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HomeMy WebLinkAbout2015-08-11 AHTF_Agenda Packet CITY OF NEWPORT BEACH m AFFORDABLE HOUSING TASK r FORCE GNP Newport Beach Cit Hall - 100 Civic Center Drive p Y Crystal Cove Meeting Room (Bay 2D, Room 2115) Tuesday, August 11, 2015 - 3:00 PM Committee Members: Edward Selich, Mayor (Chair) Kevin Muldoon, Council Member Scott Peotter, Council Member Staff Members: Kimberly Brandt, Community Development Director Brenda Wisneski, Deputy Community Development Director James Campbell, Principal Planner Jaime Murillo, Senior Planner Melinda Whelan, Assistant Planner I. CALL TO ORDER II. PUBLIC COMMENT ON NON-AGENDIZED ITEMS (comments limited to 3 minutes) III. Draft Minutes of April 13, 2015 Recommended Action:Approve Meeting Minutes of April 13, 2015 IV. Affordable Housing Fund RFP - Discussion and Recommendations V. PUBLIC COMMENT VI. ADJOURNMENT THIS COMMITTEE IS SUBJECT TO THE RALPH M. BROWN ACT,AMONG OTHER THINGS,THE BROWN ACT REQUIRES THAT THE COMMITTEE'S AGENDA BE POSTED AT LEAST SEVENTY-TWO(72)HOURS IN ADVANCE OF EACH REGULAR MEETING AND THAT THE PUBLIC BE ALLOWED TO COMMENT ON AGENDA ITEMS BEFORE THE COMMITTEE AND ITEMS NOT ON THE AGENDA BUT ARE WITHIN THE SUBJECT MATTER JURISDICTION OF THE COMMITTEE.THE COMMITTEE MAY LIMIT PUBLIC COMMENTS TO A REASONABLE AMOUNT OF TIME, GENERALLY THREE(3)MINUTES PER PERSON. IT IS THE INTENTION OF THE CITY OF NEWPORT BEACH TO COMPLY WITH THE AMERICANS WITH DISABILITIES ACT(ADA)IN ALL RESPECTS. IF,AS AN ATTENDEE OR A PARTICIPANT AT THIS MEETING,YOU WILL NEED SPECIAL ASSISTANCE BEYOND WHAT IS NORMALLY PROVIDED,THE CITY OF NEWPORT BEACH WILL ATTEMPT TO ACCOMMODATE YOU IN EVERY REASONABLE MANNER. PLEASE CONTACT LEILANI BROWN,CITY CLERK,AT LEAST 72 HOURS PRIOR TO THE MEETING TO INFORM US OF YOUR PARTICULAR NEEDS AND TO DETERMINE IF ACCOMMODATION IS FEASIBLE(949)-644-3005 OR CITYCLERK@NEWPORTBEACHCA.GOV). O� IPO�T NEWPORT BEACH U � ? aK cq�iFoaN�P_ ITEM TITLE: Draft Minutes of April 13, 2015 ITEM SUMMARY: Recommended Action: Approve Meeting Minutes of April 13, 2015 ATTACHMENTS: Description Draft Minutes April 13, 2015 City of Newport Beach Affordable Housing Task Force Minutes Date: April 13, 2015 Location: Newport Beach Civic Center— 100 Civic Center Drive Crystal Cove Meeting Room (Bay 2D, Room 2115) Members Edward Selich, Mayor (Chair); Scott Peotter, Council Member Present: Members Absent: Kevin Muldoon Staff: Kimberly Brandt, Community Development Director; Brenda Wisneski, Deputy Community Development Director; James Campbell, Principal Planner; Jaime Murillo, Senior Planner; and Melinda Whelan, Assistant Planner I. CALL MEETING TO ORDER The meeting was called to order at 3:30 pm. II. PUBLIC COMMENT ON NON-AGENDIZED ITEMS Jim Mosher, a member of the public commented that the Task Force last met two (2) years ago and as it continues today, the members are different. He continued that two (2) years ago a letter was sent to the Irvine Company inquiring as to how the City has a fund that could be used to preserve existing affordable units that were expiring and wondered what came of that, as a former art commissioner had to move and resign from his position because of the change in affordability. Jaime Murillo, Senior Planner responded that the City sent a letter to the Irvine Company and confirmed that they were not interested in extending affordability for any of the units. June Mayer, member of the public, commented on the loss of units at existing mobile home parks within the City, including the one that she resides at, and the overall reduction in mobile home spaces available in the City. She explained that she had been offered the money to make a down payment on another mobile home in the area but said that it is difficult to find one and wondered if there was an option that would increase the number of spaces. She added that affordable units are really hard to get into, there are long waitlists for the existing units, and that this is driving residents out of town. III. CURRENT BUSINESS a. Discussion Regarding Request for Proposals for Use of the Affordable Housing Fund Community Kim Brandt, Community Development Director, explained that the City is now in a position to put in motion the process for spending the affordable housing fund and the City is interested to see what projects are possible. Affordable Housing Task Force April 13, 2015, Minutes Page 2 Mr. Murillo explained that direction was received at the previous Affordable Housing Task Force meeting to reach out to existing affordable housing units which has been done, but so