Consultant Fees
$0
$0
$0
$0
$0
Guarantee Fees
$0
$0
$0
$0
$0
Broker Fees Paid to Related Part
$0
$0
$0
$0
$0
Construction Oversight & Mgmt.
$75,000
$75,000
$75,000
$75,000
$0
$0
Other:
$0
$0
$0
$0
$0
Other:
$0
$0
$0
$0
$0
Total Developer Costal
$2,015,674 1
$2,015,674 1
$970,337
$0
$50,000
$0
$0
$0
$0
$995,336
$2,015,673
$0
$0
$0 $1
TOTAL DEVELOPMENT COST $17,443,213 $17,443,213 $5,911,116 1
CTCAC Total Project Costs $17,358,213
Excludes Syndication Legal Fees and Syndicator / Investor Fees and Expenses)
$4,000,000
$1,174,762
$790,000
$970,337
$0
$0
$4,596,997 1
$17,443,212
$01
$0 1
UA Version 3112109
$0 71
Permanent Source Amount from Dev Sources Worksheet
Permanent Sources Difference
$5,911,116
$0
$4,000,000
$0
$1,174,762
$0
$790,000
$0
$970,337
$0
$0
$0
$0
$0
$4,596,997
$0
$17,443,212
$0
$0
$0
$0
$01 1
Page 23
Universal Application - Perm S&U
Tienda Drive Senior Housing
ANNUAL INCOME AND EXPENSES
•N-SITE EMPLOYEE INFORMATION
No. FTE Employee Job Title
SalaryfWaaes
Value of Free Rent
1 1.00 On-Site Manager(s)
$39,040
$0
On-Site Assistant Manager(s)
$0
$0
1 1.00 On-Site Maintenance Employee(s)
$47,198
$0
On-Site Leasing Agent/Administrative Employee(s)
$8,160
$0
On-Site Security Employees
$0
$0
1 0.50 Services Coordinator
$16,160
$0
1
$0
$0
$0
$0
Total Salaries and Value of Free Rent Units
$110,558
$0
6711 Payroll Taxes
$10,480
Show free rent as an
expense?
0 Yes No
6722 Workers Compensation $5,120
6723 Employee Benefits $16,880
On-Site Employee(s)Payroll Taxes Workers Comp. & Benefits $32,480
Total On-Site Employee(s) Expenses $143,038
Employee Units
Income Limit Job Title(s) of Employee(s) Living On-Site
Unit Type
(No. of bdrms.)
Square Footage
None On-Site Manager(s)
2
950
0
0
0
0
Total Square Footagel Footage
950
Annual Operating Budget
INCOMEAcct. No. REVENUE - Residential5120/5140
Rent Revenue - Gross Potential
Restricted Unit Rents
Unrestricted Unit Rents
$499,596
$0
$0
5121
Tenant Assistance Payments
HUD PRAC
0
$190,548
$0
Operating Subsidies
$0
Other: (specify)
$0
$0
5910
Laundry and Vending Revenue
$6,739
5170
Garage and Parking Spaces
$0
$0
5990
Miscellaneous Rent Revenue
$0
1 $0
Gross Potential Income GPI
$696,883
$0
Vacancy Rate: Restricted Units
5.0%
Vacancy Rate: Unrestricted Units
5.0%
Vacancy Rate: Tenant Assistance Payments
5.0%
Vacancy Rate: Other: (specify)
5.0%
Vacancy Rate: Laundry & Vending & Other Income
5.0%
Vacancy Rate: Commercial Income
50.0%
5220/5240 Vacancy Loss es
$34,844
$0
Effective Gross Income EGI
$662,039
$0
Page 24
Universal Application - Operating
Acct. No.
