First Redevelopment Agency Loan Modification Agreement 2009-0254445
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RECORDED AH"!rREQUEST Of
CHICAGO TITLE CO:
DOW 2009-0254445
I 11111111 III 11111 om 111111111111111111111111111111111111111111111111
MAY 13, 2009
4:59 PM
Recording' requested by and
When recorded:mait'to:
OFFIi IAL REC[lFI[I',
',AN DIEI~O COUt-ITY REmRDEFI",; OFFICE
[1,6.VI[1 L E:UTLER,. LUUNT'Y' ,~ECORDER
FE E ~;. O. 01:1 W,6Y~:: 3
PAGES: 31
11111111111111111111111111111111111111111111111111111111111111111111111111111111
PowayRedevelopmenl Agency
13325 Civic Center Drive ,\'?
Poway, CA 92064 t\~ ~
Atln: Executive Director
No fee for recordation pursuant to
Government Code Section 27383
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FIRST REDEVELOPMENT AGENCY LOAN MODIFICATION AGREEMENT
(Oak Knoll Villas)
This First Redevelopment Agency Modification Agreement (the" Modification
Agreement") is entered into as of April1.l, 2009, by and between thepoway Redevelopment
Agency, a public body corporate and politic and Oak Knoll Housing Associates, L.P., a
California limited partnership (the "Borrower")
RECITALS
A, The Agency and the,Bc:nTower entered into that certain Agency'Loan Agreement executed on
March 11,2008 (the "Agency Loan Agreement"), pursuanlto which the Agency committed
Seven Million Three Hundred Twenty'Nine Thousand Dollars ($7,329,000) ofAge!1cy Low
and Moderate Income Housing Fund monies (the "Agency Loan") in corinectiol1.with the
acquisition of the property located at. 12509 Oak Knoll Road, in the City of Po way, C.cunty
of San Diego, State of.California, that is described in the attached Exhibii A. incorporated
herein by this reference, (the "Property") and the rehabilitation ora fifty-two (52)-unit
multifamily rental housing development thereon (the "Development").
B, The Agel1cy Loan is evidenced by,a.promissory note (the "Original Agency Note") executed
by the,Borr6w'erin favor.. of the Agency dated March II, 20bs, secured by a Deed of Trust
with Assignment of Rents ,and Security Agreement (the "Agency Deed of Trust") dated
March II, 2008, and recorded against the Property on April I, 2bOS,as Instrument No. 2008-
0169320in.the Official Records of the County of San Diego (the "Official Records").
C. The. Agency Loan is subject to the terms and conditions of a Regulatory Agreement and
Declaratio.n of Restrictive Covenants (the "Regulatory Agreement") by and between the
Agency and the Borrower restricting the occupancy and rent.levels of the Development dated
March 1l,20Q8)and recorded against the Property on April 1,2008, as Instrument No. 2008-
0169321 ih the Official Records.
D. In order to comply with requirements of the City of P6way Design Review Committee, the
Borrower will provide certainarchitectural enhancements to the Ta<;ade of the Development.
The architectural enhancements are projected to increase the cost of the rehabilitation of the '
Development by approximately One Hundred Thousand Dollars ($1 00,000). On November
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IS, 2008 the City Council:approved, Development Review application 08.04 and an
additionaLappropriation of One Hundred Thollsand Dollars ($ 100,000) bringing the Agency
Loan amollnt to Seven Million'Pour Hlindred Twenty.Nine Thousand Dollars ($7,429,000),
E. A fiscal crisis has plagued the State of California and the country, the result of which is a
precipitolls drop in the value of the tax credits and substantial decrease in capital invested in
affordable housing by tax credit investors. The original investor limited partner selected by
the Borrower withdrew its iuvestment commitment and the' BOrTowerwas forced to find a
new investor limited partner. The fiscal crisis caused an equity gap of approximately Five
Hundred Sixty-Two Thousand Dollars ($562,000).
F. The Agency and the Borrower desire to further modify the Loan Agreement, Agency Note
and the Agency Deed of Trust to reflect an increase in the loan amount by a total of Six
Hundred Sixty- Two ThousandDollars ($662,000) of Low and Moderate Income Housi~g
Fund,rnonies, for a total Agency Loan amount of Seven Million Nine Hundred Ninety-One
Thousand Dollars ($7,991,000) (the "New Agency Loan Amount") to fund the favade
improvements and the equity gap for the Development. The'Agency and the Borrower deSIre,
to amend the Agency Loan Agreement, the Agency Note, and the Agency Deed of Trust to
reflect the New Agency Loan Amount.
G. Capitalized terms utilized in this Agreement but not defined in this Agreement shall have the
meanings set forth in the Agency Loan Agreement.
NOW, THEREFORE" in consideration of the mutual benefits accruing to the parties
hereto and other valuable consideration, the receipt and sufficiency of which, consideration are
hereby acknowledged, the Agency and the Borrower (referred to individually as the "party" and
collectively as the "Parties") agree as follows:
1. Amendment of Al!encv Loan Al!reement. The Agency Loan Agreement is
hereby amended as fo 1I0ws:
(a)
the following:
Recital C. Recital C is hereby deleted in its entirety and replaced with
"The Agency desires' to provide financial assistance'to Borrower for acquisition
and rehabilitation costs in the form of a loan for a total amount not to exceed Seven
Million Nine Hundred Ninety.One Thousand Dollars ($7,991,000) (the "Loan"). The
Loan consists of funds from the Agency's Redevelopment Low and Moderate Income
. Housing Fund. The Agency and the City Council have made the necessary findings to
spend Agency Low and Moderate Income Housing Fund revenues outside of the Project
Area, as evidenced, respectively, by Resolutions No. R-08-0S and Resolution No.08-012
adopted on March II, 2008."
(b) Aonroved Develnoment Budl!et. SectionLl (d) of the Agency Loan
Agreement is hereby deleted in its entirety and replaced with the following:
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""Kpproved'Development Budget" shall mean,the profonna development budget
dated as of March 25, 2009>including sources and uses offunds, as approved by the
Agency, attached to and incorporated in the Modi't'ication Agreement as Exhibit B, but
which maybe amended with approval of the Agency as set forth in the Agreement."
(c) A!!encv Loan Amount. Section l.l(e)ofthe Agency Loan Agreement is
hereby deleted in its entirety and replaced with the following:
"(el "Approved Financing" shall be limited to all of the following funds
acquired by the Borro:>"erand approved by the Agency for the,purpose offimil1cing the
Development, in addition to the Loan:
(i) A loan from the Interim Bank in,the,approximate amount of Three
Million One Hundred Thousand Dollars ($3.100,000) (the "Interim
Loan");
(ii) Multifamily housing tax-exempt revenue bonds issued by the
California Statewide Communities Development Authority (the'
"Authority") in the approximate amount of Six Million Five Hundred
Thousand Dollars ($6,500,000) for the purpqse of providing financing for
the acquisition and rehabilitation of the Development (the "Bond
Financing") and intended to be paid down to approximately Two Million
Three Hundred Forty Thousand Dollars ($2,340,000) aftercompletion of
rehabilitation (the "Bond Loan");
(iii) Tax credit investor limited partner capitalcontribution in the
approximate amount of Two Million Five Hundred Sixty Thousand Tluee
Dollars ($2,560,003);
(iv) General partner capital contribution in an amount of not less than
Three Hundred Sixty-Two Thousand Five Hundred Fifty-Six Dollars
($362,556); and
(v) Sponsor loan from Community Housing Works, a California
nonprofiipublic,benefit corporation in an amount notless,than Two
Hundred Ten Thousand Dollars ($21 O,OOO)(the "Sponsor Loan")."
(d) A!!encv Loan Amount. Section l.l(s) ofthe Agency Loan Agreement is
hereby deleted in its entirety and replaced with the following:
""Loan" shall mean the Agency loan to Borrowerin,the total principal amount not
to exceed Seven Million Nine Hundred Ninety-One Thousand Dollars ($7;991,000)"
(e) Revised Schedule of Performance. Section l.l(aa),ofthe Agency Loan
Agreement is hereby deleted'in its entirety and replaced with the foIlowing:
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""schedtikof Performance" shall mean the .schedul~'ofdates certain by which
perfonnanceofwork under the Revised Approved Scope of Rehabilitation Work must be
completed, attached to and incorporated in the Modification Agreement as Exhibit C, but
which maybe amended with approval of the Agency as set forth in the Agreement."
(I) Revised Scope of Rehabilitation Work Section l.l(dd) is hereby
added to the Agency Loan Agreement and shall read as follows:
""Revised Approved Scope of Rehabilitation W, ork" shall,mean the re,vised scope
of rehabilitation work'approved by the Agency, attached to and incorporated in the
Modification Agreement as Exhibit D, but which may be'amended with approval of the
Agency as set forth in the Agreement."
(g) Al!encyLoan. Section 2.1 of the Agency Loan Agreement is hereby
deleted in its entirety and replaced with the following:
"2.1 Loan
"The Agency shall loan to the Borrower the Loan in the principal amountnot,to
exceed Seven Million,Nine Hundred Ninety-One Thousand Dollars ($7,991,000) for the
purposes set forth in Section'2.3 of this Agreement. The obligation to repay theLoan
shall be evidenced by the Note in the form provided by the Agency.
For the purposes of this Article 2, the Loan shall be treated in three (3) separate
components:
i. The "Acquisition Component" shall be in an amount up to
Five Million Three Hundred Twenty-Four Thousand One Hundred Twenty-Three Dollars
($5,324,123). The Acquisition Component shall be used by Borrower to pay specified
acquisition and predevelopment costs.
ii. The "Completion Component" shall be in an amount not to
exceed One Million Dollars ($1,000,000), subject to increase in the sole discretion of the
Executive Director. The Completion Component shall be used by Borrower to pay down
the Bond Loan.
Ill. The ;'Conversion Component" shall be in an amount of One
Million Six Hundred Sixty-Six Thousand EightHundred.Seventy-Seven Dollars
($1,666,877).or the balance of the Loan, whichever is less; and is intended,to provide
additional permanent financing to the Borrower, provided that this amount may be
reduced pursuant to Section 2.6 below."
(h) Interest. Section 2.2(a) of the Agency Loan Agreement is hereby
deleted in its entiretyandTeplaced with the following:
"(a) Interest. Subject to the provisions of Section 2.2(b) below, commencing on the
Agreement Date and continuing until the Conversion Pate the Loan shall bear no interest.
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Commencing on'the'Conve'rsioh,Date and contimiing'Ul1iil ihe.Loan is fully repaid, the
outstanding principal balance of the Loan shalLaccrue'simple interest at the annual rate of
three'percent (3%). To the extent that the Agency's share of Residual Receipts, as set
forth in Section 2.7 of the Agreement, in any year is less than annual interest on the Loan
attributable to this Section 2.2(a), any unpaid interest sluiil noUiccrue"
(i) Conditions toUisbursement ofCompletion'ColDponent. Section
2.5(b) of the Agency Loan Agreement is hereby deleted in its entirety and replaced with the
following:
"(b) The Comoletion Comoonent. The Completion Component of the Loan shall be
disbursed in accordance with.the following provisions of this Section 2.5(b), The
Agency shall notbe obligated to make any disburseme'nts of the Completion Component
of the Loan unless the following conditions precedentare satisfied prior to such
disbursement of the Agency Loan:
(i) The Modification Agreement has been recorded against the
Property in the Office of the Recorder of the County of San Diego;
(ii) The First Amended and Restated Agency Note has been' executed
by the Borrower and delivered to the Agency;
(iii) A title insurer reasonably acceptable to the Agency is
unconditionally and irrevocably committed to issue endorsementNos. 110.6 and 108.8 or
equivalent, to the Agency's ALTA Lender's Policy of insurance, insuring the continued
priority of the Agency Deed of Trust in the amount not to exceed Seven Million Nine
Hundred Ninety-One Thousand Dollars ($7,991,000);
(iv) The,entire sum in an amount of Six Million Five Hundred
Thousand Dollars of the Bond Loan has been disbtirsed to the Borrower, or such lesser
amount as is needed:by the Borrower to complete the Revised Approved Scope of
Rehabilitation while satisfying the 50-percent aggregate basis test under section
42(h)(4)(B) ofthelntemal Revenue Code;
(v) The Borrower shall have completed the rehabilitation of the
Development, recorded a Notice of Completion forthe rehabilitation work and received a
sign-off from the City Building Department that the rehabilitation ,has been completed in
accordance with the Revised Approved Scope of Rehabilitation Work attached to the
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Modification Agreement as Exhibit D; and
(vi) The Borrower shall have submitted,a written request to the Agency
for disbursement of the Completion Component wherein the Borrower shall certify to the
Agency that: (A) the entire.proceeds of the Bond Loan have"been disbursed to Borrower
or such lesser amount as is needed by the Borrower to complete the Revised Approved
Scope of Rehabilitation while,salisfying the 50-percent aggregate basis test under section
42(h)(4)(B) of the Internal Revenue Code; and (B) thatthe Borrower has satisfied the 50'
percent aggregate basis test under section 42(h)(4)(B) of the Internal Revenue Code,
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accompanied by a copyof,the,recorded Notice of Ci:fmpletion and a copy ofthe sign-off
from the City Building Department. So long as.the Agency finds, to its reasonable
satisfaction, that the conditions set forth herein have been satisfied, the Agency shall fund
the Completion Component."
