UCI Bank of American Low Income Housing Challenge 2012 - Village Station
Transcript of UCI Bank of American Low Income Housing Challenge 2012 - Village Station
16 May 2012
Village StationIrvine Community Builders
Bank of America Low Income Housing Challenge 2012
ACKNOWLEDGMENTS
Children and Families Commission of Orange CountyIrvine Housing OpportunitiesIrvine Housing OpportunitiesBank of AmericaJamboree HousingIrvine Campus Housing AuthorityKeyser Marston AssociatesWithee Malcolm ArchitectsWithee Malcolm ArchitectsWilliam Hezmalhalch Architects Inc.William Hezmalhalch Architects Inc.California Municipal Finance AuthorityCity of IrvineUniversity of California Irvine
Michael RuaneRochelle MillsPat Whitaker Maria Joyce
Michael MassieVictor Van Zandt
Julie RomeyDirk ThelenDan Withee
Denis J. Ashton, CGBPCathy Baranger, LEED AP, CGBP
Ben BarkerMark Asturias
Victoria Basolo, AICP
ACKNOWLEDGEMENTS
14. Design Overview15. Project Amenities15. Community Center16. Child Care Center16. Green Building Strategy16. Building and Interior16. Landscape17. Locally Sourced Material17. Education
26. Team Bio
DESIGN
UC IRVINE
ITABLE OF CONTENTS
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SITEMARKET ANALYSIS03. The Real Orange County04. Housing Burden05. Transit Oriented Design07. The Market08. Populations and Households08. Multi-family08. Demand Summary08. Jobs and Housing
10. Existing Conditions10. Surrounding Amenities12. Entitlements12. Parking13. Transit Priority Project
21. Sources and Uses of Funds21. Gap22. Tax Credit22. Irvine Community Land Trust22. Irvine Housing Opportunities22. HOME Funds23. Prop 49 Grant Funding
28. Proforma38. Rent Comparables39. Construction Budget40. Letters of Support44. TCAC46. Green Points Checklist58. Residential Unit Diagrams
18. Co-Developers18. Irvine Housing Opportunities19. Irvine Community Land Trust19. Service Partners19. Metrolink19. OCTA19. Community Engagement
01. Vision02. Project Overview
FINANCE
VISION
APPENDIX
PARTNERSHIP
1003
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1823. Limited Partner Equity23. Tax-Exempt Bond Financing23. Bank of America24. Multifamily Housing Program24. Permanent Financing24. Operating Expenses Savings24. Retail Space25. Retail Space
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VISIONVillage Station is the first affordable transit oriented development project in Orange County, California. The project is located adjacent to the Irvine Transportation Center on Barranca Parkway and a convenient distance to the regional Orange County Great Park, as well as the bustling Irvine Spectrum shopping center. The concept was developed by Irvine Community Builders (ICB) in conjunction with the development partners Irvine Housing Opportunities (IHO) and the Irvine Community Land Trust (ICLT). This vanguard project will create an accessible, livable and affordable community for those who desire transportation alternatives and a modern, sustainable lifestyle among ample open space.
This mixed-income project is a valuable asset to the Irvine community, as it provides a much needed supply of affordable housing for the City while maintaining the quality and character befitting for the master-planned city. Village Station will demonstrate that affordable transit oriented developments can succeed, and we expect our successful concept to be replicated throughout Southern California. It models a method that combines tax credits and private equity to finance a single project with multiple floor plans, two attractive building types and an assortment of neighborhood-enhancing amenities.
The project will provide a mix of family-style townhomes with above-grade urban apartment communities. In conformance with the form and character of the surrounding area, Village Station will achieve a moderately high density without sacrificing social/activity spaces or neighborhood appeal. The goals of Village Station are as follows:
• Creatingadevelopmentthatprovidesalternative transportation options to reduce residents’ reliance on private vehicles
• Creatingasafeandenjoyableenvironmentforfamilies with access to amenities both on and off-site
• Implementingsustainabledesignsolutionsusingthe GreenPoint Rating system
• Establishingafinanciallyviabledevelopment
Project Overview
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Developer
Irvine Community Builders
Partners
Irvine Housing Opportunities
Parcel Size
7 acres
Key Financing Sources
Tax-Exempt Bond (Construction)Tax-Exempt Bond (Permanent)Bank of America Construction LoanBank of America Permananct LoanCIty of Irvine HOME FundsIrvine Housing Trust GrantHCD MHPHUD FHA 221(D)(4)HUD FHA 2223(F)
Total Development Cost
$46,792,673
Unit Type
RentalMixed Income
Total Units
323
Unit Breakdown
92 Studios92 One Bedroom Units129 Two Bedroom Units10 Three Bedroom Units
Amenities
Community CenterChild Care CenterCommunity GardensBasketball CourtFitness RoomSwimming PoolBarbeque AreaTot Lot
MARKET ANALYSIS
The Real Orange CountyOrange County is located in the heart of Southern California and is bordered by Los Angeles County to the north, San Diego County to the south, Riverside and San Bernardino Counties to the east, and the Pacific Ocean to the west. The mild and warm Mediterranean climate from its close proximity to the Pacific coastline not only attracts a significant tourism economy, but has also attracted large suburban settlement in the last two decades. The County’s population has grown to 3,010,232 persons as of the year 2010 to become the third most populous county in Southern California, despite being the smallest Southern California county in area at 789.40 square land miles. Orange County also ranks second in number of jobs and firms among the Southern California counties and serves as the essential backdrop for headquarters of many Fortune 500 companies and other large employers. According to the 2012 Orange County Community Indicators report, Orange County is coming out of the economic downturn and into a gradual recovery. The County supported 1.47 million jobs by the second half of 2011 and is exhibiting a positive trend in per capita income growth. In continuing to keep up with the recovery, it is imperative that Orange County provide an adequate supply of diversified housing options for all socioeconomic groups.
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Housing BurdenThe greatest challenges precluding housing affordability for Orange County include the large differential between personal income and the high cost of living in Orange County, (Figure 1) and the affordable housing shortage for Orange County workers.
Despite the stabilization of housing prices after the post-crash low of July 2009, Orange County residents are still burdened with high housing costs. The cost of rent in Orange County outpaces the Housing Wage; wherein the required hourly wage to afford a one-bedroom unit at Fair Market Rent increased to $26.62 in 2012, up from $25.52 in 2011. This wage is equivalent to an annual income of $55,360 (Figure 2).
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Figure 1
Figure 2
Buying a home in Orange County reflects similar challenges. The median sale price of an existing single-family detached home in Orange County was $551,510 in July 2011, an increase from the median home sale price in 2010 of $514,180, while the median home value for Irvine is $559,000. The minimum household income required for a first-time homebuyer to purchase such a home in Orange County is approximately $67,900 (Figure 3). Irvine has a relatively high median income of $84,950. This income level is out or range for many occupations, as demonstrated in figures 4.
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As of the second quarter of 2011, approximately only 57% of households in Orange County could afford to buy an existing single-family home priced at 85% of the median home price. Because Orange County’s affordability rate is much lower in comparison to neighboring Riverside and San Bernardino counties, rental housing and multi-family housing have long been favored over single-family homes. Homeownership deferment by those entering into the workforce (i.e., Generation Y) is reflected in declining homeownership rates, while creating a demand for workforce housing in the form of apartments or starter homes. The challenge in creating affordable housing opportunities for the rapidly urbanizing County and its workforce must be met. The observed repercussion to high housing costs in Orange County has driven the workforce demographic outward in search of more affordable areas (Table 1), thus creating regional impacts of low-density development and traffic congestion that result from these long commutes.
Transit Oriented DevelopmentThe goal of Transit Oriented Development (TOD) is to build sustainable and equitable communities near or at transportation hubs by enhancing transit, bicycle, and pedestrian activity. TODs intend to reduce reliance on automobiles by creating access to alternative
Figure 3
Figure 4
Income Ranges for Occupation for Santa Ana, Irvine, and Anaheim
Income Category (% of AMI)
Annual Income Range, Orange County
Occupation Income Range (single earner household)
Occupation Income Range (two earner household)
Very Low Income = 0-50% AMI
Less than $42,100 •medical/dentalassistant•foodserviceworker•machinist•transitbusdrive
•vehicleequipmentcleaner•manicurist•dishwasher
Low Income = 51-80% AMI
Less than $67,360 •teacher•salesperson•constructionworker
•foodserviceworker•medicalassistant•grounds-keeper
source: Bureau of Labor Statistics, “Occupational Employment Statistics”, Santa Ana, Irvine, Anaheim Metropolitan Statistical Area. <http://data.bls.gov/cgi-bin/print.pl/oes/2010/may/oes_42044.htm>
modes of transportation. The potential for success in implementing Transit-Oriented Development for Orange County has reached a pinnacle. Vehicle hours of delay and the time spent commuting to work creates environmental, economic, and health-related impacts. According to the California Department of Transportation, Orange County experiences 9.7 million hours of annual vehicle hours of delay (Figure 5). Because of its proximity to Los Angeles, Riverside and San Bernardino counties, traffic delays in Orange County impact the greater Southern Californian region. The time spent commuting includes loss of productivity, with an estimated wage and salary loss of $424,000 per day in 2009. The lack of efficiency on freeways also creates undue impacts on the environment. In 2009, time spent in traffic consumed 16.7 million gallons of extra fuel and released 162,000 tons of carbon dioxide into the air, affecting regional air quality.
Meanwhile, transit is becoming a more attractive op-tion. The Village Station transit-oriented develop-ment is uniquely equipped to help ameliorate the impacts on Orange County traffic congestion while
creating a supply of much-needed affordable housing in Orange County, particularly because the project site is served by the Irvine Transportation Center. The Irvine Transportation Center is one of the most heav-ily used transit hubs in Orange County. It is served by Amtrak’s Pacific Surliner route and two Metrolink
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Figure 5
Place Median HH Income Median Housing Value-Single Family, Condo or New Home (2009-2010)
Los Angeles County $52,684 $429,500Riverside County $54,296 $227,900San Bernadino County
$52,607 $221,700
San DiegoCounty
$59,923 $407,000
Orange County $70,880 $528,200
City of Irvine $84,950 $559,000
California $57,708 $370,900
Table 1. Median Houshold Income and Median Housing Value Comparison for Souther California.
Source: ACS 2010 1-yr Estimates for Counties and State; ACS 2009 1-yr Estimate for City of Irvine
commuter rail lines. The Pacific Surfliner route, run-ning from San Diego to San Luis Obispo, is the sec-ond busiest Amtrak corridor in the United States, and Irvine is Amtrak’s 4th busiest station in California with 664,263 boardings in 2011.
Two Metrolink lines serve the Irvine Transportation Center – the Orange County Line and Inland Empire-Orange County Line. The Orange County Line runs between Oceanside and downtown Los Angeles, and the Inland Empire-Orange County Line runs between San Bernardino and San Juan Capistrano. Irvine is the 4th busiest Metrolink station, and the 2nd busiest in Orange County. In total, Orange County commuter rail lines serve 3,430,000 riders annually (Figure 6):
Currently, most Irvine Transportation Center users drive to the station and park in one of the 1,500 avail-able parking spots before hoping on a train or bus. This is not surprising, as over 90 percent of Irvine commuters rely on cars, while just over one percent ride transit. Village Station can help be a catalyst in turning these numbers around because it would pro-vide convenient pedestrian and bicycle access to the Irvine Transportation Center. According to various
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plans and projections, in two decades Village Station will be anchored in a more built-out version of Irvine where mass transit is the appealing alternative to con-gested freeways and high gas prices. Constructing Village Station is the first step in making this projec-tion a reality.
The MarketIrvine encompasses more than 65 square miles and is home to nearly 220,000 residents. The city is known for its excellent schools, has a reputation of being one of the nation’s safest communities, and is the major job hub for Orange County.
Village Station is located in the South Irvine neighborhood . The housing market in South Irvine is ripe for development due to its proximity to existing and projected job markets and surrounding amenities, including the Orange County Great Park, and a high level of demand for new housing. The Village Station project will respond to existing and projected needs with attractive mixed-income townhome and apartment housing. Our plan is informed by employment growth projections, household and population data, development trends of the surrounding area and the relationship between market and affordable rents. Village Station responds to rising demand for:
• Housingtoservesmallhouseholdsandfamilies
• Morediversehousingchoicesincludingmulti-family homes
• Livableneighborhoodswithaccesstotransportation options
• Affordablehomesforlower-incomehouseholds
• Housingtoservetheregion’sexistingandprojected employment growth
Figure 6
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Populations and HouseholdsIrvine experienced the highest population growth rate in Orange County, with a 48.4 percent increase between 2000 and 2010. As of 2010, Irvine had 76,172 households, a 20 percent increase over 2006. Census numbers indicate that single-person and two-person family households continue to be the most prevalent household types, as seen in figure 7 below. In terms of household type growth, two and four member family households experienced the highest growth rates of all types between 2005 and 2010 (figure 8).
Multi-familyIn both city and regional plans, the need for multi-family housing is stressed for areas near regional transit hubs, and specifically in the Great Park TOD Planning Area. The city has received support and feedback on the planning and construction of housing around the Great Park, with residents expressing nearly unanimous approval of housing construction in the area. Public engagement in the Great Park development plan revealed preferences for more diverse housing types, as opposed to only single-family developments, and higher density development of the transit station area. Recently, the city approved a 4,800 unit project in a nearby site rezoned to “Trails and Transit Oriented Development” in an effort to encourage biking and walking, in addition to transit use.
Demand SummaryIn an effort to propose a development project that captures real market demand, while also serving existing and future housing needs of the South Irvine neighborhood and Central Orange County region, Village Station will have housing unit types that correspond with current conditions and market trends. Labor market and housing type data underscored the need to serve one and two-person households, while also accommodating families of varying size on the same site.
Jobs and HousingIrvine’s job growth outlook is a key demand factor for Village Station. The Southern California Association of Governments (SCAG) projects an addition of 83,670 jobs and 34,193 housing units for Irvine by the year 2035. This information is conveyed in the MPO’s Conceptual Land Use Scenario, part of the documentation behind its Sustainable Communities Strategy (SCS) for the Los Angeles, Orange County
Figure 8: US Census, ACS 2005-2010
Change in Irvine Family Households
Figure 7: US Census, ACS 2010
and Inland Empire regions. The job growth figures for Irvine are by far the highest of any Orange County city, and come second only to Los Angeles in SCAG’s entire coastal region.
SCAG predicts that much of this job growth will occur in proximity to transportation hubs and corridors. The SCS specifically refers to the Irvine Spectrum and Irvine Transportation Center as key focus areas for employment growth. The Orange County Council of Governments has its own SCS plan that highlights South Irvine as one of the focal points for accommodating job growth through 2035.
The employment figures indicate a persistent demand for housing in South Irvine over the next two decades. In the midst of this demand, it will be important to
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ensure a regional housing supply at price levels sufficient to accommodate a range of income levels. Rent prices should be as diverse as the spectrum of wages in the region’s job market.
Many Irvine industry sectors that employ Orange County residents have experienced substantial growth over the past decade, as shown in the table below. Some of the industry sectors that dominate the South Irvine area have a tendency to employ low-wage earners. Examples include retail and food service jobs at Irvine Spectrum and service jobs at the transit station itself. Thus, there is an obvious need for below market-rate housing to serve the local employment centers, along with other regional labor markets that can be easily accessed by public transit.
Employment Growth for Selected Industries in Irvine 2000-2010Industry Employment 2010 Employment Growth 2000-2010 Percentage ChangeConstruction 2,816 721 34%Manufacturing 12,315 2,060 20%Retail Trade 8,088 460 6%Transportation, warehousing, and utilities 2,067 203 11%Educational services, health care, and social assistance 23,467 7,335 45%
SITEExisting ConditionsThe project site is a seven-acre undeveloped parcel in the South Irvine neighborhood, located in southeast Irvine close to the Orange County Great Park, Irvine Spectrum and the City of Lake Forest. The property is bordered by railroad tracks to the northeast and Barranca Parkway to the southwest. Barranca is a major arterial road that connects East Irvine with the Irvine Business Complex areas. This part of Irvine remains undeveloped but will likely see new construction activity due to completion of the Great Park and Heritage Fields plans. The project is centrally located with ready access to transportation. The site is close to I-5 and 405 freeways and is contiguous with the Irvine Transportation Center. The location is ideal for Orange County residents that work in Irvine or along a train line and want to reduce their commute.
Though housing is not currently prevalent in the immediate vicinity, we intend for this project to become the model for affordable housing and transit oriented development in this area. The site, with its proximity to transit, is ideally positioned for families of low and moderate income who rely on public transit as a means of travel.
Surrounding AmenitiesOur project’s proximity to transit makes it the ideal location for families and young professionals alike. The Village Station community is less than ¼ mile away from the Irvine Transportation Center. The transit center is served by both Metrolink and Amtrak commuter
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Context MapLegend
Site ParkRail
Bus Route
Bus Line
Transit
Commercial/Entertainment
xxx
.25 Miles
1 Mile
TargetStore(.9 Miles) Irvine Spectrum
Center
Orange CountyGreat Park
MetrolinkStation(.23 Miles)
Neighborhood Park (.6 Miles)
Site
188
188
211
211
206
480
480
758
86
90
86
FutureWalmart(.7 Miles)
188
D
D
211
206
206
206
INTERSTATE
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trains; providing a convenient option for traveling north to Los Angeles, south to San Diego, and east to San Bernardino. The Irvine Transportation Center also provides LAX FlyAway service, a convenient non-stop bus service to the Los Angeles International Airport.
In addition to easy access to the regional rail system, Village Station is conveniently located within ¼ mile to a number of major bus routes serviced by the Orange County Transportation Authority and the Irvine Shuttle (I-Shuttle). A brief 10 minuet ride on Route D of the I-Shuttle will bring residents to the Irvine Spectrum. The Irvine Spectrum is a regional commercial and entertainment area offering retail, dining, leisure, and a full-scale supermarket. The Orange County Transportation Authority bus routes will allow our residents to travel locally (Costa Mesa, Laguna Hills, and Tustin), intra-county (Santa Ana and Seal Beach), and inter-county (Chino).
The vacant parcel to the immediate north west of our site will be dedicated as a public park. The park will be approximately 2.5 acres and provide a lush green buffer between our residential community and the existing Irvine Transportation Center parking lot.
EntitlementsThe proposed site for Village Station is under the jurisdiction of the City of Irvine. The parcel is currently zoned 3.2 – Transit Oriented Development. Under this zoning, our project is entitled to up to 20% parking reduction. Our proximity to multiple transit options along with an on-site zip car and carpool program will allow us to reduce the need for parking and fulfill our commitment to supporting regional and local transit options.
ParkingBy building transit oriented development for the
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Zoning and Development Standards
Zoning Transit Oriented DevelopmentIntensity standard 10.0 to 50.0 dwelling units per nect acreMinimum site size .025 acre (all uses except single-family detached)Maximum site coverage 65%Maximum building height 70 feetMinimum site landscaping 15%Building setbacks from: Major highways 45 feet Primary highways 45 feet Secondary highway In nonresidential areas 35 feet In residential areas 45 feet Commuter highways & local streets: Adjacent to nonresidential areas 15 feet Building to building 10 feet
Off-Street Parking Requirements*Attached development, rental and low or moderate income ownership:Resident Studio: 1 space/unit (1 covered)
1 bedroom: 1.4 spaces/unit (1 covered)2 bedroom: 1.6 spaces/unit (1covered)3 or more bedrooms: 2 spaces/unit (1 covered)
Visitor 1 space/4 dwelling unitsCommunity Center, Public 1 stall per 50 square feet of gross floor areaPool, private (in apartment) 1 stall/600 square feet of water surface areaChild care, preschool, nursery school 1 space/staff member, plus 1 space/5 children
1 space/10 children if adequate drop-off facilities provided
*The total TOD off-street parking requirement may be reduced by up to 20 percent.
Irvine of today, we are faced with the challenge of accommodating vehicle use while building at a sufficient density and preserving spaces for pedestrian use, activities and site amenities. This can be done by minimizing the amount of site area dedicated solely to automobile storage. The two 64-unit complexes fronting Barranca will include two story parking garages underneath four stories of housing. This will serve as permanent parking for residents and could become overflow lots for the transit station, if underutilized.
The town-house structures are designed to make efficient use of parking space as well. They provide on-grade tandem garage stalls in back of the townhomes, with three stories of apartment flats above. The remaining parking requirements can be attained in back of the site. If necessary, parking lots contiguous with basketball courts can become surfaces that occasionally flex from active recreation to overflow parking.
Transit Priority Project (TPP) readinessVillage Station will be TPP ready by including a checklist of features specified in legislation currently
underway to authorize infrastructure finance districts that would support transit accessible projects that meet affordable housing inclusion thresholds. Due to the uncertainty over SB 1417 and Irvine’s willingness to establish an IFD, we will not count on this as a source of funds. However, there are several steps we will take to prepare for a TPP designation. These include provision of:
• On-sitebicycleparking• Carsharingprogram• Recyclingfacilities
Subject to adoption of an infrastructure finance district in the Irvine Transportation Center planning area, we maintain the option of including in the budget a program to provide transit passes to residents for ten years. The other three TPP requirements mentioned will be provided regardless of IFD approval. Bicycle parking will be located near the basketball courts and in the two complexes fronting Barranca. The car sharing program will also be located in the complexes fronting Barranca. We anticipate a car sharing program to be a viable alternative to owning a car, especially for residents who commute from the Irvine Transportation Center each day.
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DESIGN
Design OverviewGuided by the principals of sustainability and good design, the homes at Village Station will aim to achieve the highest level of energy efficiency without compromising affordability. As the pioneer of Transit Oriented Development (TOD) for this area of Irvine, Village Station will set the standard for all future TOD developments.
The design of Village Station consists of two prominent six-story residential structures fronting Barranca Parkway. Four levels of residential units are situated above two levels of parking. These two buildings will act as anchors for our community and enliven the neighborhood by creating an attractive pedestrian environment.
Situated behind the 2 large residential structures are a series of townhomes. These townhomes consists of 3 levels of residential units above an on-grade parking garage. Tandem parking will be utilized for these units to provide an efficient means of vehicular storage. Intimate residential courtyards placed along the interior walkway will allow residents to host small outdoor events; effectively extending their living space to the outdoors.
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Barranca Parkway
Metrolink Railway
Future Park
Child Care Center
Tot Lot
Lawn
Pool/BBQ Area
Residential Courtyards
Community Gardens
Basketball Court
Community Center/Fitness Room
Residential Courtyards
Residential Over Parking
Townhomes
Agricultural Field
Project AmenitiesVillage Station amenities are designed to enhance the lifestyle of its residents and to be indistinguishable from existing market-rate housing communities located within the surrounding areas. Our project will include a spacious community center for gatherings and social activities, child care services, tot lot, passive and active open space areas, community gardens, swimming pool, and a barbeque area. The design of the landscape will be naturalistic, with ample space for a variety of recreational activities. Generous planting of trees will provide much needed shade for the hot Southern California summer months and reduce
the heat island effect. New pedestrian bridges will provide linkage between our residential community and the Irvine Transportation Center.
Community Center1,900 SF of community center space will be available for the enjoyment of our residents, as well as the public. Monthly community events will be held at the center to promote interaction and enhance the general community atmosphere. The center will offer a variety of classes ranging from topics on health to financial literacy.
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Child Care CenterOn-site child care services will be open to the public and provided to our affordable housing residents at a discounted rate. The child care center will also serve as a before and after school refuge for school age children, where tutoring and recreational activities will be offered.
