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Item 09 - Approve a Pre-Commitment of up to $920,000 in Inclusionary Housing Funds for Eligible Homebuyers to Purchase Nine (9) Existing Rental Units that will be coverted into Affordable Ownership Condominium Units Located at 425 E. Wellington Avenue
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Item 09 - Approve a Pre-Commitment of up to $920,000 in Inclusionary Housing Funds for Eligible Homebuyers to Purchase Nine (9) Existing Rental Units that will be coverted into Affordable Ownership Condominium Units Located at 425 E. Wellington Avenue
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6/25/2025 1:35:50 PM
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City Clerk
Doc Type
Agenda Packet
Agency
Community Development
Item #
09
Date
7/1/2025
Destruction Year
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EXHIBIT 3 <br /> Judson Brown, City of Santa Ana February 10, 2025 <br /> Habitat Wellington — Preliminary Financial Gap Analysis Page 6 <br /> 2. Habitat estimates the public permits and fees costs at $3,800 per unit, or$34,000. City <br /> staff should verify the accuracy of this estimate. <br /> 3. The taxes, legal and accounting costs are estimated at 3% of direct costs, or $103,000. <br /> 4. Habitat estimates the insurance costs at $27,000 or $3,000 per unit. <br /> 5. The Developer Fee is set at $207,000 which is based on the following: <br /> a. Management and Overhead costs are set at $4,000 per month for an 18-month <br /> development period. <br /> b. Habitat will charge the Project to provide homeownership services to potential <br /> affordable homebuyers. Habitat set this fee at $15,000 per unit. <br /> 6. An indirect cost contingency allowance equal to 7% of other indirect costs is provided. <br /> KMA estimates the total indirect costs at $507,000. <br /> Financing Costs <br /> 1. The interest costs to be incurred during the development period are estimated at <br /> $340,000. This cost estimate is based on the following: <br /> a. Habitat states that a $3.0 million predevelopment/construction loan will be <br /> obtained from a third party lender for the Project. <br /> b. KMA assumes the p redevelop ment/construction loan will carry the following <br /> terms: <br /> i. A 7.56% interest rate; <br /> ii. An 18-month development period; and <br /> iii. A 100% average outstanding balance. <br /> 2. The financing fees for the p redevelop ment/construction loan are estimated at 1.0 point, <br /> or $30,000. <br /> 2412002v3.SA.TRB <br /> 19090.018.035 <br />
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