Sacramento City Council
April 9, 2024

City of Sacramento
City Council - 2PM Report
915 I Street Sacramento, CA 95814
www.cityofsacramento.org
File ID: 2024-00567 4/9/2024 Public Hearing Item 12.
(City Council/Housing Authority) Tax Equity and Fiscal Responsibility Act (TEFRA) Hearing, Approval of Tax-Exempt Bonds and Loan Commitment in the Amount of $2 Million to River City Apartments (Project)
File ID: 2024-00567
Location: 1601 69th Street, District 6, Represented by Mayor Steinberg Recommendation: Conduct a public hearing and upon conclusion adopt: 1) a City Council Resolution indicating the City Council has conducted a TEFRA public hearing related to the proposed construction and financing of the River City Apartments; 2) a Housing Authority Resolution: a) indicating the intention of the Housing Authority of the City of Sacramento to issue up to $42 million in tax-exempt mortgage revenue bonds to provide acquisition, construction, and permanent financing for the Project. b) authorizing an application to the California Debt Limit Allocation Committee for allocation authority to issue bonds; 3) a City Council Resolution authorizing the Sacramento Housing and Redevelopment Agency (Agency) to: a) approve the Conditional Funding Commitment of $2 million comprised of $1.15 million HOME Investment Partnerships Program and $850,000 Permanent Local Housing Allocation funds, b) execute a Loan Commitment Letter and all necessary documents associated with this transaction with Chelsea Investment Corporation, or related entity for the Project, c) execute any and all documents deemed necessary by the Agency and related to the transaction, d) amend the budget, and e) make related findings
Contact: Christine Weichert, Director, Development Finance, (916) 440-1353, [email protected]; Whitney Hinton, Program Manager, Development Finance (916) 440-1325, [email protected], Sacramento Housing and Redevelopment Agency
Presenter: Ryan Un, Housing Finance Analyst, (916) 449-1258, [email protected], Sacramento Housing and Redevelopment Agency
Attachments:
01-Description/Analysis
02-City Council Resolution - TEFRA
03-Housing Authority Inducement Resolution
04-City Council Loan Commitment Resolution
05-Exhibit A: Conditional Loan Commitment

File ID: 2024-00567 4/9/2024 Public Hearing Item 12.
06-Vicinity Map
07-Project Rendering
08-Site Plan
09-Residential Project Summary
10-Project Cash Flow
11-Maximum Income and Rent Limits
Description/Analysis
Issue Detail: In January 2024, Chelsea Investment Corporation (Developer) submitted a funding application to the Agency and the Housing Authority of the City for the issuance of up to $42 million in tax exempt mortgage revenue bonds, and a gap financing loan of $2 million to assist in funding the acquisition, construction, and permanent financing of the River City Apartments (Project).

Project Description: River City Apartments is a proposed new construction development on 0.97 acres of land located at 1601 69
th Street. This will be a five-story building, with two elevators, comprised of 66 units which consist of 19 one-bedroom units, 28 two-bedroom units, 19 three- bedroom units, and one two-bedroom manager’s unit. There will be 17 parking spaces, including one (1) ADA parking space. The units will be geared toward families in the Area Median Income (AMI) range of 30 percent to 70 percent. All apartments will have Energy Star rated appliances, an electric stove and range, a dishwasher, and garbage disposal. All units will have bathtubs or showers with water-efficient toilets and all flooring throughout will have luxury vinyl plank. The kitchen in every unit will have a stainless-steel sink, microwave shelving, and solid vanity tops.

The common areas and amenities include a community room, a BBQ area, a school age play structure, a half-court basketball court, and an outdoor exercise area. There will be a community room that will be furnished with tables, chairs, and desks and adjacent is the laundry room. A vicinity map is included in Attachment 6, the project rendering is included in Attachment 7, and Site Plan in Attachment 8.

Project Developer: Chelsea Investment Corporation (CIC) is the developer for the project. CIC brings forth a wealth of expertise and experience since its establishment in 1986. As a vertically integrated organization, CIC seamlessly intertwines development, asset management, construction, and community investment within its framework. With an expansive portfolio, CIC has successfully developed over 100 Low-Income Housing Tax Credit communities, providing homes for more than 10,000 individuals across various apartments.

Property Management: CONAM Management Corporation is the proposed property management company pending the Agency’s approval. They are currently managing five properties in the Sacramento area. Established in 1975, CONAM specializes in managing both conventional and affordable housing across 12 states. Committed to service excellence and fostering thriving communities.

File ID: 2024-00567 4/9/2024 Public Hearing Item 12.

Supportive Services: Alta California Regional Center (ACRC) is a non-profit organization operating in collaboration with the State of California, Department of Developmental Services. ACRC provides services to over 30,000 individuals across 10 counites, including Sacramento and offers comprehensive services to individuals who face developmental disabilities. ACRC will provide supportive services for 15 units reserved for ACRC residents at River City Apartments.

Resident Services: Pending the Agency’s approval, the proposed resident service provider is Pacific Southwest Community Development (PSCDC), an organization distinguished by over 26 years of delivering exceptional services. This property represents PSCDC's second in Sacramento, reflecting its commitment to expanding its impact and community development efforts in the region. Presently, they oversee operations at 79 properties throughout California. PSCDC will be required to provide at minimum 15 hours of services per week for the residents, including after-school programs.

Project Financing: The proposed financing pf the Project includes an Agency loan totaling $2 million comprised of HOME and PLHA, four percent Low Income Housing Tax Credits (LIHTC), competitive state tax credits, tax-exempt bond financing, a deferred developer fee, conventional loan, Community Resource Development loan, and solar credits. The Summary and Proforma are included as Attachments 9 and 10.

Low-Income Set-Aside Requirements: As a condition of receiving tax credits, federal law requires that developments be set aside for targeted income groups. Income restrictions from LIHTC financing require that 20 percent of the units have rents that are affordable to households with income up to 50 percent of the AMI. The Agency further requires at least 15 percent of the units have affordable rents to households with income up to 50 percent AMI, and at least five percent of the units have rents that are affordable to households with income up to 30 percent AMI, based on financial feasibility. The affordability restrictions will be specified in regulatory agreements between the Agency and the Developer. A schedule of maximum income and rents are included in Attachment 11.

River City Apartments
Affordability Restrictions (55 years) Units % of Units
Extremely Low Income (30% AMI) 7 11%
Very-Low Income (50% AMI) 7 11%
Low Income (60% AMI) 23 35%
Moderately Income (70% AMI) 28 42%
Manager Unit (1Bedroom) 1 1%
Total 66 100%

File ID: 2024-00567 4/9/2024 Public Hearing Item 12.

Policy Considerations: The recommended actions are consistent with 1) Agency’s approved Multi- family Lending and Mortgage Revenue Bond Policies, priority 2 - New Construction, and Priority 2(i), Permanent Supportive Housing and Homeless Housing; and 2) the 2021-2029 Housing Element, which encourages the provision of a variety of quality housing types to create affordable and inclusive housing, and c) the Sacramento Promise Zone Plans and Goals, Sustainably Built Community sub-goal to increase housing types and transit growth to promote livability and connectivity within the Promise Zone.

Economic Impacts: This multi-family residential project is expected to create 469.19 total jobs (265.88 direct jobs and 203.32 through indirect and induced activities) and create $39,099,460 in total economic output ($23,833,557 of direct output and $15,265,903 indirect output and induced activities).

The indicated economic impacts are estimates calculated 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 project has been submitted for ministerial approval consideration to the City of Sacramento, and it is anticipated that the project will be exempt from the requirements of the CEQA review, pursuant to Public Resources Code Section 15268.

National Environmental Policy Act (NEPA): NEPA review is underway for the proposed project, and it is anticipated that the review will result in a Finding of No Significant Impact. No choice limiting action will be taken prior to completing NEPA review.

Sustainability: The proposed Project has been reviewed for consistency with the goals, policies, and targets of the 2035 General Plan. If approved, this project will advance the following goal, policy, and target of Goal H-1.1.1 Sustainable Housing Practices, specifically by developing housing and neighborhoods to be environmentally sustainable.

Commission/Committee Action: Sacramento Housing and Redevelopment Commission: It is anticipated that, at its April 3, 2024, meeting, the Sacramento Housing and Redevelopment Commission will approve the staff recommendation for this item. Staff will notify the Council in the event the item is not approved.

Rationale for Recommendation: The actions recommended in this report support the Agency’s ability to continue to fulfill its mission of providing a range of affordable housing opportunities in the

File ID: 2024-00567 4/9/2024 Public Hearing Item 12.

City and are consistent with the Agency’s approved Multifamily Lending and Mortgage Revenue Bond Policies, and the City of Sacramento 2021-2029 Housing Element as part of General Plan Sacramento’s 2035 General Plan.

Financial Considerations: The Agency will receive a one-time issuance fee of 0.25 percent of the bond amount, which is payable at bond closing, and annual payment for monitoring the regulatory restrictions and administration of the bonds in the amount of 0.125 percent of the bond amount. The Agency will also receive a $100 annual administrative fee for each HOME and PLHA assisted unit.

The total administrative fee will not exceed $25,000 annually for the affordable units during the 55- year term. The Developer will be responsible for payment of all costs and fees relating to the bonds.

Mortgage revenue bonds do not represent a financial obligation of the Agency, the Housing Authority, or the City of Sacramento.