Green Building StrategyIrvine Community Builders is committed to sustainable development. From the location of the project to the appliances we choose, our environmentally conscience approach in creating this community will not only provide a more healthful environment for our residents, but will also promote and protect the health of the environment. We plan to construct our community with the larger environment in mind by bringing a positive environmental impact to the surrounding areas. Village Station will incorporate cost efficient ideas that help to reduce the carbon footprint of the buildings and residents. In addition to lowering the carbon footprint, optimizing building efficiency will lower operating costs.
We have chosen Build It Green’s GreenPoint rating system as the environmental standard to which our project’s design will adhere to. We chose Build It Green over LEED due to its relevance to the State of California building standards. Additionally, the cost associated with LEED seems at odds with our goal of developing affordable housing. The funds we would otherwise spend on LEED certification can be better spent by adding additional building and site features to make our project more energy efficient.
Irvine Community Builders is targeting a 177 GreenPoint rating
Building and InteriorThe homes at Transit Village will be designed and constructed using the latest energy efficient construction techniques. The construction methods and materials used will ensure an energy efficient building envelope to prevent heat loss and reduce energy use for heating and cooling. ENERGY STAR rated windows that are double-paned and double-glazed with Low-E insulating glass will be installed to further reduce energy loss. Every unit will also be equipped with ENERGY STAR rated appliances and WaterSense labeled fixtures.
A green switch system with green outlets will be installed in every Village Station home. This technology will allow for an easy “one switch” method for our residents to turn off all non-essential electrical items at once. This reduces needless energy consumption (phantom electricity use) and lowers electricity usage by 15%.
For the health of our residents, we will use low VOC paints, coatings, caulks, construction adhesives, and sealants to reduce exposure to chemical vapors. HVAC equipment will be covered and protected during construction and preoccupancy flush-out will be conducted prior to tenancy.
LandscapeOur green strategy is inclusive of the outdoor environment. The landscape palette will consist of California native and drought tolerant shrubs, grasses, and trees to minimize the need for irrigation. Lawn will be used minimally and in selective areas for the purpose of passive recreation. Our landscape strategy will include the use of bioswales for on-site stormwater management. Bioswales will also
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reduce the speed of stormwater run-off, encouraging infiltration and lessening the burden on storm drain systems during heavy rain fall. Bioswales will also act as filters, removing pollutants from storm run-off prior to its entry into the larger storm drain system. Run-off from the roof areas will be channeled into landscape areas whenever possible to encourage infiltration.
Landscape areas will be hydrozoned for efficient irrigation. A pressure regulated irrigation system, rain sensors, drip irrigation, and sprinkler heads with matched precipitation rates will be used to achieve maximum irrigation efficiency.
Assembly Bill (AB 1881), the Water Conservation in Landscaping Act of 2006, requires cities and counties, including charter cities and charter counties, to adopt landscape water conservation ordinances by January 1, 2010. The strategies described will allow us to comply with the Model Water Efficient Landscape Ordinance as well as adhere to the City of Irvine Sustainability in Landscaping Ordinance and Guideline Manual.
Locally Sourced MaterialsIrvine Community Builders supports our local economy and will strive to maximize the use of local materials for this project. Sourcing locally will also reduce transportation costs and facilitate the construction process.
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EducationIn addition to green building strategies, we will promote the value of sustainability to our residents by providing each household with a “Green Goodie Bag” upon move-in. The “Green Goodie Bag” will be a reusable canvas bag containing a starter kit of green household products and educational pamphlets describing the environmental features of their home and tips for energy conservation.
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PARTNERSHIPCo-DevelopersVillage Station is developed in partnership with the following agencies:
Irvine Housing Opportunities (IHO)Irvine Housing Opportunities, Inc. (IHO) is a federally recognized Community Housing Development Organization (CHDO) and non-profit affordable housing advocate group serving the Southern California area. Since the time of inception in July 1976 through a cooperative effort of the City of Irvine, the Irvine Industrial League, and the Irvine Company, IHO has earned the respect of community partners, local officials and stakeholders for their experience owning and operating quality permanent affordable homes, as well as their involvement in all aspects of property development. IHO is passionate about providing exceptional social services for improving quality of life for its residents, and remains committed to developing exceptional affordable rental housing that is financially sound and sustainable.
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Irvine Community Land TrustThe Irvine Community Land Trust (ICLT) was established in 2006 by the City of Irvine. It is dedicated to providing affordable housing opportunities for the community and region. The ICLT develops and preserves both rental and ownership units.
Service PartnersIn order to encourage Village Station residents to regularly use the available transit services at the Irvine Transportation Center and to truly engage in a TOD community, our team proposes educational transit sessions and the provision of free ridership passes for a set period time as residents transition into the community with the following service partners:
MetrolinkMetrolink was created in 1992 and is operated by the Southern California Regional Rail Authority (SCRRA) to serve as the link to Los Angeles, Orange, Riverside, San Bernardino, Ventura, and North San Diego counties. The agency serves in conjunction with five Southern California agencies tasked with reducing highway congestion and improving efficiency throughout the region, including: Los Angeles County Metropolitan Transportation Authority (Metro), Orange County Transportation Authority, Riverside County Transportation Commission, San Bernardino Associated Governments and Ventura County Transportation Commission. The agency continuously seeks creative, progressive and collaborative solutions to promote investment, develop partnerships and increase capacity to improve the mobility of Southern Californians.
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Orange County Transportation AuthorityThe Orange County Transportation Authority (OCTA) was founded in 1991 and consolidated seven separate transportation agencies to form a single, multi-modal transportation agency that serves the whole of Orange County through countywide bus and paratransit service, Metrolink rail service, the 91 Express Lanes toll facility, freeway, street and road improvement projects, and motorist aid services. Their strategic goals of increasing efficiency and eliminating duplicate functions saves county taxpayers millions of dollars.
Community EngagementIrvine Community Builders has been fortunate thus far to have received positive feedback and beneficial assistance from the City of Irvine with regards to developing a mixed-use, multi-income community. The projected outlook in community engagement entails reaching out to the community stakeholders, elected officials, potential businesses, and transportation agencies for cooperation in the development. With the help of our partner organization, Irvine Housing Opportunities, we will develop tenant selection procedure that will rank applicants according to the workforce housing concept. Tenants employed locally will be given first priority. Employees at local business centers like Irvine Spectrum and Irvine Business Complex East would benefit most from housing opportunities that shorten their commute times and fit their budgets. Due to project’s proximity to the Irvine Transportation Center, employees of Metrolink and Amtrak, along with people who work along transit routes throughout Orange County will also receive priority for housing.
BANK OF AMERICA LOW INCOME HOUSING CHALLENGE 201219
FINANCE
Irvine Community Builders has worked hard to provide a solid financial foundation for the project. We have identified several different sources of funding and several different financing alternatives that will ensure the financial viability of Village Station. We are confident that our financial projections are conservative and realistic. Although we will be applying for the 9% tax-credit, we are unsure about this funding source due to the large scale and mixed-income nature of the project. To ensure the viability of the project we have secured tax-exempt bond financing that will cover at least 51% of the project’s hard constructions costs, which will also guarantee us a 4% tax-credit equity source. A market-rate ground lease from the City of Irvine also acts as another financing mechanism for the project by lowering upfront costs and providing lenient payment options. We have also taken measure to ensure that the loss of any one funding source will not prevent the feasibility of Village Station, and that back-up sources have been identified to ensure that the project will move forward as planned.
California Low-Income Housing Finance is in somewhat of a turmoil following the 2008 recession and financial crisis and the dissolution of California Redevelopment Agencies. Redevelopment agency funds were a major source of low-income housing finance in California. However,
20VILLAGE STATION
The 9% model would be preferable because it requires less funding sources.
Sources and Uses of Funds
GapThe term GAP funding referred to above and in the financial proforma is the additional funding required in the event that the number is positive, and additional funds available at the time of conversion to permanent financing if the number is negative. If the GAP funding
interest rates are still low and tax-credit yield rates have increased to their pre-recession levels. These increased yields have helped close the funding gap for many low-income projects.
The project will go through two distinct funding stages. The breakdown of the capital stack for each phase can be shown below:
BANK OF AMERICA LOW INCOME HOUSING CHALLENGE 2012
IRVINE CO UNITY BUILDERS
21
is a negative number with a higher absolute value than the LP Equity, then the LP Equity will be paid out at the time of conversion to permanent financing. GAP simply refers to additional funds needed if it is positive, and additional funds available if it is negative.
Tax CreditIn 2011, tax-credits in Orange County sold at a rate of $0.91 to $1.10 per credit. Other than two projects located in the cities of Orange and Anaheim, all tax-credits in Orange County sold for at least $1.00 per credit. This makes the tax-credit a great source of low-income housing funding for our project. Irvine Community Builders believes that the Village Station project would be a strong competitor for the 9% Low-Income Housing Tax-Credit. Sale of the 9% tax-credit would result in anywhere from $19,346,202 to $21,277,434 in equity for the project. However, the mixed-income nature of the project may make it less competitive for the 9% tax-credit. Because of this we have identified a backup plan in the event that we do not receive the 9% tax-credit.
Since we have commitment for tax-exempt bond financing for the project that will cover more than 50% of the project’s hard costs, we are guaranteed to receive the 4% tax-credit. This tax-credit will yield between $6,836,888 and $7,685,578 of equity for the project. The remaining equity required for the success of the project can came from several sources:
Irvine Community Land TrustIn the event that we do not receive the 9% Low-Income Housing Tax-Credit financing, the Irvine Community Land Trust has dedicated $2,000,000 in funding for the project from its Community Development Block Grant award from the City of Irvine. This money will help close the major gap needed to make the low-income
portion of this project viable. The Irvine Community Land Trust believes that this is a pioneering mixed-income transit-oriented project and is certain a TOD is the best possible use for this land.
The Irvine Community Land Trust has also agreed to lease the land to Irvine Community Builders at market-rate with favorable terms in exchange for a rent participation in the project. Village Station will pay $840,000 per year for the ground lease plus 25% of its Net Operating Income. The Village Station project will only begin making lease payments once the project has attained positive cash flow.
Irvine Housing OpportunitiesThe Irvine Community Land Trust has also agreed to lease the land to Irvine Community Builders at market-rate with favorable terms in exchange for a rent participation in the project. Village Station will pay $840,000 per year for the ground lease plus 25% of its Net Operating Income. The Village Station project will only begin making lease payments once the project has attained positive cash flow.
IHO, in their commitment to making Village Station a success, has also agreed to cover any GAP in funding that may arise in the project if we fail to receive any one of our funding sources. IHO is prepared to lend money at below market-rates or contribute more equity to the project if a limited partner cannot be found.
City of Irvine HOME FundsThe City of Irvine receives $400,000 in Home Investment Partnership (HOME) Funds annually from the U.S. Department of Housing and urban Development. This grant money is used to benefit lower-income residents of Irvine through the funding
VILLAGE STATION 22
of non-profit service providers and capital expenditure projects. We believe that the project may be eligible for up to the full award.
Prop 49 Grant FundingThe on-site childcare center at Village Station will be open to the public and available for before and after school program uses, such as tutoring, homework help, and educational enrichment. We believe that this would make our project eligible for Prop 49 Grant funding for the expenses of building the childcare center, totaling to $190,000.
Limited Partner EquitySixty percent of our project is market rate and would provide a great opportunity for an equity investor. Equity investors typically look to invest a about $5,000,000 into a project and expect internal rates of return (IRR) of about 20% per year. This is a very expensive form of project financing, but it may be necessary in certain finance scenarios. A limited partner investor would be used to help cover equity requirements through construction. Our conservative projections show that the LP Investor would likely receive about a 30% IRR for their participation in the project, with the downside scenario resulting in about a 1% IRR, and an upside scenario resulting in a 45% or higher IRR.
Tax-Exempt Bond FinancingTax-exempt bond financing will be issued by the California Municipal Finance Authority in the event that we do not receive 9% tax-credit funding. This construction financing will fund at least 51% of the project’s hard cost, which will guarantee us award of the 4% tax-credit. Bank of America has committed the $32,522,167 in funds for the bond financing through
a private placement transaction. We decided to go with a private placement transaction due to the high volatility of the SISMA Index in the current lending environment that has made the cost of a public offering unreliable. This volatility, coupled with the short-term duration of the loan makes the lower transaction cost and fixed-rate nature of a private placement deal more attractive to the needs of the project. Due to the prime location of the property and strong market fundamentals, Bank of America has agreed to a rate of LIBOR + 150 basis points during the 24 month construction period, and a conversion to permanent financing at a rate of 5.25% fixed, amortizing over 30 years with a maximum loan-to-value of 80% and a maximum debt service coverage ratio of 1.2.
Bank of AmericaAs well as committing to be the lender for our tax-exempt bond financing, Bank of America has also committed additional construction financing to the project. This loan will help cover the added funds needed after funding of the tax-exempt bond financing and will pay off the balance of the bond financing between the phase of construction completion and stabilization. This construction loan will be based on LIBOR + 200 basis points at the time of issuance and will fund the project through stabilization, at which time permanent financing will be issued to pay out the balance of the construction loan. The most recent quote for this loan was 3.25%.
Bank of America has also committed conventional funds for the transition to permanent financing at a rate of 6.1% based on a 24 month forward, 18-year term, and 30 year amortization schedule. This conventional loan will be retained as another financing option in the event that we need to be more flexible to meet equity requirements.
IRVINE CO UNITY BUILDERS
BANK OF AMERICA LOW INCOME HOUSING CHALLENGE 201223
Irvine Community Builders has also considered using a 7-year adjustable rate mortgage (ARM) financing for short-term permanent financing that would utilize a lower interest rate in order to be more flexible and meet the needs of potential limited partner equity investors. Interest rates for adjustable ARM loans are also based on LIBOR and will have similar rates to the construction financing. This financing model would be used to satisfy the needs of a short-term equity investor.
Multifamily Housing ProgramVillage Station could benefit from a low interest rate loan from the Department of Housing and Community Development’s Multifamily Housing Program. This loan would cover up to $45,000 per low-income unit in the project and would have a rate of 3% plus a principle payment of .42% of the loan balance. Village Station would be eligible for a loan of up to $5,850,000. This loan would definitely be used in any scenario since it is the lowest cost capital available to the project. The proceeds of this loan will be used to pay-off the balance of the conventional construction loan provided by Bank of America.
Alternative Financing ScenariosThere are two different funding options that we have considered for the permanent financing of the project. The first is FHA 221(D)(4) financing which is federally insured financing used to help fund for-profit developments that contain low-income housing units. Village Station qualifies for this loan because 40% of the units are set-aside for families earning below 60% of the area median income. 221(D)(4) financing rates are currently around 3.5%, plus a mortgage insurance premium of about .45%. 221(D)(4) would be used as a construction loan that would change to permanent financing upon completion and stabilization.
After operating for a few years, Village Station would also qualify for FHA 223(F) financing which could be used to transition the project from tax-exempt bond financing. This loan may be preferable to tax-exempt bond financing because rates are lower, currently under 3.5%, plus a mortgage insurance premium of about .45%. This would result in an overall lower long-term cost, but would incur additional transaction costs due to the cost of additional finance charges.
Permanent financing will ultimately be chosen based on the needs of the limited partner equity investor.
Operating Expenses SavingsWe are very proud to state that Village Station has a Build It Green Score of 177 points. Because of environmental measures taken into consideration in the project design, we believe that residents, as well as property management, will benefit from reduced utility expenses. Village Station has also been underwritten with operating expenses that are higher than the Minimum Operating Expenses for projects in Orange County, roughly $900 more per unit on an annual basis. These operating expenses are on par with luxury apartment communities in the area, which means that all residents will benefit from higher than standard services. However, we believe that Village Station will be able to realize lower total operating costs than what we have underwritten in the proforma.
Retail SpaceThe team would like to further evaluate the tenability of resident-serving retail on the site. This would allow for additional project revenue and better residential experience for our tenants. There is currently vacant retail space at the Irvine Transportation Center; however, we would like to further evaluate the
VILLAGE STATION 24
feasibility of including on-site services such as a dry cleaner or café that could also benefit from the high traffic of Irvine Station.
Development TimelineDesign & Entitlement (12-15 months) - The land is currently under contract with the City of Irvine and will be transferred to the Irvine Community Land Trust once our entitlements have been completed. The project is currently being prepared for submittal to planning commission. Six to nine months is being allowed for this process in the event that conditions are made and further plan check is required. After the project has been approved final construction drawing will be commissioned. Another 6 months has been allowed for the creation of working drawings and submittal for a building permit.
It is our intention to achieve planning approvals and issuance of a building permit in less than 12 months’ time, though we are committed to the quality of the final product over time considerations.
Funding (3 Months) - After the building permit has been issued we will obtain final construction bids and financing commitments. The project will be shopped out to equity investors to acquire any needed equity capital. It is our intention to continually market the project to capital sources through the design process to assure that the end product is a marketable investment.
Once we have found an investor for the project we will open a draw account on the constructions loans for construction costs and begin the construction phase.
IRVINE CO UNITY BUILDERS
BANK OF AMERICA LOW INCOME HOUSING CHALLENGE 2012
Construction (15 months) - During this time the project will be constructed using the hired general contractor and construction costs will be paid from equity sources and the construction loan as needed. Emerald Pacific believes that they can complete construction within 15 months of funding. The use off-site construction techniques will allow for a reduced construction time and a quicker move to lease-up and eventually cash flow.
Lease-Up (12 months) - Irvine Community Builders and Irvine Housing Opportunities believe that inclusion of a strong property management team early in the development process is key to project success. Barker Managements has been retained for their experience in mixed-income property management to begin working with Irvine Community Builders to ensure that a proper marketing strategy is designed for lease-up. Pre-leasing specials will be offered while the project is still in construction. Free rent, ranging from one to three months,and reduced security deposit, along with other incentives, will be offered to those who sign up early. This will help avoid prolonged high vacancy rates through the first year by moving people in as soon as possible and creating a sense of community.
25
UC IRVINEJared RiemerMaster of Urban and Regional Planning, 2nd Year
Jared completed his undergraduate degree in Social Science at San Diego State University. He is currently working in real estate development managing the design and entitlement of mixed-use and market-rate multifamily projects.
Brittany SeniffMaster of Urban and Regional Planning, 2nd Year
Brittany completed her undergraduate degree in History/Public Affairs at UCLA. She is interested in land use and sustainability and hopes to work on
long-range planning projects in the future.
Ivana YeungMaster of Urban and Regional Planning, 2nd YearIvana completed her undergraduate education at UCI with a degree in Social Ecology/Urban Regional Planning. She is interested in environmental and land use planning, and hopes to work on redevelopment
projects in the future.
Laurel ReimerMaster of Urban and Regional Planning, 2nd Year
Laurel completed her undergraduate degree in Geography/Environmental Studies at UCLA. She is interested in promoting sustainability through transportation and hopes to work in non-motorized transportation planning in the future.
Mandy Leung, LEED AP Master of Urban and Regional Planning, 1st Year
Mandy completed her undergraduate degree in Landscape Architecture at UC Berkeley. She is interested in the development aspect of affordable housing and hopes to work for a builder of affordable housing in the future.
Jared WrightMaster of Urban and Regional Planning, 2nd YearJared completed his undergraduate degree in Interdisciplinary Humanities at the University of San Diego. His graduate research focuses primarilyon affordable housing policy and development in California cities.
VILLAGE STATION 26
APPENDIX
• Proforma
• RentComparables
• ConstructionBudget
• LettersofSupport
• TCAC
• FinanceReview
• GreenPointRatingChecklist
• ResidentialUnitDiagrams
BANK OF AMERICA LOW INCOME HOUSING CHALLENGE 201227
Uni
t Mix
Affo
rdab
le R
ents
@ 6
0% A
MI
Mar
ket-‐
Rate
Ren
tsU
nits
Sq. F
t.#
of U
nits
Tota
l Sq.
Ft.
Uni
ts#
of U
nits
Annu
al R
ent
Sq. F
tU
nits
# of
Uni
tsSq
. Ft.
Rent
Sq.
Ft.
