Attachment C - KMA Detailed Application Checklist and Project Summary — Santa Monica City Council, January 11, 2022

APPLICATION CHECKLIST

AFFORDABLE HOUSING REQUEST FOR PROPOSALS
1318 FOURTH STREET AFFORDABLE HOUSING DEVELOPMENT

SANTA MONICA, CALIFORNIA
Abode
Communities Clifford Beers 1 Clifford Beers 2
Community Corp +
Metro Pacific
EAH Housing - 120
Units
EAH Housing - 150
Units
Innovative Housing
Opportunities
Step Up +
Jamboree
Venice Community
Housing + Natl
CORE
I. Cover Letter - (Maximum of Two Pages)
A. Executve Summary Yes Yes Yes Yes Yes Yes Yes Yes Yes B. Lead Contact Person - Contact Information Yes (cover pg) Yes Yes Yes Yes Yes Yes Yes Yes II. Development Team Information
A. Lead Developer Information
Lead Developer Name Yes Yes Yes Yes Yes Yes Yes Yes Yes Address Yes Yes Yes Yes Yes Yes Yes Yes Yes
Name of proposer's principals Yes Yes Yes Yes Yes Yes Yes Yes Yes Form of legal entity Yes Yes Yes Yes Yes Yes Yes Yes Yes Experience working in the region and Santa Monica specifically Yes Yes Yes Yes Yes Yes Yes Yes Yes Business organization documents Yes Yes Yes Yes Yes Yes Yes Yes Yes B. Development Team Information
Contact Information for Key Team Members Yes Yes Yes Yes Yes Yes Yes Yes Yes Developer Yes Yes Yes Yes Yes Yes Yes Yes Yes
Service Providers Yes Yes Yes Yes Yes Yes Yes Yes Yes
Architects & Designers Yes Yes Yes Yes Yes Yes Yes Yes Yes Resumes Yes Yes Yes Yes Yes Yes Yes - see appendix
No - missing
Jamboree Yes
Organization Chart Yes Yes Yes No Yes Yes Yes Yes Yes
III. Development and Services Concept
A. Narrative Description of the Project Vision
Income and affordability standards Yes Yes Yes Yes Yes
Yes - unit count
doesn't add to 150 Yes AMI range only Yes
Ground floor concept Yes Yes Yes Yes Yes Yes Yes Yes Yes Basement plan (if applicable) Yes N/A N/A Yes Yes N/A N/A N/A Summary of uses and floor areas Yes No Yes Yes Yes
Yes - SF doesn't
include 150 units Yes No Yes
How development scope meets the RFP objectives Yes Yes Yes Yes Yes Yes Yes Yes Yes B. Supportive Services
On-site location Yes Yes Yes Yes Yes Yes Yes No Yes
Identification of the provider Yes Yes Yes Yes Yes Yes Yes Yes Yes Conceptual service plan Yes Yes Yes Yes Yes Yes Yes Yes Yes Funding strategy Yes Yes (section 5) Yes (section 5) Yes Yes Yes Yes Yes Yes Letter of intent from any proposed service providers Yes (section 2) Yes Yes Yes Yes Yes Yes Yes Yes C. Development Plans
Conceptual site plan Yes Yes Yes Yes Yes Yes Yes Yes Yes Floor plan illustrating site & building configurations; # of residences and bedroom mix; target population; amenities & services; service-provider space; bicycle, pedestrian & vehicular circulation & access points Yes Yes Yes Yes Yes Yes Yes Yes Yes Schedule of performance: DDA, entitlement, design, financing, commencing and completing construction, lease negotiations, marketing & final occupancy Yes Yes Yes Yes Yes Yes Yes Yes Yes
Provided: Yes/No or Not Applicable (N/A)
Prepared by: Keyser Marston Associates, Inc.

File name: 1318 Fourth Street RFP Evaluations 1 27 20 BW; Checklist Page 1 of 43

APPLICATION CHECKLIST

AFFORDABLE HOUSING REQUEST FOR PROPOSALS
1318 FOURTH STREET AFFORDABLE HOUSING DEVELOPMENT

SANTA MONICA, CALIFORNIA
Abode
Communities Clifford Beers 1 Clifford Beers 2
Community Corp +
Metro Pacific
EAH Housing - 120
Units
EAH Housing - 150
Units
Innovative Housing
Opportunities
Step Up +
Jamboree
Venice Community
Housing + Natl
CORE
Provided: Yes/No or Not Applicable (N/A)
IV. Community Involvement Plan
A. Plan & Approach for engaging residents, downtown stakeholders, target populations & other interested parties Yes Yes Yes Yes Yes Yes Yes Yes Yes B. Plan for addressing community feedback Yes Yes Yes Yes Yes Yes Yes Yes Yes V. Financing Strategy
A. Funding Plan (broken down by use)
Conceptual construction period sources & uses Yes Yes Yes Yes Yes Yes Yes No - missing
sources Yes
Conceptual permanent period sources & uses Yes Yes Yes Yes Yes Yes Yes Yes Yes B. Development cost pro forma analysis:

Direct, indirect & financing costs Yes Yes Yes Yes Yes Yes Yes Yes Yes Preliminary estimates of contractor costs Yes Yes Yes Yes Yes Yes Yes Yes Yes Estimated developer fee Yes Yes Yes Yes Yes Yes Yes Yes Any payments to related parties Yes Yes Yes Yes Yes Yes Yes Yes Yes Costs to fulfill public benefits requirements N/A N/A N/A N/A N/A N/A N/A N/A N/A Prevailing wage assumption Yes
Yes (contractor
letter) Yes Yes Yes Yes Yes
Yes (construction
estimate) Yes
Summary of assumptions applied in the analysis Yes Yes Yes Yes Yes Yes Yes No Yes C. Annotated operating pro forma:

Stabilized income, expenses & debt service Yes Yes Yes Yes Yes Yes Yes Yes Yes 55-year cash flow projection including:

Payments to tax credit partners Yes N/A Yes Yes Yes Yes Yes No Yes Debt service payments on City assistance N/A Yes Yes N/A N/A N/A Yes N/A N/A Ground lease payments Yes Yes Yes Yes Yes Yes Yes No Yes Summary of assumptions Yes Yes Yes Yes Yes Yes Yes Yes Yes D. Underwriting (should be based on sources & uses)
Construction loan underwriting assumptions Yes Yes Yes Yes Yes Yes Yes No Yes Permanent loan underwriting assumptions Yes Yes Yes Yes Yes Yes Yes No Yes E. Responsibilities to be imposed on the City Yes Yes Yes N/A N/A N/A N/A Yes Yes F. Financial contingencies included in the proposal Yes Yes Yes N/A N/A N/A Yes Yes Yes G. Proposed repayment structure for City assistance N/A Yes Yes N/A N/A N/A Yes N/A N/A H.

Ground lease term, structure & payment schedule Yes Yes Yes Yes Yes - assumes land
donation
Yes - assumes land
donation
Yes - assumes land
donation Yes Yes
I. Financing timeline Yes Yes Yes Yes Yes Yes Yes
Yes - missing some
funding sources Yes
J. Services
Identification of services Yes Yes Yes Yes Yes Yes Yes Yes Yes Budget for services Yes Yes Yes Yes Yes Yes Yes Yes Yes Prepared by: Keyser Marston Associates, Inc.

File name: 1318 Fourth Street RFP Evaluations 1 27 20 BW; Checklist Page 2 of 43

APPLICATION CHECKLIST

AFFORDABLE HOUSING REQUEST FOR PROPOSALS
1318 FOURTH STREET AFFORDABLE HOUSING DEVELOPMENT

SANTA MONICA, CALIFORNIA
Abode
Communities Clifford Beers 1 Clifford Beers 2
Community Corp +
Metro Pacific
EAH Housing - 120
Units
EAH Housing - 150
Units
Innovative Housing
Opportunities
Step Up +
Jamboree
Venice Community
Housing + Natl
CORE
Provided: Yes/No or Not Applicable (N/A)
VI. Development Team's Financial Capacity & Experience
A. Financial statements for at least three years. Can be an audit or a compilation. Must be prepared by an independent accounting firm in accordance with GAAP. Must end no later than 2017 Yes Yes Yes Yes Yes Yes No - only 2 years No - only 2 years Yes B. Development Portfolio (highlight analogous projects) Current projects Yes Yes Yes Yes Yes Yes Yes Yes Yes
Pipeline projects Yes Yes Yes Yes Yes Yes Yes Yes Yes
C. Partnerships and financing for supportive services
Current partnerships Yes Yes Yes
Yes - missing
financing piece Yes Yes Yes No Yes
Partnerships in the pipeline Yes Yes Yes N/A Yes Yes N/A No N/A D. Demonstrated experience obtaining the identified funding sources for the proposed project Yes Yes Yes Yes Yes Yes Yes Yes Yes
E. List of projects that have received 9% tax credits Yes Yes Yes Yes Yes Yes Yes Yes Yes F. Receipt and adminstration of federal housing subsidies (if applicable) Yes Yes Yes Yes Yes Yes Yes No Yes G. Outstanding debt and repayment terms:

Recourse debt Yes Yes Yes Yes Yes Yes No Yes Yes
Non-recourse debt Yes Yes Yes Yes Yes Yes No Yes Yes
H. Non-Performing Loans
Outstanding balance N/A N/A N/A N/A N/A N/A N/A N/A N/A Duration of delinquency N/A N/A N/A N/A N/A N/A N/A N/A N/A I. Defaulted loans or financial obligations during the past five years N/A Yes Yes N/A N/A N/A N/A N/A N/A J. Legal actions, including fair housing violations, during the past five years Yes Yes Yes Yes Yes Yes Yes N/A Yes Prepared by: Keyser Marston Associates, Inc.

