144
Date Payment Interest Principal Balance
25 01/01/2027 1,250.00 1,250.00 0.00 500,000.00
26 02/01/2027 1,250.00 1,250.00 0.00 500,000.00
27 03/01/2027 1,250.00 1,250.00 0.00 500,000.00
28 04/01/2027 1,250.00 1,250.00 0.00 500,000.00
29 05/01/2027 1,250.00 1,250.00 0.00 500,000.00
30 06/01/2027 1,250.00 1,250.00 0.00 500,000.00
31 07/01/2027 1,250.00 1,250.00 0.00 500,000.00
32 08/01/2027 1,250.00 1,250.00 0.00 500,000.00
33 09/01/2027 1,250.00 1,250.00 0.00 500,000.00
34 10/01/2027 1,250.00 1,250.00 0.00 500,000.00
35 11/01/2027 1,250.00 1,250.00 0.00 500,000.00
36 12/01/2027 1,250.00 1,250.00 0.00 500,000.00
2027 Totals 15,000.00 15,000.00 0.00
37 01/01/2028 3,452.91 1,250.00 2,202.91 497,797.09
38 02/01/2028 3,452.91 1,244.49 2,208.42 495,588.67
39 03/01/2028 3,452.91 1,238.97 2,213.94 493,374.73
40 04/01/2028 3,452.91 1,233.44 2,219.47 491,155.26
41 05/01/2028 3,452.91 1,227.89 2,225.02 488,930.24
42 06/01/2028 3,452.91 1,222.33 2,230.58 486,699.66
43 07/01/2028 3,452.91 1,216.75 2,236.16 484,463.50
44 08/01/2028 3,452.91 1,211.16 2,241.75 482,221.75
45 09/01/2028 3,452.91 1,205.55 2,247.36 479,974.39
46 10/01/2028 3,452.91 1,199.94 2,252.97 477,721.42
47 11/01/2028 3,452.91 1,194.30 2,258.61 475,462.81
48 12/01/2028 3,452.91 1,188.66 2,264.25 473,198.56
2028 Totals 41,434.92 14,633.48 26,801.44
49 01/01/2029 3,452.91 1,183.00 2,269.91 470,928.65
50 02/01/2029 3,452.91 1,177.32 2,275.59 468,653.06
51 03/01/2029 3,452.91 1,171.63 2,281.28 466,371.78
52 04/01/2029 3,452.91 1,165.93 2,286.98 464,084.80
53 05/01/2029 3,452.91 1,160.21 2,292.70 461,792.10
54 06/01/2029 3,452.91 1,154.48 2,298.43 459,493.67
55 07/01/2029 3,452.91 1,148.73 2,304.18 457,189.49
56 08/01/2029 3,452.91 1,142.97 2,309.94 454,879.55
57 09/01/2029 3,452.91 1,137.20 2,315.71 452,563.84
58 10/01/2029 3,452.91 1,131.41 2,321.50 450,242.34
59 11/01/2029 3,452.91 1,125.61 2,327.30 447,915.04
60 12/01/2029 3,452.91 1,119.79 2,333.12 445,581.92
2029 Totals 41,434.92 13,818.28 27,616.64
61 01/01/2030 3,452.91 1,113.95 2,338.96 443,242.96
62 02/01/2030 3,452.91 1,108.11 2,344.80 440,898.16
63 03/01/2030 3,452.91 1,102.25 2,350.66 438,547.50
64 04/01/2030 3,452.91 1,096.37 2,356.54 436,190.96
02/21/2024 1:57 AM
145
Date Payment Interest Principal Balance
65 05/01/2030 3,452.91 1,090.48 2,362.43 433,828.53
66 06/01/2030 3,452.91 1,084.57 2,368.34 431,460.19
67 07/01/2030 3,452.91 1,078.65 2,374.26 429,085.93
68 08/01/2030 3,452.91 1,072.71 2,380.20 426,705.73
69 09/01/2030 3,452.91 1,066.76 2,386.15 424,319.58
70 10/01/2030 3,452.91 1,060.80 2,392.11 421,927.47
71 11/01/2030 3,452.91 1,054.82 2,398.09 419,529.38
72 12/01/2030 3,452.91 1,048.82 2,404.09 417,125.29
2030 Totals 41,434.92 12,978.29 28,456.63
73 01/01/2031 3,452.91 1,042.81 2,410.10 414,715.19