Gros
s Ren
tsTo
tal R
ents
Studio C
600
3219,200
Studio C
0-‐
$
0Studio C
32600
2.53
1,518
$
583,047
$
1bd/1bth C
730
3223,360
1bd/1bth C
16197,760
$
11680
1bd/1bth C
16730
2.27
1,658
$
318,279
$
2bd/2bth C
1,000
6464,000
2bd/2bth C
38560,880
$
38000
2bd/2bth C
261,000
2.02
2,016
$
629,102
$
Studio A
630
6037,800
Studio A
0-‐
$
0Studio A
60630
2.53
1,594
$
1,147,874
$
1bd/1bth A
910
4036,400
1bd/1bth A
20247,200
$
18200
1bd/1bth A
20910
2.27
2,066
$
495,948
$
2bd/2bth A
1,000
2020,000
2bd/2bth A
11162,360
$
11000
2bd/2bth A
91,000
2.02
2,016
$
217,766
$
3bd/2bth A
1,426
1014,260
3bd/2bth A
10167,400
$
14260
3bd/2bth A
01,426
1.95
2,781
$
-‐$
1bd/1bth B
841
2016,820
1bd/1bth B
10123,600
$
8410
1bd/1bth B
10841
2.27
1,910
$
229,172
$
2bd/2bth B
1,150
4551,750
2bd/2bth B
25369,000
$
28750
2bd/2bth B
201,150
2.02
2,319
$
556,514
$
Tota
l32
328
3,59
0To
tal
130
1,82
8,20
0$
13
0,30
0To
tal
193
153,
290
2.27
4,17
7,70
1$
Affo
rdab
ility
Res
tric
ted
Rent
sIn
com
e &
Exp
ense
sU
nder
writ
ing
Bedr
oom
sFM
R60
% A
MI
50%
AM
I30
% A
MI
Inco
me
Amou
ntPe
r Uni
tTo
tal P
roje
ct C
ost
50,0
31,0
95$
1 bedroo
ms
1,384
1,084
903
542
Porential Rental Incom
e6,005,901
$
18,594
$
Value
43,214,266
$
2 bedroo
ms
1,652
1,300
1,083
650
Vacancy
300,295
$
930
$
Loan to
Value
84.4%
3 bedroo
ms
2,338
1,503
1,252
751
Effective Rental Income
5,705,606
$
17,664
$
Loan to
Cost
72.9%
Other Income
198,322
$
614
$
DSCR
2.53
Util
ity A
llow
ance
sGr
oss O
pera
ting
Inco
me
5,903,928
$
18,278
$
Debt to
Yield
7.11%
Bedr
oom
sW
/o W
ater
Incl
. Wat
erCapitalization rate on Co
st5.18%
1 bedroo
ms
3954
Expe
nses
Amou
ntPe
r Uni
t2 bedroo
ms
4770
Taxes &
Licenses
479,710
$
1,485
$
Perf
orm
ance
Mea
sure
s3 bedroo
ms
76108
Labo
r484,500
$
1,500
$
LP Equity IRR %
19.20%
Admin
37,468
$
116
$
IHO IRR %
9.03%
Affo
rdab
ility
Res
tric
ted
Rent
s aft
er U
tility
Allo
wan
ces
Repairs & M
aintenance
152,779
$
473
$
Bedr
oom
sFM
R60
% A
MI
50%
AM
I30
% A
MI
Advertising & Promotion
59,755
$
185
$
Sum
mar
y of
Cos
ts1 bedroo
ms
1,330
1,030
849
488
Utilities
290,700
$
900
$
Cons
truc
tion
Budg
etAm
ount
2 bedroo
ms
1,582
1,230
1,013
580
Insurance
76,228
$
236
$
Land
Cost
-‐$
3 bedroo
ms
2,230
1,395
1,144
643
Managem
ent
177,118
$
548
$
Developm
ent
2,751,244
$
Misc
16,150
$
50$
City Fees
2,000,000
$
Cons
truc
tion
Fund
ing
Sour
ces
Replacem
ent R
eserves
48,450
$
150
$
Constructio
n40,103,429
$
Loan
Sum
mar
yAm
ount
Inte
rest
Grou
nd Lease
1,488,214
$
4,607
$
Operatio
nal Expenses
1,938,000
$
Tax-‐Exem
pt Bon
d32,522,167
$
2.75%
Tota
l Exp
ense
s3,311,072
$
10,251
$
Tota
l Cos
t exc
l. Fi
nanc
e46,792,673
$
Constructio
n Loan
3,970,030
$
3.25%
Tota
l Loa
ns36,492,197
$
2.80%
Net
Ope
ratin
g In
com
e2,592,856
$
8,027
$
Fina
nce
Cost
sAm
ount
Constructio
n Loan Interest
2,302,618
$
Equi
ty S
umm
ary
Amou
ntDe
bt S
ervi
ce1,023,386
$
3,168
$
Financing Co
sts
935,805
$
Tax-‐Credit Equity
6,836,888
$
Tota
l Fin
ance
Cha
rges
3,238,422
$
Irvine Ho
using Trust G
rant
2,000,000
$
Cash
Flo
w1,569,470
$
4,859
$
Irvine HO
ME Funds
400,000
$
Varia
bles
Tota
l Pro
ject
Cos
t50
,031
,095
$ Prop
49 Grant
190,000
$
Vacancy
5%Finance Ch
arges
1.25%
LP Equity
3,362,010
$
Inflatio
n0%
Debt Loan to Cost
75.0%
Publ
ic S
ubsi
tdy
IHO Equity
750,000
$
Bond
LTV
75%
Developer Fee
2,001,244
$
Per U
nit P
ublic Subsid
y72,515
$
Tota
l Equ
ity13,538,898
$
Tax-‐Credit
3.18%
Tax-‐Credit Yield
100%
Tota
l Pub
lic S
ubsi
dy9,
426,
888
$
GAP
(1,8
79,9
70)
Stabilizatio
n12
Constructio
n Time
15Cap Rate
6.00%
Investor Equ
ity3,362,010
$
Co
nser
vati
ve S
cena
rio
Co
nstr
ucti
on
Pro
form
a
VILLAGE STATION 28
12
34
56
78
910
1112
1314
1516
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
Income
Market R
ate Rent
4,177,701
$
4,177,701
$
4,177,701
$
4,177,701
$
4,177,701
$
4,177,701
$
4,177,701
$
4,177,701
$
4,177,701
$
4,177,701
$
4,177,701
$
4,177,701
$
4,177,701
$
4,177,701
$
4,177,701
$
Affordable Rent
1,828,200
$
1,828,200
$
1,828,200
$
1,828,200
$
1,828,200
$
1,828,200
$
1,828,200
$
1,828,200
$
1,828,200
$
1,828,200
$
1,828,200
$
1,828,200
$
1,828,200
$
1,828,200
$
1,828,200
$
Gross P
otential Incom
e6,005,901
$
6,005,901
$
6,005,901
$
6,005,901
$
6,005,901
$
6,005,901
$
6,005,901
$
6,005,901
$
6,005,901
$
6,005,901
$
6,005,901
$
6,005,901
$
6,005,901
$
6,005,901
$
6,005,901
$
Other Income
198,322
$
198,322
$
198,322
$
198,322
$
198,322
$
198,322
$
198,322
$
198,322
$
198,322
$
198,322
$
198,322
$
198,322
$
198,322
$
198,322
$
198,322
$
Vacancy Loss
300,295
$
300,295
$
300,295
$
300,295
$
300,295
$
300,295
$
300,295
$
300,295
$
300,295
$
300,295
$
300,295
$
300,295
$
300,295
$
300,295
$
300,295
$
Gross O
peratin
g Income
5,903,928
$
5,903,928
$
5,903,928
$
5,903,928
$
5,903,928
$
5,903,928
$
5,903,928
$
5,903,928
$
5,903,928
$
5,903,928
$
5,903,928
$
5,903,928
$
5,903,928
$
5,903,928
$
5,903,928
$
Expe
nses
Taxes &
Licenses
479,710
$
479,710
$
479,710
$
479,710
$
479,710
$
479,710
$
479,710
$
479,710
$
479,710
$
479,710
$
479,710
$
479,710
$
479,710
$
479,710
$
479,710
$
Labo
r484,500
$
484,500
$
484,500
$
484,500
$
484,500
$
484,500
$
484,500
$
484,500
$
484,500
$
484,500
$
484,500
$
484,500
$
484,500
$
484,500
$
484,500
$
Admin
37,468
$
37,468
$
37,468
$
37,468
$
37,468
$
37,468
$
37,468
$
37,468
$
37,468
$
37,468
$
37,468
$
37,468
$
37,468
$
37,468
$
37,468
$
Repairs & M
aintenance
152,779
$
152,779
$
152,779
$
152,779
$
152,779
$
152,779
$
152,779
$
152,779
$
152,779
$
152,779
$
152,779
$
152,779
$
152,779
$
152,779
$
152,779
$
Advertising & Promotion
59,755
$
59,755
$
59,755
$
59,755
$
59,755
$
59,755
$
59,755
$
59,755
$
59,755
$
59,755
$
59,755
$
59,755
$
59,755
$
59,755
$
59,755
$
Utilitie
s290,700
$
290,700
$
290,700
$
290,700
$
290,700
$
290,700
$
290,700
$
290,700
$
290,700
$
290,700
$
290,700
$
290,700
$
290,700
$
290,700
$
290,700
$
Insurance
76,228
$
76,228
$
76,228
$
76,228
$
76,228
$
76,228
$
76,228
$
76,228
$
76,228
$
76,228
$
76,228
$
76,228
$
76,228
$
76,228
$
76,228
$
Managem
ent
177,118
$
177,118
$
177,118
$
177,118
$
177,118
$
177,118
$
177,118
$
177,118
$
177,118
$
177,118
$
177,118
$
177,118
$
177,118
$
177,118
$
177,118
$
Misc
16,150
$
16,150
$
16,150
$
16,150
$
16,150
$
16,150
$
16,150
$
16,150
$
16,150
$
16,150
$
16,150
$
16,150
$
16,150
$
16,150
$
16,150
$
Replacem
ent R
eserves
48,450
$
48,450
$
48,450
$
48,450
$
48,450
$
48,450
$
48,450
$
48,450
$
48,450
$
48,450
$
48,450
$
48,450
$
48,450
$
48,450
$
48,450
$
Grou
nd Lease
1,488,214
$
1,488,214
$
1,488,214
$
1,488,214
$
1,488,214
$
1,488,214
$
1,488,214
$
1,488,214
$
1,488,214
$
1,488,214
$
1,488,214
$
1,488,214
$
1,488,214
$
1,488,214
$
1,488,214
$
Total Expenses
3,311,072
$
3,311,072
$
3,311,072
$
3,311,072
$
3,311,072
$
3,311,072
$
3,311,072
$
3,311,072
$
3,311,072
$
3,311,072
$
3,311,072
$
3,311,072
$
3,311,072
$
3,311,072
$
3,311,072
$
Net Ope
ratin
g Income
2,592,856
$
2,592,856
$
2,592,856
$
2,592,856
$
2,592,856
$
2,592,856
$
2,592,856
$
2,592,856
$
2,592,856
$
2,592,856
$
2,592,856
$
2,592,856
$
2,592,856
$
2,592,856
$
2,592,856
$
Debt Service
HCD MHP
200,070
$
199,230
$
198,393
$
197,560
$
196,730
$
195,904
$
195,081
$
194,262
$
193,446
$
192,633
$
191,824
$
191,018
$
190,216
$
189,417
$
188,622
$
Perm
anent Financing
1,960,643
$
1,960,643
$
1,960,643
$
1,960,643
$
1,960,643
$
1,960,643
$
1,960,643
$
1,960,643
$
1,960,643
$
1,960,643
$
1,960,643
$
1,960,643
$
1,960,643
$
1,960,643
$
1,960,643
$
Total D
ebt Service
2,160,713
$
2,159,873
$
2,159,036
$
2,158,203
$
2,157,373
$
2,156,547
$
2,155,724
$
2,154,905
$
2,154,089
$
2,153,276
$
2,152,467
$
2,151,662
$
2,150,859
$
2,150,061
$
2,149,265
$
Cash Flow
432,143
$
432,983
$
433,820
$
434,653
$
435,483
$
436,309
$
437,132
$
437,951
$
438,767
$
439,579
$
440,389
$
441,194
$
441,996
$
442,795
$
11,188,717
$
-‐3,362,010
02,080,901
$
389,685
$
390,438
$
391,188
$
391,934
$
392,678
$
393,419
$
394,156
$
394,890
$
395,622
$
396,350
$
397,075
$
397,797
$
398,516
$
10,069,846
$
-‐750,000
0231,211.27
$
43,298
$
43,382
$
43,465
$
43,548
$
43,631
$
43,713
$
43,795
$
43,877
$
43,958
$
44,039
$
44,119
$
44,200
$
44,280
$
1,118,872
$
Reversion
43,214,266
$
Loan Balance
$32,469,140
Perm
anent Funding Sou
rces
Rate
Term
Amortization
DSCR
Amou
ntLTV
HCD MHP
3%55
0.42%
1.2
5,850,000
$
13.54%
Tax-‐Exem
pt Bon
d5.25%
3540
1.2
32,522,167
$
75.26%
38,372,167
$
88.80%
DSCR
1.20
Constructio
n Loan Repayment
36,492,197
$
Funding Ga
p(1,879,970)
$
5,850,000
$
5,825,430
$
5,800,963
$
5,776,599
$
5,752,337
$
5,728,178
$
5,704,119
$
5,680,162
$
5,656,305
$
5,632,549
$
5,608,892
$
5,585,335
$
5,561,876
$
5,538,516
$
5,515,255
$
Co
nser
vati
ve S
cena
rio
15-
Year
Pro
form
a
29
30
Uni
t Mix
Affo
rdab
le R
ents
@ 6
0% A
MI
Mar
ket-‐
Rate
Ren
tsU
nits
Sq. F
t.#
of U
nits
Tota
l Sq.
Ft.
Uni
ts#
of U
nits
Annu
al R
ent
Sq. F
tU
nits
# of
Uni
tsSq
. Ft.
Rent
Sq.
Ft.
Gros
s Ren
tsTo
tal R
ents
Studio C
600
3219,200
Studio C
0-‐
$
0Studio C
32600
2.53
1,518
$
583,047
$
1bd/1bth C
730
3223,360
1bd/1bth C
16197,760
$
11680
1bd/1bth C
16730
2.27
1,658
$
318,279
$
2bd/2bth C
1,000
6464,000
2bd/2bth C
38560,880
$
38000
2bd/2bth C
261,000
2.02
2,016
$
629,102
$
Studio A
630
6037,800
Studio A
0-‐
$
0Studio A
60630
2.53
1,594
$
1,147,874
$
1bd/1bth A
910
4036,400
1bd/1bth A
20247,200
$
18200
1bd/1bth A
20910
2.27
2,066
$
495,948
$
2bd/2bth A
1,000
2020,000
2bd/2bth A
11162,360
$
11000
2bd/2bth A
91,000
2.02
2,016
$
217,766
$
3bd/2bth A
1,426
1014,260
3bd/2bth A
10167,400
$
14260
3bd/2bth A
01,426
1.95
2,781
$
-‐$
1bd/1bth B
841
2016,820
1bd/1bth B
10123,600
$
8410
1bd/1bth B
10841
2.27
1,910
$
229,172
$
2bd/2bth B
1,150
4551,750
2bd/2bth B
25369,000
$
28750
2bd/2bth B
201,150
2.02
2,319
$
556,514
$
Tota
l32
328
3,59
0To
tal
130
1,82
8,20
0$
13
0,30
0To
tal
193
153,
290
2.27
4,17
7,70
1$
Affo
rdab
ility
Res
tric
ted
Rent
sIn
com
e &
Exp
ense
sU
nder
writ
ing
Bedr
oom
sFM
R60
% A
MI
50%
AM
I30
% A
MI
Inco
me
Amou
ntPe
r Uni
tTo
tal P
roje
ct C
ost
50,0
00,2
03$
1 bedroo
ms
1,384
1,084
903
542
Porential Rental Incom
e6,005,901
$
18,594
$
Value
43,210,176
$
2 bedroo
ms
1,652
1,300
1,083
650
Vacancy
300,295
$
930
$
Loan to
Value
83.6%
3 bedroo
ms
2,338
1,503
1,252
751
Effective Rental Income
5,705,606
$
17,664
$
Loan to
Cost
72.2%
Other Income
198,322
$
614
$
DSCR
2.59
Util
ity A
llow
ance
sGr
oss O
pera
ting
Inco
me
5,903,928
$
18,278
$
Debt to
Yield
7.18%
Bedr
oom
sW
/o W
ater
Incl
. Wat
erCapitalization rate on Co
st5.19%
1 bedroo
ms
3954
Expe
nses
Amou
ntPe
r Uni
t2 bedroo
ms
4770
Taxes &
Licenses
480,017
$
1,486
$
Perf
orm
ance
Mea
sure
s3 bedroo
ms
76108
Labo
r484,500
$
1,500
$
LP Equity IRR %
35.72%
Admin
37,468
$
116
$
IHO IRR %
19.56%
Affo
rdab
ility
Res
tric
ted
Rent
s aft
er U
tility
Allo
wan
ces
Repairs & M
aintenance
152,779
$
473
$
Bedr
oom
sFM
R60
% A
MI
50%
AM
I30
% A
MI
Advertising & Promotion
59,755
$
185
$
Sum
mar
y of
Cos
ts1 bedroo
ms
1,330
1,030
849
488
Utilities
290,700
$
900
$
Cons
truc
tion
Budg
etAm
ount
2 bedroo
ms
1,582
1,230
1,013
580
Insurance
76,228
$
236
$
Land
Cost
-‐$
3 bedroo
ms
2,230
1,395
1,144
643
Managem
ent
177,118
$
548
$
Developm
ent
2,750,008
$
Misc
16,150
$
50$
City Fees
2,000,000
$
Cons
truc
tion
Fund
ing
Sour
ces
Replacem
ent R
eserves
48,450
$
150
$
Constructio
n40,103,429
$
Loan
Sum
mar
yAm
ount
Inte
rest
Grou
nd Lease
1,488,153
$
4,607
$
Operatio
nal Expenses
1,938,000
$
Tax-‐Exem
pt Bon
d34,316,628
$
2.75%
Tota
l Exp
ense
s3,311,317
$
10,252
$
Tota
l Cos
t exc
l. Fi
nanc
e46,791,437
$
Constructio
n Loan
1,803,022
$
3.25%
Tota
l Loa
ns36,119,650
$
2.77%
Net
Ope
ratin
g In
com
e2,592,611
$
8,027
$
Fina
nce
Cost
sAm
ount
Constructio
n Loan Interest
2,255,187
$
Equi
ty S
umm
ary
Amou
ntDe
bt S
ervi
ce1,002,305
$
3,103
$
Financing Co
sts
953,578
$
Tax-‐Credit Equity
7,178,543
$
Tota
l Fin
ance
Cha
rges
3,208,766
$
Irvine Ho
using Trust G
rant
2,000,000
$
Cash
Flo
w1,590,305
$
4,924
$
Irvine HO
ME Funds
400,000
$
Varia
bles
Tota
l Pro
ject
Cos
t50
,000
,203
$ Prop
49 Grant
190,000
$
Vacancy
5%Finance Ch
arges
1.25%
LP Equity
3,362,010
$
Inflatio
n2%
Debt Loan to Cost
75.0%
Publ
ic S
ubsi
tdy
IHO Equity
750,000
$
Bond
LTV
79%
Developer Fee
2,000,008
$
Per U
nit P
ublic Subsid
y75,143
$
Tota
l Equ
ity13,880,553
$
Tax-‐Credit
3.18%
Tax-‐Credit Yield
105%
Tota
l Pub
lic S
ubsi
dy9,
768,
543
$
GAP
(4,0
46,9
78)
Stabilizatio
n12
Constructio
n Time
15Cap Rate
6.00%
Investor Equ
ity3,362,010
$
Exp
ecte
d S
cena
rio
Co
nstr
ucti
on
Pro
form
a
31
12
34
56
78
910
1112
1314
1516
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
Income
Market R
ate Rent
4,346,480
$
4,433,410
$
4,522,078
$
4,612,519
$
4,704,770
$
4,798,865
$
4,894,843
$
4,992,739
$
5,092,594
$
5,194,446
$
5,298,335
$
5,404,302
$
5,512,388
$
5,622,636
$
5,735,088
$
Affordable Rent
1,864,764
$
1,902,059
$
1,940,100
$
1,978,902
$
2,018,481
$
2,058,850
$
2,100,027
$
2,142,028
$
2,184,868
$
2,228,566
$
2,273,137
$
2,318,600
$
2,364,972
$
2,412,271
$
2,460,516
$
Gross P
otential Incom
e6,211,244
$
6,335,469
$
6,462,178
$
6,591,422
$
6,723,250
$
6,857,715
$
6,994,870
$
7,134,767
$
7,277,462
$
7,423,012
$
7,571,472
$
7,722,901
$
7,877,359
$
8,034,907
$
8,195,605
$
Other Income
202,288
$
206,334
$
210,461
$
214,670
$
218,964
$
223,343
$
227,810
$
232,366
$
237,013
$
241,753
$
246,588
$
251,520
$
256,551
$
261,682
$
266,915
$
Vacancy Loss
310,562
$
316,773
$
323,109
$
329,571
$
336,163
$
342,886
$
349,743
$
356,738
$
363,873
$
371,151
$
378,574
$
386,145
$
393,868
$
401,745
$
409,780
$
Gross O
peratin
g Income
6,102,970
$
6,225,030
$
6,349,530
$
6,476,521
$
6,606,051
$
6,738,172
$
6,872,936
$
7,010,395
$
7,150,602
$
7,293,615
$
7,439,487
$
7,588,277
$
7,740,042
$
7,894,843
$
8,052,740
$
Expe
nses
Taxes &
Licenses
489,617
$
499,410
$
509,398
$
519,586
$
529,977
$
540,577
$
551,389
$
562,416
$
573,665
$
585,138
$
596,841
$
608,778
$
620,953
$
633,372
$
646,040
$
Labo
r494,190
$
504,074
$
514,155
$
524,438
$
534,927
$
545,626
$
556,538
$
567,669
$
579,022
$
590,603
$
602,415
$
614,463
$
626,752
$
639,287
$
652,073
$
Admin
38,217
$
38,982
$
39,761
$
40,557
$
41,368
$
42,195
$
43,039
$
43,900
$
44,778
$
45,673
$
46,587
$
47,518
$
48,469
$
49,438
$
50,427
$
Repairs & M
aintenance
155,835
$
158,951
$
162,130
$
165,373
$
168,680
$
172,054
$
175,495
$
179,005
$
182,585
$
186,237
$
189,961
$
193,761
$
197,636
$
201,589
$
205,620
$
Advertising & Promotion
60,950
$
62,169
$
63,412
$
64,681
$
65,974
$
67,294
$
68,640
$
70,013
$
71,413
$
72,841
$
74,298
$
75,784
$
77,299
$
78,845
$
80,422
$
Utilitie
s296,514
$
302,444
$
308,493
$
314,663
$
320,956
$
327,375
$
333,923
$
340,601
$
347,413
$
354,362
$
361,449
$
368,678
$
376,051
$
383,572
$
391,244
$
Insurance
77,753
$
79,308
$
80,894
$
82,512
$
84,162
$
85,845
$
87,562
$
89,313
$
91,100
$
92,922
$
94,780
$
96,676
$
98,609
$
100,581
$
102,593
$
Managem
ent
180,660
$
184,273
$
187,959
$
191,718
$
195,552
$
199,463
$
203,453
$
207,522
$
211,672
$
215,906
$
220,224
$
224,628
$
229,121
$
233,703
$
238,377
$
Misc
16,473
$
16,802
$
17,139
$
17,481
$
17,831
$
18,188
$
18,551
$
18,922
$
19,301
$
19,687
$
20,080
$
20,482
$
20,892
$
21,310
$
21,736
$
Replacem
ent R
eserves
49,419
$
50,407
$
51,416
$
52,444
$
53,493
$
54,563
$
55,654
$
56,767
$
57,902
$
59,060
$
60,241
$
61,446
$
62,675
$
63,929
$
65,207
$
Grou
nd Lease
1,520,668
$
1,537,642
$
1,554,955
$
1,572,614
$
1,590,626
$
1,608,999
$
1,627,739
$
1,646,853
$
1,666,350
$
1,686,237
$
1,706,522
$
1,727,213
$
1,748,317
$
1,769,843
$
1,791,800
$
Total Expenses
3,380,297
$
3,434,462
$
3,489,712
$
3,546,066
$
3,603,547
$
3,662,178
$
3,721,982
$
3,782,981
$
3,845,201
$
3,908,665
$
3,973,398
$
4,039,426
$
4,106,775
$
4,175,470
$
4,245,540
$
Net Ope
ratin
g Income
2,722,674
$
2,790,567
$
2,859,819
$
2,930,455
$
3,002,504
$
3,075,994
$
3,150,954
$
3,227,413
$
3,305,401
$
3,384,949
$
3,466,088
$
3,548,850
$
3,633,267
$
3,719,373
$
3,807,200
$
Debt Service
HCD MHP
200,070
$
199,230
$
198,393
$
197,560
$
196,730
$
195,904
$
195,081
$
194,262
$
193,446
$
192,633
$
191,824
$
191,018
$
190,216
$
189,417
$
188,622
$
Perm
anent Financing
2,068,825
$
2,068,825
$
2,068,825
$
2,068,825
$
2,068,825
$
2,068,825
$
2,068,825
$
2,068,825
$
2,068,825
$
2,068,825
$
2,068,825
$
2,068,825
$
2,068,825
$
2,068,825
$
2,068,825
$
Total D
ebt Service
2,268,895
$
2,268,055
$
2,267,218
$
2,266,385
$
2,265,555
$
2,264,729
$
2,263,906
$
2,263,086
$
2,262,271
$
2,261,458
$
2,260,649
$
2,259,843
$
2,259,041
$
2,258,242
$
2,257,447
$
Cash Flow
453,779
$
522,513
$
592,601
$
664,070
$
736,949
$
811,266
$
887,048
$
964,327
$
1,043,131
$
1,123,491
$
1,205,439
$
1,289,007
$
1,374,226
$
1,461,130
$
31,046,725
$
-‐3,362,010
04,050,681
$
470,261
$
533,341
$
597,663
$
663,254
$
730,139
$
798,344
$
867,894
$
938,818
$
1,011,142
$
1,084,896
$
1,160,106
$
1,236,804
$
1,315,017
$
27,942,053
$
-‐750,000
0450,075.69
$
52,251
$
59,260
$
66,407
$
73,695
$
81,127
$
88,705
$
96,433
$
104,313
$
112,349
$
120,544
$
128,901
$
137,423
$
146,113
$
3,104,673
$
Reversion
63,453,334
$
Loan Balance
$33,956,362
Perm
anent Funding Sou
rces
Rate
Term
Amortization
DSCR
Amou
ntLTV
HCD MHP
3%55
0.42%
1.2
5,850,000
$
12.89%
Tax-‐Exem
pt Bon
d5.25%
3540
1.2
34,316,628
$
75.62%
40,166,628
$
88.52%
DSCR
1.20
Constructio
n Loan Repayment
36,119,650
$
Funding Ga
p(4,046,978)
$
5,850,000
$
5,825,430
$
5,800,963
$
5,776,599
$
5,752,337
$
5,728,178
$
5,704,119
$
5,680,162
$
5,656,305
$
5,632,549
$
5,608,892
$
5,585,335
$
5,561,876
$
5,538,516
$
5,515,255
$
Exp
ecte
d S
cena
rio
15-
Year
Pro
form
a
32
Uni
t Mix
Affo
rdab
le R
ents
@ 6
0% A
MI
Mar
ket-‐
Rate
Ren
tsU
nits
Sq. F
t.#
of U
nits
Tota
l Sq.
