HomeMy WebLinkAboutStaff Report 4.A 02/24/2020p, L
I85�
DATE
TO:
FROM:
February 24, 2020
Honorable Mayor and Members of the City Council through City Manager
Jim Carney, Interim Housing Administrator
SUBJECT: Consideration of a Resolution Approving Allocating City In -Lieu Housing
Funds to Petaluma Ecumenical Properties for the proposed River City Affordable
Housing Development at 951 Petaluma Blvd. South
RECOMMENDATION
It is recommended that the City Council approve a resolution authorizing an allocation of
$1,500,000 of City In -Lieu funds for the Petaluma Ecumenical Properties (PEP) proposed fifty-
four (54) veterans and homeless senior affordable rental housing development at 951 Petaluma
Blvd. South (also currently known as the "River City Senior Apartments" project).
BACKGROUND
The affordability of housing in Petaluma has long been a priority for the Petaluma City
Councils. City programs have done much to provide housing for every income level, with
emphasis on first-time homebuyers, very low and low and moderate -income residents, and the
homeless, all when funding was more plentiful.
The City of Petaluma, through the partnership with affordable housing developers, has produced
over 1500 housing units throughout the City. It is through these partnerships that the City fulfills
Council goals and implements the Housing programs as detailed in the City's 2015-2023 General
Plan Housing Element. The housing programs not only produced affordable housing, but also
focused on preserving the affordable housing that the City currently has and preventing lower-
income residents from losing their housing.
In April of 2017, Petaluma issued a Request for Proposals for the development of affordable
housing on the property at 951 Petaluma Boulevard South with submissions due on May 8,
2017. Three proposals were submitted, and staff reviewed all submittals. Interviews were held
with all the proposers during the last week in May 2017. During the interview process it was
communicated that the land would be the City's contribution to the development of the
project. Petaluma Ecumenical Properties (PEP) was selected to develop the project. The City
entered into an exclusive negotiating agreement with PEP on October 17, 2017 and on August
20, 2018, the City entered into a Development, Disposition and Loan Agreement (DDLA) with
PEP addressing financing, project approval, and other conditions that, once satisfied, would
result in transfer of most of the City -owned property at 951 Petaluma Boulevard South to PEP
for construction of senior affordable housing on the site.
Currently, the City has contributed to the development of the PEP project at 951 Petaluma Blvd
South a total of $1,390,000, which includes the value of the land and predevelopment
expenses. Of that total, $60,000 came from the In -Lieu Housing fund.
At the March 18, 2019 City Council meeting, the Council considered a request from PEP to
provide additional funding for the project to close a $1,500,000 funding gap. There was Council
consensus at that time to provide additional funding for the River City Senior Apartments with a
combination of $906,000 of the City's HOME program funds and an additional $600,000 to
come from other housing funds at staff discretion, with the in -lieu housing fund balance to be
preserved if at all possible.
ATITC701, L11%., MTraTiTum r6q=cii t11
for the River City apartment project from the City's In -Lieu Housing fund. This request was
made because the California Department of Housing and Community Development ("HCD")
recently advised the City on December 31, 2019 that HCD is now requiring
a full application submittal and be subject to an HCD approval process for the City's use the
HOME funds. That application to HCD is a lengthier and more involved process than staff and
our housing partners had experienced previously. From a timing and cost perspective, it could
delay and hinder PEP's ability to apply for 4% tax credit funding, the application for which is
due in February 2020, as well as other potential state and federal funding sources for the project.
DISCUSSION
The Housing Administrator reviewed in December 2019 the In -Lieu Housing Fund and due to
unanticipated revenue received from Burbank Housing the fund balance can absorb this request.
Additionally, City staff feel confident that there will likely be one or more affordable housing
projects coming forward in the near future that will be able to utilize the HOME funding instead
of the PEP Housing project.
The Housing Administrator provided below a summary of the In -Lieu Housing Fund as of
7/1/2019 showing actual revenue received in the amount of $1,019,756. The unbudgeted
amount was from Park Lane's assigned note which generates residual receipts. It was not
included in the budget because the City does not typically anticipate receiving residual receipt
income until after Burbank Housing completes the audit for Park Lane, which is usually in May
or June.
NJYJEI�+i .
Budgeted (including
Fund Summary adj)
$4,198,689
Eii
989,771
1 2,939
2
6/30/2020
Given that the FY 20 estimated ending fund balance is greater than expected, there are sufficient
In -Lieu funds to allow the City to allocate the additional $1,500,000 that PEP Housing is
requesting rather than use of •funds
The programs that have been allocated funds from the In -Lieu Housing fund for 19-20 are as
follows:
• Petaluma People Services $91,953
• PEP Housing — River City development $600,000
• Burbank Housing — Old Ehn rehab $520,000
• COTS $20,000
• Vets Resource Center $20,000
• Administrative Costs $90,000
$ 1,341,953
PEP River City Affordable Apartment Project 951 Petaluma Blvd, South:
A current proforma is attached showing the sources and uses for the development funds for the
River City Senior Housing project. PEP has secured 19 project -based vouchers, which will
offset costs, with the Santa Rosa Housing Authority and has applied for funds with the Homeless
Emergency Aid Program (HEAP) as well as funding from the Affordable Housing
Program. According to their timeline, PEP will also submit a 4% tax credit application to the
California Tax Credit Application Committee (TCAC) by January 17, 2020 and apply by
February 13, 2020 for the state HCD Veterans and Homeless funding. Should those funding
requests be approved Project construction is expected to commence in September 2020.
Regional Housing Need Allocation
The completion of this project will increase our fulfillment of Petaluma's Regional Housing
Need Allocation (RHNA) in the Very Low category by 26%. Currently, we have fulfilled 5% of
our allocation in that category, shown below:
Budgeted (including
Actual Difference
Fund Summary aj)
alance 6/30/2019
$3,795,182
($4,787,892 1$992,710
1
119-20 Revenue
$542,275
1 1
$542,275
1
119-20 Expenses
($1,369,174)
$1,369,174)
lst. Balance
$2,968,283
$3,960,993 $992,710
6/30/2020
Given that the FY 20 estimated ending fund balance is greater than expected, there are sufficient
In -Lieu funds to allow the City to allocate the additional $1,500,000 that PEP Housing is
requesting rather than use of •funds
The programs that have been allocated funds from the In -Lieu Housing fund for 19-20 are as
follows:
• Petaluma People Services $91,953
• PEP Housing — River City development $600,000
• Burbank Housing — Old Ehn rehab $520,000
• COTS $20,000
• Vets Resource Center $20,000
• Administrative Costs $90,000
$ 1,341,953
PEP River City Affordable Apartment Project 951 Petaluma Blvd, South:
A current proforma is attached showing the sources and uses for the development funds for the
River City Senior Housing project. PEP has secured 19 project -based vouchers, which will
offset costs, with the Santa Rosa Housing Authority and has applied for funds with the Homeless
Emergency Aid Program (HEAP) as well as funding from the Affordable Housing
Program. According to their timeline, PEP will also submit a 4% tax credit application to the
California Tax Credit Application Committee (TCAC) by January 17, 2020 and apply by
February 13, 2020 for the state HCD Veterans and Homeless funding. Should those funding
requests be approved Project construction is expected to commence in September 2020.
Regional Housing Need Allocation
The completion of this project will increase our fulfillment of Petaluma's Regional Housing
Need Allocation (RHNA) in the Very Low category by 26%. Currently, we have fulfilled 5% of
our allocation in that category, shown below:
Regional Housing Need Allocation —
2015-2023 (as of 12/31/18)
Income Category
Housing Need
issued
% of Need met
Very Low (0-50% of AMI)
199
�ermits
9
5%
ILow (51% - 80% of AMI)
103
23
22%
(Moderate (81%-120% AMI)
121
( 47
39%
Above Moderate (over 120% of
AMI
322
636
198%
ITOTAL UNITS
745
I 719
FINANCIAL IMPACTS
Paving the total request from the In -Lieu Housinz fund - If the City funded the entire $1,500,000
amount of PEP's request from the In -Lieu Housing fund, the current fund balance would cover
that amount. There is currently no anticipated new revenue expected from in lieu fees over the
next 2-3 years as the projects in the pipeline are in preliminary planning stages not currently
under construction.
hnpact — The In -Lieu Housing Fund balance would be reduced by an additional $900,000 to an
estimated balance of approximately $3 million. On the other hand, the City's HOME funding
would be freed up to be applied to another affordable housing project. City Housing staff will
seek to maximize CDBG funds and secure other new affordable housing funds proposed by the
Governor and approved by the Legislature.
PEP is applying for other federal and state project development funding. The City's In -Lieu
funds are expected to be provided and utilized at project construction expected to start in
September 2020. Therefore, the City's funds will be budgeted for the 2020-2021 fiscal year.
However, should PEP request City In -Lieu funds before July 1, 2020, in the current 2019-2020
fiscal year, staff will request Council to consider a FY 19-20 budget amendment at that time.
Also, prior to start of construction of the River City project, the Council will be asked to consider
authorization of the Disposition and Development Agreement (DDLA) that was amended in
November 2019 to be further amended regarding use of City In -Lieu funds and transfer of the
City -owned site at 951 Petaluma Blvd, South to PEP.
