City of Sacramento
City Council - 2PM Report
915 I Street Sacramento, CA 95814
www.cityofsacramento.org
File ID: 2024-01361 9/17/2024 Consent Item 1.
(City Council) Conduct a Tax Equity and Fiscal Responsibility Act Hearing for the 69th Street Apartments Project [Noticed 09/03/2024]
File ID: 2024-01361
Location: 6661 Folsom Boulevard, District 6, Represented by Councilmember Guerra Recommendation: Conduct a public hearing and, upon its conclusion, adopt a City Council Resolution that 1) indicates the City has conducted a Tax Equity and Fiscal Responsibility Act public hearing related to the proposed development of 69th Street Apartments; and 2) approves the issuance of Tax-Exempt Bonds by the California Municipal Finance Authority.
Contact: Christine Weichert, Director of Housing Finance, (916) 440-1353, [email protected]; Whitney Hinton, Program Manager, (916) 440-1325, [email protected]; Sacramento Housing and Redevelopment Agency
Presenter: Whitney Hinton, Program Manager, (916) 440-1325, [email protected], Sacramento Housing and Redevelopment Agency
Attachments:
1-Description/Analysis
2-City Council Resolution - TEFRA
3-Vicinity Map
4-Site Plan
5-Project Renderings
6-Businesses at 6661 Folsom Blvd
7-Project Summary
8-Cash Flow Proforma
9-Maximum Income and Rent Limits
Description/Analysis
Issue Detail: This report will serve as the required public Tax Equity and Fiscal Responsibility Act (TEFRA) hearing for 69th Street Apartments (Project) to approve the issuance of tax-exempt bonds not to exceed $60 million by the California Municipal Finance Authority (CMFA).
Sacramento Housing and Redevelopment Agency (SHRA), acting as the Housing Authority, is the
File ID: 2024-01361 9/17/2024 Consent Item 1.
primary issuer of Mortgage Revenue Bonds (Bonds) for affordable housing developments within the City of Sacramento. In limited situations, SHRA's Multifamily Family Lending and Mortgage Revenue Bond Policies (adopted by the City Council) permit alternative issuers. The Bonds provide below- market-rate financing for qualified rental projects and preserve the supply of affordable rental housing.
Since CMFA, not SHRA, is the Bond issuer for this project, there is no local oversite ensuring necessary project due diligence or financial feasibility. SHRA will not be able to enforce the delivery of quality property management or resident services; nor will SHRA perform annual onsite inspections of units, common areas, and amenities. In short, SHRA will not have the obligation or authority to monitor the Project. This will eliminate SHRA's ability to conduct compliance visits, investigate resident concerns, or replace the property management company if needed.
Regardless of the issuer, the TEFRA states the issuance of bonds must be approved by representatives of the government 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.
Rational for Other Issuer: In late March 2024, CRP Affordable Housing (Developer) notified SHRA of their intent to apply for Bonds after receiving $26 million from the Department of Housing and Community Development’s (HCD) Multifamily Housing Program and Infill Infrastructure Grant programs. Given the April deadline for Bond application, and ability to obtain the required Housing Authority Bond Inducement resolution on time, the Developer requested that CMFA, a statewide bond issuer, rather than the Housing Authority, issue bonds for the Project.
Development: 69th Street Apartments is a 130-unit family affordable housing development proposed on a 1.4-acre lot at 6661 Folsom Boulevard in the City of Sacramento. This site is close to the University/65th Street light rail station, a high-frequency bus stop, and the California State University, Sacramento campus. Two businesses are currently operating on the property - Taqueria Santos Laguna and Hyperthrive Athletics. These businesses will receive relocation benefits according to the approved relocation plan. Three existing buildings will be demolished prior to construction of the Project. A vicinity map, site plan, and building rendering are included in Attachments 3, 4, and 5. A map showing the current location of the businesses on the property is included as attachment 6.
The Project will comprise a six-story building with podium parking and an interior courtyard space.
The Project will provide affordable one-, two-, and three-bedroom units to residents earning between 30 and 60 percent of the Area Median Income (AMI). In addition, 60 units will be reserved for homeless households. There will be one exempt manager unit.
