CALIFORNIA TAX CREDIT ALLOCATION COMMITTEE
2020 COMPETITIVE 9% APPLICATION FOR LOW-INCOME HOUSING TAX CREDITS
January 24, 2020 Version
II. APPLICATION - SECTION 1: APPLICANT STATEMENT AND CERTIFICATION
APPLICANT:

Mercy Housing California

PROJECT NAME:

Capitol Park Hotel

PLEASE INCLUDE APPLICATION FEE WITH APPLICATION SUBMISSION
(CHECK ONLY)

The undersigned applicant hereby makes application to the California Tax Credit Allocation Committee (“TCAC”)
for a reservation of Federal, or Federal and State Low-Income Housing Tax Credits (“Credits”) in the amount(s) of:
$2,500,000

annual Federal Credits, and

$10,163,816 total State Credits
for the purpose of providing low-income rental housing as herein described. I understand that Credit amount(s)
preliminarily reserved for this project, if any, may be adjusted over time based upon changing project costs and
financial feasibility analyses which TCAC is required to perform on at least three occasions.
Election to sell ("certificate') state credits: Yes By selecting "Yes" or "No" in the box immediately before, I hereby
make an election to sell ("certificate") or not sell all or any portion of the state credit, as allowed pursuant to
Revenue and Taxation Code Sections 12206(o), 17058(q), and 23610.5(r). I further certify that the applicant is a
non-profit entity, and that the state credit price will not be less than eighty (80) cents per dollar of credit.
I acknowledge that if I elect to sell ("certificate") all or any portion of the state credit, I may, only once, revoke
an election to sell at any time before CTCAC issues the Form(s) 3521A for the project.
I agree it is my responsibility to provide TCAC with the original complete application and the Local Reviewing Agency
an exact copy of the application. I agree that I have included a letter from the local government and the appropriate
Local Reviewing Agency of the jurisdiction in which the project is located identifying the agency designated as the
Local Reviewing Agency for the Tax Credit Allocation Committee. I agree that it is also my responsibility to provide
such other information as TCAC requests as necessary to evaluate my application. I represent that if a reservation
or allocation of Credit is made as a result of this application, I will also furnish promptly such other supporting
information and documents as may be requested. I understand that TCAC may verify information provided and
analyze materials submitted as well as conduct its own investigation to evaluate the application. I recognize that I
have an affirmative duty to inform TCAC when any information in the application or supplemental materials is no
longer true and to supply TCAC with the latest and accurate information.
I acknowledge that if I receive a reservation of Tax Credits, I will be required to submit requisite documentation at
each of the following stages: for a carryover allocation; for readiness to proceed requirements if applicable; and
after the project is placed-in-service.
I represent I have read Section 42 of the Internal Revenue Code (IRC) pertaining to Federal Tax Credits, and if
applying for State Tax Credits, I represent I have also read California Health and Safety Code Sections 50199.4 et
seq. and California Revenue and Taxation Code Sections 12206, 17058, and 23610.5 pertaining to the State Tax
Credit program. I understand that the Federal and State Tax Credit programs are complex and involve long-term
maintenance of housing for qualified low-income households. I acknowledge that TCAC has recommended that
I seek advice from my own tax attorney or tax advisor.

1

Application

 I represent that I have read and understand the requirements set forth in Regulation Section 10322(j) pertaining to
re-applications for Credit.
I certify that I have read and understand the provisions of Sections 10322(a) through (h). No additional documents in
support of the basic thresholds or point selection categories shall be accepted from the applicant beyond the
application filing deadline, unless the Executive Director, at his or her sole discretion, determines that the deficiency
is a clear reproduction or application assembly error, or an obviously transposed number. In such cases, applicants
shall be given up to five (5) business days from the date of receipt of staff notification, to submit said documents to
complete the application. For threshold omissions other than reproduction or assembly errors, the Executive
Director may request additional clarifying information from other government entities.
I agree to hold TCAC, its members, officers, agents, and employees harmless from any matters arising out of or
related to the Credit programs.
I agree that TCAC will determine the Credit amount to comply with requirements of IRC Section 42 but that TCAC
in no way warrants the feasibility or viability of the project to anyone for any purpose. I acknowledge that TCAC
makes no representation regarding the effect of any tax Credit which may be allocated and makes no
representation regarding the ability to claim any Credit which may be allocated.
I acknowledge that all materials and requirements are subject to change by enactment of federal or state legislation
or promulgation of regulations.
In carrying out the development and operation of the project, I agree to comply with all applicable federal and state
laws regarding unlawful discrimination and will abide by all Credit program requirements, rules, and regulations.
I acknowledge that neither the Federal nor the State Tax Credit programs are entitlement programs and that my
application will be evaluated based on the Credit statutes, regulations, and the Qualified Allocation Plan adopted
by TCAC which identify the priorities and other standards which will be employed to evaluate applications.
I acknowledge that a reservation of Federal or State Tax Credits does not guarantee that the project will qualify for
Tax Credits. Both Federal law and the state law require that various requirements be met on an ongoing basis. I
agree that compliance with these requirements is the responsibility of the applicant.
I acknowledge that the information submitted to TCAC in this application or supplemental thereto may be subject
to the Public Records Act or other disclosure. I understand that TCAC may make such information public.
I acknowledge that if I obtain an allocation of Federal and/or State Tax Credits, I will be required to enter into a
regulatory agreement which will contain, among other things, all the conditions under which the Credits were
provided including the selection criteria delineated in this application.
I declare under penalty of perjury that the information contained in the application, exhibits, attachments, and any
further or supplemental documentation is true and correct to the best of my knowledge and belief. I certify and
guarantee that each item identified in TCAC’s minimum construction standards will be incorporated into the design of
the project, unless a waiver has been approved by TCAC. The project will at least maintain the installed energy
efficiency and sustainability features' quality when replacing systems and materials. When requesting a threshold
basis increase for a prevailing wage requirement, if the project is subject to state prevailing wages, I certify that
contractors and subcontractors will comply with California Labor Code Section 1725.5. In an application proposing
rehabilitation work, I certify that all necessary work identified in the Capital Needs Assessment, including the
immediate needs listed in the report, will be performed (unless a waiver is granted) prior to the project's rehabilitation
completion. I certify and guarantee that any tenant services proposed under TCAC Regulation Section 10325(c)(5)(B)
will be available within 6 months of the project's placed in service date, will be of a regular and ongoing nature and
provided to tenants for a period of at least 15 years, free of charge (except child care).
I understand that any misrepresentation may result in cancellation of Tax Credit reservation, notification of the Internal
Revenue Service and the Franchise Tax Board, and any other actions which TCAC is authorized to take pursuant to
California Health and Safety Code Section 50199.22, issuance of fines pursuant to California Health and Safety Code
Section 50199.10, and negative points per Regulation Section 10325(c)(3) or under general authority of state law.
I certify that I believe that the project can be completed within the development budget and the development
timetable set forth (which timetable is in conformance with TCAC rules and regulations) and can be operated in
the manner proposed within the operating budget set forth.

2

Application

 I further certify that more than 10% of the project's total reasonably expected basis cost will be incurred and the
land acquired by the date specified in the reservation preliminary or final letter.

Dated this

day of

, 2020 at

By:
(Original Signature)

, California.
Stephan Daues
(Typed or printed name)
Vice President
(Title)

3

Application

 Local Jurisdiction:
City Manager:
Title:
Mailing Address:
City:
Zip Code:
Phone Number:
FAX Number:
E-mail:

City of Sacramento
Howard Chan
City Manager
915 I Street
Sacramento
95814
916-808-7488
Ext.

*

hchan@cityofsacramento.org

* For City Manager, please refer to the following the website below:
https://www.treasurer.ca.gov/ctcac/2018/lra/contact.pdf

4

Application

 II. APPLICATION - SECTION 2: GENERAL AND SUMMARY INFORMATION
A.

Application Type
Application type: Preliminary Reservation
Prior application was submitted but not selected?
If yes, enter application number: TCAC # CA -

No
-

Has credit previously been awarded?
No
If re-applying and returning credit, enter the current application number and the amount being returned:
TCAC # CA Returned Federal Credit:
Is this project a Re-syndication of a current TCAC project?
No
If a Resyndication Project, complete the Resyndication Projects section below.

B.

Project Information
Project Name: Capitol Park Hotel
Site Address: 1125 9th Street
If address is not established, enter detailed description (i.e. NW corner of 26th and Elm)

City:
Sacramento
County: Sacramento
Zip Code:
95814
Census Tract: 06-067-0011.01
Assessor's Parcel Number(s): 006-0102-016-0000 and 006-0102-018-0000
Project is located in a DDA:
No
Year DDA:
N/A
Project is located in a Qualified Census Tract:
Yes
Project is a Scattered Site Project:
No
Project in DDA/QCT but not requesting 130% boost:
No
"Scattered Site" def. TCAC Reg. § 10302(ll)
Special Needs with 130% basis & State Credits: Yes
State Farmworker Credit?
No
§12206(c)(4) of Rev. and Tax Code for 95% eligible basis: No

C.

Credit Amount Requested (If State Credit Request, Reg. Sects. 10317 & 10322(h)(33))
Federal and State
$2,500,000
$10,163,816
(federal)

(state)

*Applicants that selected the option for State credit substitution can still elect to mark Federal only Credits.

D.

Federal Minimum Set-Aside Election (IRC Section 42(g)(1))
40%/60%

E.

Set-Aside Selection (Reg. Section 10315(a)-(e))
Nonprofit (homeless assistance)

F.

Housing Type Selection (Reg. Sections 10315(h) & 10325(g))
Special Needs
If Special Needs housing type, list the percentage of Special Needs Units:
100%
If less than 75% special needs units, specify the standards the non-special needs units will meet:

G.

Geographic Area (Reg. Section 10315(i))
Please select your geographic area:
Capital Region: El Dorado, Placer, Sacramento, Sutter, Yuba, and Yolo Counties

5

APPLYING FOR FEDERAL CREDIT
PURSUANT TO HR 1865, FURTHER
CONSOLIDATED APPROPRIATIONS
ACT, 2020 CALIFORNIA DISASTERS
No

Application

 *Federal Congressional District:
6
*State Assembly District:
7
*State Senate District:
6
*Accurate information is essential; the following website is provided for reference:
https://www.govtrack.us/congress/members/map
http://findyourrep.legislature.ca.gov/
II. APPLICATION - SECTION 3: APPLICANT INFORMATION
A.

B.

C.

Applicant Contact Information
Applicant Name:
Mercy Housing California
Street Address:
2512 River Plaza Drive, Suite 200
City:
Sacramento
State: CA Zip Code: 95833
Contact Person:
Stephan Daues
Phone:
916-414-4440
Ext.:
Fax: 916-414-4491
Email:
sdaues@mercyhousing.org
Legal Status of Applicant: Nonprofit Organization Parent Company: Mercy Housing Inc.
If Other, Specify:
General Partner(s) Information
C(1) General Partner Name:
1121 9th Street, LLC
Managing GP
Street Address:
1256 Market Street
City:
San Francisco
State: CA Zip Code: 95102
Contact Person:
Stephan Daues
Phone:
916-414-4440
Ext.:
Fax: 916-414-4490
Email:
sdaues@mercyhousing.org
Nonprofit/For Profit:
Nonprofit
Parent Company: Mercy Housing Calwest
C(2) General Partner Name:*
Street Address:
City:
Contact Person:
Phone:
Email:
Nonprofit/For Profit:
C(3) General Partner Name:
Street Address:
City:
Contact Person:
Phone:
Email:
Nonprofit/For Profit:

(select one)
State:
Ext.:
(select one)

Zip Code:
Fax:

Parent Company:
(select one)
State:
Ext.:

(select one)

D.

General Partner(s) or Principal Owner(s) Type

E.

Status of Ownership Entity
currently exists
If to be formed, enter date:

Zip Code:
Fax:

Parent Company:
Nonprofit

*If Joint Venture, 2nd GP must be included if
applicant is pursuing a property tax exemption
Reg. Section 10327(g)(2) - "TBD" not sufficient

*(Federal I.D. No. must be obtained prior to submitting carryover allocation package)

F.

Contact Person During Application Process
Company Name:
Mercy Housing California
Street Address:
2512 River Plaza Drive, Suite 200
City:
Sacramento
State: CA Zip Code: 95833
Contact Person:
Stephan Daues
Phone:
916-414-4440
Ext.:
Fax: 916-414-4490
Email:
sdaues@mercyhousing.org
Participatory Role:
Developer / General Partner
(e.g., General Partner, Consultant, etc.)