RECOMMENDATION
For the reasons cited above, staff recommends the Council adopt the resolution for the allocation
of an additional $900,000 of the City's In -Lieu funds to replace $900,000 in City HOME funds,
given the short time frame PEP has available to potentially secure the tax credit, state HCD
Veterans and Homeless and other funding. To fulfill the goals of the City Council to promote
and implement programs to increase affordable housing, staff is recommending revising the
existing funding allocation to the PEP project via adoption of a resolution to allocate a total of
$1,500,000 of the City's In Lieu Housing funds for the development of the PEP proposed River
City Senior low-income rental housing project at 951 Petaluma Blvd., South.
0
ATTACHMENTS
1. Resolution
2. Memorandum from Petaluma Ecumenical Properties Request for Additional City In -Lieu
Housing Funds for the Affordable Housing Development at 951 Petaluma Blvd. South
3. Sources and Uses of Funds spreadsheet for the PEP proposed River City veteran and senior
low-income rental project at 951 Petaluma Blvd. South.
ATTACHMENT 1
Resolution No. 2020 -
of the City of Petaluma, California
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PETEALUMA
ALLOCATING $1,500,000 OF HOUSING IN -LIEU FUNDS FOR THE TO PETALUMA
ECUMENICAL PROPERTIES FOR THE PROPOSED FIFTY-FOUR VETERANS AND
HOMLESS SENIOR LOW-INCOME RENTAL HOUSING DEVELOPMENT AT 951
PETALUMA BOULEVARD, SOUTH, KNOWS AS THE RIVER CITY SENIOR
APARTMENTS
WHEREAS, Petaluma Ecumenical Properties (PEP), a local affordable senior housing
development non-profit organization has requested the City of Petaluma to allocate $1,500,000
from the City's Housing In -Lieu funds for the construction of the proposed River City Housing
development; and
WHEREAS, Petaluma Ecumenical Properties (PEP) has also requested the City of
Petaluma to support the development of the proposed River City Senior low-income rental
housing project on the City -owned site at 951 Petaluma Boulevard, South; and
WHEREAS, Petaluma Ecumenical Properties (PEP) seeks other federal, state and
private financing for the construction of the River City Senior project; and
WHEREAS the City of Petaluma intends to support the development of the River City
Senior housing development by transferring title of the site at 951 Petaluma Boulevard, South
upon Petaluma Ecumenical Properties (PEP) securing the funds to build the project; and
NOW THEREFORE, BE IT RESOLVED BY THE City Council of the City of
Petaluma to allocate $1,500,000 of the Housing In -Lieu Funds to Petaluma Ecumenical
Properties for the development of the River City Senior Housing project at 951 Petaluma
Boulevard, South.
I
ATTACHMENT 2
Mary Stonnpe<rnarys@pephousing.org>
Wed 1/8/20208:05AK4
°
Carney, James.
°
Flynn, Peggy
It was nice speaking with you yesterday. I promised I would email you with a project update. Because
in February, we have to finalize our proforma. We just learned that HCD is requiring a new application
for the use of the City's HOME funds before funds can be used for a project. Our experience with HCD
and HOME is that it takes several months to get approval and funding. Due to the late nature of this
information and our requirement to finalize our proforma and the need to use the City funding early in
the construction process, we would like to move forward with all the City funds as in -lieu funds. We
believe we will be successful with this round because we are including VHHP funding which will reduce
our credit ask and make our application more competitive. We should be ready to move forward with
construction in the late summer. HOME funds will further delay our project and add a $200,000 deficit
to the project due to replacement reserves and added a transition reserve. The UMRs require a higher
replacement reserve than TCAC/CDLAC. Please consider using the HOME funds for another project like
the Mid -Pen project that is significantly behind our project schedule. Due to the pending deadline, we
have including all in lieu housing funds in our proforma. We already have a letter from Sue with the City
committing to those funds.
agenda. Thank you in advance. Let's get this project built!
Best wishes.
Stompe
Mary Executive Director
b25Acacia Lane
Santa Rosa, CAV54OV
Work: 707-762-2336
707-7h2-2336ext. )A4
wvvvv.pcnhouainz.orsz
7
Attachment 3
RIVER CITY SENIOR APARTMENTS Page 1
.:....=a t� N
Prepared For: PEP
Prepared By: California Housing Partnership Corporation
Version: Vh H P App
Revised: 1/30/2020
Filename: River City 013020 4pct VH H P App.xlsm
TABLE OF CONTENTS
TOTAL
OID
...,...�...:::...A;;�s„err,..... o ,..,...:
Sources of Funds...............................................................
1
Cash Flow (Residential)............................................
11a
Uses of Funds...................................................................
2
Cash Flow (Commercial) ..........................................
11b
Developer Fee Calculation..................................................3
AMOUNT
Outstanding Debt & Reserves (Book)..........................
12a
Unit Mix & Rental Income....................................................4
Outstanding Debt & Reserves (Tax)............................
12b
Tax Credit Calculation........................................................
5
Net Cash Flow Fee Accruals.....................................
12c
Base Year Income & Expense ..............................................
6
Schedule of Existing Debt........................................
12d
Mortgage Calculation & Bond Ratios .....................................
7
Schedule of Deductions..........................................
13
Lease-up/Placed-in-Service Schedule ...................................
8
Analysis of Taxable Income......................................
14
Net Syndication Proceeds ...................................................
9
Capital Account & Exit Tax Liability............................
15
TCAC Calculations.............................................................
10a
Investment Summary..............................................
16
TCAC Transfer Event Calculation ..........................................
10b
Net Quarterly Benefits............................................
17
SOURCES OF FUNDS - PERMANENT
: 01 A� s AN . k,
iz.
TOTAL
OID
INTEREST
INTEREST
AMOUNT
COST
RATE
AMORT (Yr)
COMMENTS
Total Permanent Debt:
2,881,000
Conventional Perm Loan
2,881,000
4.200%
30.0
Term - 15 (yrs) Index - 10YT-
1800%
Spread - 210 bps U/W Cushion - 25 bps
City of Petaluma
1,500,000
1,000%
0,800%
55.0
City of Petaluma (Land Loan)
1,300,000
1.000%
0.800%
55.0
County of Sonoma Housing Fund
600,000
3.000%
1.788%
55.0
PEP Sponsor Loan (City of Petaluma)
108,000
0,000%
0,000%
55.0
VHHP Loan
5,922,679
3.000%
3.260%
55.0
HEAP Loan
975,000
3.000%
1.788%
55.0
PEP Sponsor Loan (Home Depot)
250,000
0,000%
0,000%
55.0
Deferred Developer Fee
959,949
0.000%
0.000%
Capital Contributions
General Partner (Developer Fee)
0
General Partner (Other)
100
Limited Partners
14,742,366
Equity Pricing: Federal
0.9700
State
0.8100
TOTAL SOURCES
29,239,095
Surplus7(Shodfall)
0
PERMANENT LOAN INTEREST RATE
PERM LOAN
TRANCHE B
INVESTOR EQUITY STACK
OTHER ASSUMPTIONS
Base Rate
3.900%
3.900%
Cushion
0.250%
0.250%
LIHTC Equity (Federal+State)
14,742,366
Current AFR: 2.76%
MIP
0.000%
0.000%
Historic Tax Credit
0
AFR Month: 6/1/19
GNMAIServiang
0.000%
0.000%
Investment Tax Credit (Solar Pb
0
AFR Cushion: 0.50%
Issuer
0.050%
0.050%
4,000
Issuermin7yr
Subtotal LP Equity
14,742,366
Total IAFR: 3.26%
Trustee
0.000%
0.000%
0 perannum
Rating
0.000%
0.000%
0 perannum
CA Certificated Credit Sale
0
Remarketing
0.000%
0.000%
0 perannum
Total Investor Equity
14,742,366
Rebate Analyst
0.000%
0.000%
0 perannum
Total
4.200%
4.200%
SOURCES OF FUNDS - CONSTRUCTION
:,
INTEREST
AMOUNT
RATE TERM (Mos.)
COMMENTS
Construction Loan
16,455,142
4.464%
24
Taxable Construction Loan
4,727,825
4.464%
24
City of Petaluma
1,500,000
1.000%
24
City of Petaluma (Land Loan)
1,300,000
1.000%
24
PEP Sponsor Loan (City of Petaluma)
108,000
0.000%
24
PEP Sponsor Loan (Home Depot)
250,000
0.000%
24
Costs Deferred Until Conversion
1,863,842
See page 2 -right column
Deferred Developer Fee
959,949
Capital Contributions
LP Equity - Construction Period
General Partner (Developer Fee)
0
LP Equity used for construction
1,474,237
10.00%
General Partner (Other)
100
LP Equity used for bond collateral
0
0.00%
Limited Partners*
1,474,237
Total Equity During Constr
1,474,237
10.00%
TOTAL SOURCES
30,214,095
Surplus/(Shortfall)
975,000
Sources Less Deferred To Conversion:
28.350.253
30.066, 595
CONSTRUCTION LOAN INTEREST RATE
CONSTRUCTION
LOAN VALUATION
TAX-EXEMPT BOND DATA
Index Type:
LIBOR
Restricted NOI
230,193
50% Test (see Page 7):
59.18%
Current Index:
131%
OAR
5.00%
Issuer Inducement:
TBD
Spread:
1.75%
Perm Loan Amount
4,603,864
CDLAC Alloc; 0.00
TBD
Base Interest Rate (not including cushi
3.46%
Credit Value 0.00
0
Percent of CDLAC Allocation Use
0.00%
Cushion - Private Placement / Convent
1.00%
Perm -Only Soft
Debt
5,922,679
Const -only portion:
13,574,142
Interest Rate (All -In)
4.46%
Total Value
10,526,543
LTV:
85.00%
CDLAC Limit
22,707,500
Max. Const. Loan
Amount
8,947,562
Commitment Amount
TBD
iz.