File name: 1318 Fourth Street RFP Evaluations 1 27 20 BW; Checklist Page 3 of 43 1318 Fourth Street RFP Responses
Applicant Abode Communities AMI No. of Units %
30% 48 45%
50% 3 3%
50% 10 9%
Project Name The Terraces at Fourth 60% 9 8%
80% 3 3%
30% 12 11%
50% 8 7%
60% 8 7%
80% 5 5%
- 1 1%
107 100%
Partner
$79,600,000
$743,925
Underwriting Assumptions Proceeds Interest Term (mos)
$ 49,083,174 4.82% 20 $698,600
$ 8,535,200 5.27% 420 $6,529
LIHTC
Yes Mar-22
Tax Credit Amount 4% Oct-23
Jul-23
Jan-24
Construction
Operating Budget
Total Annual
Permanent Loan Per Unit
100% Occupancy
Assumes LIHTC Financing
Development Timeline
Construction Start
Construction End
Marketing/Lease-Up Begins

PROJECT SUMMARY SHEET - ABODE COMMUNITIES
Unit Size
Studio
1 BR
2 BR
Manager
St. Joseph's (supportive services) Project Cost
Total Development Cost
TDC Per Unit
Prepared by: Keyser Marston Associates, Inc.

File name: 1318 Fourth Street RFP Evaluations 1 27 20 BW; Abode Page 4 of 43 1318 Fourth Street RFP Responses

PROJECT SUMMARY SHEET - ABODE COMMUNITIES
Developer / Team: Summary of Developer Experience , highlighting specific experience in City of Santa Monica Abode Communities has been in operation for over 50 years, and has developed more than 45 residential and mixed-use communities including 3,000 rental homes. They have experience with a diverse range of public funding sources including LIHTC, tax-exempt bond financing, AHSC and Infill Infrastructure Grant programs, the LACDA, and various federal operating subsidy programs. Another 850 additional service-oriented affordable and supportive homes are in the pipeline to be completed throughout the region by the end of 2024. The proposed team has deep experience with designing, planning and operating affordable housing and commercial retail. Abode's design principals have completed housing projects in Santa Monica including Waverly Housing, Seychelles Housing and 2802 Pico affordable housing.

Supportive services partner St. Joseph Center has a 40+ year history serving people experiencing homelessness in West LA and providing comprehensive social services. St. Joseph's is the Coordinated Entry System lead for SPA 5 and has expertise in resident placement within the City.

Commercial broker Cushman & Wakefield and construction manager AMJ Construction also have experience with projects in Santa Monica and a history of working throughout West LA (section 2.e of application).

Project Description: Highlight the project's description, occupancy profile, ground floor plan, and how the project meets the RFP objectives .

The proposed project intends to balance the RFP objectives to maximize affordable housing, provide nonprofit space, and meet the community needs for unique retail experiences. The project will include 107 units of affordable and supportive housing (including 60 PSH units) in a mixed-use concept that provides community connectivity. Unit types include studios, 1-BR and 2-BR, with units arranged in a 5-story u-shaped structure with views into a central courtyard, with setbacks to provide an appropriate scale to the location and surroundings. The inclusion of 2-BR units addresses the need for family-sized units identified in the Downtown Community Plan. 1 and 2-BR units will feature private balconies. Amenities include on-site supportive services, 2nd floor common area (2,130 square feet), secure bicycle storage, and laundry rooms and trash chutes on each floor. More than 10,000 sf of common open space will be provided in total.

The ground floor development program will include 8,600 square feet of commercial space for independent retailers (including an independent bookstore/cafe and boutique retail), and 3,500 square feet of flexible workshop nonprofit space for co-working, performance/rehearsal, and gallery space as well as programmed activities. The commercial plan was informed by discussions with local developers as well as Downtown Santa Monica, Inc. The commercial leases will be below-market to accommodate independent businesses. Outdoor patio space will be accessible on the ground floor to the public, as well as an interior atrium gathering space. Murals, a permanent art installation, and rotating displays of local art will be integrated throughout.

The developer intends to achieve minimum LEED Gold rating for the project through use of sustainable construction materials including solar thermal roof systems.

A subterranean parking garage will include 52 parking stalls and a secure bike room.

Prepared by: Keyser Marston Associates, Inc.

File name: 1318 Fourth Street RFP Evaluations 1 27 20 BW; Abode Page 5 of 43 1318 Fourth Street RFP Responses

PROJECT SUMMARY SHEET - ABODE COMMUNITIES
Financial Summary: Summarize financing strategy, identify proposed operating subsidies, proposed Ground Lease structure and whether the project is requesting City funding
Developer intends to apply for 4% LIHTC equity paired with tax-exempt multifamily bond financing for construction and permanent loans, and a combination of local and State "soft" financing including capital from LACDA, two capital funding programs administered by HCD (the AHSC and Infill Infrastructure Grant Program), and a grant from the FHLP AHP. Applying for 4% equity structure will provide greater flexibility and compatibility with the AHSC program. The AHSC program may provide further benefit to the City via a paired grant for Sustainable Transportation Infrastructure ("STI") projects worth $6.5 million in the form of a grant to the City for planned infrastructure projects.

Project underwriting assumes operating subsidy for the 60 PSH units provided by the City's Continuum of Care (CoC) voucher.

The developer is not proposing any City assistance in the form of capital funding. The proposed Ground Lease with the City assumes a 65-year term, with a below-market lease value of $12.5 million ($415 per square foot), structured as a note accruing 3% simple interest annually. Ground lease payments could be made in three tiers: Annual above-the-line guaranteed payments of $15,000, annual below-the-line payments of 15% residual receipts (after payment of deferred developer fee and partnership fees), or annual below-the-line payments from 25% of the commercial component's net cash flow. The commercial portion assumes base lease rate of $3.50-$4.00/sf/mo.

Supportive Services: Identify provider and summarize services concept and funding strategy Abode Communities and St. Joseph's Center will be providing on-site supportive services, with the focus of resident services being provided on the 2nd level's 2,130 square foot resident center. Abode's signature resident services program ("Beyond Homes") will serve the entire resident population and include youth learning/leadership, job readiness and financial literacy, ESL classes, and case management services. Programs offered by the St. Joseph Center will be reserved for the 60 PSH households and focus on services targeted to homeless/chronically homeless including intensive case management, physical/mental health services, substance abuse, benefits education and individualized service plans.

Abode will reinvest property cash flow to provide Beyond Homes, and St. Joseph Center will receive funding from the LA County Dept of Health Services.

Total annual services budget for PSH and Beyond Homes is $395,373.

Prepared by: Keyser Marston Associates, Inc.

File name: 1318 Fourth Street RFP Evaluations 1 27 20 BW; Abode Page 6 of 43 1318 Fourth Street RFP Responses

PROJECT SUMMARY SHEET - ABODE COMMUNITIES
Residential Commercial Total Residential Commercial Total Construction Sources Uses
Construction Loan $45,134,712 $3,948,462 Land Cost/Acquisition $11,058,748 $1,391,252 Ground Lease Note 11,058,748 1,391,252 Hard Costs 46,238,524 3,559,811 LA County Development Authority 7,000,000 0 Architect & Engineering 2,663,067 184,458 FHLB Affordable Housing Program 1,500,000 0 Financing Costs 4,107,653 267,551 LP Equity - Federal 2,121,314 146,934 Legal 113,162 7,838 GP Equity 100 0 Reserves 1,013,158 0
Deferred Costs 7,262,652 777 Permits & Fees 389,252 26,962 Total Construction Sources $74,077,526 $5,487,425 $79,564,951 Developer Fee 7,326,535 0 Other Costs 1,167,426 49,553
Permanent Sources Total Uses $74,077,525 $5,487,425 $79,564,950 Permanent Loan $8,535,200 $0
Ground Lease Note 11,058,748 1,391,252
LA County Development Authority 7,000,000 0
AHSC 19,775,479 0
Infill Infrastructure Grant 2,176,000 0
FHLB Aff Housing Program 1,500,000 0
LP Equity - Federal 18,586,304 4,096,172
Deferred Developer Fee 619,261 0
GP Equity 4,826,535 0
Total Permanent Sources $74,077,527 $5,487,424 $79,564,951 Sources & Uses: Highlight sources and uses of potential funding Prepared by: Keyser Marston Associates, Inc.

File name: 1318 Fourth Street RFP Evaluations 1 27 20 BW; Abode Page 7 of 43 1318 Fourth Street RFP Responses
Applicant Clifford Beers Housing AMI No. of Units %
30% 24 26%
60% 1 1%
80% 16 18%
30% 13 14%
Project Name The Wave 60% 5 5%
80% 7 8%
30% 13 14%
60% 2 2%
80% 9 10%
- 1 1%
91 100%
Partner
$42,082,566
$462,446
Underwriting Assumptions Proceeds Interest Term (mos)
$ 26,500,000 LIBOR+150bp 12 $757,960
$ 26,500,000 10 Yr T+242bp 360 $8,329
LIHTC
No Apr-21
Tax Credit Amount N/A Mar-22
Apr-22
Jul-22
1 BR
3 BR
Development Timeline
Assumes LIHTC Financing Construction Start
Construction End
Marketing/Lease-Up Begins
Total Development Cost
TDC Per Unit
Construction Total Annual
Permanent Loan Per Unit
Operating Budget
100% Occupancy
PROJECT SUMMARY SHEET - CLIFFORD BEERS HOUSING: OPTION #1 Unit Size
2 BR
Manager
Wellnest (supportive services) Project Cost
Prepared by: Keyser Marston Associates, Inc.

File name: 1318 Fourth Street RFP Evaluations 1 27 20 BW; Clifford Beers 1 Page 8 of 43 1318 Fourth Street RFP Responses
PROJECT SUMMARY SHEET - CLIFFORD BEERS HOUSING: OPTION #1 Clifford Beers (CBH) was formed in 2005 and has since built 10 affordable housing projects, 8 of which are PSH. CBH specializes in innovative housing typologies, and is currently working on a 54-unit shipping container project in South LA, as well as two PSH projects under construction in Long Beach and Sylmar. CBH has no prior experience developing in Santa Monica. Currently, CBH is under construction on 96 units total, and 234 additional units are in the predevelopment pipeline. Included in the application is an organizational chart indicating that CBH will create a partnership for the development and long-term operation of this project, to include CBH as sole member and managing GP of the LP along with a TBD Investor Limited Partner.

The project is to be designed by Michael Maltzan Architects, which designed the first prefabricated PSH building in LA. CBH is also partnering with Wellnest LA to provide supportive services for the 50 PSH units as well as any other residents who desire services. Wellnest has 90+ years of experience with providing mental health services with an expertise for Transitional Age Youth (TAY), which will make up a significant portion of the PSH units.

