Sacramento City Council
January 21, 2025

City of Sacramento
City Council - 2PM Report
915 I Street Sacramento, CA 95814
www.cityofsacramento.org
File ID: 2024-02073 1/21/2025 Discussion Item 1.
(City Council) Approval of Additional Funding for Donner Field Apartments File ID: 2024-02073
Location: 4501 9th Avenue, District 5, Represented by Councilmember Maple Recommendation: 1) Adopt a City Council Resolution authorizing the Sacramento Housing and Redevelopment Agency (SHRA) to: a) approve an additional funding commitment of $2.8 million in HOME Investment Partnership Program (HOME) Funds for Donner Field Senior Apartments Project; b) approve to amend and restate the Loan Commitment and all necessary documents associated with this transaction with Eden Housing, or related entity for the Project; c) execute any and all documents deemed necessary by SHRA and related to the transaction; d) amend the budget; and e) make related findings.

Contact: Christine Weichert, Director of Development 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
3-Exhibit A Loan Commitment
4-Vicinity Map
5-Site Plan
6-Project Renderings
7-Project Summary
8-Cash Flow Proforma
9-Maximum Income and Rent Limits
Description/Analysis
Issue Detail: In 1985, the Redevelopment Agency of the City of Sacramento received title to the property at 4501 9th Avenue (Property). The Property is a single lot, approximately 1.23 acres, located in the Oak Park neighborhood. The Property was transferred to the ownership of the Housing

File ID: 2024-02073 1/21/2025 Discussion Item 1.

Authority of the City of Sacramento in 2012 due to the dissolution of Redevelopment.

On November 1, 2016, the City Housing Authority Board adopted a resolution approving a Vacant Lot Disposition Strategy that permitted the sale of the Property. On August 19, 2020, Sacramento Housing and Redevelopment Agency (SHRA) issued a Request for Proposals (RFP) seeking an experienced developer to construct and manage new affordable housing opportunities at the site. On December 4, 2020, the selection panel awarded the property to Eden Housing, Inc., or related entity (Developer), for the proposed Donner Field Senior Apartments, a 67-unit affordable housing development (Project). The Property is currently being leased to the Fortune School of Education.

Staff have been in contact with Fortune School, who are aware of the proposed project and understand that the lease will be terminated prior to disposition.

In April 2022, SHRA, on behalf of the Housing Authority, issued a Request for Proposals seeking owners and developers interested in receiving Project Based Vouchers (PBV) to serve homeless families/individuals. As a result, on July 11, 2022, Eden Housing was awarded 17 PBVs for the Donner Field Senior Project.

In October 2022, the City Council allocated $1.25 million to the Project. SHRA will enter into a separate agreement with the City for these funds, which will then be lent to the Project.

On March 1, 2023, Eden Housing, Inc. submitted a funding application to SHRA for the Property’s construction, and permanent financing. On July 25, 2023, a commitment in the amount of $7 million, which consists of HOME funds and Housing Opportunities for Persons with AIDS (HOPWA) funds, was approved by the City Council. In addition, on the same date, the City Housing Authority approved the disposition of the property at fair market value through a Disposition and Development Agreement and seller carry-back loan commitment. A loan commitment for $2.6 million in Mental Health Services Act (MHSA) funds was approved by the Sacramento County Board of Supervisors on July 25, 2023.

The Developer applied for nine percent (9%) Low-Income Housing Tax Credits (LIHTC) for the project in August 2023 and to tax-exempt mortgage revenue bonds and four percent (4%) tax credits in April 2024 but was unsuccessful due to the decreased availability of State Tax Credits.

The lack of available State Tax Credits created a $7.2 million gap for the Project. To fill the gap, the Developer increased the deferred developer fee and applied to SHRA in August of 2024 for an additional $2.8 million of funding. The Developer plans to reapply for tax-exempt mortgage revenue bonds and tax credits in early 2025. With funding from SHRA, the Project should be more competitive to receive tax-exempt mortgage revenue bonds. This staff report serves the purpose of committing an additional $2.8 million in HOME funds for the Project.

Development:

Donner Field Senior Apartments is a proposed new construction development on 1.23 acres of land at 4501 9th Avenue in Sacramento. The development is comprised of 67 units,

File ID: 2024-02073 1/21/2025 Discussion Item 1.
including 65 one-bedroom and two two-bedroom units (one unit reserved for an on-site manager).

This senior (age 55+) community will be 100 percent affordable to households at or below 50 percent Area Median Income (AMI). A vicinity map is included in Attachment 4, a site plan in Attachment 5, and renderings of the Project are included in Attachment 6.

The proposed Project consists of two buildings, one U-shaped two- and three-story residential building and one single-story community building that houses all interior common space. Amenities include a community building, computer room, shared kitchen, multipurpose room, BBQ area, bocce ball court, and a community garden.

Developer: Eden Housing, Inc., or related entity, will serve as the Developer. The Developer is a non- profit public benefit corporation based in Hayward, California. Since its inception in 1968, the Developer has developed, acquired, or rehabilitated more than 11,400 units and currently provides homes to more than 24,000 lower-income residents.