RIVER CITY SENIOR APARTMENTS
Page 2
Uses of Funds
Demolition82,895
,535
82.895
0
82,895 0
Version:
VILHP App
0
0
0
Res Cost:
100.00%
2711 ,468
COST ALLOCATIONS
I ELIGIBLE
BASIS OTHER BAS'S
& COST A .LOCATIONS
14,659,278
0
14,659,278
Res Sq Foot:
10000%
933,211
17,282
933,211
0
933,211
0
933211
0
933,211
100,000
GC- General Co nations
1,050,752
19,458
1,050,752
0
Defened to
0
Historic
0
1,050,752
1,050,752
GC - Overhead & Profit
734,413
13,600
DEPRECIABLE
0
Completion
Land/Basis
Rehab
TO Tax
734,413
734,413
TOTAL
TOTAL NOW
NOW
265,155
CONST/
or
for
Tax Credit Credit Basis
0
TOTAL Per Unit RESIDENTIAL
RESIDENTIAL
DEPREC
RESID NON -RES
EXPENSE AMORTIZE REHAB
ACO Perm Conv
50% Test
Basis
(Solar PV)
ACQUISITION COSTS
0
120,658
120,658
Construction - Other- PhotoVoltaic System
198,927
3.684
198,927
0
198,927
0
Total Purchase Pace - Real Estate'
0
198,927
198.927
Contingency- Owners Construction
960.943
17,795
960.943
0
960,943
0
1 300,000
0
960,943
960.943
Contingency- Escalation
861,840
15,960
861,840
0
861,840
0
Total Construction Contract:
19,218,859'
861,840
861,840
610.532
11,306
610,532
0
610,532
0
Land
1,300,000 24.074
1,300,000
0
1,300,000
610.532
0 0
1,300,000
1,720
92.878
Legal -Acquisition
75.000 1,389
75.000
0
75,000
0 0
92,878
0 0
75,000
92,878
Off-site Improvements
311,730 5,773
311,730
0
0
311,730 0
311,730
0
311,730
311,730
35,000
HARD COSTS
NEW CONSTRUCTION
Demolition82,895
,535
82.895
0
82,895 0
0
0
0
0
0
Hard Costs -Unit Construction
14,659,278
2711 ,468
14,659,278
0
14,659,278
0
14,659,278
0
14,659,278
14,659,278
Site Improvements/Landscape
933,211
17,282
933,211
0
933,211
0
933211
0
933,211
100,000
GC- General Co nations
1,050,752
19,458
1,050,752
0
1,050,752
0
1,050,752
0
1,050,752
1,050,752
GC - Overhead & Profit
734,413
13,600
734,413
0
734,413
0
734,413
0
734,413
734,413
GO Insurance
265,155
4,910
265,155
0
265,155
0
265,155
0
265,155
265,155
GO Bond Premium
120,658
2,234
120,658
0
120,658
0
120,658
0
120,658
120,658
Construction - Other- PhotoVoltaic System
198,927
3.684
198,927
0
198,927
0
198.927
0
198,927
198.927
Contingency- Owners Construction
960.943
17,795
960.943
0
960,943
0
960,943
0
960,943
960.943
Contingency- Escalation
861,840
15,960
861,840
0
861,840
0
861,840
0
861,840
861,840
REHAB
SOFT COSTS
Architecture - Supervision
675,000
12,500
675,000
0
675,000
0
675,000
0
675,000
675,000
6987
Design/Engmeenng-MEP
100,000
1.852
100,000
0
100,000
0
100,000
0
100,000
100,000
1035
Design/Engmeenng - Waterproofing
96.000
1,778
96.000
0
96,000
0
96,000
0
96,000
96,000
Design/Engmeenng- Stormwater management
54.000
1,000
54.000
0
54,000
0
54,000
0
54,000
54,000
Geotech/Soils Report
20,000
370
20,000
0
20,000
0
20,000
0
20,000
20,000
Engmeenng/ALTA Survey
212.000
3,926
212.000
0
212,000
0
212,000
0
212,000
212,000
Prevailing Wage Monitor
27.000
500
27.000
0
27,000
0
27,000
0
27,000
27,000
279
Local Development Impact Fees
610.532
11,306
610,532
0
610,532
0
610.532
0
610,532
610.532
Local Permits/Fees
92,878
1,720
92.878
0
92,878
0
92,878
0
92,878
92,878
Security During Const
35,000
648
35,000
0
35,000
0
35,000
0
35,000
35,000
Real Estate Taxes During Const
10.000
185
10.000
0
10,000
0
0
10,000
0
10,000
10,000
Insurance During Const
100.000
1,852
100.000
0
100,000
0
100,000
0
100,000
100,000
1035
Appraisal
10.500
194
10,500
0
10,500
0
10,500
0
10,500
10,500
Market/Rent Comp Study
9.500
176
9,500
0
9,500
0
0
0
0
Soft Cost Contingency
239,741
4,440
239.741
0
239,741
0
239,741
0
239,741
239,741
Predev Loan Interest/Fees
25.000
463
25,000
0
25,000
0
25,000
0 0
25,000
25,000
Construction Loan Interest
1,010,073
18,705
1,010,073
0
661,139
0
348,934
661,139
0
661,139
661,139
4,576
Construction Loan Interest - Tail
105,531
1A54
105,531
0
0
0
105,531
0
0
0
0
0
Ttle/Recording/Escrow-Construction
60.000
1,111
60.000
0
60,000
0
60.000
0
60,000
60.000
Tltie/Recording/Escrow-Permanent
12,500
231
12.500
0
12,500
12,500
Mie/Recording/Escrow -Syndication
10.000
185
10.000
0
0
Legal (Owner) Construction Closing
30.000
556
30,000
0
30,000
0
30,000
0
30,000
30,000
Permanent Closing
10.000
185
10.000
0
10,000
10,000
Organrzabon of Plastic
5,000
93
5,000
0
5,000
0
Syndication - LP
45.000
833
45.000
0
45,000
0
Syndication Consulting
77.500
1,435
77.500
0
77,500
2,500
Addit/Cost Cemfcation
20,000
370
20,000
0
20,000
0
0
TCAC Appicabon/Res/Momtonng Fee
34273635
34273
0
34,273
22,140
Marketing
75,000
1.389
75,000
0
75,000
0
Capitabzed Operating Reserve (3 mos)
158,055
2,927
158,055
0
158,055
35,555
Camia6'adSubsidy Tummostion Reserve (12 mo
192,147
3.558
192,147
0
192,147
192,147
Development Consulting
95.000
1.759
95.000
0
95,000
0
95,000
0
95,000
95,000
Developer Fee
3,048.949
56,462
3,048.949
0
3,048,949
0
3,048,949
0 1,589,000
3,048,949
3,048,949
31,926
COSTS OF ISSUANCE/FINANCING FEES
Bond Counsel
55,000
1,019
55.000
0
0
0
55,000
0
0
0
0
Issuer Application Fee
2,500
46
2,500
0
0
0
2,500
0
0
0
0
15suer Fee -Upfront
24,207
448
24,207
0
0
0
24,207
0
0
0
0
Issuer Fee- Annual Dunng Const
16,455
305
16.455
0
0
0
16,455
0
0
0
0
Construction Lender Origination Fee
123,414
2,285
123.414
0
80,780
0
42,634
80,780
0
80,780
80,780
Canslmcbon Lender Expenses
34.000
630
34,000
0
22,255
0
11,745
22,255
0
22,255
22,255
Construction Lender Counsel
45,500
843
45.500
0
29,782
0
15,718
29,782
0
29,782
29,782
Penna nent Lender Expenses
10.000
185
10.000
0
0
0
10,000
0
0
0
0
Permanent Lender Counsel
15.000
278
15.000
0
0
0
15,000
0
0
0
0
Permanent Loan Origination Fee
28.810
534
28.810
0
0
0
28,810
0
0
0
0
CDLAC Fee
5.759
107
5.759
0
0
0
5,759
0
0
0
0
DEAD Fee
2,468
46
2,468
0
0
0
2,468
0
0
0
0
COI Contingency
15,000
278
15,000
0
0
0
15,000
0
0
0
0
Subtotal-Financing/Costs ofissuance
378,113
7,002
378,113
0
132,816
0
245,297
132,816
132,816
0
TOTAL DEVELOPMENT COSTS
29,239,095
541,465
29,239,095
0
1,950,597
26,432,462
0
529,465
316,570
26,432,462
0 1,863,842
27,807,462
25,300,324
244,765
TDO PerUnit
541.465
10000%
TDC Net of accrued interest
29.239,095
TDC TCAC
29.091,595
29.091,595
RIVER CITY SENIOR APARTMENTS
Developer Fee Calculation
DEVELOPER FEE CALCULATION
Maximum Base Developer Fee per TCAC
Maximum Developer Fee per HCD
Maximum Developer Fee per Local
Maximum Developer Fee per TCAC/CDLAC App
Most Restrictive Maximum Developer Fee:
ACO.
