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BRIDGE Housing -The Alameda 3 of 7 April 6, 2009 <br />Unit T e uanti Knit Size Rent Ran e <br />1-Bedroom 25 688 s . ft. $550-$790 <br />2-Bedroom 34 917 s t. $660-$950 <br />3-Bedroom 41 (includes 1 <br />mana er's unit 1,261 sq. ft. $760-$1,090 <br />TOTAL 100 <br />• Amenities include a bike room, 5,000 square feet of groundfloor program space <br />(possibly for a childcare center), parking structure with 100 spaces (plus six <br />additional spaces on the access drive), landscaped courtyard, children's play area, <br />multi-purpose community room with kitchen and adjacent patio, laundry room on <br />each floor, and community garden. <br />• The affordability period for operation of the property as affordable rental housing <br />is a minimum of 55 years. <br />• The total development cost for The Alameda is estimated at $37.4 million, of <br />which $28 million will be for construction hard costs. The Agency, via <br />Redevelopment Housing Set-Aside Funds, will provide the Developer with a <br />residual receipts loan not to exceed $9.1 million at 3% simple interest and <br />deferred for 55 years. (See Attachment A for the project proforma.) <br />• The Agency subsidy for this project compares favorably in terms of cost- <br />effectiveness versus recent City/Agency funded affordable rental projects based <br />on the following cost standard (see table below): subsidy per unit, subsidy per <br />square footage and subsidy per bedroom: <br /> The Alameda Casa Verde Estabrook Sr. Hsg <br /> new construction ac /rehab ac /new construction) <br />Agency/City subsidy per $91,000/unit $80,000/unit $78,000/unit <br />unit <br />Agency/City subsidy per $SI/SF $108/SF $97/SF <br />Toss buildin s . t <br />Agency/City subsidy per $42, 000/bedrm $80, 000/bedrm $78, 000/bedrm <br />bedroom <br />• The substantial funding gap of $9.1 million which Agency loan funds will fill are <br />due to: <br />o Added cost for larger family units. Average unit size for The Alameda <br />(1, 001 sq. ft.) versus Casa Verde (470 sq. ft.) and Estabrook Senior <br />Housing (570 sq. ft.) <br />o Added financing gap for deeper affordability. City inclusionary zoning <br />ordinance requires only low and very low income set-aside, but BRIDGE <br />will be targeting 100% very low income renters. <br />o Added cost for prevailing wage. <br />• The Developer intends to leverage the Agency loan to the greatest extent possible <br />with State Multifamily Housing Program (MHP) and 4% low income housing tax <br />credits. The table below displays the project's anticipated funding sources and <br />