City of Sacramento
City Council - 2PM Report
915 I Street Sacramento, CA 95814
www.cityofsacramento.org
File ID: 2023-00437 10/24/2023 Public Hearing Item 3.
(City Council/Housing Authority) Tax Equity and Fiscal Responsibility Act (TEFRA) Hearing and Approving Issuance of Tax-Exempt Bonds for St. Anton Ascent Affordable Housing Development
File ID: 2023-00437
Location: 3561 Del Paso Road, District 1, Represented by Councilmember Kaplan Recommendation: Conduct a public hearing, and upon conclusion adopt: 1) a City Council Resolution which a) indicates the City has conducted a Tax Equity and Fiscal Responsibility Act (TEFRA) public hearing related to the proposed development of St. Anton Ascent (Project) b) approving issuance of Tax-Exempt Bonds by California Public Finance Authority (CalPFA) and 2) Housing Authority Resolution which authorizes the Housing Authority to accept an Underwriting TEFRA Fee for the Project.
Contact: Christine Weichert, Director, Development Finance, (916) 440-1353, [email protected]; Sacramento Housing and Redevelopment Agency
Presenter: Christine Weichert, Director, Development Finance, (916) 440-1353, [email protected]; Sacramento Housing and Redevelopment Agency
Attachments:
1-Description/Analysis
2-City Council Resolution - TEFRA
3-Housing Authority Board Resolution
4-Vicinity Map - St. Anton Ascent
5-Project Renderings
6-Residential Project Summary
7-Cash Flow Proforma
8-Maximum Income and Rent Limits
Additional Description/Analysis
Issue Detail: This report will serve as the required public Tax Credit Equity and Fiscal Responsibility Act (TEFRA) hearing for St. Anton Ascent (Project), approval of issuance of tax-exempt bonds not to exceed $30 million by California Public Finance Authority (CalPFA), and approval for the Housing Authority of the City of Sacramento to receive an Underwriting TEFRA Fee. St. Anton Communities,
File ID: 2023-00437 10/24/2023 Public Hearing Item 3.
LLC received approval from the California Debt Limit Allocation Committee (CDLAC) for the issuance of Mortgage Revenue Bonds for the Project on May 10, 2023.
The Sacramento Housing and Redevelopment Agency’s (SHRA) Multifamily Lending and Mortgage Revenue Bond Policies (Policies), adopted by the City Council in December 2019, authorize the Housing Authority to issue Mortgage Revenue Bonds (Bonds) within the City of Sacramento. The Bonds provide below market rate financing for qualified rental projects. Among other things, these bonds increase and preserve the supply of affordable rental housing. As the Bond issuer, SHRA ensures the necessary project due diligence, financial feasibility, quality management, and on-site services. SHRA confirms adequate management and oversight by performing annual on-site inspections of units, common areas, and amenities. On-site property records and resident files are reviewed, along with reviews of resident services, and monthly bond resident activity reports.
Additionally, the Agency provides direct technical assistance to ensure projects succeed in meeting the affordable regulatory requirements.
In limited situations, SHRA’s Policies allow other issuers to issue bonds for multifamily housing projects located within the City of Sacramento. All SHRA’s affordability requirements and procedures apply to projects that utilize other issuers.
St. Anton (Developer) has requested that California Public Finance Authority (CalPFA), a statewide bond issuer, rather than the Housing Authority, issue the bonds for St. Anton Ascent. Regardless of the issuer, the Tax Equity and Fiscal Responsibility Act states the issuance of bonds must be approved by representatives of the governmental unit with jurisdiction over the area in which the project is located. The purpose of the public hearing is to provide an opportunity for interested people to express their views on the proposed bond issuance and the nature and location of the project.
With CalPFA as the issuer of the bonds, SHRA will not have an obligation or authority to monitor the Project. This will eliminate SHRA’s ability to conduct compliance visits, investigate resident concerns, or replace property management. CalPFA monitors for compliance every three years, rather than annually as SHRA does.