Property Management: Eden Housing Management, Inc. (EHMI) will provide property management services. Established in 1984, EHMI is the property management and non-profit affiliate of Eden Housing and manages properties developed and owned by Eden Housing. EHMI has over 35 years of experience in the field of affordable housing management, currently managing over 9,000 units in 138 properties. EHMI will provide a full balance of property management services, including initial and ongoing leasing, marketing, compliance monitoring, coordinating resident services, and property maintenance.

Resident Services: Eden Housing Resident Services, Inc. (EHRSI) will provide on-site resident services for the Project. The property is required to provide a minimum of 15 hours of resident services a week, along with one full time case manager.

EHRSI was established in 1995 as a 501(c)(3) non-profit affiliate of Eden Housing, Inc., to provide resident services programming to properties in the Eden Housing portfolio. At Eden’s managed properties, EHRSI provides a wide range of services and enrichment programs designed to meet the needs of a diverse resident population - at home and free of charge to residents. EHRSI’s portfolio includes 132 managed properties of which 66 percent are for families, 22 percent are for seniors, and 12 percent are for special needs populations.

There will be 17 units restricted to Mental Health Services Act (MHSA) funding program clients. Case management and supportive services will be provided directly by the County Department of Health Services (DHS) via the contracted MHSA-funded Full-Service Partnership program.

Project Financing:

In addition to the SHRA and Housing Authority financing summarized in the table below, the Project will be financed with bonds and four percent Low-Income Housing Tax Credits (LIHTC), conventional loans, deferred developer fees, and fee waivers. A Project Summary and

File ID: 2024-02073 1/21/2025 Discussion Item 1.

Proforma are included as Attachments 6 and 7.

PROGRAM FUNDS AMOUNT
Previous HOME Loan $6,000,000
HOPWA $1,000,000
City of Sacramento Loan $1,250,000
HACS Seller Carryback Loan1 $ 60,000
Mental Health Services Act (MHSA) Loan $2,600,000
New HOME Loan $2,800,000
Total $13,710,000
1 HACS Seller Carryback Loan is $60,000 or an amount justified by an updated fair market appraisal.

Low-Income Set-Aside Requirements: As a condition of receiving LIHTC and the benefits of LIHTC financing, federal law requires that units be set aside for targeted income groups. Income restrictions from LIHTC financing require that 20 percent of the units have affordable rents to households with income up to 50 percent of the Area Median Income (AMI). SHRA further requires that at least 5 percent of the units have affordable rents to households with income up to 30 percent AMI, based on financial feasibility. Project affordability restrictions will be specified in regulatory agreements with the Developer. The affordability requirements are summarized in the following table:

AFFORDABILITY RESTRICTIONS (Seniors) UNITS % OF UNITS
Extremely Low Income (30% AMI, PBV) 17 25
Extremely Low Income (30% AMI) 3 5
Very-Low Income (50% AMI) 46 69
Manager’s Unit (Exempt) 1 1
Total 67 100%
Policy Considerations: The recommended actions are consistent with 1) SHRA’s Multifamily Lending and Mortgage Revenue Bond Policies, priority level 2(i) - New Construction Permanent Supportive and Homeless Housing (Resolution No. 2019-0425 and Housing Authority Resolution No. 2019-022); 2) the 2021-2029 Housing Element, Policy H-2.3, “Assist in the Development of Affordable Housing.”
Economic Impacts: This multifamily residential project is expected to create 301 total jobs (171 direct jobs and 130 jobs through indirect and induced activities) and create $25,145,643 in total economic output ($15,327,836 direct output and another $9,817,807 of output through indirect and induced activities).

The indicated economic impacts are estimates calculated using a calculation tool developed by the

File ID: 2024-02073 1/21/2025 Discussion Item 1.

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 found to be eligible for ministerial approval through SB35 and is therefore not subject to CEQA review. National Environmental Policy Act (NEPA): The project has been reviewed pursuant to NEPA procedures at 24 California Code of Regulations Part 58, and the project was found to have no significant impact on the environment with mitigation measures incorporated.

Sustainability: The proposed project has been reviewed for consistency with the goals, policies, and targets of the City of Sacramento’s 2035 General Plan. If approved, this project will advance Goal H-

1.1 - Sustainable Communities. This is accomplished by reducing the use of fossil fuels, promoting energy-efficient building design and site planning, and creating housing that is healthier, safer, more comfortable, and durable.

Commission/Committee Action: Sacramento Housing and Redevelopment Commission: The Sacramento Housing and Redevelopment Commission reviewed the staff recommendation for this item at its January 15, 2025 meeting.

Rationale for Recommendation: The actions recommended in this report enable SHRA to continue to fulfill its mission of providing a range of affordable housing opportunities in the City and are consistent with the SHRA’s approved Multifamily Lending and Mortgage Revenue Bond Policies and the City of Sacramento 2021-2029 Housing Element as part of Sacramento’s 2040 General Plan.

