transmittal - City Clerk Internet Site - City of Los Angeles

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TRANSMITTAL Date: To: ... THE COUNCIL . From: JUl 09 2008 ( THE MAYOR TRANSMITTED FOR YOUR CONSIDERATION. PLEASE SEE ATTACHED. . ANTONIO R. V...

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TRANSMITTAL Date:

To:

...

THE COUNCIL . From:

JUl 09 2008

(

THE MAYOR

TRANSMITTED FOR YOUR CONSIDERATION.

PLEASE SEE ATTACHED.

. ANTONIO R. VILLARAIGOSA Mayor

.

HOUSING, COMMUNITY & ECONOMIC DEVELOPMENT

two'

1

0

200&

Antonio R. Villaraigosa. Mayor Mercedes Marquez. General Manager

1200 W. 7th Street. 8th FI.. Los Angeles. CA 90017 tel 213.808.89361 fax 213.808.8918 www.lacity.org/lahd

June 24, 2008 Honorable Antonio R. Villaraigosa Mayor, City of Los Angeles Room 303, City Hall 202 North Spring Street Los Angeles, CA 90012 Attention:

Council File: CF 07-3466 Council District: City wide Contact Persons: Timothy Elliott I 213-808-8596 Sean L. Spear I 213-808-8901

June Lagmay, Legislative Coordinator

COUNCIL TRANSMITTAL: REQUEST FOR APPROVAL TO ISSUE LETTERS OF COMMITMENT UNDER ROUND 2 OF THE 2008 AFFORDABLE HOUSING TRUST FUND .AND THE 2008 PERMANENT SUPPORTIVE HOUSING PROGRAM NOTICES OF FUNDING AVAILABILITY; TIMELINE FOR 2008 NOTICES OF FUNDING AVAILABILITY AND STATUS OFTRUSTFUND SUMMARY: The General Manager of the Los Angeles Housing Department (LAHD) is requesting authority to issue Letters of Commitment under Round 2 of the 2008 Affordable Housing Trust Fund (AHTF) and 2008 Permanent Supportive Housing Program (PSHP) Notices of Funding Availability (NOFA). Authority for LAHD to issue the AHTF NOFA was granted by the Mayor and City Council on November 21,2007 and on February 26,2008 for the PSHP (CF 07-3466 and 05-2565-S4, respectively). The General Manager is also requesting authority to amend three previous AHTF loan agreements for The Ardmore, Hobart, and Rittenhouse Square projects to include funding in accordance with the Los Angeles Department of Water and Power (LADWP) Sustainable Design and Economic Development guidelines, and to acknowledge the expenditure of CRA/LA 5% tax increment funds for five projects. In response to Council's November 9,2007 request, a report back on the timeline for all 2008 Trust Fund NOFAs and the PSHP 2007 Round 2 NOFA results is also included in this transmittal (C.F. 07-3466). In addition, brief summaries regarding CRA/LA funded projects and. the status of the New Generation Fund (C.F. 05-2565-S3) are included for informational purposes only.

2008 Round 2 AHTF and 2008 CF 07-3466 and 05-2565-S4 Page 2

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RECOMMENDATIONS: The General Manager, LAHD, respectfully requests that: 1. Your office schedules this transmittal at the next available meeting(s) of the appropriate City Council committee(s) and forwards it to City Council for review and approval immediately thereafter; 2. The City Council, subject to the approval of the Mayor, takes the following actions:

A. Authorizes the General Manager, LAHD, or designee, to issue Letters of Commitment in the amounts identified in Tables 1 and 2 from the Affordable Housing Trust Fund and Permanent Supportive Housing Programs, subject to the condition that the project sponsors apply to the California Department of Housing and Community Development (HCD) for an award of funds under the Transit Oriented Development Program (TOD), the Multifamily Housing Program (MHP), or to the California Tax Credit Allocation Committee (TCAC), and, if eligible, to the County of Los Angeles City of Industry Funds Housing Program (COl) in the next available funding round of 2008 and receive the full amount requested therein; TABLE 1 - AHTF PROJECTS Project Name 1 Alexandria House Bonnie Brae Apt. 2 Homes

AHTF Recommendation

Type

Units

C.D.

Special Needs

16

4

$780,000

Large Family

53

1

$6,200,000

Senior

98

6

$1,933,000

3

Montecito Terraces

4

PH&D

At-Risk/Seniors

83

1, 10

$4,575,000

5

Swansea I

At-Risk/Seniors

82

13

$3,600,000

Lg. Family! Special Needs

52

2

$7,432,293

6

Three Courtyards TOTALS

384

lii;iici2r0!{v:

$24,520,293

TABLE 2 - PSHP PROJECTS Project Name 1

New Genesis

2

Vendome Palms

3

Downtown Women's Center TOTALS

Population Served Homeless Homeless Adults Homeless Adults

Units

C.D.

PSHP Recommendation

HACLA Vouchers Requested

Voucher Dollar Value $8,858,400

106

9

5,587,486

79

36

13

3,665,677

0

72

9

4,847,914

66

$7,381,440

214

':"""'~<;",

$14,101,077

145

$16,239,840

"',',",,:;:;

$0

2008 Round 2 AHTF and 2008 " CF 07-3466 and 05-2565-84 Page 3

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B. Authorize the General Manager, LAHD, or designee, to negotiate and execute an acquisition/predevelopment/construction/permanent loan agreement for each project identified in Tables 1 and 2 that receives a TCAC, TOD, or MHP award, subject to the satisfaction of all conditions and criteria stated in the AHTF application, this transmittal, and LAHD's Letter of Commitment, and subject to approval by the City Attorney as to form and legality; C. Authorize the General Manager, LAHD, or designee, to execute subordination agreements wherein the City loan and regulatory agreements on all projects recommended are subordinated to their respective conventional construction and permanent loans; D. Authorize the General Manager, LAHD, or designee, to execute agreements allowing the transfer to and/or execution of the City loans by a limited partnership, to enable admittance of tax credit investors; E. Authorize the General Manager, LAHD, or designee, to amend three previously approved Loan Agreements as necessary for The Ardmore, Hobart, and Rittenhouse Square projects, to commit funds subsequently approved by the LADWP in the amount of $200,000 per project. F. Authorize the Controller to: 1) Establish new account within HOME Fund No. 561/43 as follows: Account No. E340

Account Name PSHP 08-09

2) Transfer appropriations within HOME Fund No. 561/43 as follows:

From: To:

Account No. 561/E212 561/E340

Account Name AHTF PSHP 08-09

Amount

$3,300,000.00 $3,300,000.00

3) Establish and appropriate funds within Rental Housing Production Fund No. 307/43 as follows: Account No. E340 4)

Account Name PSHP 07-08

Amount $4,600,000.00

Establish and appropriate funds within Affordable Housing Trust Fund No. 44G/43 as follows: Account No. E214

Account Name CRA Tax Incr 08-09

5) Establish new account within Fund 44G/43 as follows: Account No. E215

Account Name DWP

Amount $13, 123~000.00

2008 Round 2 AHTF and 2008 CF 07-3466 and 05-2565-84 Page 4

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6) Transfer appropriations within Affordable Housing Trust Fund 44G/43 as follows:

From: To:

Account No. 44GIT215 44G/E215

Account DWP DWP

Name

Amount

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

7) Transfer appropriations within Fund 561/43 as follows:

From:

To:

Account No. 561/8210 561/N211 561/R211 561/8211 5611T211 561N211 561/E212

Account @itywide Housing Housing Housing Housing Housing AHTF

Name Rehab MF Dev Dev Dev Dev Dev

Amount $727.57 500.00 8,883.19 9,375.16 7,400.00 10.91

$26,896.83

8) Allocate and expend funds from the following funds and accounts for 2008 Round 2 projects, upon proper written demand from the General Manager, LAHD, or designee: Project Alexandria House