ANNUAL INCOME AND EXPENSES Tienda Drive Senior Housing
EXPENSES Residential
ADMINISTRATIVE EXPENSES: 6200/6300
6203
Conventions and Meetings
$640
$0
6210
Advertising and Marketing
$500
$0
6250
Other Renting Expenses
$1,200
$0
6310
Office/Administrative Salaries -- from above
$8,160
$0
6311
Office Expenses
$3,600
$0
6312
Office or Model Apartment Rent
$0
$0
6320
Management Fee
$43,200
$0
6325
Social Services Coordinator -- from above
$16,160
$0
6330
Site/Resident Manager(s) Salaries -- from above
$39,040
$0
6331
Administrative Free Rent Unit -- from above
$0
$0
6340
Legal Expense -- Project
$680
$0
6350
Audit Expense
$8,000
$0
6351
Bookkeeping Fees/Accounting Services
$7,200
$0
6390
Miscellaneous Administrative Expenses
$16,130
$0
6391
Social Programs/Social Services
$7,800
$0
6263T
Acct. No.•
TOTAL ADMINISTRATIVE EXPENSES1
-•)
$152,310
Residential Commercial
$0
UTILITIES EXPENSES: 6400
6450
Electricity
$20,000
$0
6451
Water
$20,000
$0
6452
Gas
$8,000
$0
6453
Sewer
$14,000
$0
Other Utilities: Cable TV
$1,600
$0
6400T
TOTAL UTILITIES EXPENSES1
$63,600 1
$0
Page 25
Universal Application - Operating
Page 26
Universal Application - Operating
Tienda Drive Senior Housing
ANNUAL INCOME AND EXPENSES
OPERATING AND MAINTENANCE EXPENSES: 6500
6510
Payroll -- from above
$47,198
$0
6515
Supplies
$19,860
$0
6520
Contracts
$19,950
$0
6521
Operating & Maintenance Free Rent Unit -- from above
$0
$0
6525
Garbage and Trash Removal
$18,720
$0
6530
Security Contract
$3,200
$0
6531
Security Free Rent Unit -- from above
$0
$0
6546
Heating/Cooling Repairs and Maintenance
$660
$0
6548
Snow Removal
$0
$0
6570
Vehicle & Maintenance Equipment Operation/Reports
$0
$0
6590
Miscellaneous Operating and Maintenance Expenses
$0
$0
6500T
I TOTAL OPERATING & MAINTENANCE EXPENSES1
$109,588
$0
TAXES AND INSURANCE: 6700
6710
Real Estate Taxes
$16,000
$0
6711
Payroll Taxes (Project's Share) -- from above
$10,480
$0
6720
Property and Liability Insurance (Hazard)
$23,840
$0
6729
Other Insurance (e.g. Earthquake)
$0
$0
6721
Fidelity Bond Insurance
$0
$0
6722
Worker's Compensation -- from above
$5,120
$0
6723
Health Insurance/Other Employee Benefits --from above
$16,880
$0
6790
Miscellaneous Taxes, Licenses, Permits & Insurance
$960
$0
6700T
I TOTAL TAXES AND INSURANC
$73,280
$0
ASSISTED LIVING/BOARD & CARE: 6900
6932
Food
$0
$0
6980
Recreation and Rehabilitation
$0
$0
6983
Rehabilitation Salaries
$0
$0
6990
Other Service Expenses: (specify)
$0
$0
6900T
TOTAL ASSISTED LIVING EXPENSES
$0
$0
• • '
$398,778 1
$0
Page 26
Universal Application - Operating
Page 27
Universal Application - Operating
Tienda Drive Senior Housing
ANNUAL INCOME AND EXPENSES
FUNDED RESERVES: 7200
Residential
Commercial
7210
Required Replacement Reserve Deposits
$0
$0
7220
Other Reserves: (specify)
$0
$0
7230
Other Reserves: (specify)
$0
$0
7240
Other Reserves: (specify)
$0
$0
TOTAL RESERVES $0
$0
GROUND LEASE
Residential
Commercial
Ground Lease
I $0 1
$0
TOTAL GROUND LEASE $0
$0
• '1Mk role]$263,261
$0
FINANCIAL EXPENSES: 6800
6820
1st Mortgage Debt Service
$0
$0
6830
2nd Mortgage Debt Service
$0
$0
6840
3rd Mortgage Debt Service
$0
$0
6890
Miscellaneous Financial Expenses: (specify)
$0
$0
6800T
TOTAL FINANCIAL EXPENSES $0
$0
CASH
• $263,261
$0
6391
ISocial Programs/Social Services
$0
6590
JAsset Management/Similar Fees
$0
$0
Total Operating Expenses Per Unit
Without any Adjustments
With the Value of Rent -Free Units Included
Without RE Taxes, Social Services Coordinator or Social
Services/Social Programs and With the Value of Rent Fee Units
Included
Per Year
$4,985
$4,985
$4,485
Per Month
$415
$415
$374
UA Version 3/12/09
Page 27
Universal Application - Operating
Tienda Drive Senior Housing
CASH FLOW ANALYSIS
Income from Restricted Units based on: OO Restricted Rents O Proposed Rents UA Version 3112109
CASH FLOW after all debt service 263,261 266,095 268,867 271,571 274,202 276,751 279,212 281,577 283,838 285,987 288,016 289,914 291,673 293,282 294,732
• • 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Use of Cash Flow After Debt Service - HCD Projects
