Casa De La Fuentes 335 W. Carrillo St. & 922 Castillo St.

Downtown worker housing

Casa De La Fuentes 335 W. Carrillo St. & 922 Castillo St.

Downtown worker housing

Downtown vacant drive-thru bank buildingw/ adjacent vacant lot behind.

Downtown vacant drive-thru bank buildingw/ adjacent vacant lot behind.

Zoning: C-2/R-3

Lot area: 33,750 sq. ft approx. ¾ of 1 acre

Base zoning allows for18 one bedroom units

121% Density increase requested121% Density increase requestedH.A. constructed 42 units (18 studios and 24 one bedroom units)

Also, 53 parking spaces required.H.A. granted parking modification to only provide 42 spaces due to downtown worker occupancy and small unit sizes.`

Project BudgetProject BudgetA. SITE ACQUISITION $790,000

B. SOFT COSTS

Developer Overhead & Project Management 40,000

Architect, Landscape Arch, Engineers, Soils & Survey 255,000

Legal & Accounting 10,000

Appraisal 5,500

City, School & Other Fees 84,000

Title, Escrow, Recording & Insurance 10,000

Misc. 23,000

TOTAL SOFT COSTS $427,500

C. CONSTRUCTION FINANCING $86,100

D. CONSTRUCTION CONTRACT $3,989,637

E. CONTINGENCY $200,000

F. TOTAL PROJECT COSTS $5,492,737

OR $130,780 PER UNIT

Project Funding SourcesProject Funding Sources

•HA Tax-Exempt Note $3,000,000

•RDA Deferred Loan $1,811,200

•HA Cash/Equity $ 681,537

Total Project Cost = $5,492,737