Local Business Enterprise (LBE): Minority and Women’s Business Enterprise requirements and Section 3 considerations will be applied to all activities to the extent required by the federal funding and in accordance with Agency’s Section 3 Economic Opportunity Plan.

RESOLUTION NO. 2024 -
Adopted by the Sacramento City Council
April 9, 2024
River City Apartments: Approval of the Issuance of Obligations by the Housing Authority of the City of Sacramento on Behalf Of River City CIC, LP

BACKGROUND
A. The Housing Authority of the City of Sacramento, a housing authority organized and existing under the laws of the State of California (the "Authority”), proposes a plan 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 faci lity bonds in one or more series from time to time, and at no time to exceed $42,255,936 (the “Obligations”) and to lend the proceeds thereof to River City CIC, LP or a partnership of which Chelsea Investment Corporation (the “Developer”) or a related pers on to the Developer is the general partner , to be used to provide funds to finance or refinance the acquisition, construction and development of a multifamily housing residential facility to be located at 1601 69th Street , in the City of Sacramento, California.

B. Section 147(f) of the Code requires the execution and delivery of the Obligations to be approved by the City Council of the City (the "City Council"), as the elected representative of the City of Sacramento and the host jurisdiction of the subject multifamily housing residential facility, after a public hearing has been held following reasonable and proper notice.

C. A public hearing was held by the City Council on April 9 , 2024, following duly published notice thereof, and all persons desiring to be heard have been heard.

D. It is in the public interest and for the public benefit that the City Council, as the elected representative of the City of Sacramento and the host jurisdiction of the subject multifamily housing residential facility, approve the execution and delivery by the Authority of the Obligations.

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 f indings, including environmental findings regarding this action, as stated above, are found 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 by the Authority of the Obligations in the maximum principal amount of $42,255,936 for the purposes described above is hereby approved.

SECTION 3.

This resolution shall take effect immediately upon its adoption.

RESOLUTION NO. 2024-

Adopted by the Housing Authority of the City of Sacramento

April 9, 2024

River City Apartments: A Resolution of the Housing Authority of the City of Sacramento Declaring Intention to Reimburse Expenditures from the Proceeds of Tax-Exempt Obligations and Directing Certain Actions

BACKGROUND

A. The Housing Authority of the C ity of Sacramento (the "Authority") intends to issue tax-exempt obligations (the "Obligations") for the purpose, among other things, of making a loan to River City CIC, LP , or a limited partnership or a limited liability company related to or formed by Chelsea Investment Corporation (the "Developer"), the p roceeds of which shall be used by the Developer to finance the acquisition, construction and development of a 66-unit multifamily housing resi dential facility to be located at 1601 69th Street , Sacramento, California (the “Project”).

B. United States Income Tax Regulations section 1. 150-2 provides generally that proceeds of tax -exempt debt are not deemed to be expended when such proceeds are used for reimbursement of expenditures made prior to the date of issuance of such debt unless certain procedures are followed, among which is a requirement that (with certain exceptions), prior to the payment of any such expenditure, the issuer must declare an intention to reimburse such expenditure.

C. It is in the public interest and for the public benefit that the Autho rity declare its official intent to reimburse the expenditures referenced herein.

BASED ON THE FACTS SET FORTH IN THE BACKGROUND, THE HOUSING AUTHORITY OF THE CITY OF SACRAMENTO RESOLVES AS FOLLOWS:

SECTION 1.

The Authority intends to issue the Obligations for the purpose of paying the costs of financing the acquisition, construction, and development of the Project.

SECTION 2.

The Authority hereby declares that it reasonably expects that a portion of the proceeds of the Obligations will b e used for reimbursement of expenditures for the acquisition, construction and development of the Project that are paid before the date of initial execution and delivery of the Obligations.

SECTION 3.

The maximum amount of proceeds of the Obligations to be used for reimbursement of expenditures for the acquisition, construction and development of the Project that are paid before the date of initial execution and delivery of the Obligations is not to exc eed $42,255,936.

SECTION 4.

The foregoing declaration is consistent with the budgetary and financial circumstances of the Authority in that there are no funds (other than proceeds of the Obligations) that are reasonably expected to be (i) reserved, (ii) allocated or (iii) otherwise set aside, on a long-term basis, by or on behalf of the Authority, or any public entity controlled by the Authority, for the expenditures for the acquisition, construction and development of the Project that are expected to be reimbursed from the proceeds o f the Obligations.

SECTION 5.

The Developer shall be responsible for the payment of all present and future costs in connection with the issuance of the Obligations, including, but not limited to, any fees and expenses incurred by the Authority in anticipation of the iss uance of the Obligations, any fees required by the California Debt Limit Allocation Committee (“CDLAC”) the cost of printing any official statement, rating agency costs, bond counsel fees and expenses, underwriting discount and costs , trustee fees and expense, and the costs of printing the Obligations. The payment of the principal, redemption premium, if any, and purchase price of and interest on the Obligations shall be solely the responsibility of the Developer. The Obligations sha ll not constitute a debt or obligation of the Authority.

SECTION 6.

The appropriate officers or the staff of the Authority are hereby authorized, for and in the name of and on behalf of the Authority, to make an application to CDLAC for an allocation of private activity bonds for the financing of the Project.

SECTION 7.

The adoption of this Resolution shall not obligate (i) the Authority to provide financing to the Developer for the acquisition, construction and development of the Project or to issue the Obligations for purposes of such financing; or (ii) the Authority, of or any department of the Authority or the Ci ty of Sacramento to approve any application or request for, or take any other action in connection with, any environmental, General Plan, zoning or any other permit or other action necessary for the acquisition, construction, development or operation of the Project.

SECTION 8.

This resolution shall take effect immediately upon its adoption.

RESOLUTION 2024-

Adopted by the Sacramento City Council

April 9, 2024

The River City Apartments (Project): Authorization to Amend the Sacramento Housing and Redevelopment Agency Budget and Allocate up to $2 Million to The Project; Approval to Execute an Acquisition, Construction, and Permanent Loan Commitment of $1.15 Million in HOME and $850,000 in PLHA Program Funds and to Execute Related Documents with Chelsea Investment Corporation or Related Entity; and Environmental Findings

BACKGROUND

A. On February 2, 2024, the Sacramento Housing and Redevelopment Agency (SHRA) received a new construction development application for River City Apartments (Project) from Chelsea Investment Corporation (Developer) located in the City of Sacramento. The developer also submitted a funding application to SHRA and the Housing Authority for the issuance of up to $42 million in tax exempt mortgage revenue bonds, and a gap financing loan for $2 million comprised of HOME Investment Partnership Program (HOME) funds and Permanent Local Housing Allocation (PLHA) Program funds to assist in the acquisition, construction, and permanent financing of the Project.

B. The recommended actions are consistent with a) SHRA’s approved Multif amily Lending and Mortgage Revenue Bond Policies , Priority 2. New Construction: b) the 2021 -2029 Housing Element, which encourages the provision of a variety of quality housing types to encourage neighborhood stability, including options for extremely low-income households.

C. The project has been submitted for ministerial approval consideration to the City of Sacramento, and it is anticipated that the project will be exempt from the requirements of the CEQA review, pursuant to Public Resources Code Section 15268.

D. Review pursuant to the National Environmental Policy Act (NEPA) is currently underway for the proposed project, and it is anticipated that the review will result in a Finding of No Significant Impact (FONSI). No choice limiting action will be taken prior to completing NEPA review.

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 found to be true and accurate and are hereby approved adopted.

SECTION 2.

The Conditional Loan Commitment attached hereto as Exhibit A for financing of the Project with $1.15 million of HOME program and $850,000 PLHA funds is approved and SHRA is authorized to enter into the Conditional Funding Commitment with Developer, or related entity.

SECTION 3.

SHRA is authorized to negotiate, enter into, execute, and amend as needed the, loan commitment, and related documents for the acquisition, construction, and permanent financing of the Project with the Developer, and execute other documents, as approved to form by its Office of the General Counsel, perform other actions required for the HOME and PLHA funds, including without limits, negotiation, amendment, subordination, regulatory agreement, financial restructuring, and extensions, consistent with its adopted policy and with this resolution

SECTION 4.

SHRA is authorized to amend its budget and allocate an amount not to exceed $1.15 million of HOME program and $850,000 PLHA funds to provide for acquisition, construction, and permanent financing of the Project.

TABLE OF CONTENTS:

Exhibit A: Conditional Commitment – River City Apartments

Exhibit A

Effective Date: April 9, 2024

River City CIC, LP
c/o Chelsea Investment Corporation.

Cheri Hoffman, President
6339 Paseo Del Lago
Carlsbad, CA 92011

RE: Conditional Loan Commitment for River City Apartments

Dear Cheri Hoffman:

On behalf of the Sacramento Housing and Redevelopment Agency(Agenc y), we are pleased to advise you of this Conditional Loan Commitment (Commitment) of acquisition, construction and permanent loan funds (Loan) comprised of $1,150,000 in HOME Investment Partnership Program (HOME) and $850,000 in Permanent Local Housing Allocation (PLHA) Funds for the purpose of financing the acquisition, construction, and development of that certain real property known as River City Apartments located at 1601 69th Street, Sacramento California 95819 (Property). The Agency's decision is based on your application, and all representations and information supplied by you to it. If these representations and information change in a material manner without written approval of the Agency, this C ommitment is void. Agency's obligation to make the Loan is subject to the satisfaction of all the following terms and conditions and Borrower's execution of documentation that is in a form and in substan ce satisfactory to the Agency.

