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Commitment of Affordable Housing Funds and PBVs to National CORE and Mercy House
<br />January 15, 2019
<br />Page 8
<br />House will apply Housing First principles coupled with ongoing education and supportive services
<br />in the areas of economic, health, and emotional well-being in order to enhance self-esteem and a
<br />sense of personal pride.
<br />Affordability Mix - The Proposed Project will be 100% affordable to households earning less
<br />than 60 percent of the Area Median Income (AMI) of which 33 units will be set-aside for
<br />Permanent Supportive Housing, with one exempt managers unit. The proposed unit mix and rent
<br />restrictions are as follows:
<br />The total project cost to acquire, rehabilitate and provide the proposed level of affordability in the
<br />project is currently estimated to be $46,728,884. The tables below summarize the anticipated
<br />costs and proposed funding sources of the project:
<br />Project Costs
<br />PSH - 30%
<br />AMI
<br />ELI - 30%
<br />AMI
<br />VLI — 50%
<br />AMI
<br />LI — 60%
<br />AMI
<br />Total
<br />1 -bedroom
<br />30
<br />$ 51,371
<br />Construction Cost
<br />$ 32,282,954
<br />30
<br />2 -bedroom
<br />3
<br />6
<br />20
<br />12
<br />41
<br />3 -bedroom
<br />$ 1,025,138
<br />5
<br />11
<br />5
<br />21
<br />3 -bedroom Manager
<br />$ 46,728,884
<br />$ 502,461
<br />1
<br />Total
<br />33
<br />11
<br />31
<br />17
<br />93
<br />The total project cost to acquire, rehabilitate and provide the proposed level of affordability in the
<br />project is currently estimated to be $46,728,884. The tables below summarize the anticipated
<br />costs and proposed funding sources of the project:
<br />Project Costs
<br />Amount
<br />Per Unit
<br />Acquisition Costs/Closing
<br />$ -
<br />$ -
<br />Architecture/Fees & Permits
<br />$ 4,777,500
<br />$ 51,371
<br />Construction Cost
<br />$ 32,282,954
<br />$ 347,129
<br />Indirect Construction/Legal
<br />$ 611,015
<br />$ 6,570
<br />Developers Fee
<br />$ 5,214,601
<br />$ 56,071
<br />Rent -Up Costs/Reserves
<br />$ 1,025,138
<br />$ 11,023
<br />FinancingCosts
<br />$ 2,817,677
<br />$ 30,298
<br />Total
<br />$ 46,728,884
<br />$ 502,461
<br />*Land will be ground leased from the Santa Ana United Methodist Church.
<br />Permanent Funding Sources
<br />Amount
<br />Permanent Loan
<br />$ 1,141,473
<br />Tax Credit Equity
<br />$ 16,121,773
<br />AHSC
<br />$ 20,000,000
<br />General Partner Equity
<br />$ 2,714,601
<br />Deferred Fee
<br />$ 300,000
<br />Affordable Housing Program
<br />$ 920,000
<br />OC HCD/HP Funds
<br />$ 2,360,490
<br />City of Santa Ana Funds
<br />$ 3,170,547
<br />SNHP Funds
<br />$ -
<br />Total
<br />$ 46,728,884
<br />For the development of this project by National CORE with Mercy House as the service provider,
<br />the Review Panel is recommending an award of $3,170,547 in Inclusionary Housing Funds and
<br />eight (8) HUD-VASH PBVs following a competitive selection process through RFP # 18-056 in
<br />compliance with the City's Affordable Housing Funds Policies and Procedures. After National
<br />CORE receives an allocation of low-income housing tax credits for the development of the
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