0
0.00%
0
Maximum Cash Fee per TCAC (Lesser of Calc. or Reservation Amount)
Maximum Cash Fee per HCD
Maximum Cash Fee per Local
Maximum Cash Fee per Owner
Most Restrictive Maximum Cash Fee:
DEVELOPER FEE PAYMENT SCHEDULE
0
0
0
CONST.
Fee per Base TCAC Formula
3,493,277
Percent of Total
100.00%
Max. Allowable Fee per TCAC (prorated)
3,493,277
Less: Development Consulting
(95,000)
Net Allowable
3,398,277
Less: Owner Reduction
0
Net Allowable
3,398,277
Maximum Base Developer Fee per TCAC
Maximum Developer Fee per HCD
Maximum Developer Fee per Local
Maximum Developer Fee per TCAC/CDLAC App
Most Restrictive Maximum Developer Fee:
ACO.
0
0.00%
0
Maximum Cash Fee per TCAC (Lesser of Calc. or Reservation Amount)
Maximum Cash Fee per HCD
Maximum Cash Fee per Local
Maximum Cash Fee per Owner
Most Restrictive Maximum Cash Fee:
DEVELOPER FEE PAYMENT SCHEDULE
0
0
0
Plus: Deferred Developer Fee 959,949
Plus: GP Capital 0
Total Developer Fee 3,048,949
31.48%
0.00%
TOTAL
3,493,277
100.00%
3,493,277
(95, 000)
3,398,277
0
3,398,277
3,398,277
N/A
N/A
3,048,949
3,048,949
2,405,000
2,1 13,418
N/A
N/A
2,113,418
r
� t.,;h`oa�:,IH r� Fa'...:•rm'p=4,r,trg +o.
Version: VhHP App
Page 3
Amount % of Cash Fee
% of Total Fee
Construction Close
500,000
23.93%
16.40%
Interim Milestone 1
-
0.00%
0.00%
Interim Milestone 2
0.00%
0.00%
Interim Milestone 3
0.00%
0.00%
Completion
-
0.00%
0.00%
Conversion
1,439,000
68.88%
47.20%
Final LP Pay -in 1
100,000
4.79%
3.28%
Final LP Pay -in 2
50,000
2.39%
1.64%
Total: Cash Fee
2,089,000
Plus: Deferred Developer Fee 959,949
Plus: GP Capital 0
Total Developer Fee 3,048,949
31.48%
0.00%
TOTAL
3,493,277
100.00%
3,493,277
(95, 000)
3,398,277
0
3,398,277
3,398,277
N/A
N/A
3,048,949
3,048,949
2,405,000
2,1 13,418
N/A
N/A
2,113,418
r
� t.,;h`oa�:,IH r� Fa'...:•rm'p=4,r,trg +o.
Version: VhHP App
Page 3
RIVER CITY SENIOR APARTMENTS Page
;':.:rr& Rental Income � ......................
.....................:........ .. .. ...
.......:................. w^1.....>;.
Unit Mix Version: VhHP App
UTILITY ALLOWANCES OBR 1BR 2BR 3BR 4BR 5BR1
AVERAGE AFFORDABILITY FOR VASH 72
LIHTC UNITS (% of Median) 39.53 % Non-VASH 72
9% TCAC INCOME TARGETING POINTS: 50.001
RENT LIMITS AS OF YEAR: 20191
RESIDENTIAL INCOME
LIHTC _. Tier PIVER
PI
VEP Cf TY V.ibFt Rent/In-P., TCA. 30% 0 VASH SUBSIDIZED
TOTAL 5 3,690 44,280 0 0 0 44,280
1LIHTC -Tier s
Unit
Actual
Per Unit Per Unit Per Unit
Total
Total
# of Per Unit Net
Per Unit
Total
Total
Total
Unit
Floor Rent TCAC
Monthly Regulatory Actual Net Monthly Net Annual
Net Subsidized
Per Unit Per Unit Per Unit
Subsidy
Subsidy
Monthly
Annual
Annual
Type Number
Area
AMI %
Gross Rent Net Rent Rent
Rent
Rent
Units
Rents
increment
Subsidy
Subsidy
Income
IBR 19
642
30%
607 535 535
10,165
121,980
19
1,519
984
18,696
224,352
346,3321
TOTAL 19
1BR 21
642
50%
10,165
121,980
19
0
0
18,696
224,352
346,332
All 19 are VHHP units
TOTAL 21
19,740
236,880
0
0
0
LIHTC - Tier 2
RIVER GrY
Rent/Income Per- TCAC
30%
0
NOT
0
Unit
Actual
Per Unit Per Unit Per Unit
Total
Tota.
# of Per Unit Net
Per Unit
Tota
Total
Total
Unit
Floor Rent TCAC
Monthly Regulatory Actual Net Monthly Net Annual
Net Subsidized
Subsidy
Subsidy
Monthlyl
Annual
Annual
Type Number
Area
AMI %
Gross Rent Net Rent Rent
Rent
Rent
Units
Rents
increment
Subsidy
Subsidy
Income
113 1
642
30 %
607 535 535
535
6.420
0
0
0
0
0
6.420
TOTAL 1
535
6,420
0
0
0
6,4201
Thus Is a VHHP unit
(keeping as a
separate her
for now in case we are able to use 2 Uas
1LIHTC -Tier 3
RIVEii CI'T'Y
Rent/Income Per TCAC
35%
0
NOT
0
Unit
Actual
Per Unit Per Unit Per Unit
Total
Tota.
# of Per Unit Net
Per Unit
Total
Total
Total
Unit
Floor Rent
TCAC
Monthly Regulatory Actual Ne[ Monthly Net Annual
Net Subsidized
Subsidy
Subsidy
Monthly
Annual
Annual
Type Number
Area
AMI %
Gross Rent Net Rent Rent
Rent
Rent
Units
Rents
increment
Subsidy
Subsidy
Income
1BR 7
642
35%
708 636 636
4,452
53.424
0
0
0
0
0
53.424
TOTAL 7
4,452
53,424
0
0
0
53,4241
2 of these are VHHP
units
LIHTC - Tier 4
NiVLN'Ci t
Rent/Income Per. TCAC
40%
0
NOT
0
Unit
Actual
Per Unit Per Unit Per Unit
Total
To.
ta
# of Per Unit Net
Per Unit
Total
Total
Tota:
Unit
Floor Rent
TCAC
Monthly Regulatory Actual Net Monthly Net Annual
Net Subsidized
Subsidy
Subsidy
Monthly
Annual
Annual
Type Number
Area
AMI %
Gross Rent Net Rent Rent
Rent
Rent
Units
Rents
increment
Subsitly
Subsidy
Income
1 BR 5
642
40%
810 738 738
3.690
44.280
0
0
0
0
0
44.280
TOTAL 5 3,690 44,280 0 0 0 44,280
1LIHTC -Tier s
RIVER CtFY
Units
Rent/Income Per. TCAC
50%
0
Units With With
NOT
0
Actual
Per Unit
Per Unit
Per Unit
Unit
Actual
Per Unit Per Unit Per Unit
Total
Total
# of Per Unit Net
Per Unit
Total
Total
Tota:
Unit
Floor Rent
TCAC
Monthly Regulatory Actual Net Monthly Net Annual
Net Subsidized
Rent
Subsidy
Subsidy
Monthly
Annual
Annual
Type Number
Area
AMI %
Gross Rent Net Rent Rent
Rent
Rent
Units
Rents
increment
Subs
Subsidy
Income
1BR 21
642
50%
1.012 940 940
19,740
236.880
0
0
0
0
0
236.8801
TOTAL 21
19,740
236,880
0
0
0
236,8801
Staff Units -Site 1 PIVER CITY
Units
Units
COMMERCIAL INCOME
Test DTest
Per Unit
Units With With
Units With With
Unit
Actual
Per Unit
Per Unit
Per Unit
Total
To.