Project Description: Highlight the project's description, occupancy profile, ground floor plan, and how the project meets the RFP objectives .

The proposed development intends to accomplish the City's goals quickly and cost effectively via 3 strategies: retrofitting the existing garage to be used as a podium for the project, using prefabricated modular construction, and not utilizing LIHTC (CBH's Option 2 utilizes LIHTC). Using these methods the project will result in 91 affordable and PSH units at a cost of $391,000/unit and will be completed in 3 years. Of the 91 units, 50 PSH units will be set aside for formerly/chronically homeless households. The unit mix includes 1, 2 and 3-bedroom units. The target population for the PSH units will be TAY (18-25 years old), families experiencing homelessness and TAY families who qualify as frequent users of DHS. The remaining 40 units will be set aside for households making 60-80% AMI.

The residential units will be placed around internal courtards and terraces, and residents will also have access to a green roof for recreation.

The commercial component consists of 9,000+ square feet of ground floor space for local businesses, artists and neighborhood-serving retail. A letter of interest from a cafe is attached. An additional 5,000 square feet will be dedicated to amenities and supportive service space for residents. The retail and parking will be incorporated into the lower levels of the existing structure with infill construction; the two levels of parking will be maintained on the rear portion of the structure using the existing parking layout, and 2 levels of parking will be demolished. CBH will then repurpose the bottom two floors of parking structure into retail spaces, community and resident spaces as well as supportive service offices which will minimize financial contribution from the City and reducing impact to neighboring businesses/traffic.

Developer / Team: Summary of Developer Experience , highlighting specific experience in City of Santa Monica Prepared by: Keyser Marston Associates, Inc.

File name: 1318 Fourth Street RFP Evaluations 1 27 20 BW; Clifford Beers 1 Page 9 of 43 1318 Fourth Street RFP Responses
PROJECT SUMMARY SHEET - CLIFFORD BEERS HOUSING: OPTION #1 Developer will not be financing the project with LIHTC in order to cut time/costs. Approximately 2/3 of the project's cost ($26.5M) will be funded by a permanent loan rather than capital public subsidy, which is possible because 40 of the units will generate rents from households at 60-80% of AMI. The next largest funding source is the County's Affordable Housing Trust Fund providing approx. $7M during construction, which will be rolled over to permanent financing. All public funds will be applied to the residential component while the permanent loan will cover parts of the residential plus the commercial component.

The developer is requesting $5.1M ($56,000/unit) from the City's Redevelopment Replacement Housing Trust Fund. This would be in the form of a residual receipts note for a 55-year term at 1% interest. The developer is also proposing that the funds the City has set aside for demolishing the parking structure ($3.459M) be contributed to the project since the project will be re-purposing the garage. The assistance is proposed to be strucuted as a non-interest bearing residual receipts note.

Proposed ground lease term of 99 years with a $10,000 per year payment to the City (no escalations).

Supportive Services: Identify provider and summarize services concept and funding strategy Wellnest will provide supportive services on site to the residents of the 50 PSH units, in addition to non-PSH units as needed, in approximately 2,900 square feet of space including offices and conference rooms. Wellnest receives funding for services from the Department of Mental Health and DHS (letter from DHS included), for up to $360,000 per year. Two case managers and two resident advocates will have offices at the project. Some of the services provided will include: case management, mental health counseling, physical health care, money management, legal assistance, employment services, life skills training, child-related services, substance abuse and prevention counseling, and linkage to additional services as needed.

File name: 1318 Fourth Street RFP Evaluations 1 27 20 BW; Clifford Beers 1 Page 10 of 43 1318 Fourth Street RFP Responses
PROJECT SUMMARY SHEET - CLIFFORD BEERS HOUSING: OPTION #1 Sources Construction Permanent
Loan $26,500,000 $26,500,000
LA County AHTF 7,000,000 7,000,000
City's Redevelopment Replacement HTF 5,123,566 5,123,566 City: Reprogrammed garage demo funds 3,459,000 3,459,000 Total Sources $42,082,566 $42,082,566
Uses Residential Commercial Total
Land Cost/Acquisition
Hard Costs; On-Site 13,093,062 4,450,134
Hard Costs; Modular 11,502,500
Hard Cost Contingency 1,773,750 445,013
Soft Costs 4,025,610
Soft Costs Contingency 402,561
Financing Costs 751,433 539,491
Developer Fee 1,309,306 445,013
Transition Reserve 990,290
Affordability Reserve 2,475,726
Total Uses $36,324,238 $5,879,651 $42,203,889
Sources & Uses: Highlight sources and uses of potential funding Note: On Page 195 of the application, the proposed Project's uses are set at $42,082,566. The uses actually total $42,203,889. Thus, the sources are $121,323 less than the uses.

Prepared by: Keyser Marston Associates, Inc.

File name: 1318 Fourth Street RFP Evaluations 1 27 20 BW; Clifford Beers 1 Page 11 of 43 1318 Fourth Street RFP Responses
Applicant Clifford Beers Housing AMI No. of Units %
30% 41 45%
30% 6 7%
50% 9 10%
60% 5 5%
Project Name Reve 80% 5 5%
30% 3 3%
50% 9 10%
60% 5 5%
80% 6 7%
- 2 2%
91 100%
Partner
$44,536,302
$489,410
Underwriting Assumptions Proceeds Interest Term (mos)
$ 27,434,489 4.86% 18 $599,546
- - - $6,588
LIHTC
Yes Jun-22
Tax Credit Amount 9% May-23
Jun-21 Feb-23
Oct-23
2 BR
3 BR
Total Development Cost
TDC Per Unit
Construction Total Annual
Permanent Loan Per Unit
Operating Budget
Development Timeline
Assumes LIHTC Financing Construction Start
Construction End
Anticipated Application Date Marketing/Lease-Up Begins
100% Occupancy
PROJECT SUMMARY SHEET - CLIFFORD BEERS HOUSING: OPTION #2 Unit Size
Manager
1 BR
Wellnest (supportive services) Project Cost
Prepared by: Keyser Marston Associates, Inc.

File name: 1318 Fourth Street RFP Evaluations 1 27 20 BW; Clifford Beers 2 Page 12 of 43 1318 Fourth Street RFP Responses
PROJECT SUMMARY SHEET - CLIFFORD BEERS HOUSING: OPTION #2 Clifford Beers (CBH) was formed in 2005 and has since built 10 affordable housing projects, 8 of which are PSH. CBH specializes in innovative housing typologies, and is currently working on a 54-unit shipping container project in South LA, as well as two PSH projects under construction in Long Beach and Sylmar. CBH has no prior experience developing in Santa Monica. Currently, CBH is under construction on 96 units total, and 234 additional units are in the predevelopment pipeline. Included in the application is an organizational chart indicating that CBH will create a partnership for the development and long-term operation of this project, to include CBH as sole member and managing GP of the LP along with a TBD Investor Limited Partner.

Project Description: Highlight the project's description, occupancy profile, ground floor plan, and how the project meets the RFP objectives .

The proposed development utilizes modular construction to limit on-site construction and save costs, and implements green building practices through the reuse of the existing concrete parking garage, solar PV systems, and integrating water reuse systems. The project will result in 91 affordable units, including 50 PSH units set aside for formerly/chronically homeless households. The unit mix includes 1, 2 and 3-bedroom units. The target population for the PSH units will be TAY (18-25 years old), families experiencing homelessness and TAY families who qualify as frequent users of DHS. The remaining 40 units will be set aside for households making 60-80% AMI.

The residential units will be placed around internal courtards and terraces, and residents will also have access to a green roof for recreation.

The commercial component consists of 9,050 square feet of space for local businesses, artists and neighborhood-serving retail, to be incorporated into the existing lower levels of the parking garage. Retail spaces will front 4th street. Resident supportive service spaces will be incorporated into the upper level of the existing structure. Two levels of parking will be maintained at the rear of the structure similar to the existing parking layout, and 2 levels of parking will be demolished. The team has an LOI from a cafe and envisions a mix of food, clothing and local artistry for the remaining commercial spaces. Supportive service spaces will total 2,900 square feet.

Developer / Team: Summary of Developer Experience , highlighting specific experience in City of Santa Monica Prepared by: Keyser Marston Associates, Inc.

File name: 1318 Fourth Street RFP Evaluations 1 27 20 BW; Clifford Beers 2 Page 13 of 43 1318 Fourth Street RFP Responses
PROJECT SUMMARY SHEET - CLIFFORD BEERS HOUSING: OPTION #2 The developer proposes 9% LIHTC leveraged with HCD's AHSC funds, LACDA Affordable Housing Trust Fund, and Santa Monica Trust Fund. For construction financing the developer will utilize the funding from the City's Trust Fund, along with LACDA funding, a portion of the LIHTC investor equity and a conventional loan. Permanent financing will be provided along with the remaining LIHTC equity, the CDA permanent conversion holdback, and an AHSC loan. Repayment of the City SMTF loan is proposed on a residual receipts basis over 55 years with 3% interest.

Pro forma assumes 12 Continuum of Care PBV's from the Santa Monica Housing Authority, and the remaining 38 PSH units will be self-subsidized from a capitalized operating rental subsidy. The unit mix and cash flow projections for these units assume SSI incomes.

The development team is requesting participation from the City as they apply for the AHSC program, which requires coordination with the local city and county for transit system augmentation. They are also requesting that, if necessary, the City will fund up to $250,000 in environmental remediation costs outside the proposed budget. For the ground lease terms, the development team is proposing a $10,000 deposit to the City at the signing of an ENA, a $20,000 deposit at the signing of a DDA, and annual payments of $10,000 (1% interest, 99 year term) starting at construction completion.

Supportive Services: Identify provider and summarize services concept and funding strategy Wellnest will provide supportive services on site to the residents of the 50 PSH units, in addition to non-PSH units as needed. Wellnest receives funding for services from the Department of Mental Health and DHS (letter from DHS included). Two case managers and two resident advocates will have offices at the project. Some of the services provided will include: case management, mental health counseling, physical health care, money management, legal assistance, employment services, life skills training, child-related services, substance abuse and prevention counseling, and linkage to additional services as needed.

