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Substantial Amendments - NSP 2 & 3 and <br />Loan Agreement with 815 N Harbor LP <br />September 16, 2013 <br />Page 4 <br />The proposed loan agreement between 815 N Harbor, LP and the City of Santa Ana is for $2 <br />million. The funds will come from NSP 2 and NSP 3 allocations, and will be used for the acquisition <br />of the property. <br />When complete, the project will be comprised of 70 two-bedroom and three-bedroom rental units <br />for extremely low-, very low- and low-income households and contain a 3,000 square foot <br />community room. The proposed unit mix and levels of affordability are as follows: <br />Bedroom Size 30% <br />AMI 50% <br />AMI 60% <br />AMI Total <br />Two-Bedroom 5 30 14 49 <br />Three-Bedroom 2 12 6 20 <br />Total 7 42 20 69 <br />The remaining unit will be a three-bedroom unit reserved for the onsite manager. The total project <br />development cost is estimated to be $26.3 million. The tables below show the anticipated funding <br />sources and their uses: <br />Funding Source Amount <br />Conventional Permanent Loan $ 4,370,390 <br />Section 8 Loan 8 Project Based Vouchers $ 719,050 <br />City of Santa Ana NSP 2 Funds $ 928,620 <br />City of Santa Ana NSP 3 Funds $ 1,071,380 <br />Deferred Developer Fee $ 792,342 <br />General Partner Equity $ 100 <br />Limited Partner Equity Tax Credits) $18,405,47 <br />6 <br />TOTAL $26,287,358 <br />Fundin Use Amount <br />Acquisition/Demolition $ 4,086,366 <br />Construction $ 15,336,750 <br />Soft Costs $ 6,013,076 <br />Costs Deferred Until Conversion $ 501,390 <br />Financing Costs $ 349,776 <br />TOTAL $ 26,287,358 <br />80A-4