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North Harbor Village
<br />Sources & Uses City of Santa Ana
<br />Version:4% - PSH & VHHP
<br />Revised:03/24/21
<br />BEGINNING BALANCE ENDING BALANCE
<br />PERMANENT SOURCES PERCENT TOTAL PER UNIT TOTAL PER UNIT CONSTRUCTION SOURCES TOTAL
<br />1 Net Investor Equity (Federal)27% 10,967,187.00 120,519 0 0 1 Equity (Fed + State)3,141,944.75
<br />2 Permanent Loan 28%11,075,000.00 121,703 8,799,321 96,696 2 Construction Loan 32,700,000.00
<br />3 Tranche B - Loan 0%0.00 0 0 0 3 Tranche B - Loan 0.00
<br />4 Net Investor Equity (State)4%1,600,592.00 17,589 0 0 4 Other 0.00
<br />5 Accrual Mortgage 0%0.00 0 0 0 5 Accrual Mortgage 0.00
<br />6 GP Loan (Home Depot)1%500,000.00 5,495 0 0 6 GP Loan (Home Depot)500,000.00
<br />7 Fixed Rate Mortgage 0%0.00 0 309,463 3,401 7 Costs Deferred to Conversion 0.00
<br />8 City CDBG Loan 4%1,687,047.00 18,539 2,432,754 26,734 8 City CDBG Loan 0.00
<br />9 VHHP 25% 10,000,000.00 109,890 14,420,192 158,464 9 VHHP 0.00
<br />10 OCHFT 6% 2,217,769.14 24,371 3,198,066 35,144 10 OCHFT 0.00
<br />11 Deferred Developer Fee 3% 1,062,321.23 11,674 0 0 11 Deferred Developer Fee 2,041,531.82
<br />12 General Partner Equity 0%0.00 0 0 0 12 General Partner Equity 0.00
<br />13 Land Donation 0%0.00 0 0 0 13 Land Donation 0.00
<br />14 AHP Loan 2% 890,000.00 9,780 0 0 14 AHP Loan 890,000.00
<br />15 Interest on Surplus Funds 0%0.00 0 0 0 15 Interest on Surplus Funds 0.00
<br />16 NOI During Construction 0%0.00 0 0 0 16 NOI During Construction 726,439.79
<br />TOTAL SOURCES 100%39,999,916.37 439,560 29,159,796 320,437 TOTAL SOURCES 39,999,916.37
<br />RESIDENTIAL (NEW OR COMMERCIAL ELIGIBLE NOT TOTAL
<br />USES OF FUNDS TOTAL ACQUISITION REHAB COST)STATE ELIGIBLE PER UNIT
<br />1 Land at $2,178,771 Per Acre or $50.02 Per SF 25.85%3,900,000.00 0 0 0 0 3,900,000.00 42,857
<br />2 Existing Structure 15,738,582 74.15%11,188,888.00 11,160,838 0 0 0 28,050.00 122,955
<br />3 Other Acquisition Costs 649,694.41 0 537,569 0 0 112,125.00 7,139
<br />4 Hard Cost Residential 12,403,740.00 134,552 8,570,347.67 0 8,570,348 0 0 0.00 94,180
<br />5 Site Improvements 2,170,169.00 0 2,170,169 0 0 0.00 23,848
<br />6 General Conditions, Profit & Overhead 14.00%1,503,672.33 0 1,503,672 0.00 0 0.00 16,524
<br />7 GC Bond / Insurance / Letter of Credit 1.49%159,551.00 0 159,551 0 0 0.00 1,753
<br />8 Hard Cost Contingency 12.96%1,586,953.00 0 1,384,610 0 0 202,343.00 17,439
<br />9 Construction Interest (2.515531%) at Perm. Rate + -169.4bp 2.52%1,745,486.46 0 939,882 0 0 805,604.29 19,181
<br />10 Bridge Interest at 10.00%0.00 0 0 0 0 0.00 0
<br />11 Construction Loan Fees 245,250.00 0 245,250 0 0 0.00 2,695
<br />12 Permanent Loan Fees 0.00 0 0 0 0 0
<br />13 Bridge Loan Fees 0.00 0 0 0 0 0.00 0
<br />14 4% Related Costs / Cost of Issuance 349,907.00 0 89,425 0 0 260,482.00 3,845
<br />15 Accounting & Audit 25,000.00 0 25,000 0 0 0.00 275
<br />16 Appraisal / Market Study 12,800.00 0 12,800 0 0 0.00 141
<br />17 Architecture (Architect, Landscape Architect)450,000.00 0 450,000 0 0 0.00 4,945
<br />18 Civil Engineering 150,000.00 0 150,000 0 0 0.00 1,648
<br />19 Construction Manager 0.00 0 0 0 0 0.00 0
<br />20 Consultants ( CM, Geo, LEED, Utilities, exc.)205,000.00 0 205,000 0 0 0.00 2,253
<br />21 Environmental (EIR, Phase I, Asbestos, exc.)30,000.00 0 30,000 0 0 0.00 330
<br />22 Financial Advisor / Syndication Consultant 0.00 0 0 0 0 0.00 0
<br />23 Furnishings 461,500.00 0 461,500 0 0 0.00 5,071
<br />24 Impact Fees 779,416.73 0 779,417 0 0 0.00 8,565
<br />25 Lease-up & Marketing Expenses 210,000.00 0 0 0 0 210,000.00 2,308
<br />26 Legal 250,000.00 0 40,000 0 0 210,000.00 2,747
<br />27 MHSA Construction Period Fees 0.00 0 0 0 0 0.00 0
<br />28 Operating & Debt Service Reserve (6-mo's / debt)6 750,745.00 0 0 0 0 750,745.00 8,250
<br />29 Other (Admin, Repro. & Reimb.)35,000.00 0 35,000 0 0 0.00 385
<br />30 Other (Bank Inspections)40,200.00 0 40,200 0 0 0.00 442
<br />31 Other (Redstone Due Diligence)55,000.00 0 0 0 55,000.00 604
<br />32 Other (Security System)55,000.00 0 55,000 0 0 0.00 604
<br />33 Other (Reserves)0.00 0 0 0 0
<br />34 Other (Specify)0.00 0 0 0 0 0.00 0
<br />35 Other (Specify)0.00 0 0 0 0 0.00 0
<br />36 Other (Specify)0.00 0 0 0 0 0.00 0
<br />37 Other (Specify)0.00 0 0 0 0 0.00 0
<br />38 Relocation 0.00 0 0 0 0.00 0
<br />39 Permit Fees 298,074.80 0 298,075 0 0 0.00 3,276
<br />40 Property Taxes and Insurance 446,930.00 0 446,930 0 0 0.00 4,911
<br />41 Relocation 167,825.76 0 0 0 0 167,825.76 1,844
<br />42 Replacement Reserve 0.00 0 0 0 0 0.00 0
<br />43 Soft Cost Contingency 6.06%312,183.93 0 312,183.93 0 0 0.00 3,431
<br />44 Tax Credit Fees (App., Mon., & Res.)103,000.00 0 2,000 0 0 101,000.00 1,132
<br />45 Title & Recording 30,000.00 0 20,000.00 0.00 0 10,000.00 330
<br />46 Developer Overhead 0.00 0 0 0 0 0.00 0
<br />47 Developer Fee 3,062,321.28 413,806 2,504,279.38 0 0 144,236.17 33,652
<br />TOTAL USES 39,999,916.37 11,574,644 21,467,861.42 0 0 6,957,411.22 439,560
<br />EXHIBIT 3
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