San Diego Housing Commission Finance Plan Update as of September Real Estate Department San Diego Housing Commission November 15, 2011

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1 San Diego Housing Commission Finance Plan Update as of September 2011 Real Estate Department San Diego Housing Commission November 15, 2011

2 Background SDHC transitioned out of Public Housing in September 2007 HUD mandated to create a minimum of 350 affordable units SDHC created the Finance Plan Approved by Housing Authority October 2009 Total Gross Proceeds $95,383,400 Fannie Mae December 2009 FHA August

3 Partnerships & Acquisitions 3

4 Partnership Investments Partnerships # of Units Type Investment SDHC Investment Per Unit Riverwalk 49 Family $4,475,000 $91,327 Arbor Village 111 Family $7,900,000 $71,171 Vista Grande 48 Family $3,800,000 $79,167 Mercado Del Barrio 91 Family $7,000,000 $76,923 Mission Apartments 84 Family $6,000,000 $71,429 Terramar Family $2,100,000 $100,000 Total 404 $31,275,000 $77,413 4

5 Publicly Owned Investments Property # of Units Type Investment SDHC Investment Per Unit Hotel Sandford 129 Senior $6,095,000 $47,248 Mariner's Village 171 Family $34,331,000 $200,766 Courtyard Apartments 37 Family $7,686,000 $207,730 Hotel Churchill 91 SRO $203,500* $2,236 Total 428 $48,315,500 $112,887 *Invest amount for Hotel Churchill is the result of the legal settlement paid. 5

6 Riverwalk Apartments New Construction Units: 49 SDHC Total Cost: $4,475,000 SDHC Investment Per Unit: $91,327 Type Units % AMI 1br/1ba 19 30% - 60% 2br/1ba 10 30% - 60% 3br/2ba 20 30% - 60% Affirmed Housing 9% Tax Credits District 8 6

7 Acquisition & Rehabilitation Units: M SDHC Total Cost: $7,900,000 SDHC Investment Per Unit: $71,171 Arbor Village Apartments Type Units % AMI 1br/1ba 36 30% - 60% 2br/1ba 24 30% - 60% 3br/2ba 51 30% - 60% LINC Housing 9% Tax Credits District 4 7

8 Vista Grande Apartments Acquisition & Rehabilitation Units: 48 Total Cost: $3,800,000 Cost Investment Per Unit: $79,167 Type Units % AMI 2br/1ba 2 30% - 45% 3br/1ba 1 50% 4br/2ba 45 30% - 50% Wakeland Housing & Development Corp. 9% Tax Credits District 4 8

9 Mercado del Barrio Apartments New Construction (Open 2012) Units: 91 SDHC Total Cost: $7,000,000 SDHC Investment Per Unit: $78,923 Type Units % AMI 1br/1ba 19 30% - 60% 2br/1ba 40 30% - 60% 3br/2ba 32 30% - 60% 9 Chelsea Investment Corporation & San Diego Redevelopment Agency 9% Tax Credits District 8

10 Mission Apartments New Construction (Open 3/2012) Units: M SDHC Total Cost: $6,000,000 SDHC Investment Per Unit: $71,429 Type Units % AMI 2br/1ba 79 50%-60% 3br/2ba 5 50%-60% AMCAL Mission Funds, L.P. 4% Tax Credits Tax Exempt Bonds District 2 10

11 Terramar Apartments New Construction Units: M Total Cost: $2,100,000 Cost Investment Per Unit: $100,000 Type Units % AMI 1 bedroom 4 50% - 60% 2 bedroom 11 50% - 60% 3 bedroom 5 50% - 60% 11 Chelsea Investment Corporation 4% Tax Credits District 1

12 Hotel Sandford Apartments Acquisition & Historic Rehabilitation Units: M SDHC Total Cost: $6,095,000 SDHC Investment Per Unit: $47,248 Type Units % AMI SRO 52 45% SRO 77 50% Direct Purchase $6,095,000 Loan from CCDC District 2 12

13 New Acquisition Units: M SDHC Total Cost: $34,331,000 SDHC Investment Per Unit: $200,766 Mariners Village Type Units % AMI 1br/1ba 20 80% 2br/1ba % 3br/2ba 44 80% Direct Purchase District 4 13

14 Courtyard Apartments Acquisition Units: 37 SDHC Total Cost: $7,686,000 SDHC Investment Per Unit: $207,730 Type Units % AMI 1br/1ba 4 80% 2br/2ba 26 80% 3br/2ba 7 80% Direct Purchase District 3 14

15 Hotel Churchill Acquisition Units: 91 SDHC Total Cost: $203,500* SDHC Investment Per Unit: $2,236 Type Units % AMI SRO 91 TBD Direct Purchase District 2 *Invest amount for Hotel Churchill is the result of the legal settlement paid. 15

16 New Unit Distributions by Council District District units Hotel Sandford, Mission Apts, Hotel Churchill District 1 21 units Terramar District 3 3% 37 units Courtyard 4% 40% 17% District units Riverwalk, Mercado 37% District units Arbor Village, Vista Grande, Mariner's 16

17 Finance Plan Performance 17

18 Remaining Funds Dollar Amount Total Loan Proceeds $95,383,400 Less: Fees and Set Aside (5,626,943) Less: Asset / Development Fee (2,033,140) Proceeds Available for Investment $87,723,317 Proceeds Used and/or Committed (79,590,500) Amount Available for Investment as of 10/11 $8,132,817 18

19 Net Balance - Approved vs. Actual FY 2011 Q4 (4/11 6/11) FY 2012 Q1 (7/11 9/11) Original Finance Plan (9/09) NOI - former Public Housing units $2,877,882 $2,983,944 Total Debt Service (est.) (1,911,708) (2,011,884) Net Balance (Approved Plan) $966,174 $972,060 Actual NOI - former Public Housing units $2,799,178 $3,498,217 Total Debt Service (1,656,646) (1,634,411) Net Balance (Actual) $1,142,532 $1,863,806 19

20 Next Steps Utilize remaining $8.1 million New acquisition estimated for Spring 2012 Continue monitoring financial and operating performance of partnerships and acquisitions Possible refinance of newly acquired assets upon Housing Authority approval Continue to provide housing opportunities to the residents of San Diego 20

21 San Diego Housing Commission Finance Plan Update as of September 2011 Real Estate Department San Diego Housing Commission November 15, 2011