Amenities on site will include a school-aged play structure in the central community space area, a community room with a full kitchen, a mail room, a computer room, a lobby, a lounge area, a laundry
File ID: 2024-01361 9/17/2024 Consent Item 1.
room, resident services offices, and 72 covered parking spaces. A pool was not included in the scope for this Project, due to the lack of space. All units will have Luxury Vinyl Plank flooring and brand-new Energy Star-rated appliances, including a refrigerator with freezer combination, electric stove and range, dishwasher, and garbage disposal. This Project is located near local amenities such as restaurants and grocery stores.
Project Based Vouchers: In 2023, SHRA awarded the Project 60 Project-Based Vouchers (PBVs) to serve homeless families/individuals.
Relocation: Sacramento Housing and Redevelopment Agency’s (SHRA) third-party relocation consultant approved the relocation plan for the two businesses on the property site.
Developer: CRP Affordable Housing and Community Development is the developer of the Project.
They have experience applying for affordable housing funding in California for more than twelve projects dating back to 2020. This will be their first project in the Sacramento region.
Property Management: CRP has stated John Stewart Company (JSCo) will provide property management services. John Stewart Company is well qualified as the manager of more than 3,500 market-rate and affordable housing units in the Sacramento region. SHRA has successfully worked with JSCo in the past.
Resident Services: Life Skills Training and Educational Programs, Inc. (LifeSTEPS) will provide resident services. In reviewing the project, SHRA learned there were an insufficient number of service hours to properly address the needs of the residents. As a result, CRP has committed to SHRA that they will provide 10 hours of resident services weekly for after school programs.
Case Management: LifeSTEPS will provide three full-time equivalent intensive case managers to deliver services to the 60 households receiving a PBV subsidy. During SHRA review of the project, it was discovered that the project lacked service space for the case managers to meet with residents.
CRP has committed to SHRA that they will add the required office space to the building design.
Project Financing: The financing structure of the Project includes four percent Low-Income Housing Tax Credits (LIHTC), state tax credits, tax-exempt bond loans, HCD funding through a Multifamily Housing Program loan and Infill Infrastructure grant, and a deferred developer fee. A Project Summary and Cash Flow Proforma are included as attachments 7 and 8.
Low-Income Set-Aside Requirements: As a condition of receiving LIHTC and the benefits of tax- exempt bond financing, federal law requires that units be set aside for targeted income groups. The anticipated affordability levels are summarized in the following table:
69th Street Apartments AFFORDABILITY
(55 years)
UNITS % OF UNITS
Homeless (30% AMI) - PBV 60 46%
Extremely Low Income (30% AMI) 22 17%
Very-Low Income (50% AMI) 26 20%
Low Income (60% AMI) 21 16%
Management Unit (Exempt) 1 1%
TOTAL 130 100%
File ID: 2024-01361 9/17/2024 Consent Item 1.
69th Street Apartments AFFORDABILITY
(55 years)
UNITS % OF UNITS
Homeless (30% AMI) - PBV 60 46%
Extremely Low Income (30% AMI) 22 17%
Very-Low Income (50% AMI) 26 20%
Low Income (60% AMI) 21 16%
Management Unit (Exempt) 1 1%
TOTAL 130 100%
*Project-based voucher tenant rents will not exceed 30% of a household's adjusted gross income.
A schedule of Maximum Income and Rent Limits is included in Attachment 9.
Bond Issuer: CMFA was created on January 1, 2004, pursuant to a joint exercise of powers agreement to promote economic, cultural, and community development through the financing of economic development and charitable activities throughout California. CMFA was formed to assist local governments, non-profit organizations, and businesses with the issuance of taxable and tax- exempt bonds aimed at improving the standard of living in California.
Policy Considerations: The recommended actions are consistent with priority 2(i) - New Construction Permanent Supportive Homeless Housing, as set forth in SHRA's Multifamily Lending and Mortgage Revenue Bond Policies. The actions are also consistent with the 2021-2029 Housing Element, Policy H-1.4, “Facilitate Infill Housing Development," Policy H-8.3, “Encourage Accessible Housing Near Transit and Amenities," and Policy H-2.3 “Assist in the Development of Affordable Housing.”
Economic Impacts: This multifamily residential project is expected to create 695.37 total jobs (390.38 direct jobs, and 304.98 jobs through indirect and induced activities) and create $60,996,993 in total economic output ($37,486,191 of direct output and another $23,510,802 of output through indirect 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): CEQA review is categorically exempt pursuant to Guidelines Section 15332 because it is an infill project and the site is not more than five acres, is substantially surrounded by urban uses, the project is consistent with
File ID: 2024-01361 9/17/2024 Consent Item 1.
the General Plan, and will not result in any significant impacts of noise, air quality, or water quality.