Account No. Account Name 44G/E214 CRA Tax Incr

Three Courtyards

44G/C714 44G/C214 44G/E214 561/E212

CRA Tax Incr 06-07 CRA Tax Incr CRA Tax Incr AHTF

Amount

$780,000.00 $90,144.00 167,087.00 73,000.00 7,102,062.00

$7,432,293.00 PH&D Apts

44G/E214 561/E212

CRA Tax Incr AHTF

$980,000.00 3,595,000.00

$4,575,000.00 Montecito Terrace and Willow Apts

44G/E214

CRA Tax Incr

$1,933,000.00

8wansea Park 8r Apts

561/E212

AHTF

$3,600,000.00

Bonnie Brae Apt. Homes

561/E212 44G/E214

AHTF CRA Tax Incr

$5,402,000.00 798,000.00

$6,200,000.00

TOTAL

$2415201293.00

2008 Round 2 AHTF and 2008 CF 07-3466 and 05-2565-84 Page 5

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9) Allocate and expend funds from the following funds and accounts for 2008 PSHP projects, upon proper written demand from the General Manager, LAHD, or designee: Project Downtown Women's Ctr.

Account No. Account Name 561/C340 PSHP

$4,847,914.00

Vendome Palm Apts

561/C340 44G/A615

$3,218,289.00 447,388.00

PSHP DWP-

PSHP

Amount

$3,665,677.00

New Genesis Apts

561/C340 561/E340 44GN340 44G/A615

PSHP PSHP 08-09 PSHP DWP-PSHP

$751,665.00 3,277,072.00 558,749.00 1,000,000.00

$5,587,486.00 $ 14.101.077.00

TOTAL

10) Allocate and expend funds from the following funds and accounts for DWP approved projects, upon proper written demand from the General Manager, LAHD, or designee: Project Ardmore

Account No. Account Name 44GIW215 DWP Housing Dev 44G/C215 DWP

Amount $35,000.00 165,000.00

$200,000.00 Hobart

44G/C215

DWP

$200,000.00

Rittenhouse Square

44G/C215

DWP

$200,000.00 $600.000.00

TOTAL

$42.506.518.00

Grand Total

11) Reallocate appropriations within Affordable Housing Trust Fund No. 44G/43 adjusting previously approved project, upon proper written demand from the General Manager, LAHD, or designee Project Encore Hall

Account No. Account Name 44GN214 CRA Tax Incr 44GIW214 CRA Tax Incr

Amount $414,441.00 85,559.00

$500,000.00

2008 Round 2 AHTF and 2008 CF 07-3466 and 05-2565-84 Page 6

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G. That the Council, subject to the approval of the Mayor, authorize the General Manager, LAHD, or designee, to use uncommitted funds from prior year accounts within Fund No. 561 first, before current year funds and accounts, as needed, to close out old accounts for projects related to this report. H. Authorize the General Manger, LAHD, or designee and the Controller to acknowledge and account for in FMIS the allocation and expenditure of CRA/LA 5% Trust Funds, by decreasing appropriations from the following funds and accounts, Agency Initiated Projects funded by the CRA/LA prior to the execution of the Master Cooperation Agreement betweenLAHD and CRA/LA: Project Account No. AccountName Amount Amistad 44GN214 CRA Tax Incr $730.00 La Salle

44GN214

CRA Tax Incr CRA Tax Incr CRA Tax Incr

42,383.00 47,814.00 5,907.00 $96,104.00

CRA Tax Incr CRA Tax Incr

386,984.00 326,300.00 $713,284.00

44GIY214

CRA Tax Incr CRA Tax Incr CRA Tax Incr

70,633.00 151,474.00 30,733.00 $252,840.00

44GN214 44G/C714

CRA Tax Incr CRA Tax Incr

600,000.00 300,000.00 $900,000.00

44G/w214

44GIY214

No Ho Commons

44GN214 44G/w214

Vermont Senior

44GN214 44G/w214

Views at 270

TOTAL

$1,962,958.00

I. Authorize the General Manager, LAHD, or designee, to prepare Controller instructions and make any necessary technical adjustments consistent with the Mayor and City Council actions, subject to the approval of the City Administrative Officer (CAO), and authorize the Controller to implement these instructions. 3. That the Mayor concur with the action of the City Council. BACKGROUND: On November 21, 2007, and February 26, 2008, the Mayor and City Council authorized the General Manager, LAHD, to issue a Notice of Funding Availability (NOFA) for calendar year 2008 for the Affordable Housing Trust Fund (AHTF) and the Permanent Supportive Housing Program (PSHP), respectively. Authorization to issue the NOFAs included the implementation of a schedule that included up to three funding rounds for the AHTF. A total of $ 28.6 million was available for AHTF Round 2, with an additional $6.4 million in funding recommendations utilizing previously approved Community Redevelopment Agency (CRA) funds to the extent that

2008 Round 2 AHTF and 2008 17 CF 07-3466 and 05-2565-84 Page 7

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projects qualify for those funds. Authorization to solicit applications for 2008 Round 2 of the AHTF was based on availability of funds pursuant. to the approval of the 2007 -2008 Consolidated Plan and the 2008-09 City Budget. For the PSHP, LAHD was authorized to solicit applications in amounts not to exceed $15 million in capital funding sources. On March 28, 2008, LAHD released the 2008 Round 2 AHTF NOFA and the 2008 PSHP NOFA. Applications for both programs were accepted on April 21,2008. LAHD notified the development community through an e-mail distribution list of over 100 interested parties, posting the program guidelines, application and attachments on the internet, and by requesting the Southern California Association of Non-profit Housing (SCANPH) to post an announcement on their website. AHTF Application and Review Process LAHD received and reviewed 31 AHTF applications as listed in Table 3, requesting approximately $202 million for projects consisting of 1,874 units of housing. All applications were reviewed and scored by LAHD staff using criteria and guidelines approved by the Mayor and City Council. The intent of this process is to recommend projects that can most successfully compete for County and State funding, thereby providing the greatest leverage of City funds. TABLE 3 - AHTF APPLICATIONS Project Name

Units

C.D.

AHTF Request

1

13260 Maclay Family Apts.

106

7

14,000,000

2

7401 Lankershim Family Apts.

85

6

12,621,585

3

Alexandria House

16

4

780,000

4

Andalucia Heights

75

1

7,309,640

5

Berendo Park

21

10

2,230,788

6

Bethany Senior - Parcel B

20

8

1,939,560

7

Bethany Senior C & D

80

8

9,159,476

8

Bonnie Brae Apt Homes

53

1

6,200,000

9

Capri Villas

64

10

6,571,614

10

Chinatown Metro Apts.- Phase A

80

1

10,607,710

11

Chinatown Metro Apts.- Phase B

43

1

5,592,578

12

Cuatro Vientos

25

14

2,479,722

13

Jefferson Blvd & Fifth Ave Apts.

54

10

4,906,579

14

Las Margaritas

42

14

4,037,864

15

Lorena Apartments

112

14

11,599,308

16

Mariposa Vistas

21

10

2,230,788

2008 Round 2 AHTF and 2008 Ii CF 07-3466 and 05-2565-S4 Page 8

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17

Montecito Terraces

98

6

8,956,560

18

New Parkview on the Park

80

1

6,000,000

19

Oak Glen Apartments

49

14

4,948,280

20

PH&D Apts.

83

1, 10

4,575,000

21

PWC Family Housing

48

13

6,54t,247

22

Rosenell Apts.

59

13

6,257,202

23

Seven Corals

68

1

10,256,517

24

Swansea Park Sr. Apts.

82

13

3,600,000

25

Swansea Park Sr. Apts. II

76

13

10,357,000

26

The Crossings at North Hills

38

7

5,552,730

27

The Crossings on 29th St

46

9

6,758,039

28

Three Courtyards

52

2

7,762,524

29

Union Senior Apts.