ta
Unit
FloorRent
TCAC
Monthly Regulatory Actual Net Monthly
Net Annual
Net
Type Number
Area
AMI %
Gross Rent
Net Rent
Rent
Rent
Rent
2BR 1
980
0%
0
0
0
0
0
TOTAL 1
Commeraal Tenant 4
TOTAL
10,00
540
6,480
0
0
TOTAL RESIDENTIAL INCOME
Tota: Total Monthly Annual Monthly Annual Monthly
Monthly Annual No Section 8 Section 8 VASH VASH Test C Annual Test
Number Net Rent Rent Income Income Income Income Income .income
LIHTC 53 38,582 462,984 0 0 18,696 224,352 0 0
Non-LIHTC 0 0 0 0 0 0 0 0 0
Staff Units 1 0 0 0 0 0 0 0 0
TOTAL 54 38,582 462,984 0 0 18,696 224,352 0 0
MISCELLANEOUS INCOME
Units
Units
COMMERCIAL INCOME
Test DTest
Per Unit
Units With With
Units With With
Without
Income
Per
Monthly
Annual
Subsidy
Total Units
Month
Tota:
Total
0
Laundry I Vending
10.00
540
6,480
Commercial Tenant 1
Other
000
0
0
Commercial Tenant 2
Parking
000
0
0
Commeraal Tenant 3
0
4BR
0 0
0 0
Commeraal Tenant 4
TOTAL
10,00
540
6,480
Commeraal Tenant 5
0
TOTAL
0 19
0 0
Commercial Tenant 6
541
Commerce Tenant 7
TOTAL
SUBSIDIZED UNIT MIX SUMMARY
I
Monthly
Units
Units
Units
Test DTest
Unit
Units With With
Units With With
Without
Income
Type
Section 8 VASH
Test C Test D
Subsidy
Total Units
OUR
0 0
0 0
0
0
1FR
0 19
0 0
34
53
2BR
0 0
0 0
1
1
3BR
0 0
0 0
0
0
4BR
0 0
0 0
0
0
5 B
0 0
0 0
0
0
TOTAL
0 19
0 0
35
541
I
Monthly
Annual
Grand
Total
Test DTest
D
Total
Floor
Income
Income
Income
Area
0
0
687,336
34,026
0
0
0
0
0
0
0
980
0 0 687,336 35,0061
'
Monthly Annual Annual
Rental Rental Monthly NNN NNN
Floor Area Income Income Income Income
0
0
0
0
0
0
0
0 0 0 0 0 I
RIVER CITY SENIOR APARTMENTS
Calculation of Tax Credits Version: VhHP App
TOTAL ELIGIBLE COSTS
Less:
50% Energy Investment Tax Credit (Res. Portion)
Historic Tax Credit (Res. Portion)
Non -Eligible Federal Financing
Non -Eligible Grants
Soft Loan Basis Deduction
lVoluntary Reduction for Tie -Breaker
ELIGIBLE BASIS
Threshold Basis Limit
TBL: Exclude GP Cap/DDFfor 4%/State
REQUESTED UNADJUSTED ELIGIBLE BASIS (For Tiebreaker)
HIGH COST ADJUSTMENT (Y or N) Y
A in 2020 (951 Petaluma Blvd. S. Petaluma, CA 94952) with *?
ADJUSTED ELIGIBLE BASIS
APPLICABLE FRACTION*
QUALIFIED CREDIT BASIS
CREDIT RATE (TCAC UNDERWRITING) State - Total
Federal Annual/Yr 1-3 State
Year 4 - State
Page 5
MAX. POTENTIAL FEDERAL CREDIT (No Vol Basic Reduct/Actaal Rate)
FEDERAL
Credit Rates 3.18%
3.18%
CALIFORNIA
1,113,335 1,113,335
Credit Rate Locked? NO
CONST/
MAX. CREDIT AMOUNT PER TCAC UNDERWRITING
CONST/
1,113,335 1,113,335
ACQUISITION
REHAB
TOTAL
ACQUISITION
REHAB
TOTAL
0
26,432,462
26,432,462
0
26,432,462
26,432,462
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
(10,200,000)
(10,200,000)
0
26,432,462
26,432,462
0
16,232,462
16,232,462
55, 073,157
959,949
0
26,432,462
26,432,462
0
16,232,462
16,232,462
100.0%
130.0%
100.0%
100.0%
0
34,362,201
34,362,201
0
16,232,462
16,232,462
100.0%
100.0%
100.0%
100.0%
0
34,362,201
34,362,201
0
16,232,462
16,232,462
13.0%
30.0%
3.24%
3.24%
3.18%
9.00%
3.46%
3.00%
MAX. POTENTIAL FEDERAL CREDIT (No Vol Basic Reduct/Actaal Rate)
Credit Rates 3.18%
3.18%
Potential Credit 0
1,113,335 1,113,335
Credit Rate Locked? NO
MAX. CREDIT AMOUNT PER TCAC UNDERWRITING
Federal Annual/Yr 1 State 0
1,113,335 1,113,335
Yr 2 State
Yr 3 State
Yr4 State
Total
MAX PER PROJECT ALLOCATION (9% ONLY)
ACTUAL TCAC CREDIT RESERVATION
Federal Annual/Total State
MAXIMUM ALLOWABLE CREDITS (Lesser of above)
Federal Annual/Total State
MAXIMUM ALLOWABLE - TEN YEAR TOTAL
FIRST YEAR CREDIT CALCULATION (Federal)
Actual Basis Method? Y
Maximum Potential Federal Credit w/ Actual Basis -Annual
Wgt Avg Lease -up (from Page 7)
Maximum Potential Prorated Credit w/ Actual Basis
TCAC Credit Reservation -Annual
First Year Credit (Lesser of Above)
r
min-,
N/A N/A N/A
0 1,113,335 1,113,335
11,133,353
0 2,378,922 2,378,922
0 2,378,922 2,378,922
0 111,895 111,895
0 0 0
0 4,869,739 4,869,739
N/A N/A N/A
4,869,739
Per unit 90,180
4,869,739
Acquisition Rehab/NC "A" Bldgs: Acq Rehab/NC "B" Bldgs: Acq Rehab/NC
0 1,113,335 0 1,113,335 0 0
66.8% 66.8% 0.0% 0.0%
0 743,974 0 0
0 1,113,335 0 1,113,335 0 0
0 743,974 0 0
RIVER CITY SENIOR APARTMENTS
Base Year Income & Expense Version: VhHP App
INCOME
Scheduled Gross Income - Residential
Total Gross Subsidy Income - VASH
Misc. Income
Vacancy Loss - Residential
Vacancy Loss - VASH
EFFECTIVE GROSS INCOME
EXPENSES - RESIDENTIAL
Administrative
Advertising
Legal
Accounting/Audit
Security
Other: Misc. Admin
Total Administrative
Management Fee
Utilities
Fuel
Gas
Electricity
Water/Sewer
Internet
Total Utilities
Payroll/Payroll Taxes
On -Site Manager/Office Admin
Maintenance Payroll
Manager Unit Expense/(Credit)
Payroll Taxes/Benefits
Total Payroll/Payroll Taxes
Insurance
Maintenance
Painting
Repairs
Trash Removal
Exterminating
Grounds
Elevator
Other
Total Maintenance
Other
Annual Post Construction BMP Inspection
Misc. Tax/License
SPONSOR OPEX INFLATOR TO COMPLETION
Total Other
Resident Services
Tenant Services
Mental Illness Counseling
Total Resident Services
Replacement Reserve
Real Estate Taxes
TOTAL EXPENSES - RESIDENTIAL
Per Unit PerAnnum (incl. Reserves)
Per Unit Per Annum (w/o taxes/res/svc))
TCAC Minimum (w/o taxes/res/svc)
TOTAL EXPENSES - COMMERCIAL
NET AVAILABLE INCOME
Less: Mandatory Annual HCD Payment (Grossed Up for DSCR Factor)
Less: Local Compliance Fee
ADJUSTED NET AVAILABLE INCOME: TOTAL
ADJUSTED NET OF COMMERCIAL:
ADJUSTED NET AVAILABLE INCOME: NET OF OP SUBSIDY
Debt Service Coverage Ratio
AVAILABLE FOR DEBT SERVICE (OP SUBSIDY OVERHANG)
NET AVAILABLE INCOME AFTER SENIOR DEBT SERVICE
r
5.0%
5.0%
Page 6
462,984
224,352
6,480
(23,473)
(11,218)
659,125
225
1,500
15,906
12,500
11,560
3,500
41,691
11,340
46,656
0
46,270
0
9,500
25,000
2,250
2,800
30,000
36,750
50,000
40,000
0
80,000
35,650
32,400
125,650
16,600
0
9,200
12,200
930
9,100
3,500
11,340
46,270
2,000
800
0
2,800
30,000
50,000
0
80,000
32,400
115
428,932
7,943
5,860
4,100
1.15
0
230,193
(28,607)
(3,710)
197,877
197,877
(15,258)
1.15
185,334
25,810
RIVER CITY SENIOR APARTMENTS
Mortgage Calculation/Bond Ratios Version: VhHP App
PERM LOAN
Page 7
Uses baseline year NOI; includes annual fees
Financing Type:
Conventional Perm Loan
Underwriting Maximum
Constraint Loan Amount
Rate:
4.150%
Debt Service Coverage
1.15 2,881,189
Term (mths):
360
Lender Commitment
NA
NOI for DS:
197.877
Max PMT @ DSCR:
172,067
MAXIMUM MORTGAGE
2,881,189
Annual Fees:
4 000
Annual DS Payment
168,067