Ft.
Uni
ts#
of U
nits
Annu
al R
ent
Sq. F
tU
nits
# of
Uni
tsSq
. Ft.
Rent
Sq.
Ft.
Gros
s Ren
tsTo
tal R
ents
Studio C
600
3219,200
Studio C
0-‐
$
0Studio C
32600
2.53
1,518
$
583,047
$
1bd/1bth C
730
3223,360
1bd/1bth C
16197,760
$
11680
1bd/1bth C
16730
2.27
1,658
$
318,279
$
2bd/2bth C
1,000
6464,000
2bd/2bth C
38560,880
$
38000
2bd/2bth C
261,000
2.02
2,016
$
629,102
$
Studio A
630
6037,800
Studio A
0-‐
$
0Studio A
60630
2.53
1,594
$
1,147,874
$
1bd/1bth A
910
4036,400
1bd/1bth A
20247,200
$
18200
1bd/1bth A
20910
2.27
2,066
$
495,948
$
2bd/2bth A
1,000
2020,000
2bd/2bth A
11162,360
$
11000
2bd/2bth A
91,000
2.02
2,016
$
217,766
$
3bd/2bth A
1,426
1014,260
3bd/2bth A
10167,400
$
14260
3bd/2bth A
01,426
1.95
2,781
$
-‐$
1bd/1bth B
841
2016,820
1bd/1bth B
10123,600
$
8410
1bd/1bth B
10841
2.27
1,910
$
229,172
$
2bd/2bth B
1,150
4551,750
2bd/2bth B
25369,000
$
28750
2bd/2bth B
201,150
2.02
2,319
$
556,514
$
Tota
l32
328
3,59
0To
tal
130
1,82
8,20
0$
13
0,30
0To
tal
193
153,
290
2.27
4,17
7,70
1$
Affo
rdab
ility
Res
tric
ted
Rent
sIn
com
e &
Exp
ense
sU
nder
writ
ing
Bedr
oom
sFM
R60
% A
MI
50%
AM
I30
% A
MI
Inco
me
Amou
ntPe
r Uni
tTo
tal P
roje
ct C
ost
49,9
68,0
47$
1 bedroo
ms
1,384
1,084
903
542
Porential Rental Incom
e6,005,901
$
18,594
$
Value
43,205,918
$
2 bedroo
ms
1,652
1,300
1,083
650
Vacancy
300,295
$
930
$
Loan to
Value
82.7%
3 bedroo
ms
2,338
1,503
1,252
751
Effective Rental Income
5,705,606
$
17,664
$
Loan to
Cost
71.5%
Other Income
198,322
$
614
$
DSCR
2.63
Util
ity A
llow
ance
sGr
oss O
pera
ting
Inco
me
5,903,928
$
18,278
$
Debt to
Yield
7.25%
Bedr
oom
sW
/o W
ater
Incl
. Wat
erCapitalization rate on Co
st5.19%
1 bedroo
ms
3954
Expe
nses
Amou
ntPe
r Uni
t2 bedroo
ms
4770
Taxes &
Licenses
480,336
$
1,487
$
Perf
orm
ance
Mea
sure
s3 bedroo
ms
76108
Labo
r484,500
$
1,500
$
LP Equity IRR %
44.83%
Admin
37,468
$
116
$
IHO IRR %
24.26%
Affo
rdab
ility
Res
tric
ted
Rent
s aft
er U
tility
Allo
wan
ces
Repairs & M
aintenance
152,779
$
473
$
Bedr
oom
sFM
R60
% A
MI
50%
AM
I30
% A
MI
Advertising & Promotion
59,755
$
185
$
Sum
mar
y of
Cos
ts1 bedroo
ms
1,330
1,030
849
488
Utilities
290,700
$
900
$
Cons
truc
tion
Budg
etAm
ount
2 bedroo
ms
1,582
1,230
1,013
580
Insurance
76,228
$
236
$
Land
Cost
-‐$
3 bedroo
ms
2,230
1,395
1,144
643
Managem
ent
177,118
$
548
$
Developm
ent
2,748,722
$
Misc
16,150
$
50$
City Fees
2,000,000
$
Cons
truc
tion
Fund
ing
Sour
ces
Replacem
ent R
eserves
48,450
$
150
$
Constructio
n40,103,429
$
Loan
Sum
mar
yAm
ount
Inte
rest
Grou
nd Lease
1,488,089
$
4,607
$
Operatio
nal Expenses
1,938,000
$
Tax-‐Exem
pt Bon
d35,225,084
$
2.75%
Tota
l Exp
ense
s3,311,573
$
10,253
$
Tota
l Cos
t exc
l. Fi
nanc
e46,790,151
$
Constructio
n Loan
520,781
$
3.25%
Tota
l Loa
ns35,745,865
$
2.76%
Net
Ope
ratin
g In
com
e2,592,355
$
8,026
$
Fina
nce
Cost
sAm
ount
Constructio
n Loan Interest
2,217,634
$
Equi
ty S
umm
ary
Amou
ntDe
bt S
ervi
ce985,615
$
3,051
$
Financing Co
sts
960,262
$
Tax-‐Credit Equity
7,520,172
$
Tota
l Fin
ance
Cha
rges
3,177,896
$
Irvine Ho
using Trust G
rant
2,000,000
$
Cash
Flo
w1,606,740
$
4,974
$
Irvine HO
ME Funds
400,000
$
Varia
bles
Tota
l Pro
ject
Cos
t49
,968
,047
$ Prop
49 Grant
190,000
$
Vacancy
5%Finance Ch
arges
1.25%
LP Equity
3,362,010
$
Inflatio
n3%
Debt Loan to Cost
75.0%
Publ
ic S
ubsi
tdy
IHO Equity
750,000
$
Bond
LTV
82%
Developer Fee
1,998,722
$
Per U
nit P
ublic Subsid
y77,771
$
Tota
l Equ
ity14,222,182
$
Tax-‐Credit
3.18%
Tax-‐Credit Yield
110%
Tota
l Pub
lic S
ubsi
dy10
,110
,172
$ GA
P(5
,329
,219
)Stabilizatio
n12
Constructio
n Time
15Cap Rate
6.00%
Investor Equ
ity3,362,010
$
Op
tim
isti
c Sc
enar
io C
ons
truc
tio
n P
rofo
rma
33
12
34
56
78
910
1112
1314
1516
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
Income
Market R
ate Rent
4,432,123
$
4,565,087
$
4,702,039
$
4,843,100
$
4,988,393
$
5,138,045
$
5,292,187
$
5,450,952
$
5,614,481
$
5,782,915
$
5,956,403
$
6,135,095
$
6,319,148
$
6,508,722
$
6,703,984
$
Affordable Rent
1,883,046
$
1,939,537
$
1,997,724
$
2,057,655
$
2,119,385
$
2,182,966
$
2,248,455
$
2,315,909
$
2,385,386
$
2,456,948
$
2,530,656
$
2,606,576
$
2,684,773
$
2,765,317
$
2,848,276
$
Gross P
otential Incom
e6,315,169
$
6,504,624
$
6,699,763
$
6,900,756
$
7,107,778
$
7,321,012
$
7,540,642
$
7,766,861
$
7,999,867
$
8,239,863
$
8,487,059
$
8,741,671
$
9,003,921
$
9,274,039
$
9,552,260
$
Other Income
204,272
$
210,400
$
216,712
$
223,213
$
229,910
$
236,807
$
243,911
$
251,228
$
258,765
$
266,528
$
274,524
$
282,760
$
291,243
$
299,980
$
308,979
$
Vacancy Loss
315,758
$
325,231
$
334,988
$
345,038
$
355,389
$
366,051
$
377,032
$
388,343
$
399,993
$
411,993
$
424,353
$
437,084
$
450,196
$
463,702
$
477,613
$
Gross O
peratin
g Income
6,203,682
$
6,389,793
$
6,581,486
$
6,778,931
$
6,982,299
$
7,191,768
$
7,407,521
$
7,629,747
$
7,858,639
$
8,094,398
$
8,337,230
$
8,587,347
$
8,844,967
$
9,110,316
$
9,383,626
$
Expe
nses
Taxes &
Licenses
494,746
$
509,589
$
524,876
$
540,623
$
556,841
$
573,547
$
590,753
$
608,476
$
626,730
$
645,532
$
664,898
$
684,845
$
705,390
$
726,552
$
748,348
$
Labo
r499,035
$
514,006
$
529,426
$
545,309
$
561,668
$
578,518
$
595,874
$
613,750
$
632,163
$
651,127
$
670,661
$
690,781
$
711,505
$
732,850
$
754,835
$
Admin
38,592
$
39,750
$
40,942
$
42,171
$
43,436
$
44,739
$
46,081
$
47,463
$
48,887
$
50,354
$
51,864
$
53,420
$
55,023
$
56,674
$
58,374
$
Repairs & M
aintenance
157,362
$
162,083
$
166,946
$
171,954
$
177,113
$
182,426
$
187,899
$
193,536
$
199,342
$
205,322
$
211,482
$
217,826
$
224,361
$
231,092
$
238,025
$
Advertising & Promotion
61,548
$
63,394
$
65,296
$
67,255
$
69,272
$
71,351
$
73,491
$
75,696
$
77,967
$
80,306
$
82,715
$
85,196
$
87,752
$
90,385
$
93,096
$
Utilitie
s299,421
$
308,404
$
317,656
$
327,185
$
337,001
$
347,111
$
357,524
$
368,250
$
379,298
$
390,676
$
402,397
$
414,469
$
426,903
$
439,710
$
452,901
$
Insurance
78,515
$
80,870
$
83,296
$
85,795
$
88,369
$
91,020
$
93,751
$
96,563
$
99,460
$
102,444
$
105,517
$
108,683
$
111,943
$
115,302
$
118,761
$
Managem
ent
182,431
$
187,904
$
193,541
$
199,348
$
205,328
$
211,488
$
217,833
$
224,368
$
231,099
$
238,032
$
245,173
$
252,528
$
260,104
$
267,907
$
275,944
$
Misc
16,635
$
17,134
$
17,648
$
18,177
$
18,722
$
19,284
$
19,862
$
20,458
$
21,072
$
21,704
$
22,355
$
23,026
$
23,717
$
24,428
$
25,161
$
Replacem
ent R
eserves
49,904
$
51,401
$
52,943
$
54,531
$
56,167
$
57,852
$
59,587
$
61,375
$
63,216
$
65,113
$
67,066
$
69,078
$
71,150
$
73,285
$
75,484
$
Grou
nd Lease
1,537,099
$
1,563,052
$
1,589,783
$
1,617,317
$
1,645,676
$
1,674,887
$
1,704,973
$
1,735,962
$
1,767,881
$
1,800,758
$
1,834,620
$
1,869,499
$
1,905,424
$
1,942,427
$
1,980,539
$
Total Expenses
3,415,287
$
3,497,586
$
3,582,354
$
3,669,664
$
3,759,594
$
3,852,222
$
3,947,629
$
4,045,897
$
4,147,114
$
4,251,368
$
4,358,749
$
4,469,351
$
4,583,272
$
4,700,610
$
4,821,468
$
Net Ope
ratin
g Income
2,788,395
$
2,892,207
$
2,999,133
$
3,109,267
$
3,222,705
$
3,339,546
$
3,459,892
$
3,583,849
$
3,711,525
$
3,843,030
$
3,978,481
$
4,117,996
$
4,261,696
$
4,409,707
$
4,562,158
$
Debt Service
HCD MHP
200,070
$
199,230
$
198,393
$
197,560
$
196,730
$
195,904
$
195,081
$
194,262
$
193,446
$
192,633
$
191,824
$
191,018
$
190,216
$
189,417
$
188,622
$
Perm
anent Financing
2,123,592
$
2,123,592
$
2,123,592
$
2,123,592
$
2,123,592
$
2,123,592
$
2,123,592
$
2,123,592
$
2,123,592
$
2,123,592
$
2,123,592
$
2,123,592
$
2,123,592
$
2,123,592
$
2,123,592
$
Total D
ebt Service
2,323,662
$
2,322,822
$
2,321,985
$
2,321,152
$
2,320,322
$
2,319,496
$
2,318,673
$
2,317,854
$
2,317,038
$
2,316,226
$
2,315,416
$
2,314,611
$
2,313,809
$
2,313,010
$
2,312,214
$
Cash Flow
464,732
$
569,385
$
677,148
$
788,115
$
902,383
$
1,020,050
$
1,141,219
$
1,265,995
$
1,394,487
$
1,526,805
$
1,663,065
$
1,803,385
$
1,947,887
$
2,096,697
$
43,576,628
$
-‐3,362,010
05,214,556
$
512,446
$
609,433
$
709,303
$
812,144
$
918,045
$
1,027,097
$
1,139,396
$
1,255,038
$
1,374,124
$
1,496,758
$
1,623,046
$
1,753,098
$
1,887,027
$
39,218,965
$
-‐750,000
0579,395.11
$
56,938
$
67,715
$
78,811
$
90,238
$
102,005
$
114,122
$
126,600
$
139,449
$
152,680
$
166,306
$
180,338
$
194,789
$
209,670
$
4,357,663
$
Reversion
76,035,962
$
Loan Balance
$34,709,277
Perm
anent Funding Sou
rces
Rate
Term
Amortization
DSCR
Amou
ntLTV
HCD MHP
3%55
0.42%
1.2
5,850,000
$
12.59%
Tax-‐Exem
pt Bon
d5.25%
3540
1.2
35,225,084
$
75.80%
41,075,084
$
88.38%
DSCR
1.20
Constructio
n Loan Repayment
35,745,865
$
Funding Ga
p(5,329,219)
$
5,850,000
$
5,825,430
$
5,800,963
$
5,776,599
$
5,752,337
$
5,728,178
$
5,704,119
$
5,680,162
$
5,656,305
$
5,632,549
$
5,608,892
$
5,585,335
$
5,561,876
$
5,538,516
$
5,515,255
$
Op
tim
isti
c Sc
enar
io 1
5-Ye
ar P
rofo
rma
34
Uni
t Mix
Affo
rdab
le R
ents
@ 6
0% A
MI
Mar
ket-‐
Rate
Ren
tsU
nits
Sq. F
t.#
of U
nits
Tota
l Sq.
Ft.
Uni
ts#
of U
nits
Annu
al R
ent
Sq. F
tU
nits
# of
Uni
tsSq
. Ft.
Rent
Sq.
Ft.
Gros
s Ren
tsTo
tal R
ents
Studio C
600
3219,200
Studio C
0-‐
$
0Studio C
32600
2.53
1,518
$
583,047
$
1bd/1bth C
730
3223,360
1bd/1bth C
16197,760
$
11680
1bd/1bth C
16730
2.27
1,658
$
318,279
$
2bd/2bth C
1,000
6464,000
2bd/2bth C
38560,880
$
38000
2bd/2bth C
261,000
2.02
2,016
$
629,102
$
Studio A
630
6037,800
Studio A
0-‐
$
0Studio A
60630
2.53
1,594
$
1,147,874
$
1bd/1bth A
910
4036,400
1bd/1bth A
20247,200
$
18200
1bd/1bth A
20910
2.27
2,066
$
495,948
$
2bd/2bth A
1,000
2020,000
2bd/2bth A
11162,360
$
11000
2bd/2bth A
91,000
2.02
2,016
$
217,766
$
3bd/2bth A
1,426
1014,260
3bd/2bth A
10167,400
$
14260
3bd/2bth A
01,426
1.95
2,781
$
-‐$
1bd/1bth B
841
2016,820
1bd/1bth B
10123,600
$
8410
1bd/1bth B
10841
2.27
1,910
$
229,172
$
2bd/2bth B
1,150
4551,750
2bd/2bth B
25369,000
$
28750
2bd/2bth B
201,150
2.02
2,319
$
556,514
$
Tota
l32
328
3,59
0To
tal
130
1,82
8,20
0$
13
0,30
0To
tal
193
153,
290
2.27
4,17
7,70
1$
Affo
rdab
ility
Res
tric
ted
Rent
sIn
com
e &
Exp
ense
sU
nder
writ
ing
Bedr
oom
sFM
R60
% A
MI
50%
AM
I30
% A
MI
Inco
me
Amou
ntPe
r Uni
tTo
tal P
roje
ct C
ost
49,7
67,5
82$
1 bedroo
ms
1,384
1,084
903
542
Porential Rental Incom
e6,005,901
$
18,594
$
Value
43,179,374
$
2 bedroo
ms
1,652
1,300
1,083
650
Vacancy
300,295
$
930
$
Loan to
Value
69.9%
3 bedroo
ms
2,338
1,503
1,252
751
Effective Rental Income
5,705,606
$
17,664
$
Loan to
Cost
60.6%
Other Income
198,322
$
614
$
DSCR
2.64
Util
ity A
llow
ance
sGr
oss O
pera
ting
Inco
me
5,903,928
$
18,278
$
Debt to
Yield
8.58%
Bedr
oom
sW
/o W
ater
Incl
. Wat
erCapitalization rate on Co
st5.21%
1 bedroo
ms
3954
Expe
nses
Amou
ntPe
r Uni
t2 bedroo
ms
4770
Taxes &
Licenses
482,327
$
1,493
$
Perf
orm
ance
Mea
sure
s3 bedroo
ms
76108
Labo
r484,500
$
1,500
$
LP Equity IRR %
21.43%
Admin
37,468
$
116
$
IHO IRR %
11.66%
Affo
rdab
ility
Res
tric
ted
Rent
s aft
er U
tility
Allo
wan
ces
Repairs & M
aintenance
152,779
$
473
$
Bedr
oom
sFM
R60
% A
MI
50%
AM
I30
% A
MI
Advertising & Promotion
59,755
$
185
$
Sum
mar
y of
Cos
ts1 bedroo
ms
1,330
1,030
849
488
Utilities
290,700
$
900
$
Cons
truc
tion
Budg
etAm
ount
2 bedroo
ms
1,582
1,230
1,013
580
Insurance
76,228
$
236
$
Land
Cost
-‐$
3 bedroo
ms
2,230
1,395
1,144
643
Managem
ent
177,118
$
548
$
Developm
ent
2,740,703
$
Misc
16,150
$
50$
City Fees
2,000,000
$
Cons
truc
tion
Fund
ing
Sour
ces
Replacem
ent R
eserves
48,450
$
150
$
Constructio
n40,103,429
$
Loan
Sum
mar
yAm
ount
Inte
rest
Grou
nd Lease
1,487,691
$
4,606
$
Operatio
nal Expenses
1,938,000
$
Tax-‐Exem
pt Bon
d-‐
$
2.75%
Tota
l Exp
ense
s3,313,166
$
10,257
$
Tota
l Cos
t exc
l. Fi
nanc
e46,782,132
$
Constructio
n Loan
30,179,312
$
3.25%
Tota
l Loa
ns30,179,312
$
3.25%
Net
Ope
ratin
g In
com
e2,590,762
$
8,021
$
Fina
nce
Cost
sAm
ount
Constructio
n Loan Interest
2,206,862
$
Equi
ty S
umm
ary
Amou
ntDe
bt S
ervi
ce980,828
$
3,037
$
Financing Co
sts
778,588
$
Tax-‐Credit Equity
15,476,260
$
Tota
l Fin
ance
Cha
rges
2,985,450
$
Irvine Ho
using Trust G
rant
Cash
Flo
w1,609,935
$
4,984
$
Irvine HO
ME Funds
Varia
bles
Tota
l Pro
ject
Cos
t49
,767
,582
$ Prop
49 Grant
Vacancy
5%Finance Ch
arges
1.25%
LP Equity
3,362,010
$
Inflatio
n0%
Debt Loan to Cost
75.0%
Publ
ic S
ubsi
tdy
IHO Equity
750,000
$
Bond
LTV
0%De
veloper Fee
1,990,703
$
Per U
nit P
ublic Subsid
y119,048
$
Tota
l Equ
ity19,588,270
$
Tax-‐Credit
9.00%
Tax-‐Credit Yield
100%
Tota
l Pub
lic S
ubsi
dy15
,476
,260
$ GA
P(1
,928
,385
)Stabilizatio
n12
Constructio
n Time
15Cap Rate
6.00%
Investor Equ
ity3,362,010
$
9% T
ax-C
red
it C
ons
truc
tio
n P
rofo
rma
35
12
34
56
78
910
1112
1314
1516
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
Income
Market R
ate Rent
4,177,701
$
4,177,701
$
4,177,701
$
4,177,701
$
4,177,701
$
4,177,701
$
4,177,701
$
4,177,701
$
4,177,701
$
4,177,701
$
4,177,701
$
4,177,701
$
4,177,701
$
4,177,701
$
4,177,701
$
Affordable Rent
1,828,200
$
1,828,200
$
1,828,200
$
1,828,200
$
1,828,200
$
1,828,200
$
1,828,200
$
1,828,200
$
1,828,200
$
1,828,200
$
1,828,200
$
1,828,200
$
1,828,200
$
1,828,200
$
1,828,200
$
Gross P
otential Incom
e6,005,901
$
6,005,901
$
6,005,901
$
6,005,901
$
6,005,901
$
6,005,901
$
6,005,901
$
6,005,901
$
6,005,901
$
6,005,901
$
6,005,901
$
6,005,901
$
6,005,901
$
6,005,901
$
6,005,901
$
Other Income
198,322
$
198,322
$
198,322
$
198,322
$
198,322
$
198,322
$
198,322
$
198,322
$
198,322
$
198,322
$
198,322
$
198,322
$
198,322
$
198,322
$
198,322
$
Vacancy Loss
300,295
$
300,295
$
300,295
$
300,295
$
300,295
$
300,295
$
300,295
$
300,295
$
300,295
$
300,295
$
300,295
$
300,295
$
300,295
$
300,295
$
300,295
$
Gross O
peratin
g Income
5,903,928
$
5,903,928
$
5,903,928
$
5,903,928
$
5,903,928
$
5,903,928
$
5,903,928
$
5,903,928
$
5,903,928
$
5,903,928
$
5,903,928
$
5,903,928
$
5,903,928
$
5,903,928
$
5,903,928
$
Expe
nses
Taxes &
Licenses
482,327
$
482,327
$
482,327
$
482,327
$
482,327
$
482,327
$
482,327
$
482,327
$
482,327
$
482,327
$
482,327
$
482,327
$
482,327
$
482,327
$
482,327
$
Labo
r484,500
$
484,500
$
484,500
$
484,500
$
484,500
$
484,500
$
484,500
$
484,500
$
484,500
$
484,500
$
484,500
$
484,500
$
484,500
$
484,500
$
484,500
$
Admin
37,468
$
37,468
$
37,468
$
37,468
$
37,468
$
37,468
$
37,468
$
37,468
$
37,468
$
37,468
$
37,468
$
37,468
$
37,468
$
37,468
$
37,468
$
Repairs & M
aintenance
152,779
$
152,779
$
152,779
$
152,779
$
152,779
$
152,779
$
152,779
$
152,779
$
152,779
$
152,779
$
152,779
$
152,779
$
152,779
$
152,779
$
152,779
$
Advertising & Promotion
59,755
$
59,755
$
59,755
$
59,755
$
59,755
$
59,755
$
59,755
$
59,755
$
59,755
$
59,755
$
