HomeMy WebLinkAboutAgenda Report - August 18, 2010 D-14AGENDA ITEM t)'014
CITY OF LODI
COUNCIL COMMUNICATION
AGENDA TITLE: Adopt Resolution Authorizing the City Manager to Submit a Joint Application with
Eden Housing Inc. to the State of California Department of 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 Partnerships Program
MEETING DATE: August 18,2010
PREPARED BY: Community Development Department
RECOMMENDEDACTION: Adopt resolution authorizing the City Manager to submit a joint
application with Eden Housing Inc. to the State of California
Department of Housing and Community Development (HCD) 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 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 presentationsto 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.
Eden Housing is in the process of completing all the prerequisite work for the application, a draft of which
is attached as Exhibit A. Once approved, the resolution authorizing the joint application will be included
in that application. Once all supporting documentation has been compiled and incorporated into the
application document, that application will be submitted to HCD prior to the September 1,2010 deadline.
The maximum grant amount for HOME Projectfunds through HCD is $5 million. In addition to the project
funding, HCD allows State recipient agencies to request up to $100,000 for program administration and
project delivery costs. This is an amount above and beyond the requested project funding amount and is
intended to cover the requesting agency's costs in administering the project funds and specific project
delivery costs. This increasesthe maximum grant available to $5.1 million.
While Eden Housing has determined that the City should request $4.1 million in State HOME funds for
the initial Phase I cf the project, and another $100,000 for the program administration and project
delivery, 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 the $5.1 million.
Konradt Bartlam, Interim City Manager
FISCAL IMPACT: The City will assume responsibility for administering these funds and has
accordingly requested additional program administration and project
delivery funding in this application to cover those costs.
FUNDING AVAILABLE: HOME Program funding through State Housing and Community
Development
Konradt artlam
Community Development Director
KB/jw
Attachment
JACommunity Development\Council Comm unications\2010\8-18 Joint HOMEApplication with Eden.doc
STATE OF CALIFORNIA
UNIVERSAL APPLICATION FOR THE
DEVELOPMENT OF AFFORDABLE RENTAL HOUSING
"7 #
UA Version 8/2110
1. Use this application form to apply for assistance for a multifamily rental housing development from CTCAC, CaIHFA, HCD or
CDLAC. A separate submission is required for each agency; please indicate which agency you are currently applying to in the top
section of the next sheet, and revise this section for subsequent applications to other agencies. Also, please update the rest of the
application to reflect changes in your development proposal.
2. In addition to this application form, each agency requires submission of program -specific documentation. Please review the
checklists and instructions applicable to each program, located in each agencies website for specific requirements.
3. Areas intended for applicant entry are shaded in yellow. Instructions are included as Excel comments, such as the one to the right.
To view these comments, hold your mouse over the red marks.
4. Some information carries over from one section to the next. If you start from the beginning "General" worksheet and continue in
order, you will minimize error messages.
5. To navigate between worksheets (pages), click the tabs at the bottom of your screen, or right -click on the triangles to the left of the
tabs. To print the entire application at once, go to File, Print, then under the "Print what" heading select "Entire workbook."
6. If you have technical issues specific to this application form, please contact the following Departmental staff:
Department Program Contact Phone Email
California Dept. of Housing and Community Development:
Joe Serna, Jr. Farmworker Housing Grant
California Dept. of Housing and Community Development:
Multifamily Housing Program (MHP) - General
California Dept. of Housing and Community Development:
MHP - Governor's Homeless Initiative
California Dept. of Housing and Community Development:
George Rodine
(916) 327-2856
grodineCc�hcd.ca.gov
MHP - Supportive Housing
California Dept. of Housing and Community Development:
MHP - Homeless Youth
California Dept. of Housing and Community Development:
Transit Oriented Development (TOD) Housing Program
California Dept. of Housing and Community Development:
Christina DiFrancesco
(916) 322-0918
cdifrancesco0)hcd.ca.gov
Home Investment Partnerships (HOME) Program
California Housing Finance Agency (CaIHFA)
Marisa Fogal
(916) 322-5341
mfogalna.calhfa.ca.gov
California State Treasurer:
Misty Armstrong
(916) 653-3461
marmstrong()treasurer.ca.gov
California Debt Limit Allocation Committee (CDLAC)
California State Treasurer:
Gina Ferguson
(916) 654-6340
gferguson(g7treasurer.ca.goy
California Tax Credit Allocation Committee (CTCAC)
Page 1
Universal Application - Instructions
Draft 8/5/10
1w
Date of this Application or Update:
THIS APPLICATION REQUESTS
STATE OF CALIFORNIA
UNIVERSAL APPLICATION FOR THE
DEVELOPMENT OF AFFORDABLE RENTAL HOUSING
1 ,
Ca L I ' 's. ltfa.r+: 40
9/1/2010 UA Version 7115/09
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
0
Is tax-exempt financing needed for
construction?
If yes, amount needed $0
Application Type:
HOMEActivityAmount
1 $4,100,0001
HOME Admin. Amount
$50,000
HOME Activity Delivery
F_$50,0001
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.:
❑ - -
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
94542 San Joaquin
Development Type
New Construction
Age Restrictions
I Elderly over 62
Special Facility Type
Tenure Type
Permanent
APN(s)
Census Tract(s)
43.03
Proposed # of Units Project Site Area Units per Acre Multiple Parcels?
39 1.84 Acres 21.1957 Per Acre No - one legal parcel
Relocation Req'd.? Commercial Space?
No No
HOPE VI Project? Federally 'At Risk'?
No No
"At -Risk" expiration date Rental Subsidy? 1HUD811Project?
Yes No
APPLICANT (Update based on funding source -- see comment in first box)
Legal Name of Organization Applicant Role
City of Lodi Local Government HOME Applicant
LEGISLATIVE INFORMATION
Congressperson Name(s) District # State Senator Name(s) District # State Assembly Member Name(s) District #
Jerry McNerny 11
Dave Cogdill 14
Bill Berryhill 26
Lois Wolk 5
Joan Buchanan 15
AI son Huber 10
Page 2
Universal Application - General
Draft 8/5/10
Tienda Drive Senior Housing
PROPOSED PROJECT DESCRIPTION
(Narrative used for Project Summary Reports)
Instruction: Describe, at minimum, the following topics:
1) Type of Development
Tienda Drive is a 39 -unit senior apartment development, new construction.