INTEREST RATE STACK
PERM LOAN
Base Rate
3.9000%
Cushion
0.2500%
MIP
0.0000%
GNMA/Servicing
0.0000%
Issuer
0.0500%
Trustee
0.0000%
Rating
0.0000%
Remarketing
0.0000%
Rebate Analyst
0.0000%
TOTAL
4.2000%
DCR
1.15
LOAN AMOUNT COMPARISON
SELECTED 1
PERM LOAN
2,881,189 2,881,189
TRANCHE B
0 0
221(d)(4)
2,634,512 0
BOND/ REHABILITATION RATIOS
Tax -Exempt Financing Ratio
CDLAC Allocation Limit
Effective Date Limits
11/1/18
Units
Per -Unit Limit
Total Limit
Studio and SRO
0
402,500
0
One BR
53
420,000
22,260,000
Series A Bonds
2,881,000 Two BR
1
447,500
447,500
Series B Bonds
0 Three BR
0
492,500
0
Short Term Bonds (Construction Loan Portior
13.574.142 Four BR or More
0
517,500
0
TOTAL TAX-EXEMPT FINANCING
16,455,142
TOTAL
22,707,500
TOTAL BASIS + LAND ALLOCATION
27,807,462
Potential Bond Size
8,947,562
Over/(Under)
-13,759,938
Percent Tax -Exempt Financing
59.18%
Page 7
RIVER CITY SENIOR APARTMENTS
Lease -Up / Placed -in -Service Schedule
SCHEDULE
Completed Lease Up by Month I
Start of Construction
September 1. 2020
Completion
March 1, 2022
100% Occupancy
June 1, 2022
Conversion
September 1, 2022
Form(s) 8609
December 1. 2022
LIHTC SCHEDULE LIHTC SCHEDULE -- 2/3 CREDITS
SINGLE BUILDING / MULTIPLE BUILDINGS - GROUP A SINGLE BUILDING / MULTIPLE BUILDINGS - GROUP A
1st Tax Credit Year. 20221 1 st Tax Credit Year: 20231
Version: VhHP App
OPERATIONS SCHEDULE
YEAR 1
2022
Page 8
Completed Lease Up by Month I
Completed Lease Up by Month I
Completed Lease Up by Month
Month
No. Units
Percent)
Month
No. Units
Percent)
Month
No. Units
Percent
Jan -22
0
0.0%
Jan -23
0
0.0%
Jan -22
0
0.0%
Feb -22
0
0.0%
Feb -23
0
0.0%
Feb -22
0
0.0%
Mar -22
0
0.0%
Mar -23
0
0.0%
Mar -22
0
0.0%
Apr -22
18
34.0%
Apr -23
0
0.0%
Apr -22
18
33.3%
May -22
18
34.0%
May -23
0
0.0%
May -22
18
33.3%
Jun -22
17
32.1%
Jun -23
0
0.0%
Jun -22
18
33.3%
Jul -22
0
0,0%
Jul -23
0
0,0%
Jul -22
0
0,0%
Aug -22
0
0.0%
Aug -23
0
0.0%
Aug -22
0
0.0%
Sep -22
0
0.0%
Sep -23
0
0.0%
Sep -22
0
0.0%
Oct -22
0
0.0%
Oct -23
0
0.0%
Oct -22
0
0.0%
Nov -22
0
0.0%
Nov -23
0
0.0%
Nov -22
0
0.0%
Dec -22
0
0,0%
Dec -23
0
0,0%
Dec -22
0
0.0%
Total
53
100.0%
Total
0
0.0%
Total
54
100.0%
Total Avg % Qual. Occ.
66.8 %
Total Avg % Qual. Occ.
0.0 %
Total %Operating in First Year
66.7
MULTIPLE BUILDINGS
- GROUP B
MULTIPLE BUILDINGS -
GROUP B
YEAR 2 (cumulative)
2023
1st Tax Credit Year:
2023
1st Tax Credit Year:
2024
Month
No. Units
Percent
Month
No. Units
Percent
Month
No. Units
Percent
Jan -23
0
0.0%
Jan -24
0
0.0%
Jan -23
54
100.0%
Feb -23
0
0.0%
Feb -24
0
0.0%
Feb -23
0
0.0%
Mar -23
0
0.0%
Mar -24
0
0.0%
Mar -23
0
0.0%
Apr -23
0
0,0%
Apr -24
0
0,0%
Apr -23
0
0.0%
May -23
0
0.0%
May -24
0
0.0%
May -23
0
0.0%
Jun -23
0
0.0%
Jun -24
0
0.0%
Jun -23
0
0.0%
Jul -23
0
0.0%
Jul -24
0
0.0%
Jul -23
0
0.0%
Aug -23
0
0.0%
Aug -24
0
0.0%
Aug -23
0
0.0%
Sep -23
0
0.0%
Sep -24
0
0.0%
Sep -23
0
0,0%
Oct -23
0
0.0%
Oct -24
0
0.0%
Oct -23
0
0.0%
Nov -23
0
0,0%
Nov -24
0
0,0%
Nov -23
0
0.0%
Dec -23
0
0.0%
Dec -24
0
0.0%
Dec -23
0
0.0%
Total
0
0.0%
Total
0
0.0%
Total
54
100.0%
Total Avg % Qual. Occ.
0.0%
Total Avg % Qual. Occ.
0.0%
Total % Operating in 2nd Year
100.0%
PIS SCHEDULE FOR BUILDING BASIS
DEPRECIAT ON
PIS SCHEDULE FOR REHAB/NC BASIS DEPRECIATION
PIS SCHEDULE FOR SITEWORK/PERS.
PROP. DEPRECIATION
YEAR 1
YEAR 1
YEAR 1
Mid -Month Convention
2022
Mid -Month Convention
2022
Mid -Year Convention
2022
Bldg. PIS by Month
Bldg. PIS by Month
Bldg. PIS
by Month
Month
No. Units
Dep. Percent
Month Building
No.
No. Units
Percent
Month
Building No.
No. Units
Percent
Jan -22
0
0.0%
Jan -22
0
0
0.0%
Jan -22
0
0
0.0%
Feb -22
0
0.0%
Feb -22
0
0
0.0%
Feb -22
0
0
0.0%
Mar -22
0
0.0%
Mar -22
1
54
4.2%
Mar -22
1
54
0.0%
Apr -22
18
1,4%
Apr -22
0
54
83%
Apr -22
0
0
0,0%
May -22
36
4.2%
May -22
0
54
8.3%
May -22
0
0
0.0%
Jun -22
54
6.9%
Jun -22
0
54
8.3%
Jun -22
0
0
0.0%
Jul -22
54
8.3%
Jul -22
0
54
8.3%
Jul -22
0
0
8.3%
Aug -22
54
8.3%
Aug -22
0
54
8.3%
Aug -22
0
0
8.3%
Sep -22
54
8.3%
Sep -22
0
54
8.3%
Sep -22
0
0
8.3%
Oct -22
54
8.3%
Oct -22
0
54
8.3%
Oct -22
0
0
8.3%
Nov -22
54
83%
Nov -22
0
54
83%
Nov -22
0
0
83%
Dec -22
54
8.3%
Dec -22
0
54
8.3%
Dec -22
0
0
8.3%
TOTAL
54
62.5%
TOTAL
54
79.2%
TOTAL
54
50.0%
Total Avg % PIS Y1
62.5%
Total Avg % PIS Y1
79.2%
Total Avg % PIS Y1
50.0%
YEAR 2 (cumulative)
YEAR 2 (cumulative)
YEAR 2 (non -cumulative)
Jan -23
54
8.3%
Jan -23
0
54
8.3%
Jan -23
0
0
8.3%
Feb -23
54
8.3%
Feb -23
0
54
8.3%
Feb -23
0
0
8.3%
Mar -23
54
8.3%
Mar -23
0
54
8.3%
Mar -23
0
0
8.3%
Apr -23
54
8.3%
Apr -23
0
54
8.3%
Apr -23
0
0
8.3%
May -23
54
8.3%
May -23
0
54
8.3%
May -23
0
0
8.3%
Jun -23
54
8.3%
Jun -23
0
54
8.3%
Jun -23
0
0
8.3%
Jul -23
54
8.3%
Jul -23
0
54
8.3%
Jul -23
0
0
8.3%
Aug -23
54
8.3%
Aug -23
0
54
8.3%
Aug -23
0
0
8.3%
Sep -23
54
8.3%
Sep -23
0
54
8.3%
Sep -23
0
0
8.3%
Oct -23
54
8.3%
Oct -23
0
54
8.3%
Oct -23
0
0
8.3%
Nov -23
54
83%
Nov -23
0
54
83%
Nov -23
0
0
83%
Dec -23
54
8.3%
Dec -23
0
54
8.3%
Dec -23
0
0
8.3%
TOTAL
54
100.0%
TOTAL
54
100.0%
TOTAL
0
100.0%
Total Avg % PIS Y2
100.0%
Total Avg % PIS Y2
100.0%
Total Avg % PIS Y2
100.0%
RIVER CITY SENIOR APARTMENTS
Calculation of Net Syndication Proceeds
Version: VhHP App
Total Federal Credit (10 yr) & State Credit
16,003,092
Total Federal Credit
11,133,353
Total State Credit
4,869,739
Gross Proceeds (Total)
14,742,366
Gross Proceeds - Federal Credit
10, 798,273
Gross Proceeds - State Credit
3,944,094
Gross Proceeds (net of Energy/Historic Credit Proceeds)
14,742,366
Less: LP Syndication Costs
Attorney
50,000
Accountant
20,000
Consulting
77,500
Other:
Total Syndication Costs
147,500
Total Syndication Costs/Gross Proceeds
0.01
% (Syndication Load)
Net Proceeds
14,594,866
Net Proceeds/Total Fed and State Credit
0.912003
tax credit price
Gross Proceeds (Total)/Total Fed and State Credit
0.921220
tax credit price
Gross Proceeds - Federal/State Disaggregated
Federal
0.970000
tax credit price
State
0.810000
tax credit price
Net Proceeds - Federal/State Disaggregated
Federal
0.960199
tax credit price
State
0.801816
tax credit price
Certficated State Credits
Total State Credit Certificates
0
Gross Proceeds from Certificated Credits
0
Gross Proceeds/Certificated Credit 0.81000
Total Equity
Gross Proceeds from LIHTC
14,742,366
Gross Proceeds from Energy Credit
0
Gross Proceeds from Historic Credit
0
Total Equity
14,742,366
RIVER CITY SENIOR APARTMENTS
. ..................................... ............... ....