National Environmental Policy Act (NEPA): An Environmental Assessment was prepared in order to analyze the project in accordance with NEPA and it was determined that with mitigation measures incorporated, the project would not result in a significant impact on the environment.
Sustainability: The proposed project has been reviewed for consistency with the goals, policies, and targets of the City of Sacramento's 2040 General Plan. If approved, this project will advance Goal LUP-10 by utilizing energy-efficient LED lighting, Energy Star-rated appliances, and water-efficient plumbing fixtures to reduce energy use and waste.
Commission/Committee Action: At its September 4, 2024, meeting, the Sacramento Housing and Redevelopment Commission reviewed the staff recommendation for this item. The votes were as follows:
AYES: Duncan, Nunley, Jefferson, Ramos, Ross, Starks, Woo NOES: None
ABSTAIN: Amanfor
ABSENT: Griffin
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 2040 General Plan.
Financial Considerations: The Housing Authority received a one-time Underwriting TEFRA Fee of $12,500. The Developer will be responsible for payment of all costs, fees, and deposits relating to the bond application. Mortgage Revenue Bonds do not represent a financial obligation of SHRA, the Housing Authority, or the City of Sacramento.
LBE - M/WBE and Section 3 requirements: 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 2024-XXXX September 17, 2024 Page 1 of 2
RESOLUTION 2024-
Adopted by the Sacramento City Council
September 17, 2024
Approving The Issuance of the California Municipal Finance Authority Exempt Facility Bonds for a Qualified Residential Rental Project in an Aggregate Principal Amount Not to Exceed $60 Million for the Purpose of Financing or Refinancing the Acquisition, Construction, Improvement and Equipping of 69th Street Apartments and Certain Other Matters Relating Thereto
BACKGROUND
A. 69th Street Apartments LP (the "Borrower") a partnersh ip of which CRP Affordable Housing and Community Development (the "Developer") or a related person to the Developer is the general partner, has requested that the California Municipal Finance Authority (the "Authority") adopt 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 exemp t facility bonds in one or more series from time to time, and at no time to exceed $60 million in aggregate principal amount (the "Bonds"), to finance or refinance the acquisition, construction, improvement and equipping of a multifamily rental housing pro ject located at 6661 Folsom Boulevard, Sacramento, California (the "Project").
B. Pursuant to Section 147(f) of the Code, the issuance of the Bonds by the Authority must be approved by the City of Sacramento (the "City") because the Project is located within the territorial limits of the City.
C. The City Council of the City (the "City Council") is the elected legislative body of the City and is one of the "applicable elected representatives" required to approve the issuanc e of the Bonds under Section 147(f) of the Code.
D. The Authority has requested that the City Council approve the issuance of the Bonds by the Authority in order to satisfy the public approval requirement of Section 147(f) of the Code and the requirements of Section 4 of the Joint Exercise of Powers Agreement Relating to the California Municipal Finance Authority, dated as of January 1, 2004 (the "Agreement"), among certain local agencies, including the City.
E. 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.
BASED ON THE FACTS SET FORTH IN THE BACKGROUND, THE CITY COUNCIL RESOLVES AS FOLLOWS:
Resolution 2024-XXXX September 17, 2024 Page 2 of 2
SECTION 1.
The foregoing resolutions are true and correct.
SECTION 2.
The City Council hereby approves the issuance of the Bonds by the Authority. It is the purpose and intent of the City Council that this resolution constitutes approval of the issuance of the Bonds by the Authority, for the purposes of (a) Section 147(f) of the Code by the applicable elected representative of the governmental unit having jurisdiction over the area in which the Project is located, in accordance with said Section 147(f) and (b) Section 4 of the Agreement.
SECTION 3.
The issuance of the Bonds shall be subject to the approval of the Authority of all financing documents relating thereto to which the Authority is a party. The City shall have no responsibility or liability whatsoever with respect to the Bonds.
SECTION 4.
The adoption of this Resolution shall not obligate the City or any department thereof to (i) provide any financing to acquire or construct the Project or any refinancing of the Project; (ii) approve any application or request for or take any other action in connection with any planning approval, permit or other action necessary for the acquisition, construction, rehabilitation, installation or operation of the Project; (iii) make any contribution or advance any funds whatsoever to the Authority; or (iv) take any further action with respect to the Authority or its membership therein.