far the property owners have all responded that they would prefer the units change to market rate; therefore, the draft RFP was prepared. Mr. Murillo continued to provide background, including the current balance, which is $4.2 million, and the history of the inclusionary housing requirement for certain housing development. Furthermore, he stated that the inclusionary housing requirement has been tabled as it was determined by City Council that it was no longer needed and that other tools are in place to develop housing for the need in the City, allowed use of the fund, past use of funds, etc. Mr. Murillo explained that the RFP is intended to be flexible in order to see what is out there as far as projects are concerned, that it will be released for a specified amount of time before proposals will be looked at and that top proposals will be chosen. From the list of top proposals, if the Task Force would like to pursue any, they will move forward to City Council for direction. Mr. Murillo briefly went over the review criteria found in the RFP. Council Member Scott Peotter inquired about timeframes, whether or not the City can reject proposals and if the City is obligated to choose a proposal. Mr. Murillo answered that the City can reject proposals that there is no time limit; however, if the Task Force is ready to release the RFP, staff is prepared to release it within the next month, and that the City will not be obligated to choose a proposal. Kim Brandt, Community Development Director, offered a timeline of thirty (30) to forty-five (45) days for the public review period of the RFP. Chair Ed Selich questioned the definition of "site control" and commented on the lack of sites available in Newport Beach. Community Development Director Brandt replied that a letter of intent to sell a subject property to the proposer could be sufficient but that there could also be properties that are not zoned for residential. Chair Selich inquired on how Bayview Landing was built. Mr. Murillo and Jim Campbell, Principal Planner, explained that the Bayview Landing property was identified in the Housing Element as property to be used for housing and the City helped finance the project as the Irvine Company land was already available to the City. Mr. Murillo added that the RFP recognizes that sites might not be appropriately zoned so it would be part of the proposal review. Evelyn Hart, member of the public, discussed the Newport Center Irvine Company project and their affordable housing implementation plan to convert existing market rate units into affordable units within the Baywood Apartments and how this affects the need for senior housing. Mr. Murillo explained that the City has a preference for senior housing as it is a need identified in the Housing Element and the review criteria in the RFP includes preferences for housing that meet the identified needs and affects how the projects are graded. Ms. Brandt added that staff will be able to clarify in terms of how we rank certain criteria if the Task Force has suggestions on what they would like to see ranked higher. Members of the public opined that they would like to know ahead of time if senior projects would get a higher score and requests that the Task Force give direction on what they prefer to see in projects. They added that they feel senior housing is in great need and with 4 Affordable Housing Task Force April 13, 2015, Minutes Page 3 the wait times at current senior affordable housing projects, it is difficult for low-income seniors to find housing within the City. Chair Selich asked staff to comment on the need for senior units. Murillo replied that there is a greater need for seniors as according to Census Data, it is the fastest growing population within the City and continues to grow; however, lower income units are identified as a need as well. Murillo cited stats from the Census Data in the Housing Element and explained what a housing burden is. Community Development Director Brandt explained that we are asking for proposals that address low income and below and not in the moderate range. Murillo added that we made the RFP flexible and open to see what the community and market comes back with and what they show the needs are. Murillo explained there is another need to try to preserve and replace eleven (11) different projects that are set to expire between 2016 and 2023 which would result in more than half of the City's affordable housing stock. Chair Selich asked if we get credit from the State for Regional Housing Needs Assessment (RHNA) for preserving units and Ms. Brandt