74 02/01/2031 3,452.91 1,036.79 2,416.12 412,299.07
75 03/01/2031 3,452.91 1,030.75 2,422.16 409,876.91
76 04/01/2031 3,452.91 1,024.69 2,428.22 407,448.69
77 05/01/2031 3,452.91 1,018.62 2,434.29 405,014.40
78 06/01/2031 3,452.91 1,012.54 2,440.37 402,574.03
79 07/01/2031 3,452.91 1,006.44 2,446.47 400,127.56
80 08/01/2031 3,452.91 1,000.32 2,452.59 397,674.97
81 09/01/2031 3,452.91 994.19 2,458.72 395,216.25
82 10/01/2031 3,452.91 988.04 2,464.87 392,751.38
83 11/01/2031 3,452.91 981.88 2,471.03 390,280.35
84 12/01/2031 3,452.91 975.70 2,477.21 387,803.14
2031 Totals 41,434.92 12,112.77 29,322.15
85 01/01/2032 3,452.91 969.51 2,483.40 385,319.74
86 02/01/2032 3,452.91 963.30 2,489.61 382,830.13
87 03/01/2032 3,452.91 957.08 2,495.83 380,334.30
88 04/01/2032 3,452.91 950.84 2,502.07 377,832.23
89 05/01/2032 3,452.91 944.58 2,508.33 375,323.90
90 06/01/2032 3,452.91 938.31 2,514.60 372,809.30
91 07/01/2032 3,452.91 932.02 2,520.89 370,288.41
92 08/01/2032 3,452.91 925.72 2,527.19 367,761.22
93 09/01/2032 3,452.91 919.40 2,533.51 365,227.71
94 10/01/2032 3,452.91 913.07 2,539.84 362,687.87
95 11/01/2032 3,452.91 906.72 2,546.19 360,141.68
96 12/01/2032 3,452.91 900.35 2,552.56 357,589.12
2032 Totals 41,434.92 11,220.90 30,214.02
97 01/01/2033 3,452.91 893.97 2,558.94 355,030.18
98 02/01/2033 3,452.91 887.58 2,565.33 352,464.85
99 03/01/2033 3,452.91 881.16 2,571.75 349,893.10
100 04/01/2033 3,452.91 874.73 2,578.18 347,314.92
101 05/01/2033 3,452.91 868.29 2,584.62 344,730.30
102 06/01/2033 3,452.91 861.83 2,591.08 342,139.22
103 07/01/2033 3,452.91 855.35 2,597.56 339,541.66
104 08/01/2033 3,452.91 848.85 2,604.06 336,937.60
02/21/2024 1:57 AM
146
Date Payment Interest Principal Balance
105 09/01/2033 3,452.91 842.34 2,610.57 334,327.03
106 10/01/2033 3,452.91 835.82 2,617.09 331,709.94
107 11/01/2033 3,452.91 829.27 2,623.64 329,086.30
108 12/01/2033 3,452.91 822.72 2,630.19 326,456.11
2033 Totals 41,434.92 10,301.91 31,133.01
109 01/01/2034 3,452.91 816.14 2,636.77 323,819.34
110 02/01/2034 3,452.91 809.55 2,643.36 321,175.98
111 03/01/2034 3,452.91 802.94 2,649.97 318,526.01
112 04/01/2034 3,452.91 796.32 2,656.59 315,869.42
113 05/01/2034 3,452.91 789.67 2,663.24 313,206.18
114 06/01/2034 3,452.91 783.02 2,669.89 310,536.29
115 07/01/2034 3,452.91 776.34 2,676.57 307,859.72
116 08/01/2034 3,452.91 769.65 2,683.26 305,176.46
117 09/01/2034 3,452.91 762.94 2,689.97 302,486.49
118 10/01/2034 3,452.91 756.22 2,696.69 299,789.80
119 11/01/2034 3,452.91 749.47 2,703.44 297,086.36
120 12/01/2034 3,452.91 742.72 2,710.19 294,376.17
2034 Totals 41,434.92 9,354.98 32,079.94
121 01/01/2035 3,452.91 735.94 2,716.97 291,659.20
122 02/01/2035 3,452.91 729.15 2,723.76 288,935.44
123 03/01/2035 3,452.91 722.34 2,730.57 286,204.87
124 04/01/2035 3,452.91 715.51 2,737.40 283,467.47
