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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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6/25/2025 1:35:29 PM
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City Clerk
Doc Type
Agenda Packet
Agency
Community Development
Item #
09
Date
7/1/2025
Destruction Year
P
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EXHIBIT 3 <br /> TABLE 4 <br /> SILENT MORTGAGE REVENUE SAMPLE CALCULATIONS <br /> 9 FOR-SALE MODERATE INCOME UNITS <br /> HABITAT FOR HUMANITY-WELLINGTON <br /> SANTA ANA,CALIFORNIA <br /> I. Silent Mortgage Capacity for City Financial Assistance <br /> A. Moderate Income: One-Bedroom Units <br /> Estimated Market Rate Sales Price 1 $345,600 <br /> (Less)Moderate Income Affordable Sales Price z (310,400) <br /> Available Silent Mortgage Capacity Per One-Bedroom Unit $35,200 <br /> Number of Units 8 <br /> Maximum Amount Secured as Silent Mortgage $281,600 <br /> B. Moderate Income: Two Bedroom Unit <br /> Estimated Market Rate Sales Price 1 $389,700 <br /> (Less)Moderate Income Affordable Sales Price z (350,500) <br /> Available Silent Mortgage Capacity Per Two-Bedroom Unit $39,200 <br /> Number of Units 1 <br /> Maximum Amount Secured as Silent Mortgage $39,200 <br /> II. ITotal Amount of City Development Assistance Secured as Silent Mortgages $320,800 <br /> III. Estimated City Development Assistance Provided as Grant to Habitat 3 <br /> Proposed City Development Assistance $720,000 <br /> (Less)Total Amount of City Development Assistance Secured as Silent Mortgages ($320,800) <br /> Estimated City Development Assistance Provided as Grant to Habitat $399,200 <br /> 1 Based on KMA survey of sales comparables.The market rate sales price will be determined by a fair market value appraisal that assumes no <br /> income restrictions prior to the sale of each unit. <br /> 2 The final Affordable Sales Prices will be set prior to the sale of each unit. <br /> 3 For illustration purposes only.This calculation will need to be conducted at the time of sale of the units to reflect the current appraised values and <br /> current affordable sales prices for each unit. <br /> Prepared by:Keyser Marston Associates,Inc. <br /> File name:Habitat Wellington_2 10 25;Pf <br />
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