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(continued)
a. Food
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b. Housekeeping-Cleaning supplies
Laundry and dry cleaning
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c. Equipment for programs and recreational activities
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d. Books, newspapers, magazines, etc.
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e. Medical expenses (including first-aid supplies)
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f.. Transportation for clients
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11. General Administration
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a. Salaries (professional, clerical, housekeeping, etc.)
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b. Fringe benefits (Unemployment Insurance, Worker's Comp.,
OASDI, retirement fund)
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c. Transportation (Gen.) Auto maintenance, insurance
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d. Telephone
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e. Office supplies, postage, etc.
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f. Advertising, publicity, printing, etc.
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g. Business licenses, professional memberships, conference
cost, cost, etc.
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h. Bonding and public liability insurance
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i. Fire insurance
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12. Physical Plant
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a. Rent, lease, or mortgage payments
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b. Taxes (on personal and real property)
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c. Utilities: Gas____________________________________________
Electricity___________________________________________________
Water_________________________________________________________
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d. Rubbish and garbage collection
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e. Maintenance and repairs: For equipment____________________
For buildings and grounds_____________________________________
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f. Furniture and equipment
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13. TOTAL EXPENSES
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III. GROSS PROFIT (OR LOSS)
(Line 9 minus Line 13)
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4. For Your Cash Flow Analysis
Provide information on the cash flow of the rental housing development for the first full year of operation. Information in the child care column should reflect income and expenses to the project sponsor only.
a. Operating expense: $ per unit per year
b. Replacement reserve deposit: % of unit construction cost (not less than
0.6%)
c. Operating reserve deposit: % of annual operating expenses (approx. 3%)
d. The maximum possible annual sponsor distribution from assisted unit cash flow is 8% of the sponsor's actual investment in the assisted unit and child care center development cost. The maximum possible annual sponsor distribution from assisted unit and child care center cash flow in this probject is $ , based on an actual investment in the assisted units and child care center of $ .
e. In an attachment, describe all rental subsidies, child care subsidies, and other support services subsidies that are part of the effective gross income in the first year cash flow analysis below. Give details on the source of the funds, the number of years that the funds are available for, the status of the funding commitment, limitations on use of the funds and any repayment terms.
Child Assisted Nonassisted Commercial Total
Care
-------------------------------------------------------------------------------
1. Potential-gross income $ $ $
-------------------------------------------------------------------------------
2. Misc. income (laundry,
phone,
vol. services charges, $ $ $
etc.)
-------------------------------------------------------------------------------
3. Total potential gross $ $
income
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4. Vacancy & collection ($ ) ($ ) ($ ) ($ )
loss
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5. Rental subsidies $ $ $
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6. Child care subsidies $ $ $
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7. Other support services $ $ $
subsidies
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8. Annual effective gross $ $ $
income
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9. Operating expenses
(from Section E.2.): ($ ) ($ ) ($ ) ($ ) ($ )
-------------------------------------------------------------------------------
10. Net operating iincome: $ $ $
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11. Replacement reserve ($ ) ($ ) ($ ) ($ ) ($ )
deposit:
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12. Operating reserve $ $ $
deposit:
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13. Transfer of Income From ($ ) ($ ) ($ ) ($ )
Acct. [FNa1]
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14. Transfer of Income to
Acct. [FNa1]
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15. Debt service (other ($ ) ($ ) ($ ) ($ )
loans) [FNa1]
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16. Sponsor distributions: ($ ) ($ ) ($ ) ($ )
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17. FHDP interest payments: ($ ) ($ ) ($ ) ($ )
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18. FHDP interest deferred: ($ ) ($ ) ($ ) ($ )
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[FNa1] List income from nonassisted units or commercial space used to subsidize assisted units or child care center; or income from assisted units used to subsidize child care center. The totals of lines 13 and 14 should be zero.
SECTION F: DEVELOPMENT BUDGET
Submit your development budget on the following form. Do not provide your own spreadsheet as a substitute. Show costs of syndication and developer's fees from syndication proceeds under Section G.2.d. of this applicaiton. Do not include these costs on this form. For projects with nonassisted units and/or commercial space, prorate common area costs that cannot be directly attributed to each use based on the gross floor area of each use as a percentage of the total space.
