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Loan Agreements with Tiny Tim LP
<br />April 16, 2019
<br />Page 7
<br />Total Project Costs
<br />Project Costs
<br />Amount
<br />Per Unit
<br />Acquisition Costs/Closing
<br />$4,268,000
<br />$83,686
<br />Architecture/Fees & Permits
<br />$2,419,131
<br />$47,434
<br />Construction Cost
<br />$19,857,914
<br />$389,371
<br />Indirect Construction/Legal
<br />$636,153
<br />$12,474
<br />Developer's Fee
<br />$1,887,099
<br />$37,002
<br />Rent -Up Costs/Reserves
<br />$202,322
<br />$3,967
<br />Financing Costs
<br />$2,010,664
<br />$39,425
<br />Total
<br />$31,281,283
<br />$613,358
<br />Permanent Funding Sources
<br />Amount
<br />Permanent Loan
<br />$8,095,352
<br />Tax Credit Equity
<br />$15,105,973
<br />Deferred Fee
<br />$1,584,174
<br />City of Santa Ana Funds
<br />$6,000,000
<br />NOI During Construction
<br />$495,784
<br />Total
<br />$31,281,283
<br />STRATEGIC PLAN ALIGNMENT
<br />Approval of this item supports the City's efforts to meet Goal # 5 - Community Health, Livability,
<br />Engagement & Sustainability, Objective # 3 (Facilitate diverse housing opportunities and support
<br />efforts to preserve and improve the livability of Santa Ana neighborhoods), Strategy C (Provide
<br />that Santa Ana residents, employees, artists and veterans receive priority for affordable housing
<br />created under the City's Housing Opportunity Ordinance or with City funding to the extent allowed
<br />under state law).
<br />FISCAL IMPACT
<br />Funds are available in the Loans and Grants accounts for expenditure in FY 2018-19 as follows:
<br />Program Name Account No.
<br />Amount
<br />Low and Moderate Income Housing Asset Fund 60718830-69152
<br />$4,700,000
<br />Inclusionary Housing Fund 41718820-69152
<br />$1,300,000
<br />Total
<br />$6,000,000
<br />Steven A. Mendoza
<br />Executive Director
<br />Community Development Agency
<br />APPROVED AS TO FUNDS AND ACCOUNTS:
<br />K`a hryn Downs, CPA !�
<br />Executive Director
<br />Finance and Management Services Agency
<br />80A-7
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