According to the Developer, their decision to request CalPFA be the Issuer is based on a combination of factors:
· CalPFA only requires 10 hours of resident services for 15 years, whereas for a project this size, SHRA requires 20 hours of services (a minimum of 14 hours of direct services and up to six hours of on-site coordination) for the life of the Project (55 years). · CalPFA’s does not have minimum construction standards. SHRA’s approved construction standards call for solid surface counter tops (rather than the proposed laminate counter tops) and SHRA requires 12 washers and dryers (verses the 9 being proposed by the developer), for a project this size.
· CalPFA’s monitoring fee is lower by approximately $5,450 annually than SHRA’s fee (based on information provided by the developer over the 55-year life of the project at present value).
SHRA’s monitoring fee allows staff to conduct annual onsite audits of the property, files, management, and resident services. CalPFA states has agreed to monitor resident files only
File ID: 2023-00437 10/24/2023 Public Hearing Item 3.
annually. In addition, SHRA’s Issuance Fee is $8,798 higher than CalPHA’s fee when SHRA’s Underwriting TEFRA and Density Bonus fees are taken into consideration.
After meeting with City representatives in late September, the Developer agreed to:
· Provide 17 hours of resident services per week for a period of 55 years o All hours must be direct service, no administration hours to be included o A minimum of 8 hours must be dedicated to afterschool programming · Provide the City with annual resident service reports summarizing the hours of service provided for that calendar year
· Provide the City with annual desk file audits completed by CalPFA · Provide the City with access to CalPFA’s compliance website where quarterly Bond reports are available
· Add the City as a third-party beneficiary of the Bond Agreement and Declaration of Restrictive Covenants (Agreement) between CalPFA and Ascent Affordable LP to allow the City to enforce the terms contained within the Agreement.
Development: St. Anton Ascent Apartments is new construction workforce housing proposed on 4.35 acres of land located at 3561 Del Paso Road, Sacramento. The proposed Project includes five garden-style walk up buildings with 120 units comprised of 60 one-bedroom, 30 two-bedroom, and 30 three-bedroom units and 1 exempt management unit. The units will be restricted to 30-70 percent Area Median Income (AMI).
Affordability Restrictions Units % of Units
Extremely Low Income
(30% AMI)
12 10%
Very-Low Income (50%
Income)
12 10%
Low Income (60% AMI) 48 40%
Moderate Income (70%
AMI)
47 39%
Management Unit (Exempt) 1 1%
Total 120 100%
A vicinity map is included in Attachment 4, and renderings of the Project are included in Attachment
5. The proposed amenities include a single-story community building with a full kitchen, clubhouse, fitness center, playground, swimming pool, bike storage, common laundry room, and resident service space for employment and educational training.
File ID: 2023-00437 10/24/2023 Public Hearing Item 3.
Building interior scope of work includes all new and energy star appliances such as refrigerator with freezer combination, electric stove and range, dishwashers, garbage disposal. All units will have their own bathtubs and water efficient toilets. The kitchen will include cabinets, stainless steel sinks, and laminate countertops. Each unit will have a designated area for washer and dryer hook-ups, however, in-unit washers and dryers must be purchased by the resident. Residents also have the option to lease washer and dryers from property management.
There will be perimeter fencing on the project’s site that will ensure safety. No security patrol services are expected, however, there will be installation of security cameras. All ground floor apartments will have patios and all upper floor apartments will have balconies. The play area for children will range from ages (2-12). The project will have 187 parking spaces and provide 10 short-term and 60 long- term bike parking spaces for residents.
Developer:
St. Anton Communities, LLC (St. Anton) is a for-profit developer with experience in acquisition, new construction, rehabilitation, and preservation of affordable housing. St. Anton’s portfolio includes 50 income-restricted and mixed-income communities across California.
Property Management: The Project will be managed by St. Anton Multifamily, Inc., a property management company with staff experienced in operating affordable apartment communities.
SHRA staff has reviewed the management plan including resident selection, eligibility screening, marketing plan, and affordability schedule. Items related to rent collection, pet policies, maintenance inspection and repairs were not provided. Therefore, SHRA cannot approve the management plans as submitted.