Child Assisted Nonassisted Commercial Total
Care
-------------------------------------------------------------------------------
1. SITE/ BUILDING
ACQUISITION COST
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2. SITE/BUILDING VALUE
BEYOND COST
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3. OFF-SITE IMPROVEMENTS
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4. SITE IMPROVEMENTS &
LANDSCAPING
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5. UNIT CONSTRUCTION
(including contingency)
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6. CONSTRUCTION FEES
a. Local permits & fees
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b. Architecture &
Engineering fees
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c. Survey
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d. Bond premium
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e. Phase I Environmental
Study
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f. Other
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CONSTRUCTION FEES SUBTOTAL
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7. GENERAL DEVELOPMENT COSTS
a. Construction lender
financing fee %
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b. Construction loan
interest months
each % on
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c. Real extate taxes
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d. Risk/liability insurance
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e. Permanent lender
financing fees %
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f. Appraisal fee
-------------------------------------------------------------------------------
g. Legal fees
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h. Consultant fees
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i. Title & escrow fees
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j. Tenant Relocation
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k. Furnishings/Equipment
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l. Rent-up: marketing
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m. Rent-up: vacancy
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n. Initial Operating &
Replacement Reserve
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o. Post-constructon Audit
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p. Other
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q. Other
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GENERAL DEVELOPMENT COSTS
SUBTOTAL
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8. ADMINISTRATIVE EXPENSES
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9. TOTAL DEVELOPMENT COST
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SECTION G: PROJECT FINANCING
1. Sources and Uses
Provide spreadhssets with a breakdown of development costs listed in the left hand column and the sources of funds spread across the top row, in as many columns as necessary. Prepare separate spreadhssets for the construction period and the period when permanent financing is in place.
In the body of the spreadhsset, show which line items each source will be used to pay. Use FHDP Development Budget categories, shown in the following sample, to aggregate costs.
[Note: The following TABLE/FORM is too wide to be displayed on one screen.
You must print it for a meaningful review of its contents. The table has been
divided into multiple pieces with each piece containing information to help you
assemble a printout of the table. The information for each piece includes: (1)
a three line message preceding the tabular data showing by line # and
character # the position of the upper left-hand corner of the piece and the
position of the piece within the entire table; and (2) a numeric scale
following the tabular data displaying the character positions.]
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Proposed Use of Use FHDP Source 2 Source 3 Source 4 Source 5 S
Funds Total Loan
Request
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Site Acquisition
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Site Value
Beyond Cost
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Off-site
Improvements
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Site
Iimprovements
& Landscaping
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Unit
Construction
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General
Development
Costs
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Administrative
Expenses
---------------------------------------------------------------------------
Total
Development
Costs
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FINANCIAL
SUMMARY
---------------------------------------------------------------------------
Lien Position
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Loan Type
---------------------------------------------------------------------------
Term
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Annual Rate
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1...+...10....+...20....+...30....+...40....+...50....+...60....+...70....+
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ource 6 LINE
TOTALS
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----------------
----------------
----------------
----------------
----------------
----------------
----------------
----------------
----------------
----------------
----------------
----------------
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76.......+...90.
2. Sources Descriptions and Documentation
In an attachment, provide the information requsted below for all loans (including FHDP), all grants and all owner contributions which will be used to pay the project development cost. Include any construction or interim loans. Attach commitment letters of intent that have been received, or executed promissory note and deed of trust if loan is in place. To receive credit for site/building value, beyond site/building acquisition costs, (1) list this extra value under questions b.2 or b.3. below and on the development budget on the previous page, and (2) submit an appraisal of the title/ building in response to questions H5 and H6. For lien position (line a7), indicate by the following coding: 1 = first; 2 = second; J = Junior; E = Equity; U=Unsecured. The FHDP loan may be subordinate to institutional lenders, but must be senior to other government liens.
a. Loans
1. Lender Contact: Phone No.: ( )
2. Loan Terms: $ . at % (fixed rate), amoritized over years, due in years. ARM loan terms:
3. Loan Type:armortized deferred/residual receipts: bridge: residual receipts:
4. Amount of balloon payment, if applicable: $
5. Date service: P & I? or interest only? payment = $ /month,
6. Status: proposed: committed: funded:
7. Lien Position:
b. Grants (Including Donated Land, Fee, Waivers, etc.)