59,755
$
59,755
$
59,755
$
59,755
$
59,755
$
Utilitie
s290,700
$
290,700
$
290,700
$
290,700
$
290,700
$
290,700
$
290,700
$
290,700
$
290,700
$
290,700
$
290,700
$
290,700
$
290,700
$
290,700
$
290,700
$
Insurance
76,228
$
76,228
$
76,228
$
76,228
$
76,228
$
76,228
$
76,228
$
76,228
$
76,228
$
76,228
$
76,228
$
76,228
$
76,228
$
76,228
$
76,228
$
Managem
ent
177,118
$
177,118
$
177,118
$
177,118
$
177,118
$
177,118
$
177,118
$
177,118
$
177,118
$
177,118
$
177,118
$
177,118
$
177,118
$
177,118
$
177,118
$
Misc
16,150
$
16,150
$
16,150
$
16,150
$
16,150
$
16,150
$
16,150
$
16,150
$
16,150
$
16,150
$
16,150
$
16,150
$
16,150
$
16,150
$
16,150
$
Replacem
ent R
eserves
48,450
$
48,450
$
48,450
$
48,450
$
48,450
$
48,450
$
48,450
$
48,450
$
48,450
$
48,450
$
48,450
$
48,450
$
48,450
$
48,450
$
48,450
$
Grou
nd Lease
1,487,691
$
1,487,691
$
1,487,691
$
1,487,691
$
1,487,691
$
1,487,691
$
1,487,691
$
1,487,691
$
1,487,691
$
1,487,691
$
1,487,691
$
1,487,691
$
1,487,691
$
1,487,691
$
1,487,691
$
Total Expenses
3,313,166
$
3,313,166
$
3,313,166
$
3,313,166
$
3,313,166
$
3,313,166
$
3,313,166
$
3,313,166
$
3,313,166
$
3,313,166
$
3,313,166
$
3,313,166
$
3,313,166
$
3,313,166
$
3,313,166
$
Net Ope
ratin
g Income
2,590,762
$
2,590,762
$
2,590,762
$
2,590,762
$
2,590,762
$
2,590,762
$
2,590,762
$
2,590,762
$
2,590,762
$
2,590,762
$
2,590,762
$
2,590,762
$
2,590,762
$
2,590,762
$
2,590,762
$
Debt Service
HCD MHP
200,070
$
199,230
$
198,393
$
197,560
$
196,730
$
195,904
$
195,081
$
194,262
$
193,446
$
192,633
$
191,824
$
191,018
$
190,216
$
189,417
$
188,622
$
Perm
anent Financing
1,958,899
$
1,958,899
$
1,958,899
$
1,958,899
$
1,958,899
$
1,958,899
$
1,958,899
$
1,958,899
$
1,958,899
$
1,958,899
$
1,958,899
$
1,958,899
$
1,958,899
$
1,958,899
$
1,958,899
$
Total D
ebt Service
2,158,969
$
2,158,128
$
2,157,292
$
2,156,458
$
2,155,629
$
2,154,802
$
2,153,980
$
2,153,160
$
2,152,344
$
2,151,532
$
2,150,723
$
2,149,917
$
2,149,115
$
2,148,316
$
2,147,520
$
Cash Flow
431,794
$
432,634
$
433,471
$
434,304
$
435,134
$
435,960
$
436,783
$
437,602
$
438,418
$
439,231
$
440,040
$
440,845
$
441,648
$
442,446
$
19,389,008
$
-‐3,362,010
02,124,161
$
389,371
$
390,124
$
390,874
$
391,620
$
392,364
$
393,105
$
393,842
$
394,576
$
395,308
$
396,036
$
396,761
$
397,483
$
398,202
$
17,450,107
$
-‐750,000
0236,017.84
$
43,263
$
43,347
$
43,430
$
43,513
$
43,596
$
43,678
$
43,760
$
43,842
$
43,923
$
44,004
$
44,085
$
44,165
$
44,245
$
1,938,901
$
Reversion
43,179,374
$
Loan Balance
$24,233,608
Perm
anent Funding Sou
rces
Rate
Term
Amortization
DSCR
Amou
ntLTV
HCD MHP
3%55
0.42%
1.2
5,850,000
$
13.55%
BofA Fixed-‐Rate Mortgage
6.25%
1830
1.2
26,257,697
$
60.81%
32,107,697
$
74.36%
DSCR
1.20
Constructio
n Loan Repayment
30,179,312
$
Funding Ga
p(1,928,385)
$
5,850,000
$
5,825,430
$
5,800,963
$
5,776,599
$
5,752,337
$
5,728,178
$
5,704,119
$
5,680,162
$
5,656,305
$
5,632,549
$
5,608,892
$
5,585,335
$
5,561,876
$
5,538,516
$
5,515,255
$
9% T
ax-C
red
it 1
5-Ye
ar P
rofo
rma
36
12
34
56
78
910
1112
1314
1516
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
Income
Market R
ate Rent
4,177,701
$
4,177,701
$
4,177,701
$
4,177,701
$
4,177,701
$
4,177,701
$
4,177,701
$
4,177,701
$
4,177,701
$
4,177,701
$
4,177,701
$
4,177,701
$
4,177,701
$
4,177,701
$
4,177,701
$
Affordable Rent
1,828,200
$
1,828,200
$
1,828,200
$
1,828,200
$
1,828,200
$
1,828,200
$
1,828,200
$
1,828,200
$
1,828,200
$
1,828,200
$
1,828,200
$
1,828,200
$
1,828,200
$
1,828,200
$
1,828,200
$
Gross P
otential Incom
e6,005,901
$
6,005,901
$
6,005,901
$
6,005,901
$
6,005,901
$
6,005,901
$
6,005,901
$
6,005,901
$
6,005,901
$
6,005,901
$
6,005,901
$
6,005,901
$
6,005,901
$
6,005,901
$
6,005,901
$
Other Income
198,322
$
198,322
$
198,322
$
198,322
$
198,322
$
198,322
$
198,322
$
198,322
$
198,322
$
198,322
$
198,322
$
198,322
$
198,322
$
198,322
$
198,322
$
Vacancy Loss
300,295
$
300,295
$
300,295
$
300,295
$
300,295
$
300,295
$
300,295
$
300,295
$
300,295
$
300,295
$
300,295
$
300,295
$
300,295
$
300,295
$
300,295
$
Gross O
peratin
g Income
5,903,928
$
5,903,928
$
5,903,928
$
5,903,928
$
5,903,928
$
5,903,928
$
5,903,928
$
5,903,928
$
5,903,928
$
5,903,928
$
5,903,928
$
5,903,928
$
5,903,928
$
5,903,928
$
5,903,928
$
Expe
nses
Taxes &
Licenses
479,735
$
479,735
$
479,735
$
479,735
$
479,735
$
479,735
$
479,735
$
479,735
$
479,735
$
479,735
$
479,735
$
479,735
$
479,735
$
479,735
$
479,735
$
Labo
r484,500
$
484,500
$
484,500
$
484,500
$
484,500
$
484,500
$
484,500
$
484,500
$
484,500
$
484,500
$
484,500
$
484,500
$
484,500
$
484,500
$
484,500
$
Admin
37,468
$
37,468
$
37,468
$
37,468
$
37,468
$
37,468
$
37,468
$
37,468
$
37,468
$
37,468
$
37,468
$
37,468
$
37,468
$
37,468
$
37,468
$
Repairs & M
aintenance
152,779
$
152,779
$
152,779
$
152,779
$
152,779
$
152,779
$
152,779
$
152,779
$
152,779
$
152,779
$
152,779
$
152,779
$
152,779
$
152,779
$
152,779
$
Advertising & Promotion
59,755
$
59,755
$
59,755
$
59,755
$
59,755
$
59,755
$
59,755
$
59,755
$
59,755
$
59,755
$
59,755
$
59,755
$
59,755
$
59,755
$
59,755
$
Utilities
290,700
$
290,700
$
290,700
$
290,700
$
290,700
$
290,700
$
290,700
$
290,700
$
290,700
$
290,700
$
290,700
$
290,700
$
290,700
$
290,700
$
290,700
$
Insurance
76,228
$
76,228
$
76,228
$
76,228
$
76,228
$
76,228
$
76,228
$
76,228
$
76,228
$
76,228
$
76,228
$
76,228
$
76,228
$
76,228
$
76,228
$
Managem
ent
177,118
$
177,118
$
177,118
$
177,118
$
177,118
$
177,118
$
177,118
$
177,118
$
177,118
$
177,118
$
177,118
$
177,118
$
177,118
$
177,118
$
177,118
$
Misc
16,150
$
16,150
$
16,150
$
16,150
$
16,150
$
16,150
$
16,150
$
16,150
$
16,150
$
16,150
$
16,150
$
16,150
$
16,150
$
16,150
$
16,150
$
Replacem
ent R
eserves
48,450
$
48,450
$
48,450
$
48,450
$
48,450
$
48,450
$
48,450
$
48,450
$
48,450
$
48,450
$
48,450
$
48,450
$
48,450
$
48,450
$
48,450
$
Grou
nd Lease
1,488,209
$
1,488,209
$
1,488,209
$
1,488,209
$
1,488,209
$
1,488,209
$
1,488,209
$
1,488,209
$
1,488,209
$
1,488,209
$
1,488,209
$
1,488,209
$
1,488,209
$
1,488,209
$
1,488,209
$
Total Expenses
3,311,092
$
3,311,092
$
3,311,092
$
3,311,092
$
3,311,092
$
3,311,092
$
3,311,092
$
3,311,092
$
3,311,092
$
3,311,092
$
3,311,092
$
3,311,092
$
3,311,092
$
3,311,092
$
3,311,092
$
Net Ope
ratin
g Income
2,592,836
$
2,592,836
$
2,592,836
$
2,592,836
$
2,592,836
$
2,592,836
$
2,592,836
$
2,592,836
$
2,592,836
$
2,592,836
$
2,592,836
$
2,592,836
$
2,592,836
$
2,592,836
$
2,592,836
$
Debt Service
HCD MHP
429,554
$
429,554
$
429,554
$
429,554
$
429,554
$
429,554
$
429,554
$
429,554
$
429,554
$
429,554
$
429,554
$
429,554
$
429,554
$
429,554
$
429,554
$
Perm
anent Financing
1,731,143
$
1,731,143
$
1,731,143
$
1,731,143
$
1,731,143
$
1,731,143
$
1,731,143
$
1,731,143
$
1,731,143
$
1,731,143
$
1,731,143
$
1,731,143
$
1,731,143
$
1,731,143
$
1,731,143
$
Total D
ebt Service
2,160,697
$
2,160,697
$
2,160,697
$
2,160,697
$
2,160,697
$
2,160,697
$
2,160,697
$
2,160,697
$
2,160,697
$
2,160,697
$
2,160,697
$
2,160,697
$
2,160,697
$
2,160,697
$
2,160,697
$
Cash Flow
432,139
$
432,139
$
432,139
$
432,139
$
432,139
$
432,139
$
432,139
$
432,139
$
432,139
$
432,139
$
432,139
$
432,139
$
432,139
$
432,139
$
14,479,368
$
-‐3,362,010
0488,502
$
388,925
$
388,925
$
388,925
$
388,925
$
388,925
$
388,925
$
388,925
$
388,925
$
388,925
$
388,925
$
388,925
$
388,925
$
388,925
$
13,031,431
$
-‐750,000
054,278.01
$
43,214
$
43,214
$
43,214
$
43,214
$
43,214
$
43,214
$
43,214
$
43,214
$
43,214
$
43,214
$
43,214
$
43,214
$
43,214
$
1,447,937
$
Reversion
43,213,931
$
Loan Balance
$29,166,702
Perm
anent Funding Sou
rces
Rate
Term
Amortization
DSCR
Amou
ntLTV
B of A Con
ventioanl
6.10%
3030
1.2
5,850,000
$
13.54%
Tax-‐Exem
pt Bon
d4.75%
3540
1.2
30,750,321
$
71.16%
36,600,321
$
84.70%
DSCR
1.20
Constructio
n Loan Repayment
36,489,680
$
Funding Ga
p(110,641)
$
5,850,000
$
(169,650,000)
$
############
############
############
############
############
############
############
############
############
############
############
############
#############
HC
D M
HP
Co
ntin
gen
cy 1
5-Ye
ar P
rofo
rma
37
Uni
t Mix
Affo
rdab
le R
ents
@ 6
0% A
MI
Mar
ket-‐
Rate
Ren
tsU
nits
Sq. F
t.#
of U
nits
Tota
l Sq.
Ft.
Uni
ts#
of U
nits
Annu
al R
ent
Sq. F
tU
nits
# of
Uni
tsSq
. Ft.
Rent
Sq.
Ft.
Gros
s Ren
tsTo
tal R
ents
Studio C
600
3219,200
Studio C
0-‐
$
0Studio C
32600
2.53
1,518
$
583,047
$
1bd/1bth C
730
3223,360
1bd/1bth C
16197,760
$
11680
1bd/1bth C
16730
2.27
1,658
$
318,279
$
2bd/2bth C
1,000
6464,000
2bd/2bth C
38560,880
$
38000
2bd/2bth C
261,000
2.02
2,016
$
629,102
$
Studio A
630
6037,800
Studio A
0-‐
$
0Studio A
60630
2.53
1,594
$
1,147,874
$
1bd/1bth A
910
4036,400
1bd/1bth A
20247,200
$
18200
1bd/1bth A
20910
2.27
2,066
$
495,948
$
2bd/2bth A
1,000
2020,000
2bd/2bth A
11162,360
$
11000
2bd/2bth A
91,000
2.02
2,016
$
217,766
$
3bd/2bth A
1,426
1014,260
3bd/2bth A
10167,400
$
14260
3bd/2bth A
01,426
1.95
2,781
$
-‐$
1bd/1bth B
841
2016,820
1bd/1bth B
10123,600
$
8410
1bd/1bth B
10841
2.27
1,910
$
229,172
$
2bd/2bth B
1,150
4551,750
2bd/2bth B
25369,000
$
28750
2bd/2bth B
201,150
2.02
2,319
$
556,514
$
Tota
l32
328
3,59
0To
tal
130
1,82
8,20
0$
13
0,30
0To
tal
193
153,
290
2.27
4,17
7,70
1$
Affo
rdab
ility
Res
tric
ted
Rent
sIn
com
e &
Exp
ense
sU
nder
writ
ing
Bedr
oom
sFM
R60
% A
MI
50%
AM
I30
% A
MI
Inco
me
Amou
ntPe
r Uni
tTo
tal P
roje
ct C
ost
50,0
28,5
63$
1 bedroo
ms
1,384
1,084
903
542
Porential Rental Incom
e6,005,901
$
18,594
$
Value
43,213,931
$
2 bedroo
ms
1,652
1,300
1,083
650
Vacancy
300,295
$
930
$
Loan to
Value
84.4%
3 bedroo
ms
2,338
1,503
1,252
751
Effective Rental Income
5,705,606
$
17,664
$
Loan to
Cost
72.9%
Other Income
198,322
$
614
$
DSCR
2.51
Util
ity A
llow
ance
sGr
oss O
pera
ting
Inco
me
5,903,928
$
18,278
$
Debt to
Yield
7.11%
Bedr
oom
sW
/o W
ater
Incl
. Wat
erCapitalization rate on Co
st5.18%
1 bedroo
ms
3954
Expe
nses
Amou
ntPe
r Uni
t2 bedroo
ms
4770
Taxes &
Licenses
479,735
$
1,485
$
Perf
orm
ance
Mea
sure
s3 bedroo
ms
76108
Labo
r484,500
$
1,500
$
LP Equity IRR %
15.14%
Admin
37,468
$
116
$
IHO IRR %
8.14%
Affo
rdab
ility
Res
tric
ted
Rent
s aft
er U
tility
Allo
wan
ces
Repairs & M
aintenance
152,779
$
473
$
Bedr
oom
sFM
R60
% A
MI
50%
AM
I30
% A
MI
Advertising & Promotion
59,755
$
185
$
Sum
mar
y of
Cos
ts1 bedroo
ms
1,330
1,030
849
488
Utilities
290,700
$
900
$
Cons
truc
tion
Budg
etAm
ount
2 bedroo
ms
1,582
1,230
1,013
580
Insurance
76,228
$
236
$
Land
Cost
-‐$
3 bedroo
ms
2,230
1,395
1,144
643
Managem
ent
177,118
$
548
$
Developm
ent
2,751,143
$
Misc
16,150
$
50$
City Fees
2,000,000
$
Cons
truc
tion
Fund
ing
Sour
ces
Replacem
ent R
eserves
48,450
$
150
$
Constructio
n40,103,429
$
Loan
Sum
mar
yAm
ount
Inte
rest
Grou
nd Lease
1,488,209
$
4,607
$
Operatio
nal Expenses
1,938,000
$
Tax-‐Exem
pt Bon
d30,750,321
$
2.75%
Tota
l Exp
ense
s3,311,092
$
10,251
$
Tota
l Cos
t exc
l. Fi
nanc
e46,792,572
$
Constructio
n Loan
5,739,359
$
3.25%
Tota
l Loa
ns36,489,680
$
2.83%
Net
Ope
ratin
g In
com
e2,592,836
$
8,027
$
Fina
nce
Cost
sAm
ount
Constructio
n Loan Interest
2,322,367
$
Equi
ty S
umm
ary
Amou
ntDe
bt S
ervi
ce1,032,163
$
3,196
$
Financing Co
sts
913,625
$
Tax-‐Credit Equity
6,836,873
$
Tota
l Fin
ance
Cha
rges
3,235,992
$
Irvine Ho
using Trust G
rant
2,000,000
$
Cash
Flo
w1,560,673
$
4,832
$
Irvine HO
ME Funds
400,000
$
Varia
bles
Tota
l Pro
ject
Cos
t50
,028
,563
$ Prop
49 Grant
190,000
$
Vacancy
5%Finance Ch
arges
1.25%
LP Equity
3,362,010
$
Inflatio
n0%
Debt Loan to Cost
75.0%
Publ
ic S
ubsi
tdy
IHO Equity
750,000
$
Bond
LTV
71%
Developer Fee
2,001,143
$
Per U
nit P
ublic Subsid
y72,514
$
Tota
l Equ
ity13,538,883
$
Tax-‐Credit
3.18%
Tax-‐Credit Yield
100%
Tota
l Pub
lic S
ubsi
dy9,
426,
873
$
GAP
(110
,641
)Stabilizatio
n12
Constructio
n Time
15Cap Rate
6.00%
Investor Equ
ity3,362,010
$
HC
D M
HP
Co
ntin
gen
cy C
ons
truc
tio
n P
rofo
rma
38
The Park at Irvine Spectrum Center AVG Rent Sq. Ft.Unit Sq. Ft. Gross Rent Rent Sq. Ft. Studios 2.53Studios 607 1515 2.50 1bd/1bth 2.27
AVG RPSF 2.50 2bd/2bth 2.021bd/1bth 794 1935 2.44
793 1900 2.40 Studio 600-‐630816 1885 2.31 1 bed 730-‐910827 2060 2.49 2 bed 1000-‐1150856 1805 2.11769 1790 2.33710 1735 2.44766 1695 2.21
AVG RPSF 2.342bd/2bth 996 2060 2.07
1030 2160 2.101146 2185 1.911068 2245 2.101083 2265 2.09
AVG RPSF 2.05
Esperanza Apartments HomesUnit Sq. Ft. Gross Rent Rent Sq. Ft.1bd/1bth 714 1565 2.19
796 1785 2.24AVG RPSF 2.22
2bd/2bth 1026 2090 2.041034 1895 1.831056 2110 2.001115 2205 1.98
AVG RPSF 1.96
The Village at Irvine Spectrium CenterUnit Sq. Ft. Gross Rent Rent Sq. Ft.Studios 563 1490 2.65
624 1555 2.49AVG RPSF 2.57
1bd/1bth 723 1625 2.25749 1695 2.26
AVG RPSF 2.262bd/2bth 943 1945 2.06
1136 2260 1.991045 2145 2.051032 2115 2.05
AVG RPSF 2.04
Rent Comparables
39
USE
DES
CR
IPTI
ON
DES
CR
IPTI
ON
REM
AR
KS
SQU
AR
E FE
ETC
OST
P.S
.F.
TOTA
LD
emol
ition
Exis
ting
Stru
ctur
e an
d Pa
rkin
gIn
cl A
sbes
tos/
Lead
Aba
tem
ent,
Excl
Soi
ls R
emed
iatio
n0
0.00
Site
wor
k - O
ff-Si
teU
tiliti
es a
nd S
treet
Impr
ovem
ents
Util
ity L
ater
als,
Sid
ewal
k an
d D
rivew
ays
283,
590
4.00
1,13
4,36
0.00
Site
wor
k - O
n-Si
te C
ourt
yard
sC
ourty
ards
and
Lan
dsca
ping
Land
scap
ing,
Pla
nter
s, S
ite F
urni
ture
, Sw
imm
ing
Pool
283,
590
10.0
02,
835,
900.
00Si
tew
ork
- On-
Site
Per
imet
erPe
rimet
er L
ands
capi
ngPe
rimet
er L
ands
capi
ng a
nd F
latw
ork
283,
590
5.00
1,41
7,95
0.00
Park
ing
Gar
age
- 2 L
evel
s (T
ype
I)Po
dium
Stru
ctur
eSe
mi-E
ffici
ent /
354
s.f.
Per
Sta
ll65
,664
55.0
03,
611,
520.
00R
esid
entia
l Uni
ts -
5 Le
vels
(Typ
e III
-Mod
)32
3 U
nits
, Lux
ury
Fini
shes
878
s.f.
Aver
age
(92
- Stu
dio,
92-
1 B
edrm
, 129
- 2
Bedr
m, 1
0 - 3
bedr
m)
283,
590
90.0
025
,523
,100
.00
Res
iden
tial C
irc -
5 Le
vels
(Typ
e III
-Mod
)C
orrid
ors,
Ele
vato
rs &
Sta
irwel
ls15
% o
f Net
Ren
tabl
e42
,539
90.0
03,
828,
465.
00Tr
ash
Roo
ms
- 5 L
evel
s (T
ype
III-M
od)
Res
iden
t Lev
el R
1,R
2,R
3,R
4St
anda
rd C
lean
able
Fin
ishe
s2,
000
80.0
016
0,00
0.00
Loun
geG
roun
d Le
vel
Land
scap
ing,
Pla
nter
s, S
ite F
urni
ture
10,0
0010
0.00
1,00
0,00
0.00
Leas
ing
Offi
ces
(Typ
e III
Mod
)R
esid
ent L
evel
R1
Upg
rade
d Fi
nish
es, E
xclu
des
Furn
iture
and
Equ
ipm
ent
2,78
411
0.00
306,
240.
00Fi
tnes
s R
oom
(Typ
e III
Mod
)R
esid
ent L
evel
R1
Upg
rade
d Fi
nish
es, E
xclu
des
Furn
iture
and
Equ
ipm
ent
1,00
012
0.00
120,
000.
00R
etai
l Spa
ce (T
ype
III-M
od)
Res
iden
t Lev
el R
1Sh
ell F
inis
h, In
clud
es U
tility
Stu
bs to
Spa
ce(s
)0
80.0
00.