Resident Services:
Pacific Housing, Inc. will provide onsite resident services. Pacific Housing Inc. has a portfolio of over 20,000 rental housing units where they provide resident services. The developer has committed to providing a total of 17 direct services hours per week for 55 years, including a minimum of eight hours of afterschool programs. SHRA requires 20 hours of resident services per week (a minimum of 14 hours of direct services plus up to 6 hours of onsite coordination) for 55 years for a project this size, including a minimum of eight hours a week for afterschool services.
Project Financing:
The proposed financing of the Project includes tax-exempt bonds, tax credit equity, a deferred developer fee, and a permanent loan. A Project Summary and Proforma are included as Attachments 6 and 7.
Bond Issuer:
CalPFA was created by Kings County and The Kings County Housing Authority in May 2015. CalPFA’s governing board is comprised of the members of the Board of Supervisors of Kings County. CalPFA promotes economic, cultural and community development opportunities through the issuance of tax-exempt and taxable bonds throughout California. The Joint Powers Agency (JPA) requires the City of Sacramento to become a member prior to issuing Mortgage Revenue Bonds, therefore, the TEFRA hearing is contingent on the City Council’s approval of joining the CalPFA.
Policy Considerations: The recommended actions are consistent with 1) SHRA’s Multifamily Lending and Mortgage Revenue Bond Policies, priority level 2(iv) - New Construction and Conversion of non-Residential to Residential Use 2) the 2021-2029 Housing Element, Policy H-2-39, “North
File ID: 2023-00437 10/24/2023 Public Hearing Item 3.
Natomas CPA
Economic Impacts: This multifamily residential project is expected to create 543.90 total jobs (308.21 direct jobs and 235.69 jobs through indirect and induced activities) and create $45,324,919 in total economic output ($27,628,362 of direct output another $17,696,557 of output through indirect and induced activities). The indicated economic impacts are estimated using a calculation tool developed by the Center for Strategic Economic Research (CSER). CSER utilized the IMPLAN input- output model (2009 coefficients) to quantify the economic impacts of a hypothetical $1 million of spending in various construction categories within the City of Sacramento in an average one-year period. Actual impacts could differ significantly from the estimates and neither the City of Sacramento nor CSER shall be held responsible for consequences resulting from such differences.
Environmental Considerations: California Environmental Quality Act (CEQA): The proposed action is not considered a project subject to CEQA Guidelines Section 15183 as the project is consistent with a Community Plan, General Plan, or Zoning. The National Environmental Policy Act is not applicable as there is an absence of federal funds.
Sustainability: The proposed project has been reviewed for consistency with the goals, policies and targets of the City Sustainability Master Plan and the 2030 General Plan. If approved, these projects will advance the following goal, policy, and target of goal number one - Energy Independence, specifically by reducing the use of fossil fuels and providing long-term affordable and reliable energy.
Commission/Committee Action: Sacramento Housing and Redevelopment Commission: At its October 18, 2023, meeting, the Sacramento Housing and Redevelopment Commission reviewed the staff recommendation for this item. The votes were as follows:
AYES: Morgan, Ramos, Staajabu
NOES: Amanfor, Duncan, Nunley, Ross, Starks, Woo
ABSENT: Griffin, Osmany
Rationale for Recommendation: The actions recommended in this report are consistent with the City of Sacramento 2021-2029 Housing Element as part of Sacramento’s 2035 General Plan.
Financial Considerations: The Housing Authority will receive a one-time Underwriting TEFRA Fee of $20,000, which is payable upon approval of the attached Resolution. The Developer will be responsible for payment of all costs, fees, and deposits related to the bond application. Multifamily housing revenue bonds do not represent a financial obligation of the Sacramento Housing and Redevelopment Agency, Housing Authority, or the City of Sacramento.
Local Business Enterprise (LBE): The items discussed in this report have no M/WBE or Section 3 impact; therefore, M/WBE and Section 3 considerations do not apply.