1. Donor: Contact: Phone: ( )
2. Amount: $ Name of program, terms and limitation limitations
3. Status: Proposed: Committed: Owned: Funded:
c. Owner/Managing General Partner Contributions
1. Amount:
2. Source
d. Limited Partner Contributions (Syndication Proceeds)
1. Gross Syndication Proceeds
2. Costs of Syndication:
3. Net Sundication Proceeds
4. Developer's Fee (up to 25% of net):
5. Contribution to Project Costs:
6. Attach a description of how the estimate of gross syndication proceeds was arrived at, the timetable for gross syndication pay-ins and a breakdown of the sponsor's costs of syndication.
SECTION H: SITE INFORMATION
1. Site location by numbered street address, if determined, or by intersection of cross streets:
2. Size of site: acres No. of parcels:
3. The applicant has legally enforceable site control, evidenced by one of the following:
fee title purchase contract
option to purchase leasehold interest
disposition & development agreement
Attach complete evidence of site control (all documents comprising the agreement, with signatures by all parties). If the project is composed of more than one parcel, or there is more than one document provided to evidence site control, attach a narrative explanation describing clearly each parcel and each document.
4. Provide a current (no more than six months old) preliminary. title report. If the applicant is the current owner, the report should show them as such.
5. For a new construction project, complete the attached LAND SALES COMPARABLES FORM or provide an appraisal of the project site done within the last 12 months.
6. For a rehabilitation project, complete the attached BUILDING SALES COMPARABLES FORM or provide an appraisal of the property done within the last 12 months.
7. Approximate distance to:
Schools Park
Food Market Pharmacy
Hospital Fire Department
Public transportation (specify type)
8. On a vicinity map, identify the location of the project, the location of the comparable land sales requested in 5 & 6 above and the items listed in 7 above.
9. Is the property in a flood plain? Yes No If yes, explain design features that will mitigate this potential hazard.
10. Describe any adverse site features such as location near an airport, freeway, railroad tracks, industrial facility, etc.
11. Are there any known toxic or hazardous problems involving the site? Yes No If yes, attach a description of the problem. Attach a toxics survey if one is available.
12. For new constructon projects, if the site is not located in an already developed subdivision, are power, water, sewer and telephone services now available for this site? Yes No If yes, attach all utility 'will serve' letters that are obtainable. If no, explain how and when you will obtain those services not available.
13. For new construction projects, are there any unusual soils conditions? If yes, describe the conditions and attach a soils report.
14. Are off-site improvements needed? Yes No If yes, attach a description of these improvements and the basis for their estimated cost, as shown in the Development Budget above.
SECTION I: LOCAL GOVERNMENT APPROVALS
1. Does the project as proposed, including the child care center, necessitate a zoning change?
Yes, the property is currently zoned and is expected to receive the necessary zoning by .
No, the property already has the necessary zoning, which is . Attach a letter from the local planning department or
(b) An application shall be deemed complete when the department other evidence of the zoning.
2. Does the project as proposed in this applicaiton, including the child care center, need a conditional use permit? Yes No If yes, each evidence of approval, or described status of applicaiton.
3. For a new construction project, is subdivision approval required? Yes No If yes, attach approved tentative map, final map or parcel map. If subdivision approval is required but has not yet been obtained, what is the current status?
4. Does the project have ARticle XXXIV approval? Yes No Exempt If yes, attach evidence from the local government agency. If no, explain current status. If exempt, explain why.
5. Identify known opposition or obstacles to this project's receiving any of its required local government approvals.
6. Attach a copy of a letter which has been sent from the applicant to the head of the local legislative body of general jurisdiction (city council, county board, etc.) notifying and describing the location, size, and type of proposed project, and proposed tenant population. Indicate the date that the letter was mailed.
SECTION J; RELOCATION
1. For projects involving rehabilitation, is the residential portion of the structure currently vacant? Yes No Is the nonresidential portion of the structure currently vacant? Yes No
If yes to either of the above:
When did it become vacant?