2) Topography and Special Site Features
The site is approximately 1.84 acres and is undeveloped. The property is flat with very little vegetation.
3) Surrounding Neighborhood
The surrounding area is mostly retail to the west and residential to the north and east. Immediately adjacent to the north is
1.55 acres of land owned by Eden Housing. This land is planned a future senior housing development. 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. The City may hire Eden Housing to design and improve 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, age 62 and over.
5) Any On -Site Services
Eden Housing Resident Services, Inc., an affiliate of Eden Housing, Inc., will employ a part-time services coordinator at the
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. Services programming will include health and
wellness programs, educational and cultural programs, and financial literacy education.
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
July 30, 2010 that concluded there were no environmental concerns.
7) Any Demolition
None. The existing parcel is vacant.
8) Scope of Rehabilitation Work
None. This project is new construction.
9) Expected Start and Completion Date of Construction/Rehabilitation
The expected start date of construction is September 2012. Construction is expected to last 16 months, finishing by January
2014.
10) Changes in Land Area during Development (e.g. subsidivision)
None.
11) Rent Subsidies
The proposed financing includes HUD Section 202 Supportive Housing for the Elderly, which includes a Project Rental
Assistance Contract (PRAC) that will provide an operating subsidy. The operating subsidy covers the gap between the
income from the rents based on 30% of tenant income and the expense of operating the property and allows Eden to serve
the lowest income seniors.
12) Whether Prevailing Wages will be paid.
Federal and State prevailing wages are expected to be paid.
UA Version 7/15/09
Page 3
Universal Application - Narrative
Draft 8/5/10
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
Konradt jBartlam
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
rbartlam@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.
Non-profit Public Benefit Corporation
Linda IMandolini
22645 Grand Street
Hayward
CA
94541
(510) 582-1460
(510) 582-6523
Imandolini@edenhousing.org
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
Owner
Legal Name
Form of Entity
Role
Contact Person
Street Address
City
State
Zip Code
Phone No.
Fax No.
Email Address
Sponsorl Developer..
Legal Name
Form of Entity
Contact Person
City
Street Address
City
State
Zip Code
Phone No.
Fax No.
Email Address
Eden Housing, Inc.
..
Legal Name
Form of Entity
Contact Person
City
Street Address
City
State
Zip Code
Phone No.
Fax No.
jEmaflAddress
Non-profit Public Benefit Corporation
Linda IMandolini
22645 Grand Street
Hayward
CA
94541
(510) 582-1460
(510) 582-6523
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
Applicant Notes
Page 4
Universal Application - Contacts
Draft 8/5/10
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) 582-6523
(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
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
(if applicable)
(if applicable)
.Credit
General Contractor
Legal Name
Contact Person
Street Address
City
State
Zip Code
Phone No.
Fax No.
Email Address
Architect
Legal Name
Contact Person
Street Address
City
State
Zip Code
Phone No.
Fax No.
Email Address
Pyatok Architects
Peter lWaller
1611 Telegraph Avenue, Suite 200
Oakland
CA
94612
(510) 465-7010
(510) 465-8575
pwaller@pyatok.com
Page 5
Universal Application - Contacts
Draft 8/5/10
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
County of San Joaquin HOME/CDBG
State HOME Funds
Jon I Moore
1810 E. Hazelton Avenue
Stockton
CA
95205
(209) 468-3065
(209) 468-9575
jmoore@sjgov.org
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
HUD Section 202
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
Draft 8/5/10
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 7/15/09
Page 7
Universal Application - Contacts
Draft 8/5/10
Page 8
Universal Application - Site & Units
Tienda Drive Senior Housing
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
Land Area
Fee Title
$315,000
1.84 acres
Current Owner
Current Owner Address
Eden Housing, Inc.
22645 Grand Street Hayward, CA 94541
COMPLETEDPLANNED AND
'••
Ground Lease Planned?
Lessor
Term Annual Payment Amount
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
I No
Demolition Planned? orDone? Rent Control?
Access Road Maintenance Applicant Notes
No
No No
I Public
SITE CONDITIONS AND
ADJOINING
❑ Poor drainage
❑ Grade 5-10%
Describe
' ining land uses within 300 feet of the Project
❑ Erosion problems
❑ Grade over 10%
Neighborhood shopping center with anchor tenants including Target and Safeway
West
(Lodi Center) and vacant privately owned land.
❑ Unstable soil
❑ Airport within 2 miles
Immediately adjacent is a 4.3 acre vacant piece of land owned by the City,
wall ❑ Possible high noise
F1
levels
East
East
designated to be improved as a passive use park. Further to the east are single
❑ Possible lead paint
❑ Abandoned well(s)
family residences.
❑ Possible asbestos
❑ Railroad tracks within
100 yards
Immediately adjacent is a 1.55 acre vacant piece of land owned by Eden Housing,
❑
❑
North
Inc., planned for a future senior development. Further to the north are single famil
❑ Wetlands area
❑ Unusual ingress/egress
residences.
A small private school to the south and Crossroads Heartland Church to the
southeast.
On-site stream/creek Ground water contamination South
El 100 -yr. flood plain ❑ High water table
❑ Possible soil pollution
❑ Underground storage tanks Unique Site
No unique site features.
Features
- - • • •
- • Total # I Total* I Total it I Total it 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
1
PROPOSED
38
1 39 40 1 1 39
PROPOSED BUILDING TYPES
Ne. Constuction
Re abilitation Unit Size Baths Layout Ave. Sq. Ft. No. of Units
Units Bldgs. Units Bldgs. 1 Bdrm. 1 Flat 590 38
Townhouse/RowHouse
2 Bdrm. 1 Flat 850 1
One or Two Story Walk -Up
39
1
Mid -Rise (3-5 stories)
High -Rise (6+stories)
Detached Single Family
Duplex14-Plex
Non -Residential Building(s)
TOTALS 39
1 0 0
Applicant Notes
Total Units 39
AMENITIES
UA Version 7115109
Unit Amenities/Features
Project Amenities
Security & Other Charges
Other On -Site Services
❑ Air Conditioning ❑ Ceiling Fans
❑ Elevator(s) 1
❑ Gated Site Entry
Services programming will be
❑ Refrigerator
❑ Curtains/Blinds
❑ Laundry Rms. 1
❑ Bldg. Card Key
adminstered by an on-site, part -
F11 Range
❑ Fireplace
Washers 4
❑ Security Patrol
time social services coordinator.
