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SL Crossings West (with Bridge Housing, Inc.) <br />Project Summary -November 13, 2008 <br />Background/General Description: <br />o Nonprofit developer (Bridge Housing, Inc) will be meeting almost all of private developer's <br />(Westlake Development Partners) inclusionary housing requirements <br />0 100 affordable rental units for very low income renters <br />^ 25- one bdrm <br />^ 34 -two bdrm <br />^ 41-three bdrm (includes on-site mgr unit) <br />o Amenities: 100 space parking structure, community room with kitchen, community garden, <br />children's play area, community patio, laundry rooms on each floor, bike room, ground floor <br />program space (5,000 SF as yet undetermined) <br />o Total project cost: approx. $41 million <br />Subsidy Request to City Redevelopment Agency <br />o $9.3 million in Redevelopment Set-Aside Funds (3% interest, 55 years, residual receipts) <br />o Agency subsidy per unit = $93K/unit <br />o Comparison with recent SL affordable rental projects <br /> SL Crossings West Casa Verde Estabrook Sr. Hsg <br />Agency/City subsidy per $93,000/unit $80,000/unit $78,000/unit <br />unit <br />Agency/City subsidy per $52/SF $108/SF $97/SF <br />gross building sq. ft <br />Agency/City subsidy per $43,000/res $80,000/res $78,000/res <br />total project residents <br />Note: Resident per unit assumptions for "Agency/City subsidy per resident" row are SL Crossings West (1 person/1 bed unit <br />2 person/2 bed unit, and 3 people/3 bed unit) and 1 person/unit for both Casa Verde and Estabrook Senior Housing. <br />• Other funding sources: <br />o State Multifamily Housing Program (MHP) -approx. $9 million <br />0 4% Tax Credits/tax exempt bonds -approx. $16 million <br />o Private developer -long-term lease to Bridge for $1/year <br />o State HCD Infrastructure/TOD grant -approx. $3.4 million <br />o Federal Home Loan Bank Affordable Housing Program (AHP) - approx.$250K - $350K <br />• Rationale for affordable housing funding gap: <br />o Added cost to build larger units <br />^ Avg unit size - SL Crssgs West (954 SF), Estabrook Sr Hsg (571 SF), Casa Verde (472 SF), <br />o Added cost for deeper affordability <br />^ City inclusionary ordinance requires only low and very low income set aside, but SL <br />Crossings West is targeting very low only <br />o Added cost for prevailing wage <br />