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Judson Brown, City of Santa Ana
<br />May 12, 2017
<br />First Street Apartments Financial Feasibility
<br />Page 6 of 7
<br />City of Santa Ana Housing Funds
<br />$6,1951000
<br />$6,195,000
<br />_._. $0
<br />Deferred Developer Fee
<br />$0
<br />$1,284,518
<br />$1,284,518 Max deferred @ 12yrs cash. flow.
<br />Low Income Housing Tax Credit
<br />$0
<br />$20447
<br />_ $685145
<br />Equity
<br />$14,843,955
<br />$13,318,151
<br />($1525,804) Reduced equity, necessary for feasibility.,
<br />:-TOTAL SOURCES
<br />$30,199,000
<br />$29,735,354
<br />($463,646)
<br />:.'SURPLUS / (DEFICIT)
<br />$0
<br />$0
<br />$0
<br />Additional Tie -Breaker Scenarios
<br />The attached tables illustrate the detail of three additional tie-breaker scenarios. These scenarios allow
<br />the City to compare varying tie-breaker scores — and the amount of City subsidy necessary to achieve
<br />them — with the tie-breaker scores of recently successful CTCAC 9% projects. A summary of the scenarios
<br />follows below in Table 5
<br />Table 5: Summary of Tie -Breaker Scenarios
<br />Scenario
<br />1 2 3
<br />Tie Breaker Target 1515% 37.6% _..400%
<br />Total Development Costs $29,735,354 $29,735,354 $29,735,354
<br />PERMANENT SOURCES
<br />JPMorgan Chase -Perm Loan
<br />$5,413,350
<br />$5,413,350
<br />.,$5413,350..
<br />JPMorgan Chase -Section 8 Loan
<br />$1,537,459
<br />$1,537,459
<br />$1,537,459
<br />City of Santa Ana -Inclusionary Funds
<br />$0
<br />$20447
<br />_ $685145
<br />City of Santa Ana Housing Funds
<br />$0
<br />$6,195000
<br />.$6,195000
<br />Deferred Developer Fee _
<br />$1,284,518
<br />$1,284,518
<br />$1,284,518.
<br />Low Income Housing Tax Credit
<br />2014
<br />2nd
<br />34,323%
<br />Equity
<br />$21,500,027
<br />$15,284,580
<br />$14,619,882..
<br />TOTAL SOURCES -
<br />$29,735,354
<br />$29,735,354
<br />$29,735,354
<br />SURPLUS/(DEFICIT) $0 $0 $0.__
<br />The above tie -breakers can be compared with the tie -breakers of recently successful projects (not
<br />including wait -list projects) in the Orange County geographic region
<br />Table 6: Tie -Breakers Scores of Recently Successful Orange County Region
<br />CTCAC 9% Projects
<br />Project Name
<br />Year
<br />Round
<br />Tie -Breaker
<br />Fullerton Family Housing
<br />2016
<br />2nd
<br />35.765%
<br />Oakcrest Height
<br />2016
<br />1st
<br />27669%
<br />Dorian Apartments
<br />2015
<br />2nd
<br />46298%
<br />Depot at Santiago
<br />2015
<br />2nd
<br />45.381%
<br />Lincoln Avenue Apts
<br />2014
<br />2nd
<br />34,323%
<br />City Yard Workforce Housing
<br />2014
<br />1st
<br />41.101%
<br />CSG I advisors SAN FRANCISCO ATLANTA LOS ANGELES NEW YORK
<br />65A-64
<br />
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