File name: 1318 Fourth Street RFP Evaluations 1 27 20 BW; Clifford Beers 2 Page 14 of 43 1318 Fourth Street RFP Responses
PROJECT SUMMARY SHEET - CLIFFORD BEERS HOUSING: OPTION #2 Sources Construction Permanent
Construction Loan $27,434,489 $0
LACDA 6,950,000 7,000,000
SMTF 1,100,000 1,100,000
AHSC 0 12,388,262
GP Capital 100 100
LP Capital 3,600,000 24,000,000
Deferred Costs During Construction 5,403,773 0
Deferred Developer Fee 47,941 47,941
Total Sources $44,536,303 $44,536,303
Uses Total
Land Cost/Acquisition $30,000
Hard Costs 32,908,771
Soft Costs 9,397,531
Developer Fee 2,200,000
Total Uses $44,536,302
Sources & Uses: Highlight sources and uses of potential funding Prepared by: Keyser Marston Associates, Inc.

File name: 1318 Fourth Street RFP Evaluations 1 27 20 BW; Clifford Beers 2 Page 15 of 43 1318 Fourth Street RFP Responses
Applicant Community Corp of Santa Monica AMI No. of Units % 30% 50 42%
60% 5 4%
30% 4 3%
Project Name 1318 Fourth Street 40% 5 4%
50% 8 7%
60% 16 13%
80% 2 2%
30% 4 3%
50% 7 6%
60% 19 16%
- 0%
120 100%
Partner
$55,998,904
$466,658
Underwriting Assumptions Proceeds Interest Term (mos)
$ 45,941,949 5.30% 20 $1,004,605
$ 3,958,923 5.00% 360 $8,372
LIHTC
Yes Jun-21
Tax Credit Amount 4% May-23
Aug-21 May-22
May-23
Assumes LIHTC Financing Construction Start
Construction End
Marketing/Lease-Up Begins
100% Occupancy
Anticipated Application Date
Total Development Cost
TDC Per Unit
Operating Budget
Construction Total Annual

PROJECT SUMMARY SHEET - COMMUNITY CORP OF SANTA MONICA
Unit Size
1 BR
2 BR
3 BR
Manager
Permanent Loan
Metropolitan Pacific Real Estate Group,
The People Concern (supportive services)
Project Cost
Per Unit
Development Timeline
Prepared by: Keyser Marston Associates, Inc.

File name: 1318 Fourth Street RFP Evaluations 1 27 20 BW; Community Corp Page 16 of 43 1318 Fourth Street RFP Responses

PROJECT SUMMARY SHEET - COMMUNITY CORP OF SANTA MONICA
Community Corp of Santa Monica (CC) has been working in Santa Monica for 37 years providing affordable housing and implementing supportive services in nearly 1,800 units across 90 properties. CC manages all of its properties giving them extensive experience in maintenance and resident services, and CC’s Resident Services Department integrates services to enrich residents’ lives including computer courses, homework assistance and exercise classes on site, as well as linking residents to community resources. CC employes 35 resident managers who live on-site at all larger developments. They currently have multiple projects under development in Santa Monica including Greenway Meadows, Las Flores, Pacific Landing, 1819 Pico, Vista Ballona, the Oceans and Little Berkeley.

Metropolitan Pacific has developed 11 commercial projects in downtown Santa Monica including the Mayfair Theater building, the Criterion building, the Wilforth building and the Anthropologie Building at Third Street. Along with Community Corp, Metro Pacific has extensive experience in planning, entitling, financing and development of mixed-use real estate projects across the Santa Monica.

The People Concern is a leading supportive services provider in Southern California and Santa Monica and one of the largest homeless service providers in LA County. They were formed in 2016 in a merge of two social services agencies: Santa Monica’s Ocean Park Community Center (OPCC, founded in 1963) and DTLA Lamp Community (founded in 1985).

Developer / Team: Summary of Developer Experience , highlighting specific experience in City of Santa Monica Prepared by: Keyser Marston Associates, Inc.

File name: 1318 Fourth Street RFP Evaluations 1 27 20 BW; Community Corp Page 17 of 43 1318 Fourth Street RFP Responses

PROJECT SUMMARY SHEET - COMMUNITY CORP OF SANTA MONICA
Located on the 2nd floor of the project, resident services as provided by CC will be made available for all households, and special case management and services targeted to homeless individuals will be provided by The People Concern (TPC) for the PSH households. Some collaboration and joint participation will exist between the service areas as appropriate.

TPC will provide a range of social services programming including intake and assessment, linkages to health/mental health/substance use disorder services, monitoring and follow-up, benefits assistance, legal issues, life skills education, and crisis management among other services. TPC will partner with DHS as appropriate to offer substance use services on-site.

Services are budgeted for approximately $270,000 per year and will be funded under TPC’s Master Agreement with the LA County DHS; per the letter of intent included included in the submision, DHS has committed to provide funding for this program. Community Corp’s resident services for the 70 affordable households will be funded through project cash flow and are estimated to cost approximately $106,000 per year.

Supportive Services: Identify provider and summarize services concept and funding strategy The proposed project is a mixed-use affordable housing and entertainment/retail development featuring a live music venue. The housing component of the project includes 120 units of affordable housing (50 units of PSH and 70 units for large families). A mixture of 1, 2 and 3 bedroom units will address housing needs for a range of household sizes. Ample community space will provide residents with opportunities for recreation, including play areas for children and courtyards. Supportive services and programming will be located on the 2nd floor of the development. The building is massed in order to complement the design and scale of the surrounding community, and sustainable building features will help the development achieve a Zero Net Carbon goal. The developer also anticipates achieving LEED Platinum.

The ground-floor commercial portion of the project, consisting of approximately 19,600 square feet, will include a concert venue/bowling alley and restaurant space (“Brooklyn Bowl”, executed Letter of Intent included) as the anchor tenant alongside other community serving retail and restaurant uses. Special design features will ensure project residents are buffered from any noise from the commercial portion. A portion of the concert venue, bowling alley and restaurant kitchen (approx. 36,500 square feet of space total) will be located on two levels below grade. The ground floor and basement commercial uses will total approximately 57,500 square feet. The development will activate this stretch of 4th street with greater pedestrian and commercial activity and draw visitors from within and outside the community with the entertainment complex. The commercial component is also intended to financially support the affordable housing component of the project thereby minimizing the City’s investment.

The basement level will also include vehicle and bicycle parking for residents in addition to a portion of the commercial uses.

Project Description: Highlight the project's description, occupancy profile, ground floor plan, and how the project meets the RFP objectives .

Prepared by: Keyser Marston Associates, Inc.

File name: 1318 Fourth Street RFP Evaluations 1 27 20 BW; Community Corp Page 18 of 43 1318 Fourth Street RFP Responses

PROJECT SUMMARY SHEET - COMMUNITY CORP OF SANTA MONICA
Developer intends to apply for 4% LIHTC equity paired with tax-exempt multifamily bonds, as well as the AHSC Program and other state and local funding sources. The equity investor will contribute a portion of the LIHTC equity during construction and the balance at permanent loan conversion.

The pro forma assumes that the land cost allocated to the residential component will be $1 per year for a 99-year ground lease. No capital funds are being requested from the City at this time. Letter of support from Citi Community Capital is attached.

The developer intends to apply for project-based vouchers from the City of Santa Monica for the 50 PSH units. In the event these are not available, the developer plans to try and apply for FHSP subsidies from DHS (they have indicated they are currently oversubscribed). Residual receipts will be divided 50% to government lenders (AHSC, IIG, LACDA) and 50% share split between CC and the City.

Sources of capital for the commercial development construction will be equity provided by Metro Pacific combined with a traditional construction loan (anticipate same construction lender as residential portion). Construction loan term expected to be 3 years at floating rate of LIBOR + 4.0%. Total development costs for commercial portion are $24,220,311. Developer anticipates that the 52,200 square feet of rentable commercial area will generate approximately $2.2 million in annual net revenue. The ground lease payments to the City for the commercial portion are estimated at $125,000 per year
Financial Summary: Summarize financing strategy, identify proposed operating subsidies, proposed Ground Lease structure and whether the project is requesting City funding
Prepared by: Keyser Marston Associates, Inc.

File name: 1318 Fourth Street RFP Evaluations 1 27 20 BW; Community Corp Page 19 of 43 1318 Fourth Street RFP Responses

PROJECT SUMMARY SHEET - COMMUNITY CORP OF SANTA MONICA
Residential Commercial Total Residential Commercial Total Construction Sources Uses
Construction Loan $45,941,949 $13,312,952 Holding/Entitlements $15,000 $595,938 Equity Contribution 0 10,907,359 Hard Costs 46,123,984 12,566,238 City Land (donation/lease) 1 Soft Costs 7,304,651 5,235,491 Infill Infrastructure Grant Program (IIG 1,425,531 Leasing 0 4,230,571 Investor Equity 3,131,423 Reserves 311,443
LACDC 5,500,000 Financing Costs 4,580,268 1,592,072
Deferred Developer Fee 2,025,000 Total Uses $58,335,346 $24,220,310 $82,555,656 Capitalized Reserves 311,443
Total Construction Sources $58,335,347 $24,220,311 $82,555,658 Permanent Sources
Permanent Loan $3,958,923
Tranche B Loan 6,574,740
City Land (donation/lease) 1
AHSC 20,000,000
Infill Infrastructure Grant Program (IIG 1,425,531
Investor Equity 20,876,153
LACDC 5,500,000
Total Permanent Sources $58,335,348 $24,220,311 $82,555,659 Notes: There appear to be typos in the Commercial component's permanent sources & uses statement. Also, as stated in the proposal, a portion of the equity contribution will be paid down. However, the exact amount of the pay down in not identified.

Sources & Uses: Highlight sources and uses of potential funding Prepared by: Keyser Marston Associates, Inc.