RESOLUTION NO. 2023 -
Adopted by the Sacramento City Council
on date of
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SACRAMENTO
APPROVING THE ISSUANCE BY THE CALIFORNIA PUBLIC FINANCE AUTHORITY
OF EXEMPT MORTGAGE REVENUE BONDS FOR A QUALIFIED RESIDENTIAL
RENTAL PROJECT IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $30 MILLION FOR THE PURPOSE OF FINANCING THE ACQUISITION AND CONSTRUCTION OF ST. ANTON ASCENT AND CERTAIN OTHER MATTERS
RELATING THERETO
BACKGROUND
A. Ascent Affordable, LP, a California limited partnership or a partnership of which St.
Anton Communities, LLC (Developer) or a related person to the Developer is the general partner, has requested that the California Public Finance Authority (Authority) adopt a plan of financing pr oviding for the issuance of exempt facility bonds for a qualified residential rental project pursuant to Section 142(a)(7) of the Internal Revenue Code of 1986 (the Code) in one or more series issued from time to time, including bonds issued to refund such exempt facility bonds in one or more series from time to time, and at no time to exceed $30 million in outstanding aggregate principal amount (Bond), to finance or refinance the acquisition, construction, improvement and equipping of a multifamily rental housing project located at 3561 Del Paso Road, Sacramento, California (Project).
B. The Project is located within the City of Sacramento (City).
C. The City Council of the City (City Council) is the elected legislative body of the City and is the applicable elected representative under Section 147(f) of the Code.
D. Pursuant to Section 147(f) of the Code, the City Council has, following notice duly given, held a public hearing regarding the issuance of the Bonds, and now desires to approve the issuance of the Bonds by the Authority.
E. The City Council understands that its actions in holding this public hearing and in approving this Resolution do not obligate the City in any manner for payment of the principal, interest, fees, or any other costs associated with the issuance of the Bonds and said City Council expressly conditions its approval of this Resolution on that understanding.
F. California Environmental Quality Act (CEQA): The proposed action is not considered a project subject to CEQA Guidelines Section 15183 as the project is consistent with a Community Plan, General Plan, or Zoning.
G. The National Environmental Policy Act is not applicable as there is an absence of federal funds.
BASED ON THE FACTS SET FORTH IN THE BACKGROUND, THE CITY COUNCIL RESOLVES AS FOLLOWS:
Section 1. All evidence presented having been duly considered, the findings, including environmental findings regarding this action, as stated above, are foun d to be true and accurate and are hereby approved adopted.
Section 2. The City Council of the City of Sacramento hereby finds, determines, and declares that issuance not to exceed $30 million by the Authority of the Obligations for the purposes described above is hereby approved.
Section 3. This resolution shall take effect immediately upon its adoption.
RESOLUTION NO. 2023 -
Adopted by the Housing Authority of the City of Sacramento
on date of
ST. ANTON ASCENT APARTMENTS: A RESOLUTION OF THE HOUSING
AUTHORITY OF THE CITY OF SACRAMENTO ACCEPTANCE OF AN
UNDERWRITING TEFRA FEE
BACKGROUND
A. Ascent Affordable, LP, a California limited partnership or a partnership of which St.
Anton Communities, LLC (Developer) or a related person to the Developer is the general partner, has requested that the California Public Finance Authority (Authority) adopt a pl an of financing providing for the issuance of exempt facility bonds for a qualified residential rental project pursuant to Section 142(a)(7) of the Internal Revenue Code of 1986 (the Code) in one or more series issued from time to time, including bonds issued to refund such exempt facility bonds in one or more series from time to time, and at no time to exceed $30 million in outstanding aggregate principal amount (Bond), to finance the acquisition, construction, improvement and equipping of a multifamily rental housing project located at 3561 Del Paso Road, Sacramento, California (Project).
B. Housing Authority of the City of Sacramento (HACS) adopted the Sacramento Housing and Redevelopment Agency (SHRA) Multifamily Lending and Mortgage Revenue Bond (Policies) on December 3, 2019. Section 9.4.8 of the Policies state HACS will be reimbursed for their review of the project and preparation of TEFRA hearing and notice, not exceeding 0.25% of the bond issuance amount.
C. The Project is located within the City of Sacramento (City).
D. California Environmental Quality Act (CEQA): The proposed action is not considered a project subject to CEQA Guidelines Section 15183 as the project is consistent with a Community Plan, General Plan, or Zoning.
E. The National Environmental Policy Act is not applicable as there is an absence of federal funds.
BASED ON THE FACTS SET FORTH IN THE BACKGROUND, THE HOUSING AUTHORITY OF THE CITY OF SACRAMENTO RESOLVES AS FOLLOWS:
Section 1. All evidence presented having been duly considered, the findings, including environmental findings regarding this action, as stated above, are found to be true and accurate and are hereby approved adopted.