SECTION 5.
The officers of the City are hereby authorized and directed, jointly and severally, to do any and all things and to execute and deliver any and all documents which they deem necessary or advisable in order to carry out, give effect to and comply with the t erms and intent of this resolution and the financing transaction approved hereby.
SECTION 6.
This resolution shall take effect immediately upon its adoption.
CHANGING LIVES
69th Street Apartments
-
69th Street Apartments
(6661 Folsom Boulevard)
CALIFORNIA
STATE
UNIVERSITY,
SACRAMENTO
0 I
Feet
300
I
600
I
Hornet
Stadium
Attachment 3
� Red Buckeye Way
SHRAGIS
July 2, 2024
N6J'10'00"W
$1f[Pd[E[E1f ���[Pd1f[ij[E�1r$ SACRAMENTO - CALIFORNIA
CRP AFFORDABLE HOUSING AND COMMUNITY DEVELOPMENT
LEGEND
I STAIR 1 I LEVEL L-1 TO ROOF
I STAIR 21 LEVEL L-1 TO LEVEL L-6
I STAIR 31 LEVEL L-1 ROOF
A1 1 BDRM+ 1 BATH
B1 2 BDRM+ 1 BATH
C1 3 BDRM+ 2 BATH
C2 3 BDRM+ 2 BATH
A-1 B-1 C-1
L-1
L-2 12
L-3 12
L-4 12
L-5 12
L-6 6 12
30 60 25
30 60
25 15
130 UNITS
C-2
15 BUILDING PLAN
LEVEL L-21
April OB, 2024 No. MR220351 M!lii
23%
46%
19%
12%
130 UNITS
11 8S8
DESIGN
Attachment 5
Attachment 4 Site Plan - 69th Street Apartments
Attachment
5 Building Rendering - 69th Street Apartments
CHANGING LIVES
Businesses at 6661 Folsom Blvd
D
69th Street Apartments
(6661 Folsom Boulevard) 0
I
Feet
75 I
150
I
Attachment 6
SHRAGIS
July 2, 2024
Addresses
Number of Units
Project Type
Acreage
Unit Mix and Rents
30% AMI PBV
Homeless 30% AMI 50% AMI 60% AMI
Exempt
Management Unit
1BR/ 1BA 15 6 4 5
2BR/ 1BA 25 10 15 10
3BR/ 2BA 20 6 7 6 1
Total Units 60 22 26 21 1
Square Footage Unit Size (sq.ft.) Total (sq. ft.)
1BR/ 1BA 578 17,340
2BR/ 1BA 795 47,700
3BR/ 2BA 983 24,575
3BR/ 2BA 1,016 15,240
Common Areas 3,000 2,966
Total Gross 107,821
Resident Facilities
Permanent Sources Total Per Unit Per Square Foot
Permanent Loan 9,005,229$ 69,808$ 83.52$
Federal Tax Credit Equity 37,753,267$ 292,661$ 350.15$ State Tax Credit Equity 15,130,113$ 117,288$ 140.33$ HCD MHP Loan 21,500,000$ 166,667$ 199.40$
HCD Infill Infrastructure Grant 4,800,867$ 37,216$ 44.53$ Deferred Developer Fee 8,774,798$ 68,022$ 81.38$
TOTAL SOURCES 96,964,274$ 751,661$ 899.31$
Permanent Uses Total Per Unit Per Square Foot
Acquisition 4,750,000$ 36,822$ 44.05$
Construction Costs 60,598,626$ 469,757$ 562.03$
Demolition Costs 398,367$ 3,088$ 3.69$
Architecture & Engineering 1,957,345$ 15,173$ 18.15$ Permits/Fees 1,709,405$ 13,251$ 15.85$
Hard Cost Contingency 3,107,418$ 24,089$ 28.82$
TOTAL HARD COSTS 72,521,161$ 562,180$ 672.61$
Soft Cost Contingency 576,350$ 4,468$ 5.35$
Financing Cost 8,292,189$ 64,281$ 76.91$
Relocation Expenses 160,000$ 1,240$ 1.48$
Operating Reserves 776,989$ 6,023$ 7.21$
Transitional Operating Reserve 266,211$ 2,064$ 2.47$ Legal Fees 375,000$ 2,907$ 3.48$
Developer Fee 11,274,798$ 87,402$ 104.57$
Third Party Fees, Marketing, Other 2,721,576$ 21,097$ 25.24$ TOTAL SOFT COSTS 24,443,113$ 189,481$ 226.70$
TOTAL USES 96,964,274$ 751,661$ 899.31$
Management / Expenses
Proposed Developer
Operating Expenses 751,397$ 5,825$
Property Management Fee 134,449$ 1,042$
Resident Services 26,200$ 203$
Case Management 375,000$ 2,907$
Taxes and Insurance 216,454$ 1,678$
Replacement Reserves 65,000$ 504$ per unit
CRP Affordable Housing and Community Development
per unit
per unit
per unit
per unit
per unit
Community spaces will include a covered playground, community room with a full kitchen, mail room, lobby, lounge area, leasing office, laundry room, resident services offices, and 72 covered parking spaces.