❑ Microwave
❑ Emergency Call
Dryers 4
Services offered at the site will
ElDisposal
LlFree Cable TV
ElCommunity Room
include classes (ie. wellness,
Ll Dishwasher
El Lofts
F11 Community Kitchen
financial, ESL), wellness clinics,
❑ Walk -In Closet
❑ Storage Area
9
❑ Computer Room
p
mosuppporgroups, a resource
peer notebook,
notebook, monthly newsletter,
❑ Fenced Rear Yard
❑ Balcony
❑ High Speed Internet
and 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
❑ Sports Court
beyond allowable rents.
will also collaborate with local
organizations that exist in the
❑
Resident Gardens
❑ Tennis Court
area to provide services to our
❑ Pool
❑ Jacuzzi/Sauna
residents.
Page 8
Universal Application - Site & Units
Draft 8/5/10
Page 9
Universal Application - Misc.
Tienda Drive Senior Housing
MISCELLANEOUS INFORMATION
RESIDENTIAL SPACE
RESIDENTIAL PARKING
COMMERCIAL
Residential Square Footage
Residential Units 31,528
Community Room 1,140
Free Residential Parking Spaces
Uncovered Tenant Parking 39
Commercial Square Foota e
Commercial Area
Leasing Office 550
Covered Tenant Parking
Offices
Additional Storage Space
Enclosed Tenant Parking
Childcare Center
Subtotal 33,218
Tenant Guest Spaces
Storage Space
Maintenance Shop 254
Subtotal Parking Spaces
39
Other
Childcare Center
Extra Spaces Tenants Can Rent
Total Commercial SF 0
Service Area
Uncovered Parking
Service Office 500
Covered Parking
Parking Spaces for Commercial Tenants
Other
Enclosed Parking
Uncovered
Total Residential SF 33,972
Grand Total Parking Spaces
39
Covered Spaces
Total Spaces 0
Total Handicap Parking Spaces
�2
(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
38 Residential
Lease Terms Sq. Feet RenbSF/Mo. Annual Gross
Weekly Assumed Income Per Unit
$1.62
$0
Annual Total Laundry Income
$3,201
$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
$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
$13 $14 $0 $0
$0
Cooking Electric
Tenant
$0
$6 $8 $0 $0
$0
Other Electric Electric
Tenant
$0
$15 $19 $0 $0
$0
Air Conditioning Electric
Tenant
$0
$8 $9 $0 $0
$0
Water Heating Gas
Owner
$0
$0 $0 $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
$42 $50 $0 $0
$0
Source for Utility Allowances
❑ Local PHA Name Housing Authority of San Joaquin County
Effective Date 10/1/2009
❑ HUD ❑ USDA RD ❑ Utility Company (Actual Survey)
❑ Other
UA Version 7115/09
Applicant Notes
Page 9
Universal Application - Misc.
Draft 8/5/10
Tienda Drive Senior Housing
RENTS & UNIT MIX INFORMATION
Enter Tax Credit 50% Income Limits for County of : San Joaquin HUD Notice Date: 5/14/2010
Household Size: 1 2 3 4 5 6 7 8
Income Limit: $22,100 1 $25,250 $28,400 1 $31,550 1 $34,100 1 $36,600 $39,150 1 $41,650
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
0
$0
$0
$0
$0
Rows 19-25 enter Restricted
Manaaer 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.
38
$591
($42)
$549
$549
$20,862
$20,862
2 Bdrm.
0
$0
3 Bdrm.
0
$0
4 Bdrm.
0
$0
5 Bdrm.
0
$0
38
Subtotal
$20,862
$20,862
Beds
0
$0 $0 $0
$0
% 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 1 1 1 1 $01
1
0
Subtotal
$0
$0
Beds
0
$0 $0 $0
$0
% 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 1 1 1 1 $01
1
0
Subtotal
$0
$0
Beds
0
$0 $0 $0
$0
% 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 1 1 1 1 $01
1
0
Subtotal
$0
$0
Beds
0
$0 $0 $0
$0
% 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 1 1 1 1 $01
1
0
Subtotal
$0
$0
Page 10
Universal Application - Rents
Draft 8/5/10
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
0
$0
$0
$0
$0
% 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
$01
1
5 Bdrm.
0
$01
1
0
Subtotal
$0
$0
Beds
0
$0
$0
$0
$0
% 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 1 1 $01
1
0
Subtotal
$0
$0
Beds
0
$0
$0
$0
$0
% 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 1 1 $01
1
0
Subtotal
$0
$0
Beds
0
$0
$0
$0
$0
% 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 1 1 $01
1
0
Subtotal
$0
$0
Beds
0
$0
$0
$0
$0
% 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 1 1 $01
1
0
Subtotal
$0
$0
Beds
0
$0
$0
$0
$0
% 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 1 1 $01
1
0
Subtotal
$0
$0
38
Monthly Rental Income from Restricted Units
$20,862
$20,862
Page 11
Universal Application - Rents
Draft 8/5/10
Tienda
RENTS & UNIT MIX INFORMATION
Manager Unit
Manager Unit 0 $0 $0
Manager Unit 0 $0 $0
0 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
Manager Unit 0 $0 $0
Manager Unit 0 $0 $0
0 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%
38
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:
38
100%
Restricted Units by Unit Size
Unit
Size
Units
% of
Restricted
Units
Beds
0
0%
0 Bdrm.
0
0%
1 Bdrm.
38
100%
2 Bdrm.
0
0%
3 Bdrm.
0
0%
4 Bdrm.
0
0%
5 Bdrm.
0
0%
Total:
38
100%
UA Version 7/15/09
Page 12
Universal Application - Rents
Draft 8/5/10
Page 13
Universal Application - Subsidies
Tienda Drive Senior Housing
SUBSIDY INFORMATION
Income
from
Rent/OperatingIncremental
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 7115/09
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 202 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.