UJ Conditions to Disbursement of Conversion Component. Section
2.5(c) is hereby added to the Agency Loan Agreement and shall read as follows:
"(c) The ConversionComoonent. In addition to the conditions set forth in Section
2.5( d), the Conversion Component of the Loan shall be disbursed in accordance with the
following provisions of this Section 2.5(c) and in accorditncewith Section 2.6(lJ). The
Agency shall not be obiigated to make any disbursements of the Conversion Component
of the Loan unless the.following conditions precedent are satisfied prior to such
disbursement of the Loan'or will be satisfied concurrently with the Agency's
disbursement:
(i) The Borrower has met all the requirements for disbursement.of the,
Completion Component pursuant to Section 2.5(b) and' the Agency has disbursed the
Completion Component;
(ii) The Borrower has converted the Bond Loan from a construction loan to a
permanent loan and paid the Bond Loan down to an approximate balance of Two Million
Three Hundred Forty Thousand Dollars ($2,340,000);
(iii) There exists no Default nor any act, failure, omission, or condition that
would constitute an event of Default under this,Agreement;
(iv) The title insurer has issued an LP-lO rewrite of the Agency's2006 ALTA
Lender's Policy oflnsuranceinsuring the priority of the Deed of Trust in the amount of
the Loan, free of all mechanics liens related to the rehabilitation of the Development, and
subject only to such exceptions and exclusions as maybe reasonably acceptable to the
Agency, and containing, such endorsements as the Agency may reasonably require;
(v) The undisbursed proceeds of the Loan. together, with other funds or firm
commitments for funds that the Borrower has, obtained in connection with the
Development, are not less than the amount that the Agency determines is necessary to
pay fdr"rehabilitation of the Development and to satisfy all of the covenants contained in
this Agreement and the Regulatory Agreement;
(vi) The Tax Credit Investor has, entered the Borrower and made a capital
contribution in the approximate amount of ninety percent (90%) of Two Million Five
HundtedSlxty Thousand Three Dollars ($2,560,003); and
(vii) The Agency has received a written draw request from the Borrower,
including certification that the conditions set forth in Section 2.5(a) and Section2.5(b)
continue to be satisfied, and setting forth the proposed uses of funds consistent with the
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Approved Development Budget, the amount of funds neede.d;and where applicable, a
copy of the bill or invoice covering costs incurred or to be incurred,"
(k) Determination of Final Conversion Component Disbursement.
Section 2.6,ofthe Agency Loan Agreement is deleted in its entirety and replaced with the
following:
"Section 2.6 Determination of Final Conversion Component Disbursement.
(a) The Parties agree that the Conversion Com~ponent may be reduced to reflect
(i) any cost savings on items'listed in the Approved Development Budget ("Cost
Savings") attached to the Modification Agreement as ExhibirB; and (ii) the Agency's
share of proceeds, if'any, that the Borrower is able to secure from TCAC pursuimtio the
requirements of Section 3.3 below (the "TCAP Gap Reduction Amount").
(b) The reduction of the Conversion Component shall be, made pursuant to the
following procedure:F6110wing the completion of the rehabilitation and asa
precondition of the Agency funding the Conversion Component, Borrower shall submit
an accounting to the Agency of (i) actual costs incurred for'completion of tile
rehabilitation of the Development and (ii) a written certificadon of the TCAP Gap
Reduction Amount. The Conversion Component shallbe:adjusted downward in an
amount equal to any Costs, Savings plus TCAP Gap Reduction Amount."
(I) Repavment Schedule (Special ReDavme,iHrom Net Proceeds),
Section 2.7(b) of the Agency Loan Agreement is deleted in its entirety and replaced with the
following:
"(b) Special Repavment from Net Proceeds. The Borrower shall tnakespecial
repayment of the Loan in a,total amount equal to the Net Proceeds of Permanent
Financing remaining after any applicable reduction pursuant to Section 2.6 above, and
taking into accountthe Agency's share ofTCAC gap financing funds pursuant to Section
3.3 below. The amount oCtile Net Proceeds of Perm aneni Financing shall be determined
by the Borrower and submitted to the Agency for approval on the date the Borrower
submits the final Form 8629 cost audit for the Developmenuo the California Tax Credit
Allocation Committee. The amount of the Net Proceeds of Permanent Financing'shall'be
calculated using the actual amount of the, permanent Approved Financing,realized by the
Borrower, provided that Borrower provides sufficient evidence that .the actUal amount of
permanent Approved Financing realized by Borrower is the maximum a'tnount that
Borrower could secure for the Development applying reasonable underwriting standards
and the actual amount of the limited partner equity contribution. The Borrower shall. also
submit to the Agency any additional documentation:sufficientto verifY the amount of the
Net Proceeds of Permanent Financing. The Agency shall approve ordisapprove
Borrower's:determination of the amount of the Net Proceeds of Permanent Financing in
writing'wiihiti.thirty (30) days of its receipt of Borrower's cost'audit and supplemental
documentation. If Borrower's determination is disapproved by the Agency, Borrower
shall re-suqmitaocwnentation to the Agency until Agency approval is obtained. The Net
Proceeds of Permanent'Financing shall be due the Agency from the Borrower no later
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than fiye(5) days fOllowing the date Borrower receives its finalcapital contribution froin
the Borrower's limi'ted partnerinvestor. As of the' date of the Agreement; this final
capital contribution is expected to be received on or before August 30, 2010,"
(m) SoecialDeflnitions. Section 2.7(e)(i) through 27(e)(iii) of the Agency
Loan Agreement is deleted in its entirety and replaced with the following:
"(i) "AnnuaLOperaiing Expenses" "Annual Operating Expenses" with respect
to a particularcalendar,yearshall mean the following costs reasonably and actually
incurred for operation an<i maintenance of the DevelopmenUo the extent that they are
consistent with an annUaLindependent audit performed by a certified public accountant
using generally accepted accounting principles, and subjecuoannwil Agency approval:
property taxes and,'assessments imposed on the Development; ,debt service currently due
on a non-optional basis (excluding debt service due from,residual receipts or surplus cash
of the Development) oh'loans associated with development of the Development'agQ
approved by the Agency,on including but not limited to the Bond FinanCing; property
management fees and reiinbursements, not to exceed fees, and reimbursements,which are
standard in the industry and pursuant to a management,contract approved by the Agency;
premiums for property' damage and liability insurance; utility services not paid for
directly by residents; including water, sewer, electricity, gasand trash collection;
maintenance'and repair; any annual license or certificate of occupancy fees required for
operation uftbe Development; security services; advertising and marketing; cash
deposited intoreservesJor capital replacements of the Development in an amouni not to
exceed Three Hundred Eighty-Three Dollars ($383) per unit per year or the amount
required by permanent lender or investor, whichever is greater; cash deposited into. an
operating reserve in,an amount not to exceed three (3) months of monthly Operating
Expenses orthe amount required by permanent lender of investor, whichever is greater;
Issuer Fee in an amount not to exceed Seven Thousand FiveHundred Dollars ($7,500)
per year (withnoannul\le~calation); Trustee Fee in an amount not to exceed Two
Thousand Six Hundred Fifty.oollars ($2,650) per year (with no annnal escalation);
Limited Partner Asset Management Fee in an amount not to'exceed Five Thousand
Dollars ($5,000) per year and increasing each year by notmorNhan three and one half
percent (3.5%); costs of resident services not to exceed Ten Thousand Dollars ($10,000)
per year and increasing each year by not more than three and one half percent (3.5%) plus
such additional amonnt, if any, approved by the Agency each year for resident services
pursuant to Section 3.18 of the Loan Agreement; extraordinary operating costs
specifically approved ,by the Agency; payments of deductibles in connection with
casualty insurance, claims not normally paid from reserves; the amount of uninsured
losses actually'replaced, repaired or restored, and not normally paid from reserves; and
other ordinary and reasonable operating expenses approved by the Agency and not listed
above. Annual Operating Expenses shall not includethefolJowing: depreciation,
amortization, depletion or other non-cash expenses or anyamounl expended from a
reserve account The Approved Operating Budget for the first (I ") year of operation of
the Development following completion of rehabilitation is attached to the Modification
Agreement as Exhibit E.
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(ii) "GeneralPartnerPriority Distribution" shall,meanthe priority distribution
to the General Partner in imamount not to exceed TwentyTholJsand Dollars ($20,000)
per year and increasing each year by not more than three and one halfpercent (3,50Ii,).
(iii) "Gross Revenue" with respect to a panicular, calendar year, shall mean all
revenue, income,receipls, and other consideration actually received from operation and
leaSIng of the Development. "Gross Revenue" shall incluge, but not be lirhited to: all
rents, fees and charges paid by residents, Section 8 payments or othenentalsubsidy
payments received for the dwelling units, deposits forfeited,byresidents, all cancellation
fees, price index adjustments and any other rental adjustments to leases or rental
agreements resulting'tnactual income; proceeds from vending and laundry room
machines; the proceeds'of business interruption or similarinsurance; the proceeds,of
casualty insurance to the extent not utilized to repair or rebuilci the Development (or
applied toward the costofrecovering such proceeds) and not applied to repay the Bond
Loan; and condemnation'awardsfor a taking of part or all oJtheDevelopmeritfota
temporary period. "Gross ,Revenue" shall also include the;fair market value of any goods
or services provided in;consideration for the leasing or other use of any portion onlle
Development. "Gross Revenue" shall not include residents' security deposits, loan
proceeds, capital contributions or similar advances.
(iv) "Resident Services Reserve Priority Distributipn" shall mean the priority
distribution(s) in a maximum cumulative amount not to exceed Seventy-Five Thousand
Dollars ($75,000) to Capitalize ihe Resident Services Reserve, The Resident Service
Reserve Priority Distribution shall only be paid pursuant to the, Approved Development
Budget attached to and incorporated in the Modification Agreement as ExhibitB:
(v) "Residual 'Receipts" in a particular calendar year shall mean the amount by
which Gross Revenue (as defined in Section 2.7(e)(iii)) exceeds the sum or' (A)Annual
Operating Expenses (as defined in Section 2.7(e)(i)) and (B) the General Partner Priority
Distribution (as defined in Section 2.7(e)(ii)) plus (C) the Resident Services Reserve
Priority Distribution as permitted pursuant to Section 2.7(e)(iv)."
(n) Tax'Credits; Limited Partner Approvaland Equity Gap
Reouirements. Section 3.3 of the Agency Loan Agreement is deleted in its entirety and
replaced with the following:
"3.3 Tax CnJditLimited Partner and Eauitv GaD Reauirements. The Agency
henibympproves UnionB'ankofCalifomia, NAas thelow-income housing tax credit
limited partneriiwestor. As described in Recital E of the Modification Agreement, the
loss of the original investor limited partlier and the fiscal crisis created an equity gap of
approximately Five Hundred Sixty-Two Thousand'Dollars($562,000). The Borrower
hereby agrees to submit a feasibility report analyzirigthe feasibility of obtaining a loan
from TCAC to fill pan or all of the gap created by the reduction in tax credit equity
committed to the Development not later than May 10,2009. No later than five (5) days
after submission of the feasibility report, the Agency shall, determine within its
reasonable discretion whether the Borrower will be required to 'submit an application to
TCAC for a loan to finance part or all of the tax credit equity gap to defray the cost of
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rehabilitatiowof theDevelopment, and shall notify the Bdfrower in writing of its
decisiQn. If the Agency'detemlines, that the Borrower should'subniit an application to
TCAG, the Borrower shall do so within the deadlines and according to the procedures set
forth by TCAC. If Borrower obtains a loan from TCAC to finance part or all of the tax
creqitequitygap, the funds obtained from TCAC shall be used to pay down Agency Loan
as part of the Net Proceeds of Permanent Financing Paymentrequired under. Section
2.7(0) of this Agreement and to pay down part or all of the Sponsor Loan. Borrower
shall make repayments oftheAgency Loan equal to fiftypercent (50%) ,of the firstFour
Hundred Twenty Thousand Dollars ($420,000) of TCAC ,gap'financing funds, if any, and
one-hundred (!OO%),ofTCAC gap'financing funds, ifany, over Four Hundred Twenty
Thousand Doll~rs ($420,000). Borrower shall make repayments of the Sponsor Loan (as
defined in Section I. I (e)(v)l equal to fifty percent (50%}ofthe first Four Hundred
Twenty Thousand Dollars'($420,000) ofTCAC gap financing funds, if any."