125 05/01/2035 3,452.91 708.67 2,744.24 280,723.23
126 06/01/2035 3,452.91 701.81 2,751.10 277,972.13
127 07/01/2035 3,452.91 694.93 2,757.98 275,214.15
128 08/01/2035 3,452.91 688.04 2,764.87 272,449.28
129 09/01/2035 3,452.91 681.12 2,771.79 269,677.49
130 10/01/2035 3,452.91 674.19 2,778.72 266,898.77
131 11/01/2035 3,452.91 667.25 2,785.66 264,113.11
132 12/01/2035 3,452.91 660.28 2,792.63 261,320.48
2035 Totals 41,434.92 8,379.23 33,055.69
133 01/01/2036 3,452.91 653.30 2,799.61 258,520.87
134 02/01/2036 3,452.91 646.30 2,806.61 255,714.26
135 03/01/2036 3,452.91 639.29 2,813.62 252,900.64
136 04/01/2036 3,452.91 632.25 2,820.66 250,079.98
137 05/01/2036 3,452.91 625.20 2,827.71 247,252.27
138 06/01/2036 3,452.91 618.13 2,834.78 244,417.49
139 07/01/2036 3,452.91 611.04 2,841.87 241,575.62
140 08/01/2036 3,452.91 603.94 2,848.97 238,726.65
141 09/01/2036 3,452.91 596.82 2,856.09 235,870.56
142 10/01/2036 3,452.91 589.68 2,863.23 233,007.33
143 11/01/2036 3,452.91 582.52 2,870.39 230,136.94
144 12/01/2036 3,452.91 575.34 2,877.57 227,259.37
02/21/2024 1:57 AM
147
Date Payment Interest Principal Balance
2036 Totals 41,434.92 7,373.81 34,061.11
145 01/01/2037 3,452.91 568.15 2,884.76 224,374.61
146 02/01/2037 3,452.91 560.94 2,891.97 221,482.64
147 03/01/2037 3,452.91 553.71 2,899.20 218,583.44
148 04/01/2037 3,452.91 546.46 2,906.45 215,676.99
149 05/01/2037 3,452.91 539.19 2,913.72 212,763.27
150 06/01/2037 3,452.91 531.91 2,921.00 209,842.27
151 07/01/2037 3,452.91 524.61 2,928.30 206,913.97
152 08/01/2037 3,452.91 517.28 2,935.63 203,978.34
153 09/01/2037 3,452.91 509.95 2,942.96 201,035.38
154 10/01/2037 3,452.91 502.59 2,950.32 198,085.06
155 11/01/2037 3,452.91 495.21 2,957.70 195,127.36
156 12/01/2037 3,452.91 487.82 2,965.09 192,162.27
2037 Totals 41,434.92 6,337.82 35,097.10
157 01/01/2038 3,452.91 480.41 2,972.50 189,189.77
158 02/01/2038 3,452.91 472.97 2,979.94 186,209.83
159 03/01/2038 3,452.91 465.52 2,987.39 183,222.44
160 04/01/2038 3,452.91 458.06 2,994.85 180,227.59
161 05/01/2038 3,452.91 450.57 3,002.34 177,225.25
162 06/01/2038 3,452.91 443.06 3,009.85 174,215.40
163 07/01/2038 3,452.91 435.54 3,017.37 171,198.03
164 08/01/2038 3,452.91 428.00 3,024.91 168,173.12
165 09/01/2038 3,452.91 420.43 3,032.48 165,140.64
166 10/01/2038 3,452.91 412.85 3,040.06 162,100.58
167 11/01/2038 3,452.91 405.25 3,047.66 159,052.92
168 12/01/2038 3,452.91 397.63 3,055.28 155,997.64
2038 Totals 41,434.92 5,270.29 36,164.63
169 01/01/2039 3,452.91 389.99 3,062.92 152,934.72
170 02/01/2039 3,452.91 382.34 3,070.57 149,864.15
171 03/01/2039 3,452.91 374.66 3,078.25 146,785.90
172 04/01/2039 3,452.91 366.96 3,085.95 143,699.95
173 05/01/2039 3,452.91 359.25 3,093.66 140,606.29
174 06/01/2039 3,452.91 351.52 3,101.39 137,504.90
