SOURCES AND USES
PROJECT NAME: San Pablo RFP
FINANCE TYPE: 4%/Bond
ADDRESS: 1820 Rumrill
HOUSING TYPE: Family
COUNTY: Contra Costa
SPONSOR: Novin Development
CONSTRUCTION SOURCES OF FUNDS Amount Per Unit % of TDC
TE Bond-Backed Construction Loan 18,833,068 418,513 81% Tax Credit Equity 1,619,465 35,988 7% City of San Pablo 1,000,000 22,222 4% Land/Building Donation 935,250 20,783 4% Expenses Paid at Conversion to Perm 731,318 16,252 3% GP Contributions
Deferred Dev. Fee 252,969 5,622 1% GP Equity - - 0% TOTAL CONSTRUCTION SOURCES 23,372,070 513,758 100% PERMANENT SOURCES OF FUNDS Amount Per Unit % of TDC
TE Bond-Backed Amortizing Loan 10,387,420 230,832 44% Tax Credit Equity 10,796,431 239,921 46% City of San Pablo 1,000,000 22,222 4% Land/Building Donation 935,250 20783 4% GP Contributions
Deferred Dev. Fee 252,969 5,622 1% GP Equity - 0%
TOTAL PERMANENT SOURCES 23,372,070$ 519,379$ 100%
USES OF FUNDS
Acquisition 950,250 21,117 4.1% Hard Costs 13,564,720 301,438 58.0% Architectural 813,883 18,086 3.5% Engineering 125,000 2,778 0.5% Constr. Int and Fees 1,112,929 24,732 4.8% Permanent Financing 153,874 3,419 0.7% Legal 165,000 3,667 0.7% Reserves 492,363 10,941 2.1% Contingencies 1,734,226 38,538 7.4% Other Costs 1,406,855 31,263 6.0% Developer Costs 2,752,969 61,177 11.8% Syndication 100,000 2,222 0.4% TOTAL USES 23,372,070 519,379 100.0% SURPLUS/GAP (0)$ (0)$
UNIT MIX
PROJECT NAME: San Pablo RFP
FINANCE TYPE: 4%/Bond
ADDRESS: 1820 Rumrill
HOUSING TYPE: Family
COUNTY: Contra Costa
SPONSOR: Novin Development
MAX RENT (Gross per month; assume 1.5 persons/bdrm)
30% 40% 50% 60% 80% 110% 120% 130% Market
AMI AMI AMI AMI AMI AMI AMI AMI Rents
Studio/Efficiency 718 958 1,198 1,437 1,916 2,635 2,875 3,114 1 Bdrm 770 1,027 1,284 1,540 2,054 2,824 3,081 3,338 2 Bdrm 924 1,232 1,541 1,849 2,465 3,390 3,698 4,006 3 Bdrm 1,068 1,424 1,781 2,137 2,849 3,918 4,274 4,630 4 Bdrm 1,192 1,589 1,987 2,384 3,179 4,371 4,768 5,166 APARTMENT MIX Sq. Ft. 30% 40% 50% 60% 80% 110% 120% 130% Market Rate # of Apts Per Apt AMI AMI AMI AMI AMI AMI AMI AMI Unit Type Distribution SRO/Efficiency 7 442 0 0 4 3 0 0 0 0 0 15.6%
1 Bdrm 11 573 0 0 5 6 0 0 0 0 0 24.4%
2 Bdrm 13 815 0 0 6 7 0 0 0 0 0 28.9%
3 Bdrm 13 1172 0 0 7 6 0 0 0 0 0 28.9%
4 Bdrm 0 0 0 0 0 0 0 0 0 0 0.0%
Manager Unit 1 815 2.2%
TOTAL 45 0 0 22 22 0 0 0 0 0 100.0%
% of units 0.0% 0.0% 50.0% 50.0% 0.0% 0.0% 0.0% 0.0% 0.0% Avg LIHTC Affordability=55% Passes Affordability Test
Target Apportionment (hide) 0% 0% 50% 50% 0% 0% 0% 0% 100% target units (hide) 0 0 21 23 0 0 0 0 0
RENT SCHEDULE SPECIAL NEEDS UNITS / OPERATING SUBSIDY
Sq. Ft. Sq. Ft. Gross Util Effective Total