responded that unfortunately we do not. Mr. Murillo explained that there is a way to get partial credit but we would have to commit the units early, the timing is difficult and only a portion would count towards the RHNA. Ms. Brandt opined that the existing projects contain a small number of units and could be a good use of the funds. Chair Selich added that it is difficult to find new sites within the City as it is basically built out. Mr. Murillo explained that the City has caught up with past RHNA and now we have funds and RHNA is low. Mr. Campbell added that projects in the Airport Area could produce units in the future. Mr. Murillo continued by explaining that the State wants the City to show that we have adequate sites to accommodate RHNA as well as meeting the local need identified in the Housing Element. Chair Selich asked for additional comments from the public. Member of the public, Mr. Jim Mosher had the following corrections: he cited page 3 under "Past Examples" that Bayview Landing should have 95 low and 24 very low with one (1) manager unit; on page 10 "Exhibit XX" should be "Exhibit A;" page 10 refers to consultant representative and this is not a defined term; "Exhibit B" does not include all units such as mobile home parks. Mr. Mosher concluded that he feels it is important to concentrate on the preservation of existing units. Mr. Murillo responded that "Exhibit B" is provided only to demonstrate restricted rents per an existing agreement and that staff will clarify. Chair Selich explained that the problem with existing units is that it is difficult to extend contracts and asked Council Member Peotter if he had anything to add. Council Member Peotter replied that he is in favor of giving a higher priority to senior projects. Mr. Murillo commented that Habitat for Humanity has an existing program for home improvement for seniors that are low income. Evelyn Hart added that a good program would be to rehab existing senior homes that have a fixed low income and cannot afford to upgrade like the Seaview Lutheran project. Affordable Housing Task Force April 13, 2015, Minutes Page 4 Mr. Campbell commented on the administrative costs of a senior rehab program. A member of the public expressed the importance of preserving the units we have. Mr. Murillo explained that we do annual monitoring and we have been reaching out to property owners but have been unsuccessful because there is little interest to extend affordability. Melinda Whelan, Assistant Planner added that monitoring and outreach has taken place over the past year with no real interest except to request the entire fund for only a few units which would not be good use of the money. Chair Selich stated that the earliest possible change would be an extension of affordability on existing agreements. Mr. Murillo added that the funds could be used in conjunction with other or additional funding sources such as tax credits, non-profits, etc. The Task Force concluded to change the days for public review of the RFP to sixty (60). IV. PUBLIC COMMENT None. V. ADJOURNMENT The meeting adjourned at 4:30 p.m. The agenda for the Affordable Housing Task Force was posted on April 07, 2015, at 12:30 p.m. in the Chambers binder and on the digital display board located inside the vestibule of the Council Chambers at 100 Civic Center Drive and on the City's website on April 07, 2015, at 12:50 p.m. O� IPO�T NEWPORT BEACH U � ? aK cq�iFoaN�P_ ITEM TITLE: Affordable Housing Fund RFP - Discussion and Recommendations ATTACHMENTS: Description Affordable Housing Fund Memorandum - Attachment A -Attachment B POR�' CITY OF NEWPORT BE."' �R► E-OMMUNITY DEVELOPMENT DEPARTMI 1 100 Civic Center Drive l) = Newport Beach,California 92660 low 949 644-3200 CqL/FORN�P newportbeachca.gov/communitydevelopment Memorandum To: Affordable Housing Task Force From: Jaime Murillo, Senior Planner Date: August 7, 2015 Re: Request for Proposal (Affordable Housing Fund) Recommendations This memorandum provides an overview of proposals submitted in response to recent Request for Proposal (RFP) for use of the City's Affordable Housing Fund, evaluation process, and recommendations. Request for Proposal Distribution On April 29, 2015, the City published RFP No. 15-55 for use of the City's Affordable Housing Fund toward affordable housing development or programming. The RFP was posted on the City website for public review and distributed to known housing developers and service providers, and persons on the City's Housing Interest list. Potential respondents were also sent a copy of the solicitation through the City's