Section 2. Subject to the adoption of the Tax Equity and Fiscal Responsibility Act (TEFRA) resolution by the City Council of the City of Sacramento, which approves the issuance of the Bonds by California Public Finance Authority, subject to an Underwriting TEFRA Fee of $20,000 to be paid to the Housing Authority of the City of Sacramento, upon approval of this resolution . The appropriate officers or the staff of the Housing Authority of the City of Sacramento is hereby authorized to receive and accept the fee upon approval of this resolution.
Section 3. This resolution shall take effect immediately upon its adoption.
St. Anton Ascent
CHANGING LIVES
St. Anton Ascent
Westlake
Community
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Attachment 5
St. Anton Ascent – Project Renderings
Attachment 6
Addresses
Number of Units
Project Type
Acreage
Unit Mix and Rents 30% AMI 50% AMI 60% AMI 70% AMI
Exempt
Management
Unit Total
1BR/1BA 6 6 24 23 1 60
2BR/2BA 3 3 12 12 0 30
3BD/2BA 3 3 12 12 0 30
Total Units 12 12 48 47 1 120
Square Footage Per Unit (sq.ft.) Total (sq. ft.)
1BR/1BA (Type 1A) 565 16,950 sq. ft.
1BR/1BA (Type 1B) 706 21,180 sq. ft.
2BR/2BA 907 27,210 sq. ft.
3BD/2BA 1,187 35,610 sq. ft.
Common Areas 3,362 3,362 sq. ft.
Total Gross 104,312 sq. ft.
Resident Facilities
Permanent Sources Total Per Unit Per Square Foot
Permanent Loan 15,430,000$ 128,583$ 147.92$ sq. ft.
Federal Tax Credit Equity 19,437,790$ 161,982$ 186.34$ sq. ft.
State Tax Credit Equity 7,650,000$ 63,750$ 73.34$ sq. ft.
Deferred Developer Fee 2,623,114$ 21,859$ 25.15$ sq. ft.
NOI During Lease-Up 184,015$ 1,533$ 1.76$ sq. ft.
TOTAL SOURCES45,324,919$ 377,708 $ 434.51$ sq. ft.
Permanent Uses Total Per Unit Per Square Foot
Acquisition 3,000,000$ 25,000 $ 28.76$ sq. ft.
Construction Costs 27,796,540$ 231,638 $ 266.47$ sq. ft.
Architecture & Engineering 599,550$ 4,996 $ 5.75$ sq. ft.
Permits/Fees 1,500,000$ 12,500 $ 14.38$ sq. ft.
Hard Cost Contingency 1,389,827$ 11,582 $ 13.32$ sq. ft.
TOTAL HARD COSTS34,285,917$ 285,716$ 328.69$ sq. ft.
Soft Cost Contingency 65,015$ 542 $ 0.62$ sq. ft.
Financing Cost 4,659,711$ 38,831 $ 44.67$ sq. ft.
Operating Reserves 382,366$ 3,186 $ 3.67$ sq. ft.
Legal Fees 75,000$ 625 $ 0.72$ sq. ft.
Developer Fee 5,130,000$ 42,750 $ 49.18$ sq. ft.
Third Party Fees, Marketing, Other 726,910$ 6,058 $ 6.97$ sq. ft.
TOTAL SOFT COSTS11,039,002$ 91,992$ 105.83$ sq. ft.
TOTAL USES 45,324,919$ 377,708 $ 434.51$ sq. ft.
Management / Expenses
Proposed Developer
Property Management Company
Operating Expenses 480,959$ 4,008 $
Property Management Fee 53,785$ 448 $
Resident Services 16,068$ 134 $
Taxes and Insurance 57,576$ 480 $
Replacement Reserves 30,000$ 250 $
-$ Difference
St. Anton Ascent
Residential Project Summary
3561 Del Paso Road
120
New Construction
4.35 per unit
Amenities on site will include a community room, fitness center, swimming pool, playground equipment, and employment and educational training classrooms.