File name: 1318 Fourth Street RFP Evaluations 1 27 20 BW; Community Corp Page 20 of 43 1318 Fourth Street RFP Responses
Applicant EAH Housing AMI No. of Units %
30% 17 14%
60% 15 13%
30% 13 11%
Project Name 1318 Fourth Street (120 Units) 60% 14 12%
30% 10 8%
60% 19 16%
30% 10 8%
60% 21 18%
120 100%
Partner
$73,786,526
$614,888
Underwriting Assumptions Proceeds Interest Term (mos)
$ 58,591,959 4.54% 24 $1,261,798
$ 18,339,562 4.78% 420 $10,515
LIHTC
Yes May-22
Tax Credit Amount 4% Mar-24
Aug-22 Nov-23
May-24
PROJECT SUMMARY SHEET - EAH: OPTION #1
Unit Size
Studio
The People Concern (supportive services) Project Cost
1 BR
2 BR
3 BR
Manager - 1 1%
Total Development Cost
TDC Per Unit
Construction Total Annual
Permanent Loan Per Unit
Operating Budget
Development Timeline
Assumes LIHTC Financing Construction Start
Construction End
Anticipated Application Date Marketing/Lease-Up Begins
100% Occupancy
Prepared by: Keyser Marston Associates, Inc.

File name: 1318 Fourth Street RFP Evaluations 1 27 20 BW; EAH - 120 Units Page 21 of 43 1318 Fourth Street RFP Responses
PROJECT SUMMARY SHEET - EAH: OPTION #1
Founded in 1968, EAH has developed nearly 100 affordable housing projects and currently manages 8,900 units in 17 counties and 55 municipalities across California and Hawaii, serving over 20,000 residents. EAH opened their first Southern California office in Santa Monica and is working with the City to develop a new-construction supportive housing project (The Laurel) as well as a senior affordable development beginning construction in March 2020 (Magnolia Villas). EAH recently signed a new management contract with HACLA to manage 74 of its properties. Prior to joining EAH, team lead Steven Spielberg secured Trust Fund loans and worked with current City staff to rehabilitate the 36 supportive units and ground floor space at Step Up on Second at 1328 Second Street, and developed 34 supportive units at Step Up on Colorado on 520 Colorado Ave.

EAH has experience developing and managing projects with formerly homeless tenants and is partnering with The People Concern (TPC) as supportive services provider, an organization which has extensive experience in the City. EAH operates six interim housing facilities and supports over 1,750 people in permanent housing units. TPC was formed in 2016 in a merge of two social services agencies: Santa Monica’s Ocean Park Community Center (OPCC, founded in 1963) and DTLA Lamp Community (founded in 1985).

Collectively, the development team has decades of experience working in Santa Monica. The retail consultant, Allen Lynch, has been based in Santa Monica for 27 years and has completed over 8 million square feet of projects in Santa Monica and elsewhere. The architecture firm (Van Tilburg, Banvard & Soderbergh) is also based in Santa Monica and has experience in affordable housing and mixed use projects.

Developer / Team: Summary of Developer Experience , highlighting specific experience in City of Santa Monica Prepared by: Keyser Marston Associates, Inc.

File name: 1318 Fourth Street RFP Evaluations 1 27 20 BW; EAH - 120 Units Page 22 of 43 1318 Fourth Street RFP Responses
PROJECT SUMMARY SHEET - EAH: OPTION #1
Project Description: Highlight the project's description, occupancy profile, ground floor plan, and how the project meets the RFP objectives .

The proposed project is a mixed-use development which will include 50 PSH units for individuals/families experiencing homelessness as well as 69 units for low-income households and 1 manager's unit (120 units total). The building will be a Type III, 5 story wood frame over Type I concrete. The building's design incorporates a stepped form to break down the massing and balcony screens create variation on the facade. A mix of unit types will serve a wide range of residents and households. Supportive services will be provided to all residents, and the building will include a community room for services programming and socializing as well as offices. The residential units and community space together will total 102,970 square feet. The units are arranged around a central courtyard. Other amenities include a 2nd floor gym and activity/community room, roof terrace, children's playground and shared laundry rooms on each floor.

For the ground floor commercial portion of the project, the developer anticipates offering a below-market lease to a local nonprofit (1,630 square feet) as well as a grocery store (19,600 square feet), which the developer states is much needed for the neighborhood. The developer is proposing that the below-market lease offices be used by TPC, the project's supportive services provider, but plans to reach out to other area nonprofits upon award of the RFP. Below the retail will be ample subterranean parking for the grocery store and additional on-grade parking will be provided (75 stalls total). There will also be parking spaces for 212 bicycles.

The unit count maximized current zoning; however, the developer notes that with the passage of AB 1763 there's potential for increased height and up to 72 additional units for a total of 192 units. These calculations are tied to the total square feet of buidling area being proposed.

Supportive Services: Identify provider and summarize services concept and funding strategy To create a stable community, all residents will be supported with services; the unique needs of the PSH households will be addressed by intensive case management services by TPC (The People Concern - letter of intent included), who will also help to connect them with outside services as needed. EAH Supportive Services staff will act as liaison to TPC to ensure seamless coordination. EAH Resident Services will be providing the remainder of supportive services to the non PSH-units, paid for out of the project's operating expenses. EAH services will include physical and mental health services, education programming, civic engagement, and healthy eating. TPC's services for the PSH units will include personal case management, benefits counseling, mental health counseling, health care, substance use services, money management, and legal assistance.

TPC's services will be funded under their Supportive Housing Services Master Agreement with the DHS. For the 50 PSH units, the DHS would provide $270,000/year, which is sufficient funding for all staff and operational costs. The total supportive services budget for all units, including PSH and lowincome units, is $336,521/year (funded through DHS funding and cash flow).

Prepared by: Keyser Marston Associates, Inc.

File name: 1318 Fourth Street RFP Evaluations 1 27 20 BW; EAH - 120 Units Page 23 of 43 1318 Fourth Street RFP Responses
PROJECT SUMMARY SHEET - EAH: OPTION #1
Total Residential Commercial Total
Construction Sources Uses
Tax Exempt Construction $58,591,959 Hard Costs $39,150,709 $11,446,977 $50,597,686 LACDA 7,000,000 Architect & Engineering 1,574,573 350,177 1,924,750 LP Capital 3,411,534 Construction Interest + Fees 2,871,948 638,706 3,510,654 Deferred Costs 4,783,033 Permanent Financing 555,274 555,274 Total Construction Sources $73,786,526 Legal 49,084 10,916 60,000 LIHTC Fees 156,200 156,200
Permanent Sources Permits & Fees 1,751,813 1,751,813
Permanent Loan $18,544,349 Other Soft Costs 1,728,574 1,819 1,730,393 LACDA 7,000,000 Hard Cost Contingency 3,384,334 752,659 4,136,993 AHSC 20,000,000 Soft Cost Contingency 416,847 92,705 509,552 IIG 1,000,000 Reserves 1,152,647 1,152,647
LP Capital 22,743,558 Developer Costs 7,198,619 7,198,619 Deferred Fee 2,361,506 Total Uses $59,435,348 $13,849,233 $73,284,581 GP Equity 2,137,113
Total Permanent Sources $73,786,526
Notes: The actual sum of the Total costs is $501,945 less than the Total costs identified by the Developer. The differences are: $40,000 in Legal costs and $461,947 in Other Soft Costs. Also, the Permanent Financing, Reserves and Developer Costs are not allocated between the Residential and Commercial components.

Along with tax-exempt multifamily bonds and 4% LIHTC, the developer is assuming the following funding sources: LACDA NOFA for County Trust Funds, AHSC, and IIG funds. EAH has experience receiving funding commitments from LACDA and AHSC for past projects. The developer is not requesting any capital from the City. If awarded the project, EAH would consider requesting pre-develpment funds from the City, but this is not a contingency of the proposal (EAH has the ability to secure pre-development financing from multiple lenders).

The pro forma is assuming PBV's for the 50 PSH units, ideally from the Santa Monica Housing Authority. They're also assuming commercial income of $24 per square foot annually for the grocery space and $12 per square foot for the non-profit office space.

The ground lease terms proposed are a 99 year ground lease with annual payment of $1, Note: the application states $1 payment but cash flow statement shows a $100 annual payment.

Sources & Uses: Highlight sources and uses of potential funding Financial Summary: Summarize financing strategy, identify proposed operating subsidies, proposed Ground Lease structure and whether the project is requesting City funding
Prepared by: Keyser Marston Associates, Inc.

File name: 1318 Fourth Street RFP Evaluations 1 27 20 BW; EAH - 120 Units Page 24 of 43 1318 Fourth Street RFP Responses
Applicant EAH Housing AMI No. of Units %
30% 21 14%
60% 42 28%
30% 21 14%
Project Name 1318 Fourth Street (150 Units) 60% 42 28%
30% 8 5%
60% 15 10%
150 100%
Partner
$78,909,128
$526,061
Underwriting Assumptions Proceeds Interest Term (mos)
$ 62,632,207 4.54% 24 $1,261,798
$ 18,339,562 4.78% 420 $8,412
*Same budget as 120 unit project -- clarification is required LIHTC
Yes May-22
Tax Credit Amount 4% Mar-24
Aug-22 Nov-23
May-24
PROJECT SUMMARY SHEET - EAH: OPTION #2
Unit Size
Studio
1 BR
2 BR
Manager - 1 1%
Total Development Cost
TDC Per Unit
Operating Budget
Construction Total Annual
The People Concern (supportive services) Project Cost
Permanent Loan Per Unit
100% Occupancy
Development Timeline
Assumes LIHTC Financing Construction Start
Construction End
Anticipated Application Date Marketing/Lease-Up Begins
Prepared by: Keyser Marston Associates, Inc.

File name: 1318 Fourth Street RFP Evaluations 1 27 20 BW; EAH - 150 Units Page 25 of 43 1318 Fourth Street RFP Responses
PROJECT SUMMARY SHEET - EAH: OPTION #2
Developer / Team: Summary of Developer Experience , highlighting specific experience in City of Santa Monica Founded in 1968, EAH has developed nearly 100 affordable housing projects and currently manages 8,900 units in 17 counties and 55 municipalities across California and Hawaii, serving over 20,000 residents. EAH opened their first Southern California office in Santa Monica and is working with the City to develop a new-construction supportive housing project (The Laurel) as well as a senior affordable development beginning construction in March 2020 (Magnolia Villas). EAH recently signed a new management contract with HACLA to manage 74 of its properties. Prior to joining EAH, team lead Steven Spielberg secured Trust Fund loans and worked with current City staff to rehabilitate the 36 supportive units and ground floor space at Step Up on Second at 1328 Second Street, and developed 34 supportive units at Step Up on Colorado on 520 Colorado Ave.

Prepared by: Keyser Marston Associates, Inc.