55

1

5,129,800

30

Valerio Woods

83

2

7,750,880

31

Yale St Affordable Apts.

60

1

5,558,740

1,874

TOTAL

$202,271,731

Three projects (Cuatro Vientos, Las Margaritas, and Lorena Apartments) did not pass LAHD threshold requirements as they failed to demonstrate that their respective projects had secured commitments for all deferred financing. Six projects applied under the TaD funding category (Bethany Senior Apartments Parcels Band C & D, the Bonnie Brae Apartment Homes, and the Chinatown Metro Apartments Phases A and B and the New Parkview). The 2008 Round 1 results of the TaD program were recently released and the Bonnie Brae Apartment Homes received an award and is therefore being recommended. None of the other projects scored high enough to likely receive an allocation in the next TaD round and therefore they are not being recommended. Twenty-three (23) projects were not recommended for funding because there were a sufficient number of higher scoring projects to reasonably use all funds available. PSHP Application and Review Process LAHD received and reviewed four (4) PSHP applications listed on Table approximately $17 million for projects consisting of 222 units of housing. TABLE 4 - PSHP APPLICATIONS

Project Name

Units

C.D.

PSHP Request

1

Glenoaks Gardens

60

6

3,624,170

2

New Genesis Apts.

106

9

7,434,570

3

Normandie Apts.

20

8

2,694,708

4, requesting

"

2008 Round 2 AHTF and 2008 CF 07-3466 and 05-2565-S4 Page 9

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4

Vendome Palms Apts.

36

3,500,000

5

Downtown Women's Center

72

4,847,914

294

$22,101,362

TOTAL

The applications for both the Glenoaks Gardens and Normandie Apartments did not pass LAHD threshold requirements because they failed to demonstrate that their respective projects had secured commitments for all deferred financing, which is a threshold requirement of the NOFA. Recommended

Projects

Based on the NOFA guidelines and requirements, LAHD is recommending that six (6) AHTF projects consisting of 384 units as listed on Table 1, and three (3) PSHP projects consisting of 214 units as listed in Table 2 receive Letters of Commitment in the amounts indicated. A funding summary of all projects and a staff report for each project are included as' Attachments 1 and 2, respectively. AHTF Recommendations Three projects, Alexandria House and Three Courtyards, and Bonnie Brae Apartment Homes are fully funded but for the LAHD funds requested; the first two received commitments from the State of California's Multi-Family Housing Program (MHP) and the Bonnie Brae Apartment Homes received a commitment of TOD funds. Both the Alexandria House and Three Courtyards projects are designated units for survivors of domestic abuse. The Swansea and PH&D projects will preserve the affordability of 165 HUD assisted units. These units were at risk of being converted to market rate rents. For the Montecito Terraces project, there were insufficient AHTF funds to finance the full requested amount of the project but there is a substantial amount of CRA/LA funds in the Agency's Pacoima/Panorama City Redevelopment Project Area account which is available for the project. However, the Montecito Terraces is the only AHTF project that will be submitted to the State of California under the Los Angeles County Geographic Apportionment Category. This category is facing less competition than initially anticipated: therefore it is likely that the developer will be able to address the funding gap by increasing the amount of tax credits requested. PSHP Recommendations The Downtown Women's Center submitted an application under the PSHP 2007 Round 2, Amendment No.1 NOFA. However, outstanding funding issues had not been resolved at the time of the recommendation. Those issues have since been resolved, clearing the way for the City Collaborative to approve the recommendation of funding at this time. The recommended funding amount for the New Genesis project is less than the amount requested, based on LAHD's construction cost analysis. Both projects received a total of 145 Project Based Vouchers from HACLA. Since the Downtown Women's Center's application was initially received under the 2007 PSHP NOFA, it was scored under HACLA's previous criteria which did not award bonus points to projects located outside of Skid Row or in low poverty census tracts, which would have disadvantaged this project. The Vendome Palms project already had an operating subsidy allocation from Shelter + Care.

2008 Round 2 AHTF and 2008 P' CF 07-3466 and 05-2565-S4 Page 10

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Applicants must apply to TCAC by July 24, 2008, or to MHP by October 11, 2008. It is anticipated that all projects will have full CEQA and NEPA environmental clearance prior to each applicable deadline. Funding Sources for AHTF 2008 Round 2 and PSHP 2008 Projects

LAHD is recommending $24,520,293 in funding for six (6) AHTF projects, including $19,699,062 in HOME funds and $4,821,231in CRA 5% set-aside funds. A total of $14,101,077 is also being recommended for three (3) PSHP projects including $12,094,940 in HOME funds, $558,749 in McKinney Bond fees, and $1,447,388 in DWP funds. In addition, the New Genesis and Downtown Women's Center projects requested a total of 145 Project Based Vouchers from the Housing Authority of the City of Los Angeles (HACLA), with a total dollar value of $16.2 million. eRA/LA Funded Projects

On March 16, 2005, the LAHD and CRA/LA entered into a Cooperation Agreement, formalizing the allocation of a portion of the Agency's tax increment revenue to the City's Affordable Housing trust Fund. Specifically, the Cooperation Agreement provides to the Trust Fund 5% of the property tax increment generated in nearly all CRA/LA Redevelopment Project Areas. The funds generated are awarded according to the AHTF NOFA guidelines to projects that lie within Redevelopment Project Area boundaries. For the current round, CRA/LA funds are available for the Alexandria House ($780,000), the Bonnie Brae Apartments Homes ($798,000), Montecito Terraces ($1,933,000), and Three Courtyards ($330,231). Including the 5% allocation in the FY 08/09 budget, CRA/LA funds in the amount of $49 million have been allocated, of which $28 million has been committed or expended on 26 projects totaling 1,595 units. Including the projects recommended in this transmittal, a balance of approximately $15 million remains uncommitted. The uncommitted balance consists mostly of new FY 08/09 funds ($8.5 million); the balance is from monies allocated to project areas where affordable housing projects have not been developed. In many of these instances, proposed projects were in proximity to a CRA/LA project area but not within its specific boundaries and therefore not eligible for CRA/LA funds. LAHD and the CRA/LA are working collaboratively with affected Council offices to resolve the issue by discussing whether a Finding of Benefit can be issued on a case-by-case basis for proposed projects of this type, making them eligible to receive Agency funds. Attachment 3 summarizes the projects that have received CRA/LA funding to date. Prior to the execution of the Cooperation Agreement, five CRA/LA projects (Amistad, La Salle, No Ho Commons, Vermont Senior, and Views at 270) received and expended CRA/LA 5% funds in the amount of $1,962,958. It is requested that Council acknowledge the previous expenditure of funds for these projects, as the expenditures were consistent with program guidelines at the time. The projects were either later selected through the AHTF process or were projects that had already received an LAHD andlor CRA/LA funding commitment and contract. Upon the Council's acknowledgement of these projects, the LAHD will make the necessary adjustments in FMIS to accurately reflect the available balance for each CRA account.