St. Anton Communities, LLC
St. Anton Multifamily, Inc. (SAM)
per unit
per unit
per unit
per unit
St. Anton Ascent Area Median Square Total Gross Utility Net Net Rent per Total Monthly Current Unit Type Income % (AMI) Number Feet Sq Feet Rent¹ Allowance Rent Sq Foot Net Rent Annual Rent 1BR/1BA (Type 1A) 30% 3 636 1,908 603$ 85$ 518$ 0.81$ 1,554$ 18,648$ 1BR/1BA (Type 1A) 50% 3 636 1,908 1,005$ 85$ 920$ 1.45$ 2,760$ 33,120$ 1BR/1BA (Type 1A) 60% 12 636 7,632 1,206$ 85$ 1,121$ 1.76$ 13,452$ 161,424$ 1BR/1BA (Type 1A) 70% 11 636 6,996 1,407$ 85$ 1,322$ 2.08$ 14,542$ 174,504$ 1BR/1BA (Type 1B) 30% 3 907 2,721 603$ 85$ 518$ 0.57$ 1,554$ 18,648$ 1BR/1BA (Type 1B) 50% 3 907 2,721 1,005$ 85$ 920$ 1.01$ 2,760$ 33,120$ 1BR/1BA (Type 1B) 60% 12 907 10,884 1,206$ 85$ 1,121$ 1.24$ 13,452$ 161,424$ 1BR/1BA (Type 1B) 70% 12 907 10,884 1,407$ 85$ 1,322$ 1.46$ 15,864$ 190,368$ 2BR/2BA 30% 3 907 2,721 723$ 105$ 618$ 0.68$ 1,854$ 22,248$ 2BR/2BA 50% 3 907 2,721 1,206$ 105$ 1,101$ 1.21$ 3,303$ 39,636$ 2BR/2BA 60% 12 907 10,884 1,447$ 105$ 1,342$ 1.48$ 16,104$ 193,248$ 2BR/2BA 70% 12 907 10,884 1,689$ 105$ 1,584$ 1.75$ 19,002$ 228,024$ 3BD/2BA 30% 3 1187 3,561 836$ 125$ 711$ 0.60$ 2,133$ 25,596$ 3BD/2BA 50% 3 1187 3,561 1,393$ 125$ 1,268$ 1.07$ 3,804$ 45,648$ 3BD/2BA 60% 12 1187 14,244 1,672$ 125$ 1,547$ 1.30$ 18,564$ 222,768$ 3BD/2BA 70% 12 1187 14,244 1,951$ 125$ 1,826$ 1.54$ 21,912$ 262,944$ Exempt Manager Unit (1BR/1BA) 1 636 636 - - - - - -
Totals 120 15,184 109,110 19,359 1,600 17,759 20 152,614$ 1,831,368$ ¹Pursuant to 24CFR 983.301, contract rents approved by HUD may exceed the tax-credit rent limits; and the AMI change is due to income averaging regulation by CDLAC. The tenant rent will not exceed 30% of the household adjusted gross income with PBV.
