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A total of $121,691 upon the limited partnership and construction loan closing; <br />A total of $12,392,745 at lease -up, initial qualified occupancy and conversion of <br />permanent loans; and <br />$385,989 at receipt of 8609 and tenant file audit. <br />OCCF Loan <br />In a February 8, 2018 letter, OCCF agreed to provide the Project with a $1,500,000 loan with the <br />following terms: <br />• A 15-year term from permanent loan conversion; <br />■ A 3% simple interest rate; <br />■ Annual payments of 72% of the residual receipts; and <br />• Secured by a second trust deed that will be subordinated to the construction and <br />permanent loans. <br />SNHP Loan <br />The $2,912,000 SNHP Loan from the County was confirmed in a letter from CaIHFA dated <br />February 21, 2017 for 20 units dedicated to homeless veterans. This loan will have a 3% simple <br />interest rate, a 55-year term and will be paid with 25% of the net residual receipts after the <br />OCCF loan payment is paid. The SNHP loan will be secured by a third trust deed that will be <br />subordinated to the construction/permanent and OCCF loans. <br />VASH Vouchers <br />The Santa Ana Housing Authority committed to provide 75 VASH vouchers to the Project for a <br />15-year term in a May 4, 2017 letter. <br />AHP Grant <br />The Federal Home Loan Bank agreed to provide the Project with $750,000, dated June 18, 2018. <br />Payment on the loan will only be required if the Project is not in compliance with the regulatory <br />agreement. <br />Home Depot Grant <br />On May 1, 2018, Home Depot committed to provide the Project with a $500,000 grant. <br />Deferred Developer Fee <br />The Developer will defer $615,000 of the $2,200,000 developer fee to be paid from cash flow. <br />It is estimated that the deferred fee will be paid to the Developer within five years. <br />Total Available Funding Sources <br />As shown in Table 3, the available funding sources total $29,477,000. <br />Flnandal Gap Calculatlon <br />Based on the assumptions outlined in this analysis, the financial gap is calculated as follows <br />City of Santa Ana Underwriting & Subsidy Layering Review: Veteran's Village Page 1 10 <br />25B-44 <br />