Income Restriction Unit Type # of Apts Per Apt Total Rent Allow Rent Ann'l Rent Special Needs Units Operating Subsidy Units 2022 FMR /Contract Rent Total Annual Subsidy 50% of AMI SRO/Efficiency 4 442 1,768 1,198 40 1,158 55,584 - 4 1,675 22,896 1 Bdrm 5 573 2,865 1,284 50 1,234 74,040 - 5 2,031 44,820 2 Bdrm 6 815 4,890 1,541 65 1,476 106,272 - 2 2,502 23,064 3 Bdrm 7 1,172 8,204 1,781 80 1,701 142,884 - 7 3,356 132,300 4 Bdrm - - - 1,987 95 1,892 - - - 4,056 - 60% of AMI SRO/Efficiency 3 442 1,326 1,437 40 1,397 50,292 - 3 1,675 8,568 1 Bdrm 6 573 3,438 1,540 50 1,490 107,280 - 4 2,031 23,568 2 Bdrm 7 815 5,705 1,849 65 1,784 149,856 - - 2,502 - 3 Bdrm 6 1,172 7,032 2,137 80 2,057 148,104 - - 3,356 - 4 Bdrm - - - 2,384 95 2,289 - - - 4,056 - Manager Unit 1 815 815 - - TOTAL 45 36,043 $72,241 $2,715 $69,526 $834,312 0 25 255,216 Common/Utility Areas 14% 6,652
TOTAL RES. AREA 48,552
Other Income 12.5
Laundry/Vending Income 45 Units $10.00 Month 5,400 15 Fee Income 2,500 17.5
Total Other Income 7,900
POTENTIAL GROSS INCOME 1,097,428
UNITS AT < 81% AMI (LIHTC UNITS)
UNITS AT < 81% AMI (LIHTC UNITS)
UNITS AT >81% AMI
UNITS AT >81% AMI
DEVELOPMENT COSTS
PROJECT NAME: San Pablo RFP
FINANCE TYPE: 4%/Bond
ADDRESS: 1820 Rumrill
HOUSING TYPE: Family
COUNTY: Contra Costa
SPONSOR: Novin Development
unit cost Total Project Cost
ACQUISITION
Total Land Cost or Value 935,250
Total Building Cost or Value -
Title/Escrow/Closing 15,000
TOTAL ACQUISITION 950,250
CONSTRUCTION / REHABILITATION
Off-Site Improvements 70,000
Demolition $3.0 -
Site Work/Landscape/Surface parking $40 871,200
Structures, Residential $260 12,623,520
TOTAL NEW CONSTRUCTION 13,564,720
ARCHITECTURAL FEES 6.0% 813,883
TOTAL SURVEY and ENGINEERING 125,000
CONST. INTEREST & FEES
Bond Issuance 81,526
Const. Loan Interest 753,323
Origination Fee 0.75% 141,248
Builders Risk Insurance 0.50% 75,995
Taxes During Construction 1.25% 15,838
Lender Inspections 15,000
Title and Recording 30,000
TOTAL CONST. INTEREST & FEES 1,112,929
PERMANENT FINANCING
Loan Origination Fee 1.00% 103,874
Title and Recording 25,000
Other 25,000
TOTAL PERMANENT FINANCING 153,874
LEGAL FEES
Constr. Related (includes lender legal) 100,000
Perm. Related (includes lender legal) 65,000
TOTAL LEGAL FEES 165,000
DEVELOPMENT COSTS
RESERVES
Capitalized Operating 3 months 237,147
Capitalized Section 8 Transition Reserve 255,216
TOTAL RESERVES 492,363
CONTINGENCIES
Construction Contingency 10% 1,356,472
Soft Cost Contingency 10% 377,754
TOTAL CONTINGENCIES 1,734,226
OTHER COSTS
TCAC App/Alloc/Monitor Fees 1% 29,355
Environmental Audit/Mitigation/Consulting 25,000
school impact fee - - other impact fees $10,000 450,000
building permit, plan check, other fees $8,500 382,500
Capital Fees (utility fees & hook-up charges) $2,500 112,500 Appraisal 15,000
Financial Consultant 30,000