(0) Completion of Rehabilitation. Section'.3.7 of the Agency Loan
Agreement is deleted in its entirety and replaced with the fo llowing:
"Borrower shall dilIgently prosecute rehabilitation of the Development to
completion as set forth in:the Schedule of Performance, and shall cause the completion of
the rehabilitation of the Development no later than November 30,2009, as set.forth ih the
approved Schedule ofPerfonnance attached and incorporated to the Modification
Agreement as Exhibit c."
(P) Mairitenanceand Dama!!e; Condemnation. Section 4'.7(b) of the
Agency Loan Agreement is deleted in its entirety and replaced with the following:
"(b) Subjectto,the requirements of seniorlehders, and if economically feasible
in the Agency's reasonable judgment, if any improvemenfnow or in the future on the
Property is damaged, destroyed, or partially condemned, then Borrower shall, at its cost
and expense, diligently-undertake repair or restore such improvements consistent with the
plans and specifications approved by the Agency with such changes as have been
approved by the Agency. Such work or repair shall be commenced no later than the later
of one hundred twenty (120) days after the damage or loss occurs or sixty (60) days
following receipt oftheinsurarice proceeds or condemnation'proceeds'and shall be
completed within a reasonable time thereafter. Any insurance proceeds collected for
suchdamage,or, destruction or condemnation proceeds collected for partial condemnation
shall be applied to the cost of such repairs or restoration and,:ifsuch insurance;proceeds
shall be insufficient for such purpose, then Borrower shall make up the deficiency."
(q) Creation of Reserve Funds. Section 4.13 ofthe Agency Loan Agreement
is deleted!n its' entirety and replaced with the following:
"Section 4.13 Creation of Reserve Funds. Borrower agrees to create and
maintain two reserves: Operating Reserve with an initial capitalization of One Hundred
Eleven Thousand Eight Hundred Sixty Dollars ($11 I ,860) and a Replacement Reserve
with an initial capitalization of Thirty-Three Thousand Dollars ($33,000) to use for
emergency repairs, transitional management costs, and other costs related to the
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rehatiilifution and:lease'up of the Development. The OperatingR,eserve shall be
capitalized,atfUnding ortheConversion Component'and the Replaceiilent Reserve shall
be capitalized at funding of the Conversion Component."
(r) Resident Se'rviCes Bud!!et Section 4.15 of theAgency Loan Agreement
is deleted in its entirety.
(s) Notices, Demands and Communications. Section 8,8ofthe Agency
Loan Agreement is amended to delete the phrase "Address to be provided by Borrower ala later
date." and to insert in its place the following:
"Union Bank of Cali fomi a, N.A.
200 Pringle Street, Suite 355
Walnut Creek, CA 94596"
2. AmendmenrtoA!!encv Deed of Trust. The Agency Deed of Trust is hereby
amended as follows: .
"(a) Section l.l of the Agency Deed of Trust is hereby deleted in its entirety
and replaced with the following:
"The term "Loan Agreement" means that certain Loan Agreement between
Trustor and Beneficiary, of even date herewith, as 'amended by the First
Redevelopment Agency Loan Modification Agreementdated as of [April() I,
2009], providing for the Beneficiary to loan h}'the Trustor Seven Million,Nine
Hundred Ninety-One Thousand Dollars ($7,991,000) for the,acquisitionand
permanent financing of the Property"
(b) Section 1.3 of the Agency Deed of Trust is hereby deleted in its entirety
and replaced with the following:
"The term "Note" means the First Amended,and Restated Agency
Promissory Notein the principal amount of Seven MilIion,Nine Hundred Ninety-
One Thousand Dollars'($7,99I ,000) dated [April aL 2009], executed by the
Trustor in favor of the Beneficiary, thepaymentof which is secured by this Deed
of Trust (A copy of the Note is on file wiih the Beneficiary and terms and
provisions of the Note are incorporated herein by reference.)"
3. Amended Al!encvPromissorv Note. Concurrently with the closing of the Bond
Loan,'the BorrowerwilI execute and deliver into escrow, in a form provided by the Agency, a
First,Amended andR!"stated Agency Promissory Note in the ,amount of Seven Million Nine
Huridred Ninety-One'Thousand Dollars ($7,991,000) (the "j\mended Agency Note"), the
original of this Agreement shall be recorded against the Property, the Original Agency Note shall
be cancelled arid retuined to the Borrov.:er, the executed Amended Agency Note shall be
delivered'to the Agency, qnd Chicago Title Company shall issue endorsement Nos. 110.6 and
108.8 or equivalent, to the Agency's ALTA Lender's Policy ofinsural}ce; insuring the continued
priority of the Agency Deed of Trust in the amount of Seven MilIionNine Hundred Ninety-One
Thousand Dol1ars ($7,991,000).
11
l552\02\,6712JS.9
.
.
11823
4. Attomev's Fees Enforcement. lfany attomey is engaged by any party hereto to
enforce or defend'any provision of this Modification Agreement, the prev;ilingparty or parties
shall be entitled to costs and reasonable attomey's fees.
S. Effective Date. This Modification Agreement and amendments and deletions
described in this Modification Agreement shall be effective as of the date first set forth above,
G, Full Force and Effect. Except as set forth in this Modification Agreement, the
Loan Documents remain unmodified and are in full force and effect.
7. Successors and Assigtis, This Modification Agreement shall be binding on and
inure to the benefit of the legal representatives, heirs, successors and assigns of the parties.
8. lnvaliditv. Any provision of this Modification Agreefilent which is determined by
a court to be invalid or unenforceable shall be deemed severed here from, and the remaining
provisions shall remain'in full force and effect as if the invalid or unenforceable provision had
not been a part hereof.
9. Headings. TheheadiJigs used in this Modification Agreement arefor convenience
only and shall be disregarded in interpreting the substantive provisions of this Modification
Agreement.
10. California Law. This Modification Agreement shall be govemed by and
construed in accordance with the laws of.the State of California.
II. Counteroarts. This Modification Agreement may be signed by the different
parties hereto in counterparts, each,ofwhich shall be deemed an original but all of which
, ,
together shall constitute one and the same agreement.
12
1552\02\671238:?
.
.
11824
IN WITNESS WHEREOF, the parties have executed'this Agreement as of the day first
above written,
BORROWER:
OAK KNOLL HOUSING ASSOCIATES, L.P., a
Califomia limited partnership
By: Fallbrook Renaissance LLC, a California
limited liability company, its general partner
By: CQll1l11unity HonsingWorks"a
California nonprofit corporation
Its:
Ids, President
AGENCY:
POW A Y REDEVELOPMENT AGENCY, a public
body corporate and politic
Rod Gould, Executive Director
By:
13
1552\021f,7t238,9
'.
.
CALlFORNIA,ALl.~URPOSE"ACKNOWLEDGMENT
. _,~__._ ',_'__ _.~ ~_ n."" ~......._ .," .> _ ~.. ". .0'. ~.__. ..r '... .,,_.....__~. .v.", ___ '..~n~._._ ._. _. _'. . _ . . "..
.~~~~~~~~~~dT~~~Z'fi('.RJ.<:'~
1182.5
before me, .
}
State of California
County of S~b('~ S('fl
On S! II I UJO'f
Date
personally appeared SIIS.(,/I1
?Jjt~
Name(s) of Signer(s)
MICHAEL WA'(NE,KEllEY
.'.. Commission # 1693811
~ .. Nota, ry Public, Callfo mla ,~
. " , . San FranCisc(),:,.~C?:;~!V .
, My Comm. Explr!', Sep'15,'201 0
who proved to me on Jhe basis of satisfactClry'evid!,O,ce io
be the person~ whosE!,' name~@ElFe- subscribed to the
wit~ instrument and acknowled~. t? ,me th, at
~tRer executedJhe sameln,J*,~r authonzed
capacity,(ies[ and that by ~1I1eif signature~ on IhEJ
instrument the per!'onls'f;" pi the en.tity uPClnbe,half of
which the person(.9f acted,executed the iristrur11ent.
I certify under PENALTY OF PERJURY under the laws
of the State of California that the foregoing paragraph is
true and correct.
Place. Notary Seal Above
Signature
OPTIONAL
Though the information beli:)'w,is~o(iequired by'law, it may prove valuable topersons. relying on the document
and could prevent fraudulerit.removarand reattachment of this form to another document.
Description of Attached Document
Title or Type of Document:
Document Date:
Number of Pages:
Signer(s) Other Than Named Above:
Capacily(ies) Claimed by Signer(s)
Signer's Name:
o Individual
o CorporateOffice(- Title(s):
o partnei'-D limited 0 General
o Attorneydn Faci
o "Trustee Top,of thumb here
o Guardian or Conservator
o 'Other:
Signer's Name:
o Individual
o Corporate Officer - Title(s):
o Partner 0 Limited 0 General
D Attorney in Fact
o Trustee
o Guardian or Conservator
o Other:
'TOp althumb here
Signer Is'Representing:
Signer Is Representing:
y'>~~~~~~--g".~~~~~~~~~~'~'<'O:'!:0~-~~~-~"~~v~~Hv~~~~~~~~~~~'SiV~~~
@2oo7,National Noia,iyAssociallon. 9350 De Soto"AVe" P.O. Box 2402. Chalsworth, CA 91313-2402;; Www.NationalN~larY:org lIe~ #s96i Reorder: Call TolI-,Free 1.800:S76~6827
.
.
11826
Sf A TE OF CALIFORNIA
)
)
)
COUNTY OFSAN DIEGO
'J\neL\lL/jLbl \ IVl~ ,Notary
Public, personally appeared ,'\ , , proved to me on the
basis of satisfactory evidence to be the person(s) whosenam@/ak'Subscribed to the within
instrument and acknowledged to me ,that ~h~y executed the;sa~e in @lhOOtheir
authorIZed capaclty(~, and.Jha!bY~~lr slgnatur~ on 'the mstrument the person(8}; or
the entity upon behalf of which the personWacted, executed the instrument.
On
4/1,'01
I certify UNDER PENALTY OF PERJURY under the laws of the State of California that
the foregoing paragraph is true and correct
. l.~~:l
i IOlIIGIY PuOlIc . CCIUfOmlo I
Dan DIego County -
rx\f\O i ~ n n ~~~~_l.t
Nota~
STATE OF CALIFORNIA
)
)
)
COUNTY OF SAN DIEGO
On q Notary
Public, personally appeared , proved to me on the
basis of satisfactory evidence 0 :th esb (5) who . (s@1resubscribedto the within
instrument and~owledgedtomethat he~/the~~uted the same in hi~their
authorIZed ~les), and that byhi~r/theIf s~(s) on the mstrument the@ilil(s), or
the entity upon behalf of which th~(s) acted, executed the.instrument.
1 certify UNDER PENALTY OF PERJURY under the laws of the State of California that
the foregoing paragraph is true and correct.
WITNESS my hand and official seaL
~~ .7r~>~
I @.~", ' LUCILLE MARY GU LLI I
i ,CommissklnNo,,1812855 n
D . ' ,NOTARY PUBUC. CALIFORNIA ~
I SAN OlEGO COUNTY -I
My CoI,.,. EXpires SeptOmtiOi.12, 2012
I 55i1oZi67'f23S:9
.
.