Financial Considerations: SHRA will receive a one-time issuance fee of 0.25 percent of the bond amount, which is payable at bond closing, and an annual payment for monitoring the regulatory restrictions and administration of the bonds in the amount of 0.05 percent of the outstanding bond amount. HOME, HOPWA, City Funds, Seller Carryback, and MHSA loans will all have a term of 40 years and a simple interest rate of three percent. SHRA will also receive a $100 annual administrative fee for each assisted unit. The total administrative fee shall not be less than $15,000 annually for the affordable units during the 55-year regulatory term.

LBE - M/WBE and Section 3 requirements:

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 SHRA’s Section 3 Economic Opportunity Plan.

RESOLUTION 2025-
Adopted by the Sacramento City Council
January 21, 2025
Donner Field Senior Housing Project: Approval of Amended and Restated Conditional Loan Commitment (Commitment); Authorization to Execute Loan Commitment and Related Documents with Donner Field Senior, L.P., (Eden Housing) or Related Entity for the Project; Amend the Sacramento Housing and Redevelopment Agency Budget; and Environmental Findings

BACKGROUND
A. The Housing Authority of the City of Sacramento issued a Request for Proposals in 2020 seeking an affordable housing developer interested in a Housing Authority owned property located at 4501 9th Avenue Blvd (APN 014 -0223-004), known as the Donner Field Site. As a result of that process, Eden Housing (Developer) was selected to develop the site, which is proposed to include 67 units of housing affordable to seniors aged 55 and over earning 50 percent or less than the Area Median Income (AMI).

B. In March 2023, the Developer submitted an application for $7 million in funding to assist with construction and permanent financing of the Donner Field Senior Project (Project) to the Sacramento Housing and Redevelopment Agency (Agency). The Agency is proposing to utilize the following sources (Loan Commitment) for the Project: $60,000 in Seller Carry Back Financing, which is the subject of a separate Housing Authority Resolution, $1.25 million in Measure U and Redevelopment funds authorized by the City Council on February 7, 2023 in Resolution No. 2023 -0328, $6 million in Home Investment Partnerships (HOME) Program Funding, and $1 million Housing Opportunities for Persons with AIDs (HOPWA) funding, which are the subject of this Resolution, to provide the remaining funds needed for the Project.

C. In August 2024 the Developer applied to the Agency for an additional $2.8 million HOME funds for the gap financing for the Project.

D. The project has been found to be eligible for ministerial approval through SB35 and is therefore not subject to California Environmental Quality Act review.

E. The project has been reviewed pursuant to National Environmental Policy Act procedures at 24 California Code of Regulations Part 58, and the project was found to have no significant impact on the environment with mitigation measures incorporated.

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 Amended and Restated Conditional Loan Commitment attached hereto as (Exhibit A) for financing of the Project with an additional $ 2.8 million of HOME funds is approved and Agency is authorized to enter into the Amended and Restated Conditional Loan Commitment with Developer, or related entity.

SECTION 3.

The Agency is authorized to negotiate, enter into, execute, and amend as needed the, loan commitment, and related documents for the acquisition, construction, operation, 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 funds, including without limits, negotiation, amendment, subordination, regulatory agreement, financial restructuring, and extensions, consistent with its adopted policy and with this resolution

SECTION 4.

The Agency’s budget is hereby amended to allocate an additional $2.8 million in HOME funds to the Donner Field Project.

TABLE OF CONTENTS:

Exhibit A – Conditional Loan Commitment Letter

Exhibit A

Effective Date: January 21, 2025

Donner Field Senior, L.P.

Linda Mandolini, President
22645 Grand Street
Hayward, CA 94541

RE: Amended and Restated Conditional Loan Commitment for Donner Field Senior Apartments

Dear Ms. Mandolini:

On be half of the Sacramento Housing and Redevelopment Agency (SHRA) and the Housing Authority of the City of Sacramento (HACS) (collectively, Agency), we are pleased to advise you of this Amended and Restated Conditional Loan Commitment (Commitment) of acquisition, construction and permanent loan funds (Loan) comprised of $6,000,000 in HOME Investment Partnership Program (HOME) , $1,000,000 in Housing Opportunities for Persons With AIDS Program (HOPWA) and $290,000 in HACS Seller Carryback, and an additional $2,800,000 of HOME funds for the purpose of financing the acquisition, rehabilitation and development of that certain real property known as Donner Field Senior Apartments located at 4501 9 th Avenue, Sacrament, California 95820 (Property).

Agency Funding Funding Amount
Original HOME $6,000,000
Original HOPWA $1,000,000
MHSA $2,600,000
HACS Seller Carryback $60,000
City of Sacramento (Measure U funds) $1,250,000
New HOME $2,800,000
Total $13,710,000

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

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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 July 31, 2025, unless a mutually agreed upon extension is made.

1. PROJECT DESCRIPTION : Donner Field Senior Apartments is composed of two buildings – one U -shaped two-and three -story residential building and one single story community building buildings and includes a total of 24 tuck-under parking spaces and 67 units comprised of sixty-five 1-bedroom units and two 2-bedroom units. The Project will contain amenities that include a community building, computer room, shared kitchen and multipurpose room, BBQ area, bocce ball court, and community garden.

