|
WASHINGTON AVENUE APARTMENTS
<br />CITY OF SAN LEANDRO
<br />DEVELOPMENT BUDGET Total Per Unit
<br />Total Land & Improvements $4,045,750 $56,191
<br />Total Design & Consulting $1,881,983 $26,139
<br />Total Construction $30,011,066 $416,820
<br />Total Indirect Costs $2,342,499 $32,535
<br />Total Finance & Carry Costs $3,963,313 $55,046
<br />Total TCAC/Syndication $402,151 $5,585
<br />Total Developer Fee $5,180,732 $71,955
<br />TOTAL DEVELOPMENT COSTS $47,827,495 $664,271
<br />SOURCES OF FINANCING Total Per Unit
<br />Permanent Mortgage – Tranche A $1,858,473 $25,812
<br />Permanent Mortgage – Tranche B $3,662,641 $50,870
<br />Multifamily Housing Program $9,576,371 $133,005
<br />City of San Leandro
<br />County Measure A1 $5,016,000 $69,667
<br />City of San Leandro Low Mod + PLHA $1,984,000 $27,556
<br />LP Equity $23,696,163 $329,113
<br />GP Equity $100 $1
<br />GP Equity/Sponsor Loan/Deferred Developer Fee $1,980,779 $27,511
<br />TCAC/CDLAC Performance Deposit Refund $52,967 $736
<br />TOTAL SOURCES OF FUNDS $47,827,495 $664,271
<br />Notes:
<br />1) Multifamily Housing Program is a competittive State Housing and
<br />Community Development Department Funding Program
<br />2) PLHA - State Permanent Local Housing Allocation Program which San
<br />Leandro was awarded funding for in 2020
<br />3) LP Equity - Limited Partner Equity reflects estimated State/federal
<br />Low Income Housing Tax Credit (LIHTC) Program equity that the
<br />developer will be applying for.
<br />4) GP Equity - General Partner Equity relates to the State LIHTC
<br />Program.
<br />5) TCAC - State Tax Credit Allocation Committee administers the State
<br />LIHTC Program
<br />6) CDLAC - California Debt Limit Allocation Committee oversees the
<br />State's tax exempt bond program affiliated with the LIHTC Program
<br />872
|