6

Application

 II. APPLICATION - SECTION 4: DEVELOPMENT TEAM INFORMATION
A.

Indicate and List All Development Team Members
Developer:
Address:
City, State, Zip
Contact Person:
Phone:
Fax:
Email:

Mercy Housing California
2512 River Plaza Drive, Suite 200
Sacramento, CA 95833
Stephan Daues
916-414-4440
Ext.:
916-414-4490
sdaues@mercyhousing.org

Architect:
Address:
City, State, Zip:
Contact Person:
Phone:
Fax:
Email:

Attorney:
Address:
City, State, Zip
Contact Person:
Phone:
Fax:
Email:

Law Offices of Gubb & Barshay
505 14th Street, Suite 1050
Oakland, CA 94612
Evan Gross
415-781-6600
Ext.:
415-781-6967
egross@gubbandbarshay.com

General Contractor: To Be Determined
Address:
City, State, Zip:
Contact Person:
Phone:
Ext.:
Fax:
Email:

Tax Professional:
Address:
City, State, Zip
Contact Person:
Phone:
Fax:
Email:

Law Offices of Gubb & Barshay
505 14th Street, Suite 1050
Oakland, CA 94612
Evan Gross
415-781-6600
Ext.:
415-781-6967
egross@gubbandbarshay.com

Energy Consultant:
Address:
City, State, Zip:
Contact Person:
Phone:
Fax:
Email:

Partner Energy
680 Knox Street, Suite 150
Los Angeles, CA 90502
Diana Chen
310-220-6166
Ext.:
910-862-2399
dchen@ptrenergy.com

CPA:
Address:
City, State, Zip
Contact Person:
Phone:
Fax:
Email:

CohnReznick
525 North Tyron Street, Ste 1000
Charlotte, North Carolina 28202
Nic Mathias
704-900-2013
Ext.:
704-900-2014
nic.mathias@cohnreznick.com

Investor:
Address:
City, State, Zip:
Contact Person:
Phone:
Fax:
Email:

To Be Determined

Consultant:
Address:
City, State, Zip
Contact Person:
Phone:
Fax:
Email:

California Housing Partnership
1107 9th Street, Suite 700
Sacramento, CA 95814
Laura Kobler
916-683-1180
Ext.:
916-683-1194
lkobler@chpc.net

Market Analyst:
Address:
City, State, Zip:
Contact Person:
Phone:
Fax:
Email:

Newport Realty Advisors
1699 Van Ness Avenue
San Francisco, CA 94109
Charles Castro
415-835-6060
Ext.:

Appraiser:
Address:
City, State, Zip
Contact Person:
Phone:
Fax:
Email:

BBG - Northern California
1708 Q Street
Sacramento, CA 95811
Blake Lindsay
916-949-7370
Ext.:

Prop. Mgmt. Co.:
Address:
City, State, Zip:
Contact Person:
Phone:
Fax:
Email:

Mercy Housing Mgmt Group
2512 River Plaza Drive, Suite 200
Sacramento, CA 95833
Mike Liebe
916-414-4442
Ext.:
916-414-4490

blindsay@bbgres.com

CNA Consultant: N/A
Address:
City, State, Zip
Contact Person:
Phone:
Fax:
Email:

Ext.:

Page and Turnbull
170 Maiden Lane, 5th Floor
San Francisco, CA 94108
Rick Feldman
415-593-3245
Ext.:
feldman@page-turnbull.com

Ext.:

charlie@newportrealtyadvisors.com

2nd Prop. Mgmt Co.: N/A
Address:
City, State, Zip:
Contact Person:
Phone:
Fax:
Email:

7

Ext.:

Application

 II. APPLICATION - SECTION 5: PROJECT INFORMATION
A.

B.

Type of Credit Requested
New Construction
Adaptive Reuse
Rehabilitation-Only
Acquisition & Rehabilitation

Yes
Yes
N/A
N/A

If yes, will demolition of an existing structure be involved?
No
If yes, will relocation of existing tenants be involved?
Yes
Is this an Adaptive Reuse project?
Yes
If yes, please consult TCAC staff to determine the applicable
regulatory requirements (new construction or rehabilitation).

Acquisition and Rehabilitation/Rehabilitation-only Projects
If requesting Acquisition Credit, will the acquisition meet the 10-year placed in service rule as required
N/A
by IRC Sec. 42(d)(2)(B)(ii)?
If no, will it meet the waiver conditions of IRC Sec. 42(d)(6)? N/A
Will the rehabilitation and/or the income and rent restrictions of Sec. 42 cause relocation of
existing tenants? Yes
If yes, applicants must submit an explanation of relocation requirements, a detailed
relocation plan including a budget with an identified funding source (see Checklist).
Age of Existing Structures
100+
No. of Existing Buildings
1
No. of Occupied Buildings
1
No. of Existing Units
180
No. of Stories
8
Current Use:
Existing SRO hotel/temporary homeless shelter.

Resyndication Projects
Current/original TCAC ID: TCAC # CA TCAC # CA First year of credit:
Are Transfer Event provisions applicable? See questionnaire on TCAC website.
N/A
Is the project currently under a Capital Needs Agreement with TCAC?
N/A
If so, has the Short Term Work been completed?
N/A
See Checklist, Tab 8 for documentation requirements.
Is the project subject to hold harmless rent limits?
N/A
If yes, see page 18 and Checklist, Tab 8.
C.

Purchase Information
Name of Seller: RAH Partnership, L.P.
Signatory of Seller: Rohenco Inc
Date of Purchase Contract or Option:
10/5/2018 Purchased from Affiliate:
No
Expiration Date of Option:
N/A
If yes, broker fee amount to affiliate?
Purchase Price:
$10,000,000 Special Assessment(s):
Dwntn PBID
Phone:
916-565-2218
Ext.:
Historical Property/Site:
Yes
Holding Costs per Month:
Total Projected Holding Costs:
Real Estate Tax Rate:
Purchase price over appraisal
Amount of SOFT perm financing covering the excess purchase price over appraisal

D.

Project, Land, Building and Unit Information
Project Type: Single Room Occupancy
Two or More Story With an Elevator:
Yes if yes, enter number of stories: 9
Two or More Story Without an Elevator: N/A if yes, enter number of stories: N/A
One or More Levels of Subterranean Parking:
N/A
(specify
here)
Other:

E.

Land
x
Feet or
0.26 Acres
11,326 Square Feet
If irregular, specify measurements in feet, acres, and square feet:

Density:
515.38

N/A

8

Application

 F.

Building Information
Total Number of Buildings:
Community Buildings:

1
N/A

Residential Buildings:
Commercial/ Retail Space:

1
Yes

If Commercial/ Retail Space, explain: (include use, size, location, and purpose)

There is 3,282 of ground floor retail consisting of five spaces. The square footage of
each is as follows: 752sf, 814sf, 537sf, 600sf, and 579sf.
Are Buildings on a Contiguous Site? Yes
If not Contiguous, do buildings meet the requirements of IRC Sec. 42(g)(7)? N/A
Do any buildings have 4 or fewer units?
If yes, are any of the units to be occupied by the owner or
a person related to the owner (IRC Sec. 42(i)(3)(c))?
G.

No
N/A

Project Unit Number and Square Footage
Total number of units:
134
Total number of non-Tax Credit Units (excluding managers' units) (i.e. market rate units):
Total number of units (excluding managers’ units):
134
Total number of Low Income Units:
134
Ratio of Low Income Units to total units (excluding managers’ units):
100%
Total square footage of all residential units (excluding managers’ units):
31,356
Total square footage of Low Income Units:
31,356
Ratio of low-income residential to total residential square footage (excluding managers’ units): 100%
Applicable fraction, smaller of unit or square footage ratio ( used on "Basis & Credits"):
100%
Total interior amenity space square footage (TCAC Regulation Section 10325(g)(1)):
6,821
Total commercial/ retail space square footage:
3,282
Total common area square footage (including managers’ units) :
13,138
Total parking structure square footage (excludes car-ports and "tuck under" parking):
*Total square footage of all project structures (excluding commercial/retail):
51,315
*equals: "total square footage of all residential units" + "total interior amenity space square footage" + "total
common area square footage" + "total parking structure square footage")

Total Project Cost per Unit
Total Residential Project Cost per Unit
Total Eligible Basis per Unit
H.

$445,040
$424,389
$364,022

Tenant Population Data
Completion of this section is required. The information requested in this section is for national
data collection purposes, and is not intended for threshold and competitive scoring use;
however, the completed table should be consistent with information provided in the application and
attachments.
Indicate the number of units anticipated for the following populations:
Homeless/formerly homeless
134
Transitional housing
N/A
Persons with physical, mental, development disabilities
65
Persons with HIV/AIDS
8
Transition age youth
N/A
Farmworker
N/A
Family Reunification
N/A
Other:
N/A
Units w/ tenants of multiple disability type or subsidy layers (explain)

For 4% federal applications only:
Rural area consistent with TCAC methodology

N/A

9

Application

 II. APPLICATION - SECTION 6: REQUIRED APPROVALS & DEVELOPMENT TIMETABLE
A.

Required Approvals Necessary to Begin Construction

Negative Declaration under CEQA
NEPA
Toxic Report
Soils Report
Coastal Commission Approval
Article 34 of State Constitution
Site Plan
Conditional Use Permit Approved or Required
Variance Approved or Required
Other Discretionary Reviews and Approvals

Current Land Use Designation
Current Zoning and Maximum Density
Proposed Zoning and Maximum Density

Application
Submittal
N/A

Approval Dates
Estimated
Approval
N/A

N/A
N/A
N/A

N/A
N/A
N/A

N/A
N/A
N/A
N/A

N/A
N/A
N/A
N/A

Actual
Approval
N/A
3/9/2020
N/A
N/A
N/A
2/28/2020
N/A
N/A
N/A
N/A

Project and Site Information
Central Business District (C-3-SPD)
Central Business Dist. - 450 units/acre (675 w/ density bonus)
No change

Occupancy restrictions that run with the land
(if yes, explain here)
No
due to CUP’s or density bonuses?
Building Height Requirements
150 feet maximum
Required Parking Ratio
No minimum parking ratio. Zero vehicle parking spaces required.

10

Application

 B.

Development Timetable

Environmental Review Completed
Site Acquired
Conditional Use Permit
Variance
LOCAL PERMITS Site Plan Review
Grading Permit
Building Permit
Loan Application
CONSTRUCTION
Enforceable Commitment
FINANCING
Closing and Disbursement
Loan Application
PERMANENT
Enforceable Commitment
FINANCING
Closing and Disbursement
Type and Source: HCD - No Place Like Home (NPLH)
Application
Closing or Award
Type and Source: SHRA Predev/Perm Loan
Application
Closing or Award
Type and Source: SHRA Construction/Perm Loan
Application
Closing or Award
Type and Source: FHLB AHP - Mechanics Bank
Application
OTHER LOANS
Closing or Award
AND GRANTS
Type and Source:
Application
Closing or Award
Type and Source: (specify here)
Application
Closing or Award
10% of Costs Incurred
Construction Start
Construction Completion
Placed In Service
Occupancy of All Tax Credit Units
SITE

11

Actual or Scheduled
Month
Year
/
3
/
2020
7
/
2019
N/A
/
N/A
N/A
/
N/A
N/A
/
N/A
N/A
/
N/A
11
/
2020
2
/
2020
2
/
2020
12
/
2020
N/A
/
N/A
N/A
/
N/A
N/A
/
N/A
/
1
/
2019
6
/
2019
/
1
/
2019
2
/
2020
/
1
/
2019
2
/
2020
/
3
/
2019
6
/
2019
/
/
/
/
/
/
12
/
2020
12
/
2020
8
/
2022
8
/
2022
12
/
2022

Application

 III. PROJECT FINANCING - SECTION 1: CONSTRUCTION FINANCING
A.

Construction Financing
List Below All Projected Sources Required To Complete Construction

1)
2)
3)
4)
5)
6)

Name of Lender/Source
US Bank Construction Loan
SHRA Construction/Perm Loan
SHRA Predev/Perm Loan
FHLB AHP - Mechanics Bank
Costs Deferred til Perm Conversion
LP Equity

Term (months)
28
28
28
28

Interest Rate
4.900%
0.000%
0.000%
0.000%

Amount of Funds
$44,646,268
$6,840,000
$1,500,000
$1,340,000
$2,094,100
$3,215,033

7)
8)
9)
10)
11)
12)

Total Funds For Construction:

$59,635,401

1)

Lender/Source:US Bank Construction Loan
Street Address:621 Capitol Mall, Suite 800
City:
Sacramento, CA 95814
Contact Name: Lisa Gutierrez
Phone Number:916-498-3457
Ext.:
Type of Financing:Conventional Construction
Is the Lender/Source Committed?
Yes

2)

Lender/Source:SHRA Construction/Perm Loan
Street Address:801 12th Street
City:
Sacramento, CA 95814
Contact Name: Anne Nicholls
Phone Number:916-449-6239
Ext.:
Type of Financing:Residual Receipts
Is the Lender/Source Committed?
Yes

3)

Lender/Source:SHRA Predev/Perm Loan
Street Address:801 12th Street
City:
Sacramento, CA 95814
Contact Name: Anne Nicholls
Phone Number:Constr/Perm Loan
Ext.:
Type of Financing:Deferred Payment
Is the Lender/Source Committed?
Yes

4)

Lender/Source:FHLB AHP - Mechanics Bank
Street Address:111 Civic Drive
City:
Walnut Creek, CA 94596
Contact Name: Fred Lambright
Phone Number:925-256-3060
Ext.:
Type of Financing:Deferred Payment
Is the Lender/Source Committed?
Yes

5)

Lender/Source:Costs Deferred til Perm Conversion
Street Address:
City:
Contact Name:
Phone Number:
Ext.:
Type of Financing:N/A
Is the Lender/Source Committed?
Yes

6)

Lender/Source:LP Equity
Street Address:TBD
City:
Contact Name:
Phone Number:
Type of Financing:Equity
Is the Lender/Source Committed?

Lender/Source:
Street Address:
City:
Contact Name:
Phone Number:
Type of Financing:
Is the Lender/Source Committed?

8)

7)

9)

Lender/Source:
Street Address:
City:
Contact Name:
Phone Number:
Type of Financing:
Is the Lender/Source Committed?

Ext.:
No
10)

Ext.:
No

12

Lender/Source:
Street Address:
City:
Contact Name:
Phone Number:
Type of Financing:
Is the Lender/Source Committed?
Lender/Source:
Street Address:
City:
Contact Name:
Phone Number:
Type of Financing:
Is the Lender/Source Committed?

Ext.:
No

Ext.:
No

Ext.:
No

Application

 11)

Lender/Source:
Street Address:
City:
Contact Name:
Phone Number:
Type of Financing:
Is the Lender/Source Committed?

12)

Ext.:
No

13

Lender/Source:
Street Address:
City:
Contact Name:
Phone Number:
Type of Financing:
Is the Lender/Source Committed?