Marketing/Leasing $2,500 112,500
Relocation Expenses
Site and Interior Furnishings 100,000
Cost Cert/Accounting 30,000
Construction Mang./Oversight/Testing 120,000
TOTAL OTHER COSTS 1,406,855
SUBTOTAL 20,519,101
DEVELOPER COSTS
Developer Fee 2,752,969
TOTAL DEVELOPER COSTS 2,752,969
Total Syndication Costs 100,000
TOTAL PROJECT COST 23,372,070
GRAND TOTAL DEVELOPMENT COSTS $23,372,070
CASH FLOW
PROJECT NAME: San Pablo RFP
FINANCE TYPE: 4%/Bond
ADDRESS: 1820 Rumrill
HOUSING TYPE: Family
COUNTY: Contra Costa
SPONSOR: Novin Development
Inflation
POTENTIAL GROSS INCOME Factor Per Month Per Unit 1 2 3 4 5 6 7 8 Resident Rent 2.5% 69,526 18,540 834,312 855,170 876,549 898,463 920,924 943,947 967,546 991,735 Operating Subsidy 2.5% 21,268 5,671 255,216 261,596 268,136 274,840 281,711 288,753 295,972 303,372 Other Income 2.5% 658 176 7,900 8,098 8,300 8,507 8,720 8,938 9,162 9,391 POTENTIAL GROSS INCOME 91,452 24,387 1,097,428 1,124,864 1,152,985 1,181,810 1,211,355 1,241,639 1,272,680 1,304,497
VACANCY LOSS
Resident 5.0% (3,476) (927) (41,716) (42,758) (43,827) (44,923) (46,046) (47,197) (48,377) (49,587) Operating Subsidy 5.0% (1,063) (284) (12,761) (13,080) (13,407) (13,742) (14,086) (14,438) (14,799) (15,169) Total Vacancy Loss (4,540) (1,211) (54,476) (55,838) (57,234) (58,665) (60,132) (61,635) (63,176) (64,755) EFFECTIVE GROSS INCOME 86,913 23,177 1,042,952 1,069,025 1,095,751 1,123,145 1,151,223 1,180,004 1,209,504 1,239,742 OPERATING EXPENSES 3.5% (25,313) (6,750) (303,750) (314,381) (325,385) (336,773) (348,560) (360,760) (373,386) (386,455) NET OPERATING INCOME 61,600 16,427 739,202 754,644 770,366 786,372 802,663 819,244 836,118 853,287
RESERVES
Replacement Reserve (1,313) (350) (15,750) (15,750) (15,750) (15,750) (15,750) (15,750) (15,750) (15,750) Total Reserve Deposits (1,313) (350) (15,750) (15,750) (15,750) (15,750) (15,750) (15,750) (15,750) (15,750) INCOME BEFORE DEBT SERVICE 60,288 16,077 723,452 738,894 754,616 770,622 786,913 803,494 820,368 837,537 DEBT SERVICE 1.15 1.17 1.20 1.22 1.25 1.28 1.30 1.33 First Mortgage (52,424) (13,980) (629,088) (629,088) (629,088) (629,088) (629,088) (629,088) (629,088) (629,088) Total Debt Service (52,424) (13,980) (629,088) (629,088) (629,088) (629,088) (629,088) (629,088) (629,088) (629,088) NET CASH FLOW 7,864 2,097 94,363 109,806 125,528 141,533 157,825 174,406 191,279 208,449
USES OF AVAILABLE CASH