What was its last use?
a. Complete the attached OCCUPANCY & RELOCATION FORM.
b. Attach one copy of the tenant notice provided to the occupant of each residential unit, as required in Section 8125(b)(3) and (6) of the FHDP regulations.
b. Attach a general description of the applicant's plan for providing relocation benefits or avoiding displacement, indicating whether tenants will need to move from the building, whether any relocation units have been identified, who will be supervising and conducting the relocation effort, a budget, and related information. Identify all planned measures that will minimize the cost and extent3 of relocation.
2. For new construction projects, does the project involve the demolition of existing residential rental units? Yes No How many residential rental units are to be demolished?
a. If the number of units to be demolished is less than half the number of units to be built, attach a descriptiono of the condition of the units to be demolished and the reasons why they are economically infeasible to rehabilitate.
b. Attach a description of the applicant's plan for providing relocation benefits, whether any relocation units have been identified, who will be supervising and conducting the relocation effort, and related information.
SECTION K: DESIGN & CONSTRUCTION
1. Check all of the following amenitites that are supplied to the tenants with cost included in the rent:
linen service furniture
washer/dryer in unit washer/dryer in common area
tot lots playgrounds
barbecue area basketball/volleyball courts
tennis courts parking: spaces/unit
swimming pool other (specify)
2. For new construction projects, has unit construction started the project? Yes No If yes, has unit construction in progress been halted, and is the project property currently foreclosed upon, in foreclosure, indeed to a lender in lien of foreclosure, or at substantial risk of foreclosure? Yes No If yes, attach a description of the status of all actions to date.
3. Number of structures in the project:
Number of stories per structure:
Elevator: Yes No
4. If the project includes indoor common space, describe.
5. For rehabilitation, what is the age of existing structure(s) to be rehabilitated?: years.
6. Type of construction:
( )wood frame
( )reinforced brick or other reinforced masonry
( )unreinforced back or other unreinforced masonry (existing structures to be rehabilitated)
( )other (specify)
7. For rehabilitation projects, list the number and type of residential units before and after rehabilitation. If more than one site, show totals below and attach for each site separately.
Community Housing Developments
[Note: The following TABLE/FORM is too wide to be displayed on one screen.
You must print it for a meaningful review of its contents. The table has been
divided into multiple pieces with each piece containing information to help you
assemble a printout of the table. The information for each piece includes: (1)
a three line message preceding the tabular data showing by line # and
character # the position of the upper left-hand corner of the piece and the
position of the piece within the entire table; and (2) a numeric scale
following the tabular data displaying the character positions.]
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******** This is piece 1. -- It begins at character 1 of table line 1. ********
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No. Before
Unit Type Rehabilitation
Lower-Income Units Other Units Total Units
Studio
1 bedroom
2 bedroom
3 bedroom
Other (specify)
TOTAL
Congregate Housing Developments
Bedroom occupied by lower-income tenants
Bedroom occupied by other tenants
Bathrooms
1...+...10....+...20....+...30....+...40....+...50....+...60....+...7
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No. After
Rehabilitation
Assisted Lower-Income Nonassisted Lower-Income Mkt-rate Units Total Units
No Before No. After
Rehabilitation Rehabilitation
70..+...80....+...90....+....0....+...10....+...20....+...30....+...40....+...
8. For all projects, calculate the squre footage of space attributed to each use. Prorate common area costs that cannot be directly attributed to each use based on the leasable floor area of each use as a percentage of the total leasable space. See Section E.1.c for a description of nonassisted low-income (very low-income + lower income) residential space.