File name: 1318 Fourth Street RFP Evaluations 1 27 20 BW; EAH - 150 Units Page 26 of 43 1318 Fourth Street RFP Responses
PROJECT SUMMARY SHEET - EAH: OPTION #2
Project Description: Highlight the project's description, occupancy profile, ground floor plan, and how the project meets the RFP objectives .

The proposed project is a mixed-use development which will include 50 PSH units for individuals/families experiencing homelessness as well as 99 units for low-income households and 1 manager's unit (150 units total). The building will be a Type III, 5 story wood frame over Type I concrete. The building's design incorporates a stepped form to break down the massing and balcony screens create variation on the facade. A mix of unit types will serve a wide range of residents and households. Supportive services will be provided to all residents, and the building will include a community room for services programming and socializing as well as offices. The residential units and community space together will total 100,283 square feet (slightly less than EAH's 120-unit project proposal, likely due to elimination of 3-BR units). The units are arranged around a central courtyard. Other amenities include a 2nd floor gym and activity/community room, roof terrace, children's playground and shared laundry rooms on each floor.

The unit count maximized current zoning; however, the developer notes that w/ the passing of AB 1763 there's potential for increased height and up to 93 additional units for a total of 243 units. These calculations are tied to the total square feet of building area being proposed.

Prepared by: Keyser Marston Associates, Inc.

File name: 1318 Fourth Street RFP Evaluations 1 27 20 BW; EAH - 150 Units Page 27 of 43 1318 Fourth Street RFP Responses
PROJECT SUMMARY SHEET - EAH: OPTION #2
Supportive Services: Identify provider and summarize services concept and funding strategy To create a stable community, all residents will be supported with services; the unique needs of the PSH households will be addressed by intensive case management services by TPC (The People Concern - letter of intent included), who will also help to connect them with outside services as needed. EAH Supportive Services staff will act as liaison to TPC to ensure seamless coordination. EAH Resident Services will be providing the remainder of supportive services to the non PSH-units, paid for out of the project's operating expenses. EAH services will include physical and mental health services, education programming, civic engagement, and healthy eating. TPC's services for the PSH units will include personal case management, benefits counseling, mental health counseling, health care, substance use services, money management, and legal assistance.

Financial Summary: Summarize financing strategy, identify proposed operating subsidies, proposed Ground Lease structure and whether the project is requesting City funding
Along with tax-exempt multifamily bonds and 4% LIHTC, the developer is assuming the following funding sources: LACDA NOFA for County Trust Funds, AHSC, and IIG funds. EAH has experience receiving funding commitments from LACDA and AHSC for past projects. The developer is not requesting any capital from the City. If awarded the project, EAH would consider requesting pre-develpment funds from the City, but this is not a contingency of the proposal (EAH has the ability to secure pre-development financing from multiple lenders).

Note that the operating budget in this application appears to be the same as the operating budget for the 120 unit scenario -- total operating expenses are the same at $1,261,798. Clarification from the developer is required .

The ground lease terms proposed are a 99 year ground lease with annual payment of $1, Note: the application states $1 payment but cash flow statement shows a $100 annual payment.

Prepared by: Keyser Marston Associates, Inc.

File name: 1318 Fourth Street RFP Evaluations 1 27 20 BW; EAH - 150 Units Page 28 of 43 1318 Fourth Street RFP Responses
PROJECT SUMMARY SHEET - EAH: OPTION #2
Total Residential Commercial Total
Construction Sources Uses
Tax Exempt Construction $62,632,207 Hard Costs $42,570,474 $11,575,967 $54,146,441 LACDA 7,000,000 Architect & Engineering 1,566,935 357,815 1,924,750 LP Capital 3,703,672 Construction Interest + Fees 3,049,521 696,369 3,745,890 Deferred Costs 5,573,250 Permanent Financing 577,459 577,459 Total Construction Sources $78,909,129 Legal 48,846 11,154 60,000 LIHTC Fees 168,500 168,500
Permanent Sources Permits & Fees 2,101,146 2,101,146
Permanent Loan $18,339,562 Other Soft Costs 1,720,188 1,859 1,722,047 LACDA 7,000,000 Hard Cost Contingency 3,604,243 823,042 4,427,285 AHSC 20,000,000 Soft Cost Contingency 440,023 100,481 540,504 IIG 4,063,366 Reserves 1,169,757 1,169,757
LP Capital 24,691,146 Developer Costs 7,815,055 7,815,055 Deferred Fee 2,029,021 Total Uses $64,254,688 $14,144,146 $78,398,834 GP Equity 2,786,034
Total Permanent Sources $78,909,129
Notes: The actual sum of the Total costs is $510,294 less than the Total costs identified by the Developer. The differences are: $40,000 in Legal costs and $470,293 in Other Soft Costs. Also, the Permanent Financing, Reserves and Developer Costs are not allocated between the Residential and Commercial components.

Sources & Uses: Highlight sources and uses of potential funding Prepared by: Keyser Marston Associates, Inc.

File name: 1318 Fourth Street RFP Evaluations 1 27 20 BW; EAH - 150 Units Page 29 of 43 1318 Fourth Street RFP Responses
Applicant Innovative Housing Opportunities AMI No. of Units % 30% 54 49%
50% 24 22%
60% 17 15%
Project Name The Inspire 30% 6 5%
50% 6 5%
60% 2 2%
111 100%
Partner
$70,833,856
$638,143
Underwriting Assumptions Proceeds Interest Term (mos)
$ 40,984,591 5.60% 24 $682,000
$ 3,390,521 6.00% 180 $6,144
LIHTC
Yes Late 2022
Tax Credit Amount Either 4% or 9% Early 2023
Early 2022 Summer 2023
Fall 2023
Development Timeline
Assumes LIHTC Financing Construction Start
Construction End
Anticipated Application Date Marketing/Lease-Up Begins
100% Occupancy
Total Development Cost
TDC per unit
Construction Total Annual
Operating Budget
Skid Row Housing Trust & St. Joseph's
(supportive service providers)
Project Cost
Permanent Loan Per Unit

PROJECT SUMMARY SHEET - INNOVATIVE HOUSING OPPORTUNITIES Unit Size
1 BR
2 BR
Manager - 2 2%
Prepared by: Keyser Marston Associates, Inc.

File name: 1318 Fourth Street RFP Evaluations 1 27 20 BW; Innovative Housing Page 30 of 43 1318 Fourth Street RFP Responses

PROJECT SUMMARY SHEET - INNOVATIVE HOUSING OPPORTUNITIES Developer / Team: Summary of Developer Experience , highlighting specific experience in City of Santa Monica Formed in 1976, Innovative Housing Organization (IHO) has a portfolio of suburban and urban infill projects that providie high quality housing to low income families. Residents include seniors, families, veterans, formerly homeless, those living with mental illness or dev+B40elopmentally disabled populations, as well as other special needs populations. IHO is currently partnering on two HHH winning developments breaking ground in 2019 and later. They are currently in construction on senior development El Verano in Anaheim, and family development Rockwood apartments also in Anaheim, as well as projects in Irvine and throughout Southern California. There are no projects listed in Santa Monica.

IHO has previously worked with the two service providers proposed for this project: Skid Row Housing Trust and St. Joseph's Center. Skid Row Housing Trust has experience providing permanent supportive housing and serving a variety of special needs populations with client-centered support services, and has completed more than 30 projects with almost 2,000 units. St. Joseph's Center, based in Venice, was founded in 1976 and reaches more than 10,000 men, women and children annually.

The project Engineer, IDS Group, has provided on-call structural and other projects to the City including parking structure #3, Fairview Library Renovation, Santa Monica Airport Gate #7, and Public Works Warehouse Improvement Project.

Project Description: Highlight the project's description, occupancy profile, ground floor plan, and how the project meets the RFP objectives .

The Inspire is designed to be a community catalyst featuring a performing arts space and activating retail along with 111 units of affordable housing, including 60 PSH units and 49 workforce units (along with 2 manager's units) in a mix of one-bedroom and 2-bedroom unit types. The project will house a variety of resident types along with small families, which may include veterans, developmentally disabled, homeless and at-risk individuals, chronically homeless and transitional age youth (TAY). Sustainability design features include energy efficient windows, solar shading, solar panels, energy star appliances and a GHG-free mechanical system.

The 15,000 square feet of ground floor commercial space will include a 6,300 square foot performing arts theater, a mix of retail and commercial spaces, classrooms, and bike storage. The ground floor design will feature a sculptural canopy extending out from the youth arts center, with LED lighting displays and branded for the retail space. The West LA County based non-profits Pico Youth Services and Safe Place for Youth will utilize the performing arts spaces for their programs servicing low income and homeless youth. 15 surface parking spaces will be provided.

The residential units will center on a courtyard for use by residents, and a podium-level community room will be accessible from this space as well. A laundry room and lounge, along with office for supportive services will be centrally located on each floor above, all totalling 5,911 square feet.

Prepared by: Keyser Marston Associates, Inc.

File name: 1318 Fourth Street RFP Evaluations 1 27 20 BW; Innovative Housing Page 31 of 43 1318 Fourth Street RFP Responses

PROJECT SUMMARY SHEET - INNOVATIVE HOUSING OPPORTUNITIES Supportive Services: Identify provider and summarize services concept and funding strategy The team incudes two services partners: St. Joseph's Center and Skid Row Housing Trust. Both organizations have extensive experience providing supportive services in PSH and affordable housing communities, and have been long-time contractors of the LA County DHS and Department of Mental Health. Funding for non-PSH resident services are provided by project operation/cashflow, grants from financial institutions/corporations, and resident services reserves. The services provided will be ascertained after the final resident mix is determined but could include independent living skills, mental health counseling, legal advocacy, money management, job training and others. Individualized case management will be provided onsite and at St.

Josepth's Center as appropriate.

Supportive Services budget (pg. 119) estimates $337,287 per year for all expenses, and the development team anticipates $340,200 in funding from DHS.