2. BORROWER: The name of the Borrower for the Loan is Donner Field Senior, L.P ., a California limited partnership with Eden Housing , Inc. , 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. Thirteen Million Seven Hundred Ten Thousand Dollars and No Cents ($13,710,000), 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.

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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), Housing Opportunities for Persons With AIDS Program (HOPWA), and HACS Seller Carryback.

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 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 leasehold 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 ord er 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 $27,600,000 in Low Income Housing Tax Credit Equity and no less than $906,320 in deferred developer fee. If LIHTC equity goes below $27,600,000 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

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superior or subordinate to Agency's liens, and which shall be otherwise on terms 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.
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 uses 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, provi ded, 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 -21) 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 is 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 written agreement with the Agency.

Should the Agency determine that the Loan is not "in balance", the Age ncy 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

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and specifications will be subject to Agency's final approval prior to the disbursal of Agency Loan funds. Borrower must obtain Agency's prior written 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 measures, 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 specifications and other services shall be subject to 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 orders 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 a rea 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

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actual expenditure. Agency shall conduct inspections of the Property to assure that the work was done before making a disbursement.

24. COST SAVINGS: At completion of construction, Borrower shall submit to Agency a cost certification prepared by a qualified, independent auditor acceptable to Agency, which cost certification shall indicate the amounts actually spent for each item in the cost breakdown and shall indicate the final sources of funding. If there is an aggregate savings, in the total of all such cost breakdown items from the cost breakdown items in the original budget approved by the Agency, after adjusting for any decrease in any funding source including any loss of any equity investment due to an adjustment in the allowable tax credits, the Agency shall withhold for itself as loan repayment, one -half of such savings from the amount of retention then held by the Agency, and the Loan balance shall be reduced by the amount so withheld. The Agency, in its sole discretion, shall determine any reduction and/or repayment of the Agency loan based upon this cost certification and the original approved budget for the project.

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 Project. Borrower shall concurrently submit to Agency any Other Lender Draw. Delivery of such Other Lender Draw shall be 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 limitation 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.

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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;
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 Placer Title Company – Sacramento Commercial Division located at 301 University Avenue, Suite 120, Sacramento, CA 95825.

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.

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

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 Partnership 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. 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 position 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 financial statements and o ther credit information and references prior to closing. During the term of the Loan, Borrower must deliver to Agency a monthly rent -roll including household composition information and operating statements with respect to the Property and Improvements, a s Agency may request.

35. 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.

36. 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.

37. RESIDENT SERVICES AGREEMENT : 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. Additional Programming: Balance of minimum eleven (11) 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.

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

iv. Other services such as transportation assistance, counseling assistance and employee readiness and job search assistance.

38. LOW INCOME HOUSING TAX CREDITS (LIHTC): Borrower represents 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.

39. SMOKE-FREE ENVIRONMENT: The project will be 100% non-smoking except for the designated smoking area located next to the parking lot in the northeast corner of the site.

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

41. 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.

42. 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.

43. ACCEPTANCE OF THIS COMMITMENT: Borrower’s acceptance of this Commitment shall be evidenced by signing and delivering 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:

Donner Field Senior, L.P., a California limited partnership By: Eden Housing, Inc. or related entity

By: _________________________________
Linda Mandolini, President

Attachment:

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

Exhibit 1 - Scope of Development

Donner Field Senior Apartments is a new construction development on approximately 1.23 acres located at 4501 9th Avenue. The development consists of 67 units comprised of 65 one - bathroom units and 2 two - bedroom units.

Inclusive of this unit mix, 1 unit will be exempt for management staff. The common areas and amenities include a community building with shared common space and laundry facilities.

Outdoor amenities include community barbeque grills and a bocce ball court.

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.

The Borrower 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 of work.

I. Mitigation Measures:

A Phase I Environmental Site Assessment Report was completed by GeoCon Consultants in July 2022 and no further environmental reports were recommended and no mitigation strategies were called for.

An existing sewer line and easement that services this project site and an adjacent property (the School site) will need to be relocated. In order to facilitate this relocation, an amendment to the easement with the adjacent property owner will be required and a portion of the easement will be abandoned once the relocation of the utility has completed.

II. Mitigation Monitoring Plan:

Sewer: According to our Civil Engineer, best way to relocate the existing sewer/storm pipe that serves parcels 1 and 2 would be to route north within the new drive aisle then install a new main within 8th Street to 45th Street (see diagram below).

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III. Building Exteriors:

1. Asphalt Pavements: The development will include approximately 24 onsite uncovered surface parking spaces and 24 tuck-under parking space with 3-6 equipped for EV changing. There will be four (4) ADA parking spaces.

2. Balconies and Patios: Ten (10) ground floor apartments will have patios and. There will be no upper floor balconies, however we are planning to have 1-2 shared balconies near the elevators on the 2nd and 3rd floors.

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 will be 100% non-smoking except for the designated smoking area located next to the parking lot in the northeast corner of the site.

5. Landscaping and Courtyard: Landscaping is designed with drought tolerant plants and trees. Trees will be planted along the parking lot to meet City shading requirements.