Attachment 7
69th Street Apartments
Residential Project Summary
Total
30 60
130
6661 Folsom Blvd
40 130
New Construction
1.4 acres
Property Management Company
The John Stewart Company
69th Street Apartments Area Median Average Square Total Average 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 30% 21 578 12,138 644$ 82.00$ 562$ 0.97$ 11,802$ 141,624$ 1BR 50% 4 578 2,312 1,073$ 82.00$ 991$ 1.71$ 3,964$ 47,568$ 1BR 60% 5 578 2,890 1,287$ 82.00$ 1,205$ 2.08$ 6,025$ 72,300$ 2BR 30% 35 795 27,825 724$ 103.00$ 621$ 0.78$ 21,735$ 260,820$ 2BR 50% 15 795 11,925 1,206$ 103.00$ 1,103$ 1.39$ 16,545$ 198,540$ 2BR 60% 10 795 7,950 1,448$ 103.00$ 1,345$ 1.69$ 13,450$ 161,400$ 3BR 30% 26 995 25,870 804$ 125.00$ 679$ 0.68$ 17,654$ 211,848$ 3BR 50% 7 995 6,965 1,340$ 125.00$ 1,215$ 1.22$ 8,505$ 102,060$ 3BR 60% 6 995 5,970 1,608$ 125.00$ 1,483$ 1.49$ 8,898$ 106,776$ 3BR (Exempt Manager) 1 995 995 -$ -$ -$ -$ Totals 130 104,840 108,578$ 1,302,936$
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 2027 2028 2029 2030 2031 2032 2033 2036 2041 2046 2056 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% 1,368,897 1,403,120 1,438,198 1,474,152 1,511,006 1,548,781 1,587,501 1,709,565 1,934,216 2,188,388 2,801,321 Rental Subsidy 2.50% 1,312,151 1,344,955 1,378,578 1,413,043 1,448,369 1,484,578 1,521,693 1,638,697 1,854,035 2,097,670 2,685,195 Less Vacancy 5.00% -134,052 -137,404 -140,839 -144,360 -147,969 -151,668 -155,460 -167,413 -189,413 -214,303 -274,326 Effective Gross Income $2,546,996 $2,610,670 $2,675,937 $2,742,836 $2,811,406 $2,881,692 $2,953,734 $3,180,848 $3,598,838 $4,071,755 $5,212,190 Expenses
Operating Expenses 3.50% 6,192 804,915 833,087 862,245 892,424 923,659 955,987 989,446 1,097,017 1,302,912 1,547,451 2,182,832 Property Management 3.50% 1,108 144,025 149,066 154,283 159,683 165,272 171,057 177,044 196,291 233,133 276,889 390,579 Resident Services 3.50% 216 28,066 29,048 30,065 31,117 32,206 33,334 34,500 38,251 45,430 53,957 76,112 Case Management 3.50% 2,907 401,709 415,769 430,321 445,382 460,971 477,105 493,803 547,489 650,245 772,287 1,089,387 Taxes and Insurance 2.00% 1,732 225,199 229,703 234,297 238,983 243,762 248,638 253,610 269,133 297,145 328,072 399,918 Replacement Reserves 0.00% 500 65,000 65,000 65,000 65,000 65,000 65,000 65,000 65,000 65,000 65,000 65,000 Total Expenses 12,838 $1,668,915 $1,721,674 $1,776,212 $1,832,590 $1,890,871 $1,951,120 $2,013,404 $2,213,182 $2,593,865 $3,043,655 $4,203,827 Net Operating Income $878,081 $888,997 $899,726 $910,246 $920,536 $930,572 $940,330 $967,667 $1,004,973 $1,028,100 $1,008,363 Debt Service amount rate amort
