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80A - JOINT -AFFORDABLE HOUSING
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80A - JOINT -AFFORDABLE HOUSING
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Last modified
6/19/2017 9:14:49 AM
Creation date
6/15/2017 4:29:19 PM
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City Clerk
Doc Type
Agenda Packet
Agency
Community Development
Item #
80A
Date
6/20/2017
Destruction Year
2022
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EXHIBIT 7 <br />CSG I advisors 1 Post Street, Suite 575 <br />San Francisco, CA 94104 <br />tel. 415.956.2454 <br />Memorandum <br />To: Judson Brown, City of Santa Ana <br />From: John Hamilton, CSG Advisors <br />Date: May 12, 2017 <br />Re: First Street Apartments Financial Feasibility Review <br />SUMMARY <br />Project Overview and the Proposed Project <br />AMCAL Enterprises (the "Developer") to develop the First Street Apartments (the "Project"), a 69 -unit <br />new construction family housing project located in the City of Santa Ana (the "City"). The Project would <br />target families and would be affordable to individuals and families earning from 30% AMI to 60%AMI. <br />The Proposed Financing <br />The Developer proposes to finance the Project though private senior first mortgage loans, subordinate <br />financing from the City of Santa Ana, and equity from the syndication of 9% federal Low Income Housing <br />Tax Credits (LIHTC). The Developer proposes to submit an application for an allocation of Low Income <br />Housing Tax Credits to the 2017 second application round of the California Tax Credit Allocation <br />Committee (CTCAC). <br />The Developer has tentative secured senior construction and permanent loan commitment from <br />JPMorgan CHASE Bank <br />Conclusion <br />The Project will be competing for 9% Low Income Housing Tax Credits. Absent the CTCAC particular tie <br />breaker - and maximum deferred developer fee -the project would not require funds from the City. <br />However, the nature of the CTCAC competition requires committed public funds in order to be <br />successful. The City must decide the level of tie-breaker it wishes to target in combination with the <br />amount of City funds necessary to achieve that target. <br />PROJECT FINANCIAL ANALYSIS <br />Project Description <br />AMCAL Enterprises (the "Developer"), an experienced developer of affordable housing, proposes to <br />develop a 69 -unit affordable housing development, for families, to be located at 1440 East First Street, in <br />the City of Santa Ana. The Developer has already purchased the site from an un -related party, Grand <br />Frontier Investments, LLC. The Developer proposes to construct 7 buildings: 6 buildings would house 68 <br />affordable units and one manager's unit; 1 building would be a non-residential community building. The <br />Developer proposes to finance the Project with an allocation of 9% low-income housing tax credits <br />(LIHTC), committed funds from the City, and senior first mortgage financing for JPMorgan CHASE or <br />another lender. <br />SAN FRANCISCO ATLANTA 80" -6'' S ANGELES NEW YORK <br />
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