175 07/01/2039 3,452.91 343.76 3,109.15 134,395.75
176 08/01/2039 3,452.91 335.99 3,116.92 131,278.83
177 09/01/2039 3,452.91 328.20 3,124.71 128,154.12
178 10/01/2039 3,452.91 320.39 3,132.52 125,021.60
179 11/01/2039 3,452.91 312.55 3,140.36 121,881.24
180 12/01/2039 3,452.91 304.70 3,148.21 118,733.03
2039 Totals 41,434.92 4,170.31 37,264.61
181 01/01/2040 3,452.91 296.83 3,156.08 115,576.95
182 02/01/2040 3,452.91 288.94 3,163.97 112,412.98
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148
Date Payment Interest Principal Balance
183 03/01/2040 3,452.91 281.03 3,171.88 109,241.10
184 04/01/2040 3,452.91 273.10 3,179.81 106,061.29
185 05/01/2040 3,452.91 265.15 3,187.76 102,873.53
186 06/01/2040 3,452.91 257.18 3,195.73 99,677.80
187 07/01/2040 3,452.91 249.19 3,203.72 96,474.08
188 08/01/2040 3,452.91 241.19 3,211.72 93,262.36
189 09/01/2040 3,452.91 233.16 3,219.75 90,042.61
190 10/01/2040 3,452.91 225.11 3,227.80 86,814.81
191 11/01/2040 3,452.91 217.04 3,235.87 83,578.94
192 12/01/2040 3,452.91 208.95 3,243.96 80,334.98
2040 Totals 41,434.92 3,036.87 38,398.05
193 01/01/2041 3,452.91 200.84 3,252.07 77,082.91
194 02/01/2041 3,452.91 192.71 3,260.20 73,822.71
195 03/01/2041 3,452.91 184.56 3,268.35 70,554.36
196 04/01/2041 3,452.91 176.39 3,276.52 67,277.84
197 05/01/2041 3,452.91 168.19 3,284.72 63,993.12
198 06/01/2041 3,452.91 159.98 3,292.93 60,700.19
199 07/01/2041 3,452.91 151.75 3,301.16 57,399.03
200 08/01/2041 3,452.91 143.50 3,309.41 54,089.62
201 09/01/2041 3,452.91 135.22 3,317.69 50,771.93
202 10/01/2041 3,452.91 126.93 3,325.98 47,445.95
203 11/01/2041 3,452.91 118.61 3,334.30 44,111.65
204 12/01/2041 3,452.91 110.28 3,342.63 40,769.02
2041 Totals 41,434.92 1,868.96 39,565.96
205 01/01/2042 3,452.91 101.92 3,350.99 37,418.03
206 02/01/2042 3,452.91 93.55 3,359.36 34,058.67
207 03/01/2042 3,452.91 85.15 3,367.76 30,690.91
208 04/01/2042 3,452.91 76.73 3,376.18 27,314.73
209 05/01/2042 3,452.91 68.29 3,384.62 23,930.11
210 06/01/2042 3,452.91 59.83 3,393.08 20,537.03
211 07/01/2042 3,452.91 51.34 3,401.57 17,135.46
212 08/01/2042 3,452.91 42.84 3,410.07 13,725.39
213 09/01/2042 3,452.91 34.31 3,418.60 10,306.79
214 10/01/2042 3,452.91 25.77 3,427.14 6,879.65
215 11/01/2042 3,452.91 17.20 3,435.71 3,443.94
216 12/01/2042 3,452.91 8.97 3,443.94 0.00
2042 Totals 41,434.92 665.90 40,769.02
Grand Totals 666,523.80 166,523.80 500,000.00
Last interest amount increased by 0.36 due to rounding.
02/21/2024 1:57 AM
149
ANNUAL
PERCENTAGE
RATE
The cost of your credit
as a yearly rate.
FINANCE
CHARGE
The dollar amount the
credit will cost you.
Amount Financed
The amount of credit
provided to you or on
your behalf.
Total of Payments
The amount you will
have paid after you
have made all
payments as
scheduled.