The Loan shall be made on standard Agency loan documents. Loan terms not in this Commitment and the attached loan document forms shall not be included in the final loan documents without additional environmental review and governing board approval. In the event of any discrepancies between terms stated in this C ommitment and the loan documents, the terms stated in th is Commitment shall be deemed to be terms of this Commitment.

Unless otherwise agreed in writing by the Agency in exercise of its absolute discretion, the following shall be considered conditions to Agency approval of a financing commitment. The Agency may, in exercise of its absolute discretion, modify its requirements upon written notice to Borrower given at least sixty (60) days prior to close of escrow for the Property.

This Commitment will expire October 31, 2025, unless a mutually agreed upon extension is made.

1. PROJECT DESCRIPTION: River City Apartments development is a modern style feature with recessed windows architectural projections with multiple off -setting planes. The 5 story on grade structure will offer 17 parking spaces, and 66 units comprised of 1 9 1 - bedroom, 28 2-bedroom, and 19 3-bedroom units. The Project will contain amenities that

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include secure bicycle parking, landscaped courtyards and a school age play structure .

Additionally, residents will have access to the master plan site amenities that include management offices, resident community rooms, and barbeque area.

2. BORROWER: The name of the Borrower for the Loan is River City CIC, LP., a California limited partnership with Chelsea Investment Corporation ., or related entity as the lead development partner.

3. PURPOSE OF LOAN: The Loan is to be used by Borrower solely to pay the costs of acquisition, construction , permanent financing and for such other purposes as Agency expressly agrees to in the loan agreement for the Loan, and such other agreements as may be generally required by the Agency for the use of the funding source for the Loan.

4. PRINCIPAL AMOUNT: The combined principal amount of the Loan will be the lesser of the following:

a. Two Million Dollars and No Cents ($2,000,000.00), or b. an amount to be determined prior to close of the Loan based on a project budget approved by Agency.

5. TERM OF LOAN: The Maturity Date of the Loan is 42 years or 504 months from the date of closing, at which point any and all unpaid principal and interest on the loan will be due and payable.

6. INTEREST RATE: The Loan will bear simple interest at three percent (3%) per annum.

Interest shall be calculated on the basis of a 36 5-day year and actual number of days elapsed.

7. ANNUAL REPAYMENT: Annual principal and interest payments shall be made according to the structured payment schedule contained in the final Loan Agreement and as calculated to achieve a minimum annual debt service coverage ratio of 1.2:1. Payments shall be applied first to o utstanding interest accrued and unpaid and then to principal. All outstanding principal and interest is due and payable on the Maturity Date.

8. SOURCE OF LOAN FUNDS: Agency is making the Loan from the following sources of funds, and the Loan is subject to all requirements related to the use of such, whether Agency requirements or otherwise: HOME Investment Partnership Program (HOME) and Permanent Local Housing Allocation (PLHA). This Loan is conditioned upon Borrower’s acceptance of Agency’s requirements and conditions related to such lending programs and funding sources, including among others, the required forms of agreements for the Loan; the requirements for covenants, conditions and restrictions upon the Property; and insurance and indemnity requirements.

9. Borrower acknowledges that, as a condition of the Agency’s making of the Loan, the Property will be subject to restrictions on future sales and rentals which may result in less income to Borrower than could otherwise be realized, and that such restrictions

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run with the land, and during their operational term, will bind all successors in interest.

___________ (Borrower Initial)

10. ACCELERATION: Agency shall have the right to accelerate repayment of the Loan in the event of a default under any Loan Document or upon sale, transfer or alienation of the Property except as specifically provided for in the Loan documents.

11. SECURITY: The Loan shall be evidenced by promissory note(s) secured by a deed of trust with assignment of rents against the fee and/or leaseho ld interest in the Property and Improvements, which shall be a lien upon the Property and Improvements subject only to liens senior to the Agency’s lien securing loans from a conventional lender or other lender and such other items as the Agency may approve in writing. The Loan shall also be secured by security agreements. The Agency may subordinate said deeds of trust in order to accommodate completion of the development of the Property. The Agency will not subordinate the regulatory agreement(s) to said deeds of trust in order to preserve the affordable housing covenants.

12. LEASE AND RENTAL SCHEDULE: All leases of the Property and Improvements shall be subject to Agency's review and approval prior to execution. Borrower shall not deviate from the rental schedule presented in Borrower's application for the Loan without Agency's prior written approval ; provided, however, that such approval shall not be required for annual adjustments to rental rates as permitted by the California Tax Credit Allocation Committee.

13. PROOF OF EQUITY : Borrower shall provide proof of equity for the Property and Improvements in the amount of no less than $24,000,000 in Low Income Housing Tax Credit Equity and no less than $2,400,000 in deferred developer fee. If LIHTC equity goes below $24,000,000 the equity must be offset by an increase in deferred developer fee or other non-Agency funding source.

14. OTHER FINANCING: Borrower, as a requirement of the Loan, shall procure and deliver to Agency evidence satisfactory to Agency that Borrower has obtained the following described financing which may be secured by a lien upon the Property and Improvements superior or subordinate to Agency's liens, and which shall be otherwise on ter ms and conditions acceptable to Agency:

a. As a condition precedent to disbursement of the remainder of the Agency loan, construction financing from a private lender(s) in an amount(s) sufficient to complete construction of the Property according to a scope of work as approved by Agency and made fo r a term not less than that specified in the Schedule of Performances for completion of construction, and in any event not less than the time necessary to fulfill all conditions precedent to funding of the permanent financing.

Sacramento Housing and Redevelopment Agency “Changing Lives” 801 12th Street · Sacramento, CA 95814 · www.shra.org

b. Commitments for permanent financing sufficient to “take out” all liens senior to the Agency’s lien.
c. Such commitments for financing shall not require modification of Agency loan documents, or any term of this commitment letter.
d. Such commitments shall not be based upon sources and us es of Project funds that are different from those approved by Agency for the project or be subject to conditions which require amendment of the DDA, OPA or other agreements.

15. EVIDENCE OF FUNDS : Prior to the first disbursement of the Loan, Borrower must demonstrate evidence of adequate and assured funding to complete the development of the Project in accordance with the Agency's requirements. Borrower's evidence of available funds must include only one or more of the following: a) Borrower equity; b) firm and binding commitments for the Project from financial institution(s) or from other lender(s) approved by Agency in its absolute discretion; and c) Agency’s contribution, provided, however, that Agency is not obligated by this letter to make any contribution not stated in the terms of the letter.

16. SOILS AND TOXIC REPORTS : Borrower has submitted to the Agency a hazardous substances report made in accordance with the American Society for Testing and Materials "Standard Practice for Environmental Site Assessments; Phase I Environmental Site Assessment Process " (Designation E1527 -13) prepared by a licensed or registered environmental engineer or other qualified party prior to Loan closing. Borrower must, as a condition of disbursement of Loan funds, provide assurances satisfactory to the Agency that hazardous materials are not present on the Property or that any hazardous materials on the Property will be remediated and that no further remediation i s then required by the environmental agency having responsibility for monitoring such remediation.

17. LOAN IN BALANCE: Borrower will be required to maintain the Loan "in balance". The Loan is "in balance" whenever the amount of the undisbursed Loan funds, the remaining sums to be provided by the Borrower and the loan funds from other project lenders or the equity investor are sufficient, in the sole judgement of the Agency, to pay for the remainder of the work to be done on the project as required by writte n agreement with the Agency.

Should the Agency determine that the Loan is not "in balance", the Agency may declare the Loan to be in default.

18. PLANS AND SPECIFICATION : Final plans and specification s, if any, for the project must be in accord with the proposal approved as part of the Loan application. Final plans and specifications will be subject to Agency's final approval prior to the disbursal of Agency Loan funds. Borrower must obtain Agency's prior writ ten consent to any change in the approved plans and specifications or any material deviation in construction of the project. The final plans shall incorporate all related mitigation measure s, environmental conditions required, if any, for compliance with approvals under CEQA, and/or NEPA, or the U.S. Department of Housing and Urban Development as conditions of approval of the project.

19. ARCHITECTURAL AGREEMENT: The architectural agreement (Agreement) , if any, for the preparation of the plans and specificati ons and other services shall be subject to

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Agency's approval. Agency may require an assignment of Borrower's interest in and to the Agreement as security for the Loan.

20. CONSTRUCTION CONTRACT: The construction contract ( Contract), if any, and any change o rders issued thereunder, and the contractor (Contractor) to be retained by Borrower to construct the Improvements shall be subject to Agency's approval. Agency may require an assignment of Borrower's interest in and to the Contract as security for the Loan. Agency may require Contractor to provide a performance and payment bond in a form acceptable to Agency for the amount of the Contract.

21. ECONOMIC OPPORTUNITY EMPLOYMENT REQUIREMENTS : The Loan will require that to the greatest extent feasible, opportunities for training and employment be given to lower income residents in and around the area of the project. Borrower will instruct its Contractor and its subcontractors to utilize lower income project area residents as employees to the greatest extent feasible.