Vendor Database. Proposals Received The RFP submittal deadline ended on June 30, 2015, and the City received five proposals. The RFP, questions and answers, and all proposals are accessible for viewing at http://newportbeachca.gov/affordablehousingfund. Of the five proposals received, one proposal (Meta Housing Corporation) was withdrawn due to loss of site control and one proposal (Shopoff Realty Investments) was disqualified. The remaining three proposals were forwarded to the evaluation panel for review. The Shopoff Realty Investments proposal was disqualified because the proposed affordable units are required to be constructed pursuant to a previously approved Affordable Housing Implementation Plan and Development Agreement for the Uptown Newport development project, and in compliance with the City's Inclusionary Housing and Density Bonus requirements in effect at the time of PW M�w Community . . .. g project approval. Per the RFP, the City indicated that it would not consider awarding funds to implement prior affordable housing obligations. The following table summarizes each of the proposals. Table 1- Summary of Proposals Proposer Amount Project/ Address Evaluated Requested Program Further Amiran $3.5 million Acquisition and 6001 Newport Yes Construction low-interest conversion of 12- Shores Dr. Company loan unit apartment Community $1.5 million Acquisition, 6001 Newport Yes Development rehabilitation, and Shores Dr. Partners/ conversion of 12- Mercy House unit apartment Habitat for $600,000 Very low-income 30 homeowners Yes Humanity/ senior home repair through City OASIS program Meta Housing $4.2 million Acquisition, 20312 Santa No Corporation/W rehabilitation, and Ana Ave. Loss of site estern conversion of 24- control and Community unit apartment proposer Housing withdrew Shopoff Realty $3.6 million Construction of 92 Uptown No Investments/ affordable very low Newport Disqualified The Picerne income units (see Group discussion above) Evaluation Panel and Evaluation Criteria The evaluation panel consisted of three staff members: Jaime Murillo — Senior Planner, Melinda Whelan — Assistant Planner, and Lauren Whitlinger — Real Property Administrator; and one subject matter expert, Clint Whited — City's housing and CDBG consultant. These panelists were selected due to their experience with housing-related programs and/or real estate and development. The evaluation panel reviewed the three proposals and interviewed each proposer's team to determine how well the Review Criteria listed in the RFP was met. At the conclusion of the interview, the evaluation panel disqualified the proposal submitted by Amiran Construction Company for not meeting the review criteria, including lack of site control and affordable housing development experience. The two remaining proposals scored well and are recommended for funding. 2 The scoring sheets utilized by the evaluation panel and each proposal are included as Attachment A (OASIS/Habitat for Humanity) and Attachment B (Community Development Partners/Mercy House). The score sheets illustrate how well each proposal scored against the Review Criteria. Tables 2 and 3 below summarize each qualified proposal and items to be resolved/considered, as identified by the evaluation panel. Table 2- Habitat for Humanity/-OASIS Proposal- Home repair program for very-low income seniors (approximately 30) Request- $600,000 Review Criteria- 86.24% Point Achieved Program Highlights Items to be Resolved or Considered Partnership between the City of Newport Beach Program focuses on seniors, but does OASIS Senior Center and Habitat for Humanity. not address other possible special needs OASIS will utilize staff's existing resources and groups requiring similar assistance, such familiarity with the City's senior population to as non-senior disabled persons. identify homeowner's in need of program. Once identified and qualified by staff, Habitat for (Task Force may consider whether, Humanity will implement the needed Program should be expanded to non- improvements. The proposal combines the two seniors) strengths of each group into a program that can efficiently and successfully serve the City senior population. Targets very low income seniors in need of the Possible prevailing wage requirements. following types of repair: accessibility, safety concerns, health and well-being (toilets, (Staff will resolve with Office of City plumbing, roof), and code enforcement. Attorney) Allows seniors to age in place and remain in community. Fulfills several Housing Element Goals and Programs related to identifying home owners in need of home repair assistance, rehabilitating deteriorated housing stock, and assisting special housing needs group. With some marketing and developing administrative procedures between OASIS and Habitat, this program is ready to proceed. 