Ext.:
No

Application

 III. PROJECT FINANCING - SECTION 2: PERMANENT FINANCING
A.

Permanent Financing
List Below All Projected Sources Required To Complete Construction
Name of Lender/Source

Term

HCD - No Place Like Home (NPLH)
SHRA Construction/Perm Loan
3) SHRA Predev/Perm Loan
4) FHLB AHP - Mechanics Bank
5) LP Equity - Historic Credits
1)
2)

(months)

Interest
Rate

660
660
660
660

3.000%
0.000%
0.000%
0.000%

Residual
Receipts /
Deferred Pymt.
Residual
Residual
Residual
Deferred

Annual Debt
Service

Amount of
Funds

$40,701

$9,690,825
$7,600,000
$1,500,000
$1,340,000
$6,857,746

Total Permanent Financing:
Total Tax Credit Equity:
Total Sources of Project Funds:

$26,988,571
$32,646,830
$59,635,401

6)
7)
8)
9)
10)
11)
12)

1)

Lender/Source:HCD - No Place Like Home (NPLH)
Street Address:2020 W. El Camino Ave, Suite 650
City:
Sacramento, CA 95833
Contact Name: Aaron New
Phone Number:916-263-2742
Ext.:
Type of Financing:Soft loan
Is the Lender/Source Committed?
Yes

2)

Lender/Source:SHRA Construction/Perm Loan
Street Address:801 12th Street
City:
Sacramento, CA 95814
Contact Name: Anne Nicholls
Phone Number:916-449-6239
Ext.:
Type of Financing:Residual Receipts
Is the Lender/Source Committed?
Yes

3)

Lender/Source:SHRA Predev/Perm Loan
Street Address:801 12th Street
City:
Sacramento, CA 95814
Contact Name: Anne Nicholls
Phone Number:916-449-6239
Ext.:
Type of Financing:Deferred Payment
Is the Lender/Source Committed?
Yes

4)

Lender/Source:FHLB AHP - Mechanics Bank
Street Address:111 Civic Drive
City:
Walnut Creek, CA 94596
Contact Name: Fred Lambright
Phone Number:925-256-3060
Ext.:
Type of Financing:Deferred Payment
Is the Lender/Source Committed?
Yes

5)

Lender/Source:LP Equity - Historic Credits
Street Address:TBD
City:
Contact Name:
Phone Number:
Ext.:
Type of Financing:Equity
Is the Lender/Source Committed?
No

6)

Lender/Source:
Street Address:
City:
Contact Name:
Phone Number:
Type of Financing:
Is the Lender/Source Committed?

Lender/Source:
Street Address:
City:
Contact Name:
Phone Number:
Type of Financing:
Is the Lender/Source Committed?

8)

7)

Ext.:
No

14

Lender/Source:
Street Address:
City:
Contact Name:
Phone Number:
Type of Financing:
Is the Lender/Source Committed?

Ext.:
No

Ext.:
No

Application

 9)

11)

Lender/Source:
Street Address:
City:
Contact Name:
Phone Number:
Type of Financing:
Is the Lender/Source Committed?
Lender/Source:
Street Address:
City:
Contact Name:
Phone Number:
Type of Financing:
Is the Lender/Source Committed?

10)

Ext.:
No
12)

Ext.:
No

15

Lender/Source:
Street Address:
City:
Contact Name:
Phone Number:
Type of Financing:
Is the Lender/Source Committed?
Lender/Source:
Street Address:
City:
Contact Name:
Phone Number:
Type of Financing:
Is the Lender/Source Committed?

Ext.:
No

Ext.:
No

Application

 III. PROJECT FINANCING - SECTION 3: INCOME INFORMATION
A.

Low Income Units
(a)
Bedroom
Type(s)
SRO/Studio
SRO/Studio

Total # Units:

(b)

(c)
(d)
Proposed
Total Monthly
Number of Monthly Rent
Rents
(Less Utilities)
Units
(b x c)
65
$293
$19,045
69
$586
$40,434

Total:

134

(e)
Monthly
Utility
0
0

(f)
(g)
(h)
Monthly Rent % of Targeted % of
Plus Utilities Area Median Actual
(c + e)
Income
AMI
$293
20%
20.0%
$586
40%
40.0%

Average:

$59,479

30.3%

Is this a resyndication project using hold harmless rent limits in the above table?
N/A
Hold harmless rents cannot exceed the federal set-aside current tax credit rent limits.
Must use current rent limits for units included in the lowest income point category.
B.

Manager Units
Projects with 16 or more Low-Income and Market-Rate Units must have one on-site manager's unit.
Projects with at least 161 Low-Income and Market-Rate Units must provide a second on-site
manager's unit, and one additional on-site manager's unit for each 80 Low-Income and Market-Rate
Units beyond 161 units, up to a maximum of four on-site manager's units. Scattered site projects of
16 or more Low-Income and Market-Rate Units must have at least one manager's unit for the entire
project, and at one manager's unit at each site consisting of 16 or more Low-Income and MarketRate Units. Projects may employ full-time property management staff and provide an equivalent
number of desk or security staff for the hours when the property management staff are not
working.
(a)

(b)

Bedroom
Type(s)

Number of
Units

(c)
(d)
Proposed
Total Monthly
Monthly Rent
Rents
(Less Utilities)
(b x c)

Total # Units:
Yes

Total:

Project with desk or security staff in lieu of on-site manager unit(s)
See TCAC Regulation Section 10325(f)(7)(J) for complete requirements.

16

Application

 C.

Market Rate Units
(a)

(b)

Bedroom
Type(s)

Number of
Units

(c)
(d)
Proposed
Total Monthly
Monthly Rent
Rents
(Less Utilities)
(b x c)

Total # Units:

Total:

Aggregate Monthly Rents For All Units:
Aggregate Annual Rents For All Units:
D.

$59,479
$713,748

Rental Subsidy Income/Operating Subsidy
Complete spreadsheet "Subsidy Contract Calculation"
Number of Units Receiving Assistance:
Length of Contract (years):
Expiration Date of Contract:
Total Projected Annual Rental Subsidy:

E.

134
20
12/31/2042
$969,828

Miscellaneous Income
Annual Income from Laundry Facilities:
Annual Income from Vending Machines:
Annual Interest Income:
Other Annual Income: (specify here)
Total Miscellaneous Income:
Total Annual Potential Gross Income:

F.

$8,040

$8,040
$1,691,616

Monthly Resident Utility Allowance by Unit Size
(utility allowances must be itemized and must agree with the applicable utility allowance schedule)

SRO /
STUDIO

1 BR

2 BR

3 BR

4 BR

( ) BR

Space Heating:
Water Heating:
Cooking:
Lighting:
Electricity:
Water:*
Other: (specify here)
Total:
*PROJECTS PROPOSING UNITS WITH INDIVIDUAL WATER METERS MUST INCLUDE A WATER
ALLOWANCE.
Name of PHA or California Energy Commission Providing Utility Allowances:
Sacramento Housing & Redevelopment Agency - Owner pays all utilities therefore, no utility allowance
See Regulation Section 10322(h)(21) for type of projects that are allowed to use CUAC.

17

Application

 G.

Annual Residential Operating Expenses
Administrative

Advertising:
Legal:
Accounting/Audit:
Security:
Other: (specify here)
Total Administrative:

$2,000
$7,500
$28,884
$10,000
$24,950
$73,334

Total Management:

$88,440

Total Utilities:

$36,800
$70,300
$98,800
$205,900

Payroll /
Payroll Taxes

On-site Manager:
Maintenance Personnel:
Other: Payroll Taxes/Benefits
Total Payroll / Payroll Taxes:
Total Insurance:

$246,400
$135,000
$133,176
$514,576
$105,000

Maintenance

Painting:
Repairs:
Trash Removal:
Exterminating:
Grounds:
Elevator:
Other: (specify here)
Total Maintenance:

$28,000
$30,100
$25,100
$5,000

Management
Utilities

Fuel:
Gas:
Electricity:
Water/Sewer:

Other Operating
Expenses

Other:
Other:
Other:
Other:
Other:

$15,000
$53,500
$156,700

(specify here)
(specify here)
(specify here)
(specify here)
(specify here)

Total Other Expenses:
Total Expenses
Total Annual Residential Operating Expenses:
Total Number of Units in the Project:
Total Annual Operating Expenses Per Unit:
Total 3-Month Operating Reserve:
Total Annual Transit Pass / Internet Expense (site amenity election):
Total Annual Services Amenities Budget (from project expenses):
Total Annual Reserve for Replacement:
Total Annual Real Estate Taxes:
SHRA Annual Monitoring Fee
Other (Specify):
H.

$1,143,950
134
$8,536
$377,828
$168,120
$67,000
$5,000
$17,875

Commercial Income*
Total Annual Commercial/Non-Residential Revenue:
Total Annual Commercial/Non-Residential Expenses:
Total Annual Commercial/Non-Residential Debt Service:
Total Annual Commercial/Non-Residential Net Income:

$39,384
$30,000
$9,384

*The Sources and Uses Budget must separately detail apportioned amounts for residential and commercial
space. Separate cash flow projections shall be provided for residential and commercial space. Income from
the residential portion of a project shall not be used to support any negative cash flow of a commercial portion,
and commercial income should not support the residential portion (Sections 10322(h)(14), (22); 10327(g)(7)).

18

Application

 III. PROJECT FINANCING - SECTION 4: LOAN AND GRANT SUBSIDIES
A.

Inclusion/Exclusion From Eligible Basis
Included in
Eligible Basis
Yes/No
N/A
Yes
N/A
N/A
N/A
N/A
N/A
McKinney-Vento Homeless Assistance Program
N/A
MIP
N/A
MHSA
N/A
MHP
N/A
National Housing Trust Fund (HTF)
N/A
Qualified Opportunity Zone Investment
N/A
Taxable bond financing
N/A
FHA Risk Sharing loan?
No
N/A
State: HCD - No Place Like Home (NPLH)
Yes
Local: SHRA Mixed Inc Hsg Fund + Hsg Auth Succ. + Hsg Trust
Yes
Fund
Other: HOPWA
Yes
Other: FHLB AHP - Mechanics Bank
Yes
Funding Sources
If lender is not funding source, list source
(HOME, CDBG, etc.) NOT lender.
HOME Investment Partnership Act (HOME)
Community Development Block Grant (CDBG)
RHS 514
RHS 515
RHS 516
RHS 538
HOPE VI

B.

Amount
$1,700,000

$9,690,825
$6,300,000
$1,100,000
$1,340,000

Rental Subsidy Anticipated
Indicate By Percent Of Units Affected, Any Rental Subsidy Expected To Be Available To The Project.

Approval Date:
Source:
If Section 8:
Percentage:
Units Subsidized:
Amount Per Year:
Total Subsidy:
Term:
C.

11/20/2018
SHRA

Approval Date:
Source:
If Section 8:
Percentage:
Units Subsidized:
Amount Per Year:
Total Subsidy:
Term:

Project-based vouchers (PBVs)

100.00%
134
$969,828
$23,926,340
20 years

(select one)

Pre-Existing Subsidies (Acq./Rehab. or Rehab-Only projects)
Indicate The Subsidy Amount For Any Of The Following Currently Utilized By The Project.

Sec 221(d)(3) BMIR:
HUD Sec 236:
If Section 236, IRP? N/A
RHS 538:
HUD Section 8:
If Section 8:
(select one)
HUD SHP:

RHS 514:
RHS 515:
RHS 521 (rent subsidy):
State / Local:
Rent Sup / RAP:

Will the subsidy continue?: No

Other:

If yes enter amount:

(specify here)

Other amount:

19

Application

 III. PROJECT FINANCING - SECTION 5: THRESHOLD BASIS LIMIT
A.

Threshold Basis Limit
Unit Size
SRO/STUDIO
1 Bedroom
2 Bedrooms
3 Bedrooms
4+ Bedrooms

Unit Basis Limit
No. of Units
(Basis) X (No. of Units)
$230,655
134
$30,907,770
$265,943
$320,800
$410,624
$457,461
TOTAL UNITS:
134
$30,907,770
TOTAL UNADJUSTED THRESHOLD BASIS LIMIT:
Yes/No
(a) Plus (+) 20% basis adjustment - Prevailing Wages
Yes
Adjustment for projects paid in whole or part out of public funds
subject to a legal requirement for the payment of state or federal
prevailing wages or financed in part by a labor-affiliated
$6,181,554
organization requiring the employment of construction workers
who are paid at least state or federal prevailing wages.
List source(s) or labor-affiliated organization(s):
Project Based Vouchers
Plus (+) 5% basis adjustment
No
For projects that certify that (1) they are subject to a project labor
agreement within the meaning of Section 2500(b)(1) of the Public
Contract Code, or (2) they will use a skilled and trained workforce
as defined by Section 25536.7 of the Health and Safety Code to
perform all onsite work within an apprenticeable occupation in the
building and construction trades.
(b) Plus (+) 7% basis adjustment - Parking (New Construction)
For new construction projects required to provide parking beneath
residential units (not "tuck under" parking) or through construction
of an on-site parking structure of two or more levels.
(c) Plus (+) 2% basis adjustment - Daycare
For projects where a day care center is part of the development.
(d) Plus (+) 2% basis adjustment - 100% Special Needs
For projects where 100 percent of the Low-Income Units are for
Special Needs populations.
(e) Plus (+) up to 10% basis adjustment - ITEM (e) Features
For projects applying under Section 10325 or Section 10326 of
these regulations that include one or more of the features in the
section: Item (e) Features.
(f) Plus (+) the lesser of the associated costs or up to a 15%
basis adjustment - Seismic upgrading / Environmental
For projects requiring seismic upgrading of existing structures,
and/or on-site toxic or other environmental mitigation as certified
by the project architect or seismic engineer.
If Yes, select type:

Seismic Upgrading

No

No
Yes

$618,155
No

Yes

Please Select
Type and Enter
Amount:

$2,655,760

##

(g) Plus (+) Local Development Impact Fees
Local development impact fees required to be paid to local
government entities. Certification from local entities assessing
fees also required. WAIVED IMPACT FEES ARE INELIGIBLE.
(h) Plus (+) 10% basis adjustment - Elevator
For projects wherein at least 95% of the project's upper floor units
are serviced by an elevator.
(i) Plus (+) 10% basis adjustment - High Opportunity Area
For a project that is: (i) in a county that has an unadjusted 9%
threshold basis limit for a 2-bedroom unit equal to or less than
$400,000; AND (ii) located in a census tract designated on the
TCAC/HCD Opportunity Area Map as Highest or High Resource.