Annual 2025 2026 2027 2028 2029 2030 2031 2034 2039 2044 2054 Income Increase Per Unit Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 10 Year 15 Year 20 Year 30 Gross Potential Rent 2.50% 1,924,081 1,972,183 2,021,488 2,072,025 2,123,825 2,176,921 2,231,344 2,402,914 2,718,676 3,075,932 3,937,454 Other Income 2.50% 24,585 25,199 25,829 26,475 27,137 27,815 28,511 30,703 34,737 39,302 50,310 Less Vacancy 5.00% -97,433 -99,869 -102,366 -104,925 -107,548 -110,237 -112,993 -121,681 -137,671 -155,762 -199,388 Effective Gross Income $1,851,232 $1,897,513 $1,944,951 $1,993,575 $2,043,414 $2,094,499 $2,146,862 $2,311,936 $2,615,743 $2,959,473 $3,788,376 Expenses
Operating Expenses 3.50% 4,008 480,959 497,792 515,215 533,247 551,911 571,228 591,221 655,497 778,525 924,644 1,304,301 Property Management 3.50% 448 53,785 55,668 57,616 59,633 61,720 63,880 66,116 73,304 87,062 103,402 145,859 Resident Services 3.50% 167 20,000 20,700 21,425 22,174 22,950 23,754 24,585 27,258 32,374 38,450 54,238 Taxes and Insurance 2.00% 480 57,576 58,727 59,902 61,100 62,322 63,568 64,840 68,808 75,970 83,877 102,246 Replacement Reserves 0.00% 250 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 Total Expenses 5,353 $642,319 $662,887 $684,157 $706,154 $728,903 $752,430 $776,761 $854,867 $1,003,931 $1,180,373 $1,636,643 Net Operating Income $1,208,913 $1,234,626 $1,260,794 $1,287,421 $1,314,511 $1,342,070 $1,370,101 $1,457,068 $1,611,812 $1,779,100 $2,151,733 Debt Service amount rate amort
Senior Loan $15,430,000 6.25% 40 1,051,227 1,051,227 1,051,227 1,051,227 1,051,227 1,051,227 1,051,227 1,051,227 1,051,227 1,051,227 1,051,227 Monitoring Fee 7,300 7,246 7,188 7,128 7,064 6,997 6,926 6,690 6,202 5,567 5,000 Debt Service Subtotal $1,058,527 $1,058,473 $1,058,415 $1,058,355 $1,058,291 $1,058,224 $1,058,153 $1,057,917 $1,057,429 $1,056,794 $1,056,227 DCR 1.14 1.17 1.19 1.22 1.24 1.27 1.29 1.38 1.52 1.68 2.04 Cash Available after Debt Service $150,386 $176,154 $202,379 $229,066 $256,221 $283,846 $311,948 $399,152 $554,384 $722,307 $1,095,506 Priority Distributions
GP Partnership Management Fee 1.00% 14,400 14,688 14,982 15,281 15,587 15,899 16,217 17,209 19,000 20,978 25,572 LP Asset Management Fee 3.00% 10,000 10,300 10,403 10,507 10,612 10,718 10,825 11,153 11,722 12,320 13,609 Priority Distributions Subtotal 24,400 24,988 25,385 25,788 26,199 26,617 27,042 28,362 30,722 33,298 39,181 Net Cash after Priority Distributions $125,986 $151,166 $176,994 $203,278 $230,021 $257,229 $284,906 $370,789 $523,661 $689,008 $1,056,325 Deferred Developer Fee
Principal Balance $2,623,114 3.00% 2,623,114 2,575,821 2,501,930 2,399,994 2,268,716 2,106,756 1,912,730 1,135,018 0 0 0 Interest for Period 78,693 77,275 75,058 72,000 68,061 63,203 57,382 34,051 0 0 0 Payment 125,986 151,166 176,994 203,278 230,021 257,229 284,906 370,789 0 0 0 Balance $2,575,821 $2,501,930 $2,399,994 $2,268,716 $2,106,756 $1,912,730 $1,685,206 $798,280 $0 $0 $0 Net Cash after Deferred Developer Fee $0 $0 $0 $0 $0 $0 $0 $0 $523,661 $689,008 $1,056,325 St. Anton Ascent
Cash Flow ProformaAttachment 7
Attachment 8
St. Anton Ascent
MAXIMUM INCOME AND RENT LIMITS
Effective: July 1, 2023
Affordability Levels at 30%, 50%, 60%
and 70% of Area Median Income (AMI)
Low Income Housing Tax Credits and
Mortgage Revenue Bonds
Maximum Gross Income Limits
Household Size 30% AMI 50% AMI 60% AMI 70% AMI
1 person $22,550 $37,500 $45,060 $52,500
2 person $25,750 $42,900 $51,480 $60,100
3 person $28,950 $48,250 $57,900 $67,550
4 person $32,150 $53,600 $64,320 $75,050
5 person $35,140 $57,900 $69,480 $81,100
6 person $40,280 $62,200 $74,640 $87,100
Maximum Gross Rent Limits
Unit Size 30% AMI 50% AMI 60% AMI 70% AMI
1 Bedroom $603 $1,005 $1,206 $1,502.20
2 Bedroom $723 $1,206 $1,447 $1,688.75
3 Bedroom $836 $1,393 $1,672 $1,876.25