3 i0 Table 3- Community Development Partners/ Mercy House Proposal- (Newport Shores Project) Acquisition, rehabilitation, and conversion of 12-unit apartment building Request- $1.5 million Review Criteria- 83.3% Point Achieved Program Highlights Items to be Resolved or Considered Proposal achieves rehabilitation and Proposer mentioned a possible preservation objectives of Housing Element. preference for some of the units to be Existing units are not well maintained, which has available for artists. Staff is concerned resulted in rents remaining low and affordable. with such a specific occupation Proposal would restrict rents long-term preference. (preserving affordability) while improving the property to provide a suitable living environment (Task Force may consider a preference for tenants and enhancement to neighborhood. for persons employed in City to address jobs/housing balance) Long-term affordability (55 years) due to tax Specific improvements need to be credits identified. (Task Force may consider requiring a plan of improvements prior to funding) Demonstrated ability to leverage additional Agreement details to be worked out to funds (i.e. financing and tax credits) on past ensure refund of funds or project projects and in submitted proposal for project. completion if tax-credits not secured. (Staff will resolve with Office of City Attorney) Emphasized weatherization and appliance Apartment building is considered a non- upgrades for improved efficiency and reduced conforming use because it is located in a long-term tenant utility costs. commercial land use and zoning district. However, repair and maintenance is permitted and the use may continue. Includes deeper levels of affordability, including four extremely low-, four very low-, and three low-income units. Proposal includes support from Mercy House to provide supportive services. Site is near park, recreational amenities, and major bus route. Possibilities include set-asides for special needs groups, including veterans or persons with disabilities. 4 11 Conclusion and Recommendation The evaluation panel found both proposals favorable based on prior experience, community benefits, City housing goals addressed, and project value. As indicated in the tables above, the items to be resolved can either be addressed or outweighed by the project benefits. If the Affordable Housing Task Force committee members agree with the evaluation panel's recommendations and findings, staff recommends forwarding the two proposals to the City Council for final review and funding. 5 12 ATTACHMENT A OASIS/Habitat for Humanity Score Sheet and Proposal 13 ��tivVPpRT ° RFP NO. 15-55: AFFORDABLE HOUSING DEVELOPMENT PROPOSAL AND INTERVIEW EVALUATION CgLlFORN�P SCORE VALUES: N/A- Section is Not Applicable 0- Requirement NOT MET 1 - Requirement PARTIALLY MET 2 - Requirement MET 3 - Requirement EXCEEDED OASIS/HABITAT FOR HUMANITY RATER 1 RATER 2 RATER 3 RATER 4 Site Control N/A N/A N/A N/A 30-Year Minimum Affordability N/A N/A N/A N/A Acquisition &Construction Costs N/A N/A N/A N/A Securing Funding Sources N/A N/A N/A N/A High Quality Design &Amenities N/A N/A N/A N/A "Green" Building Practices 3 2 3 3 Neighborhood Compatibility& Design 1 3 2 2 Incorporates Community Spaces,Amenities,Services N/A N/A N/A N/A Experience with Successful Housing Projects 3 3 3 3 Readiness to Proceed 2 3 3 3 Ability to Manage Affordable Housing Units N/A N/A N/A N/A Consistency with Housing Element 3 3 3 3 Targets Extremely Low/Very Low/Low-Income Households 3 3 3 2 Considers a Wide Range of Households (Special Needs) 1 2 2 1 Includes Supportive Services for Target Population 3 2 3 3 Value 3 3 3 3 Total: 22/27 24/28 25/27 23/27 Percentage of Total Points:1 81.48% 1 85.71% 1 92.59% 85.19% OASIS/HABITAT FOR HUMANITY - AVERAGE SCORE: 86.24% ��EWPpRT s Habitat e.c for Humanity® C'9�/FO FL��P of Orange County June 30,2015 Anthony Nguyen, Purchasing Agent City of Newport Beach 100 Civic Center Drive Newport Beach, CA 92660 Mr. Nguyen: Attached, please find a proposal in response to RFP No. 15-55 Affordable Housing Development. The proposal is submitted on behalf of I labitat for Humanity of Orange County as well as the OASIS Senior Center. The only parties interested in this proposal as principals are named within. This proposal is made without collusion with any other person,persons,company