Item 36 - Fiscal Year 21-22 Request for Proposals for Affordable Housing

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City of Santa Ana Community Development Agency Request for Proposals for Affordable Housing Development Page 11 o Insurance costs; o Marketing costs; o Development management fee; and o Indirect cost contingency allowance.  Provide the following financing cost information: o Predevelopment/bridge loans (loan amounts, interest rates, length of term and projected average outstanding balance of loan funds during predevelopment/construction); o Construction loans (loan amounts, interest rates, length of term and projected average outstanding balance of loan funds during predevelopment/construction); o Loan fees; o Amount of cash equity contribution and the return requirement on these funds during the construction period; o Capitalized reserves; and o Tax Credit Allocation Committee (TCAC) costs (if applicable).  Net Operating Income. Provide the following net operating income information: o Residential Rents. o Estimated market rents by unit type (provide a market study if available). o Affordable rents by unit type, affordability restriction and net of applicable utility allowances. o Number of managers’ units – are these rent-paying units? o Projected retail rents. o Parking:  Will parking charges be applied to the parking required for the rental units?  Will parking charges be applied to the parking required to serve the retail uses? o Operating Expenses:  Residential:  General operating expenses;  Property taxes; and  Annual capital and operating reserve contributions. o Unreimbursed retail expenses. o Parking expenses.  Financial Parameters o Low income housing tax credits (if applicable):  Provide eligible basis, gross and net tax credit proceeds calculations.  Provide the self-scoring sheet for the 9% TCAC or CDLAC applications. Explain why the project does not receive the maximum points.  Provide the tiebreaker calculation for 9% TCAC projects. o Equity contribution: o Quantify the equity contribution to be provided with cash during construction, and the amount of cash equity that will be left in the project on a permanent basis. o Identify the funding source that will be used to refund any construction period equity that is to be returned to the developer upon the completion of construction. o Define the preferred return requirements applied to the cash equity funds that will remain in the project over time. o Describe the other proposed governmental subsidies (AHP, MHP, City of Santa Ana, etc.). Provide an estimate of how the project scores in the identified funding competitions. Also, explain why the project will not receive the maximum points. o Describe the terms under which any deferred developer fee will be repaid. EXHIBIT 1