11827
EXHIBIT A
LEGAL DESCRIPTION OF THE PROPERTY
The land is situated in the City of Po way, County of San Diego, State of California, and is
described as follows:
THOSE PORTIONS OF THE SOUTHEAST QUARTER OF THE SOUTHWEST QUARTER OF
SECTION 14 AND OF THE NORTHEAST QUARTER OF THE NORTHWEST QUARTER OF
SECTION 23, TOWNSHIP 14 SOUTH, RANGE 2 WEST, SAN BERNARDINO MERIDIAN, IN THE
COUNTY OF SAN DIEGO, STATE OF CALIFORNIA, ACCORDING TO UNITED STATES
GOVERNMENT SURVEY, APPROVED NOVEMBER 19, 1880 AND AUGUST 29, 1890,
DESCRIBED AS FOLLOWS:
COMMENCING AT A POINT V,'HICH IS 30.00 FEET DISTANT SOUTHERLY MEASURED AT
RIGHT ANGLES, FROM THE CENTER LINE OF THE 40.00 FOOT WIDE COUNTY ROAD TO
POWAY, SAID POINT OF COMMENCEMENT BEARING NORTH 590 54' 20" EAST 454.09 FEET
FROM THE POINT OF INTERSECTION OF THE SOUTHERLY LINE OF SAID SECTION 14,
WITH THE CENTER LINE OF MISSION ROAD I-A, AT STATION 378+70.90 THEREOF, AS
SHOWN ON SHEET 15 OF THE MAP OF SAID MISSION ROAD I-A, SAN DIEGO COUNTY
HIGHWAY COMMISSION ON FILE IN THE OFFICE OF THE SURVEYOR OF SAID COUNTY
AND SAID POINT OF INTERSECTION BEARING NORTH 880 57' 00" WEST 3955.50 FEET FROM
THE SOUTHEAST CORNER OF SAID SECTION 14; THENCE NORTH 83020' 00" EAST ALONG A
LINE PARALLEL WITH AND 30.00 FEET DISTANT AT RIGHT ANGLES SOUTHERLY FROM
THE CENTER LINE OF SAID COUNTY ROAD TO POWAY, 239.38 FEET TO THE TRUE POINT
OF BEGINNING; THENCE CONTINUING NORTH 830 20' 00" EAST ALONG SAID PARALLEL
LINE 234.55 FEET TO THE NORTHWEST CORNER OF THAT PORTION OF THE SOUTHEAST
QUARTER OF THE SOUTHWEST QUARTER OF SAID SECTION'14, CONVEYED TO TIlE BANK
OF ITALY NATIONAL TRUST AND SAVINGS ASSOCIATION, TO EDWARD C. MC ALEES, ET
UX, BY DEED DATED JULY I, 1927 AND RECORDED IN BOOK 1361, PAGE 278 OF DEEDS;
THENCE SOUTH 000 43' 00" WEST ALONG THE WESTERLY LINE OF SAID PORTION
CONVEYED TO MC ALEES AND ALONG THE SOUTHERLY PROLONGATION OF SAID
WESTERLY LINE, A DISTANCE OF 330,00 FEET; THENCE SOUTH 630 29' 15" WEST 224.94
FEET; THENCE SOUTH 70008' 45" WEST 34.82 FEET; THENCE NORTH 000 43' 00" EAST 415.00
FEET TO THE TRUE POINT OF BEGINNING.
A-I
1552\.02\671238.9
Pogel Oak KflO~ ACQutl;ltion and RehabllftatJ.on. Community Housing wor1<s with Bank of Amert(;o Financing and Union Bonk as Investor. PrelimInary Economc Projecliofl5. 4% Credits 411/09 9;49 AM
'W " " AI " as Be
, SOUROCES AND USES OF FUr-.OS
2
3 SOURCES OF FUNDS .,. 050
, FimMortgage 2,340,000 Bank of Amen,a Tax E~empt Mortgage Loon, Fully AmortIZed, 30/30 with yr. 18 Adjustme 6.15% 1.15 :I>
5 4,160,000 ConstwnJonloan from Bank of AmerOc<l 4,60% '"
, 3,100,000 Interim Loan repaid fmm COnSU1JCtlOn Loan and City Fundifl!:l 6.75% " '"
, Second Mortgage (See Line 68 lor Maximum) 7,429.000 C"tyof POw<ivloan, 55 Year Term, 3% Simple (tontlngent), 55 Years. ResidtJalReceipts 0000%
, ;':".:'119.238 Income fromOperatrons (recervedprior 10 bond closing) ro "
, 210,000 Unsecured Loan fromCHW " 0
" 25,000 Refund of Ulility DepOsits C'. <:
n 551.2~1 Project ShortfaU anucipated lobe funded by City of Poway on same terms Ul M
" 0 AHPthroughBolA ro tJ '.
" General P.'lner Caplta] 362.555 Coros!TuctionContract
" limited panner Capital 2,560,003 2.130.789 '"
" TOTAlSOURCfS 20,867.038 tJ
" SA5lSfOR 4% BASIS FOR 4% EXPEN5EDI '" '" '"
" USES Of FUNDS OfPREOASLE ACQ!.JISITlONCREDIT RfHA81UTATIONCREOlT A\.IORTlZED NONDEPRECIABLE " <: X
" Land Acquisition 2,390,000 2,390.000 '" M ::c
" 8,jildingAcquosinon@ldebt. 4,890,000 4,890,000 4,890,000
20 Extension Fee 60,000 10,302 40,302 19,698 t-' H
tJj " App.",isL TldeimdEs-<;rowAcqui,]tion 27,500 18,321 18.321 9,179 '" 0 tJj
, " New CommwHy 8uilding Space 201.593 201,593 201,593 '" '" H
~ 23 5itelmprovement> 420,272 420,272 420,Z72 rT :.: 8
" StructJ,Jres 1,325,578 1,325,578 1,325,578 ro M
23 Additional Improvements Requested t>'/City 0 0 0
" 8uff<:jerOveme3d,Pmfrr, MldGimeralR",!!uiremenlS .249,~'1 249,411 249,411 '" Z tJj
" Per!lon.IPropertyinConslructionContract 78.000 78,000 78,000 8
23 ConstructJOnContmgency 233.328 233,328 233,328 '"
29 Per~ollalPropertiybyOwner 15,000 15,000 15,000 Ul tJj
30 COntractorlnsurance&Bl:lnd 57,528 57,528 57,528 C
" "..tacatian 733,346 25,000 25.000 708,346
" Architecture & EngineennrJ 160,100 160,100 160,100 0 tJ
33 Soils, Survey, CFV~. Testlng, etc, 57,61S 57,615 57,615 '" G1
" UtiltyDepasits 25,000 25,000 M
35 MunicipiilFees 20,000 20,000 20,000 :I> 8
" Predcvelopment Interest & Fee 10,2:96 10,2:96 10,296 'd
" In{~rimOperatingCosts 0 0
" Apo.al5al 13,000 13000 13,000 "
39 InteniiiConstructionPeriodlnterest&I-tOIdI"!lCosts 13~,718 134.718 C'.
<0 ConstruetlonPertodlnterest 2:10,067 39,100 39,100 170.967 ~
" Real Estate Transfer Tax 12,000 7,995 7.995 4,005
" Cours.e. of Construction 'Insurance 27,000 27,000 27,000
" CortSt..octirm'M:.nagemem 52,000 52,000 52.000 ~
" CoSt of issuance' 248,191 2:"&,191
" Title &'Esi:row.Constr\.ICtionCJosm~ 10,000 10,000 10,000 .
" Tltle'&Esnow,Mor'tg3geCloslng . 5,000 S,OOO N
" 50ft Cost Coritingency 74,288 74,288 74,288 0 0
" legal-AcqULsition 10,000 6,662 6,662 3,338
" lagal-CoostrucoonLoilllCloslng 10,000 10,000 10,000 0
so Ll!g.I-Mort.'1i1geLoanCloSIlQ 5,000 5,000 '"
" L!1g.I- Org~n;zalon 5.000 5,000
52 L<!9al-Syndicatiofl 75,000 75,000
53 T~xCreditAllocationCommltteeFees 26,324 26,324
" Market Study 6,250 6,250 f-Io
55 5yndicalionConsulrant 40,000 40.000
SS Marketilll<.odResidentServices8cpenses 10,000 10,000 ...,.
" Development Fee 1,518,77~ 1,156218 713.548 4~2,670 352,556
58 Audt 15,000 15,000 00
59 Cilpitalized Services (ToCHW,Nol LP) 0 0
60 C:3pitarl2.edReplacementReserve 33.000 33,000 ~
" Cavitalized OpeJPtll1.Q. ReseNe (3 Mos. hpensecs) 111,860 111,660
" Repayment of Intenm Loan 3,100,000 3,100,000 00
" ~epaymenlQfConstruction Loal'l 4.160,000 4,160,000
"
" TOTALPRQJECTC05TS 20.667.018 919B,607 5,676,828 3521.779 6 6 4~9 11.041983
"".2
,
1 INCOME.E~PENSESANOCASHFLCWANALYS.IS
2
,
4 Urnl S;~'"
5 ZB.droom@S()%ofAMI
I; 2 Bed""", @ 50% of AMI
72Bedtnooi_Manage--
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,
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SERVlCES'<fSERVE
In<t,aDepo'''
'/'flnd.......1
1W3~<e.
Interffilon64anoe.
EMory,..." ,alanOe
~e5rd"ntilll V<IOlncy
LmindryandMlm:ell."e"""lncome
OPERA1JNGEXPENSES
r~..~IFe<:
'ssuerr.;oote>ringFee
NETO~TINGIIIICCME
USES Of NET INCOME
Debl Serv-C..F,,;1 "Iortgage
Repboement ReseM: Cleposil
NetCashA\/3iIableforDslfibLltit>nS
USES OF AVAlLAElLE (A$fl
Priorlly DIstrtbulion 10 the L?
f'ayment for Re"dent Services
Oe!err~Dev~pe,Fee
Pf1ontyOlstr<bulionto llleGP
Pr1ontyDfst'ibutlonfufResklenlSe,vcesRe""",,,
City aff'oway loan Repaymenl
c"shFlowtoG"""",!Partner
CashFlcwtoLJmlled":ortrJer
ANNl.JAL Of'[RATING BtIOGET
Property Mariagomerll Fee
Adm..,~..t'\'eCosts
Uli'UM
PayrorIE.~s
Opemtingand Manlern"".
Pro;lertylnsur.nce
hlt;>ResH;""'Ser\ti<;""
R~d_etltserviC""(lnitjalBudgel$38,OSO)
Prt>perty Tax Assessm..,ts
CairomiaOartnersh<pTax
TOTALOPERA"!INGEXPEN$ES
DPERAllNG RESERVE ANALY51S
)"pnsi,map.,...h'lgR"se"'"
\'ILthdr3wals
IOI..'es,enBaI=
End "rYearB.lance
F.dor
2.50%
2.50%
5~!JIGl.1
5.00%
2_50%
50.0%
90.00%
1000%
II 01 Un,s
"
"
,
3.50%
3.5%
3.50%
3.$0%
3.50%
3.50%
3.50%
3.50%
3.50%
3.50'lb
3.50%
0.00%
Oak Knoll Ac~;si'ion and R"iabll;t~l;on, Commuc"y HDlJsing Wor1<s IOith &3"" 01 Am.,;"" F nallOflg a."1d Ur1LOn Bank as l~v~S(or. P,~lm;""ry EoonomJC ?rojoo'><Jf!s,.1% Oed"
1n<".Rel1t'
$78Z
$945
,
"
'"
An"",,1
23,098
16.657
70,003
81,136
36,101
15,504
,
10,000
2,700
'00
255.959
11,890
3.00%
3.00%
""
, ,
Utl~lyAllowaflC"" 2 bedroom
-170,659
.1.767
.2.667
os~
2009 2010
162,656
189,000
,
248.050
283.225
o
351656
.70,331
5408
536,275
.26.814
8,247
-261.943
-2.650
--4.000
111,1>40
249.115
o
-13,277
98.363
'129,303
-20,381
100,431
1.79
.3.333
-30.033
-5.100
-46.101
-13,333
-51663
-20,700
.23,337
-2,596
-2.337
-260
15,392
11.105
46,669
54,091
~4.067
10,336
6,667
1,800
m
170,659
23,627
17,046
71,636
83,02.9
36,943
15,8(,6
10,233
2,763
"'"
261,943
]3,277
o
]3,2.77
51.663
51.663
,
".663
25':,252
2'1S,431
o
S49,682
.27,484
6.453
-271,083
-2.650
.~.OOO
252,91B
-171,071
-21,094
60.753
1,36
-5,253
.45,743
24,~54
17,6~2
74.144
85,935
38,236
16.421
10,592
2,860
""
271,083
1.035
20.3el
"8
3~.056
o
o
23.337
51,663
,
75.000
o
"
W11
260,608
302,816
o
563,424
_28,171
8,665
-280,543
-2,6S0
-4,000
2~6,1,,4
_171.071
-21,932
63.821
1.37
-5,411
-47,34~
-9.757
-11,066
o
o
o
o
o
,
o
10.962
2.!160
80'
280,543
1.035
21 J9~
21.832
-18.724
1,685
60.966
1,022
56,172
?S,OOO
,
75000
2012
267,123
310,387
o
577,510
-25,875
B,881
"290,334
.2,650
-4.000
lljlJ,~::n
'171.071
.22.596
66,864
1.39
25,310
18,260
76,739
88,943
39,575
16,996
11,346
'3.063
'600
290,334
1.035
75,000
o
75.000
2013
2014
273,801
318,146
,
591.94(j'
-29,597
9,103
-300.468
-2.650
-1,000
264,.,36
-171,071
-23,381
69,877
1.~1
.5,573
-49,001
.12,29C
,
,
,
,
-5,74~
~50.7j 6
-13,~21
,
o
,
,
26.195
HI.899
79,425
92,056
~O.960
17,591
11,743
],171
BOO
300.4<i8
1.035
22.,~96
1,829
85,39\
2.562
111,340
75,000
,
75.000
280.646
326,100
,
505.74ti
.30.337
9,331
-3l0.9SG
-2.650
-4.000
268.\34
.171,071
.2~.206
72.856
1,43
-5,912
.52,491
-14,453
o
o
o
o
27,112
19,560
82,204
95,278
~2,393
18.206
12,154
3,282
880
310,956
1,035
23,387
3,340
13!l,BB6
75,000
o
,00
,
F"Slt.."rFroporlloM
2010,
287,662
334.253
,
621.915
.31.096
9564
.321,812
-2,650
--4,000
271,922.
