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Depot at Santiago Loan Agreement & Vouchers <br />May 20, 2013 <br />Page 3 <br />The remaining unit will be a 3-bedroom unit reserved for the onsite manager. The total project <br />development cost is estimated to be $26.8 million. The tables below show the anticipated funding <br />sources and their uses: <br />Funding Source Amount <br />Conventional Permanent Loan $4,191,910 <br />Section 8 Loan (8 Project Based Vouchers) $ 710,460 <br />City of Santa Ana HOME Program $2,634,566 <br />City of Santa Ana CDBG Funds $ 365,434 <br />Deferred Developer Fee $ 787,193 <br />General Partner Equity $ 100 <br />Limited Partner Equity (Tax Credits) $18,096,845 <br />TOTAL $26,786,508 <br />Funding Use Amount <br />Acquisition/Demolition $ 3,280,000 <br />Construction $16,298,340 <br />Soft Costs $ 6,370,134 <br />Costs Deferred Until Conversion $ 494,190 <br />Financing Costs $ 343,844 <br />TOTAL $26,786,508 <br />The HOME and CDBG funds will be provided by means of a 55-year City loan carrying a 3 percent <br />interest rate and payable by residual receipts. The budget proposal requests eight project based <br />vouchers (PBVs). Unlike conventional housing choice vouchers, PBVs are attached to a specific <br />residential facility. The rental assistance is tied to the unit versus the household. The U.S. <br />Department of Housing and Urban Development (HUD) regulations require that the Housing <br />Authority enter into a PBV Agreement to Enter into Housing Assistance Payments Contract (Exhibit <br />3) prior to the start of construction, and a PBV Housing Assistance Payments Contract (Exhibit 4) <br />after the completion of construction. Execution of these documents will be contingent upon <br />completion of the National Environmental Policy Act (NEPA) and California Environmental Quality <br />Act (CEQA) requirements, approval of the developer's application for a tax credit allocation, and <br />completion of a subsidy layering analysis by the California Tax Credit Allocation Committee. <br />