The U-shaped building surrounds an at grade, landscaped courtyard with a BBQ and picnic area, community garden, and a covered mailbox center. The Landscape Plan dated was approved by the City as part of the project entitlements. All landscaped areas will be served by a programmable automated irrigation system. Any modifications to the Lender-approved Landscape Plan require Lender’s written approval prior to implementation of changes.

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

7. Swimming Pool: There will be no swimming pool on the property.

8. Play Area: The play area will have one Bocce Ball court. There will be no school age or toddler play structures located on the grounds as this is a senior apartment community.

9. Community Garden: The center courtyard of the site will have a resident raised bed garden area.

10. Exercise Path: There will be no site exercise path.

11. Mailboxes: New mailboxes will be installed in a covered area across from the elevators just off the courtyard.

12. Site Fencing: The sliding auto entry gate for the site is on 8 th and 9th Avenue through the only entry drive. The hours of gate access are yet to be determined and is pending full consultation with the fire department. The site will be gated and closed after business hours.

Residents and employees of the community will have remote access to open the gate and park inside. Exit only may be instituted (pending full consultation with the fire department) on 8 th Avenue. Pedestrian access to the site is through a person - gate and call box along the sidewalk on 45 th Street. A call box and gate are located just outside the

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

community building along 45 th Street. Perimeter site fencing is a combination of half- height wood and tubular steel. The property line between the Fortune School and the property shall have a contiguous 6’ wrought iron tubular metal fence.

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

14. Roof: Buildings are planned with low sloped roofs and extended eaves in order to provide maximum lineal space for solar PV panels, weather protection and mechanical equipment. Buildings include cool roofs, planned to passively counteract the warm conditions of Sacramento County. The material on the roof will be single ply.

15. Siding: The building skin will be painted cement fiber board siding.

16. Offsite Improvements: Public offsite improvements consist of street frontage improvements along 9th Avenue, 8th Avenue and 45 th Street, including new sidewalks (as required by the City), curbs, gutters, landscaping, and lighting.

IV. Building Interiors

1. Americans with Disabilities Act (ADA) Units: There will be ten (10) units, 15% of the units, accessible with mobility features, and an additional seven (7) units, 10% of the units, will include communications features for persons with hearing or vision impairment. The remainder of the units will be designed to be adaptable.

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, refrigerator with freezer combination, electric stove and range, dishwasher and garbage disposal.

5. Bathtubs and Toilets: All apartments will have a bathtub/shower combination.

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.

7. Cabinets, Counters and Sinks: All apartment kitchens will have modular construction 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 all wood

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vanity, and solid surface cultured marble vanity top with integral sink. All cabinetry face frames, doors and drawer faces will be solid hardwood.

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. The Borrower is responsible for providing an Operating Procedure Outline Sheet (OPOS) for window washing systems where applicable, per Cal -OSHA requirements. All windows will meet current egress standards.

10. Blinds: Vertical or horizontal blinds will be provided in all apartment windows and sliding glass doors.

11. Electrical and Lighting: All apartments will have high efficiency lighting, ceiling fans, exhaust fans vented to the exterior and bathroom humidistat fans. Air conditioning and 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, attic spaces, and/or crawl spaces. Conduits will not be mounted on the exterior of the buildings. The project and all units will be wired for broadband infrastructure that complies with 24 CFR 5.100.

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

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

V. Community Amenities

1. Community Building: The furnished community building will consist of management offices meeting areas, lobby areas, sitting areas, restrooms and fitness room will have easy to maintain flooring (to be selected at a later date), energy efficient lighting and HVAC systems. The square footages of individual areas will be further defined as the design process continues but the resident services/community space will be a minimum of 1,200 square feet, not including restrooms, leasing offices, laundry facilities, and lobbies. These spaces will be ADA compliant.

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

3. Community Restrooms: The two community restrooms in the community building will be ADA compliant, have low-flow bathroom fixtures, sink, solid surface countertop, and bathroom accessories.

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

4. Community Room Kitchen: The community room kitchen will be ADA compliant and include all plywood construction cabinets with solid hardwood faces, solid surface countertop, and flooring that will be determined as the design process continues. New Energy Star rated appliances (refrigerator, electric stove, electric oven, microwave, garbage disposal and dishwasher), energy efficient lighting, HVAC system and water efficient plumbing fixtures will be installed.

5. Elevator: Two hydraulic elevators will be installed. The elevator floor surface area will be a minimum of 28 square feet.

6. Hallways and Stairs (open corridor style): Residential hallways and stairs will be of durable flooring made of TBD flooring type. Stairs will be located on the wing elevations to encourage use for those that can forgo the elevator. Stairs will have non -slip concrete treads, landings and closed risers. All hallway floorings will be exterior finish due to open corridor design. The first floor hallways will be a broom finished concrete to minimize slipperiness in inclement weather. The 2nd and 3rd, and floor hallways will be determined later as the design process continues.

7. HVAC & Plumbing Systems: Each apartment will have its own air conditioning and heat with its own thermostat. Residential hallways will not have heating and air conditioning, due to open corridor ends designed to allow natural airflow. Stairwells will not have heating or air conditioning. A gas-fired central boiler will provide hot water for the development. Bathroom exhaust fans will be humidistat controlled.