00
Pave
d Su
rfac
e A
reas
Park
ing
and
Roa
dway
sAs
phal
t55
,298
316
5,89
4.00
TOTA
L40
,103
,429
.00
NET
REN
TAB
LE A
REA
- R
ESID
ENTI
AL
283,
590
CO
ST P
ER N
ET R
ENTA
BLE
SQ
UA
RE
FOO
T14
1.41
QU
ALI
FIC
ATIO
NS:
1. C
onst
ruct
ion
Dur
atio
n: S
ubst
antia
l Com
plet
ion
= 18
Mon
ths,
Fin
al C
ompl
etio
n =
20 M
onth
s (E
xclu
des
Wea
ther
Del
ays)
2. I
nclu
des
Four
Per
cent
(4%
) Gen
eral
Con
ditio
ns F
ee (I
ndire
cts)
3. I
nclu
des
Six
Perc
ent (
6%) O
verh
ead
and
Prof
it Fe
e
4. E
xclu
des
Paym
ent a
nd P
erfo
rman
ce B
ond
and
Build
er's
Ris
k In
sura
nce
5. E
xclu
des
Haz
ardo
us S
oils
and
Was
te H
andl
ing,
Dum
ping
and
Hau
ling
120,
962.
006.
Exc
lude
s D
e-W
ater
ing
of A
ny K
ind
403.
217.
Exc
lude
s FF
&E
Emeral Pacific C
onstruction Bu
dget
Co
nstr
ucti
on
Bud
get
VILLAGE STATION 40
Construction Letter
40
BANK OF AMERICA LOW INCOME HOUSING CHALLENGE 201241
Sounds like you have a structure that’s financeable at current rates. It’s always good to not push it on the rates too much in case they go up. Keep in mind that HCD-‐MHP is fully allocated (I don’t think that there’s any $$ left in MHP) but perhaps some developer had to return a commitment and there’s a bit left over for your deal…. You might want to vet this with a contact at HCD. A review committee may ask questions about this, b/c my understanding is there’s no MHP $$ left. I’m sorry I don’t have time to issue a letter, and would want to model the deal internally before I issue a letter (which I don’t have time to do this week). But it’s really not necessary for the competition. Best of luck! ------------------------------------------------------------------------------------------------------ Maria Joyce Maynard - Vice President, Community Development Banking 333 South Hope Street, 11th Floor; CA9-193-11-03; Los Angeles, CA 90071 213-621-7590; 213-621-4829 (fax)
From: Jared Riemer [mailto:[email protected]] Sent: Tuesday, May 15, 2012 4:59 PM To: Joyce, Maria Subject: Re: UCI Low-Income Housing Competition I modeled the bonds to convert to 5.25% at conversion to permanent financing. You can see it in the attached proforma, which is my final submittal. We are about to do a practice run presentation at UCI in about 30 minutes, and our final paper is due by midnight tonight. If you are able to, could you write a commitment letter for the bond financing, construction loan, and tax-‐credit? I can just throw it in the appendix at the end but we'll get extra points for project readiness if we have that. If you are not able to do this, I understand, and it will not have a significant affect on our project. I can write the letter as soon as I am done with my presentation and just send you over something to put your signature on if that helps. My assumptions are as follow: $32,522,167 in tax-‐exempt bond financing that will be at 2.75% interest only for construction then convert to a perm at 5.25% (4.75% would be better but 5.25 is what I underwrote with)
Finance Review
42
amortizing over 30 years, 1.2 dscr, and 80% ltv. 3.25% interest only construction loan for $3,970,030 which will be paid out with HCD MHP financing at stabilization. $6,836,888 face value of 4% tax-‐credit. I have it underwritten at a 1:1 yield. Or $15,468,560 for the 9% credit if it is awarded. Thank you so much for you help!!! -‐Jared
Finance Review
VILLAGE STATION
43
1 Civic Center Plaza Irvine, CA 92606 (949) 724-7440
May 10, 2012
Mr. Jared RiemerIrvine Community BuildersIrvine Housing OpportunitiesVillage Station LLC202 Social Ecology IIrvine, California 92697-7075
Dear Mr. Riemer:
Re: Village Station Project Ground Lease
The Irvine Community Land Trust now commits itself to lease approximately 7 acres of land adjacent to the Irvine Transit Facility in the City of Irvine (APN #590-171-01)subject to the terms and conditions below.
Lessor: Irvine Community Land Trust
Lessee: Irvine Community Builders and Irvine Housing Opportunities
Term: 55 years with two 22 year extensions, which extensions may be approvedin the sole and absolute discretion of the Irvine Community Land Trust
Payments: Monthly once the development has attained positive cash flow as detailed in the project pro forma.
Rent: Annual amount of $840,000 plus rent participation of 25% of net operating income
The Irvine Community Land Trust will initiate a lease agreement for the purposes of this transaction upon evidence of project readiness. The Irvine Community Land Trust looks forward to working with Irvine Community Builders and Irvine Housing Opportunities in the development of this mixed-income transit-oriented project.
Sincerely,
Mark Asturias
FOR ACADEMIC PURPOSES ONLY
44VILLAGE STATION
February 10, 2012 Version 39 Points System 5/13/12
(ii) Universal Design. Project design incorporates the principles of Universal Design in at 1 Pointleast half of the project's units as detailed in Reg. Section 10325(c)(9)(B).
(iii) Smoke Free Residence. The proposed project will contain nonsmoking buildings or 1 Pointsections of buildings. Nonsmoking sections must consist of at least half the unitswithin the building, and those units must be contiguous.
(iv) Historic Preservation. The project proposes to incorporate historic tax credits. 1 Point
(v) Qualified Census Tract (QCT). The project is located within a QCT and the development 2 Pointswould contribute to a concerted community revitalization plan as demonstrated by a letterfrom a local government official.
Total Points for Miscellaneous Federal and State Policies:
A. Cost Efficiency, Credit Reduction, & Public FundsA(1) Cost EfficiencyA(2) Credit ReductionA(3) Public Funds
B. General Partner & Management Company Experience
A(1) General Partner ExperienceA(2) Management Company Experience
C. Housing Needs D. Site & Service Amenities
D(1) Site Amenities D(2) Service Amenities
E. Sustainable Building Methods F. Lowest Income & 10% of Units Restricted @ 30% AMI
F(1) Lowest Income F(2) 10% of Units Restricted @ 30% AMI
G. Readiness to Proceed H. Miscellaneous Federal and State Policies*Negative Points (if any, please enter amount:)
N/A
N/A
Yes
Yes
VI. POINTS SYSTEM - SECTION 2: POINTS SYSTEM SUMMARY
146.0
10
9
2
9
1025
15
3
25
9
25
20
20
0
50
2
2
NO MAX
2022
10
50
1010
20
500
20200
MAXIMUM POINTS
0
6
10
50 5210
310
15
6
202020
APPLICANT POINTS
20
TOTALPOINTS
*Negative points given to general partners, co-developers, management agents, consultants, or any member or agent of the Development Team may remain in effect for up to two calendar years, but in no event shall be in effect for less than one funding round. Furthermore, negative points may be assigned to one or more Development Team members, but do not necessarily apply to the entire Team. Negative points assigned by the Executive Director may be appealed to the Committee under appeal procedures enumerated in the regulations.
(Do Not Submit An Application If You Do Not Have The Minimum Points Required)
Total Points:
Total Possible Points: 148, Minimum Points Required: 123
9% Tax Credit Points
BANK OF AMERICA LOW INCOME HOUSING CHALLENGE 201245February 10, 2012 Version 39 Points System 5/13/12
(ii) Universal Design. Project design incorporates the principles of Universal Design in at 1 Pointleast half of the project's units as detailed in Reg. Section 10325(c)(9)(B).
(iii) Smoke Free Residence. The proposed project will contain nonsmoking buildings or 1 Pointsections of buildings. Nonsmoking sections must consist of at least half the unitswithin the building, and those units must be contiguous.
(iv) Historic Preservation. The project proposes to incorporate historic tax credits. 1 Point
(v) Qualified Census Tract (QCT). The project is located within a QCT and the development 2 Pointswould contribute to a concerted community revitalization plan as demonstrated by a letterfrom a local government official.
Total Points for Miscellaneous Federal and State Policies:
A. Cost Efficiency, Credit Reduction, & Public FundsA(1) Cost EfficiencyA(2) Credit ReductionA(3) Public Funds
B. General Partner & Management Company Experience
A(1) General Partner ExperienceA(2) Management Company Experience
C. Housing Needs D. Site & Service Amenities
D(1) Site Amenities D(2) Service Amenities
E. Sustainable Building Methods F. Lowest Income & 10% of Units Restricted @ 30% AMI
F(1) Lowest Income F(2) 10% of Units Restricted @ 30% AMI
G. Readiness to Proceed H. Miscellaneous Federal and State Policies*Negative Points (if any, please enter amount:)
N/A
N/A
Yes
Yes
VI. POINTS SYSTEM - SECTION 2: POINTS SYSTEM SUMMARY
96.0
10
9
2
9
1025
15
3
25
9
25
20
20
0
0
2
2
NO MAX
2022
10
50
1010
20
00
20200
MAXIMUM POINTS
0
6
10
0 5210
310
15
6
202020
APPLICANT POINTS
20
TOTALPOINTS
*Negative points given to general partners, co-developers, management agents, consultants, or any member or agent of the Development Team may remain in effect for up to two calendar years, but in no event shall be in effect for less than one funding round. Furthermore, negative points may be assigned to one or more Development Team members, but do not necessarily apply to the entire Team. Negative points assigned by the Executive Director may be appealed to the Committee under appeal procedures enumerated in the regulations.
(Do Not Submit An Application If You Do Not Have The Minimum Points Required)
Total Points:
Total Possible Points: 148, Minimum Points Required: 123
4% Tax Credit Points
Gre
enPo
int R
ated
Che
cklis
t: M
ultif
amily
Community
Energy
Health/IAQ
Resources
Water
177
3167
1425
40RE
QUI
RED:
ENT
ER F
LOO
R AR
EAS
AND
LAND
SCAP
ED A
REA
BEFO
RE B
EGIN
NING
CHE
CKLI
STEn
ter T
otal
Con
ditio
ned
Floo
r Are
a of
the
Proj
ect:
8411
46
305
63
Ente
r Tot
al N
on-R
esid
entia
l Flo
or A
rea
of P
roje
ct:
0Pe
rcen
t of P
roje
ct D
edic
ated
to R
esid
entia
l Use
100%
Perc
enta
ge o
f Site
Ded
icat
ed to
Lan
dsca
ping
34%
Points Achieved
Community
Energy
IAQ/Health
Resources
Water
Note
sAA
. CO
MM
UNIT
Y DE
SIG
N AN
D PL
ANNI
NG
Yes
11
477
10
No
01
No
01
No
01
No
01
No
01
No
01
3
TIE
R 1
: Ent
er n
umbe
r of s
ervi
ces
with
in ½
Mile
:
1) D
ay C
are
2) C
omm
unity
Cen
ter
4) D
rug
Stor
e5)
Res
taur
ant
7) L
ibra
ry8)
Far
mer
's M
arke
t
The
Gre
enPo
int R
ated
che
cklis
t tra
cks
gree
n fe
atur
es in
corp
orat
ed in
to th
e ho
me.
A h
ome
is o
nly
Gre
enPo
int
Rate
d if
all f
eatu
res
are
verif
ied
by a
Cer
tifie
d G
reen
Poin
t Rat
er th
roug
h Bu
ild It
Gre
en. G
reen
Poin
t Rat
ed
is p
rovi
ded
as a
pub
lic s
ervi
ce b
y Bu
ild It
Gre
en, a
pro
fess
iona
l non
-pro
fit w
hose
mis
sion
is to
pro
mot
e he
alth
y,
ener
gy a
nd re
sour
ce e
ffici
ent b
uild
ings
in C
alifo
rnia
. Th
e m
inim
um re
quire
men
ts fo
r a G
reen
Poin
t Rat
ed h
ome
are:
Ear
n a
tota
l of 5
0 po
ints
or m
ore;
obt
ain
the
follo
wing
min
imum
poi
nts
per c
ateg
ory:
Com
mun
ity (6
), En
ergy
(30)
, Ind
oor A
ir Q
ualit
y/H
ealth
(5),
Res
ourc
es (6
), an
d W
ater
(3);
and
mee
t the
pre
requ
isite
s A2
a, E
2a, H
4a. (
for 2
008
perm
itted
pro
ject
s), J
1a, N
1. a
nd Q
0.
This
che
cklis
t acc
omm
odat
es th
e ve
rific
atio
n of
man
dato
ry C
ALG
reen
mea
sure
s bu
t doe
s no
t sig
nify
com
plia
nce
unle
ss a
ccep
ted
by ju
risdi
ctio
nal a
utho
rity.
All
CAL
Gre
en m
easu
res
with
in th
e ch
eckl
ist m
ust b
e se
lect
ed a
s "Y
es" o
r "n/
a" fo
r com
plia
nce
with
Gre
enPo
int R
ated
. Bu
ild It
Gre
en is
not
a c
ode
enfo
rcem
ent a
genc
y.
The
gree
n bu
ildin
g pr
actic
es li
sted
bel
ow a
re d
escr
ibed
in th
e G
reen
Poin
t Rat
ed M
ultif
amily
R
atin
g M
anua
l. Fo
r mor
e in
form
atio
n pl
ease
vis
it w
ww
.bui
lditg
reen
.org
/gre
enpo
intra
ted.
Mul
tifam
ily N
ew H
ome
2.2
/ 200
8 Ti
tle 2
4
d. B
uild
on
Des
igna
ted
Brow
nfie
ld S
ite o
r City
-Des
igna
ted
Red
evel
opm
ent A
rea
a. S
ite h
as P
edes
trian
Acc
ess
With
in ½
Mile
of C
omm
unity
Ser
vice
s:
10) C
onve
nien
ce S
tore
Whe
re M
eat &
Pro
duce
are
Sol
d
d. P
rovi
de S
ecur
e Bi
cycl
e St
orag
e fo
r 5%
of N
on-R
esid
entia
l Ten
ant E
mpl
oyee
s &
Visi
tors
9) A
fter S
choo
l Pro
gram
s
3) P
ublic
Par
k6)
Sch
ool
Villa
ge S
tatio
n
1. D
evel
op In
fill S
ites
3. A
ltern
ativ
e Tr
ansp
orta
tion
a. P
roje
ct is
an
Urb
an In
fill D
evel
opm
ent
2. D
esig
n fo
r Wal
king
& B
icyc
ling
a. S
idew
alks
Are
Buf
fere
d fro
m R
oadw
ays
& Ar
e 5
Feet
Wid
e (8
Fee
t in
Ret
ail A
reas
)b.
Inst
all T
raffi
c C
alm
ing
Stra
tegi
es
b. C
onse
rve
Res
ourc
es b
y In
crea
sing
Den
sity
-15
Uni
ts P
er A
cre
or G
reat
er (1
Poi
nt fo
r
eve
ry a
dditi
onal
5 d
wellin
g un
its/a
cre)
Ent
er P
roje
ct D
ensi
ty N
umbe
r (In
du/
acre
)c.
Pro
ject
Incl
udes
the
Red
evel
opm
ent o
f At L
east
One
Exis
ting
Build
ing
c. P
rovi
de D
edic
ated
, Cov
ered
& S
ecur
e Bi
cycl
e St
orag
e fo
r 15%
of R
esid
ents
Poss
ible
Poi
nts
Poss
ible
Poi
nts
Tota
l Tar
gete
d Po
ints
:
31
14
25
40
6
30
56
3
© B
uild
It G
reen
Mul
tifam
ily C
heck
list v
ersi
on 2
.2/1
.9
46VILLAGE STATION
Points Achieved
Community
Energy
IAQ/Health
Resources
Water
Note
s
Villa
ge S
tatio
n
1
TIE
R 2
: Ent
er n
umbe
r of s
ervi
ces
with
in ½
Mile
:1)
Ban
k2)
Pla
ce o
f Wor
ship
4) H
ardw
are
5) T
heat
er/E
nter
tain
men
t7)
Pos
t Offi
ce8)
Sen
ior C
are
Faci
lity
10) H
air C
are
11) C
omm
erci
al O
ffice
or
Maj
or E
mpl
oyer
01
01
Yes
11
Yes
11
Yes
11
No
01
No
01
No
01
Yes
11
No
01
Yes
11
No
01
No
01
No
02
Yes
11
No
02
No
01
No
01
No
01
ii. 8
0% o
f Uni
ts
i. 5
Ser
vice
s Li
sted
Abo
ve (T
ier 2
Ser
vice
s C
ount
as
1/2
Serv
ice
Valu
e)ii.
10 S
ervi
ces
List
ed A
bove
(Tie
r 2 S
ervi
ces
Cou
nt a
s 1/
2 Se
rvic
e Va
lue)
b. P
roxim
ity to
Pub
lic T
rans
it: D
evel
opm
ent i
s Lo
cate
d W
ithin
a. In
clud
e U
nive
rsal
Des
ign
Prin
cipl
es in
Uni
ts8.
Ada
ptab
le B
uild
ings
ii. L
ess
than
1.0
Par
king
Spa
ces
Per U
nit
12) F
ull S
cale
Sup
erm
arke
t9)
Med
ical
/Den
tal
3) L
aund
ry/C
lean
ers
6) F
itnes
s/G
ym
6. D
esig
n fo
r Saf
ety
and
Vand
alis
m D
eter
renc
e
7. P
assi
ve S
olar
Des
ign
b. H
alf o
f the
Non
-Res
iden
tial F
loor
Spa
ce is
Ded
icat
ed to
Com
mun
ity S
ervi
ces
(S
ee A
A3a)
a. P
rivat
e or
Sem
i-Pub
lic O
utdo
or G
athe
ring
Plac
es fo
r Res
iden
ts (M
inim
um o
f 50
sf P
er
U
nit)
(mut
ually
exc
lusi
ve w
ith A
A5b)
5. O
utdo
or G
athe
ring
Plac
es
a. A
t lea
st 2
% o
f Dev
elop
men
t Flo
or S
pace
Sup
ports
Mixe
d-U
se (N
on-R
esid
entia
l
Ten
ants
)
b. A
ll M
ain
Entra
nces
to th
e Bu
ildin
g an
d Si
te a
re P
rom
inen
t and
Vis
ible
from
the
Stre
et
a. R
esid
ence
Ent
ries
Hav
e Vi
ews
to C
alle
rs (W
indo
ws o
r Dou
ble
Peep
Hol
es) &
Can
Be
S
een
By N
eigh
bors
c. P
ublic
Out
door
Gat
herin
g Pl
aces
hav
e D
irect
Acc
ess
to A
t Lea
st T
wo
Tier
1 C
omm
unity
Ser
vice
s (S
ee A
A3a)
a. P
rovi
de A
ppro
pria
te O
rient
atio
n fo
r Max
imum
Ene
rgy
Effic
ienc
y
b. L
ive/
Wor
k U
nits
Incl
ude
A D
edic
ated
Com
mer
cial
Ent
ranc
e
i. 1/
4 M
ile o
f One
Pla
nned
or C
urre
nt B
us L
ine
Stop
c. R
educ
ed P
arki
ng C
apac
ityi.
Less
than
1.5
Par
king
Spa
ces
Per U
nit
ii. 1
/2 M
ile o
f a M
ajor
Tra
nsit
Stop
(Com
mut
er T
rain
/Lig
ht R
ail T
rans
it Sy
stem
OR
Tw
o
or M
ore
Plan
ned/
Cur
rent
Bus
Lin
e St
ops
b. O
utdo
or G
athe
ring
Plac
e of
Com
pact
Site
Pro
vide
s N
atur
al E
lem
ents
(mut
ually
exc
lusi
ve w
ith A
A5a)
(Pro
ject
s M
ust B
e a
Min
imum
of 5
0 du
/acr
e)
b. P
rovi
de A
ppro
pria
te S
hadi
ng O
n Al
l Sou
th-F
acin
g W
indo
ws fo
r Effe
ctiv
e Pa
ssiv
e So
lar
C
ontro
l
c. P
rovi
de T
herm
al M
ass
i. 50
% o
f Uni
ts
4. M
ixed
-Use
Dev
elop
men
ts
© B
uild
It G
reen
Mul
tifam
ily C
heck
list v
ersi
on 2
.2/1
.9
BANK OF AMERICA LOW INCOME HOUSING CHALLENGE 201247
Points Achieved
Community
Energy
IAQ/Health
Resources
Water
Note
s
Villa
ge S
tatio
n
Yes
11
Yes
11
No
01
Yes
11
No
01
17A.
SIT
E
Yes
21
1N
o0
1
Yes
YR
Yes
22
Yes
22
Yes
11
Yes
11
No
01
Yes
11
9B.
LAN
DSCA
PE
Yes
Yes
22
Yes
22
Yes
11
Yes
11
Yes
33
b. L
imit
and
Del
inea
te C
onst
ruct
ion
Foot
prin
t for
Max
imum
Pro
tect
ion
9. A
fford
abili
tya.
Uni
ts a
re D
edic
ated
to H
ouse
hold
s M
akin
g 80
% o
r Les
s of
AM
I
c. A
t lea
st 2
0% o
f Uni
ts a
t 120
% o
r Les
s of
AM
I are
For
-Sal
e
b. D
evel
opm
ent I
nclu
des
Mul
tiple
Bed
room
Uni
ts
(M
inim
um o
f 2 3
-Bdr
m U
nits
At o
r Les
s Th
an 8
0% A
MI)
iii. 5
0% o
r Mor
eii.
25%
5. C
ool S
ite: R
educ
e He
at Is
land
Effe
ct o
n Si
te
a. P
rote
ct T
opso
il an
d R
euse
Afte
r Con
stru
ctio
n
1. L
ands
capi
ng
b. F
ull e
nviro
nmen
tal q
ualit
y m
anag
emen
t pla
n an
d pr
e-oc
cupa
ncy
flush
out
is c
ondu
cted
(P
rere
quis
ite is
A5a
)
1. P
rote
ct T
opso
il an
d M
inim
ize
Disr
uptio
n of
Exi
stin
g Pl
ants
& T
rees
i. 10
% o
f All
Uni
ts
iii. 7
5% o
f Pla
nts
are
Dro
ught
-tole
rant
, Cal
iforn
ia N
ativ
es, M
edite
rrane
an o
r Oth
er
A
ppro
pria
te S
peci
es
b. M
ulch
All
Plan
ting
Beds
to th
e G
reat
er o
f 3 In
ches
or L
ocal
Wat
er O
rdin
ance
R
equi
rem
ent
ii. N
o Pl
ant S
peci
es w
ill R
equi
re S
hear
ing
i. N
o In
vasi
ve S
peci
es L
iste
d by
Cal
-IPC
Are
Pla
nted
c. C
onst
ruct
Res
ourc
e-Ef
ficie
nt L
ands
cape
s
Tota
l Ava
ilabl
e Po
ints
in C
omm
unity
Des
ign
and
Plan
ning
: 42
a. D
uct o
peni
ngs
and
othe
r rel
ated
air
dist
ribut
ion
com
pone
nt o
peni
ngs
shal
l be
cove
red
durin
g co
nstru
ctio
n. (C
ALG
reen
cod
e if
appl
icab
le)
Tota
l Ava
ilabl
e Po
ints
in S
ite: 1
1
2. D
iver
t/Rec
ycle
Job
Site
Con
stru
ctio
n W
aste
(Inc
ludi
ng G
reen
Was
te a
nd E
xist
ing
S
truct
ures
)
Poss
ible
Poi
nts
Poss
ible
Poi
nts
a. R
equi
red:
Div
ert 5
0% (b
y we
ight
) of A
ll C
onst
ruct
ion
& D
emol
ition
Was
te (R
ecyc
ling
o
r Reu
se) (
CAL
Gre
en c
ode)
b. D
iver
t 100
% o
f Asp
halt
and
Con
cret
e an
d 65
% (b
y we
ight
) of R
emai
ning
Mat
eria
lsc.
