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Substantial Amendments — NSP 2 & 3 and <br />Loan Agreement with 815 N Harbor LP <br />September 16, 2013 <br />Page 4 <br />The proposed loan agreement between 815 N Harbor, LP and the City of Santa Ana is for $2 <br />million. The funds will come from NSP 2 and NSP 3 allocations, and will be used for the acquisition <br />of the property. <br />When complete, the project will be comprised of 70 two- bedroom and three - bedroom rental units <br />for extremely low -, very low- and low- income households and contain a 3,000 square foot <br />community room. The proposed unit mix and levels of affordability are as follows: <br />Bedroom Size <br />30% <br />AMI <br />50% <br />AMI <br />60% <br />AMI <br />Total <br />Two - Bedroom <br />5 <br />30 <br />14 <br />49 <br />Three - Bedroom <br />2 <br />12 <br />6 <br />20 <br />Total <br />7 <br />42 <br />20 <br />69 <br />The remaining unit will be a three - bedroom unit reserved for the onsite manager. The total project <br />development cost is estimated to be $26.3 million. The tables below show the anticipated funding <br />sources and their uses: <br />Funding Source <br />Amount <br />Conventional Permanent Loan <br />$ 4,370,390 <br />Section 8 Loan 8 Project Based Vouchers <br />$ 719,050 <br />City of Santa Ana NSP 2 Funds <br />$ 928,620 <br />City of Santa Ana NSP 3 Funds <br />$ 1,071,380 <br />Deferred Developer Fee <br />$ 792,342 <br />General Partner Equity <br />$ 100 <br />Limited Partner Equity Tax Credits) <br />$ 18,405,476 <br />TOTAL <br />$26,287,358 <br />Fundin Use <br />Amount <br />Acquisition /Demolition <br />$ 4,086,366 <br />Construction <br />$ 15,336,750 <br />Soft Costs <br />$ 6,013,076 <br />Costs Deferred Until Conversion <br />$ 501,390 <br />Financing Costs <br />$ 349,776 <br />TOTAL <br />$ 26,287,358 <br />