8. Laundry Facility: The laundry room (or rooms) will accommodate no less than a total of seven (7) washers and seven (7) dryers, which will include one set of ADA accessible laundry machines. The location of this room (or rooms) will be determined as the design process continues.

9. 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.

10. Trash 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 pick-up.

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

12. Bicycle parking: A minimum of TBD long -term and TBD short -term bicycle parking will be provided – taking into account this senior project will be allowed a 50% reduction under current zoning regulations. Long-term bicycle parking will be provided adjacent to the parking on the ground floor and short-term bicycle parking will be provided on the exterior of the building centrally located near the community building front door.

13. Security Cameras: Interior and exterior web-based security cameras will be installed throughout the community. The equipment will record events for primary

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

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 replacement 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 approved 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.

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.

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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 approval.

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 appli ed.

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 cinder 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.

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

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

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.

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.

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

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.

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

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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.

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

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

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 4

CHANGING LIVES
Donner Field Senior Apartments
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SHRAGIS
April 25, 2023
Attachment 5
Donner Field Senior Apartments – Site Plan

Attachment 6
Donner Field Senior Apartments – Project Renderings

CONCEPTUAL VIEW OF NW CORNER LOOKING SOUTH

CONCEPTUAL VIEW OF INTERIOR COURTYARD LOOKING NORTH

Addresses
Number of Units
Project Type
Acreage
Unit Mix and Rents 30% AMI 50% AMI
Exempt Management
Unit
1BR/ 1BA (PBV) 17 0 0
1BR/ 1BA 0 48 0
2BR/ 2BA 1 0 1
0 0 0 0
Total Units 18 48 1
Square Footage Unit Size (sq.ft.) Total (sq. ft.)
1BR/ 1BA 590 38,350
2BR/ 1BA 849 1,698
2BR/ 2BA 0
3BR/ 2BA 0
Manager Unit 0
Common Areas 22,708 22,708
Total Gross 62,756
Resident Facilities
Permanent Sources Total Per Unit Per Square Foot
Permanent Loan 1,446,400$ 21,588$ 23.05$ Federal Tax Credits 17,291,917$ 258,088$ 275.54$ SHRA HOME 8,800,000$ 131,343$ 140.23$ Building HOPE (MHSA) Loan 2,600,000$ 38,806$ 41.43$ City Of Sacramento Loan 1,250,000$ 18,657$ 19.92$ SHRA Seller Carryback Loan 60,000$ 896$ 0.96$ SHRA HOPWA Loan 1,000,000$ 14,925$ 15.93$ Deferred Developer Fee 2,273,288$ 33,930$ 36.22$ GP Equity 3,441,318$ 51,363$ 54.84$ Waived Impact Fee 468,855$ 6,998$ 7.47$ TOTAL SOURCES 38,631,778$ 576,594$ 615.59$ Permanent Uses Total Per Unit Per Square Foot
Acquisition 60,000$ 896$ 0.96$ Construction Costs 24,510,720$ 365,832$ 390.57$ Architecture & Engineering 1,615,000$ 24,104$ 25.73$ Permits/Fees 1,364,330$ 20,363$ 21.74$ Hard Cost Contingency 1,225,536$ 18,292$ 19.53$ TOTAL HARD COSTS 28,775,586$ 429,486$ 458.53$ Soft Cost Contingency 557,166$ 8,316$ 8.88$ Financing Cost 2,265,122$ 33,808$ 36.09$ Operating Reserves 280,798$ 4,191$ 4.47$ Legal Fees 259,500$ 3,873$ 4.14$ Developer Fee 4,714,606$ 70,367$ 75.13$ Third Party Fees, Marketing, Other1,779,000$ 26,552$ 28.35$ TOTAL SOFT COSTS 9,856,192$ 147,107$ 157.06$ TOTAL USES 38,631,778$ 576,594 $ 615.59$ SHRA $ per Unit Per Unit Cost
204,627$ 576,594$ $1.00 : $2.82 Management / Expenses
Proposed Developer
Property Management Company
Operating Expenses 468,541$ 6,993$
Property Management Fee 52,260$ 780$
Resident Services 68,782$ 1,027$
Taxes and Insurance 1,800$ 27$
Replacement Reserves 33,500$ 500$
Amenities on site will include a common lounge area, outdoor gathering area, bocce ball, BBQ, picnic tables, laundry facilities, community room with kitchen Attachment 7
Donner Field
Residential Project Summary
Total
17 48
67 4501 9th Avenue Sacramento CA 95820
2 0
67 New Construction