22. RETENTION AMOUNT: The Agency shall retain ten percent (10.0%) of the total amount of the Loan as retention and shall be released when the Agency determines all conditions to final disbursement of the Loan have been satisfied.

23. COST BREAKDOWN: Borrower shall deliver to Agency for Agency's approval prior to commencement of work a detailed cost breakdown of the cost of constructing, financing and other costs of developing the Improvements, which breakdown conforms to the project plans and specification and the budget approved with this C ommitment. Borrower shall also deliver a list of all contractors and subcontractors to be employed in connection with the construction of the Improvements. If required by the Agency , Borrower shall also submit copies of all bids received for each item of work to be performed as well as copies of executed contracts and subcontracts with acceptable bidders.

All contracts, subcontracts, contractors, and subcontractors shall be subject to Agency's approval prior to close of the Loan. Agency also reserves the right to require performance and material payment bonds on any or all contractors, or in lieu of bond a letter of credit acceptable to Agency.

Agency shall make disbursements of the Loan based on a cost breakdown that lists line items in cost categories. Agency shall require that Borrower provide documentation supporting all requests for disbursement of Loan funds, including proof of work done and actual expenditure. Agency shall conduct inspections of the Property to assure that the work was done before making a disbursement.

24. START OF CONSTRUCTION : Borrower shall commence construction at the earliest possible date subject to the conditions of this Agency and other involved lenders, but no later than sixty (60) days following the close of construction financing.

25. OTHER LENDER DRAW: “Other Lender Draw” means a draw request or other request for disbursement submitted to another lender for the Pro ject. Borrower shall concurrently submit to Agency any Other Lender Draw. Delivery of such Other Lender Draw shall be

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made in the same manner as any other notice, except that it shall also be marked “OTHER LENDER DRAW REQUEST” and delivered to the person named in writing by Agency as the recipient of such requests or, in the absence thereof, to Agency’s Portfolio Management office. Borrower shall provide Agency with true, accurate and correct copies of each Other Lender Draw, if any, including without lim itation all supporting information, documents, and other required submittals. Agency shall have the right to reject an Other Lender Draw, for failing to comply with the Loan, for changing the Project in any material way, or for impairing the ability of Agency to enjoy the practical realization of its rights under the Loan and its related instruments. If Agency rejects an Other Lender Draw, Borrower shall withdraw the notice for such Other Lender Draw and shall not accept and shall return to Agency any disbursement on account of such Other Lender Draw.

26. COMPLETION OF CONSTRUCTION: Borrower shall complete the construction of the Improvements no later than twenty-four (24) months following the close of construction financing.

27. SECURITY CAMERAS AND OUTSIDE LIGHTING: Project shall include installation of a security camera system at vehicular driveways and additional exterior lighting, and security patrols, all as approved by the Agency.

28. INSURANCE PROVIDER : Each policy of insurance required under the Loan shall be obtained from a provider licensed to do business in California and having a current Best's Insurance Guide rating of A VII, which rating has been substantially the same or increasing for the last five (5) years, or such other equivalent rating, as may reasonably be approved by Agency's legal counsel.

29. PROPERTY INSURANCE: Borrower shall procure and maintain property insurance and during construction Builder's Risk completed value insurance in a form and substance approved by Agency. Coverage shall be for protection against loss of, or damage to the Improvements or materials for their construction to their full insurable value. Borrower shall also pro cure and maintain insurance against specific hazards affecting Agency's security for the Loan as may be required by Agency, governmental regulations, or any permanent lender. All such policies shall contain a standard mortgagee loss payable clause in favor of Agency. The insurance required shall be written with a deductible of not more than $25,000.00.

30. COMMERCIAL GENERAL LIABILITY AND OTHER INSURANCE:

Borrower shall carry insurance as set forth below effective prior to the disbursement of the Loan, and such insurance shall be maintained in full force and effect at all times and work is performed in connection with the project. Such insurance coverage must list the Agency as an additional insured, and must be approved in writing by Agency prior to the disbursement of the Loan.
a. Commercial general liability insurance, in Insurance Services Office (ISO) policy form CG 00 01 or equivalent, with limits of liability not less than: $1,000,000 per occurrence, and $5,000,000 general aggregate, all per location of the project, such coverage to include contractual liability to include bodily injury, property damage and personal injury;

Sacramento Housing and Redevelopment Agency “Changing Lives” 801 12th Street · Sacramento, CA 95814 · www.shra.org

b. Personal injury insurance with the employment exclusion deleted, unless the Agency gives prior written approval for the employment exclusion to remain in the policy;
c. Commercial automobile liability insurance for any vehicle used for or in connection with the project, in an amount not less than $1,000,000 and approved in writing by Agency; and
d. Workers’ compensation and all other insurance required under applicable law, in the amount required by applicable law or by Agency, whichever amount is greater.

31. TITLE COMPANY: Borrower must procure a Title Company in the Sacramento region.

Title Company is the insurer of title and the escrow holder. The Title Company is First American Title Insurance Company located at 1850 Mt. Diablo Blvd Walnut Creek, CA 94596.

32. TITLE INSURANCE: Borrower must procure and deliver to Agency a n ALTA Lender's Policy of Title Insurance, together with such endorsements as Agency may require, including but not limited to ALTA endorsement nos. 9.6 and 9.7 (or CLTA endorsement nos. 100 and 116) and ALTA endorsement no. 25 (or CLTA endorsement no. 116) insuring Agency in an amount equal to the principal amount of the Loan and covenants, conditions or restrictions of the Loan, that Agency's Deed of Trust constitutes a third lien or charge upon the Property and Improvements subject only to such items as shall have been approved by Agency. There must be no exceptions permitted for mechanics liens.

Title insurance for the Loan must be issued by a title insurer approved by Agency.

33. ORGANIZATIONAL AGREEMENTS: Borrower must submit to Agency certified copies of all of Borrower’s organizational documents, including all amendments, modifications or terminations: if a corporation, Borrower's Articles of Incorporation and By -Laws; if a partnership, its Par tnership Agreement and, as applicable, Certificate of Limited Partnership or Statement of Partnership; if a Limited Liability Company, its Articles of Organization and its Operating Agreement; and in all cases with all exhibits and amendments to such documents, fictitious business name statements, other related filings or recorded documents and such related documents as Agency may request. If it is a corporation, Borrower must submit a corporate borrowing resolution referencing this Loan.

If Borrower is other than a corporation, Borrower must submit such proof of authority to enter this Loan as may be required under the organizational documents.

34. PURCHASE OF PROPERTY : Borrower shall provide Agency with copies of all documents relating to Borrower's purchase of the Property.

35. FINANCIAL INFORMATION: During the term of the Loan, Borrower shall deliver to Agency within 120 days of the end of each fiscal year an audited income and expense statement, a balance sheet, and a statement of all changes in financial p osition signed by authorized officers of Borrower. Prior to close of the Loan and during its term, Borrower must deliver to Agency such additional financial information as may be requested by Agency. Agency reserves the right to review and approve financ ial statements and other credit information and references prior to closing. During the term of the Loan, Borrower

Sacramento Housing and Redevelopment Agency “Changing Lives” 801 12th Street · Sacramento, CA 95814 · www.shra.org

must deliver to Agency a monthly rent -roll including household composition information and operating statements with respect to the Property and Improvements, as Agency may request.

36. MANAGEMENT AGREEMENT: Prior to execution, Borrower must submit to Agency any agreement providing for the management or operation of the Property or Improvements by a third party which agreement is subject to Agency Approval.

37. AFFIRMATIVE FAIR MARKETING : Borrower agrees to follow the Agency’s Affirmative Marketing Policies that require outreach to groups least likely to apply for the housing based on local demographic information, providing sufficient marketing time prior to lease Up (as defined in the Affirmative Marketing Policies), and lotteries or other method for initial Lease Up and initial waiting list creation, as agreed upon by the Agency and Borrower prior to the start of Lease Up.

38. RESIDENT SERVICES AG REEMENT: Prior to execution, Borrower must submit to Agency any agreement providing for the resident services by a third party which agreement is subject to Agency Approval. The agreement must include on -site resident services according to the following minimum schedule of fifteen (15) hours per week:

a. Coordinator: Four (4) hours per week (maximum)
b. After School Programming: Eight (8) hours per week (two hours per day and four days per week, minimum)
c. Additional Programming: Balance of minimum three (3) hours per week shall include, but are not limited to:
i. Workforce development support and activities.
ii. Education classes such as nutrition, exercise, health resources, health insurance application assistance, Annual onsite health fair and ESL classes. iii. Socialization activities such as bingo, gardening and community building events.
iv. Other services such as transportation assistance, counseling assistance and employee readiness and job search assistance.

39. LOW INCOME HOUSING TAX CREDITS (LIHTC): Borrower repr esents that as a condition of closing this Loan it is applying for an allocation of LIHTC’s and agrees to perform all actions and to meet all requirements to maintain the LIHTC allocation if granted.

40. SMOKE-FREE ENVIRONMENT: 100% of the buildings and units must be smoke free (including all forms of smoking that create secondhand smoke that impacts the health of nonsmokers). In addition, all indoor common areas must be smoke-free. Clearly-marked designated smoking areas must be provided.