Financial Summary: Summarize financing strategy, identify proposed operating subsidies, proposed Ground Lease structure and whether the project is requesting City funding
The developer presents two financing scenarios using 4% LIHTC and tax-exempt multifamily bonds. One scenario assumes AHSC funding and the second scenario replaces those funds with MHP financing from HCD. AHSC would provide funding for infrastructure improvements while MHP would provide a higher loan amount per unit. In both cases, other funding sources would include tax-exempt multifamily bonds, LIHTC equity, LACDA residual receipts loan of $7 million (55 year term, 3% interest), City AHTF residual receipts loan of $10 million (55 year term, 3% interest), IIG funds of $3.8 million (55 year term, 0% interest), and FHLB Affordable Housing Program funds (15 year term, 0% interest).

The developer anticipates that the request of $10 million in City funding represents a worst case scenario if construction costs continue to rise, and the team will look at all options to reduce the City's contribution.

The developer is requesting Section 8 PBV's from the Santa Monica Housing Authority for PSH households; alternatively, the County of LA DHS may be a source for operating subsidy.

The ground lease is structured as a 99-year lease and presented as a land donation with an annual lease payment obligation of $1.

Prepared by: Keyser Marston Associates, Inc.

File name: 1318 Fourth Street RFP Evaluations 1 27 20 BW; Innovative Housing Page 32 of 43 1318 Fourth Street RFP Responses

PROJECT SUMMARY SHEET - INNOVATIVE HOUSING OPPORTUNITIES Residential Commercial Total Residential Commercial Total SCENARIO 1 (AHSC):

Construction Sources Uses
Tax Exempt Multifamily Bond $35,090,695 $5,893,896 Land Cost/Acquisition $1 $0 Santa Monica Ground Lease Value 1 Hard Costs 49,805,807 3,794,193 IIG 3,863,000 Indirect 2,600,271 301,215
LA County NOFA 7,000,000 Permits and Fees 1,440,373 211,612 Santa Monica Trust Fund 8,000,000 Construction Financing 2,159,636 317,282 Deferred Costs 1,026,770 Permanent Financing 265,311 38,978 Deferred Developer Fee 7,014,408 Bond Fees 221,671 32,567 GP Equity 100 Legal 152,583 22,417
Equity (including historic credit) 2,944,986 Taxes and Insurance 191,819 28,181 Total Construction Sources $64,939,960 $5,893,896 $70,833,856 Title and Recording 47,955 7,045 Lease Up and Reserves 711,000 61,532
Developer Fee/Acctg 7,343,534 1,078,874
Permanent Sources Total Uses $64,939,961 $5,893,896 $70,833,857 Tax Exempt Multifamily Bond $3,390,521
Santa Monica Ground Lease Value 1
IIG 3,863,000
AHSC 19,263,825
Santa Monica Trust Fund 10,126,436
LA County NOFA 7,000,000
AHP-FHLB 1,690,000
Deferred Developer Fee 162,323
GP Equity 5,704,508
Equity 13,739,347 5,893,896
Total Permanent Sources $64,939,961 $5,893,896 $70,833,857 Sources & Uses: Highlight sources and uses of potential funding Prepared by: Keyser Marston Associates, Inc.

File name: 1318 Fourth Street RFP Evaluations 1 27 20 BW; Innovative Housing Page 33 of 43 1318 Fourth Street RFP Responses

PROJECT SUMMARY SHEET - INNOVATIVE HOUSING OPPORTUNITIES SCENARIO 2 (MHP): Residential Commercial Total Residential Commercial Total Construction Sources Uses
Tax Exempt Multifamily Bond $35,099,361 $5,893,791 Land Cost/Acquisition $1 $0 Santa Monica Ground Lease Value 1 Hard Costs 49,805,807 3,794,193 IIG 3,863,000 Indirect 2,600,284 301,217
LA County NOFA 7,000,000 Permits and Fees 1,440,373 211,612 Santa Monica Trust Fund 8,000,000 Construction Financing 2,138,165 314,128 Deferred Costs 1,031,447 Permanent Financing 262,707 38,596 Deferred Developer Fee 7,014,445 Bond Fees 221,687 32,569 GP Equity 100 Legal 174,381 25,619
Equity (incl historic credit) 2,933,830 Taxes and Insurance 191,819 28,181 Total Construction Sources $64,942,184 $5,893,791 $70,835,975 Title and Recording 47,955 7,045 Lease Up and Reserves 715,439 61,752
Developer Fee/Acctg 7,343,566 1,078,879
Permanent Sources Total Uses $64,942,184 $5,893,791 $70,835,975 Tax Exempt Multifamily Bond $3,350,704
Santa Monica Ground Lease Value 1
IIG 3,863,000
AHSC 18,992,640
Santa Monica Trust Fund 10,533,436
LA County NOFA 7,000,000
AHP-FHLB 1,690,000
Deferred Developer Fee 142,780
GP Equity 5,704,545
Equity 13,665,079 5,893,791
Total Permanent Sources $64,942,185 $5,893,791 $70,835,976 Sources & Uses: Highlight sources and uses of potential funding Prepared by: Keyser Marston Associates, Inc.

File name: 1318 Fourth Street RFP Evaluations 1 27 20 BW; Innovative Housing Page 34 of 43 1318 Fourth Street RFP Responses
Applicant Jamboree Housing Corporation AMI No. of Units % PSH 50 50%
0%
25 25%
Project Name HOME 0%
0%
0%
0%
25 25%
0%
- 1 1%
101 100%
Partner
$57,960,321
$573,865
Underwriting Assumptions Proceeds Interest Term (mos)
$ 51,000,000 4.00% 24 $901,332
$ 8,776,000 4.75% 204 $8,924
LIHTC
Yes Mar-22
Tax Credit Amount 9% Jul-23
Jul-21 Apr-23
Nov-23

PROJECT SUMMARY SHEET - JAMBOREE HOUSING CORPORATION
Unit Size
3 BR
Manager
Step Up on Second, Inc. Project Cost
*Application states AMI range of 20% -
60% with no breakdown
Total Development Cost
TDC Per Unit
Construction Total Annual
Permanent Loan Per Unit
Operating Budget
Marketing/Lease-Up Begins
100% Occupancy
Studio
2 BR
Development Timeline
Assumes LIHTC Financing Construction Start
Construction End
Anticipated Application Date
Prepared by: Keyser Marston Associates, Inc.

File name: 1318 Fourth Street RFP Evaluations 1 27 20 BW; Jamboree Page 35 of 43 1318 Fourth Street RFP Responses

PROJECT SUMMARY SHEET - JAMBOREE HOUSING CORPORATION
Developer / Team: Summary of Developer Experience , highlighting specific experience in City of Santa Monica The development team consists of Jamboree Housing Corporation (JHC), Step Up on Second Inc., and KFA Architecture. JHC and Step Up will form a partnership with entities owned by each company serving as Co-General Partners. They anticipate a Tax Credit equity investor will be admmitted as a Limited Partner at closing.

Established in 1990, JHC has vast experience in affordable housing in California with almost 10,000 units in the states, but this will be JHC's first Santa Monica project. JHC currently has $974 million in permanent supportive housing and affordable projects in the pipeline, including housing for families, seniors and formerly homeless individuals, as well as an overall $3.2 billion asset portfolio in more than 86 California communities. JHC is also a certified CHDO at the State and County level as well as various California Cities. They have previously developed 4 projects in partnership with a County funded supportive services provider.

Founded in 1984, Step Up is a leading PSH developer in Santa Monica and has 9 special needs projects throughout Los Angeles County (5 in Santa Monica) containing 264 PSH units, with 11 more projects currently in development. All of Step Up's projects include on-site managers, life-skills coordinators and connections to mental health service providers for support services. KFA Architecture has many projects in Santa Monica, and has designed over 4,000 units of affordable housing in 57 projects for affordable housing developers in Los Angeles County. Previously, JHC and KFA have partnered on the Puerto del Sol project in Long Beach, and Step Up and KFA previously worked together on Step Up on Colorado -- a 32 unit homeless project in Santa Monica.

Prepared by: Keyser Marston Associates, Inc.

File name: 1318 Fourth Street RFP Evaluations 1 27 20 BW; Jamboree Page 36 of 43 1318 Fourth Street RFP Responses

PROJECT SUMMARY SHEET - JAMBOREE HOUSING CORPORATION
Project Description: Highlight the project's description, occupancy profile, ground floor plan, and how the project meets the RFP objectives .

The project is comprised of 100 units of affordable housing comprised of 50 PSH units for special needs homeless/at-risk of homelessness residents and 50 affordable family housing units. One additional manager's unit brings the total unit count up to 101. A variety of unit types, from studio units to 3- bedroom units, will allow the project to serve a range of family sizes in addition to individuals. The project features a variety of outdoor gathering places open to residents including porches and play areas facing the neighborhood, to emphasize both active play areas and tranquil spaces that all residents will share. Other project amenities meant to enhance the special needs housing component of the project include a teaching kitchen, community room, herb garden, outdoor meditation space, library/computer area, and bike repair space. Amenities targeted towards the project's low income families include a daycare space, family play area, children's library/study area, and container garden.

Neighborhood-serving retail on the ground floor will complement the housing component; the developer is proposing a mix of local restaurants with outdoor seating, a wellness store with community meditation classes, and additional retail to encourage community interaction. Site plans also show office space on the ground floor.

The application was missing detailed unit mix information, so only have AMI range stating the studio units will house the PSH tenants and the 2- and 3- bedroom units will serve the for low-income families. The AMI range for project of 20% - 60%.

Supportive Services: Identify provider and summarize services concept and funding strategy Step Up will provide supportive services for all project units, and a ratio of 1:20 Step Up staff to tenants will be implemented at the property with a minimum of 4 fulltime staff available at all times. Step Up currently parnters with DHS to fund on-site supportive services in the majority of Step Up's PSH projects. Step Up currently has a commitment from DHS for services funding for this project (letter of intent included), and may consider additional funding through DMH.

The anticipated supportive services budget is $329,526/year. Per the DHS funding commitment letter, the County intends to provide funding of up to $324,000 per year; however, note that the DHS letter describes the project as having 60 PSH units and determined the funding accordingly -- the project as currently planned actually has 50 PSH units.

Prepared by: Keyser Marston Associates, Inc.