1.23 Leverage
Leverage
SHRA: Other
Eden Housing
Eden Housing and Property Management
per unit
per unit
per unit
per unit
per unit
Donner Field 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 (PBV) 30% 17 590 10,030 708 $ 49.36$ 658$ 1.12$ 11,188$ 134,261$ 1BR 50% 48 590 28,320 1,105 $ 49.36$ 1,056$ 1.79$ 50,671$ 608,049$ 2BR 50% 1 849 849 1,326 $ 54.26$ 1,272$ 1.50$ 1,272$ 15,261$ 2BR/2BA (Exempt Manager) 1 849 849 - $ -$ -$ -$ Totals 67 40,048 63,131 $ 757,570$
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 2034 2035 2036 2041 2046 2056 Income Increase Per Unit Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 15 Year 20 Year 30 Gross Potential Rent 2.50% 795,922 815,820 836,216 857,121 878,549 900,513 923,026 946,101 969,754 993,998 1,124,617 1,272,401 1,628,781 Other Income 2.50% 7,602 7,792 7,987 8,187 8,392 8,601 8,816 9,037 9,263 9,494 10,742 12,153 15,557 Rental Subsidy 2.50% 241,140 247,168 253,348 259,681 266,173 272,828 279,648 286,640 293,806 301,151 340,724 385,498 493,470 Less Vacancy 5.00% -52,233 -53,539 -54,878 -56,249 -57,656 -59,097 -60,575 -62,089 -63,641 -65,232 -73,804 -83,503 -106,890 Effective Gross Income $992,431 $1,017,242 $1,042,673 $1,068,740 $1,095,458 $1,122,845 $1,150,916 $1,179,689 $1,209,181 $1,239,410 $1,402,279 $1,586,550 $2,030,918 Expenses
Operating Expenses 3.50% 7,491 501,913 519,480 537,662 556,480 575,957 596,115 616,979 638,573 660,923 684,056 812,444 964,928 1,361,126 Property Management 3.50% 836 55,982 57,942 59,970 62,068 64,241 66,489 68,816 71,225 73,718 76,298 90,618 107,626 151,817 Resident Services 3.50% 1,100 73,681 76,260 78,929 81,691 84,551 87,510 90,573 93,743 97,024 100,420 119,267 141,652 199,814 Taxes and Insurance 2.00% 28 1,873 1,910 1,948 1,987 2,027 2,068 2,109 2,151 2,194 2,238 2,471 2,728 3,326 Security 3.50% 536 35,886 37,142 38,442 39,787 41,180 42,621 44,113 45,657 47,255 48,909 58,089 68,991 97,319 Replacement Reserves 0.00% 500 33,500 33,500 33,500 33,500 33,500 33,500 33,500 33,500 33,500 33,500 33,500 33,500 33,500 Total Expenses 10,490 $702,835 $726,233 $750,450 $775,514 $801,455 $828,303 $856,090 $884,849 $914,614 $945,420 $1,116,388 $1,319,425 $1,846,901 Net Operating Income $289,596 $291,008 $292,222 $293,225 $294,003 $294,541 $294,825 $294,839 $294,567 $293,990 $285,891 $267,125 $184,017 Debt Service amount rate amort
Senior Loan $1,446,400 6.3% 15 151,368 151,368 151,368 151,368 151,368 151,368 151,368 151,368 151,368 151,368 151,368 0 0 Balance 1,385,432 1,320,654 1,251,828 1,178,700 1,101,001 1,018,446 930,731 837,534 738,513 633,302 0 0 0 SHRA Monitoring Fee $19,893,185 0.050% 19,100 19,100 19,100 19,100 19,100 19,100 19,100 19,100 19,100 19,100 19,100 19,100 15,000 Debt Service Subtotal $170,468 $170,468 $170,468 $170,468 $170,468 $170,468 $170,468 $170,468 $170,468 $170,468 $170,468 $19,100 $15,000 DCR 1.70 1.71 1.71 1.72 1.72 1.73 1.73 1.73 1.73 1.72 1.68 13.99 12.27 Cash Available after Debt Service $119,129 $120,541 $121,755 $122,758 $123,535 $124,074 $124,358 $124,372 $124,099 $123,522 $115,423 $248,025 $169,017 Priority Distributions
Investor Management Fee $7,500 3.00% 7,500 7,725 7,957 8,195 8,441 8,695 8,955 9,224 9,501 9,786 11,344 13,151 17,674 Managing General Partner Management Fee $0 3.00% 0 0 0 0 0 0 0 0 0 0 0 0 0 Administrative General Partner Fee 3.00% 0 0 0 0 0 0 0 0 0 0 0 0 0 Priority Distributions Subtotal 7,500 7,725 7,957 8,195 8,441 8,695 8,955 9,224 9,501 9,786 11,344 13,151 17,674 Net Cash after Priority Distributions $111,629 $112,816 $113,798 $114,562 $115,094 $115,379 $115,403 $115,148 $114,598 $113,737 $104,079 $234,874 $151,343 Deferred Developer Fee
Principal Balance $2,273,288 3.00% 2,273,288 2,229,858 2,183,938 2,135,658 2,085,165 2,032,626 1,978,226 1,922,170 1,864,687 1,806,030 744,235 5 0 Interest for Period 68,199 66,896 65,518 64,070 62,555 60,979 59,347 57,665 55,941 54,181 22,327 0 0 Accumulated Interest 68,199 66,896 65,518 64,070 62,555 60,979 59,347 57,665 55,941 54,181 22,327 0 0 Payment 111,629 112,816 113,798 114,562 115,094 115,379 115,403 115,148 114,598 113,737 744,235 0 0 Balance $2,229,858 $2,183,938 $2,135,658 $2,085,165 $2,032,626 $1,978,226 $1,922,170 $1,864,687 $1,806,030 $1,746,474 $1,505,771 $0 $0 Net Cash after Deferred Developer Fee $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 DCR 1.2 1.2 1.2 1.2 1.2 1.2 1.2 1.2 1.2 1.2 1.2 1.2 1.2