No

Yes

$3,090,777
No

TOTAL ADJUSTED THRESHOLD BASIS LIMIT:
HIGH COST TEST
Total Eligible Basis

$43,454,016

$48,778,980

20

Application

 Percentage of the Adjusted Threshold Basis Limit

112.254%

Based on information presented in this application, this project is not held to TCAC regulation
requirements for high cost projects.

21

Application

 ITEM (e) Features
REVIEW REGULATION SECTION 10327(c)(5)(B) PRIOR TO COMPLETING THIS SECTION.
THE OPTIONS BELOW ARE PRESENTED WITH ABRIDGED LANGUAGE.
N/A 1 Project shall have onsite renewable generation estimated to produce 50% or more of annual tenant
electricity use. If combined available roof area is insufficient, project shall have onsite renewable
generation based on at least 90% of the available solar accessible roof area. A project not availing itself
of the 90% roof area exception may also receive an increase under paragraph (2) only if the renewable
generation used to calculate each basis increase does not overlap. Threshold Basis Limit increase of
5%.
N/A 2 Project shall have onsite renewable generation estimated to produce 75% or more of annual common
area electricity use. If combined available roof area is insufficient, project shall have onsite renewable
generation based on at least 90% of the available solar accessible roof area. A project not availing itself
of the 90% roof area exception may also receive an increase under paragraph (1) only if the renewable
generation used to calculate each basis increase does not overlap. Threshold Basis Limit increase of
2%.
N/A 3 Newly constructed project buildings shall be more energy efficient than 2019 Energy Efficiency
Standards (CA Code of Regulations, Title 24, Part 6), except that if the local department has
determined that building permit applications submitted on or before December 31, 2019 are complete,
then newly constructed project buildings shall be 15% or more energy efficiency than the 2016 Energy
Efficiency Standards (CA Code of Regulations, Title 24, Part 6). Threshold Basis Limit increase of 4%.
N/A 4 Rehabilitated project buildings shall have an 80% decrease in estimated annual energy use (or
improvement in energy efficiency) in the HERS II post rehabilitation. Threshold Basis Limit increase 4%.
N/A 5 Irrigate only with reclaimed water, greywater, or rainwater (excepting water used for Community
Gardens) or irrigate with reclaimed water, grey water, or rainwater in an amount that annually equals or
exceeds 20,000 gallons or 300 gallons per unit, whichever is less. Threshold Basis Limit increase 1%.

N/A 6 Community gardens of at least 60 square feet per unit. Permanent site improvements that provide a
viable growing space within the project. Threshold Basis Limit increase 1%.
N/A 7 Install bamboo, stained concrete, cork, salvaged or FSC-Certified wood, natural linoleum, natural
rubber, or ceramic tile in all kitchens, living rooms, and bathrooms (where no VOC adhesives or
backing is also used). Threshold Basis Limit increase 1%.
N/A 8 Install bamboo, stained concrete, cork, salvaged or FSC-Certified wood, natural linoleum, natural
rubber, or ceramic tile in all interior floor space other than units (where no VOC adhesives or backing is
also used).
Threshold Basis Limit increase 2%.
N/A 9 For new construction projects only, meet all requirements of the U.S. Environmental Protection Agency
Indoor Air Plus Program. Threshold Basis Limit increase 2%.

22

Application

 Permanent Sources

IV. SOURCES AND USES BUDGET - SECTION 1: SOURCES AND USES BUDGET

TOTAL
PROJECT
COST

1)HCD - No
Place Like
Home (NPLH)
RES. COST

COM'L. COST

2)SHRA
Construction/
Perm Loan

3)SHRA
Predev/Perm
Loan

4)FHLB AHP Mechanics
Bank

5)LP Equity Historic
Credits

TAX CREDIT
EQUITY

6)

7)

8)

9)

10)

11)

12)

SUBTOTAL

70% PVC for
New
Const/Rehab

30% PVC for
Acquisition

LAND COST/ACQUISITION
1

Land Cost or Value
2
Demolition
Legal
Land Lease Rent Prepayment
1

Total Land Cost or Value
Existing Improvements Cost or Value
2

Off-Site Improvements
Total Acquisition Cost
Total Land Cost / Acquisition Cost
Predevelopment Interest/Holding Cost
Assumed, Accrued Interest on Existing Debt
(Rehab/Acq)
Excess Purchase Price Over Appraisal
REHABILITATION
Site Work
Structures
General Requirements
Contractor Overhead
Contractor Profit
Prevailing Wages
General Liability Insurance
Other: (Specify)
Total Rehabilitation Costs
Total Relocation Expenses
NEW CONSTRUCTION
Site Work
Structures
General Requirements
Contractor Overhead
Contractor Profit
Prevailing Wages
General Liability Insurance
Other: Interior Demolition
Total New Construction Costs
ARCHITECTURAL FEES
Design
Supervision
Total Architectural Costs
Total Survey & Engineering
CONSTRUCTION INTEREST & FEES
Construction Loan Interest
Origination Fee
Credit Enhancement/Application Fee
Bond Premium
Title & Recording
Taxes
Insurance
Const Lender Expenses
Other: (Specify)
Total Construction Interest & Fees
PERMANENT FINANCING
Loan Origination Fee
Credit Enhancement/Application Fee
Title & Recording
Taxes
Insurance
Borrower Legal - Perm Loan
Other: (Specify)
Total Permanent Financing Costs
Subtotals Forward
LEGAL FEES
Lender Legal Paid by Applicant
Borrower Legal - Const Loan
Total Attorney Costs
RESERVES
Rent Reserves
Capitalized Rent Reserves
Required Capitalized Replacement Reserve
3-Month Operating Reserve
Transition Reserve
Total Reserve Costs

$2,128,000

$1,755,600

$372,400

$2,128,000

$2,128,000

$56,000

$52,832

$3,168

$56,000

$56,000

$2,184,000
$7,872,000
$685,551
$8,557,551
$10,741,551

$1,808,432
$6,494,400
$672,129
$7,166,529
$8,974,961

$375,568
$1,377,600
$13,422
$1,391,022
$1,766,590

$3,986,000

$3,986,000

$70,820
$24,781,365
$1,818,758
$1,421,065

$69,433
$24,141,601
$1,783,149
$1,393,242

$1,387
$639,764
$35,609
$27,823

$70,820
$6,892,794
$1,818,758
$1,421,065

$560,775
$982,238
$29,635,021

$549,796
$963,007
$28,900,228

$10,979
$19,231
$734,793

$560,775
$982,238
$11,746,450

$2,135,291

$2,093,485

$41,806

$2,135,291
$75,000

$2,093,485
$73,532

$2,835,971
$334,847

$2,184,000
$5,416,000

$956,000
$685,551
$1,641,551
$1,641,551

$5,416,000
$7,600,000

$2,184,000
$7,872,000
$685,551
$8,557,551
$10,741,551

$1,500,000
$1,500,000
$1,500,000

$3,986,000

$6,494,400
$672,129
$6,494,400

$3,986,000
$70,820
$24,781,365
$1,818,758
$1,421,065

$69,433
$24,141,601
$1,783,149
$1,393,242

$560,775
$982,238
$29,635,021

$549,796
$963,007
$28,900,228

$2,135,291

$2,135,291

$2,093,485

$41,806
$1,468

$2,135,291
$75,000

$2,135,291
$75,000

$2,093,485
$73,532

$2,780,445
$328,291

$55,526
$6,556

$2,835,971
$334,847

$2,835,971
$334,847

$1,787,362
$328,291

$60,000
$291,666
$161,000
$45,000

$58,825
$285,956
$157,848
$44,119

$1,175
$5,710
$3,152
$881

$60,000
$291,666
$161,000
$45,000

$60,000
$291,666
$161,000
$45,000

$58,825
$285,956
$157,848
$44,119

$3,728,484

$3,655,484

$73,000

$3,728,484

$3,728,484

$2,662,401

$10,000

$9,804

$196

$10,000

$10,000

$10,000

$9,804

$196

$10,000

$10,000

$20,000

$19,608

$392

$20,000

$20,000

$50,321,347

$47,703,298

$2,618,049

$23,332,776

$55,000
$40,000
$95,000

$53,923
$39,217
$93,140

$1,077
$783
$1,860

$377,828
$538,731
$916,559

$377,828
$538,731
$916,559

$9,690,825

$1,340,000

$9,690,825

$9,690,825

$1,340,000

$7,600,000

$1,500,000

$1,340,000

$6,857,746

$6,857,746

$50,321,347

$34,401,775

$55,000
$40,000
$95,000

$55,000
$40,000
$95,000

$53,923
$39,217
$93,140

$377,828
$538,731
$916,559

$377,828
$538,731
$916,559

22

$6,857,746

$6,494,400

Sources and Uses Budget

 Permanent Sources

IV. SOURCES AND USES BUDGET - SECTION 1: SOURCES AND USES BUDGET

TOTAL
PROJECT
COST
CONTINGENCY COSTS
Construction Hard Cost Contingency
Soft Cost Contingency
Total Contingency Costs
OTHER PROJECT COSTS
TCAC App/Allocation/Monitoring Fees

1)HCD - No
Place Like
Home (NPLH)
RES. COST

$4,468,808
$504,747
$4,973,555

$4,381,314
$494,865
$4,876,179

$156,940

$156,940

COM'L. COST
$87,494
$9,882
$97,376

Environmental Audit
$34,500
$33,825
Local Development Impact Fees
Permit Processing Fees
$268,000
$262,753
Capital Fees
$67,000
$65,688
Marketing
$201,000
$201,000
Furnishings
$409,000
$409,000
Market Study
$7,500
$7,500
Accounting/Reimbursable
Appraisal Costs
$15,000
$14,706
Construction Supervision/Testing
$145,000
$142,161
Prevailing Wage Monitor
$25,000
$24,511
Other: (Specify)
Other: (Specify)
Other: (Specify)
$1,328,940
$1,318,084
Total Other Costs
$57,635,401
$54,907,260
SUBTOTAL PROJECT COST
DEVELOPER COSTS
Developer Overhead/Profit
$2,000,000
$1,960,842
Consultant/Processing Agent
Project Administration
#REF!
Broker Fees Paid to a Related Party
Construction Oversight by Developer
Other: (Specify)
$2,000,000
$1,960,842
Total Developer Costs
TOTAL PROJECT COST
$59,635,401
$56,868,102
Note: Syndication Costs shall NOT be included as a project cost.
Calculate Maximum Developer Fee using the eligible basis subtotals.
DOUBLE CHECK AGAINST PERMANENT FINANCING TOTALS:

2)SHRA
Construction/
Perm Loan

3)SHRA
Predev/Perm
Loan

4)FHLB AHP Mechanics
Bank

5)LP Equity Historic
Credits

6)

7)

TAX CREDIT
EQUITY

8)

9)

10)

11)

12)

SUBTOTAL

$4,468,808
$504,747
$4,973,555

$4,468,808
$504,747
$4,973,555

70% PVC for
New
Const/Rehab

30% PVC for
Acquisition

$4,381,314
$494,865
$4,876,179

$156,940

$156,940

$675

$34,500

$34,500

$33,825

$5,247
$1,312

$268,000
$67,000
$201,000
$409,000
$7,500

$268,000
$67,000
$201,000
$409,000
$7,500

$262,753
$65,688

$294
$2,839
$489

$15,000
$145,000
$25,000

$15,000
$145,000
$25,000

$14,706
$142,161
$24,511

$10,856
$2,728,141

$1,328,940
$30,646,830

$1,328,940
$57,635,401

$952,644
$40,323,738

$39,158

$2,000,000

$2,000,000

$1,960,842

$39,158
$2,767,299

$2,000,000
$32,646,830

$9,690,825

$7,600,000

$1,500,000

$1,340,000

$6,857,746

$2,000,000
$59,635,401
Bridge Loan Expense During Construction:
Total Eligible Basis:

$1,960,842
$42,284,580

$6,494,400

$42,284,580

$6,494,400

$32,646,830

$9,690,825

$7,600,000

$1,500,000

$1,340,000

$6,857,746

$9,690,825

$7,600,000

$1,500,000

$1,340,000

$6,857,746

$409,000

$6,494,400

Funding sources and costs should be aligned appropriately. For example, public funding sources for land purchase or construction costs should be shown as paying for these costs.
Do not randomly select funding sources for line item costs if they have a dedicated source of payment.
1

Required: evidence of land value (see Tab 1). Land value must be included in Total Project Cost and Sources and Uses Budget (includes donated or leased land).
Except for non-competitive projects with donated land, TCAC will not accept a budget with a nominal land value. Please refer to the TCAC website for additional information and guidance.
2
Required: include a detailed explanation of Demolition and Offsite Improvements requirements as well as a cost breakdown in Attachment 12, Construction and Design Description.
Note: The conditional formatting embedded in this Sources and Uses Budget workbook tests only for mathematical errors, i.e. whether sum total of Sources (Column R) matches Total Project Cost (Column B)
and whether each source listed in the Sources and Uses Budget workbook (Row 104) matches that of Permanent Financing in the Application workbook (Row 107).
The conditional formatting does NOT test for any regulatory threshold or feasibility requirements.
Applicants are advised to conduct their own due diligence and not rely upon the conditional formatting in this workbook.

FOR PLACED IN SERVICE APPLICATION SUBMISSIONS:
SYNDICATION (Investor & General Partner)
Organizational Fee

Bridge Loan Fees/Exp.
Legal Fees
Consultant Fees
Accountant Fees
Tax Opinion
Other

CERTIFICATION BY OWNER:
As owner(s) of the above-referenced low-income housing project, I certify under penalty of perjury, that the project costs contained herein are, to the best of my knowledge, accurate and actual costs associated with the construction, acquisition
and/or rehabilitation of this project and that the sources of funds shown are the only funds received by the Partnership for the development of the project. I authorize the California Tax Credit Allocation Committee to utilize this information to
calculate the low-income housing tax credit.