Div
ert 1
00%
of A
spha
lt an
d C
oncr
ete
and
80%
(by
weig
ht) o
f Rem
aini
ng M
ater
ials
3. C
onst
ruct
ion
Envi
ronm
enta
l Qua
lity
Man
agem
ent P
lan,
Duc
t Sea
ling,
and
Pre
-Occ
upan
cy F
lush
-Out
[*Th
is c
redi
t is
a re
quire
men
t ass
ocia
ted
with
PJ1
: EPA
IAP]
4. U
se R
ecyc
led
Cont
ent A
ggre
gate
(Min
imum
25%
)
a. G
roup
Pla
nts
by W
ater
Nee
ds (H
ydro
zoni
ng)
Is th
e la
ndsc
ape ≥
10%
of t
he s
ite a
rea?
Site
s w
ith le
ss th
an 1
0% o
f the
tota
l site
are
a de
dica
ted
to la
ndsc
apin
g ca
n on
ly e
arn
up to
4 p
oint
s fo
r mea
sure
B1a
thro
ugh
B1g.
Cal
cula
te th
e la
ndsc
ape
area
per
cent
age
by d
ivid
ing
the
land
scap
e ar
ea b
y th
e to
tal s
ite a
rea.
Incl
ude
the
build
ing
foot
prin
t(s) a
nd a
ll ot
her d
evel
oped
por
tions
of t
he s
ite u
p to
the
site
bou
ndar
y.
© B
uild
It G
reen
Mul
tifam
ily C
heck
list v
ersi
on 2
.2/1
.9
48VILLAGE STATION
Points Achieved
Community
Energy
IAQ/Health
Resources
Water
Note
s
Villa
ge S
tatio
n
Yes
22
Yes
22
Yes
22
Yes
33
Yes
33
Yes
11
Yes
11
Yes
11
No
02
No
04
Yes
11
Yes
11
Yes
11
27C.
DES
IGN
CONS
IDER
ATIO
NS
Yes
11
Yes
11
Yes
11
Yes
11
Yes
01
Yes
00.
5Ye
s0
0.5
Yes
00.
5Ye
s0
0.5
No
02
No
01
No
01
Yes
21
1
Yes
22
Yes
21
1
2. M
ixed
-Use
Des
ign
Stra
tegi
es
b. C
onst
ruct
ion
Phas
e (P
erfo
rm F
unct
iona
l Tes
ting)
3) A
irbor
ne a
nd S
truct
ure-
born
e N
oise
Red
uctio
n (e
.g.,
walls
, flo
or-c
eilin
gs)
c. S
epar
ate
Mec
hani
cal a
nd P
lum
bing
Sys
tem
s3.
Com
mis
sion
ing
4) M
echa
nica
l Ven
tilat
ion
Noi
se a
nd V
ibra
tion
Con
trol
4) M
ixed-
Use
Noi
se a
nd V
ibra
tion
Red
uctio
n
a. D
esig
n Ph
ase
(Def
ine
Own
er's
Proj
ect R
equi
rem
ents
, Bas
is o
f Des
ign,
and
Dev
elop
P
lan)
g. D
esig
n La
ndsc
ape
to M
eet W
ater
Bud
get
TIER
1:
1) E
xter
ior N
oise
Red
uctio
n2)
Lou
d Si
ngle
-Eve
nt N
oise
Red
uctio
n in
Noi
se-S
ensi
tive
Spac
es
ii. In
stal
l Irri
gatio
n Sy
stem
Tha
t Will
Be O
pera
ted
at <
50%
Ref
eren
ce E
T
(B1a
., B1
b. a
nd B
1ei.
or B
1eii.
are
Pre
requ
isite
s fo
r Cre
dit)
Tota
l Ava
ilabl
e Po
ints
in L
ands
cape
: 33
a. U
se R
ecyc
led
Wat
er fo
r Ind
oor a
nd/o
r Out
door
Wat
er U
se
i. In
stal
l Irri
gatio
n Sy
stem
Tha
t Will
Be O
pera
ted
at <
70%
Ref
eren
ce E
T
(B1a
. and
B1b
. are
Pre
requ
isite
s fo
r Cre
dit)
ii. S
yste
m H
as S
mar
t (W
eath
er-b
ased
) Con
trolle
r (C
ALG
reen
cod
e if
appl
icab
le)
d. M
inim
ize
Turf
in L
ands
cape
Inst
alle
d by
Bui
lder
ii. T
urf I
s ≤
25%
of L
ands
cape
d Ar
ea
i. Sy
stem
Use
s O
nly
Low-
Flow
Drip
, Bub
bler
s or
Spr
inkl
ers
f. In
corp
orat
e Tw
o In
ches
of C
ompo
st in
the
Top
6 to
12
Inch
es o
f Soi
l
Poss
ible
Poi
nts
2. S
ourc
e W
ater
Effi
cien
cyh.
Inco
rpor
ate
Com
mun
ity G
arde
n
b. E
nviro
nmen
tally
Pre
fera
ble
Exte
rior S
ite F
urni
shin
gs
1. A
cous
tics:
Noi
se a
nd V
ibra
tion
Cont
rol
(m
inim
um 2
poi
nts
for c
redi
t, in
clud
ing
1 Ti
er 1
mea
sure
, max
imum
of 4
poi
nts)
c. P
ost-C
onst
ruct
ion
Phas
e (V
erify
Com
plia
nce,
Com
mis
sion
ing
Rep
ort,
Trai
ning
and
W
arra
nty
Rev
iew)
2) M
inim
ize
Floo
r Squ
eaks
5) P
lum
bing
Noi
se a
nd V
ibra
tion
Red
uctio
n
e. In
stal
l Hig
h-Ef
ficie
ncy
Irrig
atio
n Sy
stem
s
i. Tu
rf Sh
all N
ot B
e In
stal
led
on S
lope
s Ex
ceed
ing
10%
and
No
Ove
rhea
d Sp
rinkl
ers
In
stal
led
in A
reas
Les
s th
an 8
Fee
t Wid
e
TIER
2:
1) M
inim
ize
Stai
r Im
pact
Noi
se
a. D
evel
op G
reen
Ten
ant I
mpr
ovem
ent R
equi
rem
ents
for B
uild
Out
sb.
Com
mer
cial
Loa
ding
Are
a Se
para
ted
from
Res
iden
tial a
rea
3) M
inim
ize
Tras
h C
hute
Noi
se
b. U
se R
ainw
ater
for I
ndoo
r and
/or O
utdo
or W
ater
Use
a. P
lay
Stru
ctur
es &
Sur
face
s H
ave
an A
vera
ge R
ecyc
led
Con
tent
≥20
%3.
Out
door
Pla
y St
ruct
ures
and
Out
door
Fur
nitu
re
4. R
educ
e Li
ght P
ollu
tion
by S
hiel
ding
Fix
ture
s an
d Di
rect
ing
Ligh
t Dow
nwar
d
© B
uild
It G
reen
Mul
tifam
ily C
heck
list v
ersi
on 2
.2/1
.9
BANK OF AMERICA LOW INCOME HOUSING CHALLENGE 201249
Points Achieved
Community
Energy
IAQ/Health
Resources
Water
Note
s
Villa
ge S
tatio
n
10D.
FO
UNDA
TIO
N, S
TRUC
TURA
L FR
AME
& BU
ILDI
NG E
NVEL
OPE
≥20%
23
No
01
1
No
01
No
06
Yes
11
Yes
11
Yes
11
Yes
11
Yes
11
Yes
11
Yes
11
Yes
11
Yes
11
No
01
No
04
No
02
No
01
No
02
No
02
No
01
11E.
EXT
ERIO
R
No
02
Yes
11
Yes
YR
Yes
11
No
04
2F.
INSU
LATI
ON
4. U
se E
ngin
eere
d Lu
mbe
r
d. E
ngin
eere
d or
Fin
ger-J
oint
ed S
tuds
for V
ertic
al A
pplic
atio
ns
2. D
urab
le R
oofin
g O
ptio
nsa.
Req
uire
d: A
ll R
oofin
g H
as 3
-Yea
r Sub
cont
ract
or W
arra
nty
and
a 20
-Yea
r Man
ufac
ture
r W
arra
nty
c. R
oofs
a. In
stal
l a R
ain
Scre
en W
all S
yste
m1.
Dra
inag
e Pl
anes
and
Dur
able
Sid
ing
b. U
se D
urab
le a
nd N
on-C
ombu
stib
le S
idin
g M
ater
ials
a. E
ngin
eere
d Be
ams
and
Hea
ders
iii. U
se O
nly
Crip
ple
Stud
s R
equi
red
for L
oad
3. V
eget
ated
Roo
f (2
poin
ts fo
r 25%
, 4 p
oint
s fo
r 50%
)
b. W
alls
Tota
l Ava
ilabl
e Po
ints
in F
ound
atio
n, S
truct
ural
Fra
me
& Bu
ildin
g En
velo
pe: 3
4
8. U
se S
olid
Wal
l Sys
tem
s (In
clud
es S
IPS,
ICFs
, & A
ny N
on-S
tick
Fram
e
Ass
embl
y)
b. M
odul
ar C
ompo
nent
s ar
e D
eliv
ered
Ass
embl
ed to
the
Proj
ect (
Min
imum
25%
)
7. E
nerg
y He
els
on R
oof T
russ
es fo
r Low
-Ris
e Pr
ojec
ts
f. O
rient
ed S
trand
Boa
rd fo
r Wal
l and
Roo
f She
athi
ng
6. U
se F
SC-C
ertif
ied
Woo
d a.
Dim
ensi
onal
Lum
ber,
Stud
s an
d Ti
mbe
r (M
inim
um 4
0%)
c. E
ngin
eere
d Lu
mbe
r for
Roo
f Raf
ters
b. W
ood
I-Joi
sts
or W
eb T
russ
es fo
r Flo
ors
ii. D
oor &
Win
dow
Hea
ders
Siz
ed fo
r Loa
d
e. O
rient
ed S
trand
Boa
rd fo
r Sub
floor
5. In
sula
ted
Head
ers
b. P
anel
Pro
duct
s (M
inim
um 4
0%)
b. U
se D
urab
le a
nd F
ire R
esis
tant
Roo
fing
Mat
eria
ls o
r Ass
embl
y
Poss
ible
Poi
nts
Tota
l Ava
ilabl
e Po
ints
in E
xter
ior:
8Po
ssib
le P
oint
s
Poss
ible
Poi
nts
3. C
onst
ruct
ion
Mat
eria
l Effi
cien
cies
a. W
all a
nd F
loor
Ass
embl
ies
(exc
ludi
ng s
olid
wal
l ass
embl
ies)
are
Del
iver
ed P
anel
ized
fro
m S
uppl
ier (
Min
imum
of 8
0% s
quar
e fe
et)
1. R
epla
ce P
ortla
nd C
emen
t in
Conc
rete
with
Rec
ycle
d Fl
y As
h an
d/or
Sla
g
(Min
imum
20%
)
Tota
l Ava
ilabl
e Po
ints
in D
esig
n C
onsi
dera
tions
: 14
2. D
esig
n, B
uild
and
Mai
ntai
n St
ruct
ural
Pes
t and
Rot
Con
trols
(for
low
-
rise
pro
ject
s)
a. F
loor
s
i. St
uds
at 2
4 In
ch o
n C
ente
r at I
nter
ior N
on-B
earin
g W
alls
and
Top
Flo
orc.
Opt
imal
Val
ue E
ngin
eerin
g
© B
uild
It G
reen
Mul
tifam
ily C
heck
list v
ersi
on 2
.2/1
.9
50VILLAGE STATION
Points Achieved
Community
Energy
IAQ/Health
Resources
Water
Not
es
Villa
ge S
tatio
n
No
01
No
01
No
01
0G
. PLU
MB
ING
Yes
22
Yes
00
N/A
N/A
1N
o0
1
Yes
33
Yes
11
Yes
00
Yes
11
Yes
Y0
Yes
21
1
Yes
11
No
01
No
01
2
No
01
11
Yes
44
14H
. HEA
TIN
G V
ENTI
LATI
ON
AN
D A
IR C
ON
DIT
ION
ING
No
02
Yes
11
Yes
21
1
Yes
11
d. U
se T
radi
tiona
l Tru
nk, B
ranc
h an
d Tw
ig P
lum
bing
with
Dem
and
Con
trolle
d C
ircul
atio
n
Loo
p(s)
e. U
se C
entra
l Cor
e P
lum
bing
i. E
NE
RG
Y S
TAR
Cei
ling
Fans
and
Lig
ht K
its in
Liv
ing
Are
as &
All
Bed
room
s
Tota
l Ava
ilabl
e P
oint
s in
Plu
mbi
ng: 1
8
a. O
pera
ble
Win
dow
s or
Sky
light
s A
re P
lace
d To
Indu
ce C
ross
Ven
tilat
ion
In A
t Lea
st O
ne
Roo
m In
80%
of U
nits
1. In
stal
l Hig
h Pe
rfor
min
g Zo
ned
Rad
iant
Hyd
roni
c H
eatin
g
c. U
se E
ngin
eere
d P
aral
lel P
lum
bing
with
Dem
and
Con
trolle
d C
ircul
atio
n Lo
op(s
)
3. W
ater
Sub
met
erin
g: B
ill T
enan
ts fo
r Act
ual U
sage
i. In
All
Res
iden
ces
1. W
ater
Effi
cien
t Fix
ture
s
a. I
nsul
ate
All
Hot
Wat
er P
ipes
[*T
his
cred
it is
a re
quire
men
t ass
ocia
ted
with
PJ1
: EP
A IA
P]
b.
Use
Eng
inee
red
Par
alle
l Plu
mbi
ng
a. In
stal
l Hig
h E
ffici
ency
Toi
lets
(Dua
l Flu
sh o
r ≤ 1
.28
Gal
lons
Per
Flu
sh (g
pf))
(CA
LGre
en c
ode
if ap
plic
able
)
2. In
stal
l Hig
h Ef
ficie
ncy
Air C
ondi
tioni
ng w
ith E
nviro
nmen
tally
Pre
fera
ble
R
efrig
eran
ts
2. D
istr
ibut
e D
omes
tic H
ot W
ater
Effi
cien
tly (
G2a
is a
Pre
requ
isite
for c
redi
t for
G2
b-e.
Max
imum
5 P
oint
s)
Poss
ible
Poi
nts
a. W
alls
c. F
loor
sb.
Cei
lings
Tota
l Ava
ilabl
e P
oint
s in
Insu
latio
n: 3
1. In
stal
l Ins
ulat
ion
with
75%
Rec
ycle
d C
onte
nt
d. F
low
Lim
iters
Or F
low
Con
trol V
alve
s A
re In
stal
led
on A
ll Fa
ucet
si.
Res
iden
ces:
Kitc
hen
- ≤ 1
.8 g
pm (C
ALG
reen
cod
e if
appl
icab
le)
ii. N
on-R
esid
entia
l Are
as: K
itche
n - ≤
1.8
gpm
(CA
LGre
en c
ode
appl
icab
le)
iii. R
esid
ence
s: B
athr
oom
Fau
cets
- ≤ 1
.5 g
pm a
t 60p
si
3. A
dvan
ced
Vent
ilatio
n Pr
actic
es fo
r Coo
ling
b. M
echa
nica
l Ven
tilat
ion
Sys
tem
for C
oolin
g:
b. H
igh
Effi
cien
cy U
rinal
s or
No-
Wat
er U
rinal
s A
re S
peci
fied:
Poss
ible
Poi
nts
ii. A
vera
ge F
lush
Rat
e is
≤0.
1 gp
f c.
Hig
h E
ffici
ency
Sho
wer
head
s U
se ≤
2.0
Gal
lons
Per
Min
ute
(gpm
) at 8
0 ps
i (C
ALG
reen
cod
e if
appl
icab
le)
i. A
vera
ge F
lush
Rat
e is
≤0.
5 gp
f (C
ALG
reen
cod
e if
appl
icab
le)
ii. In
All
Non
-Res
iden
tial A
reas
iv. N
on-R
esid
entia
l Are
as:
Bat
h Fa
ucet
s - ≤
.5 g
pm o
r .25
gal
for m
eter
fauc
ets
(CA
LGre
en
code
if a
pplic
able
)
© B
uild
It G
reen
Mul
tifam
ily C
heck
list v
ersi
on 2
.2/1
.9
BANK OF AMERICA LOW INCOME HOUSING CHALLENGE 201251
Points Achieved
Community
Energy
IAQ/Health
Resources
Water
Not
es
Villa
ge S
tatio
n
N/A
N/A
1
Yes
YR
No
01
No
02
Yes
11
No
01
Yes
11
6I.
REN
EWAB
LE E
NER
GY
No
04
No
02
2N
o0
22
No
02
20
J. B
UIL
DIN
G P
ERFO
RM
ANC
E
2008
20%
4030
+
20%
01+
Yes
11
Yes
22
Yes
11
No
06
Yes
11
Ent
er th
e P
erce
nt B
ette
r Tha
n Ti
tle 2
4 fo
r Res
iden
tial a
nd N
on-R
esid
entia
l Por
tions
of t
he P
roje
ct.
ii. W
hole
Hou
se F
an (C
ALG
reen
cod
e if
appl
icab
le)
4. A
dvan
ced
Mec
hani
cal V
entil
atio
n fo
r IAQ
4. T
itle
24 P
repa
red
and
Sign
ed b
y a
CAB
EC C
ertif
ied
Ener
gy P
lans
Exa
min
er (C
EPE)
b. N
on-R
esid
entia
l Spa
ces:
1 P
oint
for E
very
1%
Bet
ter T
han
Title
24,
adj
uste
d fo
r squ
are
fo
otag
e
b. A
dvan
ced
Ven
tilat
ion
Pra
ctic
es (C
ontin
uous
Ope
ratio
n, S
one
Lim
it, M
inim
um E
ffici
ency
,
Min
imum
Ven
tilat
ion
Rat
e, H
omeo
wne
r Ins
truct
ions
)
c. O
utdo
or A
ir D
ucte
d to
Bed
room
and
Liv
ing
Are
as o
f Hom
e
1. S
olar
Hot
Wat
er S
yste
m P
rehe
ats
Dom
estic
Hot
Wat
er
6. In
stal
l Car
bon
Mon
oxid
e Al
arm
s (o
r No
Com
bust
ion
App
lianc
es in
Liv
ing
Spa
ce
a
nd N
o A
ttach
ed G
arag
e) [
*Thi
s cr
edit
is a
requ
irem
ent a
ssoc
iate
d w
ith P
J1: E
PA
IAP
]
Tota
l Ava
ilabl
e P
oint
s in
Hea
ting
Ven
tilat
ion
and
Air
Con
ditio
ning
: 13
a. R
equi
red:
Com
plia
nce
with
AS
HR
AE
62.
2 M
echa
nica
l Ven
tilat
ion
Sta
ndar
d (A
s
Ado
pted
in T
itle
24 P
art 6
). N
/A fo
r pro
ject
s pe
rmitt
ed u
nder
200
5 Ti
tle 2
4.
Tota
l Ava
ilabl
e P
oint
s in
Ren
ewab
le E
nerg
y: 1
6
d. E
NE
RG
Y S
TAR
Bat
hroo
m F
ans
on T
imer
or H
umid
ista
t (C
ALG
reen
cod
e if
appl
icab
le)
5. G
arag
e Ve
ntila
tion
Fans
Are
Con
trol
led
by C
arbo
n M
onox
ide
Sens
ors
(P
assi
ve V
entil
atio
n N
ot E
ligib
le)
[*
This
cre
dit i
s a
requ
irem
ent a
ssoc
iate
d w
ith P
J1: E
PA
IAP
]
1. B
uild
ing
Perf
orm
ance
Exc
eeds
Titl
e 24
2. B
uild
ing
Enve
lope
Dia
gnos
tic E
valu
atio
ns
b. B
low
er D
oor T
estin
g R
esul
ts fo
r Air
Cha
nge
per H
our i
s <
3.5
AC
H50
[*Th
is c
redi
t is
a re
quire
men
t ass
ocia
ted
with
PJ1
: EP
A IA
P]
c.
Ver
ify Q
ualit
y of
Insu
latio
n In
stal
latio
n &
The
rmal
Byp
ass
Che
cklis
t bef
ore
Dry
wal
l
[*Th
is c
redi
t is
a re
quire
men
t ass
ocia
ted
with
PJ1
: EP
A IA
P]
Is p
roje
ct p
erm
itted
und
er 2
005
Title
24
or 2
008
Title
24?
Poss
ible
Poi
nts
Poss
ible
Poi
nts
a. 6
0% o
f Com
mon
Are
a Lo
ad
a. D
uct T
estin
g R
esul
ts in
Lea
kage
< 6
%
[*
This
cre
dit i
s a
requ
irem
ent a
ssoc
iate
d w
ith P
J1: E
PA
IAP
]
b. 9
0% o
f Com
mon
Are
a Lo
adc.
10%
or M
ore
of R
esid
entia
l Uni
ts L
oad
3. D
esig
n an
d B
uild
Nea
r Zer
o En
ergy
Hom
es
(E
nter
num
ber o
f poi
nts,
min
imum
of 2
and
max
imum
of 6
poi
nts)
2. O
ffset
a P
erce
ntag
e of
the
Proj
ect's
Est
imat
ed E
lect
ricity
Dem
and
with
Ons
ite R
enew
able
Gen
erat
ion
a. R
equi
red:
Res
iden
ces:
Min
imum
15%
Bet
ter T
han
Title
24.
2 P
oint
s fo
r Eve
ry 1
%
B
ette
r Tha
n Ti
tle 2
4
© B
uild
It G
reen
Mul
tifam
ily C
heck
list v
ersi
on 2
.2/1
.9
52VILLAGE STATION
Points Achieved
Community
Energy
IAQ/Health
Resources
Water
Note
s
Villa
ge S
tatio
n
Yes
11
No
01
46K.