TCAC Calculations & Scoring
Version: VhHP App
THRESHOLD BASIS LIMIT
26,432,462
Total Eligible Basis Net of Developer Fee
23,288,513
Total HCD Adjusted Threshold Basis Limit
25,987,382
County:
Sonoma
Adjusted Threshold Basis Limit Multiplied by 160%
41,579,812
Total Eligible Basis - High Cost Test for Dev Fee Calc.
25,788,513
9% or 4% credits:
4%
Total Adjusted TBL (Net of Boosts for Affordability)
25,987,382
Amount Over/(Under) 160% Limit
(15,147,349)
Year:
2020
Cash Fee Factor
100.383%1
Base Limits for Geographic Region
Threshold Basis Limit for This Project
Per Unit
Unit Type 9%
4%
Unit Type # Units
Basis Limit
Total
0 BR 268,043
312,334
0 BR 0
312,334
0
1 BR 309,051
360,118
1 BR 53
360,118
19,086,254
2 BR 372,800
434,400
2 BR 1
434,400
434,400
3 BR 477,184
556,032
3 BR 0
556.032
0
4 BR 531,613
619,454
4 BR 0
619,454
0
5 BR 531,613
619,454
5 BR 0
619.454
0
54
19,520,654
Energy/Resource Efficiency Boosts
Additional Basis Adjustments
Boost for Prevailing Wage
20,0%
3,904,131
Renewables (50% tot./90 % area)
0%
Boost for Project Labor Agreement
0,0%
Renewables (75% CA/90% area)
0%
Boost for Parking beneath Units
0.0%
Title 24 + 15%
0%
Boost for Childcare
0.0%
Post -rehab improvement > 80%
0%
Boost for 100% Special Needs
0.0%
Greywater landscaping
0%
Boost for elevator service
10.0%
1,952,065
Community gardens > 60 s.f.
0%
Subtotal Boost
30.0%
5,856,196
Natural flooring kitchens
0%
Boost for Energy / Resource Efficiency
0.0%
0
Natural flooring common area
0%
Toxic/Seismic Abatement Costs
0,0%
0
EPA Indoor Air Plus Program met
0%
Local Development Impact Fees
610,532
High Opportunity Area
0%
0
BONDS: Boost for units <= 50% AMI (excl.
CA credit projec
1.0%
9,565,120
Subtotal Efficiency (Max 10%)
0%
BONDS: Boost for units <= 35% AMI (excl.
CA credit projec
2.0%
19,520,654
Total Threshold Basis Limit
55,073,157
Potential Eligible Basis (Less DDF/GP for 4%/state)
27,392,412
Eligible Basis Surplus / Deficit
27,680,745
TCAC HIGH COST TEST
Total Eligible Basis 26,432,462
Total Adjusted TBL (Net of Fee Waivers) 55,073,157
Percentage of ATBL 47.995%
Amount Over/(Under) 130% Limit (45,162,641)
Page 10a
HCD HIGH COST TEST I HIGH COST TEST FOR HCD CASH DEVELOPER FEE CALCULATION
Total HCD Eligible Basis
26,432,462
Total Eligible Basis Net of Developer Fee
23,288,513
Total HCD Adjusted Threshold Basis Limit
25,987,382
Cash Developer Fee allowed by TCAC for 4% projects
2,500,000
Adjusted Threshold Basis Limit Multiplied by 160%
41,579,812
Total Eligible Basis - High Cost Test for Dev Fee Calc.
25,788,513
HCD high cost test result
101.713%
Total Adjusted TBL (Net of Boosts for Affordability)
25,987,382
Amount Over/(Under) 160% Limit
(15,147,349)
Hiqh Cost Factor
99.235%
Cash Fee Factor
100.383%1
i,.
RIVER CITY SENIOR APARTMENTS
15 -Year Cash Flow
Assumptions
Vereton: Vh HP App
Page lla
Rent Increase Resldenhal Tenant Reni
2 00"°
0
Penn Loan - °" Debt Svc Yr -1
0 0"°
30,410
31,634
32762
33787
34704
35,50]
36,189
36744
3],165
3],446
37,578
37,555
3],368
3],009
36,471
35743
Rent Incmase -Section 8
2 00"r"
Penn Loan -"6 Debt Svc Yr 0
0 0"r"
Rent increase-VASH
211W,
0
P- Loan -°°Debt Svc Yr1
333°"
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Rent Incmase Commercial Rents
2 00°"
Penn Loan -% Debt Svc Yr 2
100 0°"
Expenses increase
300°x"
0
Penn Loan -°a Debt Svc Yr3
1000°°
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Reserve Increase
000"°
Rpardrral Rec.rnK loans T.tai"-"
Credit Period Year:
(1) 01
2
7
4
5
5
7
8
9
10
11
11
13
14
15
16
17
C4vof Petaluma
1609""
2020 2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2031
2033
2034
2035
2036
2037
2038
GR OSS POTENTIAL INCOME -RESIDENTIAL
CRy of Petaluma ILand Loan)
13 94"fi
0 0
308,656
469157
478,540
488,111
497,873
50]831
51],98]
528,347
538,914
549692
560,686
571,900
583,338
595005
606,905
619,043
631,424
Incremental Income VASH
County of Sonoma H. -'D Fund
6 44""
0 0
149,568
22]343
231,890
236,528
241,259
246084
251,005
256,026
261.146
266369
211,6%
2]],130
282,6]3
288326
294,093
299,9]5
305,9]4
Mrsc Income
VHHP Loan
General Partner
63 53"r"
90 00""
0 0
4,320
6 S6fi
6,698
6,832
6 968
7108
],250
],395
] 543
] fi94
],047
8,004
8 164
8 328
8,494
8,664
8 838
Vacancy Loss-Resrden0al
50°�
10 009°
0 0
(15,6491
(23786)
(24,2621
(24]4](
(25,2421
(2574])
(2F, 2621
(26,]87(
(2],3231
(278'91
(284271
(28,9951
(29,5751
(30 167)
(30,]701
(31,3851
(32,0131
Vacancy Loss-VASH
50"r..