Senior Loan $9,005,229 6.75% 40 655,954 655,954 655,954 655,954 655,954 655,954 655,954 655,954 655,954 655,954 655,954 MHP Monitoring Fee $21,500,000 0.42% 90,300 90,300 90,300 90,300 90,300 90,300 90,300 90,300 90,300 90,300 90,300 CMFA Monitoring Fee 7,500 7,500 7,500 7,500 7,500 7,500 7,500 7,500 7,500 7,500 25,000 Debt Service Subtotal $753,754 $753,754 $753,754 $753,754 $753,754 $753,754 $753,754 $753,754 $753,754 $753,754 $771,254 DCR 1.16 1.18 1.19 1.21 1.22 1.23 1.25 1.28 1.33 1.36 1.31 Cash Available after Debt Service $124,326 $135,242 $145,971 $156,492 $166,782 $176,818 $186,575 $213,912 $251,219 $274,345 $237,109 Priority Distributions
Limited 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 0 0 Managing General Partner Management Fee $10,800 3.00% 10,800 11,124 11,458 11,801 12,155 12,520 12,896 14,092 16,336 18,938 25,451 Priority Distributions Subtotal 15,800 16,274 16,762 17,265 17,783 18,317 18,866 20,615 23,899 18,938 25,451 Net Cash after Priority Distributions $108,526 $118,968 $129,209 $139,226 $148,999 $158,501 $167,709 $193,297 $227,320 $255,407 $211,658 Deferred Developer Fee
Principal Balance $8,774,798 0.00% 8,774,798 8,666,272 8,547,303 8,418,094 8,278,868 8,129,869 7,971,368 7,441,927 6,402,477 0 0 Interest for Period 0 0 0 0 0 0 0 0 0 0 0
Accumulated Interest 0 0 0 0 0 0 0 0 0 0 0
Payment 108,526 118,968 129,209 139,226 148,999 158,501 167,709 193,297 6,402,477 0 0 Balance $8,666,272 $8,547,303 $8,418,094 $8,278,868 $8,129,869 $7,971,368 $7,803,659 $7,248,629 $0 $0 $0 Net Cash after Deferred Developer Fee $0 $0 $0 $0 $0 $0 $0 $0 $0 $255,407 $211,658 Investor Cash Flow
Residential NOI after Debt Service, Priority
Distributions & Deferred Developer Fee $0 $0 $0 $0 $0 $0 $0 $0 $0 $127,704 $105,829 HCD MHP Loan
Principal Balance $21,500,000 3.00% 21,500,000 21,500,000 21,500,000 21,500,000 21,500,000 21,500,000 21,500,000 21,500,000 21,500,000 21,500,000 21,500,000 Interest for Period 645,000 645,000 645,000 645,000 645,000 645,000 645,000 645,000 645,000 645,000 645,000 Accumulated Interest 645,000 1,290,000 1,935,000 2,580,000 3,225,000 3,870,000 4,515,000 6,450,000 9,675,000 12,406,293 17,672,318 Payment 0 0 0 0 0 0 0 0 0 127,704 105,829
Balance $22,145,000 $22,790,000 $23,435,000 $24,080,000 $24,725,000 $25,370,000 $26,015,000 $27,950,000 $31,175,000 $33,778,589 $39,066,489 69th Street Apartments Cash Flow ProformaAttachment 8
Attachment 9
Family Size 30% AMI 50% AMI 60% AMI
1 person 24,750$ 41,300$ 49,560$
2 person 28,300$ 47,150$ 56,580$
3 person 31,850$ 53,050$ 63,660$
4 person 35,350$ 58,950$ 70,740$
5 person 38,200$ 63,650$ 76,380$
6 person $ 41,960 68,400$ 82,080$
Unit Size 30% AMI 50% AMI 60% AMI
1 Bedroom 707$ 1,178$ 1,414$
2 Bedroom 796$ 1,326$ 1,591$
3 Bedroom 883$ 1,473$ 1,768$
Maximum Gross Rent Limits
Maximum Gross Income Limits
69th Street Apartments
Rents at 30%, 50%, and 60%of Area Median Income (AMI)
MAXIMUM INCOME AND RENT LIMITS 2024
Low Income Housing Tax Credits, State Tax Credits, Mortgage Revenue Bonds