Child care center space: Square feet
Indoor common space apportioned to the above: square feet
Total space apportioned to the child care center: Square feet ( % of
total space)
Leasable assisted residential space: square feet
Indoor common space apportioned to the above: square feet
Total assisted residential space: square feet ( % of total
space)
Leasable nonassisted low-income residential space: square feet
Indoor common space apportioned to the above: square feet
Total nonassisted low-income residential space: square feet ( % of
total space)
Leasable nonassisted market-rate residential space: square feet
Indoor common space apportioned to the above: square feet
Total nonassisted market-rate residential space: square feet ( % of
total space)
Leasable commercial space: square feet
Indoor common space apportioned to the above: square feet
Total commercial space: square feet ( % of
total space)
Total leasable + child care center space: square feet
Total indoor common space: square feet
Total space: square feet (100%)
9. For projects involving rehabilitation, provide the following as an attachment:
a. a description of the existing condition of each of the following components of your building (attached, plumbing, heating, roofing, doors, walls, electrical, foundation and mechanical), including a description of the need in each unit;
b. all inspection reports recived in the last 12 months from local housing and building code officials, pest control services, roofing inspectors, etc.;
c. a description, by component, of the proposed rehabilitation work, and all work directly released to the rehabilitation, including schematic or other plans related to the work if available;
d. a line lien cost estimate, consistent with c. above, prorating costs that cannot be directly associated with one use (child care center, assisted units, nonassisted units, commercial space) or another based on the gross floor area occupied by each use;
e. If seismic reinforcement is planned, a separate line item estimate for all work directly related to the seismic reinforcement, following the former described in (d) above, including costs for the seismic work itself, and for all demolition, wall repair, and similar work directly related to the seismic work; and
f. a resume describing the experience of the person(s) responsible for preparing above items a., c., d., and e.
10.For new construction projects, provide the following as an attachment:
a. a description of materials for all major components to be used in the construction of the project;
b. a line item cost estimate, consistent with a. above, prorating costs that cannot be directly associated with one use (child care center, assisted units, nonassisted units, commercial space) or another based on the gross floor area occupied by each use; list the name and phone number of the person who prepared this estimate and describe the method used to determine the figures;
c. schematic drawings of the site plan, floor plans and building elevations.
SECTION L: PROJECT TIMELINE
1. Site/building acquisition will occur by
2. Local planning approvals will be secured by
3. Construction/interim financing will be obtained by
4. Permanent financing will be obtained by
5. Off-site improvements will be completed by
6. Unit constructionrehabilitation will begin by (if phased, indicate timing)
7. Constructon/rehabilitation will be completed by
8. Initial occupancy will occur by
SECTION M; LOCAL NEED AND LOCAL ASSISTANCE
1. The evaluation of local need shall be based upon information gathered by the department or upon date submitted by the applicant and determined to be acceptable by the department. All applicants should answer question a, but only answer questions b. and c. if you believe that there is a significant error in the department's determination (see need indicators chart included in the application package) of the area vacancy rate, typical local market-rate rents as a percentage of the area median income, and rental housing development costs in comparison to costs in other areas of the state. Attach appropriate documentation for each of your answers, clearly indicating the source, the methodology employed and clearly stating conclusion.
a. Length of wait for units in comparable subsidized housing developments. Provide information on specific comparable projects, not on area-wide lists.
b. Market-rate rents and vacancy rate for typical units in the area.
c. High rental housing development costs, in comparison to costs in other areas of the state.
2. Check the applicable statement related to the local public agency's provision of assistance. Financial assistance is defined as assistance that is equal to at least five percent of the project development cost, excluding any costs of tax-credit syndication. Nonfinancial assistance includes forms of assistance such as the granting of density bonuses, the modificaiton of development standards, and the fast tracking of local approvals, but does not include simply the provision of technical assistance, consultation or advice. Attach documentation supporting the checked statement.
The project has received a commitment for financial or nonfinancial asistance from a local public agency.
The project is eligible for financial or nonfinancial asisstance under a local agency program in support of lower income housing, but has not received a commitment.
None of the above apply.
3. If applicant is a local agency, attach a report regarding actions it is taking to implement its housing element, including policies or programs especially targeted towards provision of housing for lower income households. For all other applicants, attach a copy of a letter to the local public agency requesting a similar report.
CERTIFICATION
I certiify that the above and attached information and the statements are true, accurate and complete to the best of my knowledge.
