Real Estate Division. J.P. Correia Real Estate Manager. Real Estate Division

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1 Mayberry Townhomes February 13, 2015 Ann Kern Vice President, Real Estate Finance & Program Development Real Estate Division J.P. Correia Real Estate Manager Real Estate Division

2 Recommendations 1. Approve proposed sale and ownership transfer of Mayberry Townhomes from Mayberry Townhomes L.P. to Community Housing Works (CHW) (or a to-be-formed partnership); 2. Approve CHW s assumption of Housing Commission s existing residual receipts loan (estimated $907,570 at closing) with no paydown; 3. Approve modification of SDHC s existing loan s terms contingent upon developer obtaining third-party funding commitments: California Tax Credit Allocation Committee (TCAC) tax credits; and California Debt Limit Allocation Committee (CDLAC) bond allocation; Slide #2

3 Recommendations (Cont.) 4. Approve preliminary steps to issue Housing Authority tax-exempt multifamily housing revenue bonds: a. Issue bond inducement resolution (up to $11 million); b. Authorize application to CDLAC for bonds allocation; c. Approve bond financing team: Stradling Yocca Carlson & Rauth (bond counsel); Public Financial Management Inc. (bond financial advisor); and 5. Authorize President & CEO to execute documents, adjust terms as necessary and perform acts necessary, convenient and/or appropriate to implement (upon advice of the General Counsel). Slide #3

4 Development Summary Acquisition and rehabilitation of 18 buildings with 70 townhomes in the Mountain View neighborhood, City Council District 9. SDHC existing loan: $670,000 residual receipts loan from 1999 for acquisition/rehabilitation. City of San Diego 3 percent interest, residual loans outstanding (originally approximately $1,600,000). Comprehensive rehabilitation. Increase affordability restrictions and preserve affordability for 55 years. Possible temporary relocation of some tenants is budgeted. Slide #4

5 Developer s Proposal Ownership: Mayberry Ltd. (entity controlled by Metropolitan Area Advisory Committee on Antipoverty of San Diego County (MAAC). Proposed sale to: Community Housing Works (CHW). CHW to assume SDHC existing loan with no paydown. Comprehensive rehabilitation by CHW. CHW to assume City of San Diego s existing residual receipts loans with $350,000 interest paydown. Slide #5

6 Developer s Proposal (Cont.) CHW is an experienced developer. CHW is in compliance on previous SDHC loans. Financing to include tax credits and tax-exempt bonds. No additional direct SDHC loan funds are proposed. Slide #6

7 Slide #7 SDHC Partnership Mayberry Townhomes Location & 4490 Mayberry Street

8 Slide #8 SDHC Partnership Mayberry Townhomes Site Photo

9 Slide #9 SDHC Partnership Mayberry Townhomes Site Photo

10 Slide #10 SDHC Partnership Mayberry Townhomes Site Photo

11 Slide #11 SDHC Partnership Mayberry Townhomes Site Photo

12 Slide #12 SDHC Partnership Mayberry Townhomes Site Photo

13 Affordability Table Affordability Mix Studio Units (est. 400 sq. ft.) One Bedroom Units ( est. 500 sq. ft.) Two Bedroom Units (774 sq. ft.) Three Bedroom units (1,014 sq. ft.) Units Estimated Net Rent Units Estimated Net Rent Units Estimated Net Rent Units Estimated Net Rent Total HOME Units: 50% AMI $822 3 $ % AMI $993 2 $1,098 4 Subtotal HOME Non HOME Units 50% AMI 1 $643 1 $716 1 $822 1 $ % AMI $993 6 $1, % AMI $1, $1, Manager s unit Subtotal Non HOME Combined Total Units Slide #13

14 Estimated Sources and Uses Permanent Financing Sources of Funds Amount Uses of Funds Amount Tax Exempt Bond Financed Permanent Loan $5,630,000 Acquisition, Closing Costs, and Solar Buyout $9,205,358 City/Civic San Diego Loan 1,599,327 Construction Hard Costs with Site Work and Contingency 2,800,000 SDHC Loan (with Estimated Interest to Closing) 907,570 Architect and Engineering 182,000 MAAC Seller Carryback Loan 764,940 Financing Costs 775,523 Income from Operations 417,509 Accrued Interest Soft Debt 50,602 4 Percent Tax Credits Equity 5,464,299 Reserves 227,160 Soft Debt Accrued Interest 50,602 City Permits and Fees 17,500 Fees & Syndication Refunds 50,091 (Including Developer Fee) 1,994,918 CHW Developer Fee Contribution 536,894 Soft Costs 835,616 Deferred Developer Fee 667,445 Total Sources $16,088,677 Total Development Cost $16,088,677 Estimated Total Development Cost Per Unit (for 70 Units) = $229,838 Slide #14

15 Schedule Milestone SDHC Consideration.... Housing Authority Consideration City Council TEFRA Hearing TCAC and CDLAC applications SDHC final bond authorization TCAC and CDLAC allocation meetings.. Housing Authority final bond authorization Estimated Escrow/Financing Closing.... Estimated Construction Start Estimated Construction Completion..... Estimated Date February 13, 2015 March 10, 2015 March 10, 2015 March 20, 2015 May 8, 2015 May 20, 2015 June 2, 2015 June 23, 2015 June 2015 Feb - May 2016 Slide #15

16 Bond Issuance Summary Proposed bond issuance up to $11,000,000. Developer responsible for paying all costs of issuing bonds. Issuance pursuant to SDHC bond policy. Bonds issuance will not create financial liability to SDHC, Housing Authority, or City of San Diego. Neither full faith and credit nor taxing power of City, nor full faith and credit of Housing Authority will be pledged for payment of the bonds. Slide #16

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