Asset Mgmt./ Similar Fees 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Deferred Developer Fee prior to
Distributions and residual receipt payments 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Cash Available for Residual Receipts Loans
and Sponsor Distributions 263,261 266,095 268,867 271,571 274,202 276,751 279,212 281,577 283,838 285,987 288,016 289,914 291,673 293,282 294,732
Sponsor Distributions 50% 131,631 133,047 134,434 135,786 137,101 138,375 139,606 140,788 141,919 142,994 144,008 144,957 145,837 146,641 147,366
HCD Residual Payment 50% 131,631 133,047 134,434 135,786 137,101 138,375 139,606 140,788 141,919 142,994 144,008 144,957 145,837 146,641 147,366
Other Residual Payments 0% 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Residual Payments 0% 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Residual Payments 0% 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Residual Payments 0% 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Assumed Max Asset Mgmt/Similar Fees 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Cumulative paid Deferred Dev. Fee 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Total Deferred Developer Fee budgeted for payment prior
to distributions and residual receipt payments 0 Page 28
Universal Application - Cash Flow
INCOME•HOUSING
Restricted Unit Rents
2.5%
499,596
512,086
524,888
538,010
551,461
565,247
579,378
593,863
608,709
623,927
639,525
655,513
671,901
688,699
705,916
Unrestricted Units
2.5%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Tenant Assistance Payments
Program: HUD PRAC
2.5%
190,548
195,312
200,194
205,199
210,329
215,588
220,977
226,502
232,164
237,968
243,918
250,015
256,266
262,673
269,239
Program:
2.5%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Operating Subsidies
2.0%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Other: (specify)
2.5%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
GROSS POTENTIAL INCOME - HOUSING
690,144
707,398
725,083
743,210
761,790
780,835
800,355
820,364
840,873
861,895
883,443
905,529
928,167
951,371
975,155
OTHER INCOME
Laundry & Vending
2.5%
6,739
6,908
7,080
7,257
7,439
7,625
7,815
8,011
8,211
8,416
8,627
8,842
9,063
9,290
9,522
Other Income
2.5%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Commercial Income
2.5%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
GROSS POTENTIAL INCOME - OTHER
6,739
6,908
7,080
7,257
7,439
7,625
7,815
8,011
8,211
8,416
8,627
8,842
9,063
9,290
9,522
GROSS POTENTIAL INCOME - TOTAL
ASSUMPTIONSVACANCY
696,883
714,305
732,163
750,467
769,229
788,459
808,171
828,375
849,085
870,312
892,069
914,371
937,230
960,661
984,678
Restricted Units
5.0%
24,980
25,604
26,244
26,901
27,573
28,262
28,969
29,693
30,435
31,196
31,976
32,776
33,595
34,435
35,296
Unrestricted Units
5.0%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Tenant Assistance Payments
5.0%
9,527
9,766
10,010
10,260
10,516
10,779
11,049
11,325
11,608
11,898
12,196
12,501
12,813
13,134
13,462
Other: (specify)
5.0%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Laundry & Vending & Other Income
5.0%
337
345
354
363
372
381
391
401
411
421
431
442
453
465
476
Commercial Income
50.0%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
TOTAL VACANCY LOSS
34,844
35,715
36,608
37,523
38,461
39,423
40,409
41,419
42,454
43,516
44,603
45,719
46,862
48,033
49,234
EFFECTIVE GROSS INCOME
OPERATING EXPENSES & RESERVE
DEPOSITS
662,039
678,590
695,555
712,944
730,767
749,036
767,762
786,956
806,630
826,796
847,466
868,653
890,369
912,628
935,444
Residential Expenses (w/o Real
Estate Taxes)
3.5%
382,778
396,175
410,041
424,393
439,247
454,620
470,532
487,001
504,046
521,687
539,946
558,844
578,404
598,648
619,601
Real Estate Taxes
2.0%
16,000
16,320
16,646
16,979
17,319
17,665
18,019
18,379
18,747
19,121
19,504
19,894
20,292
20,698
21,112
Replacement Reserve
0.0%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Other Reserves
0.0%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Ground Lease