(Signature of Authorized Officer/ Owner) (Date)
(Name of Authorized Officer/ Owner)
For
(Name of Applicant
SAMPLE RESOLUTION-CORPORATE BORROWER
FAMILY HOUSING DEMONSTRATION PROGRAM
WHEREAS, The State of California Department of Housing and Community Development (the 'Department') has issued a Notice of Funding Availability under its FAMILY HOUSING DEMONSTRATION PROGRAM (the 'FHDP'); and
WHEREAS< (Corporate Borrower) the 'Borrower') is a (nonprofit/public benefit) corporation, duly organized under the laws of the State of (California), and authorized to do business in the State of California; and
WHEREAS< Borrower has heretofore, either recieved, or been assigned, a conditional commitment of funds under the above- described Notice of Funding Availability;
NOW< THEREFORE, IT IS HEREBY RESOLVED by the (Name of Governing Body) of (Corporate Borrower), as follows:
1. That Borrower is hereby authorized to borrow funds which are the subject of the Department's conditional commitment pursuant to the above-described Notice of Funding Availability in an amount not to exceed $ (the 'FHPD Loan'); and
2. That in connection with the FHDP Loan, Borrower is authorized to enter into a State of California Standard Agreement and any and all other documents required to evidence the FHDP Loan, Borrower's obligations related thereto, and the Department's security therefore; including, but not limited to, a promissory note, a deed of trust and security agreement, a regulatory agreement, a development agreement and certain other documents required by the Department as security for, evidence of or pertaining to the FHDP Loan, and all amendments thereto (collectively, the 'FHDP Loan Documents'); and
3. That (Name and Title of Corporate Officer) is hereby authorized to execute the FHDP Loan Documents on behalf of Borrower.
This resolution shall take effect immediately.
DATE:
(Name and Title of Person Signing)
Passed and adopted this day of , 199 , by the following vote:
AYES NAYS
ABSTAIN ABSENT
CERTIFICATE OF THE SECRETARY
The undersigned, Secretary of (Corporate Borrower) does hereby attest and certify that the (foregoing/attached) Resolution is a true and correct copy of a resolution duly adopted at a meeting of said corporaiton which was duly convened and held on the date stated thereon, and that said Resolution has not been amended, modified, repealed or rescinded since its date of adoption and is fully in force and effect as of the date thereof.
DATE:
, Secretary
SAMPLE RESOLUTION-CORPORATE GENERAL PARTNER
FAMILY HOUSING DEMONSTRATION PROGRAM
WHEREAS, The State of California Department of Housing and Community Development (the 'Department') has issued a Notice of Funding Availability under its Family Housing Demonstration Program (the 'FHDP'); and
WHEREAS, (Borrower's Corporate General Partner) is a (nonprofit/public benefit) corporation, duly organized under the laws of the State of (California). authorized to do business in the State of California, heretofore authorized by this (Name of Governing Body) to act as a General Partner of (Limited Partnership Borrower) (the 'Borrower'); and
WHEREAS, the Borrower has heretofore either received, or been assigned, a conditional commitment of funds under the above-described Notice of Funding Availability:
NOW, THEREFORE, IT IS HEREBY RESOLVED by the (Name of Governing Body) of (Borrower's Corporate General Partner) (the 'Corporation'), as follows:
1. That the corporation is hereby authorized to act as a General Partner of the Borrower in connection with the Department's loan of funds to the Borrower pursuant to the above-described Notice of Funding Availability in an amount not to exceed $ (the 'FHDP Loan'); and
2. That in connection with the Borrower's FHDP Loan, the Corporation is authorized to enter into, as a General partner of the Borrower, a State of Califiornia Standard Agreement and any and all other documents required to evidence the FHDP Loan, the Borrower's obligations related thereto, and the Department's security therefor; including, but not limited to, a promissory note, a deed of trust and security agreement, a regulatory agreement, a development agreement and certain other documents required by the Department as security for, evidence of or pertaining to the FHDP Loan, and all amendments thereto (collectively, the 'FHDP Loan Documents'); and
3. That (Name and title of Corporate Officer) is hereby authorized to execute the FHDP Loan Documents on behalf of the Corporation as a General Partner of the Borrower.
This resolution shall take effect immediately.
DATE:
(Name and Title of Person Signing)
Passed and adopted this day of , 1999 , by the following vote:
AYES NAYS
ABSTAIN ABSENT
CERTIFICATE OF THE SECRETARY
The undersigned, Secretary of (Borrower's Corporate General Partner) does hereby attest and certify that the (foregoing/attached) Resolution is a true and correct copy of a resolution duly adopted at a meeting of said corporation which was duly convened and held on the date stated thereon, and that said Resolution has not been amended, modified, repealed or rescinded since its date of adoption and is fully in force and effect as of the date hereof.