2008 Round 2 AHTF and 2008 CF 07-3466 and 05-2565-S4 Page 11

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Status of Trust Fund Projects The LAHD is taking this opportunity to report on the status of AHTF activities, including the timeline for the 2008 AHTF and PSHP NOFA process as well as active Trust Fund commitments. On November 9, 2007, the Council adopted a communication from the LAHD to issue the 2008 AHTF NOFA (substantially as attached to the LAHD report dated October 17, 2007 - C.F. 073466), and implement an allocation schedule that included the authority to conduct up to three rounds of funding. Each funding cycle would coincide with federal and state multifamily housing development program funding cycles. As part of this action, a complete activity timeline for all anticipated 2008 AHTF and PSHP NOFA activities, including the PSHP 2007 Round 2 results, was requested. Activity timelines for the AHTF and PSHP Notices of Funding Availability for calendar year 2008 are included as Attachments 4 and 5, respectively. PSHP 2007 Round 2 results are included as Attachment 6 of this report. In addition to the activity timelines, summaries of AHTF activities (excluding PSHP projects) from the program's inception to the present are included in Tables 5 and 6, and Attachment 7. Since the first major AHTF NOFA was issued in early 2003, a net total of 102 developments with 6,006 units have received funding. Of these, 44 projects with 2,667 units have been completed, 33 projects representing 1,836 units are under construction, and 25 projects with 1,503 units are in various stages of predevelopment. The majority of projects are designed to house large families, with the balance serving seniors and households with special needs. Table 5 summarizes AHTF projects by type:

Since 2003, a net total of $322 million has been committed to projects that are active or completed. This total now includes Construction Supplemental Programs (CSP) I and " funds, which, for reporting purposes, were previously not included in the totals for the AHTF because these projects were not new AHTF projects. However, since the funds awarded under CSP I and" were AHTF funds, the CSP monies and the projects they funded have been added to the accounting of total AHTF funds committed. Those total funds have leveraged $1.5 billion from outside sources, or $4.84 for every dollar invested in the Trust Fund. Approximately 31 % of the committed AHTF funds remain unexpended. More than three-fourths of the funds committed to projects in construction have been expended, and 1% remains to be

2008 Round 2 AHTF and 2008 F CF 07-3466 and 05-2565-S4 Page 12

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disbursed pending close out of projects that have recently completed their construction. The majority of the remaining balance is committed to projects in predevelopment, which are not eligible to draw funds until building permits are issued.

TABLE 6 AHTF Activity 2003-2007

OTHER LAHD

2,667 Total Units

{Gen. Fund, McKinney Bond, CRA5%,DWP, State Grants, HOPWA, Other}

HOME

CDBG

89,386,334

9,584,257

16,430,634

$115,401,225

69,873,003

12,016,977

20,959,675

$102,849,655

7,661,281

31,754,645

$104,313,353

29,262,515

69,144,954

$322,564,233

64,897,427 '

TOTAL

6,006

Total AHTF Commitments

224,156,764

CDBG

TOTAL

UNEXPENDED BALANCE & % OF TOTAL

Predevelopment

Completed Total AHTF Expenditures -Unexpended Balance (Committed) ,

21,346,698

8,074,555

4,638,773

34,060,026

$81,341,199

70%

54,145,856

11,959,247

17,873,283

83,978,386

$18,871,269

18%

63,742,170

7,661,281

31,583,789

102,987,240

$1,326,113

1%

139,234,724

27,695,083

54,095,845

221,025,652

$84,922,040

$1,567,432

$15,049,109

$101,538,581

$101,538,581

31%

2008 Round 2 AHTF and 2008 Pc CF 07-3466 and 05-2565-84 Page 13

'p Commitment

Recommendations

The New Generation Fund On April 30, 2008, the Council approved documents related to the $10 million dollar LAHD loan to the New Generation Fund (NGF) (C.F. 08-0958). As part of that approval, Council requested a periodic report back on activities related to the NGF. Working with Enterprise Community Partners, Inc., the City of Los Angeles (LAHD) has developed the NGF to help developers both secure new sites for affordable rental or homeownership housing development, as well as purchase and preserve existing affordable housing. The NGF is a revolving loan program that provides accessible capital to affordable housing developers at below-market rates. Developers can secure loans that cover both acquisition and predevelopment (in amounts up to $10 million) through five experienced nonprofit lenders: Enterprise Community Loan Fund, Corporation for Supportive Housing, Local Initiatives Support Corporation, Low Income Investment Fund, and Century Housing Corporation. The NGF is expected to help produce or preserve between 6,000 - 8,000 units of affordable housing throughout the City and provide a diversity of housing opportunities for households earning between 0 - 150% of the Area Median Income (AMI). At the initial closing on May 15, 2008, LAHD's $10 million loan to the NGF leveraged $100 million in private lender capital (a 10:1 leverage ratio). The banks and foundations that participated in the closing included: Citigroup, Wachovia, Enterprise, Merrill Lynch, MetUfe, HSBC, California Community Foundation, Ahmanson Foundation, and Weingart Foundation. The NGF Team continues to meet with new banks and foundations in the effort to secure additional resources to help the NGF reach its final goal of $200 million at its final closing in 2009. On June 16, 2008, the Fund Managers, Forsyth Street Advisors and the California Community Reinvestment Corporation, hosted a lenders and developers kick-off meeting for the NGF.

2008 Round 2 AHTF and 2008~'" CF 07-3466 and 05-2565-84 .... Page 14

'j Commitment

Recommendations

FISCAL IMPACT: There is no impact on the General Fund. The AHTF and PSHP will be capitalized with HOME, CDBG, CRA, DWP, HOPWA, McKinney Bond funds.

Prepared by:

Reviewed by:

~u_

~~~ TIMOTHY S. ELLIOTT ' Manager, Affordable Housing Trust Fund

5Y

SEAN L. SPEAR Director, Major Projects Division

Approved by:

Approved by: /'

RCEDES MARQUEZ eneral Manager Attachments: 1) 2) 3) 4) 5) 6) 7)

2008 Round 2 AHTF and 2008 PSHP 2008 Round 2 AHTF and 2008 PSHP List of CRA/LA funded projects Activity timeline for the AHTF Notices Activity timeline for the PSHP Notices PSHP 2007 Round 2 Timeline Summary of financial activity - AHTF

Project List and Funding Summary Staff Reports of Funding Availability for calendar year 2008 of Funding Availability for calendar year 2008 and PSHP

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2008 Round 2 AHTF and 2008 PSHP Project Staff Reports

STAFF REPORT June 12, 2008 Alexandria House Apartments 510 South Alexandria Avenue Los Angeles, CA 90020 Rehabilitation Council District No.4

PROJECT DESCRIPTION The proposed project entails the rehabilitation of 16 residential units consisting of eight efficiency and .eight one bedroom apartments, seven units of which will be reserved for homeless persons or those at risk of being homeless. On the site is a two story garden style building built in 1957, previously rented at market rate but in 2006 the previous owner relocated the tenants in order to develop a condominium project. However, prior to demolition, said owner ran short of funds thereby decided to sell the vacant property. The rehabilitation plan would involve, among others, new pumping systems, supply and waste lines, updated and energy efficient electrical systems, upgrading of building insulation, new kitchen and bathroom fixtures, new cabinets, new floor finishes, carpet and vinyl flooring, structural upgrade, exterior. painting as well as site landscaping. The site has an area of 10,062 square feet, located one parcel from the southeast comer of 5th Street and Alexandria Avenue, within the Central City Revitalization Zone and CRA-LA Wilshire CenterlKoreatown Redevelopment Project Area.

PROJECT FINANCE SUMMARY The project has received funding commitments from the State of California Multi-family Housing Program (MHP), City of Industry, Affordable Housing Program (ARP) and Community Redevelopment Agency Los Angeles (CRA LA) as well as Deferred Developers' Fees. Los Angeles Housing Department Affordable Housing Trust Fund (LARD AHTF) and 4% Low Income Housing Tax Credits (4% LIHTC) will complete the project's financing requirements.

BORROWER The borrower will be Alexandria House Apartments, L.P. with Alexandria House Apartments, LLC as the general partner and Hollywood Community Housing Corporation, a California non-profit corporation (HCHC) as a limited partner and developer. Alexandria House Apartments, LLC is comprised ofHCHC as its managing member and Alexandria House, a California non-profit corporation, as co-member, codeveloper and social service provider. A tax credit investor which has not yet been secured will be another limited partner.

Alexandria House Apartments Staff Report 06-12-08 Page 2 of3

FUNDING SOURCES Sources LAHDAHTF MHP 4%LIHTC CRALA City of Industry AHP Deferred Developer's Fee Total

Permanent $ 780,000 1,188,441 1,163,800 2,725,000 737,817 120,000 90,115

$6,805,173

AFFORDABaITYSTRUCTURE Unit Type

35%

Efficiency

AMI 0

1 Bedroom

7

50% AMI 7

7

1

8

Manager's Unit

7

Total

MULTIFAMa

TOTAL

Manager's Unit

8

1

1

1

16

Y HOUSING PROGRAM

Description

Maximum Points

Points Awarded

Extent Project Serves Households at the Lowest Income Levels

35

35

Extent Project Addresses the Most Serious Identified Housing Needs

15

15

Development and Ownership Experience of the Project Sponsor

20

20

Percentage of Units for Families or Special Needs Population and "At-Risk" Projects

35

35

Leverage of Other Funds

20

20

Project Readiness

15

13

Adaptive Reuse, Infill, or Site Amenity

10

10

Negative Points

0

0

TOTAL

150

148

Remarks

Alexandria House Apartments Staff Report 06-12-08 Page 3 of3

FUNDING RECOMMENDATION An LARD commitment of $780,000 is recommended. The project has received funding commitments from MHP, CRA LA, City of Industry and AHP. LARD AHTF funds will represent $48,750 per unit and approximately 11.46% of the total development cost. The LARD commitment will be leveraged with funding from MHP, CRA LA, City of Industry, AHP, 4% Tax Credit Equity and Deferred Developers' Fees. Prepared By:

:foJ")\J,, cJ.l Q].ftvfP~C/ V FORTUNATAL.G~AC Finance Development Officer I Los Angeles Housing Department

STAFF REPORT June 17,2008 Three Courtyards Apartments 13751 Sherman Way Los Angeles, CA 91405 New Construction Council District No: 2

PROJECT DESCRIPTION The proposed project entails the new construction of 52 units of affordable family housing on currently vacant land. The project will consist of two, three, and four story buildings. The project will include a community room, a children's play area, two laundry rooms, 2 elevators and 55 parking spaces in an at grade garage. Fifteen (15) of the units will be reserved for survivors of domestic violence. The Asian Pacific Women's Center will provide on-site services for this population and make referrals to other agencies including Los Angeles County Neighborhood Legal Services, the California Women's Commission Alcohol and Drug Department and the Pacoima Skills Center (Los Angels Unified School District). PROJECT FINANCE SUMMARY In 2005 under previous ownership, this project received a funding commitment of $2,833,000 from the Los Angeles Housing Department's Affordable Housing Trust Fund (AHTF). However, due to increases in development costs and the inability of the developer to obtain funding from the California Department of Housing and Community Development's Multifamily Housing Program (MHP), the AHTF commitment was withdrawn. The developer reapplied to the AHTF and was awarded a commitment of $3,264,888 in July 2006. Since that time, the property has been sold and the AHTF commitment was again rescinded: The new owner applied for and secured a funding commitment from MHP in August 2006 in the amount of $4,278,149. The current interim fmancing proposal assumes tax-exempt bond fmancing, AHTF funds, developer equity, a CRAJLA loan and deferred costs. The MHP funds will be available at the permanent fmancing stage. The borrower also intends to apply for $200,000 from the LADWP's Sustainable Building Incentive Program. If awarded, these funds would be used to repay General Partner's equity.

BORROWER The proposed borrower and current owner of the subject site is the Los Angeles Community Design Center (LACDC), a California non-profit corporation. LACDC will form a limited partnership with a tax credit investor for the Three Courtyards and become its general partner. LACDC was formed in 1971 and has participated in 50 affordable housing developments totaling over 2,500 apartments. In 1998, LACDC established its non-profit affiliate, Design Center Housing Services, Inc, which presently manages a portfolio of over 1,900 units.

Staff Report dtd June 17,2008 Three Courtyards Apartments Page 2 of2

PERMANENT

FUNDING SOURCES

CCRC LARD-AHTF CRAILA Tax Credit Equity MHP AHP Deferred Costs GPEquity Total

1,131,900 7,432,293, 2,006,245 8,322,661 4,278,149 280,500 263,231 200,100 $23,915,079

AFFORDABILITY

STRUCTURE

Unit type 1 Bedroom 2 Bedroom 3 Bedroom 4 Bedroom Total

Mgrs

PROJECTED

60% AMI 2 1 1 1 5

1 1 SCORING

50% AMI 11 4 6 1 22

35% AMI 2 5 2 9

30% AMI 12 3

15

TOTAL 25 10 13 4 52

ANALYSIS (4% Tax Credits)

Due to the fact that the project already has its MHP funding commitment, applicable.

a scoring analysis is not

FUNDING RECOMMENDATION LARD recommends funding in the amount of up to $7,432,293 for the development of this project.

Prepared by:

James W. Bloor, Finance Development Officer Los Angeles Housing Department

STAFF REPORT June 13, 2008 Professional

Housing & Development Scattered Sites

Apartments

At- Risk Acquisition and Rehabilitation Council Districts 1 and 10

PROJECT

DESCRIPTION

The proposed project entails the acquisition and rehabilitation of five separate scattered apartment complexes. The current contract expires in June of 2008 and it has been on annual renewal basis for several years. It covers 100% of the units. The proposed rehabilitation will make no changes to the exterior of the buildings other than minor repairs; the current architectural design and scale of each building will be maintained. No changes will be made to unit configurations. Each unit will have new heaters, kitchen and bathroom fixtures. The proposed rehabilitation will help keep all 83 units affordable.