Cash Available for Disbursements 2,097 94,363 109,806 125,528 141,533 157,825 174,406 191,279 208,449 Soft Lenders' Share of Cash Disbursements 75.0% 5,898 1,573 70,772 82,354 94,146 106,150 118,369 130,804 143,460 156,336 GP/LP Share of Cash Disbursements 25.0% 1,966 524 23,591 27,451 31,382 35,383 39,456 43,601 47,820 52,112 Deferred Developer Fee Balance, beginning of year 0.0% 21,081 5,622 252,969 229,378 201,927 170,544 135,161 95,705 52,103 4,284 Deferr. Dev. Fee Payments (23,591) (27,451) (31,382) (35,383) (39,456) (43,601) (47,820) (4,284) Residual Cash Flow - - - - - - - - 47,829 Investor Asset Mgmt Fee 3.5% (417) (111) (5,000) (5,175) (5,356) (5,544) (5,738) (5,938) (6,146) (6,361) Partnership Mgmt Fee 3.5% (2,083) (556) (25,000) (25,875) (26,781) (27,718) (28,688) (29,692) (30,731) (31,807)
FINANCIAL RETURN TO AGENCY
Agency Cash Flow Present Value, 30 y 3,649,481
discount rate 4.45%
Initial Year
CASH FLOW
PROJECT NAME:
FINANCE TYPE:
ADDRESS:
HOUSING TYPE:
COUNTY:
SPONSOR:
POTENTIAL GROSS INCOME
Resident Rent
Operating Subsidy
Other Income
POTENTIAL GROSS INCOME
VACANCY LOSS
Resident
Operating Subsidy
Total Vacancy Loss
EFFECTIVE GROSS INCOME
OPERATING EXPENSES
NET OPERATING INCOME
RESERVES
Replacement Reserve
Total Reserve Deposits
INCOME BEFORE DEBT SERVICE
DEBT SERVICE
First Mortgage
Total Debt Service
NET CASH FLOW
USES OF AVAILABLE CASH
Cash Available for Disbursements
Soft Lenders' Share of Cash Disbursements
GP/LP Share of Cash Disbursements
Deferred Developer Fee Balance, beginning of year
Deferr. Dev. Fee Payments
Residual Cash Flow
Investor Asset Mgmt Fee
Partnership Mgmt Fee
FINANCIAL RETURN TO AGENCY
Agency Cash Flow Present Value, 30 y
discount rate
9 10 11 12 13 14 15 1,016,528 1,041,941 1,067,990 1,094,690 1,122,057 1,150,108 1,178,861 310,956 318,730 326,698 334,866 343,237 351,818 360,614 9,625 9,866 10,113 10,365 10,625 10,890 11,162 1,337,109 1,370,537 1,404,801 1,439,921 1,475,919 1,512,817 1,550,637 (50,826) (52,097) (53,399) (54,734) (56,103) (57,505) (58,943) (15,548) (15,936) (16,335) (16,743) (17,162) (17,591) (18,031) (66,374) (68,034) (69,734) (71,478) (73,265) (75,096) (76,974) 1,270,735 1,302,504 1,335,066 1,368,443 1,402,654 1,437,720 1,473,663 (399,981) (413,980) (428,469) (443,466) (458,987) (475,052) (491,678) 870,755 888,524 906,597 924,977 943,667 962,669 981,985 (15,750) (15,750) (15,750) (15,750) (15,750) (15,750) (15,750) (15,750) (15,750) (15,750) (15,750) (15,750) (15,750) (15,750) 855,005 872,774 890,847 909,227 927,917 946,919 966,235
1.36 1.39 1.42 1.45 1.48 1.51 1.54 (629,088) (629,088) (629,088) (629,088) (629,088) (629,088) (629,088) (629,088) (629,088) (629,088) (629,088) (629,088) (629,088) (629,088) 225,916 243,685 261,759 280,139 298,828 317,830 337,146 225,916 243,685 261,759 280,139 298,828 317,830 337,146 169,437 182,764 196,319 210,104 224,121 238,373 252,860 56,479 60,921 65,440 70,035 74,707 79,458 84,287 - - - - - - - - - - - - - - 56,479 60,921 65,440 70,035 74,707 79,458 84,287 (6,584) (6,814) (7,053) (7,300) (7,555) (7,820) (8,093) (32,920) (34,072) (35,265) (36,499) (37,777) (39,099) (40,467)