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Loan Agreement - Guest House LP for Affordable Housing <br />June 21, 2016 <br />Page 3 <br />consists of 77 units, however, five units will be removed to accommodate the commercial kitchen, <br />new management area, and to create the required larger Americans with Disabilities Act (ADA) <br />units, bringing the new total to 72 units, including one on -site manager unit. Resident services <br />offices will also be incorporated for delivery of resident services. <br />Mercy House will be the lead service provider for the project offering a variety of on -site resident <br />services programs tailored to the needs of the residents. The supportive services program will be <br />based on the Housing First principles coupled with on -going education and supportive services <br />that focus on chronically homeless individuals. <br />The proposed project would promote the City's goal of providing long -term affordable housing <br />and meeting the affordable housing goals as identified in the City's Strategic Plan, Housing <br />Element and Consolidated Five -Year Plan. <br />The City's financial consultant, Keyser Marston Associates Inc. conducted a financial review of <br />the proposed project based on its submission to the RFP and will be providing a detailed subsidy <br />layering analysis once all other financing is in place in accordance with federal regulations. <br />The proposed unit mix and rent restrictions are as follows: <br />Unit Size <br />30% AMI <br />50% AMI <br />60% AMI <br />Total <br />No. <br />Units <br />No. <br />Units <br />No. <br />Units <br />Studio <br />35 <br />22 <br />- -- <br />57 <br />One Bedroom <br />5 <br />- -- <br />9 <br />14 <br />Total <br />40 <br />22 <br />9 <br />71 <br />The total project cost to acquire, rehabilitate and provide the proposed level of affordability in the <br />project is $18,173,086. The tables below summarize the proposed funding sources and <br />anticipated costs of the project: <br />Permanent Funding Sources <br />Amount <br />Tax Credit Equity <br />$6,713,176 <br />Tax Exempt Permanent Loan — Tranche A <br />$1,738,420 <br />Tax Exempt Permanent Loan — Tranche B <br />$7,895,194 <br />City of Santa Ana (HOME) Loan <br />$1,199,869 <br />Deferred Developer Fee <br />$626,427 <br />TOTAL: <br />$18,173,086 <br />Project Costs <br />Amount <br />Acquisition Costs <br />$6,824,125 <br />Direct Construction Costs <br />$5,663,048 <br />Construction Contingency <br />$566,305 <br />25H -3 <br />