04 - Agmt - 605-611 E Washington

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Loan Agreements 605-611 E. lNashington Street March 7, 2011 Page 2 Gross Rents for Units for Affordable Units 30%AMI 50%AMI No. Of Bedrooms Gross Rent # of Units Max. Income Gross Rent # of Units Max. Income 2 n/a 0 n/a $981 8 $41,850 3 $724 4 $30,100 $1134 22 $50,200 5 n/a 0 n/a $1395 1 $61,350 i The architecture and materials for this project are designed to promote sustainability. The developer will be seeking Leadership in Energy & Environmental Design (LEED) Gold Certification for this development. LEER is a third-party certification program and the nationally accepted benchmark for the design, construction and operation of high performance green buildings. There are four levels of LEED certification: Certified, Silver, Gold and Platinum. The total development cost is $14,832,587. The developer will be applying to the California Debt Limit Allocation Committee (CDLAC) for tax exempt financing and to the California Tax Credit Allocation Committee (TCAC) for low income housing tax credits; both sources will be used to help meet permanent and construction financing costs. There is a $6,389,497 gap and staff is recommending it be filled with $2.5 million from HOME and $3,888,497 from the Redevelopment Agency. The following table summarizes the sources and uses: Sources Tax Exempt Bonds/Permanent Lender $ 1,987,126 HOME (City) $ 2,500,000 Tax-Increment (Redevelopment Agenc $3,888,497 NSP Funds/Acquisition 655,000 General Partner Equity $ 67 Deferred Developer Fee $1,027,183 Limited Partner Equity (Tax Credits) $ 4,774,714 Total $14, 832, 587 Uses Acquisition 671,250 Construction $ 9,694,087 Fees and Permits $1,014,085 Developer fee $1, 764,193 Soft Costs $ 1,271,365 Costs Deferred Until Conversion $ 234,031 Financing Costs $ 183,577 Total $ 14,832,587 4-Z