2.0%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Commercial Expenses
3.5%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
TOTAL EXPENSES & RESERVES
398,778
412,495
426,688
441,372
456,565
472,285
488,550
505,379
522,792
540,809
559,450
578,738
598,696
619,346
640,712
NET OPERATING INCOME
DEBT SERVICE
263,261
266,095
268,867
271,571
274,202
276,751
279,212
281,577
283,838
285,987
288,016
289,914
291,673
293,282
294,732
1stMortgage
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Bridge Loan (repaid from Investor equity)
2nd Mortgage
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
3rd Mortgage Debt Service
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Miscellaneous Financial Expenses: (specify)
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Total Required Debt Service
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
CASH FLOW after all debt service 263,261 266,095 268,867 271,571 274,202 276,751 279,212 281,577 283,838 285,987 288,016 289,914 291,673 293,282 294,732
• • 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Use of Cash Flow After Debt Service - HCD Projects
Asset Mgmt./ Similar Fees 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Deferred Developer Fee prior to
Distributions and residual receipt payments 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Cash Available for Residual Receipts Loans
and Sponsor Distributions 263,261 266,095 268,867 271,571 274,202 276,751 279,212 281,577 283,838 285,987 288,016 289,914 291,673 293,282 294,732
Sponsor Distributions 50% 131,631 133,047 134,434 135,786 137,101 138,375 139,606 140,788 141,919 142,994 144,008 144,957 145,837 146,641 147,366
HCD Residual Payment 50% 131,631 133,047 134,434 135,786 137,101 138,375 139,606 140,788 141,919 142,994 144,008 144,957 145,837 146,641 147,366
Other Residual Payments 0% 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Residual Payments 0% 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Residual Payments 0% 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Residual Payments 0% 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Assumed Max Asset Mgmt/Similar Fees 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Cumulative paid Deferred Dev. Fee 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Total Deferred Developer Fee budgeted for payment prior
to distributions and residual receipt payments 0 Page 28
Universal Application - Cash Flow
RESOLUTION NO. 2009-111
A RESOLUTION OF THE LODI CITY COUNCIL AUTHORIZING THE CITY MANAGER
TO SUBMIT A JOINT APPLICATION WITH EDEN DEVELOPMENT, INC. TO THE
STATE OF CALIFORNIA DEPARTMENTOF HOUSING AND COMMUNITY
DEVELOPMENT FOR HOME INVESTMENT PARTNERSHIPS PROGRAM FUNDING;
AND IF SELECTED, THE EXECUTION OF A STANDARD AGREEMENT, ANY
AMENDMENTS THERETO, AND OF ANY RELATED DOCUMENTS NECESSARY
TO PARTICIPATE IN THE HOME INVESTMENT PARTNERSHIP PROGRAM
TTT: : : : : : • T: T. : : : : : : :� : : : : : : : : �: . : . : : : : : : .� . . . . �. . �. r==• . vim i��i-rTTTTTTT rr---
WHEREAS, the California Department of Housing and Community Development (the
"Department") is authorized to allocate HOME Investment Partnerships Program (HOME) funds
made available from the U.S. Department of Housing and Urban Development (HUD). HOME
funds are to be used for the purposes set forth in Title II of the Cranston -Gonzalez National
Affordable Housing Act of 1990, in federal implementing regulations set forth in Title 24 of the
Code of Federal Regulations, part 92, and in Title 25 of the California Code of Regulations
commencing with section 8200; and
WHEREAS, on June 1, 2009, the Department issued a 2009 Notice of Funding
Availability announcing the availability of funds under the HOME program (the "NOFA); and
WHEREAS, in response to the 2009 NOFA, the City of Lodi, a municipal corporation,
and Eden Development, Inc., a nonprofit corporation (the "Applicants"), wishes to apply to the
Department for, and receive an allocation of, HOME funds.