.171,071
.~5,053
75,797
1,44
.6,090
.33.667
-25A~6
~6.0,;1
20.245
85,082
98,613
43.877
;8.8~4
29.0~3
20,953
68.059
102.06~
~5,413
19,503
12,57S
3.396
800
321.812
1.03,
Z~,206
~,167
168,106
75,000
o
,,'
i..~! ~.i
2016
"-S~,BS-'I
342,609
,
637,~63
.3',e!3
9.803
-333.047
'2,Wl
.4,000
2.75.1196
-171.071
-25.930
79,6gs
1.~6
-6,272
-34,845
-26,336
-5,296
-4.768
.530
30,060
21.687
91,142
105,636
47,002
20,196
13,020
3,515
8"
333.0~7
1.035
2~.053
25,'130
-64,053
5,0.0.3
115,026
75.()()(j
o
75000
,
2017
302225
3S1,17~
o
653,"-00
-32,670
1O,0~8
-34-4.676
-2.lISO
-4,000
~79A52
-171,07\
-26,837
81,S~3
1,48
.5,621
.5,05S
-562
31,112
22.446
94,331
109.334
48,647
20,592
13,475
3,638
8"
344,676
L035
3,l51
145,314
75,000
o
7" .':10
2018
309)81
359954
,
669.734
-33.~87
10,S-aO
.3S6,712
.2,650
--4,000
283,t86
-171,071
-27,777
~4.338
1,49
-6,461
.36.064
.....654
"37.327
.27,258
.28,212
.5,880
-5,2'1"-
.588
32,201
23.231
97,633
113,160
50,350
21,623
\3,9,17
3,766
800
356,712
1.035
26,037
4,359
177.451
75,000
o
75000
o
2019
317,925
368,952
o
686,478
-34.324
10,557
'369,l119
.2,650
-4,000
288,893
.)71,071
.28,749
87,072
1.51
.29,199
.6,072
-5..'65
.607
33,328
24,045
101,050
117,121
52.112
22,380
14/,35
3.897
."
369,169
L035
27J.7
5.324
211.523
,
75.000
,
75000
2020
703,640
-35.162
10,821
-382,061
.2650
"80
290,567
-\71,071
.29.755
89.741
1.52
-6,B54
.38.633
-6.193
_5.57-1
.619
34,49~
24,886
104.,87
12\,220
53.536
23,164
14,'140
4,034
8"
382,061
1.035
2B.74~
6.346
2~7,624
75,000
o
75,000
Q
2021
325.~6~
378,176
o
333.600
387.631
o
721,231
-36.062
11,092
'395,406
.2,650
'4,000
2'34,205
.171,071
-30,197
92.337
1.54
.7,0;;0
-39,985
-..271
-41,395
-30,221
-31.279
-6.2J7
.5,01-1
-624
35,702
25,757
108 2~8
12',463
55,824
23.974
15.463
~.175
'80
395.406
1.035
2~.'S5
30.797
"123.812
7,429
162.037
75,000
,
75000
2022
341,940
397,32"
, ,
139,262
.36,%3
11,3~9
-409217
.2,65~
--4,000
2:17,801
-171,071
-31,879
S4.855.
::5::
-7,4g{;
-42,83::
-6,201
-5,581
-620
-32.374
-6,079
-S,471
-60E
36,951
26,659
112,036
129,854
57,778
24.813
16.004
~,321
.80
409,217
1.035
4,961
198.773
75,000
,
75000
"/li099,49",,",
2023
2024
350.489
~07.25"
o
75-7:743
-37.887
11,653
-423,511
-2.650
....000
'.
301.346
.171,071
"32,990
97,286
1.57
-7,714
.44.332
.33,507
.5.%6
-5.280
-587
38.244
27,592
;;5,957
13";399
5S,800
25,682
16.565
4,472
'"
423,511
1,035
31,675
.
32,990
5,963
237,726
75,000
,
75.000
,....
,....,
90
t,:)
~
<
75.000
o
7~, 00
Page 3 Oa, KM' Aequ'<ft,on and PehabilitatlOt1. Communlry Housing Works with Sani< 01 Amer ~ F,,,a,,cw.g and Unbn Bonlr as Inv""toc, P'e''''''''''Y Eco~omk ~Jection.. 4% Cre05ts 4/1/09 9:49 AM
'" " '" " " '" " '0 " ., " " ~ '"
SOURCES AND USES Of CAMAl CONTRJI>UTIONS AND LOAN PROCEEDS 2340.00a .425:l.000 4,160,000 3,100,0()() 1 19 ~::l~ 210.000 25,000 561,241 0 362,556 2.56Q,OC3
'" ,,' Cons<ruttion interim ncome from Loan UtOity " U'
101O'1goge City 01 P"",ay C~" Loa" Ol>e,atio,s FromOfN OepostRefund 5/'10",1311 ,", Capital Capttal Totals
L.ndAequ..'ion 2.390.000 2,39D.000 " 2.39J.OOO
Buid'ngAequ<Sltion~ <leoo- 4,890,000 2.121.330 2,762.670 4,8~.OOO
E.tenslanfee ",,000 6J.OOC 60.000
App..alsi:Titlea,dEscro"NAcquts;tlon 27,500 27,500 27,500
New Community 8u~dingSpace 201,593 201.SSg 201593
Site]mp.ro~;,mel'ltS 420,zn 420,2:72 420272
S\ruetW"es 1,325,578 1,196.340 119238 10.000 1,325576
Addi"o.riallmprovemen,.Reque<te<lbyOty , "
B~':de'Qverhead, ~ofFt. and Ge.......1Requrements 249.411 249411 249.411 .
Pe<Scn.;oli>ropeny~ConStrutti""Con":',,, 78,000 78.000 78.000
a,'!"t.r<ict"""Cont~' 233.328 233,328 2D328
Po,...onal~opef1:iybyo.,.",or 15.000 15,DOD '>000
COlltr-..::tor I~"",""ee & Sond 57,528 57,528 57,528
Retoe.non 133,346 " 688,320 <.'45,026 733,3~o
Arthrtettu,"& Engi""",,,,,,, 160,100 134.100 26,OOQ 160,100
5oils, Surve~, DviI. TestJ"", etc. 57,615- 57.615 57,615-
llt,rtiDeposrt. 25,000 25,000 25,000
Mundpa:F""" 20,000 20.000 20,000
OJ Prede,elopment nteren & Foe 10,296 10,296 10,2%
, Interim DoeratlMg Costs , , "
Appraisal 13,000 13,000 13,000
W rnerimConnru~iMPeriodinle'"st&HotdlngC<>st:s 134,718 43.059 91,659 134,718
ConstrucUon l'<mod interest l1D,067 10,067 2Qa.ooo 210.067
Real Esta!eTr_f"'-Ta. 12.000 m 11,215 12,000
Course of Canstruetion I""ut.ne~ 27.000 27,000 27.000
CcnstrueticnManilQ'emen 52.000 52,000 52.(.'(1(]
Cost ot l'>5uan~e 248,191 59.145- 189,046 248,191
Tt..&E=ow.Construet",naosing 10,000 10,000 10,000
Trt.....ESl:row,Mor'(gageacsing 5.000 '5,000 ',=
SoflConCorlt'ng'"flC)' 74,288 34,288 40,000 74.288
Legal-AcQUSltIOl'l 10.000 10.000 10,000
Leg3l.Corw..n..crlOnLoanC1oslng 10.000 10,000 :0.000
Leg..-MortgageLoanOo..ng 5,000 ':'5,000 5.000
Lega1-0'G...i~:ion 5.000 5.000 5,000
Legai-5yndrc:.tiOt1 ,,= 75.0-00 75.000
fa, Credit Allocation Comm"'"", Fees 26,324 5."14 20,910 26.324
Market Study 6,250 6.250 6,250
Syndie.,ion Co""u~.."t 40,000 40.000 40.000
Ma'k~W'lgill1<!R""itlenl5e""""'&Penses 10.000 10.000 10.000
De~eloprnent ''''' 1,518,774 479,868 150.000 888.907 1,518.774
Audit, 15.000 15.000 15.000
Capit.,zed Se",kes (To OlW NotLP) , , ,
C'PCt.'rz...dRepl;ICeme"tRes~rve 33,000 33,000 33,000
Cafllt~',ze<lOp"r'"ngRese"'.(3Mos,bpens"s) 11\,860 111,860 111.860 '.
R"I'aym"ntof l,;.ermLo.n 3,10a,COO 2.340,000 760,000 , ~;100,OOO
R..p'ayinen'-c! C''''structi<m ~0311 4,160,000 2.104,877 25,000 561.241 36-2.5-56 1106.326 4,160.000
TOTAL PROJECT COST5 20,867.038 2,3~O,OOO 7.429.000 4,160,000 3.100.000 119.238 210,000 25,000 561,2.41 362,556 2.560.003 20.867.038
80ND ISSUANCE COSTS
SondCwnse](5te'et..1elikL~n) 37,500 Mortg.ge 2,3"0,000
fssuorree-CM,A(P"r~"9.Ag'ee~""': ]2,187.50 COflStructor. 4,160.000
Issuer Appleat"'o Fee 2.,500 TOla 6500000
Issuer L"Il"F"e 4,703
lS5ue' F"n Ye... Mon.toflng Fee 6,500 SQ%TEST
Lende,Orlg.,.toon@100bpofu,.,5'"u.,50bpafPe,m 76,700 Depr"",able8asis 9,15:l8.607 ~
Lender Counsel 50,000 LirldCo$t 2,761,135
LenderEnwonmentaIR.vie'....&C<>.IA.n.lysis.lnsp""""'n. 14.700 Tot~1 11,960.342 ~
Lender Construcrl",n Mon'tor1nq ',000 55%_
Appr.,,,,,..ndLend...-<eview o Paiel ~o' :"'o~gh Ite:im Loan 4,395,123 TEBond 6,500.000 657el , CO
Tru"eeS.,-up 5,000 p<!reer:tae 54.35%
Trustee Fir" Year Fee 2,650 ~
Owner Counse! la.ooo BonclAITiX'lion 6,500,000
o.,.ne,Consultant 10,000 0
CDlAC 2Z?5 Bad Bond Cons'bo,edl 86250
Page 4
Oak Knoll Acquisition and Rehabilitation, Community Housing Works with Bank of America Financ ng and Union Bank as Investor, Preliminary Economic Projections, 4% Credits
4/1/09 9;49 AM
BX BY BZ CA CB
14 DIS8URSEME!'JTS OF UMITED PARTNER CAPITAL CONTRIBUTIONS
15 384,000 1,920,002 256,000
,.
17 Closng Conversion 8609s
18 Land Acquisition 0
19, Buildmg'AcqiJisition@ debt- 0
20 Extension Fee 0
21 Appr.liSI, TitJe and Escrow Acquisition 0
22 N~w_ Community Building Space 0
23 Site Improvements 0 '.
24 Structures 0
25 Additional Improvements Requested by City 0
2. Bu lder Ovemead~ Pront, imd General Requirements 0
Z7 Personal Property in Construction ContraCt 0
28 COf"!struction Contingency 0
29 Personal Propertiy by Owner 0
30 Contractor Insurance & Bond 0
tIJ 31 Relocation 0
, 32 Arcl1itecture&'Engfneering 0
"' 33 Soils, Survey, Civi, Testing, etc. 0
34 Utility Deposits 0
35 Municipal Fees 0
3. Predevelopment Interest & Fee 10,296 10,296
37 Interim Operating Costs 0 0
3B Appraisal 13,000 13,000
39 Interim Construction Per od Interest & Holding Casts 91,659 91,659
40 Constructian Period Interest 0
41 Real Estate Transfer Tax 0
42 Course of Construction Insurance 0
43 Construction Management 0
44 Cost of Issuance 189,046 189,046
45 Ti~e.&. ~row, Construction Closing 0
46 '1ltle &. ESCrow, Mortgage Oasing 0
47 5?h Cost Contingency 0
48 Legal-Acquisition 0
49 Legal CConstruction Loan dosing 0 .
50 Leg_al . MC)ftgage Loan Closing 0
51 Legal-Organization 5,000 5,000
52 L"ega ~ Syndic.atlon 75,000 75,000
53 Tax- Credit Allocation Committee Fees 20,910 20,910
54 Market Study 0
55 Syndication Consultant 0
56 ~arketing and Resident Services Expenses 0
57 Development Fee 888,907 0 668,816 220,090
58 Audit 15,000 15,000
59 Capitalized Services (To CHW, Not LP) 0 0
60 Capitalized Replacement Reserve 33,006 33,000 ...
61 Capitalized Operating Reserve (3 Mos. Expenses) 111.860 111,860 I-L
62 Repayment of Interim Loan 0
63 Repayment of Construction Loan ',106,32~ 1,106,326 00
64 ~.