Signature of Owner/General Partner

Date

Printed Name of Signatory

Title of Signatory

Total Syndication Costs

CERTIFICATION OF CPA/TAX PROFESSIONAL:
As the tax professional for the above-referenced low-income housing project, I certify under penalty of perjury, that the percentage of aggregate basis financed by tax-exempt bonds is:

Signature of Project CPA/Tax Professional

Date

23

Sources and Uses Budget

 V. BASIS AND CREDITS

A. Determination of Eligible and Qualified Basis
Projects w/ building(s) located in DDA/QCT areas & Non-DDA/Non-QCT areas, bifurcate accordingly.

70% PVC for
70% PVC for
New Const/
New Const/ Rehabilitation
Rehabilitation
NON-DDA/
DDA/QCT
NON-QCT
Building(s)
Building(s)
Total Eligible Basis: $42,284,580

30% PVC for
Acquisition
DDA/QCT
Building(s)
$6,494,400

30% PVC for
Acquisition
NON-DDA/
NON-QCT
Building(s)

Ineligible Amounts
Subtract All Grant Proceeds to Finance Costs in Eligible Basis:
Subtract Non-Qualified Non-Recourse Financing:
Subtract Non-Qualifying Portion of Higher Quality Units:
Subtract Photovoltaic Credit (as applicable):
Subtract Historic Credit (residential portion only):

$8,405,190

Subtract (specify other ineligible amounts):
Subtract (specify other ineligible amounts):

Total Ineligible Amounts:
Total Eligible Basis Voluntarily Excluded:
Total Basis Reduction:
*Total Requested Unadjusted Eligible Basis:
Total Adjusted Threshold Basis Limit:
**130% Adjustment for DDA, QCT, or Reg. §10317(d):

Total Adjusted Eligible Basis:
Applicable Fraction:

Qualified Basis:
Total Qualified Basis:

$8,405,190
$6,494,400
($6,494,400)

($8,405,190)
$33,879,390
130%
$44,043,207
100%
$44,043,207

$43,454,016
100%
100%

100%

100%

100%

100%

$44,043,207

*Voluntary exclusion of eligible basis from acquisition eligible basis shall be the entire amount of acquisition total eligible basis or Zero.
**Boost is auto calculated from your selection in: II. APPLICATION - SECTION 2: GENERAL AND SUMMARY INFORMATION - B

B. Determination of Federal Credit

Qualified Basis:
**Applicable Percentage:
Subtotal Annual Federal Credit:
Total Combined Annual Federal Credit:

New Const/
Rehab
Acquisition
$44,043,207
9.00%
3.24%
$3,963,889
$2,500,000

**Applicants are required to use these percentages in calculating credit at the application stage.

24

Basis & Credits

 C. Determination of Minimum Federal Credit Necessary For Feasibility
Total Project Cost
Permanent Financing
Funding Gap
Federal Tax Credit Factor

$59,635,401
$26,988,571
$32,646,830
$0.96030

Federal tax credit factor must be at least $1.00 for self-syndication projects
or at least $0.85 for all other projects.

Total Credits Necessary for Feasibility
Annual Federal Credit Necessary for Feasibility
Maximum Annual Federal Credits
Equity Raised From Federal Credit

$33,996,370
$3,399,637
$2,500,000
$24,007,586

Remaining Funding Gap
$8,639,244
FUNDING GAP MUST NOT EXCEED ZERO UNLESS REQUESTING STATE CREDITS
If Applying For State Credit Complete Section (D) & (E).
D. Determination of State Credit
State Credit Basis

NC/Rehab
$33,879,390

Acquisition

Rehabilitation or new construction basis only (no acquisition basis), except in rare cases of At-Risk projects
eligible for State Credit on the acquisition basis at the 0.13 factor when no 130% basis increase is used

Factor Amount
Maximum Total State Credit

30%
$10,163,817

13%
$0

Factor Amount based on selection in: II. APPLICATION - SECTION 2: GENERAL AND SUMMARY INFORMATION - B

E. Determination of Minimum State Credit Necessary for Feasibility
State Tax Credit Factor

$0.85000

State tax credit factor must be at least $0.80 for "certified" state credits; at
least $0.79 for self-syndication projects; or at least $0.70 for all other projects

State Credit Necessary for Feasibility
Maximum State Credit
Equity Raised from State Credit

$10,163,816
$10,163,816
$8,639,244

Remaining Funding Gap
FUNDING GAP MUST NOT EXCEED ZERO

25

$0

Basis & Credits

 VI. POINTS SYSTEM - SECTION 1: POINTS SYSTEM
A. General Partner and Management Company Characteristics

Maximum 9 Points

A(1) General Partner Experience
General Partner Name:

6 Points

Mercy Housing CalWest
Select from ONE of the following two options:
5 or more projects in service more than 3 years, including 1 in service more than 5 years and 2 California LIHTC projects
Special Needs housing type project opting for 5 project experience category:

Yes

For Special Needs housing type projects applying through the Nonprofit or Special Needs set-asides only:
(select one if applicable)
To qualify for this option, all projects must qualify as Special Needs. The California LIHTC project
need not be one of the 'Special Needs projects.
To receive points under this subsection for projects in existence for more than 3 years from the filing deadline date, the applicant must submit a
certification from a 3rd party certified public accountant (CPA) that the projects for which points are requested have maintained a positive operating
cash flow from typical residential income alone (e.g. rents, rental subsidies, late fees, forfeited deposits, etc.) for the year in which each
development’s last financial statement has been prepared and have funded reserves in accordance with the partnership agreement and any
applicable loan documents. This certification must list the specific projects for which the points are being requested. The CPA certification may be in
the form of an agreed upon procedure report that includes funded reserves as of the report date, which shall be within 60 days of the application
deadline, unless the general partner or key person has no current projects which are eligible for points in which case the report date shall be after the
date from which the general partner or key person separated from the last eligible project. To obtain points for projects previously owned by the
proposed general partner, a similar certification must be submitted with respect to the last full year of ownership by the proposed general partner,
along with verification of the number of years that the project was owned by that general partner. This certification must list the specific projects for
which the points are being requested. For tribal applicants contracting with a developer who will not be a general partner to receive points, see Reg.
Section 10325(c)(1) and Checklist Tab 21.

Total Points for General Partner Experience:
A(2) Management Company Experience

6

3 Points

Select from ONE of the following two options:
11 or more projects managed more than 3 years, including 2 California LIHTC projects
Special Needs housing type project opting for 11 project experience category:

Yes

For Special Needs housing type projects applying through the Nonprofit or Special Needs set-asides only:
(select one if applicable)
To qualify for this option, all projects must qualify as Special Needs. The California LIHTC project
need not be one of the Special Needs projects.

Management Company Name:
Mercy Housing Management Group

Total Points for Management Company Experience:

26

3

Points System

 Points in subsections (A) and (B) above will be awarded in the highest applicable category and are not cumulative. For maximum points in either
subsection (A) or (B) above, a completed application attachment for the general partner or for the management agent, respectively, must be
provided. For points to be awarded in subsection (B), an enforceable management agreement executed by both parties for the subject application
must be submitted at the time of application. "Projects" as used in this subsections (A) and (B) means multifamily, rental, affordable developments of
over 10 affordable units that are subject to a recorded regulatory agreement or, in the case of housing on tribal lands, where federal HUD funds have
been utilized in affordable rental developments. General Partner and Management Company experience points may be given based on the
experience of the principals involved, or on the experience of municipalities or other nonprofit entities that have experience but have formed singleasset entities for each project in which they have participated, notwithstanding that the entity itself would not otherwise be eligible for such points.

Alternatively, a management company may receive 2 points if it provides evidence that the management agent assigned to the project, either on-site
or with management responsibilities for the site, has been certified, prior to application deadline, by a housing tax credit certification examination by a
nationally recognized housing tax credit compliance entity and be on a list maintained by the Committee. These points may substitute for other
management company experience but will not be awarded in addition to such points.

General partners and management companies with fewer than 2 active California LIHTC projects for more than 3 years, and general partners and
management companies for projects requesting points under the special needs categories with no active California LIHTC projects for more than 3
years, should refer to Regulation Section 10325(c)(1) and Checklist Items Tabs 21 and 22 for additional requirements.

Total Points for General Partner & Management Company Experience:

27

9

Points System

 B. Housing Needs

Maximum 10 Points
10 Points

Special Needs
Select one if project is a scattered site acquisition and/or rehabilitation :

N/A

Total Points for Housing Needs:

28

10

Points System

 C. Site & Service Amenities
C(1) Site Amenities

Maximum 15 Points

Amenities must be appropriate to the tenant population served. The amenity must be in place at the time of application (refer to TCAC regulations
and the Checklist for limited exceptions). The application must include a map scaled for distance using a standardized radius from the development
site as determined by the Committee. Measurement from the project to a site must not cross significant physical barriers. The map must show the
distance of the site amenities from the development site. An application proposing a project located on multiple scattered sites shall be
scored proportionately in the site amenities based upon (i) each site’s score, and (ii) the percentage of units represented by each site.
Proportional scoring means, for a project to score the maximum 15 points, each site must independently score 15 points for site amenities. Include
a table in Tab 23 identifying each site’s point categories and site amenity location. Applicants must provide color photographs, a contact person and
a contact telephone number for each requested site amenity. Any inaccurate information will be subject to negative points. No more than 15 points
will be awarded in this category. Only one point award will be available in each of the subcategories (a-h) listed below. Site amenity points are not
applicable to projects that apply and are awarded under the Native American apportionment. However, for those applicants unsuccessful in the
apportionment and considered under the Rural set-aside, site amenity scoring will be applicable.

Amenities may include:

a) Transit
(i)

Located where there is a bus rapid transit station, light rail station, commuter rail station, ferry terminal, bus

7 Points

station, or public bus stop within 1/3 mile of the project site with service at least every 30 minutes during the
hours of 7-9 a.m. and 4-6 p.m. Monday through Friday (or at least two departures during each peak period
for the commuter rail station or ferry terminal), and the project’s density exceeds 25 units per acre.
(ii)

The project site is within 1/3 mile of a bus rapid transit station, light rail station, commuter rail station,

6 Points

ferry terminal, bus station, or public bus stop with service at least every 30 minutes during the hours of
7-9 a.m. and 4-6 p.m. Monday through Friday (or at least two departures during each peak period for the
commuter rail station or ferry terminal).
(iii) The project site is within 1/2 mile of a bus rapid transit station, light rail station, commuter rail station,

5 Points

ferry terminal, bus station, or public bus stop with service at least every 30 minutes during the hours of
7-9 a.m. and 4-6 p.m. Monday through Friday (or at least two departures during each peak period for the
commuter rail station or ferry terminal).
(iv) The project site is within 1/3 mile of a bus rapid transit station, light rail station, commuter rail station,

4 Points

ferry terminal, bus station, or public bus stop. (For rural set-aside projects, these points may be awarded
where van or dial-a-ride service is provided to tenants.)
(v) The project site is within 1/2 mile of a bus rapid transit station, light rail station, commuter rail station,

3 Points

ferry terminal, bus station, or public bus stop.
Select one:

(i)

In addition to meeting one of the categories above (i through v), points are available to applicants committing to provide
residents free transit passes or discounted passes to each rent restricted unit for at least 15 years. (For item (iv)
Rural set-aside projects, points not available for projects with van services. Only available to projects with dial-a-ride
service for free or discounted dial-a-ride passes):
Select one: N/A

N/A

A private bus or transit system providing free service may be substituted with prior approval from the CTCAC
Executive Director. This prior approval must be received before the application deadline and the bus or transit
system must meet the relevant headway and distance criteria stated above. If pre-approved, select applicable point
category above.

Total Points for Transit Amenity:

29

7

Points System

 b) Public Park
(i)

The site is within 1/2 mile of a public park or a community center accessible to the general public (1 mile
for Rural set-aside projects). A public park shall not include 1) school grounds unless there is a bona
fide, formal joint-use agreement between the jurisdiction responsible for the park’s/recreation facilities
and the school district or private school providing availability to the general public of the school grounds
and/or facilities. 2) greenbelts or pocket parks, or 3) open space preserves or biking parkways unless
there is a trailhead or designated access point within the specified distance.
Joint-use agreement (if yes, please provide a copy)

(ii)

N/A

2 Points

The site is within 3/4 mile (1.5 miles for Rural set-aside).

Select one:

3 Points

(i)

Total Points for Public Park Amenity:

3

c) Book-Lending Public Library
(i)

The site is within 1/2 mile of a book-lending public library that also allows for inter-branch

3 Points

lending when in a multi-branch system (1 mile for Rural set-aside projects).
(ii)

The site is within 1 mile of a book-lending public library that also allows for inter-branch

2 Points

lending when in a multi-branch system (2 miles for Rural set-aside projects).
Select one:

(i)

Total Points for Public Library Amenity:

3

d) Full-Scale Grocery Store, Supermarket, Neighborhood Market, or Farmers' Market
Please refer to Checklist Items for supporting documentation requirements
(i)

The site is within 1/2 mile of a full scale grocery store/supermarket of at least 25,000 gross interior
square feet where staples, fresh meat, and fresh produce are sold (1 mile for Rural set-aside
projects).

5 Points

(ii)

The site is within 1 mile of a full scale grocery store/supermarket of at least 25,000 gross interior
square feet where staples, fresh meat, and fresh produce are sold (2 mile for Rural set-aside
projects).

4 Points

(iii) The site is within 1.5 mile of a full scale grocery store/supermarket of at least 25,000 gross interior
square feet where staples, fresh meat, and fresh produce are sold (3 mile for Rural set-aside
projects).

3 Points

(iv) The site is within 1/4 mile of a neighborhood market of 5,000 gross interior square feet or more
where staples, fresh meat, and fresh produce are sold (1/2 mile for Rural set-aside projects).

4 Points

(v) The site is within 1/2 mile of a neighborhood market of 5,000 gross interior square feet or more
where staples, fresh meat, and fresh produce are sold (1 mile for Rural set-aside projects).

