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9% tax credits Local Private Private
<br />Residential
<br />Rental
<br />Component
<br />Costs
<br />Total
<br />Development
<br />Costs
<br /> LIHTC Equity
<br />Investment
<br />City of Santa Ana -
<br />Successor Agency
<br />funds
<br />Bank of America -
<br />Construction
<br />Loan
<br />Deferred Costs SOURCES
<br />TOTAL
<br />ACQUISITION
<br />Lesser of Land Cost or Value $4,500,000 $4,500,000 $4,500,000 $4,500,000
<br />Legal & Closing Costs $19,375 $19,375 $19,375 $19,375
<br />Verifiable Carrying Costs $765,983 $765,983 $765,983 $765,983
<br />Other: (Predevelopment Loan Interest)$61,000 $61,000 $61,000 $61,000
<br />Total Acquisition $5,346,358 $5,346,358 $5,346,358
<br />RELOCATION
<br />Permanent Relocation $955,161 $955,161 $955,161 $955,161
<br />Total Relocation $955,161 $955,161 $955,161
<br />CONSTRUCTION
<br />Off-Site Improvements $193,393 $193,393 $193,393 $193,393
<br />Site Work (hard costs)$1,945,880 $1,945,880 $1,945,880 $1,945,880
<br />Structures (hard costs)$11,253,686 $11,253,686 $11,253,686 $11,253,686
<br />Demolition & Remediatoin $350,000 $350,000 $350,000 $350,000
<br />General Requirements $1,075,033 $1,075,033 $1,075,033 $1,075,033
<br />Contractor Overhead $457,696 $457,696 $457,696 $457,696
<br />Contractor Profit $457,696 $457,696 $457,696 $457,696
<br />Total Construction $15,733,384 $15,733,384 $15,733,384
<br />ARCHITECTURAL
<br />Design $941,550 $941,550 $941,550 $941,550
<br />Total Architectural Costs $941,550 $941,550 $941,550
<br />SURVEY & ENGINEERING
<br />Survey & Engineering $480,046 $480,046 $394,819 $85,227 $480,046
<br />Environmental Consultants $205,650 $205,650 $205,650 $205,650
<br />Misc. Consultants $13,051 $13,051 $13,051 $13,051
<br />Total Survey & Engineering $698,747 $698,747 $698,747
<br />CONTINGENCY COSTS
<br />Hard Cost Contingency $786,669 $786,669 $786,669 $786,669
<br />Soft Cost Contingency $465,550 $465,550 $465,550 $465,550
<br />Total Contingency Costs $1,252,219 $1,252,219 $1,252,219
<br />CONSTRUCTION PERIOD EXPENSES
<br />Construction Loan Interest $820,239 $820,239 $820,239 $820,239
<br />Origination Fee $225,295 $225,295 $225,295 $225,295
<br />Improvement Bond Premium $15,000 $15,000 $15,000 $15,000
<br />Closing Costs $30,000 $30,000 $30,000 $30,000
<br />Property Taxes $130,542 $130,542 $130,542 $130,542
<br />Insurance During Construction $196,667 $196,667 $196,667 $196,667
<br />Title and Recording Fees $57,000 $57,000 $57,000 $57,000
<br />Total Construction Expenses $1,474,743 $1,474,743 $1,474,743
<br />PERMANENT FINANCING EXPENSES
<br />Loan Origination Fee(s)$76,870 $76,870 $76,870 $76,870
<br />Closing Fees & Reports $20,000 $20,000 $11,643 $8,357 $20,000
<br />Title and Recording Fees $10,000 $10,000 $10,000 $10,000
<br />Insurance $50,000 $50,000 $50,000 $50,000
<br />Total Permanent Financing $156,870 $156,870 $156,870
<br />LEGAL FEES
<br />Construction Lender Legal Expenses $80,000 $80,000 $80,000 $80,000
<br />Permanent Lender Legal Fees $20,000 $20,000 $20,000 $20,000
<br />Sponsor Legal Fees $150,000 $150,000 $150,000 $150,000
<br />Total Legal Fees $250,000 $250,000 $250,000
<br />CAPITALIZED RESERVES
<br />Operating Reserve $214,053 $214,053 $214,053 $214,053
<br />Total Capitalized Reserves $214,053 $214,053 $214,053
<br />REPORTS & STUDIES
<br />Appraisal & Market Study $31,125 $31,125 $31,125 $31,125
<br />Other: Accounting $54,900 $54,900 $54,900 $54,900
<br />Total Reports & Studies $86,025 $86,025 $86,025
<br />OTHER
<br />TCAC App./Alloc./Monitor Fees $119,548 $119,548 $119,548 $119,548
<br />Local Permit Fees $693,785 $693,785 $511,029 $182,756 $693,785
<br />Other Impact Fees $1,331,050 $1,331,050 $128,564 $1,202,486 $1,331,050
<br />Furnishings $75,900 $75,900 $75,900 $75,900
<br />Marketing $114,999 $114,999 $29,772 $85,227 $114,999
<br />Total Other Costs $2,335,282 $2,335,282 $2,335,282
<br />DEVELOPER COSTS
<br />Developer Fee/Overhead/Profit $1,944,989 $1,944,989 $170,454 $629,341 $1,145,194 $1,944,989
<br />Other: Non-Profit Partner Fee $100,000 $100,000 $100,000 $100,000
<br />Total Developer Costs $2,044,989 $2,044,989 $2,044,989
<br />TOTAL DEVELOPMENT COST $31,489,381 $31,489,381 $2,291,944 $8,522,740 $19,529,503 $1,145,194 $31,489,381
<br />COSTS
<br />EXHIBIT 3
<br />3-102
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