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Judson Brown, City of Santa Ana
<br />May 12, 2017
<br />First Street Apartments Financial Feasibility
<br />Pace 6 of 7
<br />City of Santa Ana-Housinq Funds $6,195,000 $6,195,000 $0
<br />Deferred Developer Fee $0 $1,284,518 $1,284,518 Max. deferred ® 12yrs cash flow.
<br />Low Income Housing Tax Credit
<br />Equity —_ $14,843,955__ $13,318,151 ($1,525,804) Reduced equity necessary for feasibility
<br />TOTAL SOURCES $30,199,000 $29,735,354 ($463,646)
<br />SURPLUS/ (DEFICIT) $0 _ $0 $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 />Tie Breaker Target
<br />1
<br />15.15%
<br />Scenario
<br />2
<br />37.6%
<br />3
<br />40.0%
<br />Total Development Costs
<br />$29,735,354
<br />$29,735,354
<br />$29,735,354
<br />PERMANENT SOURCES
<br />2015
<br />2nd
<br />_
<br />46.298%
<br />JPMorgan Chase -Perm Loan
<br />$5,413,350
<br />$5,413,350
<br />$5,413,350
<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 />$20,447
<br />$685,145
<br />City of Santa Ana-Housinq Funds
<br />$0
<br />$6,195,000
<br />$6,195,000
<br />_Deferred Developer Fee $1,284,518 __$1,284,518 $1,284,518
<br />Low Income Housing Tax Credit
<br />Equity $21,500,027 $15,284,580 $14,619,882
<br />L TOTAL SOURCES$29,735,354 $29,735,354__ $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 />Fullerton Family Housing
<br />Year
<br />2016
<br />Round
<br />2nd
<br />Tie -Breaker
<br />35.765%
<br />Oakcrest Height
<br />2016
<br />1st
<br />27.669%
<br />Derian Apartments
<br />2015
<br />2nd
<br />_
<br />46.298%
<br />Depot at Santiago
<br />2015
<br />2nd
<br />_
<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 Iadvisors SAN FRANCISCO 180AI-66 • LOS ANGELES NEW YORK
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