3 Points

(vi) The site is within 1/2 mile of a weekly farmers' market on the list of Certified Farmers' Markets by the
California Department of Food and Agriculture and operating at least 5 months in a calendar year.

2 Points

(vii) The site is within 1 mile of a weekly farmers' market on the list of Certified Farmers' Markets by the
California Department of Food and Agriculture and operating at least 5 months in a calendar year.

Select one:

1 Point

(ii)

Total Points for Full-Scale Grocery Store/Supermarket or Convenience Market Amenity:

30

4

Points System

 e) Public Elementary, Middle, or High School
(i)

For a qualifying development, the site is within 1/4 mile of a public elementary school; 1/2 mile of
a public middle school; or 1 mile of a public high school (an additional 1/2 mile for each public
school type for Rural set-aside projects), and the site is within the attendance area of that
school.

3 Points

(ii)

The site is within 3/4 mile of a public elementary school; 1 mile of a public middle school; or 1.5
miles of a public high school (an additional 1 mile for each public school type for Rural set-aside
projects), and the site is within the attendance area of that school.

2 Points

Select one:

N/A

Total Points for Public Elementary, Middle, or High School Amenity:

0

f) Senior Developments: Daily Operated Senior Center
(i)

For a senior development the project site is within 1/2 mile of a daily operated senior center or
a facility offering daily services to seniors (not on the project site) (1 mile for Rural set-aside).

3 Points

(ii)

The project site is within 3/4 mile of a daily operated senior center or a facility offering daily
services to seniors (not on the project site) (1.5 miles for Rural Set-aside).

2 Points

Select one:

N/A

Total Points for Daily Operated Senior Center Amenity:

0

g) Special Needs Development: Population Specific Service Oriented Facility
(i)

For a special needs development, the site is located within 1/2 mile of a facility that operates
to serve the population living in the development.

3 Points

(ii)

The project site is located within 1 mile of a facility that operates to serve the population living in
the development.

2 Points

Select one:

(ii)

Total Points for Population Specific Service Oriented Facility Amenity:

2

h) Medical Clinic or Hospital
(i)

The site is within 1/2 mile (1 mile for Rural Set-aside) of a qualifying medical clinic with a
physician, physician's assistant, or nurse practitioner onsite for a minimum of 40 hours each
week, or hospital (not merely a private doctor’s office).

3 Points

(ii)

The site is within 1 mile (1.5 miles for Rural Set-aside) of a qualifying medical clinic with a
physician, physician's assistant, or nurse practitioner onsite for a minimum of 40 hours each
week, or hospital (not merely a private doctor’s office).

2 Points

Select one:

(i)

Total Points for Medical Clinic or Hospital Amenity:

3

i) Pharmacy
(i)

The site is within 1/2 mile of a pharmacy (1 mile for Rural Set-aside). (This category may be
combined with the other site amenities above).

2 Points

(ii)

The site is within 1 mile of a pharmacy (2 miles for Rural Set-aside). (This category may be
combined with the other site amenities above).

1 Point

Select one:

(i)

Total Points for Pharmacy:

31

2

Points System

 j) In-unit High Speed Internet Service
(i)

High speed internet service with a 1.5 megabits/second capacity provided in each Low-Income Unit
free of charge to the tenants for a minimum of 15 years, and available within 6 months of the project's
placed-in-service date. If internet service is selected, it must be provided even if it is not needed for
points.

2 Points

(ii)

Rural set-aside only: High speed internet service with a 1.5 megabits/second capacity provided in
each unit free of charge to the tenants for a minimum of 15 years, and available within 6 months of the
project's placed-in-service date. If internet service is selected, it must be provided even if it is not
needed for points.

3 Points

Select one:

N/A

Total Points for Internet Service:

0

k) Highest or High Resources Area
(i)

The project is a new construction large family project, except for an inclusionary project as defined in
Section 10325(c)(9)(C), and the site is located in a census tract designated on the TCAC/HCD
Opportunity Area Map as Highest or High Resource

Select one:

8 Points

N/A

Total Points for Highest or High Resources Area:
Total Points for Site Amenities:

32

0
24

Points System

 Site Amenity Contact List:
Amenity Name:
Address:
City, Zip
Contact Person:
Phone:
Amenity Type:
Website:
Distance in miles:

Sacramento Central Library
828 I Street
Sacramento, 95814
Librarian on duty
916/264-2700
Ext.:
Book-Lending Public Library
www.saclibrary.org
0.2

Amenity Name:
Address:
City, Zip
Contact Person:
Phone:
Amenity Type:
Website:
Distance in miles:

Rite Aid
831 K Street
Sacramento 95814
Tina Bharadwaj
916/444-0690
Ext.:
Pharmacy
www.locations.riteaid.com/locations/ca/sacramento/831-k-street.h
0.07

Amenity Name:
Address:
City, Zip
Contact Person:
Phone:
Amenity Type:
Website:
Distance in miles:

Regional Transit 9th And K Light Rail
1400 29th Street
Sacramento, 95812
Henry Li
916/321-2877
Ext.:
Transit Station/Transit Stop
www.sacrt.org
0.04

Amenity Name:
Address:
City, Zip
Contact Person:
Phone:
Amenity Type:
Website:
Distance in miles:

WellSpace Health
1820 J Street
Sacramento 95811
Jonahtan Porteus, CEO
916/737-5555
Ext.:
Specific Service Oriented Facility
www.wellspacehealth.org
0.74

Amenity Name:
Address:
City, Zip
Contact Person:
Phone:
Amenity Type:
Website:
Distance in miles:

Roosevelt Park
Amenity Name:
1615 9th Street
Address:
Sacramento, 95814
City, Zip
Mario Lara
Contact Person:
916/808-5200
Ext.:
Phone:
Public Park
Amenity Type:
www.cityofsacramento.org/ParksandRecWebsite:
0.4
Distance in miles:

Amenity Name:
Address:
City, Zip
Contact Person:
Phone:
Amenity Type:
Website:
Distance in miles:

Safeway
Amenity Name:
1814 19th Street
Address:
Sacramento, 95811
City, Zip
Jake Cantor, Store Manager
Contact Person:
916/492-9967
Ext.:
Phone:
Grocery/Farmers' Market
Amenity Type:
www.local.safeway.come/safeway/ca/sacramento
Website:
0.9
Distance in miles:

Amenity Name:
Address:

Amenity Name:
Address:

City, Zip
Contact Person:
Phone:
Amenity Type:
Website:
Distance in miles:

City, Zip
Contact Person:
Phone:
Amenity Type:
Website:
Distance in miles:

Ext.:

33

Kaiser Permante
501 J Street
Sacramento, 95814
Sophia Patel
510/852-5062
Ext.:
Medical Clinic/Hospital
www.healthy.kaiserpermanente/northern-california/facilities/down
0.33

Ext.:

Ext.:

Points System

 C(2) Service Amenities

Maximum 10 Points

Projects that provide high-quality services designed to improve the quality of life for tenants are eligible to receive points for service
amenities. Services must be appropriate to meet the needs of the tenant population served and designed to generate positive changes
in the lives of tenants. Except as provided below and in Reg. Section 10325(c)(4)(B), in order to receive points in this category, physical
space for service amenities must be available when the development is placed-in-service. Services space must be located inside the
project and provide sufficient square footage, accessibility and privacy to accommodate the proposed services. Evidence that
adequate physical space for services will be provided must be documented within the application. The amenities must be
available within 6 months of the project’s placed-in-service date. Applicants must commit that services will be provided for a period of 15
years.
All services must be of a regular and ongoing nature and provided to tenants free of charge (except for day care services or any charges
required by law). Services must be provided on-site except that projects may use off-site services within 1/2 mile of the development (1
1/2 miles for Rural set-aside projects) provided that they have a written agreement with the service provider enabling the development’s
tenants to use the services free of charge (except for day care and any charges required by law) and that demonstrate that provision of
on-site services would be duplicative.
Items 1 through 6 are applicable to Large Family, Senior, and At-Risk projects. Items 7 through 12 are applicable to Special Needs
projects. Items 1 through 12 are mutually exclusive. One proposed service may not receive points under two different categories, except
in the case of proportionately-scored services for special needs projects.
Proportional Scoring for Services - Projects with less than 75% Special Needs Units: Special needs projects with less than 75%
special needs units will be scored proportionately in the service amenity category based upon (i) the services provided to special needs
and non-special needs units, respectively; and (ii) the percentage of units represented by special needs and non-special needs units,
respectively. Proportional scoring for this paragraph means, for a project to score the maximum 10 points, nonspecial needs units and
special needs units must independently score 10 points for service amenities. Items 1 through 6 are applicable to Large Family, Senior,
and At-Risk projects or for the non-Special Needs units in a Special Needs Project with less than 75% Special Needs units. Items 7
through 12 are applicable to Special Needs projects with 75% or more Special Needs units or for the Special Needs units in a Special
Needs Project with less than 75% Special Needs units. Projects must demonstrate that all tenants will receive appropriate type and level
of services.
Proportional Scoring for Services - Scattered Site Projects: An application proposing a project located on multiple scattered sites
shall be scored proportionately in the service amenities based upon (i) each site’s score, and (ii) the percentage of units represented by
each site, except that for scattered site projects of less than 20 units, service amenities shall be scored in the aggregate across all sites.
In addition, scattered site more than 1 mile (1.5 miles for Rural set-aside) from the nearest other site with services must provide
services independently. Proportional scoring for this paragraph means, for a project to score the maximum 10 points, each site must
independently score 10 points for service amenities.

The application’s Service Amenity Sources and Uses Budget page must clearly describe all anticipated income and expenses
associated with the services program(s) and must align with the services commitments provided (i.e. contracts, MOUs, letters, etc.)
Applications shall receive points for services only if the proposed services budget adequately accounts for the level of service. The
budgeted amount must reasonably be expected to cover the costs of the proposed level of service. All organizations providing services
for which the project is claiming points must document that they have at least 24 months of experience providing services to the project’s
target population. PLEASE REFER TO REGULATION SECTION 10325(c)(5)(B) FOR COMPLETE SERVICE AMENITY POINTS
REQUIREMENTS.

No more than 10 points will be awarded in this category. The service budget spreadsheet must be completed.
Large Family, Senior, At-Risk projects, Number of Bedrooms =

0

Special Needs, Number of Bedrooms =

134

Amenities may include, but are not limited to:

34

Points System

 a) Large Family, Senior, At-Risk projects:
(1) Service Coordinator. Responsibilities must include, but are not limited to: (a) providing tenants with
information about available services in the community, (b) assisting tenants to access services through
referral and advocacy, and (c) organizing community-building and/or other enrichment activities for
tenants (such as holiday events, tenant council, etc.):

N/A

Minimum ratio of 1 Full Time Equivalent (FTE) Service Coordinator to 600 bedrooms.

5 points

N/A

Minimum ratio of 1 FTE Service Coordinator to 1,000 bedrooms.

3 points

(2) Other Services Specialist. Must provide individualized assistance, counseling and/or advocacy to
tenants, such as to assist them to access education, secure employment, secure benefits, gain skills or
improve health and wellness. Includes, but is not limited to: Vocational/Employment Counselor, ADL or
Supported Living Specialist, Substance Abuse or Mental Health Counselor, Peer Counselor, Domestic
Violence Counselor:

N/A

Minimum ratio of 1 FTE Services Specialist to 600 bedrooms.

5 points

N/A

Minimum ratio of 1 FTE Services Specialist to 1,000 bedrooms.

3 points

(3) Adult educational, health and wellness, or skill building classes. Includes but is not limited to:
financial literacy, computer training, home-buyer education, GED, resume building, ESL, nutrition,
exercise, health information/awareness, art, parenting, on-site food cultivation and preparation, and
smoking cessation classes:

N/A

Minimum of 84 hours instruction each year (42 hours for small developments*).

7 points

N/A

Minimum of 60 hours instruction each year (30 hours for small developments*).

5 points

N/A

Minimum of 36 hours instruction each year (18 hours for small developments*).

3 points

*small developments = 20 units or less
(4) Health and wellness services and programs. Such services and programs shall provide individualized
support to tenants (not group classes) and need not be provided by licensed individuals or organizations.
Includes, but is not limited to visiting nurses programs, intergenerational visiting programs, or senior
companion programs:

N/A

Minimum of 100 hours of services per year for each 100 bedrooms.

5 points

N/A

Minimum of 60 hours of services per year for each 100 bedrooms.

3 points

N/A

Minimum of 40 hours of services per year for each 100 bedrooms.

2 points

N/A

(5) Licensed child care. Shall be available 20 hours or more per week, Monday through Friday, to
residents of the development. (Only for large family projects or other projects in which at least
25% of Low-Income Units are 3 bedrooms or larger.)

5 points

(6) After school program for school age children. Includes, but is not limited to tutoring, mentoring,
homework club, art and recreational activities. (Only for large family projects or other projects in
which at least 25% of Low-Income Units are 3 bedrooms or larger):

N/A

Minimum of 10 hours per week, offered weekdays throughout the school year.

5 points

N/A

Minimum of 6 hours per week, offered weekdays throughout the school year.

3 points

N/A

Minimum of 4 hours per week, offered weekdays throughout the school year.

2 points

35

Points System

 b) Special Needs projects:
(7) Case Manager. Responsibilities must include (but are not limited to) working with tenants to develop
and implement an individualized service plan, goal plan or independent living plan:

Yes

Minimum ratio of 1 Full Time Equivalent (FTE) Case Manager to 100 bedrooms.

5 points

N/A

Minimum ratio of 1 FTE Case Manager to 160 bedrooms.

3 points

(8) Service Coordinator or Other Services Specialist. Service coordinator responsibilities shall
include, but are not limited to: (a) providing tenants with information about available services in the
community, (b) assisting tenants to access services through referral and advocacy, and (c) organizing
community-building and/or other enrichment activities for tenants (such as holiday events, tenant
council, etc.). Other services specialist must provide individualized assistance, counseling and/or
advocacy to tenants, such as to assist them to access education, secure employment, secure
benefits, gain skills or improve health and wellness. Includes, but is not limited to:
Vocational/Employment Counselor, ADL or Supported Living Specialist, Substance Abuse or Mental
Health Counselor, Peer Counselor, Domestic Violence Counselor:

Yes

Minimum ratio of 1 FTE Service Coordinator/Other Services Specialist to 360 bedrooms.