$748
$199 38 $7,562
$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
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
0
$0
0
5 Bdrm.
$0
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
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
Draft 8/5/10
Page 14
Universal Application - Subsidies
SUBSIDY INFORMATION
Tienda Drive Senior Housing
Incremental Income from
Rent/Operating Subsidy
Subsidy Program Name: HUD 202 PRAC
Incremental
Rent/Operating
Subsidy Program Name:
Income from
Subsidy
0
Income
Limit
(% AMI)
Rent
Limit
Calc.
Formula
Unit Size
Gross
Monthly
Contract
Rent
Subsidy
Payment
Over Net
Rent
Total
Units Monthly
Subsidized Extra
Income
Gross Subsidy
Monthly Payment
Contract Over Net
Rent Rent
Units
Subsidized
Total
Monthly
Extra
Income
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
0
$0
0
5 Bdrm.
$0
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 0
$0 0
5 Bdrm. $0 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 1 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
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
Total Units Subsidized 38
Total Monthly Subsidy $7,562
Total Units Subsidized 0
Total Monthly Subsidy
$0
Page 14
Universal Application - Subsidies
Draft 8/5/10
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 2010 (when NOFA is released)
To be Submitted:
Date Award Expected: 5/1/2011
Contract Term (Years): 5 years
Expected 1st Year Amount, Gap between rents and op. expenses
if not based on contract rents:
Basis for Subsequent Amounts, Gap between rents and op.
if not based on contract rents: expenses
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
HUD 202 restricts income to 50% AMI and rents to 30% of a household's actual income. The Project -Based Rental Assistance Contract (PRAC) is
an operating subsidy that bridges the gap between the rental income and operating expenses. This allows Eden to serve individuals in the
extremely low to very low income category.
The average household in Eden Housing's HUD portfolio makes $13,020 in annual income, with the majority of households (63%) making between
$10,000-$14,999 a year. Of the total units in Eden's HUD portfolio, 88% are categorized as extremely low income units. Although the HUD
restricted incomes are at 50% AMI, based Eden's experience with HUD projects, we anticipate that Tienda Drive Senior Housing will serve
individuals with incomes on average of well below 30% AMI.
For purposes of this application, we have shown the rents at 50% AMI levels. Per the directions on the 2010 Supplement to the Universal Rental
Project Application, we are showing the project -based operating subsidy as a rental subsidy, based on fair market rents for one bedrooms in San
Joaquin County. This is creating a large amount of project cash flow. HUD requires the project proforma show a zero cash flow every year. We
understand that if the project is taken to Loan and Grant Committee, a proforma will be prepared that fulfills this requirement.
Page 15
Universal Application - Subsidies
Draft 8/5/10
Page 16
Universal Application - Dev Sources
SOURCES OF DEVELOPMENT FUNDS
CONSTRUCTION PERIOD SOURCES OF
Tienda Drive Senior Housing
Committed?
No
No
Yes
Source Name Lien
(listed in order of lien priority) No.
HUD Section 202
State HOME Investment Program
San Joaquin County HOME/CDBG
Equity Investor
TOTALS
Amount
$6,030,006
$4,100,000
$671,000
$10,801,006
Interest
Rate
3.00%
3.00%
Required
Payment
None
Deferred
Deferred
Loan Term
(months)
SOURCESPERMANENT
Tax Exempt Residential
Amount Amount
$6,030,006
$4,100,000
$671,000
$0
$0 $10,801,006
OF
Commercial
Amount
$0
Committed?
Source Name Lien
(listed in order of lien priority) 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 Commerical
Commercial Amount Amount Amount
Debt Service
No
HUD Section 202
$6,030,006
40
None
$6,030,006
No
State HOME Investment Program
$4,100,000
3.00%
Fixed for Term
55
DEF 55
$4,100,000
Yes
San Joaquin County HOME/CDBG
$671,000
3.00%
Fixed for Term
55
DEF 55
$671,000
Equity Investor
$0
TOTALS
$10,801,006
$0
$0 $0 $10,801,006 $0
Applicant Comments
UA Version 7/15/09
Page 16
Universal Application - Dev Sources
Draft 8/5/10
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
�S!'ost or Value
$
315,000
$315,000
$8,077
$9.27
XXXXXXXXXX XXXXXXXXXX
Demolition
$0
$0
$0.00
XXXXXXXXXX XXXXXXXXXX
losing Costs
$
22,500
$22,500
$577
$0.66
XXXXXXXXXX XXXXXXXXXX
Carrying Costs
$0
$0
$0.00
XXXXXXXXXX XXXXXXXXXX
$337,500
$337,500
$8,654
$9.93
XXXXXXXXXX XXXXXXXXXX
$0
mprovements Cost
K
$0
$0
$0.00
XXXXXXXXXX $0
e Maintenance
$
5,000
$5,000
$128
$0.15
XXXXXXXXXX $5,000
uisition
REHABILITATION
$342,5001
$342,500 1
$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 1
$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
$0.00
$0 $0
Site Work (hard costs)
$
988,539
$988,539
$25,347
$29.10
$988,539 $988,539
Structures (hard costs)
$
4,165,540
$4,165,540
$106,809
$122.62
$4,165,540 $4,165,540
General Requirements
$
485,775
$485,775
$12,456
$14.30
$485,775 $485,775
Contractor Overhead