DATE:
, Secretary
FAMILY HOUSING DEMONSTRATION PROGRAM
LAND SALES COMPARABLES FORM
(for new construction projects)
Instructions: Complete only if site appraisal is not available from the last 12 months. Show information for three recently sold parcels comparable to the proposed project site.
------------------------------------------
1 2 3
------------------------------------------
Address
------------------------------------------
Distance from Project Site
------------------------------------------
Zoning
------------------------------------------
Total Square Footage
------------------------------------------
Date of Sale
------------------------------------------
Sale Price
------------------------------------------
Price Per Square Foot
------------------------------------------
Access to Utility Services
------------------------------------------
Unusual Site Conditions
------------------------------------------
Other Remarks
------------------------------------------
Source:
Completed by Title Date
FAMILY HOUSING DEMONSTRATION PROGRAM
BUILDING SALES COMPARABLES FORM
(for rehabilitation projects)
Instructions: Complete only if no appraisal done in the the last 12 months is available. Show information for three recently sold properties comparable to the proposed project in its before- rehabilitation condition.
-------------------------------------
1 2 3
-------------------------------------
Address
-------------------------------------
Distance from Project
-------------------------------------
Price
-------------------------------------
Date of Sale
-------------------------------------
Approximate Building Age
-------------------------------------
Unit Make-up:
Studios
-------------------------------------
1-Br
-------------------------------------
2-Br
-------------------------------------
3-Br +
-------------------------------------
Total
-------------------------------------
Vacancy Rate
-------------------------------------
Gross Building Area
-------------------------------------
Rentable Nonresidential Area
-------------------------------------
Price/Square Foot
-------------------------------------
Price/Unit
-------------------------------------
Condition of Property
-------------------------------------
Other Remarks
(c) An application shall be deemed complete when the department is able to determine from the information provided whether the project is eligible for rating and ranking pursuant to the requirements of section 8132.
Note: Authority cited: Sections 50406(n), 50884 and 50895, Health and Safety Code. Reference: Sections 50888, 50888.3, 50888.5, 50888.7, 50889, 50891.5 and 50893.9, Health and Safety Code.
s 8132. Project Selection.
(a) Projects shall not be eligible for rating and ranking unless the application demonstrates that all of the following conditions exist:
(1) The applicant is an eligible sponsor pursuant to section 8113;
(2) The project involves an eligible project pursuant to section 8112;
(3) All proposed uses of program funds are eligible pursuant to section 8114;
(4) The application is complete pursuant to section 8131;
(5) The project will maintain fiscal integrity consistent with meeting the requirements of the program.
(6) The project site is free from severe adverse environmental conditions that cannot be mitigated - such as the presence of toxic waste that is economically infeasible to remove - and is reasonably accessible to public transportation, shopping, medical services, recreation, schools, and employment in relation to the needs of the project tenants.
(b) Projects shall not be denied funding solely because projected operating income is insufficient to make payments on the program loan.
(c) Where the application meets the requirements of subdivision (a), the proposed project will be rated to determine its compliance with the following priority requirements. The application must receive a minimum of 60 percent of the total possible points in order to qualify for funding. Applications receiving 60 percent or more of the total possible points shall be ranked based on their point scores, with applications scoring higher receiving a higher ranking. Applications shall be eligible to receive commitments of available funds in a priority order based on their ranking consistent with the standards of subdivisions (e), (f) and (g) of section 8130. The maximum score for each of the following seven criteria is 15:
(1) The extent to which the project serves the greater number of eligible households with the lowest incomes for the greatest period of time as evidenced by the following:
(A) The sum of the number of very low-income units and the number of very low-income nonassisted units, divided by the total number of units.
(B) The proposed length of term of the regulatory agreement, in excess of the program's minimum requirement as described in section 8115(b).
(2) Need in the area of the proposed project for the type of housing provided by the proposed project. The department shall issue an evaluation of need for market areas within California based on the criteria listed below. The sponsor in its application may submit other or additional information and data to rebut or supplement the department's evaluation with respect to the need within the individual project's area. Where the department determines that the sponsor's data provides a more accurate evaluation of need, it shall base its rating on such data.
(A) Low vacancy rate for rental housing.