NOW, THEREFORE, BE IT RESOLVED that the Lodi City Council does hereby
authorize the City Manager, in response to the 2009 NOFA, to submit a joint application with
Eden Development, Inc. to the Department to participate in the HOME program and for an
allocation of funds not to exceed Four Million, Five Hundred Thousand Dollars ($4,500,000) for
the following activities and/or programs: Develop affordable senior rental housing in Lodi,
California; and
BE IT FURTHER RESOLVED that, if the application for funding is approved, the
Applicants hereby agree to use HOME funds for eligible activities in the manner presented in
the application as approved by HCD in accordance with the statutes and regulations stated
above. The City Manager is authorized and may also execute a standard agreement, any
amendments thereto, and any and all other documents or instruments necessary or required by
HCD for participation in the HOME program.
Dated: August 11, 2009
------------------------------------------------------------------------
------------------------------------------------------------------------
hereby certify that Resolution No. 2009-111 was passed and adopted by the Lodi City
Council in a special meeting held August 11, 2009, by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
COUNCIL MEMBERS— Hitchcock, Johnson, Katzakian, Mounce, and
Mayor Hansen
COUNCIL MEMBERS—None
COUNCIL MEMBERS—None
COUNCIL MEMBERS— None
2009-111
State HOME Program Funding -
Joint Application with Eden Housing
Presentation by
Community Development Department
August 11, 2009
State HOME Program Funding
❑ Available through State Housing and
Community Development (HCD)
❑ One of the two key funding sources for the
Tienda Drive Project
■ HUD 202 Program —Other Funding Source
State HOME Program Funding
❑ Community Housing Development
Organization (CHDO)
■ CHDO Set Aside in HOME Program
■ Eden Housing, Inc. certified as a CHDO in many
City &County jurisdictions
❑ Including San Joaquin County
■ Separate CHDO Certification Required For HCD
Funding
❑ Eden Development, Inc. pursuing Certification
State HOME Program Funding
❑ HCD Officials Have Determined:
■ Eden Development unable to receive CHDO
Certification.
❑ Lack's "history of serving the community."
❑ Has not "provided a housing -related service" that "has
provided benefit to a tenant or homeowner."
❑ Cannot rely on vast service record of parent
organization, Eden Housing, Inc.
State HOME Program Funding
❑ According to HCD Officials:
■ Eden Housing can only obtain State HOME funds
this year if the City of Lodi — as the eligible State
Recipient — applies for the funding with Eden
Housing as the developer.
❑ Application Deadline: August 17tH
■ Required Immediate Action
State HOME Program Funding
❑ Adopt Resolution Authorizing City Manager:
■ to submit joint application with Eden Housing,
Inc.
■ to execute a Standard Agreement and any other
necessary documents, and amendments thereto, in
order to participate in the State HOME Program.
State HOME Program Funding
❑ Absent This Action
■ Eden Housing to continue to pursue HUD 202
funding.
■ Eden Housing would prepare to apply for State
HOME Program funding next year.
■ Still maintains current development timeline of
2011.