$
129,380
$129,380
$3,317
$3.81
$129,380 $129,380
Contractor Profit
$
129,380
$129,380
$3,317
$3.81
$129,380 $129,380
General Liability Insurance
$
56,766
$56,766
$1,456
$1.67
$56,766 $56,766
Other: Pricingand Design Contingency
$
744,423
$744,423
$19,088
$21.91
$744,423 1 $744,423 1
IState HOME funds used
Total New Construction
ARCHITECTURAL
$6,699,803
$6,699,803
$171,790
$197.22
$6,699,803 1 $6,699,803 1
$0
Design
$
501,302
$501,302
$12,854
$14.76
$501,302 1 501,302 1
IState HOME funds used
Supervision
$0 1
$0
1 $0.00
1 $0 1 $0
Total Architectural Costs
$501,302
$501,302 1
$12,854
1 $14.76
1 $501,302 1 $501,302 1
$0
Page 17
Universal Application - Dev Budget
Draft 8/5/10
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
$
115,875
$115,875
$2,971
$3.41
$115,875 $115,875
State HOME funds used
ALTA Land Survey
$11,000
$11,000
$282
$0.32
$11,000 $11,000
Total Survey & Engineering
CONTINGENCY•
$126,875
$126,875
$3,253
$3.73
$126,875 $126,875
$0
Hard Cost Contingency
$
336,940 1
336,940 1
8,639
1 9.92
1 336,940 1 336,940 1
IState HOME funds used
Soft Cost Contingency
$
75,940 1
$75,940 1
$1,947
1 $2.24
1 $75,940 1 $75,940 1
IState HOME funds used
Total Contingency Costs
CONSTRUCTION PERIOD EXPENSES
1
$412,8801
$412,880 1
$10,587
1 $12.151
$412,880 1 $412,880 1
$0
Construction Loan Interest
$0
$0
$0.00
$0 $0
Origination Fee
$0
$0
$0.00
$0 $0
Credit Enhancement & App. Fee
$0
$0
$0.00
$0 $0
Owner Paid Bonds/Insurance
$0
$0
$0.00
$0 $0
Lender Inspection Fees
$0
$0
$0.00
$0 $0
Taxes During Construction
$
21,098
$21,098
$541
$0.62
$21,098 $21,098
State HOME funds used
Prevailing Wage Monitor
$0
$0
$0.00
$0 $0
Insurance During Construction
$
73,150
$73,150
$1,876
$2.15
$73,150 $73,150
State HOME funds used
Title and Recording Fees
$
30,000
$30,000
$769
$0.88
$30,000 $30,000
State HOME funds used
Construction Mgmt. & Testing
$
100,000
$100,000
$2,564
$2.94
$100,000 $100,000
State HOME funds used
Predevelopment Interest Exp.
$
42,594
$42,594
$1,092
$1.25
$42,594 $42,594
State HOME funds used
Other: Lender Expenses
$
55,000
$55,000
$1,410
$1.62
$55,000 $55,000
State HOME funds used
Other: (specify)
$0
$0
$0.00
$0 $0
Total Construction Expenses
1
$321,8421
$321,842
$8,252
$9.47
$321,842 $321,842
$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
$385
$0.44
XXXXXXXXXX XXXXXXXXXX
State HOME funds used
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
$385
$0.44
$0 $0
$0
Construction Lender Legal Expenses
$
30,000
$30,000
$769
$0.88
$30,000 $30,000
State HOME funds used
Permanent Lender Legal Fees
$
25,000
$25,000
$641
$0.74
$25,000 $25,000
State HOME funds used
S onsor Le al Fees
$0
$0
$0.00
$0 $0
Or anizationail Le al Fees
$
6,000
$6,000
$154
$0.18
$6,000 $6,000
State HOME funds used
Syndication Legal Fees
$0
$0
$0.00
XXXXXXXXXX XXXXXXXXXX
Other:(specify)
$0
$0
$0.00
$0 $0
Total Legal Fees
CAPITALIZED RESERVES
$61,0001
$61,000 1
$1,5641
$1.80
1 $61,000 1 $61,000 1
$0
Operating Reserve
$0
$0
$0.00
XXXXXXXXXX XXXXXXXXXX
Replacement Reserve
$
25,304
$25,304
$649
$0.74
XXXXXXXXXX XXXXXXXXXX
Rent -Up Reserve
$0
$0
$0.00
XXXXXXXXXX XXXXXXXXXX
Transition Reserve
$0
$0
$0.00
XXXXXXXXXX XXXXXXXXXX
Other: HUD Minimum Capital Advance
$
10,000
$10,000
$256
$0.29
XXXXXXXXXX XXXXXXXXXX
State HOME funds used
Other:(specify)
$0
$0
$0.00
XXXXXXXXXX XXXXXXXXXX
Total Capitalized Reserves
$35,304
$35,304
$905
$1.04
$0 $0
$0
Page 18
Universal Application - Dev Budget
Draft 8/5/10
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
$90
$0.10
$3,500 $3,500
Market Study
$
9,500
$9,500
$244
$0.28
$9,500 $9,500
Physical Needs Assessment
$0
$0
$0.00
$0 $0
Environmental Studies
$
20,000
$20,000
$513
$0.59
$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
1 $0.00
1 $0 1 $0
Total Reports & Studies
OTHER
$33,000
$33,000
$846
$0.97
$33,000 $33,000
$0
CTCAC App./Alloc./Monitor Fees
$0
$0
$0.00
XXXXXXXXXX XXXXXXXXXX
CDLAC Fees
$0
$0
$0.00
XXXXXXXXXX XXXXXXXXXX
Local Permit Fees
$
312,000
$312,000
$8,000
$9.18
$312,000 $312,000
State HOME funds used
Local Development Impact Fees
$
936,000
$936,000
$24,000
$27.55
$936,000 $936,000
State HOME funds used
Other Costs of Bond Issuance
$0
$0
$0.00
$0 $0
Syndicator / Investor Fees & Expenses
$0
$0
$0.00
XXXXXXXXXX XXXXXXXXXX
Furnishings
$
39,000
$39,000
$1,000
$1.15
$39,000 $39,000
State HOME funds used
Final Cost Audit Expense
$
20,000
$20,000
$513
$0.59
$20,000 $20,000
State HOME funds used
Marketing
$
39,000
$39,000
$1,000
$1.15
XXXXXXXXXX XXXXXXXXXX
State HOME funds used
Financial Consulting
$
30,000
$30,000
$769
$0.88
$30,000 $30,000
State HOME funds used
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 $0
Total Other Costs
$1,376,000
$1,376,000
$35,282
$40.50
$1,337,000 $1,337,000
$0
SUBTOTAL
DEVELOPER •
$9,925,505
$9,925,505
$254,500
$292.17
$9,493,701 $9,498,701
$0
Developer Fee/Overhead/Profit
$
775,500
$775,500
$19,885
$22.83
$775,500 $775,500
State HOME funds used
Consultant/Processing Agent
$0
$0
$0.00
$0 $0
Project Administration
$0
$0
$0.00
$0 $0
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.