SHRA HOME
Principal Balance $8,800,000 3.00% 8,800,000 8,800,000 8,800,000 8,800,000 8,800,000 8,800,000 8,800,000 8,800,000 8,800,000 8,800,000 8,800,000 8,800,000 8,800,000 Interest for Period 264,000 264,000 264,000 264,000 264,000 264,000 264,000 264,000 264,000 264,000 264,000 264,000 264,000 Accumulated Interest 264,000 528,000 792,000 1,056,000 1,320,000 1,584,000 1,848,000 2,112,000 2,376,000 2,640,000 3,960,000 5,280,000 7,920,000 Payment 0 0 0 0 0 0 0 0 0 0 0 0 0
Balance $9,064,000 $9,328,000 $9,592,000 $9,856,000 $10,120,000 $10,384,000 $10,648,000 $10,912,000 $11,176,000 $11,440,000 $12,760,000 $14,080,000 $16,720,000 HOPWA
Principal Balance $1,000,000 3.00% 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 Interest for Period 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 Accumulated Interest 30,000 60,000 90,000 120,000 150,000 180,000 210,000 240,000 270,000 300,000 450,000 600,000 900,000 Payment 0 0 0 0 0 0 0 0 0 0 0 0 0
Balance $1,030,000 $1,060,000 $1,090,000 $1,120,000 $1,150,000 $1,180,000 $1,210,000 $1,240,000 $1,270,000 $1,300,000 $1,450,000 $1,600,000 $1,900,000 MHSA
Principal Balance $2,600,000 3.00% 2,600,000 2,600,000 2,600,000 2,600,000 2,600,000 2,600,000 2,600,000 2,600,000 2,600,000 2,600,000 2,600,000 2,600,000 2,600,000 Interest for Period 78,000 78,000 78,000 78,000 78,000 78,000 78,000 78,000 78,000 78,000 78,000 78,000 78,000 Accumulated Interest 78,000 156,000 234,000 312,000 390,000 468,000 546,000 624,000 702,000 780,000 1,170,000 1,560,000 2,340,000 Payment 0 0 0 0 0 0 0 0 0 0 0 0 0
Balance $2,678,000 $2,756,000 $2,834,000 $2,912,000 $2,990,000 $3,068,000 $3,146,000 $3,224,000 $3,302,000 $3,380,000 $3,770,000 $4,160,000 $4,940,000 City of Sacramento
Principal Balance $1,250,000 3.00% 1,250,000 1,250,000 1,250,000 1,250,000 1,250,000 1,250,000 1,250,000 1,250,000 1,250,000 1,250,000 1,250,000 1,250,000 1,250,000 Interest for Period 37,500 37,500 37,500 37,500 37,500 37,500 37,500 37,500 37,500 37,500 37,500 37,500 37,500 Accumulated Interest 37,500 75,000 112,500 150,000 187,500 225,000 262,500 300,000 337,500 375,000 562,500 750,000 1,125,000 Payment 0 0 0 0 0 0 0 0 0 0 0 0 0
Balance $1,287,500 $1,325,000 $1,362,500 $1,400,000 $1,437,500 $1,475,000 $1,512,500 $1,550,000 $1,587,500 $1,625,000 $1,812,500 $2,000,000 $2,375,000 Seller Carryback
Principal Balance $60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 Interest for Period 0 0 0 0 0 0 0 0 0 0 0 0 0
Accumulated Interest 0 0 0 0 0 0 0 0 0 0 0 0 0
Payment 0 0 0 0 0 0 0 0 0 0 0 0 0
Balance $60,000 $60,000 $60,000 $60,000 $60,000 $60,000 $60,000 $60,000 $60,000 $60,000 $60,000 $60,000 $60,000 Donner Field Cash Flow ProformaAttachment 8
Attachment 9
Family Size 30% AMI 50% AMI
1 person 24,750$ 41,300$
2 person 28,300$ 47,150$
3 person 31,850$ 53,050$
Unit Size 30% AMI 50% AMI
1 Bedroom 663$ 1,105$
2 Bedroom 796$ 1,326$
3 Bedroom 883$ 1,473$
Maximum Gross Rent Limits
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 Maximum Gross Income Limits
Donner Field Senior Apartments
Affordability Rents at 30% and 50% of Area Median Income (AMI) MAXIMUM INCOME AND RENT LIMITS 2024
Low Income Housing Tax Credits, HOME Investment Partnerships Program (HOME) loan, Housing Opportunitites for Persons with AIDS (HOPWA) loan, Mental Health Services Act (MHSA) loan, City of Sacramento General Funds/Measure U Loan, and Mortgage Revuene Bonds