5 points

N/A

Minimum ratio of 1 FTE Service Coordinator/Other Services Specialist to 600 bedrooms.

3 points

(9) Adult educational, health and wellness, or skill building classes. Includes but is not limited to:
financial literacy, computer training, home-buyer education, GED, resume building, ESL, nutrition,
exercise, health information/awareness, art, parenting, on-site food cultivation and preparation, and
smoking cessation classes:

N/A

Minimum of 84 hours of instruction each year (42 hours for small developments*).

5 points

N/A

Minimum of 60 hours of instruction each year (30 hours for small developments).

3 points

N/A

Minimum of 36 hours of instruction each year (18 hours for small developments).

2 points

*small developments = 20 units or less

N/A (10) Health or behavioral health services provided by appropriately-licensed organization or individual.

5 points

Includes but is not limited to: health clinic, adult day health center, medication management services,
mental health services and treatment, substance abuse services and treatment.

N/A (11) Licensed child care. Shall be available 20 hours or more per week, Monday through Friday, to

5 points

residents of the development. (Only for large family projects or other projects in which at least
25% of Low-Income Units are 3 bedrooms or larger.)

(12) After school program for school age children. Includes, but is not limited to tutoring, mentoring,
homework club, art and recreational activities. (Only for large family projects or other projects in
which at least 25% of Low-Income Units are 3 bedrooms or larger) :

N/A

Minimum of 10 hours per week, offered weekdays throughout the school year.

5 points

N/A

Minimum of 6 hours per week, offered weekdays throughout the school year.

3 points

N/A

Minimum of 4 hours per week, offered weekdays throughout the school year.

2 points

Total Points for Service Amenities:

The Service Budget worksheet must be completed.

36

10

Points System

 D. Sustainable Building Methods
Maximum 5 Points
REVIEW REG. SECTION 10325(c)(5) BEFORE PROCEEDING
APPLICANTS WILL BE HELD TO REGULATORY REQUIREMENTS. THE APPLICATION MAY
CONTAIN ABBREVIATED DESCRIPTIONS OF THE REQUIREMENTS FOR THIS SECTION.
D(1) New Construction and Adaptive Reuse projects select from the following features:
Yes a. Develop the project in accordance with the minimum requirements with any one of the
following programs:

5 Points

GreenPoint Rated Program

N/A b. ENERGY EFFICIENCY
EITHER: Energy efficiency as indicated in Reg. Section 10325(c)(5)(B) beyond the requirements in

OR:

the 2019 Title 24, Part 6 of the California Building Code (2019 Standards):
Low Rise (1-3 habitable stories)
N/A

0 Points

High-Rise (4+ habitable stories)

0 Points

N/A

If the local building department has determined that building permit applications submitted
on or before December 31, 2019 are complete, then energy efficiency beyond the
requirements in the 2016 Title 24, Part 6 of the California Building Code (2016 Standards)
Better than the 2016 Standards
N/A

0 Points

Energy efficiency with renewable energy that provides the following percentages of
project tenants' energy loads:
Low Rise (1-3 habitable stories)
N/A

0 Points

High-Rise (4+ habitable stories)

0 Points

N/A

D(2) Rehabilitation projects select from the following features:
N/A a. Develop the project in accordance with the minimum requirements with any one of the
following programs:

0 Points

N/A

N/A

b. Rehabilitate to improve energy efficiency; points awarded based on percentage decrease in
estimated Time Dependent Valuation energy use post-rehabilitation:
Improvement over current:

0 Points

N/A

N/A

c. Additional rehabilitation project measures (chose one or more of the following three categories):
1. PHOTOVOLTAIC / SOLAR

0 Points

N/A

N/A

2. SUSTAINABLE BUILDING MANAGEMENT PRACTICES, INCLUDING BOTH OF THE FOLLOWING:

0 Points

Develop project-specific maintenance manual, including information on all energy and green building features
Undertake formal building systems commissioning, retro-commissioning, or re-commissioning

N/A

3.

INDIVIDUALLY METER (OR SUB-METER CURRENT MASTER-METERED) GAS, ELECTRICITY,
OR CENTRAL HOT WATER SYSTEMS FOR ALL TENANTS

D(3) New Construction and Rehabilitation projects:
N/A d. WATER EFFICIENCY:

0 Points

0 Points

N/A

To receive these points, the applicant and the project architect must certify in the application which of the above items will be included
in the project’s design and specifications, and further must certify at the project’s placed-in-service date that the items were completed.
In addition, certain point categories require completion of the TCAC Sustainable Building Method Workbook and accompanying
documentation by a qualified energy analyst at application and placed-in-service stages. Refer to Reg. Section 10325(c)(5),
Checklist Item Tab 25, and the TCAC website for requirements related to the TCAC Sustainable Building Method Workbook.
Refer to Reg. Section 10325(c)(5)(G) for specific Compliance and Verification requirements. Projects receiving points under this
category that fail to meet the requirements of Reg. Section 10325(c)(5) will be subject to negative points under Section 10325(c)(2).

Total Points For Sustainable Building Methods:

37

5

Points System

 E. Lowest Income
E(1) Lowest Income Restriction for All Units

Maximum 52 Points
50 Points

The “Percent of Area Median Income” category may be used only once. For instance, 50% of Low-Income Units at 50% of Area
Median Income (AMI) cannot be used twice for 100% at 50% and receive 50 points, nor can 50% of Low-Income Units at 50% of
Area Median Income for 25 points and 40% of Low-Income Units at 50% of Area Median Income be used for an additional 20
points. However, the “Percent of Low-Income Units” may be used multiple times. For example, 50% of Low-Income Units at 50%
of Area Median Income for 25 points may be combined with another 50% of Low-Income Units at 45% of Area Median Income to
achieve the maximum points. All projects must score at least 45 points in this category to be eligible for 9% Tax Credit.
RESYNDICATION PROJECTS CHOOSING HOLD HARMLESS RENTS CANNOT RECEIVE LOWEST INCOME POINTS FOR
HOLD HARMLESS RENTS. CURRENT RENT LIMITS MUST BE USED FOR LOWEST INCOME POINT SCORING.
Projects electing the "40%/60% Average Income" federal set-aside must choose targeting in 10% increments of
Area Median Income (i.e. 20% AMI, 30% AMI, 40% AMI, etc.).
*Available to Rural set-aside projects only.
**60-80% AMI is included as a place-holder and will not receive any points.
Percent of Area Median Income (AMI)
**60-80% *55%

Percent of LowIncome Units
(exclusive of
manager’s units)

50%

45%

50%

25.0*

37.5

45%

22.5*

33.8

40%

35%

30%

20%

40%

10.0*

20.0

30.0

35%

8.8*

17.5

26.3

35.0

30%

7.5*

15.0

22.5

30.0

37.5

45.0

25%

6.3*

12.5

18.8

25.0

31.3

37.5

50.0

20%

5.0*

10.0

15.0

20.0

25.0

30.0

40.0

15%
10%

3.8*
2.5*

7.5
5.0

11.3
7.5

15.0
10.0

18.8
12.5

22.5
15.0

30.0
20.0

50.0

Consolidate your units before entering your information into the table
Do not enter any non-qualifying units into the table
Number of Targeted
Low-Income Units

Percent of
Area Median
Income (AMI)
(20% - 55%)*

Percentage of LowIncome Units
(before rounding down)

Percent of LowIncome Units
(exclusive of
manager’s units)

Points Earned

65

20

48.51

45

50

30

0.00

0

0

35

0.00

0

0

40

51.49

50

35

45

0.00

0

0

50

0.00

0

0

0 -Rural only*

0.00

0

0

0 -Rural only*

0.00

0

0

0.00

0

69

60-80**

134

Total Points Requested:

38

0

85

Points System

 E(2) Lowest Income for 10% of Total Low-Income Units at no greater than 30% AMI

2 Points

A project that agrees to have at least 10% of its Low-Income Units available for tenants with incomes no greater than thirty percent
(30%) AMI and agrees to restrict the rents on those units accordingly can receive two additional points. The 30% or less AMI units
must be spread across the various bedroom sizes, starting with the largest bedroom count units (e.g. four bedroom units) and
working down to the smaller bedroom count units, assuring that at least 10% of the larger units are proposed at no greater than 30%
AMI. So long as the project meets the 10% standard as a whole, the 10% standard need not be met among all of the smaller units.
TCAC may correct applicant errors in carrying out this largest-to-smallest unit protocol.

Total Number of
Low-Income Units
per Bedroom Size

Number of LowIncome Units @
no greater than
30% AMI

Percentage of
Low-Income
Units (by
bedroom size)

5 BR

0

0

0.00%

4 BR

0

0

0.00%

3 BR

0

0

0.00%

2 BR

0

0

0.00%

1 BR

0

0

0.00%

SRO

134

65

48.51%

134

65

-

Bedroom
Selection

Total:

Lowest Income for 10% of Total Low-Income Units at 30% AMI Points:
Total Points for Lowest Income:

39

2
87

Points System

 F. Readiness to Proceed
Points are available to applications documenting each of the categories below, up to a maximum of 10 points. Within the application
the following must be delivered (see Regulation Section 10325(c)(7) and the Checklist Items for additional information):

Readiness to Proceed

Maximum 10 Points

Yes (i)

Enforceable financing commitment, as defined in TCAC Regs §10325(f)(3), for all construction
financing

5 Points

Yes (ii)

Evidence, as verified by the appropriate officials on a Committee-provided form (ATTACHMENT
26: Approvals Necessary to Begin Construction) signed by an appropriate local government
planning official of the applicable local jurisdiction, that all applicable local land use approvals have
been obtained as described in TCAC Regs §10325(f)(4).

5 Points

10 points will be available to projects that document all of the above and are able to begin construction within 180 days* of the Credit
Reservation, as evidenced by submission of the requirements stated in TCAC Regulation Section 10325(c)(7) within 180 days of the
Credit Reservation.
*After preliminary reservation CTCAC will randomly assign a 180 day deadline for half of the projects receiving a Credit Reservation
within each round and a 194 day deadline for remaining projects.
If no construction lender is involved, evidence must be submitted by the assigned deadline (180 days or 194 days) after the Credit
Reservation is made that the equity partner has been admitted to the ownership entity and that an initial disbursement of funds has
occurred. Failure to meet this timeline will result in rescission of the Tax Credit Reservation or negative points.
In the event that one of the above criteria have NOT been met, 5 points may be awarded for the one that has been met. In such
cases, the 180-day requirements will not apply to projects that do not obtain the maximum points in this category.

Total Points for Readiness to Proceed:

40

10

Points System

 Maximum 2 Points

G. Miscellaneous Federal and State Policies
Yes (i)

For applicants who agree that the Committee may exchange 1) Federal Tax Credits for State Tax

2 Points

Credits and 2) Exchange State Tax Credits for Federal Tax Credits. Applicants receiving these
points agree to make the exchange in a manner that yields equal equity based solely on the tax
credit factors stated in the application.

N/A (ii)

Enhanced Accessibility and Visitability. Project design incorporates California Building Code

2 Points

Chapter 11(B) and the principles of Universal Designed listed in Reg. Section 10325(c)(9)(B)
in at least half of the project's units.

N/A (iii) Smoke Free Residence. The proposed project will have at least 1 nonsmoking building and

2 Points

incorporate prohibition of smoking into the lease agreements for the affected units. If a single
building project, the project will designate contiguous units as nonsmoking.

N/A (iv) Historic Preservation. The project proposes to incorporate historic tax credits.

1 Point

N/A (v) Revitalization Area Project. The project is located within a QCT, a census tract in which

2 Points

at least 50% of the households have an income of less than 60% AMI, or a federal Promise Zone.
The development will contribute to a concerted community revitalization plan as demonstrated by
a letter from a local government official.

N/A (vi) Eventual Tenant Ownership. The project proposes to make tax credit units available for

1 Point

eventual tenant ownership.

Total Points for Miscellaneous Federal and State Policies:

41

2

Points System

 VI. POINTS SYSTEM - SECTION 2: POINTS SYSTEM SUMMARY
Total Possible Points: 113, Minimum Point Threshold: 96
Native American Apportionment: Total Possible Points: 98, Minimum Point Threshold: 83
APPLICANT
MAXIMUM
TOTAL
POINTS
POINTS
POINTS
A. General Partner & Management Company Experience
9
9
9
A(1) General Partner Experience
6
6
A(2) Management Company Experience
3
3
B. Housing Needs
10
10
10
C. Site & Service Amenities
25
25
25
C(1) Site Amenities
24
15
C(2) Service Amenities
10
10
D. Sustainable Building Methods
5
5
5
E. Lowest Income & 10% of Units Restricted @ 30% AMI
52.0
52.0
52.0
E(1) Lowest Income
85.0
50.0
E(2) 10% of Units Restricted @ 30% AMI
2
2
F. Readiness to Proceed
10
10
10
G. Miscellaneous Federal and State Policies
2
2
2
*Negative Points (if any, please enter amount:)
NO MAX
0

Total Points:

113.0

*Negative points given to general partners, co-developers, management agents, consultants, or any member or agent of the
Development Team may remain in effect for up to two calendar years, but in no event shall be in effect for less than one funding
round. Furthermore, negative points may be assigned to one or more Development Team members, but do not necessarily apply
to the entire Team. Negative points assigned by the Executive Director may be appealed to the Committee under appeal
procedures enumerated in the regulations.