$
100,000
$100,000
$2,564
$2.94
$100,000 $100,000
State HOME funds used
Other: (specify)
$0
$0
$0.00
$0 $0
Other:(specify)
$0
$0
$0.00
$0 $0
Total Developer Costs
$875,500
$875,500
$22,449
$25.77
$875,500 $875,500
$0
TOTAL DEVELOPMENT COST
$10,801,005
$10,801,005
$276,949
$317.94
$10,369,201 $10,374,201
$0
Bridge Loan Expense During Construction
Less Total Ineligible Financing Amounts
ELIGIBLE BASIS $10,369,201 $10,374,201
CTCAC Total Project Costs $10,801,005
(Excludes Syndication Legal Fees and Syndicator / Investor Fees and Expenses)
Page 19
Universal Application - Dev Budget
UA Version 7115109
Draft 8/5/10
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
Draft 8/5/10
USES OF FUNDS
Total
Costs
(Residential
&
Commercial)
TORI
Residential
Cost from
Dev, Budget
HUD Section
202
State HOME
Investment
Program
Permanent Sources & Uses
San Joaquin
County 0 0
HOMEICDBG
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
$315,000
$315,000
$315,000
$315,000
$0
$0
Demolition
$0
$0
$0
$0
$0
Legal & Closing Costs
$22,500
$22,500
$22,500
$22,500
$0
$0
Verifiable Carrying Costs
$0
$0
$0
$0
$0
Subtotal
$337,500
$337,500
$0
$0
$337,500
$0
$0
$0
$0
$0 $337,500
$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
$342,500
$342,500
$0
$0
$342,500
$0
$0
$0
$0
$0 $342,500
$0
$0
$0
EO
Off -Site Improvements
$0
$0
$0
$0
Environmental Remediation
$0
$0
$0
$0
Site Work
$0
$0
$0
$0
Structures
$0
$0
$0
$0
General Requirements
$0
$0
$0
$0
Contractor Overhead
$0
$0
H$.,
$0
$0
Contractor Profit
$0
$0
$0
$0
General Liability Insurance
$0
$0
$0
$0
Other:
$0
$0
$0
$0
Total Rehabilitation Costs
RELOCATION
$0
$o
$o
$o
$o
$o
$0
$0
$0
$0
$0
$0
$0
$0
Temporary Relocation
$0
$0
$0
$0
$0
Permanent Relocation
$0
$0
$0
$0
$0
Total Relocation
NEW
$0
$0
EO
$0
$0
$0
$0
$0
$0
$0 $0
$0
$0
$0
EO
CONSTRUCTION
Off -Site Improvements
$0
$0
$0
$0
$0
Environmental Remediation
$0
$0
$0
$0
$0
Site Work (hard costs)
$988,539
$988,539
$988,539
$988,539
$0
$0
Structures (hard costs)
$4,165,540
$4,165,540
$4,165,540
$4,165,540
$0
$0
General Requirements
$485,775
$485,775
$485,775
$485,775
$0
$0
Contractor Overhead
$129,380
$129,380
$129,380
$129,380
$0
$0
Contractor Profit
$129,380
$129,380
$129,380
$129,380
$0
$0
General Liability Insurance
$56,766
$56,766
$56,766
$56,766
$0
$0
Other: Pricing and Design Contingent
$744,423
$744,423
$744,423
$744,423
$0
$0
Total New Construction
ARCHITECTURAL
56,699,803
56,699,803
$5,955,380
$744,423
$0
$0
$0
$0
$0
$0 56,699,803
$0
$0
$0
EO
Design
$501,302
$501,302
$74,626
$360,801
$65,875
5501,302
$0
$0
Supervision
$01
$0
$0
$01
0
Total Architectural Costal
ENGINEERING
$501,302
$501,3021
$74,626
$360,801
$65,875
EO 1
$0
EO 1
$0
$0 $501,302
$0
EO
EO 1
$0
SURVEY &
Engineering
$115,875
$115,875
$65,875
$50,000
$115,875
$0
$0
ALTA Land Survey
$11,000
$11,000
$11,000
$11,000
$0
$0
Total Survey & Engineeringi
CONTINGENCY COSTS
$126,875
$126,8751
$0
$65,875 1
$61,000
$0 1
$0
$0 1
$0
$0 $126,875
$0
$0
1 $0
E0
Hard Cost Contin enc
$336,940
$336,940
$336,940
$336,940
$0
$0
Soft Cost Contingency
$75,940
$75,940
$61,255
$14,685
$75,940
$0
$0
Total Contingency Costs
$412,880
$412,880
$0
$398,195
$14,685
$0
$0
$0
$0
$0 $412,880
$0
$0
1 $0
$0
Page 21
Universal Application - Perm S&U
Draft 8/5/10
USES OF FUNDS
Total
Costs
(Residential
&
Commercial)
Total
Residential
Cost from
Dev, Budget
HUD Section
202
State HOME
Investment
Program
Permanent Sources & Uses
San Joaquin
County 0 0
HOMEICDBG
0
0
Tax Gross
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
$0
$0
$0
$0 1
0
Origination Fee
$0
$0
$0
$0
$0
Credit Enhancement & App. Fee
$0
$0
$0
$0
$0
Owner Paid Bonds/Insurance
$0
$0
$0
$0
$0
Lender Inspection Fees
$0
$0
$0
$0
$0
Taxes During Construction
$21,098
$21,098
$21,098
$21,098
$0
$0
Prevailing Wage Monitor
$0
$0
$0
$0
$0
Insurance During Construction
$73,150
$73,150
$73,150
$73,150
$0
$0
Title and Recording Fees
$30,000
$30,000
$30,000
$30,000
$0
$0
Construction Mgmt. & Testing 1
$100,0001
$100,000
$100,000
$100,000
$0
$0
Predevelopmenl Interest Exp.