41. DOCUMENTATION: This letter is not intended to describe all of the requirements, terms, conditions and documents for the Loan, which shall also include customary provisions and documents for an Agency transaction of this type. All documents to be delivered to or

Sacramento Housing and Redevelopment Agency “Changing Lives” 801 12th Street · Sacramento, CA 95814 · www.shra.org

approved by Agency must be satisfactory to Agency in all respects. Borrower must promptly deliver to Agency any further documentation that may be required by Agency.

42. CONSISTENCY OF DOCUMENTS: As a material obligation under this C ommitment, Borrower shall assure that the loan documents for the Project are consistent with lender's commitment approved by the Agency and comply, in all respects, with this Commitment.

43. CHANGES OR AMENDMENTS: No documents or contracts which are to be delivered to Agency or are subject to Agency's review or approval shall be modified or terminated without the prior written approval of Agency.

44. ACCEPTANCE OF THIS COMMITMENT: Borrower’s acceptance of this Commitment shall be evidenced by signing and deliv ering to Agency the enclosed copy of this letter.

Until receipt of such acceptance by Agency, Agency shall have no obligation under this letter. Agency may withdraw this Commitment at any time prior to Borrower’s acceptance.

Signatures appear on the following page.

Sacramento Housing and Redevelopment Agency “Changing Lives” 801 12th Street · Sacramento, CA 95814 · www.shra.org

Sincerely,

__________________________________
La Shelle Dozier, Executive Director

The undersigned acknowledges and accepts the terms and conditions of the Commitment and Scope of Development and Rental Property Minimum Construction Standards (Exhibit 1), and has executed this Commitment as of the Effective Date.

BORROWER:

River City CIC, LP,
a California limited partnership

By: Pacific Southwest Community Development
Corporation, a California nonprofit
public benefit corporation,
Managing General Partner

By:_________________________________
Robert W. Laing
President / Executive Director

By: CIC River City, LLC,
a California limited liability company,
Administrative General Partner

By: Chelsea Investment Corporation,
a California corporation,
its Manager

By:___________________________
Cheri Hoffman, President

Attachment:

Exhibit 1 - Scope of Development and Rental Property Minimum Construction Standards

Sacramento Housing and Redevelopment Agency “Changing Lives” 801 12th Street · Sacramento, CA 95814 · www.shra.org

Exhibit 1
River City Apartments
Scope of Development

Scope of River City Apartments
River City Apartments (“Project”) is a new construction development on approximately 0.97 acres located at 1601 69th St., Sacramento, CA 95819. The Project consists of 66 units comprised of 19 one-bedroom/one-bathroom units, 28 two bedroom/ one-bathroom units, and 19 three-bedroom/two-bathroom units. Inclusive of this unit mix, one two-bedroom unit will be exempt for management staff. The common areas and amenities include a community room, a BBQ area, a covered tot lot, a half-court basketball court, outdoor exercise area, and a laundry room.

All work shall comply with Federal and State Americans with Disability Act (ADA) accessibility requirements, as well as any other requirements stipulated by the funding sources. When there are differences, the stricter shall prevail.

I. Building Exteriors:

1. Asphalt Pavements: The development will include approximately 17 onsite uncovered surface parling spaces.

There will be one (1) ADA parking space.

2. Balconies and Patios: No proposed balconies or patios.

3. Site Lighting: The site will be lit with Title 24 compliant wall packs, pole lights and other luminaires for all parking and outside public spaces and will be of LED or similarly energy efficient type.

4. Non-Smoking: The Project is 100% non-smoking.

5. Landscaping and Courtyard: Landscaping is designed with drought tolerant plants and trees. Trees will be planted throughout the site to meet City shading requirements. The site will have a BBQ area , covered playground, half-court basketball court, and an outdoor exercise area.

6. Picnic Area: BBQ and seating areas will be provided.

7. Play Area: The play area will have one (1) playground with a shade structure for children ages 2 -12, and (1) half- court basketball court for children ages 13-17.

8. Outdoor Exercise Area: There will be an outdoor exercise area located along the perimeter of the site.

9. Mailboxes: New mailboxes will be installed in a centralized location near the community room.

10. Site Fencing: The site will have tubular steel perimeter fence along the west and south sides and six -foot CMU wall along north and east. The main entrance and on-site parking lot will be located on the 69 th St. cul-de-sac.

Pedestrian access to the site is through a person-gate on the south side of the building.

11. Stormwater: The development will meet storm water requirements through use of on -site storm water planters and/or bioswales along the project perimeter.

12. Roof: The building is planned with flat roofs and parapets in order to provide a platform for solar panels and mechanical equipment. The material on the roof will be Thermoplastic Polyolefin (TPO).

13. Siding: The building skin will be a painted one-coat stucco system.

14. Offsite Improvements: Public offsite improvements consist of street frontage improvements along 69th St, including new sidewalks, curbs, gutters, and landscaping.

II. Building Interiors

1. Americans with Disabilities Act (ADA) Units: There will be seven (7) units, 10% of the units, accessible with mobility features, and an additional three (3) units, 4% of the units, will include communications features for persons with hearing or vision impairment.

2. Non-Smoking: The Project will have 100% non-smoking units.

3. Smoke Detectors: All units, offices and interior common areas will have a smoke/carbon monoxide detector installed in accordance with current code requirements.

4. Appliances: All apartment kitchens will have brand new Energy Star rated appliances including, refrigerat or with freezer combination, electric stove and range, dishwasher and garbage disposal.

5. Bathtubs and Toilets: All apartments will have a bathtub or shower. Restrooms will have water efficient toilet and fixtures, and bath accessories.

6. Doors (Interior, Exterior and Sliding Glass): All interior and exterior doors will have matching hardware finishes. All exterior doors will have deadbolt locks, keyed latch assemblies, viewers, and screws in strike plates long enough to penetrate the door jamb framing by at least one inch. The dwelling entry door hardware shall have single action hardware to release deadbolt and latch assembly. All doors will meet current egress standards.

Sacramento Housing and Redevelopment Agency “Changing Lives” 801 12th Street · Sacramento, CA 95814 · www.shra.org

7. Cabinets, Counters and Sinks: All apartment kitchens will have modular cabinets, solid surface countertops, and stainless steel sink. Microwave shelving will be provided (except in ADA units) either above the counter, or on the pantry shelving with electrical outlet for microwave. All apartment bathrooms will have a vanity and solid surface vanity top with integral sink.

8. Ceilings and Walls: Low or no VOC paint will be used in building interiors.

9. Windows: All apartments will have energy efficient vinyl dual pane windows. Windows designed to open will have screens. All windows will meet current egress standards. The Property Management Company will be responsible for contracting all window washing above the first floor.

10. Blinds: Vertical blinds will be provided in all apartment windows.

11. Electrical, Lighting, and HVAC: All apartments will have high efficiency lighting, exhaust fans vented to the exterior and bathroom humidistat fans. Central air conditioning and forced air heat will be provided. Any exterior mounted electrical, mechanical and plumbing systems will be protected from vandalism. Wiring from telephone/data/cable suppliers will be installed within walls. Conduits are not allowed to be mounted on the exterior of the buildings.

12. Flooring: Apartment interiors will have luxury vinyl plank (LVP) flooring throughout, except in bathrooms where they will have vinyl sheet flooring.

13. Plumbing Fixtures: All apartments will have new water efficient plumbing fixtures.

III. Community Amenities

1. Management Office: The furnished management office will have energy efficient lighting and HVAC systems and will be adjacent to the Community Room.

2. Ceilings and Walls: Low or no VOC paint will be used in all building interiors.

3. Community Restrooms: The two community restrooms on the first floor will be ADA compliant, have low-flow bathroom fixtures, sink, solid surface countertop, and bathroom accessories. Bathroom walls will have glazed wall tile to 48 inches high.

4. Community Room: The community room will be located on the 1 st floor of the building. It will be 2400 SQFT furnished with tables, chairs, and desks. It will have energy efficient lighting and HVAC systems. The space will be ADA compliant.

5. Maintenance Room: The Maintenance Room will be located on the first floor. It will serve as the building’s electrical and IDF room.

6. Elevator: Two hydraulic elevators will be installed. One elevator will be adjacent to the Community Room and one elevator will be adjacent to the Maintenance Room.

7. Hallways and Stairs (open corridor style): Residential hallways and stairs will be of durable flooring. There will be two (2) stairwells, each with non-slip treads, landings and closed risers. All hallway floorings will be exterior finish due to open corridor design. The 1st floor hallways will be concrete. The 2nd, 3rd, 4th, and 5th floor hallways will be lightweight concrete topping material.

8. HVAC & Plumbing Systems: Each apartment will have its own split system air conditioning and forced air heat with its own thermostat. Residential hallways will not have heating and air condit ioning, due to open corridor ends designed to allow natural airflow. Stairwells will not have heating or air conditioning. Bathroom exhaust fans will be humidistat controlled.

9. Laundry Facility: There will be one laundry room adjacent to the Community Room on the first floor. The laundry room accommodates seven (7) washers and seven (7) dryers, which will include one (1) set of ADA accessible laundry machines.

10. Signage: A comprehensive signage package will be implemented throughout the development including all common area signage, unit ID, wayfinding, code, fire, life and safety signage.

11. Trash/Recycle Room: One trash chute and one recycle chute will be located on each floor. A trash and recycle room is located on the ground floor within the building envelope with a concrete apron at the exterior for trash pickup.