42

Points System

 VII. TIE BREAKER SYSTEM - PROJECT FINAL TIE BREAKER SELF-SCORE

This section is included in the application for self-scoring. Note that TCAC will use the tie-breaker self-scores to determine which projects will undergo further review in the
competition, including verifying the self-scores for possible reservation of tax credits. TCAC will not evaluate or verify every project’s self-scoring. Projects with too low of a selfscore to successfully compete for a reservation of tax credits will not undergo any further review by TCAC.
Provide evidence of committed permanent leveraged soft financing in Tab 20 and evidence of public rent or public operating subsidies in Tab 17.
Evidence of land value is required (see Tab 1). The value of the land must be included in "Total Residential Project Development Costs" below as evidenced in Tab 1.
Donated land value must be included in Total Project Cost and the Sources and Uses Budget.
Seller carryback financing and any portion of a loan from a public seller or related party that is less than or equal to sale proceeds due the seller must be excluded from
Leveraged Soft Financing. (Exception: If seller carryback financing is a public land loan to a new construction project that is not replacing affordable housing within the footprint
of the original development, financing (or portion of financing) may be included in Leveraged Soft Financing. For projects that include both new construction and
rehabilitation/affordable housing replacement, the land loan value must be prorated based on eligible units.)
For projects with purchase price in excess of the appraised value, unless a waiver is granted, the purchase price in excess of the appraised value must be excluded from the
Leveraged Soft Financing. Enter the amount for the "Purchase Price Over Appraised Value" under the list of Leveraged Soft Financing below. Purchase Price Over Appraised
Value will be automatically excluded from the Total Leveraged Soft Financing.
Ineligible off-site costs must be excluded from both numerators and denominators. Enter the amount for the "Ineligible Offsites" under the list of Leveraged Soft Financing
below. Ineligible Off-site costs will be automatically excluded from both the numerators and the denominators.
For projects with commercial/non-residential costs, the committed public funds will be discounted by the percentage of the commercial/non-residential portion.
Final Tie Breaker Formula:

Committed Permanent Leveraged Soft Financing defraying Residential Costs
X Size Factor

+

Total Residential Project Development Costs

44

((

1

Requested Unadjusted Eligible Basis
Total Residential Project Development Costs

) /3)

Final Tie Breaker

 LEVERAGED SOFT FINANCING
Capitalized Value of Rent Differentials of Public Rent/operating Subsidies
Total donated land value
Total fee waivers
List Leveraged Soft Financing excluding donated land and fee waivers:
HCD - No Place Like Home (NPLH)
$9,690,825
SHRA Construction/Perm Loan
$7,600,000
SHRA Predev/Perm Loan
$1,500,000
FHLB AHP - Mechanics Bank
$1,340,000

Less: Excess Purchase Price Over Appraised Value
Less: Ineligible Offsites
Total Leveraged Soft Financing excluding donated land and fee waivers
TOTAL

$8,236,975

HYBRID PROJECT (NEW CONSTRUCTION)
4% Development Project Costs:
Residential Project Development Cost
Commercial Project Development Cost
Total 4% Project Cost

$0

$0
$20,130,825
$28,367,800

MIXED USE PROJECTS
For mixed-use projects, the permanent Leveraged Soft Financing numerator must be discounted/reduced by the Mixed-Use Ratio below.
Mixed-Use Ratio = Total Commercial Cost / Total Project Cost:
0.046403629
The Prorated Commercial Cost Deduction To Leveraged Soft Financing Must Be Calculated First Before Applying Any Subsidy Adjustment/Increase To
The Numerator. TCAC staff may adjust this ratio as deemed appropriate.
Sample formula (commercial costs) for numerator Committed Permanent Leveraged Soft Financing defraying residential costs = G44*(1-J49)

SIZE FACTOR CALCULATION
New Construction:
Yes
9% Tax Credit Units:
134
1.42
Size Factor:

HYBRID (NEW CONSTRUCTION)
4% Development Units
Amount of 4% Tax Credit Units:
134
Total Tax Credit Units:

FINALTIE BREAKER CALCULATION
Leveraged Soft Financing less commercial proration
Leveraged Soft Financing times Size Factor

Bonus for new construction large-family projects in high/higher resource area
based on TCAC/HCD Opportunity Area Map (Please see TCAC Regulations
10325(c)(9)(C) for projects excluded):
N/A

$27,051,431
$38,413,032

Requested Unadjusted Eligible Basis

38,413,032
56,868,102

+

45

((

1

33,879,390
56,868,102

$33,879,390

) /3)

=

81.022%

Final Tie Breaker

 CAPITALIZED VALUE OF RENT DIFFERENTIALS ATTRIBUTABLE TO PUBLIC RENT OR PUBLIC OPERATING SUBSIDIES CALCULATION
Annual Rental Income Differential for PUBLIC RENT SUBSIDIES:

Annual Rental Income Differential for PUBLIC OPERATING SUBSIDIES:

*Rent Limit Underwriting:
Special Needs Units in Special Needs Projects subject to the 40% average AMI requirement
of TCAC Regs §10325(g)(3)(A), use 30% AMI rent limits
Use 40% AMI for ALL OTHERS
**Contract Rent Underwriting:
For USDA subsidy only, use the higher of 60% AMI or committed basic contract rents.
Unit Type
SRO
SRO
SRO
SRO
SRO
SRO
SRO
SRO

# of Units
65
69

*Rent Limit:
$439
$439

Public Subsidy
**Contract Rent
$1,047
$1,047

Annual Rent Differential for Public Rent Subsidies:
Total Rent Differentials
Less Vacancy
Net Rental Income
Available for Debt Service
@ 1.15 Debt Coverage Ratio:
Loan Term (years)
Interest Rate (annual)
Debt Coverage Ratio
Capitalized Value of Rent Differentials

If annual operating subsidy amount are similar in each year, enter:
Annual Operating Subsidy Amount in Year 1:
OR

Calculated
Annual Rent
$474,240
$503,424
$0
$0
$0
$0
$0
$0
$977,664

If the contract does not specify an annual subsidy amount, enter:
Aggregate Subsidy Amount:
Number of Years in the Subsidy Contract:
Average Annual Operating Subsidy Amount:

$0

Annual Public Operating Subsidies:

$0

$977,664
5.0%
$928,781
$807,635
15
5.5%
1.15
$8,236,975

46

Final Tie Breaker

 15 YEAR PROJECT CASH FLOW PROJECTIONS - Refer to TCAC Regulation Sections 10322(h)(22), 10325(f)(5), 10326(g)(4), 10327(f) and (g).
REVENUE

YEAR 2

YEAR 3

YEAR 4

YEAR 5

YEAR 6

YEAR 7

YEAR 8

YEAR 9

YEAR 10

YEAR 11

YEAR 12

YEAR 13

YEAR 14

YEAR 15

$1,607,035

$731,592
-36,580
994,074
-49,704
8,241
-412
$1,647,211

$749,881
-37,494
1,018,926
-50,946
8,447
-422
$1,688,391

$768,629
-38,431
1,044,399
-52,220
8,658
-433
$1,730,601

$787,844
-39,392
1,070,509
-53,525
8,875
-444
$1,773,866

$807,540
-40,377
1,097,271
-54,864
9,097
-455
$1,818,213

$827,729
-41,386
1,124,703
-56,235
9,324
-466
$1,863,668

$848,422
-42,421
1,152,821
-57,641
9,557
-478
$1,910,260

$869,633
-43,482
1,181,641
-59,082
9,796
-490
$1,958,016

$891,373
-44,569
1,211,182
-60,559
10,041
-502
$2,006,967

$913,658
-45,683
1,241,462
-62,073
10,292
-515
$2,057,141

$936,499
-46,825
1,272,498
-63,625
10,549
-527
$2,108,569

$959,912
-47,996
1,304,311
-65,216
10,813
-541
$2,161,284

$983,910
-49,195
1,336,919
-66,846
11,083
-554
$2,215,316

$1,008,507
-50,425
1,370,342
-68,517
11,360
-568
$2,270,699

$73,334
88,440
205,900
514,576
105,000
156,700
0
$1,143,950

$75,901
91,535
213,107
532,586
108,675
162,185
0
$1,183,988

$78,557
94,739
220,565
551,227
112,479
167,861
0
$1,225,428

$81,307
98,055
228,285
570,520
116,415
173,736
0
$1,268,318

$84,152
101,487
236,275
590,488
120,490
179,817
0
$1,312,709

$87,098
105,039
244,545
611,155
124,707
186,110
0
$1,358,654

$90,146
108,715
253,104
632,545
129,072
192,624
0
$1,406,207

$93,301
112,520
261,962
654,684
133,589
199,366
0
$1,455,424

$96,567
116,459
271,131
677,598
138,265
206,344
0
$1,506,364

$99,947
120,535
280,621
701,314
143,104
213,566
0
$1,559,086

$103,445
124,753
290,442
725,860
148,113
221,041
0
$1,613,654

$107,065
129,120
300,608
751,265
153,297
228,777
0
$1,670,132

$110,813
133,639
311,129
777,560
158,662
236,784
0
$1,728,587

$114,691
138,316
322,019
804,774
164,215
245,072
0
$1,789,088

$118,705
143,157
333,289
832,941
169,963
253,649
0
$1,851,706

0
168,120
67,000
5,000
17,875
0

0
174,004
67,000
5,100
17,875
0

0
180,094
67,000
5,202
17,875
0

0
186,398
67,000
5,306
17,875
0

0
192,922
67,000
5,412
17,875
0

0
199,674
67,000
5,520
17,875
0

0
206,662
67,000
5,631
17,875
0

0
213,896
67,000
5,743
17,875
0

0
221,382
67,000
5,858
17,875
0

0
229,130
67,000
5,975
17,875
0

0
237,150
67,000
6,095
17,875
0

0
245,450
67,000
6,217
17,875
0

0
254,041
67,000
6,341
17,875
0

0
262,932
67,000
6,468
17,875
0

0
272,135
67,000
6,597
17,875
0

$1,401,945

$1,447,967

$1,495,599

$1,544,897

$1,595,918

$1,648,723

$1,703,375

$1,759,938

$1,818,479

$1,879,067

$1,941,774

$2,006,674

$2,073,844

$2,143,363

$2,215,313

$205,090

$199,244

$192,792

$185,705

$177,949

$169,490

$160,293

$150,322

$139,537

$127,900

$115,367

$101,895

$87,440

$71,953

$55,386

40,701

$40,701

40,701
0
0
$40,701

40,701
0
0
$40,701

40,701
0
0
$40,701

40,701
0
0
$40,701

40,701
0
0
$40,701

40,701
0
0
$40,701

40,701
0
0
$40,701

40,701
0
0
$40,701

40,701
0
0
$40,701

40,701
0
0
$40,701

40,701
0
0
$40,701

40,701
0
0
$40,701

40,701
0
0
$40,701

40,701
0
0
$40,701

Cash Flow After Debt Service

$164,389

$158,542

$152,091

$145,003

$137,247

$128,788

$119,592

$109,621

$98,836

$87,198

$74,665

$61,194

$46,738

$31,251

$14,684

Percent of Gross Revenue
25% Debt Service Test
Debt Coverage Ratio

9.72%
403.89%
5.039

9.14%
389.52%
4.895

8.56%
373.67%
4.737

7.96%
356.26%
4.563

7.35%
337.20%
4.372

6.73%
316.42%
4.164

6.10%
293.83%
3.938

5.45%
269.33%
3.693

4.80%
242.83%
3.428

4.13%
214.24%
3.142

3.45%
183.45%
2.834

2.76%
150.35%
2.503

2.05%
114.83%
2.148

1.34%
76.78%
1.768

0.61%
36.08%
1.361

7,500
20,000

7,725
$20,600

7,957
$21,218

8,195
$21,855

8,441
$22,510

8,695
$23,185

8,955
$23,881

9,224
$24,597

9,501
$25,335

9,786
$26,095

10,079
$26,878

10,382
$27,685

10,693
$28,515

11,014
$20,237

11,344
$3,340

144,389

137,942

130,873

123,149

114,737

105,603

95,711

85,023

73,501

61,103

47,787

33,509

18,223

11,014

11,344

Gross Rent
Less Vacancy
Rental Subsidy
Less Vacancy
Miscellaneous Income
Less Vacancy
Total Revenue

MULTIPLIER YEAR 1
1.025
$713,748
5.00%
-35,687
1.025
969,828
5.00%
-48,491
1.025
8,040
5.00%
-402

EXPENSES
Operating Expenses:
Administrative
Management
Utilities
Payroll & Payroll Taxes
Insurance
Maintenance
Other Operating Expenses (specify):
Total Operating Expenses

1.035

Transit Pass/Tenant Internet Expense*
Service Amenities
Replacement Reserve
Real Estate Taxes
SHRA Annual Monitoring Fee
Other (Specify):

1.035
1.035
1.020
1.000
1.035

Total Expenses
Cash Flow Prior to Debt Service
MUST PAY DEBT SERVICE
HCD - No Place Like Home (NPLH)

Total Debt Service

OTHER FEES**
LP Asset Management Fee
GP Partnership Management Fee
Residual or Soft Debt Payments**

1.030
1.030

NOTE: The cash flow exceeds the TCAC maximum allowed in the first years because it is needed in order to maintain positive cash flow for full 15 years as required under 10327(f), thus invoking section 10327(g)(6) of the TCAC regulations, as shown below.
Except for projects in which less than 50% of the units are Tax Credit Units or where a higher first year ratio is necessary to meet the requirements of subsection 10327(f) (under such an exception the year-15 cash flow shall be no more than the greater
of 1) two percent (2%) of the year-15 gross income or 2) the lesser of $500 per unit or $25,000 total), “cash flow after debt service” shall be limited to the higher of twenty-five percent (25%) of the anticipated annual must pay debt service payment or
eight percent (8%) of gross income, during each of the first three years of project operation.

*9% and 4% + state credit applications shall include the cost of transit passes and tenant internet service if requested in the Points System site amenity section.
**Other Fees and all payments made from cash flow after must pay debt should be completed according to the terms of the partnership agreement (or equivalent ownership entity terms). Please re-order line items consistent with any "order of priority" terms. These items are to be
completed when submitting an updated application for the Carryover, Readiness, Final Reservation, and Placed-in-Service deadlines.

May 31, 2018 Version

46

15 Year Pro Forma