$42,594
$42,594
$42,594
$42,594
$0
$0
Other: Lender Expenses
$55,000
$55,000
$55,000
$55,000
$0
$0
Other: 1
$0
$0
1
1
$0$0
$0
Total Construction Expensesi
$321,8421
$321,842
$0
$321,842 1
$0
$0
$0
$0 1
$0
$0
$321,842
$0
$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
$0
$15,000
$0
$0
$0
$0
$0
$0
$15,000
$0
$0
$0
$0
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
$0
$0
$0
$0
$0
Other:
$0
$0
$0
$0
$0
Total Legal Fees
CAPITALIZED RESERVES
$61,000
$61,000
$0
$61,000
$0
$0
$0
$0
$0
$0
$61,000
$0
$0
$0
$0
Operating Reserve
$0
$0
$0
$0 I$0
Replacement Reserve
$25,304
$25,304
$25,304
$25,304
$0
$0
Rent -Up Reserve
$0
$0
$0
$0
$0
Transition Reserve
$0
$0
$0
$0
$0
Other: HUD Minimum Capital Advance$10,000
$10,000
$10,000
$10,000
$0
$0
Other:
$0
$0
$0
$0
$0
Total Capitalized Reserves
REPORTS
STUDIES
$35,304
$35,304
$0
$10,000
$25,304
$0
$0
$0
$0
$0
$35,304
$0
$0
$0
$0
&
Appraisal(s)
$3,500
$3,500
$3,500
$3,500
$0
$0
Markel 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
$33,000
$0
$0
$0
$0
$0
$33,000
$0
$0
$0
$0
Page 22
Universal Application - Perm S&U
Draft 8/5/10
USES OF FUNDS
Total
Costs
(Residential
&
Commercial)
Total
Residential
Cost from
Dev Budget
HUD Section
2pp
State HOME
Investment
Program
Permanent Sources & Uses
San Joaquin
County 0 0
HOMEICDBG
0
0
Gross
Tax
Credit
Equity
Total
Residential
Sources
Commercial
Costs
Total
Tienda Drive Senior Housing
Residential
Cost
Source Name: Source Name: Difference
Dev, Budget
vs. Sources
OTHER
CTCAC App./Allot./Monitor Fees
CTCAC-
$0
$0
01
0
1
0
CDLAC Fees
$0
$0
$0
$0
$0
Local Permit Fees
$312,000
$312,000
$258,061
$53,940
$312,001
$0
$1
Local Development Impact Fees
$936,000
$936,000
$936,000
$936,000
$0
$0
Other Costs of Bond Issuance
$0
$0
$0
$0
$0
Syndicator / Investor Fees & Expense
$0
$0
$0
$0
$0
Furnishings
$39,000
$39,000
$39,000
$39,000
$0
$0
Final Cost Audit Expense
$20,000
$20,000
$20,000
$20,000
$0
$0
Marketing
$39,000
$39,000
$39,000
$39,000
$0
$0
Financial Consulting
$30,000
$30,000
$30,000
$30,000
$0
$0
Other:
$0
$0
$0
$01
0
Other:
$0
$0
$0
$0
$0
Other:
$0
$0
$0
$0
$0
Other:
$0
$0
$0
$0
$0
Total Other Costs
$1,376,000
$1,376,000
$0
$1,322,061
$53,940$0
$0
$0
$0
$0 $1,376,001
$0
$0
$0
($1)
SUBTOTAL
DEVELOPER
$9,925,505
$9,925,505
$6,030,006
$3,299,196
$596,304
$0
$0
$0
$0
$0 $9,925,506
$0
$0
$0
($1)
Developer Fee/Overhead/Profit
$775,500
$775,500 1
$700,804
$74,696
$775,500
$0
$0
Consultant/Processing Agent
$0
$0
$0
$0
$0
Project Administration
$0
$0
$0
$0
$0
Syndicator Consultant Fees
$0
$0
$0
$0
$0
Guarantee Fees
$0
$0
$0
$0
$0
Broker Fees Paid to Related Party
$0
$0
$0
$0
$0
Construction Oversight & Mgmt.
$100,000
$100,000
$100,000
$100,000
$0
$0
Other:
$0
$0
$0
$0
$0
Other:
$0
$0
$0
$0
$0
Total Developer Cosis-1
$875,500
$875,500
$0
$800,804
$74,696
$0
$0
$0
$0
$0 $875,500 1
$01
$0 1
$0
$0
TOTAL DEVELOPMENT COST $10,801,005 $10,801,005 $6,030,006
CTCAC Total Project Costs $10,801,005
Excludes Syndication Legal Fees and Syndicator / Investor Fees and Expenses)
$4,100,000
$671,000
$0
$0 I
$0 I
$0 1
$0 $10,801,006 1
$01
$0 1
UA Version 7115109
$0
($1)
Permanent Source Amount from Dev Sources Worksheet
Permanent Sources Difference
$6,030,006
$0
$4,100,000
$0
$671,000
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0 $10,801,006
$0 $0
$0
$0
$0
$0
Page 23
Universal Application - Perm S&U
rl j i r4 Q /AZ /7 /1
Page 24
Universal Application - Operating
Tienda Drive Senior Housing
ANNUAL INCOME AND EXPENSES
•N -SITE EMPLOYEE INFORMATION
No. I FTE
Employee Job Title
SalarylWages Value of Free Rent
1
On -Site Manager(s)
$38,000
$0
On -Site Assistant Manager(s)
$0
$0
1
On -Site Maintenance Employee(s)
$15,080
$0
On -Site Leasing Agent/Administrative Employee(s)
$5,200
$0
On -Site Security Employee(s)
$0
$0
1
Services Coordinator
$12,500
$0
$0
$0
$0
$0
Total Salaries and Value of Free Rent Units
$70,780
$0
6711 1 Payroll Taxes
6722 lWorkers Compensation
6723 lEmployee Benefits
On-Site Employee(s)Payroll Taxes Workers Comp. & Benefits
Total On -Site Em to ee s Ex enses
$5,000 Show free rent as an
$3,960 expense?
$10,0
$18,9601 0 Yes No
$89 7
Employee Units
Income Limit Job Title(s) of Employee(s) Living On -Site
Unit Type Square Footage
(No. of bdrms.)
None
On -Site Manager(s)
2 850
0 0
0 0
Total Square Footage, 850
No.
nnua eratin u
INCOMEAcct.
