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25B - AGMT - 815 N HARBOR LOAN
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02/17/2015
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25B - AGMT - 815 N HARBOR LOAN
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Last modified
2/12/2015 4:45:31 PM
Creation date
2/12/2015 4:13:11 PM
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City Clerk
Doc Type
Agenda Packet
Agency
Community Development
Item #
25B
Date
2/17/2015
Destruction Year
2020
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bor <br />Versiow 70 Units- Mixed Income; 50%,60%, and 110✓ AMI <br />SOURCES OF FUNDS <br />=PERMANENT SOURCES <br />Total <br />Term <br />Amount <br />Interest <br />[Yes) Comments <br />CCRC <br />$10,340,990 <br />5.10% <br />35 Bond Rate (Inc. Cushion) <br />CCRC(Tranche B) <br />$758,500 <br />5110% <br />1.5 Eight (a) Project Based Vouchers <br />City of Santa Ana - NSP <br />$2,000,000 <br />City of Santa Ana - NSP <br />$880,000 <br />BofA Subordinate Loan Program <br />$1,400,000 <br />15 <br />City of Santa Ana - HOME <br />$380,000 <br />Deferred Developer Fee <br />$918,300 <br />General Partner Equity <br />$100 <br />Limited Partner Equity <br />$5;.727,447 <br />Federal Tax Crealt Pricing: $1.00 <br />TOTAL <br />$22,405,337 <br />vs. TDC <br />$2,x,405;337 <br />Financing Suriiolvs/(GapJ <br />$0 <br />Total <br />Term <br />'URCES <br />Amount <br />Interest <br />(Mats] Comments <br />Bank of America <br />$14,085,889 <br />2.81% <br />24 Bonds sized at 66.82% orAggrega te Sods <br />City of Santa Ana • NSP <br />$2,000,000 <br />City of Santa Ana - NSP <br />$880,000 <br />BofA Subordinate Loan Program <br />$1,400,000 <br />City of Santa Ana - HOME <br />$380,000 <br />Deferred Developer Fee <br />$918,300 <br />General Partner Equity <br />$100 <br />Limited Partner Equity <br />$1,431,862 <br />25% or Total Equity. <br />Dev. Fee Deferred Undl Completion <br />$649,226 <br />Other Costs Deferred Until Completion <br />$659,960 <br />Refer to Development Oudger for Details. <br />TOTAL <br />$22,405,337 <br />vs. TDC <br />$22,405,337 <br />Financing Suppiusl(Gap) <br />$C <br />25B-52 <br />
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