0 0](
4]81
1l 13671
1t 15951
11 18261
1( 2,0631
1l 2304
11 25501
1t z861
1( 3,05711(
33181t
35851
N 3,85]11(
4.13411(
441fi1
1t 4,]051
11 4,9991
1( 5,2991
GROSS EFFECTIVE INCOME
TOTAL Cl-,umuto LP
0 0
439,417
F67 A14
681272
694,897
708795
722 A71
737431
752179
767223
782 567
]98,219
814,183
830467
84]0]6
864,01]
881298
898924
Operating Expenses vul5tandartl Inflator
30""
90"
0 0
264,355
404463
416,59]
429,094
441,967
455226
468,883
482,950
497,438
512361
52],]32
543,564
559,871
576 667
593,96]
611,786
630,140
TOTAL EXPENSES
Excess Dlstnbuhons to GP
0 0
264 355
404 463
416 597
42094
441=167
455 226
468 883
482 950
497 438
512 361
527 732
543 564
559 871
576 667
593 967
611 786
630 140
Tofal E4pe--ResldenNal
30':"
0 0
264355
404463
416,597
429094
441,967
455226
468,883
482950
497438
512361
527,732
543564
559871
576667
593,967
611786
630,140
T.fai Expenses - C.mm.rclal
30°-�
0 0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
NET OPERATING INCOME
0 0
175,062
263451
264,675
265,803
266,828
26]]45
268,54]
269,230
269,785
270206
270486
270,619
270,596
270409
2]0,050
269,512
268,784
REPLACEMENT RESERVE
3?400
0 0
21,600
32400
32,400
32,400
32400
32400
32,400
32,400
32400
32400
32,400
32,400
32,400
32400
32,400
32,400
32400
Mandatory Annual HOD P--0
42""
0 0
0
24 875
24 875
24 875
24 875
24 875
24 875
24 875
24 875
24 875
24 875
24 875
24 875
24 875
24 875
24 875
24 875
Local Compliance Fee
3710
0 024]3
3710
3]10
33_10
3]10
3 7
3]10
33_10
3]10
3 7
3]10
33_10
3]10
3 7
3]10
33_10
3]10
NET REMAINING INCOME
0 0
150.989
202466
203,690
204,818
205.843
206760
20],562
208,244
208,799
209221
209,501
209,634
209,610
209424
209,065
208,526
207.799
PERM LOAN Conventlonai
Penn
Loan
Pnnclpai Balance (Ending)
2,881,000
0 0
2868,834
2,818893
2,]66,838
2]12,582
2656031
2,59]088
2,535,652
24]1617
2404,8]3
2,335306
2262,]9]
2187221
2108448
2,026343
1940,]65
1851,56]
1758,596
Annual Issuer Fee
4,000
0050°"
0 0
0
4660
4,000
4,000
4,000
a600
4,000
4,000
4,000
4660
4,000
4,000
4,000
4660
4,000
4,000
4,000
P._ Loan P&I
168 056
0 0
42,014
168 056
168,056
168,056
168,056
168 056
168,056
168,05'
168,056
168 056
168,056
168,056
168,056
168 056
168,056
168,05E
168,056
nteres[Payment
0 0
29,848
118114
116,001
113,800
111,505
109113
106,619
104,021
101,312
98489
95,546
92,4]9
89,283
85951
82,478
]8,858
]5.085
Pnnupal Payment
0 0
12 166
49 942
52 054
54 256
56 551
58 943
61 436
64 035
66 744
69 567
72 509
75 576
78 773
82 105
85 578
89 198
92071
TOTAL SERIES A DEBT SERVICE
0 0
42 014
172 056
172,056
1]2,056
172 056
172 GOO
172,056
1]2,056
172 056
172 GOO
172,056
172,056
172 056
172 GOO
172,056
1]2,056
172 056
NET COMMERCIAL CASH FLOW
0 0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
NET CASH FLOW
0 0
108,9]5
30,410
31,634
32,762
33,787
34,704
35,50]
36,189
36,744
3],165
37,446
37,578
37,555
3],368
37609
36,471
35,743
Remarmnq Net Gash Flow
0 0
108975
30410
31,634
32,762
33,787
34704
35,50]
36,189
36,744
3]165
37,446
37,578
37,555
3]368
37,009
36,471
35,743
Debt Service Coverage Ra[lo IAII Debt,
NA NA
1 15
1 18
1 18
1 19
1 20
1 20
1 21
1 21
1 21
1 22
1 22
1 22
1 22
1 22
1 22
1 21
1 21
Debt Service Coverage Rah. IExciudrn. Sub.ldmate
Debt)
NA NA
1 15
1 18
1 18
1 19
1 20
1 20
1 21
1 21
1 21
1 22
1 22
1 22
1 22
1 22
1 22
1 21
1 21
DISTRIBUTION OF CASH FLOW
DDF I AnnualAmt
0
0
0
108,9]5
30,410
31,634
32762
33787
34704
35,50]
36,189
36744
3],165
3],446
37,578
37,555
3],368
3],009
36,471
35743
DDF N-tnferest Rate
2 00°1
LP AMFI AnnuatAmt
7500
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Inflator
1 00""
GPPMF2 AnnflalAmt
25,0001
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Inflator
1 00¢"
Rpardrral Rec.rnK loans T.tai"-"
50001"
C4vof Petaluma
1609""
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
CRy of Petaluma ILand Loan)
13 94"fi
0
0
0
0
0
0
0
0
0
0
0
0
0
0
County of Sonoma H. -'D Fund
6 44""
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
VHHP Loan
General Partner
63 53"r"
90 00""
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
Lmlted Panner
10 009°
0
0
0
U
0
0
0
U
0
0
0
U
0
0
0
U
0
0
0
TOTAL Cumulative t. GP
115,552
48056
49,49]
50,982
52,512
54087
55,]10
5],381
59102
608]5
62,]02
64,583
66,520
68516
70,5]1
]2689
]4,869
TOTAL Cl-,umuto LP
0
0
0
0
0
0
0
0
0
0
0
U
0
0
0
0
0
0
0
Maximum Net Cash Ff.. t. GP
90"
0A
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Excess Dlstnbuhons to GP
0
0
15,552
48 056
49,497
50,982
52,512
54 087
55,]10
57,381
59102
60 875
62,702
64,583
66 520
68 516
70,571
72,689
74,869
RIVER CITY SENIOR APARTMENTS
HCD VHHP Program
VHHP Loan Limits
County:
Year:
Sonoma
2019
Page X-4
Version: Initial 9%/VHHP Feasibility v.6
Base Loan Limits
0 BR
1 BR
2 BR
3 BR
4 BR+
22
95,260
60% AMI
175,000
175,000
175,000
175,000
175,000
0
0
55% AMI
188,684
189,693
192,574
195,311
197,615
54
121,244
50% AMI
202,225
204,242
210,003
215,477
220,087
Percent VSH:
45% AMI
215,909
218,790
227,577
235,788
242,702
Calculated Points
40% AMI
229,450
233,339
245,007
255,955
265,174
Total Points
35% AMI
243,134
248,032
262,581
276,121
287,789
30% AMI
256,675
262,581
280,010
296,432
310,404
25% AMI
270,359
277,130
297,584
316,598
332,876
20% AMI
283,900
291,678
315,014
336,909
355,491
15% AMI
297,584
306,371
332,588
357,076
378,107
MGR UNITS:
175,000
175,000
175,000
175,000
175,000
VHHP: 9% addition to MHP base limit
(175,000)
(80,000)
(175,000)
(175,000)
(175,000)
VHHP: 4% addition to MHP base limij
(175,000)
0
0
(175,000)
(175,000)
Assisted Unit Mix and Loan Calculation
Unit AMI
0 BR
1 BR
2 BR
3 BR
4 BR
5 BR % at AMI level
60% AMI
0
0
0
0
0
0
0.00%
55% AMI
0
0
0
0
0
0
0.00%
50% AMI
0
0
0
0
0
0
0.00%
45% AMI
0
0
0
0
0
0
0.00%
40% AMI
0
0
0
0
0
0
0.00%
35% AMI
0
2
0
0
0
0
9.09%
30% AMI
0
20
0
0
0
0
90.91%
25% AMI
0
0
0
0
0
0
0.00%
20% AMI
0
0
0
0
0
0
0.00%
15% AMI
0
0
0
0
0
0
0.00%
Subtotal
0
22
0
0
0
0
Mgr Units
0
0
1
0
0
0
Total
0
22
1
0
0
0
% VHHP at 30% AMI (45% Min)
90.91%
VHHP Max Per Loan
Limit
15,922,679
VHHP Max Loan Per
NOFA
10,000,000
Sponsor Limit (or lower request)
Max Eligible VHHP
5,922,679
VHHP Supportive Service Coordination Costs
VHHP Points: Unix Mix
Max Op Ex
Units
Total Budget
VHHP SH - Chronically Homeless
4,330
22
95,260
VHHP SH -Homeless w Disability
3,247
0
0
Extremely Low Income:
1,407
0
0
Other Units:
812
32
25,984
31
19,902
54
121,244
VHHP Points: Unix Mix
VHHP Points: Rental Subsidy
Number of Special Needs Units OR ELI Units for Non -SH 22
Number of Committed Operating Subsidies 19
Percent of Supportive Housing Units with subsidy 86.4%
Points
25
Units
Square Feet % of Assisted
VHHP SH - Chronically Homeless
22
14,124
100.00%
VHHP SH -Homeless w Disability
0
0
0.00%
VHHP Other Homeless
0
0
0.00%
VHHP Other Assisted Units
0
0
0.00%
Unassisted Units
31
19,902
0.00%
Total
53
34,026
100.00%
Total VHHP Assisted
22
14,124
Percent VSH:
41.51%
41.51%
100.00%
Percent VHHP
41.51%
41,51%
Calculated Points
25
Maximum Points
25
Total Points
25
VHHP Points: Rental Subsidy
Number of Special Needs Units OR ELI Units for Non -SH 22
Number of Committed Operating Subsidies 19
Percent of Supportive Housing Units with subsidy 86.4%
Points
25
RIVER CITY SENIOR APARTMENTS Page X-4
HCD VHHP Program Version: Initial 9%/VHHP Feasibility v.6
Calculated Points 17
Maximum Points 20
Total Points 17
VHHP Points: Leveraging
Funds do not need to be committed; excludes deferred developer fee, funds deposited for scheduled operating deficits
but includes land donation with appraisal
Permanent Sources for Assisted Units
Total
VHHP Share
Conventional Perm Loan
2,881,000
1,195,887
General Partner (Other)
100
42
Tax Credit Equity
14,742,366
6,119,473
Total
32,475,178
13,480,263
Less VHHP:
5,922,679
Less Operating Deficit Reserve:
Total VHHP Perm Sources:
7,557,584
Requested VHHP Funds
5,922,679
Percent of Funds to VHHP Assisted Units
128%
Percent above 50%
78%
Calculated Points 22.50
Maximum Points 15
Total Points 15.00
r �¢
X'.o„um