REVENUE -
et
5120/5140
Rent Revenue - Gross Potential
Restricted Unit Rents
Unrestricted Unit Rents
$250,344
$0
$0
5121
Tenant Assistance Payments
HUD 202 PRAC
0
$90,744
$0
Operating Subsidies
$0
Other: (specify)
$0
$0
5910
Laundry and Vending Revenue
$3,201
5170
Garage and Parking Spaces
$0
$0
5990
Miscellaneous Rent Revenue
$0
$0
Gross Potential Income GPI
$344,289
$0
Vacancy Rate: Restricted Units
5.0%
Vacancy Rate: Unrestricted Units
5.0%
Vacancy Rate: Tenant Assistance Pa ments
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
$17,214
$0
No.
come
Effective Gross InEGI
EXPENSES
$327 075
ResidentialAcct.
$0
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
$5,200
$0
6311
Office Expenses
$2,000
$0
6312
Office or Model Apartment Rent
$0
$0
6320
Management Fee
$28,728
$0
6325
Social Services Coordinator-- from above
$12,500
$0
6330
Site/Resident Manager(s) Salaries -- from above
$38,000
$0
6331
Administrative Free Rent Unit -- from above
$0
$0
6340
Legal Expense -- Project
$680
$0
6350
Audit Expense
$7,000
$0
6351
Bookkeeping Fees/Accounting Services
$7,200
$0
6390
Miscellaneous Administrative Expenses
$5,000
$0
6391
Social Programs/Social Services
$0
$0
6263T
TOTAL ADMINISTRATIVE EXPENSEq
$108,648
$0
Page 24
Universal Application - Operating
rl r•i r4 Q /AZ /7 /1
Acct. No.
Tienda Drive Senior Housing
ANNUAL INCOME AND EXPENSES
EXPENSES (continued) Residential Commercial
UTILITIES EXPENSES: 6400
6450
Electricity
$9,996
$0
6451
Water
$10,800
$0
6452
Gas
$15,000
$0
6453
Sewer
$3,900
$0
Other Utilities: (specify)
$0
$0
6400T
TOTAL UTILITIES EXPENSES
$39,696
$0
OPERATING AND MAINTENANCE EXPENSES: 6500
6510
Payroll -- from above
$15,080
$0
6515
Supplies
$3,200
$0
6520
Contracts
$6,000
$0
6521
Operating & Maintenance Free Rent Unit -- from above
$0
$0
6525
Garbage and Trash Removal
$8,000
$0
6530
Security Contract
$2,000
$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
$2,640
$0
6500T
TOTAL OPERATING & MAINTENANCE EXPENSES1
$37,580
$0
TAXES AND INSURANCE: 6700
6710
Real Estate Taxes
$9,000
$0
6711
Payroll Taxes (Project's Share) -- from above
$5,000
$0
6720
Property and Liability Insurance (Hazard)
$4,500
$0
6729
Other Insurance (e.g. Earthquake)
$0
$0
6721
Fidelity Bond Insurance
$0
$0
6722
Worker's Compensation -- from above
$3,960
$0
6723
Health Insurance/Other Employee Benefits --from above
$10,000
$0
6790
Miscellaneous Taxes, Licenses, Permits & Insurance
$960
$0
6700T
TOTAL TAXES AND INSURANCE
$33,420
$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 EXPENSE
$0
$0
• • •
FUNDED RESERVES: 7200
$219,344
Residential
Commercial
0
7210
Required Replacement Reserve Deposits
$15,200
$0
7220
Other Reserves: (specify)
$0
$0
7230
Other Reserves: (specify)
$0
$0
7240
Other Reserves: (specify)
$0
$0
TOTAL RESERVES
$15,200
$0
GROUND LEASE
Residential
Commercial
Ground Lease
$0
$0
TOTAL GROUND LEASE
$0
$0
JJMMMMZ•
$92,531 1
$0
FINANCIAL EXPENSES: 6800
6820
1 st 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 EXPENSE
$0
$0
CASH •
92 531
0
Social Programs/Social Services
$0
7Tw-,
Asset Management/Similar Fees
$0
$0
g Expenses Per Unit
justments
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
$5,772
$5,772
$5,206
Per Month
$481
$481
$434
UA Version 7/15109
Page 25
Universal Application - Operating
RESOLUTION NO. 2010-144
A RESOLUTION OF THE LODI CITY COUNCIL AUTHORIZING THE CITY
MANAGERTO SUBMITA JOINT APPLICATION WITH EDEN HOUSING, INC.
TO THE STATE OF CALIFORNIA DEPARTMENT OF HOUSINGAND
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 NECESSARYTO PARTICIPATE IN THE HOME INVESTMENT
PARTNERSHIP PROGRAM
------------------------------------------------------------------------
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 11 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, 2010, the Department issued a 2010 Notice of Funding
Availability announcing the availability of funds under the HOME program (the "NOFA); and
WHEREAS, in response to the 2010 NOFA, the City of Lodi, a municipal corporation,
and Eden Housing, Inc., a nonprofit corporation (the "Applicants"), wish to apply to the
Department for, and receive an allocation of, HOME funds for the senior rental housing project
in Lodi, California.
NOW, THEREFORE, BE IT RESOLVED that the Lodi City Council does hereby
authorize the City Manager, in response to the 2010 NOFA, to submit a joint application with
Eden Housing, Inc. to the Departmentto participate in the HOME program and for an allocation
of funds not to exceed Five Million, One Hundred Thousand Dollars ($5,100,000) for the
following activities and/or programs: Development of an affordable senior rental housing project
in Lodi, California, and any eligible costs related to the administration of the HOME funds and
project delivery; and
BE IT FURTHER RESOLVED, 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 18, 2010
-------------------
I hereby certify that Resolution No. 2010-144 was passed and adopted by the Lodi City
Council in a regular meeting held August 18, 2010, by the following vote:
AYES: COUNCIL MEMBERS— Hansen, Hitchcock, Mounce, and
Mayor Katzakian
NOES: COUNCIL MEMBERS— None
ABSENT: COUNCIL MEMBERS—Johnson
ABSTAIN: COUNCIL MEMBERS— None
L
City Clerk
2010-144