12. Recycle: One recycle chute will be located on each floor, emptying into the ground floor trash and recycle room.

13. Bicycle parking: There will be sufficient bicycle parking for the residents in a centralized location.

14. Security Cameras: There will be interior and exterior web-based security cameras. The equipment will record events for primary ingress/egress points to and from the site, parking lots and indoor and outdoor common areas where people will be congregating.

Attachment 1: Rental Property Minimum Construction Standards are on the following page.

Sacramento Housing and Redevelopment Agency “Changing Lives” 801 12th Street · Sacramento, CA 95814 · www.shra.org

Attachment 1: Lender’s Minimum Construction Standards
This attachment is from Exhibit 2 from the Lender’s Multifamily Lending and Mortgage Revenue Bond Policies.

RENTAL PROPERTY MINIMUM CONSTRUCTION STANDARDS

The following is a list of the required minimum construction standards that must be incorporated into projects participating in SHRA’s Multifamily Financing and/or Mortgage Revenue Bond programs. All rental units and sites associated with these projects must meet or exceed these standards. Exceptions to these standards may be made for properties subject to U.S. Department of Housing and Urban Development replaceme nt reserve requirements that allow for renovation over time rather than at recapitalization (e.g., Rental Assistance Demonstration conversions for conventional public housing).

Note: For rehabilitation projects, all of the following standards shall apply. The non-rehabilitation sections below shall apply to new construction projects.

Useful Life Expectancy – Rehabilitation only

SHRA shall reference the current edition of FannieMae’s “Instructions for Performing a Multifamily Property Condition Assessment, Appendix F. Estimated Useful Life Tables” in determining the useful life for all building components and systems located within the project. A remaining useful life of 15 years or more is required for all building components and systems located within the approved complex. All items on the FannieMae tables with useful lives indicated to be less than 15 years shall be replaced.

General Requirements

A. All materials funded under this loan must be new unless previously approved. Recycled items must be approv ed in writing by SHRA prior to their use.

B. All work shall comply with Federal and State ADA accessibility requirements, as well as any other requirements stipulated by the funding source(s). When there are differences the stricter of the two shall apply.

The developer is responsible for notifying their architect and/or engineer of all funding sources used on the project. The architect and/or engineer must indicate these funding requirements in the project’s plans/scope.

C. All units shall be approved for occupancy by the local Building Department or any other Agency Having Jurisdiction (AHJ) at the conclusion of the work and prior to occupancy.

D. Web-based security cameras and the equipment to record events are required for primary ingress/egress points to and from the site and for the principal parking and indoor and outdoor common areas where people will be congregating.

E. Site lighting is required for all parking and outside public spaces, and shall be of LED or similarly energy efficient type. The lenses on the exterior lights shall be cleaned with all oxidation removed or replaced. Light poles shall be new or painted, and shall be structurally sound and stable.

F. The developer’s architect is responsible for providing an Operating Procedure Outline Sheet (OPOS ) for window washing systems where applicable, per Cal-OSHA requirements.

G. SHRA encourages the use of energy and water-efficient systems wherever they may be incorporated into the project.

Sacramento Housing and Redevelopment Agency “Changing Lives” 801 12th Street · Sacramento, CA 95814 · www.shra.org

General Requirements – Rehabilitation only

A. Any component of the project which does or may present a health or safety hazard to the public or tenants shall be corrected to the satisfaction of the local Building Department or AHJ.

B. A clear pest inspection report will be required at the conclusion of the construction work for rehabilitation projects.

C. For all structures where disturbance of any hazardous materials (e.g. lead, asbestos, mold, etc.) will occur, a clearance report from an environmental consultant is required.

D. Projects deemed historically significant landmark by either the City of Sacramento or the National Register of Historic Places shall consult with the State Historic Preservation Officer (SHPO), and shall conform to the Secretary of the Interior Standards for the Treatment of Historic Properties.

Site Work

A. Trees and large shrubs must be trimmed, grass areas must be mowed, and all planter areas must be weed -free.

The landscape design shall incorporate a sustainable design appropriate for the Sacramento Valley. Vegetation that assists in minimizing crime and enhances public safety is preferred. Trees compromising building envelope materials (roofing, siding, windows, etc.) and/or structural integrity (including foundations) must be removed.

An arborist shall be consulted for an opinion on trees prior to major branch trimming, root cutting or tree removal. All trees, bushes and other plants that are to be removed shall have the root ball removed by grinding or by mechanical means. A landscape plan describing the above must be provided to SHRA for approva l.

B. All landscaped areas must be served by a programmable automated irrigation system. The irrigation controller shall be a “Smart Controller” that senses rain to reduce water use. Irrigation shall be designed to use bubblers and other water saving measures. Irrigation must not spray on building. Sprinklers should minimize overspray that runs to storm drain drop inlets. Areas that show evidence of erosion of soil shall be landscaped to eliminate problems. The landscape plan must be approved by SHRA and applied.

C. For gated communities containing swinging vehicle gates, driveways shall be striped to show the area under the gate swings for safety purposes.

D. All projects shall contain trash enclosures with concrete aprons. Trash enclosures shall be made of c inder block or stucco. Trash enclosures shall be accessible to all tenants. Provisions for tenants with disabilities must be addressed in the project Scope of Development or the project plans.

E. All projects shall meet the parking requirements of the local Agency Having Jurisdiction (AHJ) over the project. "Grandfathered Projects" will need to show that they are in fact “Grandfathered” or otherwise exempted by the local AHJ. Otherwise, all projects shall meet the governing ADA requirements for parking.

F. A two percent (2%) slope shall be maintained for a distance of five feet from all structures and no standing water shall remain on the site. Provide an on- site drainage system if necessary.

G. Stairways in common areas must include closed risers and non-slip concrete finish or other slip-resistant material on the treads.

H. Exterior mounted electrical, mechanical, and plumbing systems must be protected from vandalism.

I. For family projects of 50 or more units, a minimum of one school age-appropriate play structure is required. For family projects of 100 or more units, a minimum of one school age and one toddler -appropriate play structure is required.

Sacramento Housing and Redevelopment Agency “Changing Lives” 801 12th Street · Sacramento, CA 95814 · www.shra.org

Site Work – Rehabilitation only

A. All landscaping and irrigation systems must be in a well-maintained condition.

B. All fencing must be in good and serviceable condition. Existing fencing that is to remain shall be free of flaking paint, rust, or any other signs of failure. If existing fencing shows any signs of failure, it shall be repaired, painted and restored to look new. All chain link fencing must be removed and replaced with fencing of another approved material. All pedestrian gates hardware must be functional and in new or near -new condition. Access Control systems are required at exterior pedestrian gates.

C. All driveways and sidewalks must be in good condition. All cracked or uplifted areas (more than ¼”) shall be repaired or replaced.

D. The asphalt shall be in good condition, with no alligator cracking, longitudinal cracking, potholes, or standing water. Repairs to portions of parking lots not suitable for new coatings shall be performed by removing and replacing damaged paving. A new seal-coat or slurry-coat shall then be applied to the entire parking lot surface.

Parking spaces shall be restriped, including ADA aisles and other applicable striping/painting.

E. All site accessories (bollards, benches, tables, play equipment, bike racks, mailboxes, shade structures, BBQs, sheds, etc.) shall be replaced or in good repair (cleaned, painted and/or re-coated).

Building Envelope and Moisture Protection – Rehabilitation only

A. All areas exposed to moisture must be sealed and watertight. Buildings showing evidence of water intrusion shall have the areas inspected by a licensed architect/engineer or by a certified water intrusion expert. A water intrusion report shall be submitted to SHRA, and shall include the cause of the issue and a resolution to eradicate the water intrusion. If the inspection cannot be completed until the demolition phase of the project, the report shall describe a procedure to inspect the issue during demolition.

B. Roofing must have 15 years or more of remaining life with no visible signs of leakage. For roofs containing composition shingles, a maximum of two layers of shingles are allowed (including any proposed new layers).

Provide evidence that the roof system has a 15-year life remaining on the manufacturer’s warranty.

C. All siding must have 15 years or more of remaining life. Hairline cracks in stucco must be sealed and painted with elastomeric paint. If requested by SHRA, a statement by a licensed architect and/or engineer that the existing siding contains at least 15 years of useful life remaining shall be provided.

D. Fireplaces must be clean and meet applicable air quality standards. Chimneys shall be clean and must be inspected by a certified chimney inspector for structural integrity. All recommended structural repairs shall be performed.

Doors and Windows

A. All dwelling/tenant units must have screens on all windows that are designed to open. Windows designed to open must have functional locks and must operate freely without excessive effort. All windows must be dual - paned (minimum), and shall meet or exceed the State of California’s currently applicable efficiency standards, and any other efficiency standards that may be dictated by the funding source or other governing bodies for the project.

B. All doors must have matching hardware finishes.

C. All exterior doors must have deadbolt locks, keyed latch assemblies, viewers, and screws in strike plates long enough to penetrate the door jamb framing by at least one inch. The dwelling entry door hardware shall have single action hardware to release deadbolt and latch assembly.

Sacramento Housing and Redevelopment Agency “Changing Lives” 801 12th Street · Sacramento, CA 95814 · www.shra.org

D. All sliding exterior doors shall have screen doors and shall have functional locks and must operate freely without excessive effort.