Council District 10 1 10 1 1

Address 1020 S. Kingsley Dr., 1400S. Kenmore Ave. 1401 S, Arlington Ave., 1745 W. 20m• St.. 1810 S. Magnolia.

PROJECT

FINANCE SUMMARY

Building Description 24 studio units 16 units: 8 one-bedroom and 9 studio units 12 one-bedroom units 21 studio units 10 one-bedroom units

The sponsor will apply for Multifamily Housing Program (MHP) funds from the California Department of Housing and Community Development. Construction fmancing will be provided through Bank of America tax-exempt bond product and funds from the AHTF Program. The sponsor also intends to apply for 4% low-income housing tax credits.

BORROWER LTSC Community Development Corporation (LTSC) is the current owner of the property. Although not yet formed at this stage, a limited partnership will own the proposed project. The managing general partner will be LTSC, a nonprofit corporation. The co-general partner will be East LA community Corporation. Koreatown Youth and Community Center will be the general partner and social service provider. A tax credit investor, which has not yet been determined, will be the limited partner.

( Professional Housing & Development Apartments Staff Report June 13,2008 Page 2 of3

FUNDING SOURCES Permanent

Sources LAHD-AHTF Permanent Bond - NOI tier Permanent Bond - Sec 8 tier Multifamily Housing Program Deferred Developer Fee General Partner Capital Limited Partner Capital

$4,575,000 2,443,000 904,600 3,491,967 435,338 100 2,626,000

Total

14,476,005

AFFORDABILITY STRUCTURE Unit Type Mgr 50% AMI

o Bedroom

1 Bedroom 2 Bedroom

Total

o o

1 1

40% AMI

TOTAL

25 14

54 27

39

2 83

29 l3 1 43

o

PROJECTED SCORING ANALYSIS Multifamily Housing Program

Description

Maxim urn Points

Points Projected

ItemD 1

Extent Project Serves Households at Lowest Income Levels

35

35

ItemD 2

Extent Project Addresses the Most Serious Identified Housing Needs

15

15

20

20

ItemD 3

Project Sponsor Experience

ItemD4

Percentage of Units for Families or Special Needs Population and "At-Risk" Projects

35

35

ItemD 5

Leverage of Other Funds

20

20

ItemD 6

Project Readiness

15

15

ItemD 7

Adaptive Reuse, Infill, or Site Amenity

10

10

ItemD 8

Negative Points

o

o

150

150

TOTAL

2

(

)

Professional Housing & Development Apartments Staff Report June 13,2008 Page 30f3

FUNDING RECOMMENDATION An LAHD commitment of $4,575,000 is recommended. The project will compete for tax credits in the "At-Risk" category which is traditionally undersubscribed. The project's tie-breaker ratio is 45.24%. LAHD funds will represent $55,120 per unit and approximately 32% of the total development cost. The LAHD commitment will be leveraged with MHP funds and tax credit syndication equity.

Prepared By:

Magdalina Zakaryan, Finance Development Officer Los Angeles Housing Department

7

3

Date: 6/13/2008

STAFF REPORT June 12, 2008 Swansea Park Senior Apartments - Phase I 1015 North Kingsley Drive Los Angeles, CA 90029 Acquisition and Rehabilitation Council District No: 13

PROJECT DESCRIPTION The proposed project entails an acquisition and rehabilitation of an existing 82-unit affordable housing complex for seniors that is now at-risk of converting into a market rate apartment building. The Swansea Park Seniors Apartments was originally developed in 1981 as a HOD-236 fmanced project. However, the HOD loan was paid in full in December 2004 and the original project-based HOD Section 8 rental assistance contract expired in 2001. Rental assistance has continued through annual contract extensions. The current contract will have expired in June 2008. The project sponsors submitted the 2008-2009 contract renewal package to HOD in February 2008 and will continue renewing the contract extensions. The rehabilitation plan would involve replacement of the building exterior with new stucco, replacement of the roof, and repainting of the entire exterior and interior of the building. Each unit would be recarpeted and would have new kitchen cabinets. New air conditioning units would be installed. In addition, the exterior grounds would be re-landscaped.

PROJECT FINANCE SUMMARY The sponsor will apply for Multifamily Housing Program (MHP) funds from the California Department of Housing and Community Development. Construction fmancing will be provided by an FHA Section 223(f)-insured mortgage and funds from the AHTF Program. The sponsor also intends to apply for 4% low-income housing tax credits.

BORROWER The ultimate owner and borrower will be Swansea Park Senior Apartments, L.P., a California limited partnership comprised of Beyond Shelter Housing Development Corporation (BSHDC), as a managing general partner, and APEC International, LLC (APEC) as the administrative general partner. BSHDC is a non-profit public benefit corporation that has been assisting low-income families through provision of affordable housing since its inception in 1990. It is a general partner in twelve projects with 653 units of multifamily housing. Its principals are Tanya Tull as President and JoAnne Yokota as Executive Director. APEC is a limited liability company with Eugene Kim as its President and Keely Hahn as its Secretary. Both Mr. Kim and Ms. Hahn have developed 47 units of affordable housing for seniors in a project located at 770 S. Irolo Street, Los Angeles, CA.

PERMANENT FUNDING SOURCES MHP LAHD

4% Tax Credits Conventional Loan Deferred Developer Fee TOTAL

4,500,000 3,600,000 3,737,573 6,433,063 552,250 18,822,886

( Swansea Park Senior Apartments Staff Report 6-12-08 Page 2 of2

UNIT MIX AND RENT STRUCTURE

Unit Type 1 Bedroom TOTAL

Affordability 25% 8

Level (% AMI) 30% 18

8

18

40% 15

50% 40

15

40

Manager 1

1

TOTAL 82

82

Multifamily Housing Program

Description

Maxim urn Points

Points Projected

ItemD 1

Extent Project Serves Households at Lowest Income Levels

35

35

ItemD2

Extent Project Addresses the Most Serious Identified Housing Needs

15

15

20

20

ItemD 3

Project Sponsor Experience

ItemD 4

Percentage of Units for Families or Special Needs Population and "At-Risk" Projects

35

35

ItemD 5

Leverage of Other Funds

20

20

ItemD 6

Project Readiness

15

15

ItemD 7

Adaptive Reuse, Infill, or Site Amenity

10

10

ItemD 8

Negative Points

0

0

150

150

TOTAL

FUNDING RECOMMENDATION An AHTF funding commitment of up to $3,600,000 is recommended for the development of this project. LAHD funds would represent $43,903 per unit and approximately 19.1 % of the total development cost. The LAHD recommendation is conditioned upon the developer applying for and securing a funding commitment from MHP's next funding cycle.

Prepared By:

Mariano Napa, Finance Development Officer Los Angeles Housing Department

STAFF REPORT June 17, 2008 Bonnie Brae Apartment Homes 501-511 South Bonnie Brae Street Los Angeles, CA 90057 New Construction Council District No: 1

PROJECT

DESCRIPTION

The proposed project entails the new construction of S3 residential units consisting of nine one-bedroom, twenty five two-bedroom, fifteen three-bedroom and four four-bedroom units for large families. Bonnie Brae Apartment Homes meets the criteria of the City and State's Transit Oriented Development emphasis as it is located less than V4mile (walkable route) and within a Y2mile radius of the WestlakelMacArthur Park Metro Red Line. The project was designed to integrate into the area and blend with the architecture of the adjacent properties. The new building will have a Spanish design and will have five residential floors and subterranean and on grade parking. Amenities, including energy efficient appliances and air conditioning, will be provided in all units. In addition, each unit will be hard wired for direct high-speed internet service. A spacious 1;000 square foot community room (with free internet service) and lobby area will be provided as well as a rooftop terrace with stunning views of the downtown Los Angeles skyline. The community room will have an open airy feel so it can be actively utilized by offering 'programs, cultural events, and educational classes for the residents. These facilities will be available by appointment for neighborhood community meetings. There will be a play area for children in the courtyard. The complex will be located in the Westlake Recovery Redevelopment area. PROJECTFINANCES~Y The sponsor will apply for Transit Oriented Development (TOD) funds from the California Department of Housing and Community Development. Construction arid permanent fmancing will be provided through Washington Mutual tax-exempt bond fmancing and funds from Affordable Housing Trust Fund (AHTF) program. These funds would be leveraged with the low-income housing tax credit equity from Boston Capital and fmancing from the Community Redevelopment Agency (CRA). The sponsor intends to apply for 4% low-income housing tax credits. BORROWER