(B) Typical local market-rate rents that are a high percentage of the income limit for very low-income households. The income limit for very low-income households is provided in section 6932 pursuant to Health and Safety Code section 50105. For example, in Sacramento County the typical market-rate rent for a three-bedroom rental is $750., while the monthly income for a very low-income family of four is $1,562.50. Such a family will pay 48% of their income to rent such a dwelling unit. Since affordable rent is set at 25% of income pursuant to section 6922 of Title 25, 48% of income is high.
(C) Length of wait for units in comparable subsidized housing developments.
(D) High rental housing development costs, in comparison to costs in other areas of the state.
(3) The extent to which the proposed project complements the implementation of an existing housing program in the local agency in which the proposed project is located. "Local agency" means the same as defined in section 50077 of the Health and Safety Code. Points shall be allocated based upon the following criteria:
(A) The extent to which the local agency has an existing housing program, such as a housing element, in compliance with the requirements of Article 10.6, commencing with section 65580 of Chapter 3 Division 1 of Title 7 of the Government Code, or a similar plan or policy formally considered by the local city council or board of supervisors. A plan or policy shall ordinarily be deemed to be similar based upon the extent to which it addresses affordable housing issues such as the following: an assessment of need in the area and an inventory of resources and any constraints on those resources; a statement of the community's goals, objectives and policies relative to the maintenance, preservation, improvement and development of housing; a program which sets forth a schedule of actions which the local government has undertaken, is undertaking and intends to undertake to implement these goals; and a program for preserving existing assisted housing developments. Examples of actions which a local government may have taken, is taking or may intend to take in implementing the community's goals, objectives and policies include demonstrated performance in support of the development of affordable housing utilization of federal, state and local financing and subsidy programs; land use development controls; and regulatory provisions, concessions and incentives.
(B) The extent to which the local agency is providing, or could provide, financial or nonfinancial assistance to the applicant's project. Financial assistance is defined as assistance that is equal to at least five percent of the project's development cost, excluding any costs of syndication, or $250,000, whichever is less. Nonfinancial assistance includes forms of assistance such as the granting of density bonuses, the modification of development standards, and the fast tracking of local approvals, but does not include simply the provision of technical assistance, consultation or advice.
(4) The extent of sponsor participation or participation of other funding sources, as determined by the product of the program loan amount divided by the sum of the total development cost of all assisted units and lower-income nonassisted units in the project. Total development cost does not include any costs of syndication.
(5) The extent to which the proposed project maximizes the use of other private and public sources of funding and other services to assist in providing supportive services and job training and placement services as evidenced by the following:
(A) the sum of all operating subsidy funds for supportive services and job training and placement services and the estimated value of in-kind services, committed to the project for the project's first year of operation divided by the number of assisted units; and
(B) the feasibility of the plans for supportive services and job training and placement services considering the size, nature, and location of the proposed project.
(6) The capacity of the applicant, including its board, staff and any consultants to own, construct or rehabilitate, and manage the rental housing development, as evidenced by:
(A) the applicant's current financial, operational and organizational stability;
(B) the applicant's previous development and ownership experience with residential projects; and
(C) the applicant's previous experience at operating similar supportive services and job training and placement programs.
(7) The degree of the project's economic feasibility demonstrated by the readiness of the project to start construction, evidenced by the following:
(A) the status of local development approvals; and
(B) the status of all project financing commitments.
Maximum possible points 105
Note: Authority cited: Sections 50406(n), 50884 and 50895, Health and Safety Code. Reference: Sections 50889.5 and 50891(a), Health and Safety Code.
s 8133. Legal Documents.
(a) The department shall enter into a Standard Agreement with each sponsor which shall encumber monies from the Account in an amount sufficient to fund the approved loan amount. The Standard Agreement shall contain the following:
(1) a description of the approved project and the permitted uses of program funds;
(2) provisions governing the amount and terms of the loan;
(3) provisions regarding the regulatory restrictions to be applied to the project through the Regulatory Agreement;
(4) provisions governing the construction or rehabilitation work and, as applicable, the acquisition or refinancing of the project site, and the disbursement of loan proceeds;(5) provisions governing the implementation of the job training and placement program pursuant to the requirements of section 8128 and as approved by the department; (continued)