E. All doors and windows must meet current egress standards.

Doors and Windows – Rehabilitation only
A. Any windows showing signs of condensation or leakage of any kind shall be replaced. SHRA allows window replacement using retrofit windows when those windows are installed by trained professionals following manufacturer’s specifications. Retrofit windows must have a similar useful life as “new, construction” (i.e., nail fin) windows.

B. All doors and doorjambs must be in good condition. No damaged or worn doorjambs or doors are allowed.

Doors and/or jambs beyond their useful life shall be replaced.

Casework

A. New cabinet boxes shall be made of plywood or solid wood. No particle board boxes will be allowed.

B. All counter tops shall be of solid surface or granite, and in very good condition with no significant scratches, burns or other imperfections.

C. Face frames, doors and drawer faces shall be solid hardwood. No plastic laminate finishes will be allowed.

Casework – Rehabilitation only

A. All cabinets shall be replaced or in very good condition, within their 15 year useful life, both structurally and in appearance.

Finishes

A. All dwelling unit kitchens shall contain luxury vinyl plank (LVP) flooring. Bathrooms must be floored with LVP, sheet vinyl or ceramic tile to provide a cleanable, impervious surface. Bedrooms, hallways, and living and dining rooms may be floored with carpeting, LVP or hardwood. Wear layer of LVP shall be at least 12 mils inside dwelling units. Tenant unit entries shall be floored with LVP or ceramic tile.

B. In common areas, corridors may be floored with LVP, glue-down carpeting, or carpet tiles. Community rooms and kitchens shall be floored with LVP. Wear layer of LVP in common/commercial areas shall be a minimum of 20 mils thick.

C. Carpet shall meet or exceed the minimum standards as set by HUD’s UM-44D bulletin.

Finishes – Rehabilitation only

A. Floor coverings must be in good, useable condition - no holes, tears, rips, or stains.

B. All exterior and interior surfaces must be painted. No peeling, cracking, chipping, or otherwise failing paint will be allowed. All painted surfaces must be new, or in near new condition and appearance.

C. Acoustic (popcorn) ceiling texture must be removed and refinished with new texture to match wall texture.

Sacramento Housing and Redevelopment Agency “Changing Lives” 801 12th Street · Sacramento, CA 95814 · www.shra.org

Equipment

A. Dishwashers, refrigerator/freezer, oven, stoves and garbage disposals are required in all dwelling unit kitchens.

All appliances must be new or in very good operating condition. All appliances must be Energy Star rated, as applicable. Appliances slated for ADA units shall be per code requirements.

B. SRO projects are encouraged to provide the appliances listed above and will be reviewed and approved on a case-by-case basis.

C. All kitchens must have adequate cabinet and counter space. Installation of shelving for microwaves is required if over-the-range microwaves are not used, with the exception of ADA units.

Furnishings

A. Dwelling units must have window coverings on all windows.

Special Construction

A. Non-habitable structures on property must be painted to match primary buildings and must be structurally sound.

B. Laundry facilities must, at a minimum, be consistent with CTCAC requirements of one washer and dryer for every ten dwelling units for family housing and one for every 15 units for senior and special needs projects. Ten percent of the total number of washer/dryers must be ADA-accessible machines (unless the ADA units contain their own laundry facilities). Solid surface countertops will be required within laundry rooms and countertops shall meet all ADA requirements.

C. Public pool areas shall have self-closing gate(s). Fences and gates at pool areas shall meet applicable current codes and standards. Joints between coping and concrete deck shall be appropriately caulked. Existing pools shall have no cracks in plaster or tile grout joints. The Developer is responsible for ensuring pool and surroundings meet all applicable current codes and standards. If a project contains two or more pools, at least one must remain following rehabilitation.

Mechanical/Plumbing

A. Water heaters must be installed per current applicable codes.

B. All common areas and tenant units must have heating and air conditioning. Wall mount (i.e. PTAC units) or central systems are acceptable. Evaporative coolers are not acceptable. HVAC units should be protected from vandalism, pursuant to discretion of SHRA.

C. Toilets, showerheads, faucets, and mixing valves shall be new and meet current water conservation codes.

D. Tub surrounds must be one unbroken piece per wall and must be of solid surfaces (such as “Swanstone” or other solid acrylic materials, quartz composites), or other similar materials. Fiberglass/acrylic surrounds are acceptable.

Mechanical/Plumbing – Rehabilitation only

A. All toilets, sinks, and tubs shall be chip and stain free.

Sacramento Housing and Redevelopment Agency “Changing Lives” 801 12th Street · Sacramento, CA 95814 · www.shra.org

Electrical

A. All units must have smoke/carbon monoxide detectors installed per current code.

B. Wiring from telephone/data/cable suppliers shall be installed within walls, attic spaces, and/or crawl spaces. No conduits are allowed to be mounted on the exterior of the buildings in new construction.

C. Broadband infrastructure meeting the requirements of 24 CFR 5.100* is required in all new construction projects of 4 or more units.

*Broadband infrastructure means cables, fiber optics, wiring, or other permanent (integral to the structure) infrastructure, including wireless infrastructure, that is capable of providing access to Internet connections in individual housing units, and that meets the definition of “advanced telecommunications capability” determined by the Federal Communications Commission under section 706 of the Telecommunications Act of 1996 (47 U.S.C. 1302).

Electrical – Rehabilitation only

A. All electrical panels shall meet current code.

B. Any rehabilitation projects with un-grounded electrical systems shall be re-wired with grounded systems to meet current code.

C. For rehabilitation projects, switches, outlets and light fixtures shall be replaced with devices that meet current applicable codes.

D. Wiring mounted on the exterior of the surface may be allowed if it is concealed in conduit and conduit is painted to match exterior siding. For projects where exterior siding will be removed, this wiring shall be installed within walls, attic spaces, and/or crawl spaces.

Resident Services Community Space

All properties, regardless of project type (i.e. senior, family, or large family), must devote a minimum of 1,200 s.f. to actual resident services/community space. Resident services space includes common kitchens, computer rooms, meeting rooms and general gathering space. It does not include public restrooms, leasing offices, laundry facilities and lobbies. Common kitchens are required, including refrigerator, stove, garbage disposal, and dishwasher.

For existing buildings, these requirements shall apply unless SHRA deems there to be significant physical constraints.

End of Scope of Development.

Attachment 7
River City Apartments - Project Rendering
Attachment 8
River City Apartments - Site Plan
Addresses
Number of Units
Project Type
Acreage
Unit Mix and Rents 30% AMI 50% AMI 60% AMI 70% AMI
Exempt
Management
1BR/ 1BA 2 2 7 8 0
2BR/ 1BA 3 3 9 12 1
3BR/ 2BA 2 2 7 8 0
Total Units 7 7 23 28 1
Square Footage Unit Size (sq.ft.) Total (sq. ft.)
1BR/ 1BA 548 10,412
2BR/ 1BA 703 19,684
3BR/ 2BA 922 17,518
Manager Unit 703 703
Common Areas 2,450 2,450
Total Gross 50,767
Resident Facilities
Permanent Sources Total Per Unit Per Square Foot
Permanent Loan 8,950,000$ 135,606$ 176.30$ Federal Tax Credit Equity15,207,808$ 230,421$ 299.56$ State Tax Credit Equity 8,774,613$ 132,949$ 172.84$ SHRA HOME 1,150,000$ 17,424$ 22.65$ SHRA PLHA 850,000$ 12,879$ 16.74$ Comm Resource Development Loan1,590,000$ 24,091$ 31.32$ Solar Credit 119,514$ 1,811$ 2.35$ Deferred Developer Fee2,457,525$ 37,235$ 48.41$ TOTAL SOURCES 39,099,460$ 592,416$ 770.17$ Permanent Uses Total Per Unit Per Square Foot
Acquisition 3,520,000$ 53,333$ 69.34$ Construction Costs 22,881,433$ 346,688$ 450.71$ Architecture & Engineering 491,500$ 7,447$ 9.68$ Permits/Fees 1,874,500$ 28,402$ 36.92$ Hard Cost Contingency 1,102,072$ 16,698$ 21.71$ TOTAL HARD COSTS 29,869,505$ 452,568 $ 588.36$ Soft Cost Contingency 266,383$ 4,036$ 5.25$ Financing Cost 3,949,689$ 59,844$ 77.80$ Operating Reserves 230,078$ 3,486$ 4.53$ Legal Fees 320,000$ 4,848$ 6.30$ Developer Fee 4,360,805$ 66,073$ 85.90$ Third Party Fees, Marketing, Other103,000$ 1,561$ 2.03$ TOTAL SOFT COSTS 9,229,955$ 139,848$ 181.81$ TOTAL USES 39,099,460$ 592,416 $ 770.17$ SHRA $ per Unit Per Unit Cost
30,303$ 592,416$ $1.00 : $19.55 Management / Expenses
Proposed Developer
Property Management Company
Operating Expenses 295,350$ 4,475$
Property Management Fee 39,600$ 600$
Resident Services 20,000$ 303$
Taxes and Insurance 4,950$ 75$
Replacement Reserves 16,500$ 250$
-$ Difference
per unit
Leverage
Leverage
SHRA
Chelsea Investment Corporation
Conam Management Corporation
per unit
per unit
per unit
per unit
Amenities on site will include a community room, picnic area, playground, gated entry, onsite management, laundry rooms, computer room, surveillance cameras, two elevators, bicycle storage, and podium and carport parking spaces Attachment 9
River City Apartments
Residential Project Summary
Total
19 28
66 1601 69th Street Sacramento, CA 95819
19 66
New Construction