File name: 1318 Fourth Street RFP Evaluations 1 27 20 BW; Jamboree Page 37 of 43 1318 Fourth Street RFP Responses

PROJECT SUMMARY SHEET - JAMBOREE HOUSING CORPORATION
The project will be funded with a combination of conventional loans, No Place Like Home and NOFA funds (LACDA), AHSC funds, and 9% LIHTC (anticipated application July 2021). The developer is not requesting any capital funding from the City or additional assistance other than the leasehold interest in the land. Note:the developer anticipated in their application applying for NOFA Round 25 funds from LACDA but this NOFA round has since passed.

The developer has a preliminary commitment from the LA County DHS for PBV's for the project's PSH units, and Step Up has previously been successful in acquiring DHS PBV's for their other Santa Monica project (Step Up on Colorado).

The developer is proposing a 58-year ground lease to comply with a 55-year Regulatory Agreement period plus 3 years to allow for the construction period. Payments would be made annually with 85% of available cash flow from residual receipts following repayment of other subordinate lenders.

File name: 1318 Fourth Street RFP Evaluations 1 27 20 BW; Jamboree Page 38 of 43 1318 Fourth Street RFP Responses

PROJECT SUMMARY SHEET - JAMBOREE HOUSING CORPORATION
Residential Commercial Total Residential Commercial Total Sources Uses
Net Investor Equity (Federal) $15,041,496 Land Cost/Acquisition $10,283,482 $716,518 Permanent Loan 5,038,912 3,737,088 Hard Costs 26,456,594 1,843,406 NPLH - 49 units 11,284,651 GC, Profit & Overhead 3,703,923 258,077 AHSC 4,655,000 GC Bond/Insurance/LOC 462,990 32,260
LACDA 6,860,000 Hard Cost Contingency 2,381,093 165,907 City Land Note 11,000,000 Construction Interest 1,498,455 104,407 Deferred Developer Fee 304,842 38,333 Construction Loan Fees 357,585 24,915 Total Sources $54,184,901 $3,775,421 $57,960,322 Permanent Loan Fees 89,932 6,266 Accounting & Audit 23,372 1,628
Appraisal/Market Study 23,372 1,628
Architecture 1,682,752 117,248
Engineering 233,715 16,285
Consultants 303,830 21,170
Environmental 233,715 16,285
Financial Advisor/Consulta 18,697 1,303
Furnishings 371,140 25,860
Impact Fees 1,168,577 81,423
Lease-Up & Marketing 112,183 7,817
Legal 135,555 9,445
Operating & DS Reserve 325,293 22,665
Other (Admin) 14,023 977
Other (Security) 16,828 1,172
NPLH Rent Reserve 444,059 30,941
Permit Fees 612,470 42,675
Property Taxes + Insuranc 364,596 25,404
Soft Cost Contingency 626,741 43,669
TC Fees 155,187 10,813
Title & Recording 28,046 1,954
Developer Fee 2,056,696 143,304
Total Uses $54,184,901 $3,775,422 $57,960,323
Sources & Uses: Highlight sources and uses of potential funding Prepared by: Keyser Marston Associates, Inc.

File name: 1318 Fourth Street RFP Evaluations 1 27 20 BW; Jamboree Page 39 of 43 1318 Fourth Street RFP Responses
Applicant Venice Community Housing Corporation AMI No. of Units % 30% 50 37%
30% 8 6%
50% 11 8%
Project Name HOLM 60% 11 8%
80% 15 11%
30% 8 6%
50% 11 8%
60% 9 7%
80% 11 8%
- 1 1%
135 100%
Partner
$67,921,841
$503,125
Underwriting Assumptions Proceeds Interest Term (mos)
$ 45,989,723 3.69% 24 $858,903
$ 14,112,149 3.79% 420 $6,362
LIHTC
Yes Mar-21
Tax Credit Amount 4% Aug-23
Aug-23
Dec-24

PROJECT SUMMARY SHEET - VENICE COMMUNITY HOUSING CORPORATION Unit Size
2 BR
Manager
National CORE Project Cost
Total Development Cost
TDC Per Unit
Construction Total Annual
Permanent Loan Per Unit
Operating Budget
100% Occupancy
Studio
1 BR
Development Timeline
Assumes LIHTC Financing Construction Start
Construction End
Marketing/Lease-Up Begins
Prepared by: Keyser Marston Associates, Inc.

File name: 1318 Fourth Street RFP Evaluations 1 27 20 BW; Venice Community Housing Page 40 of 43 1318 Fourth Street RFP Responses

PROJECT SUMMARY SHEET - VENICE COMMUNITY HOUSING CORPORATION Developer / Team: Summary of Developer Experience , highlighting specific experience in City of Santa Monica Founded in 1988, Venice Community Housing Corporation (VCHC) has extensive experience providing affordable housing and supportive services to lowincome and chronically homeless populations in the Venice, Mar Vista and Del Rey neighborhoods. Their portfolio includes 236 units of affordable housing (including 77 PSH units). For their supportive housing portfolio, VCHC has an in-house intensive case management team providing a range of services to residents. In 2018, VCHC secured CDBG funding with Santa Monica to renovate Navy Blue apartments, a 14-unit PSH development. VCHC recently secured approval from the Costal Commission for the first 100% PSH development in Venice. VCHC is partnering with National CORE, a leader in sustainable and affordable developments for over 25 years. National CORE's portfolio includes over 9,000 units in 4 states, with 6,700 units in Southern California. They are the developer, owner, operater and service provider for all of their properties. VCHC and National CORE will form a LLC for the development and management of this project.

The architecture firm, KoningEizenberg, has worked in the City for decades and completed over a dozen projects in the community including two schools, the Pico Branch Library, and other mixed use projects.

Project Description: Highlight the project's description, occupancy profile, ground floor plan, and how the project meets the RFP objectives .

HOLM will be an innovative affordable supportive housing community and public park, consisting of both PSH and workforce housing for a total of 135 units, including 1 manager's unit and 50 studio PSH units. A variety of unit types from studios to two-bedroom units will serve a range of individuals and families. According to the LA County Park Needs Assessment, downtown Santa Monica has a high parks need and this property provides an opportunity to address that. The HOLM pocket park and pedestrian paseo (5,300 square feet), as well as publically accessible rooftop gardens, will provide recreation for both residents and visitors. In addition to an 8,620 square foot public roof deck, there will also be a private courtyard on the 2nd floor used exclusively for resident recreation and meetings.

The ground floor will consist of neighborhood-serving commercial uses totalling approximately 30,000 square feet, including a local bookstore, a bowling alley, and shared-use community room to engage neighbors and visitors. The development team plans to engage neighbors and the public to refine the ground floor program and uses. The application does not mention whether any parking is provided.

Prepared by: Keyser Marston Associates, Inc.

File name: 1318 Fourth Street RFP Evaluations 1 27 20 BW; Venice Community Housing Page 41 of 43 1318 Fourth Street RFP Responses

PROJECT SUMMARY SHEET - VENICE COMMUNITY HOUSING CORPORATION The developer anticipates financing the project with tax-exempt multifamily bonds and 4% LIHTC's. They are also planning to leverage funding from No Place Like Home and Affordable Housing Trust Fund (LACDA), and the Affordable Housing Program (FHLB). They also anticipate receiving 66 flexible housing subsidy pool vouchers from the County of LA DHS. They do not plan to request any of the City's Affordable Housing Trust Funds. The proposal appears to state that the commercial space will be funded using the permanent loan and Tax Credit equity. This requires developer clarification since LIHTC's cannot be used for commercial development.

The commercial rents are assumed at a NNN lease for $5.25 per square foot for the bowling alley and a discounted lease rate of $4.00 per square foot for the bookstore. The net income will be split evenly between the development team and the City.

The development team is proposing a long term ground lease for a minimum 90 year term, with the ground lease value to be determined by appraisal.

Residual receipts will be split pro rata between the public funding sources basead on total funds allocated. The team will collaborate on the terms of the annual lease payment to the City and will be flexible to the City's needs.

Supportive Services: Identify provider and summarize services concept and funding strategy VCHC will be the lead service provider coordinating an array of services from the project's 932 square foot ground-floor community room as well as 4 private offices used to facilitate counseling sessions and case management.

Two full-time service coordinators will work in the building providing case management services and activity planning for all tenants; the developer anticipates that annual cash flow will support this component of the service plan. As an approved ICMS provider in LA County's Housing for Health program, VCHC has also secured a commitment letter to fund 66 PSH tenants for up to $356,400/year. CVHC also has experience raising private funds for the purpose of providing supportive services. In addition to the in-house services provided, VCHC will form a partnership w/ other service providers which may include Santa Monica organizations Chrysalis, CLARE-Matrix, Upward Bound House, Westside Food Bank and Westside Family Health Center (letters of support from these organizations are included in the application).

File name: 1318 Fourth Street RFP Evaluations 1 27 20 BW; Venice Community Housing Page 42 of 43 1318 Fourth Street RFP Responses

PROJECT SUMMARY SHEET - VENICE COMMUNITY HOUSING CORPORATION Construction Sources Residential Commercial Total Uses
Construction Loan $37,738,190 $8,342,029 Land Cost/Acquisition $21,000 NPLH - LACDA 14,840,000 Hard Costs 49,599,218
AHTF - LACDA 2,540,554 Permits & Fees 2,447,173
LP Equity - Federal 2,324,902 Architecture & Engineering 2,355,073 Deferred Developer Costs 2,133,423 2,743 Reports/Studies 32,500 Total Construction Sources $59,577,069 $8,344,772 $67,921,841 Financing Costs 3,681,087 Legal 75,000
Permanent Sources Construction-related 440,500
Permanent loan $14,112,149 $5,581,000 Reserves 396,886
NPLH - LACDA 14,840,000 Developer Fee 8,412,235
AHP - FHLB 1,340,000 Related Development Costs 461,170
Santa Monica Local Dev Impact Fees 1,186,884 Total Uses $67,921,842 AHTF - LACDA 2,540,554
LP Equity - Federal 20,485,247 2,763,772
GP Equity - Developer Fee 5,072,235
Total Permanent Sources $59,577,069 $8,344,772 $67,921,841 Sources & Uses: Highlight sources and uses of potential funding Prepared by: Keyser Marston Associates, Inc.

File name: 1318 Fourth Street RFP Evaluations 1 27 20 BW; Venice Community Housing Page 43 of 43

Santa Monica City CouncilJanuary 11, 2022

Santa Monica City Council
January 11, 2022