Las Cortes Development Housing Authority Board of Commissioners November 10, 2015
Arial view of current site
Re-Development of The Courts (Cal Project 31-1) Presently 260 units of Public Housing On 25 Acres (Phase 2 = 10.5 Acres) Built in the 1950s No longer feasible to repair or modernize All units will be demolished Families have been relocated from 106 units, which are presently boarded up and ready for demolition
OVERVIEW: FOUR PHASES Phase 1: Terraza de las Cortes 64 units (2-3-4 bedrooms) Community Center. Phase 1 is done. Phase 2: Las Cortes (UHC) -144 units (1-2-3-4 bedrooms) Community Center (2,998 square feet ) Phase 3: Las Cortes (UHC) 120 units (1-2-3-4 bedrooms) Community Center (4,500 square foot) Phase 4: To be determined 2.8 Acres
PHASE 1: COMPLETED OCTOBER 2015 Terraza de las Cortes
Overview Phase 2 144 Housing Units; An affordable housing development (for 55 years minimum); Tenants must be below 60% of Area Medium Income; Section 8 Program Project Based Vouchers assigned to the units (15 years with automatic renewal for 15 more years); and Divided into two neighborhoods or villages.
PHASE 2 144 UNITS Mix of 6-plex, 12-plex, 13plex, 14-plex, a threestory building with elevator and centralized laundry facility (most senior units in 3 story building); 48 one-bedroom units, 42 two-bedroom units; 39 three-bedroom units; 15 four bedroom units; and Two car garages, patios, laundry facilities adjacent or inside of the buildings;
PROPOSED DEVELOPMENT UPON COMPLETION
Las Cortes, L. P. Limited Partnership General Partner Urban Housing Communities (.0051%) Managing General Partner - Las Cortes, Inc. (.0049%) Administrative General Partner UHC (.005%) Limited Partner - Bank of America Community Development Corporation (99.99%)
DEVELOPER Urban Housing Communities (UHC 00558 Oxnard Development, LLC)
PROJECT TEAM Limited Partnership: Las Cortes, Inc., Urban Housing Communities, LLC, RBC Tax Credit Equity, LLC (99.988%) RBC Tax Credit Manager II, Inc. (.001%) SLP-Bank of America Community Development Corp. (.001%) Equity Investor Royal Bank of Canada Bond Issuer California Statewide Community Development Authority (CSCDA)
PROJECT TEAM CONT. Construction Lender: Bank of America Community Development Corp. Permanent Lender: Dougherty Mortgage Bond Counsel: Kent Newman Eichner and Norris Financial Consultants: John McAllister 1401 Partners Borrower Counsel: Steve Ryan - Cox Castle
SOURCES SUMMARY (DURING CONSTRUCTION) SOURCES OF FUNDS Construction Loan $22,295,051 Tax Credit equity during construction $1,180,605 Tax Exempt Bonds $29,560,000 Soft Loan Deferred Impact Fee $3,778,883 Deferred Reserves $597,000 Deferred Developer s Fee $1,899,482 TOTAL SOURCES $59,310,986
USES SUMMARY (DURING CONSTRUCTION) Land and Acquisition Costs $1 New Construction Costs $34,261,180 Contingency $1,713,059 Relocation $808,800 Architecture Fees $1,168,000 Survey and Engineering $935,612 Construction Financing $5,064,079 Permanent Financing $1,256,181 Legal Fees $360,000 Reserves $1,960,605 Other Soft Costs $9,283,469 Developer Fees $2,500,000 TOTAL USES $59,310,986
SOURCES (PERMANENT) SOURCES OF FUNDS Permanent Loan $30,922,590 Tax Credit Equity $23,480,272 Soft Loan Deferred Impact Fee) $3,778,883 Deferred Developer Fee $1,129,241 TOTAL SOURCES $59,310,986
USES OF FUNDS (PERMANENT) Land and Acquisition Costs $1 New Construction Costs $34,261,180 Contingency $1,713,059 Relocation $808,800 Architecture Fees $1,168,000 Survey and Engineering $935,612 Construction Financing $5,064,079 Permanent Financing $1,256,181 Legal Fees $360,000 Reserves $1,960,605 Other Soft Costs $9,283,469 Developer Fees $2,500,000 TOTAL USES $59,310,986
ATTACHMENTS Attachment #1 Resolution Authorizes the Housing Director or his Designee To Execute And Take All Needed Actions In Consultation With Authority s General Counsel Relative to implementing Phase 2 of Las Cortes Project Attachment #2 - Ground Lease Attachment #3 - Partial Release of Declaration of Trust
ATTACHMENTS Attachment #1 Resolution Authorizes the Housing Director or his Designee To Execute And Take All Needed Actions In Consultation With Authority s General Counsel Relative to implementing Phase 2 of Las Cortes Project Attachment #2 - Ground Lease 99 year ground lease with the Partnership
ATTACHMENTS Attachment #3 - Partial Release of Declaration of Trust Releases existing HUD Declaration of Trust Attachment #4 - Use Agreement Restricts the use of units constructed on the property to low-income families
ATTACHMENTS Attachment #5 - Disposition Agreement Stipulates how proceeds shall be used in accordance with HUD rules Attachment #6 - Right of First Refusal/Option Agreement Gives the Oxnard Housing Authority Right of First Refusal and Option to purchase property at end of 15 year tax-credit compliance period
ADDITIONAL AFFORDABLE HOUSING Original number of housing units: 260 Las Cortes Phases 2 and 3 units: 264 Terraza de las Cortes housing units: 64 Net increase : 68 additional housing units. Total new affordable housing units: 328
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