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Award A Pre -Loan Commitment <br />Meta Housing Corporation/Santa Ana Arts Collective <br />November 3, 2015 <br />Page 4 <br />Permanent Funding Sources <br />Amount <br />Permanent Loan <br />3,788,911 <br />City of Santa Ana — HOME <br />2,260,000 <br />City of Santa Ana — CDBG <br />500,000 <br />City of Santa Ana — Inclusionary Housing Funds <br />1,875,000 <br />HCD — Affordable Housing & Sustainable Communities (Cap & Trade Funds) <br />3,500,000 <br />Tax Credit Equity <br />14,213,448 <br />Deferred Developer Fee <br />420,974 <br />TOTAL: <br />$ 26,558,333 <br />Project Costs <br />Amount <br />Land Acquisition Costs <br />7,255,522 <br />Construction Costs <br />10,917,565 <br />Architectural & Engineering <br />830,000 <br />Operating Reserve <br />219,682 <br />Relocation <br />782,000 <br />Additional Project Costs <br />4,553,564 <br />Developer Fee <br />2,000,000 <br />TOTAL: <br />$ 26,558,333 <br />The City of Santa Ana funding sources including HOME Program funds, CDBG Program funds, <br />and Inclusionary Housing funds will be provided by means of a 55 -year City loan carrying a 3 <br />percent interest rate and payable by residual receipts. The loan agreements for these funds will <br />be conveyed to City Council for approval prior to execution in accordance with each of the <br />funding requirements. <br />Execution of these loan agreement documents will be contingent upon completion of the National <br />Environmental Policy Act (NEPA) and California Environmental Quality Act (CEQA) <br />requirements, completion of a subsidy layering analysis by the City's financial consultant, and <br />loan commitments from all other funding sources. <br />STRATEGIC PLAN ALIGNMENT <br />The activities covered by this report allow the City to meet Goal #5 (Community Health, Livability, <br />Engagement & Sustainability), Objective # 3 (Facilitate diverse housing opportunities and support <br />efforts to preserve and improve the livability of Santa Ana neighborhoods), Strategy A (Continue <br />to explore options Citywide regarding the re -use of commercial or industrial buildings that are <br />currently underutilized or vacant for mixed-use residential projects), and Strategy C (Provide that <br />Santa Ana residents, employees, artists and veterans receive priority for affordable housing <br />29A-4 <br />