3.000% $166,523.80 $500,000.00 $666,523.80
02/21/2024 1:57 AM
150
The Ridge
A Resort Inspired Lifestyle Community in Simi Valley
The Ridge Satisfies The Need for Luxury Infill Development with a California Contemporary Design 151
The Churchill
A Resort Inspired Lifestyle Community in Simi Valley
he Churchill Satisfies The Need for Luxury Infill Development with a California Contemporary Design 152
WHO WE ARE:
- Chris Itule – (P artner) Real Estate Developer
- Adrian Stern – (P artner) CPA, College Professor
& Property Management
- L. Larry Clumeck – ( Partner) CPA Accounting
Manager
- Luke Appel- ( Part ner) Real Estate Developer
Construction Supervisor
- Jared Goldstein- Real Est ate Property
Management
153
Prior Developments:
1196 Patricia Avenue 65 Units 1260 Patricia Avenue 54 Units 154
Benefits to
the
Community
$35 Million Construction Dollars spent
in Simi Valley To Date
119 (Class A) Apartments created
Affordable housing Apartments created
Social effects to help clean up the
PatriciaAve corridors.
Retention of millennium demographic
155
DRAFT ACTION MINUTES OF THE AFFORDABLE HOUSING SUBCOMMITTEE THURSDAY, MAY 30, 2024
CITY HALL COMMUNITY ROOM
2929 Tapo Canyon Road
1. CALL TO ORDER
The Affordable Housing Subcommittee Meeting was call to order at 5:02 p.m.
Mayor Pro Term Rocky Rhodes and Council Member Mike Judge were present.
2. AGENDA REVIEW
Deputy Environmental Services Director, Mara Malch stated correspondence was received, which was provided to the Subcommittee members for review and made part of the public record.
3. APPROVAL OF MINUTES: None
4. PUBLIC COMMENTS: None
5. CONTINUED BUSINESS: None
6. NEW BUSINESS
A. Review of a request from Heywood Street Associates LLC for financial assistance through the City’s Successor Housing Agency fund, to establish the necessary financing for the construction and stabilization of the Churchill Apartments, an approved 91-unit multifamily housing project with five deed restricted affordable units, located at 1850 Heywood Street.
Mara Malch, Deputy Environmental Services Director provided an overview of the Successor Housing Agency funds and gave a brief explanation of the Agency’s obligations.
Eric Chen, Associate Planner provided an overview of the project’s affordability component and details of the proposed loan terms. The Churchill Apartments was previously approved for 91 units with five affordable units deed restricted for Very Low-Income households (at 50% of the Area Median Income – AMI) over a term of 55 years. This Affordable Housing Agreement amendment request would allow the Applicant to receive a $1,000,000 bridge loan from the City’s Successor Housing Agency fund (with a 3% annual simple interest over a term of 18 years), to help finance construction and project stabilization. In return, the Applicant will provide deeper affordability by writing-down tenant rents for one of the 156
existing affordable units to the Extremely Low -Income category (30% o f AMI) and convert all five affordable units from assigned (fixed apartment number and bedroom mix) to floating units with bedroom mix adjustable according to each household size.
The applicant, Chris Itule and business partner, Adrian Stern spoke on behalf of their project and explained the benefit and amenities of having these projects completed in the city.
It was the consensus of the Subcommittee to recommend the City Council provide the loan and approve the amendments to the unit mix in the Affordable Housing Agreement.
B. Review of a request from 1850 HAS, LLC for financial assistance through the City’s Suc cessor Housing Agency fund, to establish the necessary financing for the construction and stabilization of the Ridge A partments, a 66-unit multifamily housing project with five deed restricted affordable units, located at 1575 Erringer Road.
Eric Chen, A ssociate Planner provided and overview of the project’s affordability component and details of the proposed loan terms. The Ridge Apartments is a 66-unit rental housing community proposal with a 55-year term Affordable Housing Agreement setting aside five affordable units: one Extremely Low-Income unit at 30% of the AMI; three Very Low-Income units at 50% of AMI; and one L ower-Income unit at 8 0% of AMI . By providing deeper affordability to the project, in return, the Applicant requests for a $500,000 bridge loan from the City’s Successor Housing Agency fund (with a 3% annual simple in terest over a term of 18 years) to help finance construction and project stabilization.
The applicant, Chris Itule and business partner, Adrian Stern spoke on behalf of their project and explained the benefit and amenities of having these projects completed in the city.
It was the consensus of the Subcommittee to recommend the City Council provide the loan and approve the Affordable Housing Agreement.
7. SUBCOMMITTEE MEMBER AND STAFF COMMENTS: None
8. ADJOURNMENT:
5:39 p.m.
Minutes prepared by:
Claudia De Leon
157