AND PROPOSED

OWNERSHIP

STRUCTURE

The property is currently owned and operated by SOS Bonnie Brae Partners, L.P., a California limited partnership. There will be no transfer of the property. Central Valley Coalition for Affordable Housing ("Central Valley") is the managing general partner of the Partnership. Central Valley is a California non-profit public benefit SOl(c)(3) corporation and City certified CRDO, with a O.S% general partner interest in the Partnership. SOS Bonnie Brae developers, LLC, the administrative general partner of the Partnership, is a California limited liability company, owning the remaining O.S% general partner interest. The 99% limited partner interest is being held by Bonnie Brae Developers, LLC until such time as the equity investor is admitted to the Partnership.

Bonnie Brae Apartment Hom6:, Staff Report 6-17-2008 Page 2 of3

FUNDING SOURCES Sources WaMu Permanent Loan T.O.D. Funds CRALoan Tax Credit Equity Deferred Developer Fees

Permanent 2,300,000 4,633,933 1,500,000 8,133,400 842,326 6,200,000 $23,609,659

LARD Total

AFFORDABILrrYSTRUCTURE

Unit Type 1 Bedroom 2 Bedroom 3 Bedroom 4 Bedroom Total

Mgrs.

1

1

60% AMI 3 14 7 1 25

50%

40%

AMI

AMI

2 3 2 1 8

3 4 3 1

11

35% AMI 1 3 3 1 8

Total 9 25 15 4 53

PROJECTED SCORING ANALYSIS (TOD) Criterion

Extent Project will increase public ridership

110

Final Point Award (TOD) 105

Location in Designated infill or TOD

40

40

Affordability

30

30

Transit supportive land use

15

15

Extent the Project incorporates Walkable Parking Readiness

15 20 30

15 18 30

Leverage Developer Experience

15 30

15

Community Support

15 30

30 15 0

350

313

. Project Size Total

Max. Points

Bonnie Brae Apartment Homes Staff Report 6-17-2008 Page 3 of3

FUNDING RECOMMENDATION

An AHTF funding commitment of up to $6,200,000 is recommended. The project has been awarded TaD funding.. LARD funds will represent $116,981 per unit or approximately 26% of the total development cost. The LARD commitment will be leveraged with 4% low income housing tax credits, eRA loan and tax-exempt bond financing. Prepared By:

Magdalina Zakaryan, Finance Development Officer Los Angeles Housing Department

Date: 6117/08

STAFF REPORT Juue 20, 2008 Montecito Terraces 14653-14661 and 14726-28 W. Blythe St. Panorama City, California 91402 New Construction Council District No: 6

PROJECT

DESCRIPTION

The proposed project entails the new construction of 98-unit scattered-site development on two nearly adjacent parcels on Blythe Street in Panorama City. The larger parcel would contain 69 units, and the smaller, 29 units. Ofthe total 98 units, 96 units would serve a senior population with incomes at 30%, 40%, 50% and 60% of the area median income. The remaining two would be manager's units. The projects would be built around garden terraces and courtyards on the first floor and each would have community rooms adjacent to the garden terraces, laundry facilities, and elevators. The courtyard area of the larger parcel would have a therapy pool which will be available for use by residents from both sites. The development lies in the PacoimalPanorama City Earthquake Disaster Assistance Project Area of the eRA-LA. The existing residential structures on the site are dilapidated with residential overcrowding contributing to the conditions of blight. The existing structures will be demolished and attractive new senior affordable housing will take its place. Existing residents will be relocated with the full benefits they are entitled to receive as dictated by law.

PROJECT

FINANCE SUMMARY

The fmancing proposal assumes a conventional construction and permanent loan, in addition to the Affordable Housing Trust Fund (AHTF) loan and FHLB-AHP loan. The sponsor intends to apply for 9% low-income housing tax credits in July 2008.

BORROWER Montecito Terraces is a scattered-site project. Montecito Owner's L.P. is the current owner of one site and Willow Owner's L.P. is the owner of the second site. Montecito Owner's L.P. is controlled by AMCAL Multi-Housing, Inc. and Willow Owner's L.P. is controlled by Women Organizing Resources, Knowledge & Services, a California non-profit corporation (W.O.R.K.S). Each has executed a ground lease with AMCAL Multi-Housing, Inc. who will be the Developer General Partner in the to-be-formed partnership. The partnership will succeed AMCAL Multi-Housing, Inc. as assignee to those ground leases, and W.O.R.K.S. will be admitted as the Managing General Partner.

Montecito Terraces Staff Report 6/20/08 Page 2 of3

FUNDING SOURCES Sources LARD AHTF Conventional Loan-US Bank Tax Credit Equity FHLB-AHP Deferred Developer Fee Total

AFFORDABILITY Unit Type 2 Bedroom 1 Bedroom Total

PROJECTED

Permanent $ 1,933,000 4,763,200 15,634,470 980,000 1,134,454

$24,445,124

STRUCTURE

Mgrs. 2 0

60% AMI

50% AMI

40% AMI

30% AMI

16 12

0 48

0 10

2 8

Total 20 78

2

28

48

10

10

98

SCORING

ANALYSIS (9% Tax Credits)

Criterion

Max. Points

Projected Points

Cost efficiency & leverage of public funds

20

20

Experience of developer and property manager

9

9

Resident target meets defined housing need

10

10

Site & Service Amenities

25

25

Neighborhood Revitalization

9

9

Sustainable Building Methods

8

8

Income Targets

52

52

Readiness to proceed

20

20

Remarks

Project qualifies for the Senior housing type category

Project automatically receives full credit in this category due to its location within a designated CRALA Redevelopment Project Area

Montecito Terraces Staff Report 6/20/08 Page 3 of3

2

2

155

155

Willingness to accept state credit exchange Total

Project tiebreaker is 90.99% (ratio of requested eligible basis to adjusted total development cost)

FUNDING RECOMMENDATION An AHTF funding commitment of up to $1,933,000 is recommended. LARD funds will represent $19,725 per unit and approximately 7% of the total development cost. The LARD commitment will be leveraged with conventional fmancing, and tax credit syndication equity.

Prepared By:

Los Angeles Housing Department (LARD)

STAFF REPORT June 24, 2008 Vendome Palms, L.P. 975 N Vendome Street Los Angeles, CA 90026 Rehabilitation Council District No: 13 PROJECT

DESCRIPTION

The project is a complete gut-rehabilitation of an existing 43-unit masonry apartment building originally constructed in 1926. The rehabilitation will include replacement of all major building systems and will create 36 new apartment units of which 33 studio apartments and 2 one-bedroom apartments willbe home to homeless individuals with mental disabilities earning at or below 30% AMI. A two-bedroom unit will be provided for a resident manager. PROJECTFINANCESU~Y The financing proposed assumes no conventional debt. In addition to the LARD funds, the funding sources will include tax credit equity, MHP Supportive Housing, Deferred Developer Fee and filming & insurance proceeds. The sponsor has not applied to MHP. BORROWER The Vendome Palms, L.P. will serve as the borrower, with A Community of Friends (ACOF) as the general partner and non-profit developer for the project. PROVIDER

CAPACITY

As the lead sponsor of Vendome Palms Apartments, ACOF will participate in all aspects of the development process including project planning and design, project development, construction, project financing and asset management. FUNDING SOURCES Sources Tax Credit Equity MHP Supportive Housing Deferred Developer Fees LP Equity - Filming & Insurance LAHD Total

AFFORDABILITY Unit Type Bedroom 1 Bedroom 2 Bedroom Total

o

Permanent 3,832,951 4,770,331 567,500 257,613 3,665,677 13,094,072

STRUCTURE

Mgrs.

unrestricted

50% AMI

30% AMI 33 2 35

Total 33 2 1 36

Vendome Palms Apartments Staff Report Page 2 of2

PROJECTED SCORING ANALYSIS - MHP Criterion

Max. Points

Projected Points

Extent Project serves the lowest income levels

35

35

Extent the Project addresses the most serious local housing needs.

15

15

Development and ownership experience of the Sponsor

20

20

Percentage of units for families, Special Needs Populations, or At Risk properties