65 TOTAL PROJECT COSTS 2560.003 384000 1920002 256000
~
""ge5 O.~ K""II A",<""""" a>1d Rch<lodfO''''"'. COmmutl1;y Kc.Js."9 Nor1<,... ,h ~."" 01 Americ. f,c.onCl,,!;; and lli'1K>1 S."".. """'"or. Prel,rrona<'! Eoooo""" m!e<;tl"".. 4~ c..~d <& 4'1109 9:19AM
'" cr " " rn a " 0< a. '" '" co " '" " " W
~UfW1.l.E;Ul-IAXL1.I~lJ!JE;I'.Lt~
,rn" 2010 2011 2012 2013 2014 2015 2016 2017 201B 20~ 9 2020 2:)21 20n 2023 2024
DEPRrClATION
R""demi<lIAc....st'oo1 (27.5 r""..1 0 0 0 0 0 0 0 0 0 0 0 0 , 0 , , 0
R~den'I.AeQ<j""h,n(40rear.<l 5.6%.526 93942 140.91] 140.91j 14().S13 140,911 140.913 140.913 140.913 140,913 HO.913 140.913 140,91> 140.913 )~0.911 14{).9~ 1 14D.913
S;telmp;o'eme~t'Ac~si;i""(:5.Y.....M.;.Yea,j 0 0 0 0 0 0 0 0 0 0 0 , 0 , 0 ,
SMlmrYci....m.;n,;,A~si;""'(20Yoiiirs;Mrd-Year) 0 0 0 0 0 0 0 , 0 , 0 , 0 0 0 0
POl'SOoal "'c!>o"ty Ac'll-""'"'" (S YeJCS.MdYe<JrJ 0 0 0 0 0 ,
Pononal Prc"".'1y Ac"",nJorl [S Y.....r.t.d-Yo<<r) 40,302 2.209 4.478 4,47B ~,~ro .1."78 4.47/1 447l! ~.47B 4,~7B 2,233
Reoi<le",lal Rehahlit.ti",,(27.5 Y""",j 0 0 0 0 0 0 , 0 0 , , 0 0 0 , , ,
Rcside"'.alR~olit;ni""{40Y~....) 3,008,507 G.268 67.691 75,213 75.213 75,213 75,213 75,213 75.213 75.213 75.213 75.2\3 75.213 75.213 75,213 lS,21l rS,213
Skolmp'''''"'''''n<&Rohllb1llta<lM(lSY''''.....I-I.'a.Y''''<) 0 0 0 0 0 , , , 0 , 0 , , 0 , , 0 '.
Si..lrnor<w;"';';'"tsR"""bIllu,;m{20Ye3~/>1j<!-Y..,) 4Z(.1272 1,751 21.014 21,014 21.014 21.014 21,014 21,014 21,014 21,014 21.014 21,014 21.014 21.014 21014 21.014 21.014
Poi0cn3~R.n.O;Lt.t""'(5Y"B.Mi<H""') , 0 , 0 , , 0
p"""",," f'rnpertyRwblllm>o<i (9r"",MI<!-Yoar) 93,000 431 10,333 10,333 10,333 10,333 10,33.1 10.333 10.3J3 10,333 5,167
~=dormal(27,5 y~.rs) , , 0 0 , 0 0 , 0 0 , 0
R..i<l.,."....(40 r.."j 9,362 '" m 234 '" '" '" m '" 224 '" '"
Per'1Cl<]O]Pmp"i'WR.c..biI''''~''''(5r..,s,MId'Y''''' 0 , 0 , , 0 0
Pe'''''''''l'roperty(9Y""",Mk\-Y"",) 9,362 >', 1,D4l' 1.040 1.04:J 1.040 ''"'' l,j-<<l ',,,,," ;eo
OJ
, R....don'I.1 [Zl.S Y.....) 0 0 , 0 0 , 0
ll' Rosidon,ilIl (40 yean;) 42.026 m 1.051 1.051 1.0,) 1.051 1.051
p",sQ"'"P~~iIbilt3tlon(5Yo."'.I-lill-ye"r) 0 0 0 , 0 , 0
?e",o'" ProPonvi9Yo.vs,M>d-Y"." 42,026 2,335 4.670 4.670 4,6~0 4.670 4,F,70
'<<>sidential(27,5Ye...., , ,
Residentla(40Y"",,) 61,906 1,126
1'...""",,1 Prcperr,. Ro~"'b<r.t.i,ion (5 Y"""" ),\;o.Y,,",) 0 0
f>e'$Orn!Ifl"open:y (~yeat'$,JoIid.'fe;u) 61.906 3.439
" T"",IOeor""""f<'n 9,199.607 lG4}i31 244.430 251.951 25],951 251.951 252,588 253,225 253,225 25322S <45.e19 241,2N 2-44134 24.1,)3.. 243.614 243.034 247,659
" cll<<:k 9,198,607
"
:f9
'" EXPENSEIJANOA,J.\ORTlZEDITE"I$
" Mcrt!<'lpeL"""fo....Le~.T,\I" 258,191 5/38 8.606 0.606 8.606 8.606 8.606 8.606 ',"" 8,606 8.606 8.606 860li 8.6C6 8,606 B,606 9606
" Legal'Or~.,1ot1 5.000 5.000 , 0 0 0 0 0 0 0 0 0 0 , 0 ,
" r.. Cr..u; AlIcc.tionF""" 32,574 I,B79 3.257 3257 ',257 ,.257 3,257 3.2p 3,257 3,257 4,63S
H Marlo.otr"ihp",IS'" 10.000 ;,000 ;,000
" '"" 15,000 15,000
" 4s'et~Cj.mon'f~e ,.
" P.Mersl1;pMiln.ge"",ntFoo ,.
., P3ymernror$orvo::...
'" 5.!totoral 320,764 32,617 16B64 11,864 11,864 1186.. 11.8&4 11,864 11,B64 11.864 13.242 8,;;~6 8,606 8.606 8.606 B,GOG a.60S
"
, Cos",Aaoc.t"""ol"'enmPartr~"" .
" ~..,im Ccm,""=tioo ?ernxll~te"'st ~ HoldOf1c CoS':s 0
~,3 IntortmOpenrtlfl<JCast. 134,718
q 13-4.718
,'.
'" LQW.INCOMEHOUSl.'lGTAXCRfDITS
57 Ar:culsltionh'CredltB3si.(lmmP"9"1'j ~,676.a28
'" "''''''''''' ct Annual ~edenl Crotf~ 110.043 190,741 '90 7~1 190,741 190.741 190,741 190,741 190,741 \90,'41 190,74\ 80.698
,9
" Re""biH,."onT...Cted;t BasisifrOmP,,~e 1) 3.521,779
"' SasisT.".;.13mt. 4,S78,31,
" Amount of AONJal fed<!ral C,...., 86.900 150.626 150,626 ISO.626 150,626 lS0,6Z6 150,626 150.626 150,626 150.fi26 63,727
,,'
M TOTALCRWIT5 '96,9~1 341,36g 141,368 341,368 341,368 3..1,3&8 341,368 341.369 341,368 341.368 144..25
,<
" p6
" Aqm,Uo<1 C,"", P"".en1.3g. 3.36% (1\r:<l\OS"kll,aO..dCll\Apr, 1,20091
b8 Rehabil,t.tior Crej~ Pe'Cen~.oe 3.2S*(lw.ocipate<iR.tel 1-'0
[,9 flr5t y"", C'~d;( P.-n;:cnuoc 57.69%
" \"'Y"Acqt;lsilJ""O~''''''Perc''''''"" 66,S7" 00
" 1.ty"RehobilO<ortOe,;"ooiationrn""""Q' 8.33%
n 2ndY,.PehobluliOOOeprOO.,o;rnPc""ntiI!Je 90.00%
T'.h."'~'Ul;O~e"y(AD5Q<,,,,,,,,,,icn) 100.00% <:;.)
'" \str".rl-lorwaePOfcent '"
~
Pilge6 Oak Kno" AcqlJ~ition and Rehabilitaticm, Clmm\.lf1lty HOUSing Works W In Bank of America Flllanc,ng and Union Bank as Il'l\iestor, Preliminary Economic Projections, 4% Cred-ts 411/09 9:.49 AM
:+ Cl DA DB DC CD DE OF DG DM " DJ DK DC DM DN DO D'
ANA-lY5IS OF T AXABLE I~ME
-+ 2009 2010 2011 2012 2013 20\4 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
-+ NfT OPERATING INCOME 111,640 249,115 252,918 268,134 271,322 279,452 286.893 290,5S7 294,205
+ 256,724 260,531 264,336 275,696 283,186 297,801 301,348
7 IntereSt on Replacement and Operating Reserve Accts. D 398 1,022 1,685 1,829 2,552 3.340 4,167 5.043 3,451 4,359 5,324 6,346 7,429 4,B61 5,963
:+ Tot<iINetlncome 111,640 249,514 253,940 258,410 262,360 266,897 271,474 276,088 280,739 282,903 287,545 292,216 296,913 301,634 302,662 307,311
..4- DEDUCTIONS
* Ifrt,ere_5t on First Mortgilge D 107,510 14i,816 133,965 137,997 135,905 133,680 131,314 128,H9 126,125 123,281 120,258 117,043 113,625 109,991 iOG,-'-Z7,
* ConstrllCtionLoanlnterest 28,494 142,472
-# Illteresl on Second Mortgage D D 0 D 0 D 0 0 0 D D D D 0 0 D .
* Deprec<ilfon 104,631 244,430 251,951 251,951 251,951 252,588 253,225 253,225 253,225 245,819 241274 244,134 244,134 243,614 243,094 247,659
-1+ Experrsad and Amortized Items 32,617 16,864 11,864 11,864 11,864 11,864 11,864 11,864 11,864 13,242 8,606 8,606 8,606 8,606 8,606 6,606
-+%- TOlalDe:Joxtkms 165,742 511,275 405,630 403,'179 401,811 400,356 398,769' 396,403 393,6a6 365,186 373,162 372,::198 369,7!l4 365,646 361,691 362,392
4 NET TAXABLE INCOME
* -54,102 -261,762 -151,690 -145,370 -139,451 -133,459 .127,295 -120,315 -113,149 .102,283 -85,616 .80,782 -72.,671 -64,212 -59.0:30 -55,081
4 SHARE ALLOCATED TO GENERAL ?ART~ER .5 .26 .15 .13 .12 .1D -21,861
-* .15 -15 .13 .11 ., -24,235 -19,264 -17,709 -16,524
~ sK4RE ALLOCATED TO LlMrrEO PARTNER -54,096 -261,735 -151.675 .145,355 .139,437 -133,446 -127,262 -120,303 .113,138 -102,273 -85,608 -56,548 -51,009 -44,948 -41,321 -38,557
.g. Marginal Tax Bracket
-#- 35% 35' 35% 35% 35% 35% 35. 35% 35% 35% 35* 35' 35% 35% 35% 35'
4 Investor Beneflts From Losses 18,934 91,607 53,086 50,874 48,603 46,706 44,549 42,105 39,598 35,796 29,963 19,792 17,853 15,732 14,462 13,495
tJj * FedeJ<lILow-lncome HousingTa><Credils 196,923 341,334 341,334 341,334 341,334 341,334 341,334 341,334 341.334 341,334 144,410 0 '0
, #- Total umited f>armerTa~ Benefits 215.857 432,941 383.440 19,792 17,853
'" 26 394,420 392208 3900137 388040 365,882 380932 377129 174,373 15732 14462 13.495
.
1-\0
....
00
Cj,)
CJ.)
