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Joint P.H. - GPA No. 08-02, AA No. 08-11, <br />SPR No. 09-02 & DDA with Vista Del Rio <br />Housing Partners, L.P. <br />July 20, 2009 <br />Page 4 <br />The FFAH and Goodwill have added AMCAL to the partnership. AMCAL is a <br />for-profit housing developer which was founded in 1978. They develop <br />both market rate and affordable housing throughout Southern California. <br />They have completed 2,829 units in cities such as Los Angeles, Santa <br />Barbara, Sacramento, Fresno and Simi Valley. AMCAL will be the Developer <br />General Partner responsible for the construction and development of the <br />site. FFAH will be the Managing General Partner responsible for managing <br />the partnership, oversight of the onsite management company and insuring <br />that the property complies with all regulations. <br />The total cost to develop the project is $13,481,544. There is a <br />$500,000 gap that staff is recommending be filled with HOME funds. The <br />table below summarizes the proposed funding sources and anticipated <br />costs. <br />Permanent Funding Sources Amount <br />Permanent Loan $ 700,000 <br />Tax Credits $7,834,218 <br />HOME $ 500,000 <br />Agency Grant for entry $ 100,000 <br />Goodwill Grant $ 125,000 <br />Deferred Developer Fee $ 344 <br />Tax Credit Allocation <br />Committee (TCAC) $1,236,982 <br />Donated Land $2,985,000 <br />Total $13,481,544 <br />Project Costs Amount <br />Land and demolition $ 2,992,771 <br />Construction $ 6,180,366 <br />Fees (legal, architectural <br />financing, etc) $ 2,031,794 <br />Construction interest $ 788,300 <br />Reserves $ 175,000 <br />Developer fee $ 1,313,313 <br />Total $13,481,544 <br />The developer should be notified in September if they were successful in <br />their application for tax credits. If successful, they will have until <br />December 31, 2009 to secure a tax credit partner. <br />80A-4 <br />