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c) Financial Capacity. Description of the developer's financial strength and ability to obtain project
<br />financing, and to provide sufficient equity for the successful completion of the proposed project.
<br />i) Include a description of current relationships with major lending institutions.
<br />ii) Any developer that is selected for recommendation to City Council, or if a partnership, the team
<br />members who will retain an ownership interest in the project, will be required to submit complete
<br />financial statements for the last three years. Because of the possibility of public records requests,
<br />the City cannot guarantee that these statements will remain confidential.
<br />d) References. Include a list of at least three references from public agency partners and professional
<br />lenders/investors with full names, contact information, and,identiflcation of the project(s) worked on.
<br />SOQs must be limited to a maximum of 25 pages, excluding'fronf and back covers, section dividers, and
<br />exhibits.
<br />2) Project Description. Detailed and concise narrative describing t proposed project, including at a
<br />minimum and as appropriate the development concept foe the site or-a.description (with photographs) of
<br />the building to be acquired or developed, proposed I build I Ing square fooiag6, number of units and bedrooms
<br />per unit, total parking spaces, proposed ingress and egress, proposed aff6n:abi.lity levels, any special
<br />needs groups or target population to be served, arn\enitles to be provided to the tenants, and resident
<br />manager's unit. If there will not be a resident managdrf6r a rerital.project, describe,in detail how the
<br />project will be managed.
<br />For all projects, the narrative must d1so\6ddress site cohtr6l,, current zoning and any required zoning
<br />changes, anticipated development costs, City'and'Authority iunds,required, requested City and Authority
<br />loan terms, developer a ' ccess to additio6af funds required for the pr9ject, and proof that the property is
<br />under contract. This narrative should be k.companibd by a'site map showing the project's location.
<br />The narrative must include a descNption of the various sources of financing that will be needed to
<br />complete the project as,both a 4%;Low-Incom ' e Housing Tax Credit deal and as a 9% Low -Income
<br />Housing Tax Credit deal. 'The,narrathi(� should provide a projected tie breaker score for 9% Low -Income
<br />Housing Jax Credits with d -best -case, and'worst\case scenario based on the financing stack being
<br />pursued, with a relative . comparison to the most re6e'nt tie breaker scores for the type of project being
<br />' the last th�ee 9'% tax'cre'dit rounds' Clearly state if the project will be ready to apply for 9%
<br />proposed in
<br />Low-Incom6 Housing Tax'Qr6dits d6rin'g,FY 2018 — 2019. This should include evidence of progression
<br />towards planning entitlemen . ts ;4nd other requirements necessary for the tax credit application. Clearly
<br />state if the project will be com'peting with�Eiinother project owned by the developer in Orange County for
<br />an upcoming 96/6,1_�owdncome'Hdusing Tax Credit round, including a comparison of the projected tie
<br />breaker scores for both,projects.
<br />3) Development Pro Forma. 'Identify'ihe sources and uses of all funds necessary to complete the project,
<br />including the project's anticipatedcash flows over a period of years equal to 15 years and 30 years. The
<br />pro forma should identify important underlying assumptions that govern the cash flows, including but not
<br />necessarily limited to, the amounts and frequency of loan repayments (all sources), annual rent increases,
<br />occupancy levels, operating costs as a percent of revenue, timing and amounts of replacement costs. The
<br />cost estimates in the Sources and Uses budget should assume the payment of Davis -Bacon prevailing
<br />wages and relocation benefits, if applicable. The pro forma must include a calculation of the return on
<br />investment to the developer.
<br />4) Projected Rental Income. Include evidence that the rental income shown in the pro forma is reasonable
<br />and achievable. If proposing all rents to be at low-income, include a market study that supports that this is
<br />achievable.
<br />City of Santa Ana Community Development Agency
<br />Request for Proposals for Affordable Housing Development
<br />Page 10
<br />19D-14
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