Page 7
O~k Knoll AcqUIsition and Rehabilitation. Communrty Housing Worl;s with Sank of America Financing and Uruon BanI<. as ln~e~a.or, Preliminary EconomiC Projections, 4% Credits
4/1/09 9:49AM
OJ
,
--l
OS OT DU " OW " " " EA EO " EO EE " EO EH " u
i-+ OUTSTANDING DEBT
K- 2009 2010 2011 ZQ12 2013 2014 2015 2016 2017 Z018 2019 Z020 Z021 2022 2023 2024 2025
H- SQURCE50FfUNOS
R: Firstl,1ortgage 2,340,000 2,319.206 2,Z89g51 2,258,844 2,225,770 2,190,603 2,153,212 2,113.455 2,071.183 2.026,236 1,978,447 1,927,633 1,873,606 1,816,\60 1,755080 1 ~690, 1 35 1 ,621 ~083
secor\ClMortgage 7,990.241 7,987,644 7,987,644 7,987,644 7,9S7.644 7,9S7,644 7,987,644 7,982.347 7,976,726 7,970,846 7,964,774 7.958.581 7.952,344 7,946,143 7,940.064 7,934,197 7,9lB.640
c+ Total Nonrecourse Financing 10,330,241 10.306,851 10,277,595 '0246,489 10.213.415 10.178,248 10,140,856 10,095802 10.047,909 9.997,083 9,943.220 9.886,214 9,825,949 9.762.302 9,695.143 9.824,333 9,549.72,2
tt DelerredDeveloperFee C 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
~ Asset Managemerll Fee Owed 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
-It Total Recourse Financing 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
4 TOTAL DEBT 10,330,241 10.306,851 10,277,595 10,246.489 10,213.415 10.178,248 10,140.856 10,095,802 10.047,909 9,997,063 9,943,220 9.886,214 9.825,949 9.762,302 9,695.143 9,624.333 9.5..9,722
.,g.
~ A~erilge Rate 01 Incre~se oller 2009 .(1.28% -0.30% '{)32% .0.34%
~
"
'* City 01 poway Loan 0""""
~ initialB~ 7,990,241
~ Accrued Intelest During COnslructiOF1
~ interest on Elalance 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
4 AfTIOtJntP.'dfromCap'ta Connibutions
4- '\mount Paid from OpefOtions 0 2,596 0 0 0 0 0 5.298 5,621 5,BBO 6,072 6,193 6,l37 6.201 6,079 5.866 5,557
-# New Balance 7,990,241 7,987,644 7,987,644 7,987.644 7,987,644 7,987,644 7,987.644 7.9B2,347 7.976.726 7,970,846 7,964.774 7.958,581 7,952,344 7.946.143 7,940,064 7,934,197 7,92.8,640
-# Number of Years Remaining " 53 " " 50 " 4B " 4B 4B " 4B " " 4B 39 38
-# Balance Asswmin;J 00 Ad<!itional Paymer 7,990,241 7,987.644 7,987,644 7.987,644 7,987644 7,987,644 7,987,6..4 7.9SZ,347 7.976.726 7.970,846 7,964,774 7,958,581 7.952,344 7,946.143 7,940,064 7,934,197 7,928,640
% Third Moft>)a>)e (8ookAccountinQl O.OO%,simplelnteresl Ori>)lnalBaiance 7990,241
4: BalancealEndofConstructiDn 7,990,241
-1tr Interest on Last Baance 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Balance 1,!i\;lO,l41 (,:I\;IU241 7.981,644 7,987,644 7,987,644 7,967.644 7,9137,644 1.987,644 7,96~,347 7,97G,72C 7,970,.'346 7.964,771 7,958,581 7,952,344 7,946.143 7,940,064 7,934,197
* Amount Paid from Capital Conmbut'ons 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
-# Amount Paid from OperaliOns 0 2.596 0 0 0 0 0 5.298 5,62) 5,880 6,072 6,193 6,237 6,201 6,079 5.866 5.557
-# New8alance 7,990.241 7987,644 7,987,644 7.9B7,644 7,987,044 7.987,644 7,987.644 7,982,347 7,976,726 7.970,846 7,964.774 7,958,581 7.952,344 7,946.143 7,940,064 7934,197 7,9<'8,640
"*
35 Encfon 8alanceAssumin no Add,t!onal 7.990.241 75187.644 7987644 7.987644 7987644 7987644 7987644 7982347 7,976726 7970.846 7964.774 7.958581 7.952.34-4 7946.143 7940.064 7934197 7.92:8640
.
.
~
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00
~
~
PageS Oak Knoll AcquisitiOIl ant:l Rehabilitation, Commun ty Housing Works with Bank of America Financing and Union Bank 35 Investor, Preliminary EconomIC Projections, 4% Credits 4/l/C9 9:49 AM
GG GH G' GJ G< Gl GM GN GO GP G GR GS GT GU GV GW
1 LIMITED PARTNER CAPITAL ACCOUNT Year 1 Year 2 Year 3 Year 4 YearS Year 6 Year 7 Year 8 YearS YearlQ Yearl] Year 12 Ye;!f 1 ~ Year 14 YearlS y",,,,16
2 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
3 8as;s 11623,665 11.519,044 11,274,639 11,022,714 10,789,510 10,537585 10,285,022 10,031,822 9,778,623 9,609,468 9,363,673 9,122,423 8,878,313 8,634,204 8.514,414 8,271:345
4 Additions to Basis 0 0 0 18,722 0 0 0 0 84,044 0 0 0 0 123,800 0 0
5 Dedu.::ClonsfmmBasls -104,620 -244,405 -251,926 -251,926 -251,926 -252,563 -253,200 -253,200 -253.200 -245,795 -241,250 -244,110 -244,110 -243,589 _-243,069 -247,634
6 8asis at End of Year 11,519,044 11,274,639 11,022,714 10,789,510 10,537,585 10,285,022 1O,03J,822 9,778,623 9,609,468 9,363,673 9,122,423 8,878,313 8,634,204 8,514,414 8,271;345 8,023,711
7 Balarice"ln'ReserVeAccounts 64,934 109,045 131,159 135,952 160,375 186,321 213,865 243,081 190,007 220,292 252,425 286,494 322,592 237,014 273,7.46 312,695
B
9 Bass in Partnership Assets 11,583,978 11,383,685 11,153,873 10,925,462 10,697,960 10,471,344 10,245687 10.021,704 9,799,475 9,583,965 9,374,848 9,164,808 8,956,796 8,751,428 8:545,090 8,336:406
10 Outstanding Nonrercourse' Debt 10,330,241 10,306,851 10,277,595 10,246,489 10,213,415 10,178,248 10,140856 10,095,8)2 10,047,909 9,997,083 9,943,220 9,886,214 9,825,949 9,762,302 9,695,"43 9,624,333
" .
" Minimum Gan on Chargebock 0 0 0 0 0 0 74,098 248,435 413,118 568,372 721,406 869,153 1,010,875 1,150;053 .1,287,927
13
14 LIMITW PARTNER CApnAl ACCUUNI
13 Capi~1"'C(:oum:BalarJCeAtYear5tart 1,423,310 1,412,215 1,255,287 1,104,521 959,511 820,325 687,131 560,209 440,237 330,915 238.046 174,025 115,332 62,492 13,074
16 Capital Contribution 2,304,003 256,000
" Deductions from CapItal AccQunt -54,096 -261,735 -151,675 -145355 -139,437 -133,446 -127,282 -120,303 -113,138 -102,273 -85,608 -56,548 -51;009 -44,948 -4',321 -38,557
" Syndication Expenses -823,264
tJj 19 Cash Flow -3,333 -5,360 -5,253 -5,411 .5,573 -5,740 -5912 -6,619 -6,834 -7,049 -7,262 -7,473 -7,683 -7,891 -8,097 '-8,301
, 20 End of Year Cap'tal Account 1,423,310 1.412.215 1,255,287 1,104,521 959,511 820,3<:5 687,131 560,209 440,237 330,915 238,046 174,025 115,332 62.492 13,074 -33,784
"
(fJ " Mil1lmumGa-non Chargeback 0 0 0 0 0 0 0 74,098 248.435 413,118 568.372 721,406 869153 1,010,875 1,150,053 1,287,927
23 CJpltalAccountPlusChargeback 1,423,310 1.412,215 1,255,287 1,104521 959,511 820325 687,131 634,306 688,671 744,032 806,418 895.431 984485 1,073,357 1,163,127 1,254,143
24
2S GAIN OR LOSS ON SALE
26 Capital AcwllIlt 8alance At Year Start 2,246,573 2,235,479 2,078550 1,927,785 1,782,775 1,643,589 1,510,395 1.383,472 1,263,500 1,15"',179 1,061,309 997,288 938,596 885,756 836;338
" Cop;talContribution 2,304,003 256,000 0 0 0 0 0 0 0 0 0 0 0 0 0 0
28 Deductions from Capital Account -54,096 -261,735 -151,675 -145,355 -139,437 -133,446 -127,282 -120,303 -113,138 -102,273 -85,608 -56,548 -51,009 .44,948 -41,321 -38.557
29 CashFow -3,333 -5,360 -5,253 -5,411 -5,573 '5,740 -5,912 -6,619 -6,834 -7,049 -7,262 -7,473 -7,683 -7,891 -8,097 -8,301
30 End of Year Capital Account 2,246,573 2,235,479 2,078,550 1,927,785 1,782,775 1,643,589 1510,395 1,383,472 1,263,500 1,154,179 1,061,309 997288 938,596 885,756 836,338 789,480
31
32
33
34 AFTER TAX 8ENEFlT5
35 LoSses -54,096 -261,735 -151675 -145,355 -139,437 .133,446 -127,282 ~120,303 -113,138 -102,273 -85,608 -56,548 -51,009 -44,948 c41,321. -38,557
36 Marginal Tax Bf<lcket 35,00% 35,00% 35,00% 35.00% 35.00% 35.00% 35.00% 35,00% 35.00% 35,00% 35,00% 35.00% 35.00% 35.00% 35,00% 35.00%
37 AfterTax Benehts from Losses 18,934 91.60! 53,086 50,874 48,803 46,706 44,549 42,106 39,598 35,796 29,963 19,792 17,853 15,732 14,462 13,495
3B
39 292718 276318
" CredIts 196,923 341,334 341,334 341,334 341,334 341,334 341,334 341,334 341,334 341,334 144,4;0 0 0 0 0 0 .
" Cash Flow 3,333 5360 5253 5411 5573 5740 5912 6619 6,834 7,049 7252 7473 7683 7891 8.097 8,301
1=10
~
00
1;1.)
CJ1
.
.
1183,'6
~1<t@I11 AcquisitIOn and Rehabilitation, Community Housing WOlk~'With Bank ot'AmetitJlIfOfJanSlJ1Ol ~U
Union Bil~k as Investor . Prelimin Economic Pro'ections 4% Credits
GR GS GT GU Gv GW GX
43 INTERNAL RATE OF RETURN (CALCULATED QUARTERLY) WITHOUT CASH FLOW
4.4'
45 QUARTER lOTAL NET
46 ENDING LOSSES CREDITS BENEFITS INVESTMENT INVESTMENT 'RR
41 13.25%
48 6/30/09 6,311 65,641 71,952 384,000 -312,048
49 9/30/09 6,3i.' 65,641 71,952 71,952
SO 12/31/09 6,3il 65,641 71,952 71,952
51 3/31/10 2?,~O2 85,::133 108;235 108,235
52 6/30/10 22,90Z 85,333 108,235 1,920,002 .1,8].1,767
53 9/30/10 22,902 as,333 108,235 256,000 -147.765
54 12131/10 22;902 as,33::! 108,235 108,235
55 3131/11 13;272 85,333 98,605 98,605
56 6/30/11 13,272 85,333 98,605 98,605
57 9130/1' 13~27Z 85;333 98,605 98,605
58 12/31/11 13,272 85,333 98,605 98,EOS
59 3/31/12 12,71.9 85;333 98,052 98,052
60 6/30/12 12;719 85,333 98,052 98,052
6' 9130/12 12.719 85,333 98,052 98;052
67 12/31112 12,719 85,333 98,052 98.052
63 3/31/13 12,201. 85,333 97,534 97,534
64 6/30/13 12;201 85,333 97,534 97,534
65 9130113 12,201 85,333 97,534 97,534
66 12/31113 12,201 8S;333 97,534 97,534
67 3/31/14 1 r;676 85,333 97,010 97:01 0
68 6/30114 11,676 85,333 97.010 97,010
69 9130114 11.676 85,333 ~1,U1U 97.,010
70 12/31114 11,676 85,333 97,010 97,010
71 .3/31115 11,137 85,333 96,471 96,471
72 6130/15 1.1,137 85,333 96,471 96,471
73 9/30/15 11,137 85,333 96,471 96,471
74 12/31/15 11,137 85,333 96,471 .96,471
IS 3/31116 10,526 85,333 95,860 95,860
76 6/30/16 10,52.6 85,333 95,860 95;860
77 9/30/16 10,526 85,333 95,860 95;860
78 12/31/16 10,526 85,333 95,860 95,860
79 3/31/17 9,900 85,333 95,233 95,233
80 6/30/17 9,9-00 85,333 95,233 95,233
81 9/30/17 9,900 85,333 95,233 95,233
82 12/31/17 9,900 85,333 95,233 95,233
83 3131/18 8;949 85,333 94,282 94,282
84 6/30/18 8,949 85,333 94,282 94,282
85 9/30/18 8:9~9' 85,333 94,282 Y4;282
86 12131/18 8,949 85,333 94,282 94,282
87 3131/19 7,49.1 85.333 92,824 92,824
88 6130/19 7,491 59,077 66,568 66;568
89 9/30/19 7,491 0 7,491 7,491
90 12/31119 7,491 0 7,491 7,491
91 3/31/20 4,948 0 4,948 4,948
92 6/30/20 4,948 0 4,948 4,948
93 9/30/20 4,948 0 4,948 4,948
94 lZ131/Z0 4,948 0 4,948 4,948
95 3/31/21 4,463 0 4,463 4,463
96 6/30/21 4,"463 0 4,463 4,463
97 9/30/21 4,463 0 4,463 4,463
98 12/31/21 4,463 0 4,463 4,463
99 3/31/22 3,933 0 3,933 3,933
100 6/30/22 3;933 0 3,933 3.~33
101 9/30/22 3;933 0 3,933 3,933
102 12/31/22 3.933 0 3.933 3,933
103 3/31'/23 3,616 0 3~616 3,616
104 G/30/23 3,616 0 3,616 3,616
105 9/30/23 .3,616 0 3,616 3,616
106 12131/23 3,616 0 3,616 3,616
107 3/31/24 3,374 0 3,374 3,374
108 6/30/24 3,374 0 3,374 3,374
109 9/30/24 3,374 0 3.374 3,374
no 12/31/24 3,374 0 3,374 3,374
111 3/31125 276,318 0 276;318 276318
B-9
1552\02\671238.9
.
