Final Bond Authorization Ten (Scattered Sites) December 6, 2013 Ann Kern Senior Director, Housing Finance and Program Development Real Estate Division
Properties Map 2
Properties Map 3
Site One: Alta Vista 3435-3545 43 rd St. 4
Site Two: Canyon Vista 3429-3431 43 rd St. 5
Site Three: Cornerstone 3604 Van Dyke Ave. 6
Site Four: Euclid Ct. 4217-4231 Euclid Ave. 7
8 Site Five: Harmony Homes 4251 44 th St.
9 Site Six: San Diego Apartments 4085 44 th St.
Site Seven: Sycamore Court 4048-4064 ½ 48 th St. 10
Site Eight: Teralta Court 4165 Highland Ave. 11
Site Nine: Village View 3820-3832 43 rd St. 12
Site Ten: West View 3536 43 rd St. 13
Scope of Work Energy Efficiency improvements include: Replace all appliances without an Energy Star rating Replace all windows lacking in thermal efficiency Add Solar Water Heating Other notable improvements include: Repair/replace roofs in order to have a 20 year minimum life Sewers to be video scoped and repaired and/or replaced New irrigation systems Repair replace carpets/tile Upgrade site lighting for security purposes Seismic Retrofits 14
15 SDHC Final Bond Authorization Sources and Uses of Permanent Financing Sources of Funds Amount Tax Credits $ 4,865,881 Tax Exempt Bonds 4,518,420 Income from Operations 135,309 Transfer of Reserves 473,263 GP Capital Contribution 423,000 SDHC Loan Assumption 6,278,000 Total $16,693,873 Uses of Funds Amount Acquisition $ 8,928,719 Hard Costs 3,824,176 Financing Costs 1,553,733 Soft Costs 976,246 Developer Fee 1,411,000 Total $16,693,873
Affordability Matrix Property Address Alta Vista 3535-3545 43rd St. Canyon Vista 3429-3431 43rd St. Cornerstone 3604 Van Dyke Ave. Euclid Ct. 4217-4231 Euclid Ave. Harmony Homes 4251 44th St. San Diego Apts. 4085 44th St. No. Units Type 12 Family 8 Family Unit Type Number of Units Rent Restrictions Max Net Rent Amounts (Based on HUD s 2013 Rent Levels San Diego) 2-Bed 2 50% AMI $873 2-Bed 10 60% AMI $1,055 2-Bed 6 50% AMI $862 2-Bed 2 60% AMI $1,044 7 Family 2-Bed 7 50% AMI $873 11 Family Studio 2 50% AMI $677 1-Bed 8 50% AMI $719 2-Bed 1 50% AMI $862 12 Senior 1-Bed 12 50% AMI $727 16 Senior Studio 2 50% AMI $688 1-Bed 14* 50% AMI $722 16
Property Address No. Units 17 Affordability Matrix Type Sycamore Ct. 4048-4064 1/2 48th St. 17 Family Teralta Ct. 4165-4175 Highland Ave. 13 Family Village View 3820-3832 43rd St. 30 Family West View 3536 43rd St. SDHC Final Bond Authorization Unit Type Number of Units Rent Restrictions Max Net Rent Amounts (Based on HUD s 2013 Rent Levels San Diego) 1-Bed 1 50% AMI $727 2-Bed 16* 50% AMI $873 1-Bed 4 50% AMI $732 2-Bed 5 50% AMI $873 2-Bed 1 60% AMI $1,055 3-Bed 1 50% AMI $964 3-Bed 2 60% AMI $1,165 1-Bed 6 50% AMI $732 2-Bed 18* 50% AMI $873 3-Bed 6 50% AMI $1,004 6 Family 1-Bed 1 50% AMI $727 2-Bed 5 50% AMI $873 Total Restricted Units 129 TOTAL UNITS 132
Development Schedule November 13, 2013 Bond and Tax Credit Allocations January 14, 2014 Housing Authority Final Bond Authorization January 24, 2014 Finance Closing March 3, 2014 Start of Rehabilitation December 19, 2014 Completion of Rehabilitation 18
Final Bond Authorization Ten (Scattered Sites) December 6, 2013 Ann Kern Senior Director, Housing Finance and Program Development Real Estate Division