FIN
ISHE
S
Yes
11
No
01
No
01
Yes
11
Yes
00
No
01
No
00
Yes
22
Yes
00
Yes
11
No
04
No
02
No
02
No
02
No
02
No
00
No
00
No
00
No
00
No
00
b. Z
ero-
VOC
: Int
erio
r Wal
l/Cei
ling
Pain
ts (<
5 gp
l reg
ardl
ess
of s
heen
)
5. E
nviro
nmen
tally
Pre
fera
ble
Mat
eria
ls fo
r Int
erio
r Fin
ish:
A
) FSC
-Cer
tifie
d W
ood,
B) R
ecla
imed
Lum
ber,
C) R
apid
ly R
enew
able
, D) R
ecyc
led-
C
onte
nt, E
) Fin
ger-J
oint
ed, o
r F) L
ocal
ii. In
terio
r Trim
Tota
l Ava
ilabl
e Po
ints
in B
uild
ing
Perfo
rman
ce: 4
3+
b. R
enew
able
Ene
rgy
Prog
ram
with
Min
. 30%
Bet
ter T
han
Title
24
(Hig
h Pe
rform
ing
Hom
e)
ii. In
All
Non
-Res
iden
tial A
reas
1. E
ntry
way
s
b. N
on-R
esid
entia
l Are
as: A
t Lea
st 5
0% o
f Eac
h M
ater
ial:
i. In
All
Res
iden
ces
Poss
ible
Poi
nts
5. P
artic
ipat
ion
in U
tility
Pro
gram
with
Thi
rd P
arty
Pla
n Re
view
a. L
ow-V
OC
Inte
rior W
all/C
eilin
g Pa
ints
(<50
gra
ms
per l
iter (
gpl)
VOC
s re
gard
less
of
s
heen
) (C
ALG
reen
cod
e if
appl
icab
le)
a. D
esig
n En
trywa
ys to
Red
uce
Trac
ked-
In C
onta
min
ants
for A
ll H
ome
Entra
nces
2. U
se R
ecyc
led
Cont
ent P
aint
i. C
abin
ets
iii. S
helv
ing
iv. D
oors
a. E
nerg
y Ef
ficie
ncy
Prog
ram
[*Th
is c
redi
t is
a re
quire
men
t ass
ocia
ted
with
PJ1
: EPA
IAP]
i. In
All
Res
iden
ces
i. C
abin
ets
v. C
ount
erto
ps
ii. In
All
Non
-Res
iden
tial A
reas
i. In
All
Res
iden
ces
c. U
se L
ow-V
OC
Coa
tings
Tha
t Mee
t SC
AQM
D R
ule
1113
(CAL
Gre
en c
ode
if ap
plic
able
)
ii. In
All
Non
-Res
iden
tial A
reas
ii. In
terio
r Trim
4. U
se L
ow V
OC
Caul
ks, C
onst
ruct
ion
Adhe
sive
s an
d Se
alan
ts th
at M
eet
S
CAQ
MD
Rule
116
8 (C
ALG
reen
cod
e if
appl
icab
le)
v. C
ount
erto
ps
a. R
esid
ence
s: A
t Lea
st 5
0% o
f Eac
h M
ater
ial:
iv. D
oors
iii. S
helv
ing
3. L
ow/N
o-VO
C Pa
ints
& C
oatin
gs
[*
This
cre
dit i
s a
requ
irem
ent a
ssoc
iate
d wi
th P
J1: E
PA IA
P]
b. P
erm
anen
t Wal
k-O
ff Sy
stem
s Ar
e Pr
ovid
ed a
t All
Mai
n Bu
ildin
g En
tranc
es &
In
C
omm
on A
reas
© B
uild
It G
reen
Mul
tifam
ily C
heck
list v
ersi
on 2
.2/1
.9
BANK OF AMERICA LOW INCOME HOUSING CHALLENGE 201253
Points Achieved
Community
Energy
IAQ/Health
Resources
Water
Note
s
Villa
ge S
tatio
n
Yes
Y0
No
01
No
02
No
01
No
00
No
00
No
00
No
01
No
00
No
01
5L.
FLO
ORI
NG
No
04
No
00
Yes
22
Yes
00
Yes
Y0
2M
. APP
LIAN
CES
& LI
GHT
ING
Yes
21
1
Yes
31
2
Tota
l Ava
ilabl
e Po
ints
in F
inis
hes:
26
1. E
NERG
Y ST
AR A
pplia
nces
ii. C
abin
ets
and
Cou
nter
tops
i. M
eets
EN
ERG
Y ST
AR a
nd C
EE T
ier 2
Req
uire
men
ts
(M
odifi
ed E
nerg
y Fa
ctor
≥2.
0; W
ater
Fac
tor ≤
6.0)
(Tot
al 3
Poi
nts)
a. R
esid
ence
s: L
ow E
mitt
ing
Floo
ring
(50%
Min
imum
)
(Sec
tion
0135
0, C
RI G
reen
Lab
el P
lus,
Flo
orsc
ore)
9. A
t Lea
st 2
5% o
f All
New
ly S
uppl
ied
Inte
rior F
urni
ture
has
Env
ironm
enta
lly P
refe
rabl
e At
tribu
tes
b. N
on-R
esid
entia
l Are
as: A
t Lea
st 9
0% o
f Eac
h M
ater
ial
i. D
oors
8. D
urab
le C
abin
ets
a. R
esid
ence
s
1. U
se E
nviro
nmen
tally
Pre
fera
ble
Floo
ring
(Min
imum
15%
of F
loor
Are
a)
A)
FSC
-Cer
tifie
d W
ood,
B) R
ecla
imed
or R
efin
ishe
d, C
) Rap
idly
Ren
ewab
le, D
) Rec
ycle
d-
Con
tent
, E) E
xpos
ed C
oncr
ete,
or F
) Loc
al. F
loor
ing
Adhe
sive
s M
ust M
eet S
CAQ
MD
Rul
e 11
68 fo
r VO
Cs
i. D
oors
ii. C
abin
ets
and
Cou
nter
tops
a. R
esid
ence
s: A
t Lea
st 9
0% o
f Eac
h M
ater
ial:
Poss
ible
Poi
nts
a. In
stal
l EN
ERG
Y ST
AR D
ishw
ashe
r (M
ust M
eet C
urre
nt S
peci
ficat
ions
)b.
inst
all E
NER
GY
STAR
Clo
thes
Was
her
7. R
educ
e Fo
rmal
dehy
de in
Inte
rior F
inis
h - E
xcee
d Cu
rren
t CAR
B AT
CM
fo
r Com
posi
te W
ood
Form
alde
hyde
Lim
its P
rior t
o M
anda
tory
Com
plia
nce
Date
s
2. L
ow-E
mitt
ing
Floo
ring
[*Th
is c
redi
t is
a re
quire
men
t ass
ocia
ted
with
PJ1
: EPA
IAP]
a. R
esid
ence
sb.
Non
-Res
iden
tial A
reas
Tota
l Ava
ilabl
e Po
ints
in F
loor
ing:
6
b. N
on-R
esid
entia
l Are
as: L
ow-E
mitt
ing
Floo
ring
(50%
Min
imum
)
(Sec
tion
0135
0, C
RI G
reen
Lab
el P
lus,
Flo
orsc
ore)
Poss
ible
Poi
nts
iii. In
terio
r Trim
and
She
lvin
g
b. N
on-R
esid
entia
l Are
as
iii. In
terio
r Trim
and
She
lvin
g
6. R
educ
e Fo
rmal
dehy
de in
Inte
rior F
inis
h –
Mee
t Cur
rent
CAR
B Ai
rbor
ne T
oxic
Con
trol M
easu
re (A
TCM
) for
Com
posi
te W
ood
F
orm
alde
hyde
Lim
its b
y M
anda
tory
Com
plia
nce
Date
s (C
ALG
reen
cod
e if
appl
icab
le)
[*
This
cre
dit i
s a
requ
irem
ent a
ssoc
iate
d w
ith P
J1: E
PA IA
P]
3. A
ll ca
rpet
and
50%
of R
esili
ent F
loor
ing
is lo
w e
mitt
ing.
(CA
LGre
en c
ode
if ap
plic
able
)
© B
uild
It G
reen
Mul
tifam
ily C
heck
list v
ersi
on 2
.2/1
.9
54VILLAGE STATION
Points Achieved
Community
Energy
IAQ/Health
Resources
Water
Note
s
Villa
ge S
tatio
n
Yes
22
Yes
11
Yes
11
No
01
Yes
11
No
01
No
01
Yes
11
Yes
11
No
01
12N.
OTH
ERYe
sY
R
Yes
11
Yes
11
Yes
21
1N
o0
2Ye
s1
1Ye
s1
1Ye
s1
17
O. (
Not U
sed)
P. IN
NOVA
TIO
NS
No
01
No
02
Yes
11
Yes
11
No
01
0N
o0
3
d. U
se N
on-L
each
ing
Roo
fing
Mat
eria
lse.
Incl
ude
Smar
t Stre
et/D
rivew
ay D
esig
n
1. R
equi
red:
Inco
rpor
ate
Gre
enPo
int R
ated
Che
cklis
t in
Blue
prin
ts
[*Th
is c
redi
t is
a re
quire
men
t ass
ocia
ted
with
PJ1
: EPA
IAP]
b. L
ow-M
ercu
ry P
rodu
cts
Are
Inst
alle
d W
here
ver C
ompa
ct F
luor
esce
nt L
amps
Are
Use
d
or R
epla
ced
3. O
pera
tions
& M
aint
enan
ce M
anua
ls a
nd T
rain
ing
[*
This
cre
dit i
s a
requ
irem
ent a
ssoc
iate
d wi
th P
J1: E
PA IA
P]
6. In
stal
l Hom
e/Bu
ildin
g Sy
stem
Mon
itor(s
)
b. In
stal
l Bio
-Ret
entio
n an
d Fi
ltrat
ion
Feat
ures
Tota
l Ava
ilabl
e Po
ints
in A
pplia
nces
& L
ight
ing:
16
6. G
earle
ss E
leva
tors
Are
Inst
alle
d
5. In
stal
l Hig
h-Ef
ficac
y Li
ghtin
g an
d De
sign
Lig
htin
g Sy
stem
a. U
se P
erm
eabl
e Pa
ving
for 2
5% o
f Driv
eway
s, P
atio
s an
d W
alkw
ays
2. P
re-C
onst
ruct
ion
Kick
-Off
Mee
ting
with
Rat
er a
nd S
ubs
c. In
stal
l EN
ERG
Y ST
AR R
efrig
erat
ors
in A
ll Lo
catio
ns
a. L
ow-M
ercu
ry P
rodu
cts
Are
Inst
alle
d W
here
ver L
inea
r Flu
ores
cent
Lam
ps A
re U
sed
or
Rep
lace
d
i. EN
ERG
Y ST
AR-Q
ualif
ied
& <
25 C
ubic
Fee
t Cap
acity
3. P
rovi
de B
uilt-
In R
ecyc
ling
Cent
er In
Eac
h Re
side
ntia
l Uni
t4.
Low
-Mer
cury
Lam
ps
ii. E
NER
GY
STAR
-Qua
lifie
d &
< 20
Cub
ic F
eet C
apac
ity2.
Com
mon
Lau
ndry
Fac
ilitie
s Ar
e Pr
ovid
ed fo
r All
Occ
upan
ts
Tota
l Ava
ilabl
e Po
ints
in O
ther
: 9
a. In
stal
l Hig
h-Ef
ficac
y Li
ghtin
gb.
Inst
all a
Lig
htin
g Sy
stem
to IE
SNA
Foot
cand
le S
tand
ards
or H
ire L
ight
ing
Con
sulta
nt
7. U
se V
anda
lism
Det
erre
nce
Prac
tices
and
Dev
elop
Van
dalis
m M
anag
emen
t Pla
n
Poss
ible
Poi
nts
ii M
eets
EN
ERG
Y ST
AR a
nd C
EE T
ier 3
Req
uire
men
ts
(M
odifi
ed E
nerg
y Fa
ctor
≥2.
2; W
ater
Fac
tor ≤
4.5)
(Tot
al 5
Poi
nts)
Poss
ible
Poi
nts
P
erfo
rm a
Soi
l Per
cola
tion
Test
and
Cap
ture
and
Tre
at 8
5% o
f Tot
al A
nnua
l Run
off
A. S
ite
5. E
duca
tiona
l Sig
nage
of P
roje
ct's
Gre
en F
eatu
res
c. R
oute
Dow
nspo
ut T
hrou
gh P
erm
eabl
e La
ndsc
ape
2. S
torm
wate
r Con
trol:
Perfo
rman
ce P
ath
(Mut
ually
Exc
lusi
ve W
ith P
A1):
1. S
torm
wate
r Con
trol:
Pres
crip
tive
Path
(Max
imum
of 3
Poi
nts,
Mut
ually
Exc
lusi
ve W
ith
P
A2)
b. P
rovi
de O
&M M
anua
l to
Occ
upan
ts a
nd O
rient
atio
na.
Pro
vide
O&M
Man
ual t
o Bu
ildin
g M
aint
enan
ce S
taff
(CAL
Gre
en c
ode
if ap
plic
able
)
4. R
esid
ents
Are
Offe
red
Free
or D
isco
unte
d Tr
ansi
t Pas
ses
© B
uild
It G
reen
Mul
tifam
ily C
heck
list v
ersi
on 2
.2/1
.9
BANK OF AMERICA LOW INCOME HOUSING CHALLENGE 201255
Points Achieved
Community
Energy
IAQ/Health
Resources
Water
Note
s
Villa
ge S
tatio
n
No
02
No
02
No
02
Yes
11
Yes
44
No
01
No
01
No
02
No
02
No
01
Yes
21
1
No
05
TBD
0TB
D0
TBD
0TB
D0
TBD
0 9Q
. CAL
Gre
en C
ODE
1. F
lash
ing
Inst
alla
tion
Tech
niqu
es S
peci
fied
and
Third
-Par
ty V
erifi
ed
[*
This
cre
dit i
s a
requ
irem
ent a
ssoc
iate
d wi
th P
J1: E
PA IA
P]
3. E
NER
GY
STAR
New
Hom
es: H
igh-
Ris
e Pi
lot P
rogr
am
E. E
xter
ior
H. H
eatin
g Ve
ntila
tion
and
Air C
ondi
tioni
ng
2. T
hird
-Par
ty T
estin
g of
Mec
hani
cal V
entil
atio
n R
ates
for I
AQ (M
eet A
SHR
AE 6
2.2)
[*Th
is c
redi
t is
a re
quire
men
t ass
ocia
ted
with
PJ1
: EPA
IAP]
J. B
uild
ing
Perfo
rman
ce
2. P
ress
ure
Rel
ieve
the
Duc
twor
k Sy
stem
(Mut
ually
exc
lusi
ve w
ith H
1) [
*For
pro
ject
s wi
th
d
ucte
d sy
stem
s, th
is c
redi
t is
a re
quire
men
t ass
ocia
ted
with
PJ1
: EPA
IAP]
D. F
ound
atio
n, S
truct
ural
Fra
me
and
Build
ing
Enve
lope
N. O
ther
1. D
esig
n an
d In
stal
l HVA
C S
yste
m to
AC
CA
Man
ual J
, D, a
nd S
Rec
omm
enda
tions
(CAL
Gre
en
code
if a
pplic
able
) [*T
his
cred
it is
a re
quire
men
t ass
ocia
ted
with
PJ1
: EPA
IAP]
2. M
ater
ials
Mee
t SM
aRT
Crit
eria
(Sel
ect n
umbe
r of p
oint
s, u
p to
5 p
oint
s)
1. U
se R
adon
Res
ista
nt C
onst
ruct
ion
[*Th
is c
redi
t is
a re
quire
men
t ass
ocia
ted
with
PJ1
: EPA
IAP]
2.
Inst
all a
Fou
ndat
ion
Dra
inag
e Sy
stem
[*Th
is c
redi
t is
a re
quire
men
t ass
ocia
ted
with
PJ1
: EPA
IAP]
3. M
oist
ure
Con
trolle
d C
rawl
spac
e
[*For
pro
ject
s wi
th c
rawl
spac
es, t
his
cred
it is
a re
quire
men
t ass
ocia
ted
with
PJ1
: EPA
IAP]
1. O
btai
n EP
A In
door
airP
lus
Cer
tific
atio
n
(Tot
al 3
9 po
ssib
le p
oint
s, n
ot in
clud
ing
Title
24
perfo
rman
ce; r
ead
com
men
t)
3. In
stal
l Hig
h Ef
ficie
ncy
HVA
C F
ilter
(MER
V 6+
, Mut
ually
exc
lusi
ve w
ith H
1.)
[*
This
cre
dit i
s a
requ
irem
ent a
ssoc
iate
d wi
th P
J1: E
PA IA
P]
Tota
l Ava
ilabl
e Po
ints
in In
nova
tion:
26+
1. In
nova
tion:
Lis
t inn
ovat
ive
mea
sure
s th
at m
eet g
reen
bui
ldin
g ob
ject
ives
. Ent
er in
the
n
umbe
r of p
oint
s in
eac
h ca
tego
ry in
the
blue
cel
ls fo
r a m
axim
um o
f 4 p
oint
s fo
r the
mea
sure
. The
"poi
nts
achi
eved
" col
umn
will
be a
utom
atic
ally
fill
in b
ased
on
the
sum
of t
he
p
oint
s in
eac
h ca
tego
ry. P
oint
s an
d m
easu
res
will
be e
valu
ated
by
Build
It G
reen
.
K. F
inis
hes
1. U
se M
oist
ure
Res
ista
nt M
ater
ial i
n W
et A
reas
: Kitc
hens
, Bat
hroo
ms,
Util
ity R
oom
s an
d Ba
sem
ents
[*Th
is c
redi
t is
a re
quire
men
t ass
ocia
ted
with
PJ1
: EPA
IAP]
Inno
vatio
n: E
nter
up
to 4
Poi
nts
in b
lue
cells
at r
ight
. Ent
er d
escr
iptio
n he
reIn
nova
tion:
Ent
er u
p to
4 P
oint
s in
blu
e ce
lls a
t rig
ht. E
nter
des
crip
tion
here
Inno
vatio
n: E
nter
up
to 4
Poi
nts
in b
lue
cells
at r
ight
. Ent
er d
escr
iptio
n he
reIn
nova
tion:
Ent
er u
p to
4 P
oint
s in
blu
e ce
lls a
t rig
ht. E
nter
des
crip
tion
here
Inno
vatio
n: E
nter
up
to 4
Poi
nts
in b
lue
cells
at r
ight
. Ent
er d
escr
iptio
n he
re
Poss
ible
Poi
nts
© B
uild
It G
reen
Mul
tifam
ily C
heck
list v
ersi
on 2
.2/1
.9
56VILLAGE STATION
Points Achieved
Community
Energy
IAQ/Health
Resources
Water
Note
s
Villa
ge S
tatio
n
Yes
YR
Yes
YYe
sY
Yes
Y
Yes
Y
Yes
Y
Yes
Y
Yes
Y
Yes
Y 0
Sum
mar
y62
86+
3587
486
305
63
177
3167
1425
40
Proj
ect H
as M
et A
ll Re
com
men
ded
Min
imum
Req
uire
men
ts
- To
tal P
roje
ct S
core
of A
t Lea
st 5
0 Po
ints
- R
equi
red
mea
sure
s:
-A2a
: 50%
was
te d
iver
sion
by
wei
ght
-E
2a: A
ll Sh
ingl
e R
oofin
g H
as 3
-Yr S
ubco
ntra
ctor
War
rant
y &
20-Y
r Man
ufac
ture
r War
rant
y
-H4a
: Com
plia
nce
with
ASH
RAE
62.
2 M
echa
nica
l Ven
tilat
ion
Stan
dard
s (2
008
Title
24
proj
ects
)
-J1a
: 15%
abo
ve T
itle
24
-N1:
Inco
rpor
ate
Gre
enPo
int R
ated
Che
cklis
t in
Blue
prin
ts
- M
inim
um p
oint
s in
spe
cific
cat
egor
ies:
Tota
l Poi
nts
Achi
eved
Tota
l Ava
ilabl
e Po
ints
Min
imum
Poi
nts
Req
uire
d
3. C
ALG
reen
4.3
03.1
As
an a
ltern
ativ
e to
per
scrip
tive
com
plia
nce,
a 2
0% re
duct
ion
in
b
asel
ine
wate
r use
sha
ll be
dem
onst
rate
d th
roug
h ca
lcul
atio
n
8. C
ALG
reen
702
.1 H
VAC
sys
tem
inst
alle
rs a
re tr
aine
d an
d ce
rtifie
d in
the
prop
er
i
nsta
llatio
n of
HVA
C s
yste
ms.
0. H
ome
mee
ts a
ll ap
plic
able
CAL
Gre
en m
easu
res
liste
d in
abo
ve S
ectio
ns A
- P
of th
e
Gre
enPo
int R
ated
che
cklis
t.
Tota
l Ava
ilabl
e Po
ints
in C
ALG
reen
Cod
e: 0
4. C
ALG
reen
4.4
06.1
Joi
nts
and
open
ings
. Ann
ular
spa
ces
arou
nd p
ipes
, ele
ctric
cab
les,
con
duits
, or o
ther
ope
ning
s in
pla
tes
at e
xter
ior w
alls
sha
ll be
pro
tect
ed
5. C
ALG
reen
4.50
3.1
Gas
fire
plac
e sh
all b
e a
dire
ct-v
ent s
eale
d-co
mbu
stio
n ty
pe. W
oods
tove
or p
elle
t sto
ve s
hall
com
ply
with
US
EPA
Phas
e II
emis
sion
lim
its
6. C
ALG
reen
4.5
05.2
Vap
or re
tard
er a
nd c
apilla
ry b
reak
is in
stal
led
at s
lab
on g
rade
fou
ndat
ions
.
7. C
ALG
reen
4.5
05.3
19%
moi
stur
e co
nten
t of b
uild
ing
fram
ing
mat
eria
ls
The
follo
win
g m
easu
res
are
man
dato
ry in
the
CAL
Gre
en c
ode
and
do n
ot e
arn
poin
ts in
the
Gre
enPo
int R
ated
Che
cklis
t but
hav
e be
en in
clud
ed in
the
Che
cklis
t for
the
conv
enie
nce
of
juris
dict
ions
.
The
Gre
enPo
int R
ater
is n
ot a
cod
e en
forc
emen
t offi
cial
. The
mea
sure
s in
this
sec
tion
may
be
verif
ied
by th
e G
reen
Poin
t Rat
er a
t the
ir ow
n di
scre
tion
and/
or d
iscr
etio
n of
the
build
ing
offic
ial.
2. C
ALG
reen
4.1
06.3
Des
ign
for s
urfa
ce w
ater
dra
inag
e aw
ay fr
om b
uild
ings
. 1.
CAL
Gre
en 4
.106
.2 S
torm
wat
er m
anag
emen
t dur
ing
cons
truct
ion.
© B
uild
It G
reen
Mul
tifam
ily C
heck
list v
ersi
on 2
.2/1
.9
BANK OF AMERICA LOW INCOME HOUSING CHALLENGE 201257
58VILLAGE STATION
Residential Unit Diagrams
Townhouse Complex - First Floor
2-StoryTownhouse2 BR1,000 SF
2-StoryTownhouse2 BR1,000 SF
2-StoryTownhouse2 BR1,000 SF
2-StoryTownhouse2 BR1,000 SF
Tandem ParkingTandem Parking
2-StoryTownhouse2 BR1,000 SF
2-StoryTownhouse2 BR1,000 SF
2 BR1,150 SF
2 BR1,150 SF
Studio650 SF
Studio650 SF
2-StoryTownhouse2 BR1,000 SF
2-StoryTownhouse2 BR1,000 SF
2-StoryTownhouse2 BR1,000 SF
2-StoryTownhouse2 BR1,000 SF
2-StoryTownhouse2 BR1,000 SF
2-StoryTownhouse2 BR1,000 SF
Townhouse Complex - Second Floor
BANK OF AMERICA LOW INCOME HOUSING CHALLENGE 201259
Townhouse Complex - Third Floor
Townhouse Complex - Fourth Floor
Residential Unit Diagrams
1 BR841 SF
1 BR841 SF
1 BR910 SF
1 BR910 SF
2 BR1,150 SF
2 BR1,150 SF
2 BR1,150 SF
2 BR1,150 SF
Studio650 SF
Studio650 SF
Studio650 SF
Studio650 SF
1 BR841 SF
1 BR841 SF
1 BR910 SF
1 BR910 SF
60VILLAGE STATION
Six Story Apartments
Residential Unit Diagrams
1 BR730 SF
2 BR1000 SF
2 BR1000 SF
2 BR1000 SF
2 BR1000 SF
1 BR730 SF
Studio600 SF
Studio600 SF