.
1183'1'
EXHIBIT C
SCHEUDLE OF PERFORMANCE
(Revised and dated as of March 31,2009)
All days are working days and exclude holidays
Execution of Agenev Loan Agreemen't Executed as of March 11, 2008
This Agreement shall be executed by the Developer and a copy of
the executed Agreement shall be sent to .the Agency
Conditions Precedent to Agencv'Loan Disbursement Satisfied as of April 1, 200R
Borrower shall satisfy all c6nditionsi'equiied for the initial loan
disbursement for the AcquisitioilC6mpi:ment
Income Renort Within 60 days ofth" date of the
Borrower shall submit an [ncome Report pursuant to Sections 3,9 of Original Agency Loan,Agreement
the AQencv Loan Agreement
Relocation Plan Submitted as of June 11, 2008
Borrower shall submit a detailed Relocation Plan pursuant to Section
3.11 of the Agencv LoanAQreement
Agencv Approval nf Relocation Plan Approved as of July 15,2008
AQencv shall aoorovetbe Rel6'cation Plan
Relocation'Exoenses 40 days prior to final loan
CHW shall provide an estimate ofrelocation costs and back up to disbursement
substantiate. costs
DevelopmentReview Permit Submitted as of November,' I 3,
Borrower shall aoolv for a Develooment Review Permit 2008
Development ReView Permii,Aoproval Prior to commencement of
Borrower shall obtain Develooment.Review Permit aooroval con.struction
Exterior Renovation'Plans Submitted as of September 26,
Borrower shall submit an exterior renovation plan and elevations for 2008
AQencv aoproval
Agencv Approvalo! Exterior Renovations Approved as of November II,
A~encvshall Approve the'Exterior Renovation,Plans and Elevations 2008
Exterior Renovation Plans Within 30 days of the date of this
Borrower shall submit in Writing that all conditions of approval have approval or before submittal.for
been read and understood pursuant to Section 4 Coridition B of Building Permit application.
Design ReviewResolution'No,P-08-04
Tax Credit Application Submitted May 21, 2008
Borrower.'shaU'submit an:apnlication for 4% Tax Credits
tax Crediflnvestor Aporoval Submitted as of March 17,2009
Borrower shall submit limited partner letter of intent for Agency
aODfoval
Agencv Approval of Tax CreditBids Approved as of March 25, 2009
Agency shall'aoprove Tax Credii Investor and terms
Tax Credit Allocation Submitted as of August 20, 2008
BorroweLShall submit evidence of 4% Tax Credit Allocation
c-]
1552'02\671238.9
.
.
11838
Construction Contract 20 days'prior. to commencement
Borrowef.;shalLsub-init re\iisea construCtion contract pursuant to' ofconstmction
Section,34 of the Agency Loari-Agreement
.Ai!enc'v''!\miro'valofConstruction'Contract Within 10 days ofreccipt
AQcncv shall anorov,; construction contract
IDsu raDce ,Certifica tio ns Prior to commencement of
Born"v,;r shall silbniit Certificates of Insurance to Agency in construction
accordance with Scction4.170f the Agency Loan Agrccmcnt
Buildin\! Permits Prioi'to commencement pf
Borrower shall apply for Building Permits for community center construction. of community. room
Landscaueand Lii!htin\!'Plan Prior to issuance of building
Borrower shall submit a detailed landscape and irrigation plan and a permit for community room
detailed lighting plan to the Planning Division review and approval.
School Districnierification Prior to issuance of a building
Borrower shall verify the schooI'impaet fee for the community permit for community.center
center, if any and pay the fee;as:required under Section 4 Condition
E,9 of Desi"n Review Resolution NO.P-08-04
Restripine:Exhibit Prior to issuance,of a,building
Borrower shall submit an exhibit showing typical striping for permit for communityceriter
parking lot for Planning Division review and approval as required
under Section 4 Condition E.II of Dc sign Review Resolution No, P-
08-04
Commencement of Cnnstruction ,No later than May 28, 2009
Borrower shall commence construction on rehabilitation and
community room
Relocation 'Completedas of December 31,
Borrower shall comnlete relocation of eligible households 2008
Ouarterlv Pro\!ress Reports July 1,2009 and'September I,
CHW shall suhmit quarterly progress reports pursuant to Section 2009
3.13
Manae:ement Plan Within 30 days ofcomri1encement
Borrower shall prepare management nlan of construction
Resident Services Plan Within 60 days of end of
Borrower shall annually prepare;a Resident Service Plan pursuant to Borrower's fiscal year
Section 3.18 of the Agencv Loan Agreement
Manal!ement Plan Within 30 days of receipt of the
Agericyshall approve and execute management plan draft manageIl1ent plan
Resident' SerVices Plan Within 10 working,days of receipt
AQencv'shall approve or disannrove of the Resident Services Plan of BO'Tower'ssubmittal
Construction Comriletion No later than November 30, 2009
Borrower sliaIlcomplete construction for rehabilitation and
communitvroom
Ae:encvLoan - COInnlction Component At least three days prior to loan
Borrow'shall satisfy iilIConditions required for the completion disbursement
comnonentofthe Agencv loan
Ae:encv Loan - CODversioD,Cornponent At least three days prior to loan
Borrow shallsatisfv ail conditions reauired for the comoletion disbursement
C-2
1552\02\671238.9
.
.
118.39
'comoonent.of the\A.geney .'oan
Cost Certification No later than May 30, 20 10
Borrow shiill subinit 8609
Loan Soecial Reoavment from Net,Proceeds Within 30 days of submitting the
Borrow shall submi(Joanrepayment,if necessary after fmal audit 8609
C-3
I 552"02\fj7 1238.9
.
.
11840
EXHIBIT D
REVISED SCOPE OF REHABILITATION
PART I: REHABILITATION
Oak Knoll Apartm<:n1S
by
~un CmlnllY 6,,;1"=
100WOS:
Dcstriptioil
Cost Code
SileWork
2-050
2-210
2-270
2-275
2.2'15
2.S!O
2-520
,-,<,
H""
2.720
2-730
2-780
2-830
2-840
2-870
,.900
T<ltalSilc
).)00 C~ ill Pllce Cuncme, (,)OG) ,
]-500 GypsumCoocretc
4-400 MltiOI1f)'
5-120 Slructurlll:'ila:1
5-51\) Mis.:. Metals
6-110 l(<JugbC"'Pl"rilry
6-200 FlnlshCarpcnlf}
6-24(l C[)llOIet1ops
1-110 Waleiproofing
7-200 Insulation
7.270 f;rt;$lopping
7.)20 Roofing
7-570 Pcd..strianCo"llngs
7-600 Flaslling'andShcctMclA!
ll-J6(J (Ncr~dLluo<'S
8-400 Ellll'lll1ccs;/fu;lSlon:fronts
8-630 Windows
8;700 Hardware8lldBalllAcce55Ofies
8.810 MirrOr>
9-200 L.l.thlllld!'lasu:r
9-250 Oypsumllaard
9-310 Cei-amicTile
9-6S0 ~lOOfing
9-900 Painting
10-150 BathroomPlIl1itiOfls
\0-350 FLreplaCe
10-400 S'gnago; lncludirig dircdorle.l and ffllJ1lcs
10-520 FlfCProted.ionSpcciallies'
10 550 Mailbo~cs
10-999 Gr=lluardJO~24wt1ilc
11-450 Rcsid'="llialEqu;pm<:n1
\2.)00 ManuflcllnedCasework
12-500 Window,Treatmt-PVC Vertical Blind;
14-Joo E1evalOl>
15;.Joo, Fi~ProI:Cction
'15~OO Plumbiilg
15-540 HVAC
16'i20', EICctri~lll
I~SIO' LiShIFiXtUre:s
16:"720 L~wYoUagc
19~100' UelIllUP
TDlal Slr1lthll:r"~h
TotaICoattni-ctfoiiC0511
GeneralCollditl()Jl$
GCF~
TotalCoGlr....'
Imurar,,;';
Ilondi:lm
TolalCilm
lJemolilKln
Gr&dU1ll
SlopcPrulO.,,;(ivn
ErosionCOllUol
I'lnishGntdmg
ACP&v,~
PCCptovi~g
w~
~lrcs.prinkler5ys(cm
Slo<mDrain
S_
lJryuCs
Fm.;esandGalc:s
WillI<.. Road, 1'arlmg AppUrlCllanCCS
Site and SIred ~umisllillg;
LlCIdscaping
1552\02\671 !3R,9
Value Tolals
117,438,72
Q,<NU7
S,773.08
4,61K.46
65,76849
17,610.34
4V911,IO
3,0111.23
2,11116.54
23.326.69
2,400,13
33,137.45
119.719.117
.u021l.7!\
5.91846
44,592.00
IO,l!OU.OO
50.096.63
11.503.60
21,517.50
220,79054
48.071,47
74,156.65
232,017.79
2~,670.99
6,927.69
97.610,91
78,1170,80
3,900.00
6,759.00
10,504_42
282,407.8$
6().125.58
n,595.SS
34,479.95
I,.fOJS/8.U
1,823,850.17
152.SI0,63
%.600.00
1.07J.U\l.80
32,342.87
25,1300
1,IJll.18i.J6
D-l
o
.
PART II: COMMUNITY,BUILDING
Sale Price
Delivery/Permits
Installat,on
Pit Prep/Back Fill
Concrete Stem Wall
RiggingNVelding
Spoils Removal
Craning Fee
Interior [)rywalllFlooring
Foundation Engineering
Ramp
License Fee
Insurance
88 634
2.663
1 175
9436
37.333
2,639
3.179
9.863
15.3?0
975
12.200
2,6751
1,000
-,. -,.,-_..."._,"
187,092
775%:
, i4~500-
201,593
_.. -
Subtotal
Tax Rate
Tax Rate
TOTAL
1552\02\671238.9
.
11841
D-2
j,
~
.
EXHIBIT E
.
REVISED APPROVED FIRST YEAR OPERA TfNG BUDGET
I. Gross Scheduled Income
Two Bedroom@ 50%,of AMI
Two Bedroom @ 60% of AMI
Two Bedroom (Manager's Unit)
Total- Residential
Laundry/Other Income
Total Gross Scheduled Income (GSI)
II. Effective Gross Income (EGI)
(Less) Vacancy
Total Effective Gross Income (EGI)
III. Operating Expenses
(Less) Operating Expenses
(Less) Services/Amenities
(Less) PropettyTaxes
(Less) Replacement Reserves
Total Expenses
IV. Net Operating Income
(Less) Operating Expenses
1552\02\67123R.9
No. of Units
26
25
I
$13 unit/month
5% ofGSI
$4,663 /unit/year
Initial budget
per year
$383 /nnit/year
B-1
$/ Month
$782
$945
$0
11842
Total Annual
$243,984
$283,500
$0
$527,484
$8:112
$535,596
($26,780)
$508,816
Total Annual
($242,489)
($10,000)
($3,500)
(19,916)
($275,905)
Total Annual
$232,911