25B - AGMT - AMEND LOAN AGMT SA VETS

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Identity of Interest Roles Quality Development &Construction, Inc., a subsidiary of the Developer, is estimated to earn a $1.48 million, or 11% of construction costs, for contractor fees and general requirements. This amount is within the 10% to 14% range typically required by contractors. As the general partner, the Developer/Owner will also share an Ownership Partnership / Asset Management Fee with the limited partner (Tax Credit Investor). The fee is limited to up to 5% of gross rents, which is estimated to total $906,000 in present value terms, assuming a 6% discount rate, over a 55-yearterm. This fee is paid out of cash flow after the annual debt service payments have been made. In conclusion, the developer fee, cash flow projection, equity appreciation and profit anticipated to be generated by the Project are appropriate. IV. DEVELOPER ASSESSMENT Founded in 1990 and based in Irvine, CA, Jamboree Housing Corporation (JHC) is a non-profit organization that develops and manages affordable housing throughout California with the goal of serving working families, seniors, veterans and people with special needs. JHC's model for success is based around providing not only quality housing but responsive social services that are tailored to serve residents' needs. JHC has provided affordable housing for veterans for over 15 years and is currently the largest developer and supportive services provider for Orange County residents suffering from homelessness and mental illness. Over 25 years, JHC has assembled a $1.1 billion asset portfolio including more than 8,200 homes across California serving over 18,000 residents. Currently, the organization has a total of $280 million in affordable housing projects in the development pipeline. Among the organization's newer projects are affordable residential communities in the cities of El Monte, Claremont, Brea, Buena Park, Irvine, Garden Grove, Anaheim, and Riverside. JHC has extensive experience working closely with local stakeholders and local officials to develop projects that will strengthen and revitalize communities. Following project development, JHC's 55+year ownership structure ensures that projects are managed effectively and remain in compliance in the long-term. The following provides an assessment of the experience and the capacity of JHC to implement the Project as well as the fiscal soundness of JHC to meet its financial obligations and risks of the Project. City of Santa Ana Underwriting & Subsidy Layering Review: Veteran's Village Page 113 25B-47