25B - AGMT - 815 N HARBOR LOAN - Laserfiche WebLink

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Loan Agreements - 815 N Harbor LP February 17, 2015 Page 2 families at or below 60% AMI, and 13 units will be rented to moderate income families at or below 110% of AMI. One unit will be designated as a manager unit. The project will have 1 two - bedroom and 69 three - bedroom units. The following table contains the breakdown of the units by bedroom size and affordability as well as maximum rents: No, of Bedrooms 50% AMI 60% AMI 110% AMI Gross Rent # of Units ent # of Units Gross Rent # of Units Two - bedrooms n/a -- ;Gross 1,219 1 n/a Limited Partner Equity Tax Credits) Three- bedrooms $1,174 7 1,409 48 $2,050 13 The total development cost is $22,404,867. 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 $1,260,000 gap and staff is recommending it be filled with $380,000 from the HOME Investment Partnership Program ( "HOME ") (Exhibit 2) and $880,000 from NSP Funds (Exhibit 3). The HOME loan agreement will be formally executed after all other financial commitments are in place, per the new HOME regulations. The following table summarizes the sources and uses: Sources Tax Exempt Bonds /Permanent Lender $ 11,092,380 HOME (City) $ 380,000 NSP Funds (City) $880,000 NSP Funds/Acquisition $2,000,000 Bank of America — Subordinate Loan Program $1,400,000 General Partner Equity $ 100 Deferred Developer Fee $925,000 Limited Partner Equity Tax Credits) $ 5,727,387 Total $22,404,867 Uses Acquisition $4,086,366 Hard Costs $11,029,402 _ Financing Costs $527,181 Other Soft Costs $3,918,387 Developer Overhead and Fee $2,216,731 Impounds and Reserves $626,800 Total $ 22,404,867 25B -2