35

35

Leverage of other funds

20

6.5

Project readiness

15

7.5

Adaptive Reuse, Infill, or Site Amenity

10

10

Operating Subsidy/Serving funding

5

5

155

134

Total

FUNDING RECOMMENDATION Funding will be provided through funds pledged to the Permanent Supportive Housing Program. funding sources will include MHP and tax credits. Prepared By:

Georgina Tamayo, Finance Development Officer Los Angeles Housing Department

Other

Date: 6/24/08

STAFF REPORT Juue 24, 2008 New Genesis Apartments, L.P. 452 - 458 S. Main Street Los Angeles, CA 90020 New Construction Council District No: 9 PROJECT DESCRIPTION The project will provide 106 units, including 98 efficiency units and 8 one-bedroom apartments, for the low-income populations of Skid Rowand Downtown Los Angeles. It will offer amenities and communal spaces for residents' use. Ground floor will include service area and community spaces, The second, third, fourth, fifth and sixth floors will include the bulk of the residential units. To service the building, it will also have a full level of subterranean parking.

PROJECTFINANCESU~Y The financing proposal assumes a conventional construction loan from Wells Fargo, in addition to Permanent Supportive Housing Program funds. The sponsor will apply for 9% Low Income Tax Credits in the next funding cycle. The sponsor will also apply through the over-the-counter application process for the MHP funds. The project is proposed to have a permanent conventional loan from California Community Reinvestment Corporation.

BORROWER The New Genesis Apartments, L.P. will serve as the borrower, with Skid Row Housing Trust as the general partner and non-profit developer for the project. .

PROVIDER CAPACITY Skid Row Housing Trust will be the lead supportive services provider at the New Genesis Apartments. As the lead service provider, the Trust will assemble a comprehensive array of services to address the needs of the target population. The Trust formed SRHT Property Management Company (PMC), a non-profit affiliate, in 1995 to provide management services to their properties servicing special needs populations and assumes day-to-day supervision of the Resident Services staff.

FUNDING SOURCES Sources

Permanent

Permanent Loan MHP Supportive Housing HCD, CRA & AHP (recast loans) Deferred Developer Fee Tax Credits LARD Total

2,281,000 7,710,800 1,300,000 881,633 16,030,100 5,587,406 33,790,939

New Genesis Apartments Staff Report Page 2 of2

AFFORDABILITY

Unit Type

o Bedroom

1 Bedroom 2 Bedroom Total

STRUCTURE

60% AMI

50% AMI

35% AMI

30% AMI

2

16

2

18 5

62 1

2

23

2

Mgrs.

unrestricted

16

Total 98 6

2 106

63

PROJECTED SCORING ANALYSIS - MHP Criterion

Max. Points

Projected Points

Extent Project serves the lowest income levels

35

35

Extent the Project addresses the most serious local housing needs.

15

15

Development and ownership experience of the Sponsor

20

20

Percentage of units for families, Special Needs P~pulations, or At Risk properties

35

35

Leverage of other funds

20

20

Project readiness

15

7.5

Adaptive Reuse, Infill, or Site Amenity

10

10

Operating Subsidy/Serving funding

5

0

155

142.5

Total

FUNDING RECOMMENDATION Funding will be provided through funds pledged to the Permanent Supportive Housing Program. funds will be leveraged with permanent conventional financing, MHP and tax credits. Prepared By:

Georgina Tamayo, Finance Development Officer Los Angeles Housing Department

These

Date: 6/24/08

STAFF REPORT June 20, 2008 Downtown Women's Center 434 South San Pedro Street Los Angeles, CA 90013 Rehabilitation Council District No: 9 i

PROJEfT

DESCRIPTION

The proposed project entails the rehabilitation and conversion of a six-story reinforced concrete frame . structur~ into 72 efficiency units; 71 for residents and one for the resident manager. Each will include a kitchen and bathroom with shower. In addition to the units, there will be a community living room, a community kitchen, laundry rooms on floors 3 through 6, an exercise room, a roof garden, and a computer room fo~residents' use. The project will also include a walk-in Day Center located on the first floor with a commerqial kitchen and related dining facility, shower and-laundry facilities, classroom spaces, and caseworker offices and counseling rooms; a new medical and mental health services clinic that will provide services ~o Downtown Women's Center (DWC) residents and the community at large; office space for social services, Day Center staff, and DWC executive staff; and, a small retail space for rent to a tenant who is deemed to be a good fit with the community. The project will be located in the Skid Row krea of Downtown Los Angeles. i

PROJE€T FINANCE SUMMARY I

i

The financing proposal assumes. a conventional construction loan in addition to LAHD Permanent Supportive Housing Program dollars. These funds would be leveraged with State Multifamily Housing Program I(MHP) funds, CRA funds, Downtown Women's Center's private capital, and funds from the County's Homeless and Housing Program Fund (HHPF). The sponsor has applied to HHPF, and has secured commitments from CRA, private donors and MHP.

BORRO~R I

The DW~ will serve as the development sponsor and non-profit developer for the project.

PROv:njER CAPACITY DWC will provide on-site services. DWC has owned and managed the Downtown Women's Center for over twenty years. The Downtown Women's Center is nationally recognized as a prototype for programs striving t~ meet the unique needs of homeless women.

FUNDm;G SOURCES i

Sources

Permanent

LAHD CRA MHP Downtown Women's Center County of Los Angeles Total

4,847,914 2,500,000 7,985,142 6,215,324 3,001,675 $24,550,055

Downtown Women's Center Staff Report Page 2 of2

AFFORDABILITY Unit Type Bedroom 2 Bedroom Total

o

PROJECTED

STRUCTURE

Mgrs. 1

unrestricted

1

SCORING

5

50% AMI

3

30% AMI 63

Total 72

5

3

63

72

ANALYSIS - MOP

Downtown Women's Center has secured funding from the State MHP program. FUNDING RECOMMENDATION A funding commitment of up to $4,847,914 is recommended for the development of this project. funds would represent $67,332 per unit and approximately 19.75% of the total development cost.

Prepared By:

Juan Dial, Finance Development Officer Los Angeles Housing Department

Date: 6/20/08

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ATTACHMENT 4

AFFORDABLE HOUSING TRUST FUND (AHTF) 2008 NOTICE OF FUNDING AVAILABILITY TIMELINE

Publish NOF A

Round 1

Round 2

1116/07

3/25/08

11121107

4/7/08

12/3/07

4/21/08

End of Application Review Period

114/08

5119/08

General Manager Review

1/7/08

5/21108

Appeal Hearing

1114/08

5/30/08

Initial Recommendations

1115/08

6/2/08

2/4/08

6/6/08

Release Transmittal to Mayor

2111108

6113/08

HCED Committee

3/19/08

7/16/08

City Council

3119/08

7118/08

Mayor's Signature

3/24/08

7/21108

MHP Round 1 Deadline

3/27/08

N/A

4/9/08

7/24/08

TCAC Award Dates (estimate)

6/11/08

9/24/08

MHP Round 1 Awards

6/27/08

N/A

MHP Round 2 Deadline

N/A

10111108

MHP Round 2 Awards

N/A

1115/09

Bidders' Conference Applications Due

Draft Transmittal

TCAC Deadline

Round 3 TBA

ATTACHMENT 5

.PERMANENT SUPPORTIVE HOUSING PROGRAM (PSHP) 2008NOTICE OF FUNDING AVAILABILITY TIMELINE Finalize NOF A, Draft Transmittal

2/4/08

General Manager Review

2/8/08

Release Transmittal to Mayor

2/11/08

HCED Committee

3/26/08

City Council

3/28/08

Mayor's Signature

4/1/08

Release NOFA

4/2/08

Bidders' Conference

4/7/08

Applications Due

4/21/08

End of Application Review Period

5/19/08

General Manager Review

5/21/08

Appeal Hearing

5/30/08

Initial Recommendations

6/2/08

Draft Transmittal

6/6/08

Release Transmittal to Mayor

6/13/08

HCED Committee

7/16/08

City Council

7/18/08

Mayor's Signature

7/21/08

TCAC 2008 Round 2 Application Deadline

7/24/08

TCAC Award Date

9124/08

) .

ATTACHMENT 6

PERMANENT SUPPORTIVE HOUSING PROGRAM (PSHP) 2007 ROUND 2 AMENDMENT NO.1 NOTICE OF FUNDING AVAILABILITY TIMELINE Bidders' Conference Applications Due

11/21107 12/3/07

End of Application Review Period

114/08

General Manager Review

1/7/08

Appeal Hearing

1114/08

Initial Recommendations

1/15/08

Draft Transmittal

2/4/08

Release Transmittal to Mayor

2/11108

HCED Committee

3/19/08

City Council

3/19/08

Mayor's Signature

3/24/08

TCAC Deadline (estimate) TCAC Award Dates (estimate)

4/9/08 6/11108

PRE·DEVELOPMENT

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