0.97 River City Apartments 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 30% 2 548 1,096 603.00 $ 82.00$ 521$ 0.95$ 1,042$ 12,504$ 1BR/1BA 50% 2 548 1,096 1,005.00 $ 82.00$ 923$ 1.68$ 1,846$ 22,152$ 1BR/1BA 60% 7 548 3,836 1,206.00 $ 82.00$ 1,124$ 2.05$ 7,868$ 94,416$ 1BR/1BA 70% 8 548 4,384 1,408.00 $ 82.00$ 1,326$ 2.42$ 10,608$ 127,296$ 2BR/1BA 30% 3 703 2,109 723.00 $ 103.00$ 620$ 0.88$ 1,860$ 22,320$ 2BR/1BA 50% 3 703 2,109 1,206.00 $ 103.00$ 1,103$ 1.57$ 3,309$ 39,708$ 2BR/1BA 60% 9 703 6,327 1,447.00 $ 103.00$ 1,344$ 1.91$ 12,096$ 145,152$ 2BR/1BA 70% 12 703 8,436 1,688.00 $ 163.00$ 1,525$ 2.17$ 18,300$ 219,600$ 3BR/2BA 30% 2 922 1,844 836.00 $ 125.00$ 711$ 0.77$ 1,422$ 17,064$ 3BR/2BA 50% 2 922 1,844 1,394.00 $ 125.00$ 1,269$ 1.38$ 2,538$ 30,456$ 3BR/2BA 60% 7 922 6,454 1,672.00 $ 125.00$ 1,547$ 1.68$ 10,829$ 129,948$ 3BR/2BA 70% 8 922 7,376 1,951.00 $ 125.00$ 1,826$ 1.98$ 14,608$ 175,296$ 2BR - Manager unit 1 703 703 - $ -$ -$ -$ Totals 66 47,614 86,326 $ 1,035,912$
Annual 2026 2027 2028 2029 2030 2031 2032 2035 2040 2045 2055 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% 1,088,355 1,115,564 1,143,453 1,172,039 1,201,340 1,231,374 1,262,158 1,359,206 1,537,817 1,739,899 2,227,218 Other Income 2.50% 16,642 17,058 17,484 17,922 18,370 18,829 19,300 20,783 23,515 26,605 34,056 Rental Subsidy 2.50% 0 0 0 0 0 0 0 0 0 0 0
Less Vacancy 5.00% -55,250 -56,631 -58,047 -59,498 -60,985 -62,510 -64,073 -68,999 -78,067 -88,325 -113,064 Effective Gross Income $1,049,747 $1,075,991 $1,102,891 $1,130,463 $1,158,724 $1,187,692 $1,217,385 $1,310,990 $1,483,265 $1,678,178 $2,148,210 Expenses
Operating Expenses 3.50% 4,475 295,350 305,687 316,386 327,460 338,921 350,783 363,061 402,532 478,081 567,811 800,953 Property Management 3.50% 600 39,600 40,986 42,421 43,905 45,442 47,032 48,679 53,971 64,100 76,131 107,390 Resident Services 3.50% 303 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% 75 4,950 5,049 5,150 5,253 5,358 5,465 5,575 5,916 6,531 7,211 8,790 Replacement Reserves 0.00% 250 16,500 16,500 16,500 16,500 16,500 16,500 16,500 16,500 16,500 16,500 16,500 Total Expenses 5,703 $376,400 $388,922 $401,881 $415,292 $429,171 $443,534 $458,399 $506,176 $597,587 $706,103 $987,872 Net Operating Income $673,347 $687,069 $701,009 $715,170 $729,553 $744,158 $758,986 $804,814 $885,678 $972,075 $1,160,339 Debt Service amount rate amort
Senior Loan $8,950,000 5.790% 40 579,161 579,161 579,161 579,161 579,161 579,161 579,161 579,161 579,161 579,161 579,161 Balance 8,889,044 8,824,559 8,756,341 8,684,172 8,607,825 8,527,057 8,441,613 8,154,435 7,553,684 6,757,675 4,305,407 SHRA Monitoring Fee $29,074,956 0.125% 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 Debt Service Subtotal $604,161 $604,161 $604,161 $604,161 $604,161 $604,161 $604,161 $604,161 $604,161 $604,161 $604,161 DCR 1.11 1.14 1.16 1.18 1.21 1.23 1.26 1.33 1.47 1.61 1.92 Cash Available after Debt Service $69,186 $82,908 $96,849 $111,010 $125,392 $139,997 $154,825 $200,653 $281,517 $367,915 $556,178 Priority Distributions
Limited Partner Management Fee $7,500 3.00% 7,500 7,725 7,957 8,195 8,441 8,695 8,955 9,786 11,344 13,151 17,674 Managing General Partner Management Fee $5,000 3.00% 5,000 5,150 5,305 5,464 5,628 5,796 5,970 6,524 7,563 8,768 11,783 Administrative General Partner Fee $5,000 3.00% 5,000 5,150 5,305 5,464 5,628 5,796 5,970 6,524 7,563 8,768 11,783 Priority Distributions Subtotal 17,500 18,025 18,566 19,123 19,696 20,287 20,896 22,834 26,470 30,686 41,240 Net Cash after Priority Distributions $51,686 $64,883 $78,283 $91,887 $105,696 $119,710 $133,929 $177,820 $255,047 $337,228 $514,938 Deferred Developer Fee
Principal Balance $2,457,525 1.00% 2,457,525$ 2,457,525 2,430,414 2,389,835 2,335,451 2,266,918 2,183,892 2,086,020 1,699,785 725,477 0 0 Interest for Period 24,575 24,304 23,898 23,355 22,669 21,839 20,860 16,998 7,255 0 0 Accumulated Interest 24,575 24,304 23,898 23,355 22,669 21,839 20,860 16,998 7,255 0 0 Payment 51,686 64,883 78,283 91,887 105,696 119,710 133,929 177,820 255,047 0 0 Balance $2,430,414 $2,389,835 $2,335,451 $2,266,918 $2,183,892 $2,086,020 $1,972,951 $1,538,963 $477,685 $0 $0 GP contribution $477,685
Net Cash after Deferred Developer Fee $0 $0 $0 $0 $0 $0 $0 $0 $0 $337,228 $514,938 SHRA HOME Loan
Principal Balance $1,150,000 3.00% 1,150,000 1,150,000 1,150,000 1,150,000 1,150,000 1,150,000 1,150,000 1,150,000 1,150,000 1,107,456 0 Interest for Period 34,500 34,500 34,500 34,500 34,500 34,500 34,500 34,500 34,500 33,224 0 Accumulated Interest 34,500 69,000 103,500 138,000 172,500 207,000 241,500 345,000 517,500 33,224 0 Payment 0 0 0 0 0 0 0 0 0 337,228 0
Balance $1,184,500 $1,219,000 $1,253,500 $1,288,000 $1,322,500 $1,357,000 $1,391,500 $1,495,000 $1,667,500 $803,452 $0 PLHA Loan
Principal Balance $850,000 3.00% 850,000 850,000 850,000 850,000 850,000 850,000 850,000 850,000 850,000 850,000 0 Interest for Period 25,500 25,500 25,500 25,500 25,500 25,500 25,500 25,500 25,500 25,500 0 Accumulated Interest 25,500 51,000 76,500 102,000 127,500 153,000 178,500 255,000 382,500 510,000 0 Payment 0 0 0 0 0 0 0 0 0 0 0
Balance $875,500 $901,000 $926,500 $952,000 $977,500 $1,003,000 $1,028,500 $1,105,000 $1,232,500 $1,360,000 $0 CRDP Loan
Principal Balance $1,500,000 3.00% 1,500,000 1,500,000 1,500,000 1,500,000 1,500,000 1,500,000 1,500,000 1,500,000 1,500,000 1,500,000 1,326,127 Interest for Period 45,000 45,000 45,000 45,000 45,000 45,000 45,000 45,000 45,000 45,000 39,784 Accumulated Interest 45,000 90,000 135,000 180,000 225,000 270,000 315,000 450,000 675,000 900,000 39,784 Payment 0 0 0 0 0 0 0 0 0 0 514,938
Balance $1,545,000 $1,590,000 $1,635,000 $1,680,000 $1,725,000 $1,770,000 $1,815,000 $1,950,000 $2,175,000 $2,400,000 $850,972 River City ApartmentsCash Flow ProformaAttachment 10

Attachment 11

The River City Apartments Limits 2024

Limits at 30%, 50%, 60%, and 70% of Area Median Income (AMI) HOME Investment Partnership Funds (HOME)
Permanent Living Housing Assistance (PLHA)

Gross Income Limits

Family Size 30% AMI 50% AMI 60% AMI 70% AMI
1 $22,550 $35,500 $45,060 $52,500
2 $25,750 $40,550 $51,480 $60,100
3 $28,950 $45,600 $57,900 $67,550

Maximum Gross Rent Limits

Unit Size 30% AMI 50% AMI 60% AMI 70% AMI
1 Bedroom $603 $938 $1126.50 $1502.50
2 Bedroom $723 $1005 $1287 $1688.75
3 Bedroom $836 1206 $1608 $1876.25