or parties submitting a proposal. It is, in all respects, fair and in good faith without collusion or fraud. The signers have full authority to bind the proposer. If you have any questions,or would like any additional information,please contact: Chris Baiocchi, CFRE Celeste Jardine-Haug, MSG Vice President, Fund Development Senior Services Manager Habitat for Humanity of Orange County City of Newport Beach 2200 Ritchey,Santa Ana, CA 92705 OASIS Senior Center,801 Narcissus Ave,Corona del Mar,CA 92625 714-434-6200 x230 949-644-3244 chris@habitggk.org chaug@newportbeachca.gov Yours, I Chris Baiocchi,CFRE Celeste Jardine-Haug, SG Vice President, Fund Development Senior Services Manager Habitat for Humanity of Orange County City of Newport Beach DepartmentRecreation&Senior Services �J� Proposal from Habitat for Humanity of Orange County& OASIS Senior Center RFP No. 15-55 Affordable Housing Development Habitat for Humanity of Orange County (Habitat OC) will partner with the OASIS Senior Center (OASIS) to identify and qualify low-income senior homeowners in Newport Beach who are in need of critical home repairs. 2. Statement of Qualifications (SOQ) Developer/Service Provider Team —OASIS NewportCity of OASIS Jardine-HaugClient Intake Celeste Jennifer Sisoev Susie DiGiovanna Information Staff - Friends of OASIS Anne Doughty Volunteer • Assessment Facilitator Jose Tran • City of Newport Beach OASIS Staff: responsible for client outreach, application intake, candidate interviews, communication with Habitat OC, making payments for services • Information Staff: responsible for fielding questions, scheduling interviews and visits • Friends of OASIS: responsible for initial home assessment, communication with program staff regarding candidate approvals 1 10 Proposal from Habitat for Humanity of Orange County& OASIS Senior Center RFP No. 15-55 Affordable Housing Development Developer/Service Provider Team —Habitat OC Lauri Reveles Leone[Talvera Victoria Piar Rita Ross Nima Sheth Neighborhood Manager, Family& Staff Accountant Revitalziation Homebuyer Repair .• Supervisor • Lauri Reveles, Chief Operating Officer: manages the services related to the creation of scope of work, repairs, legal document preparation and homeowner coordination. • Leonel Talvera, Manager, Neighborhood Revitalization: supervises the repair program • Repair Program Supervisor: conducts site visits, prepares scope of work, coordinates volunteers (as needed), performs needed repairs • Victoria Piar, Manager, Family and Homebuyer Services: coordinates the application process with OASIS staff, manages any needed homeowner follow up, ensures that both Habitat OC and OASIS retain the necessary paperwork and information • Rita Ross, Manager, Legal Services: prepares liability forms and other documentation for homeowner signature • Nima Sheth, Staff Accountant: manages all processes related to billing, invoices and bugets Service Provider Experience—OASIS OASIS is owned and operated by the City of Newport Beach under the leadership of the Recreation and Senior Services Department. The mission of the center is to provide services and activities that promote the health and well-being of older adults. OASIS staff are dedicated to helping older adults live long, healthy and productive lives while being able to stay in their homes for as long as possible. OASIS provides recreational, educational and enrichment classes which enable people to keep physically and mentally fit. Additionally, the center provides an array of social services which assist the more frail older adults who are struggling with day to day living. 2 z7 Proposal from Habitat for Humanity of Orange County& OASIS Senior Center RFP No. 15-55 Affordable Housing Development OASIS staff consists of professionals in the field of gerontology, recreation and health and wellness. They have a large presence in the Newport Beach community and are viewed as the best place for older adults and their families to get resources and information on aging issues. Through a monthly newsletter that reaches 6,000 households, and the Departments' quarterly publication that reaches all Newport Beach residents, OASIS is able to disseminate important information to the community about their services. Since 1977, OASIS has worked with thousands of Newport Beach seniors, providing an array of services. Through programs such as Meals on Wheels, transportation, enrichment classes, and health and wellness programs, OASIS communicates with more than 800 seniors on a daily basis. Service Provider Experience—Habitat OC Since 1988, Habitat OC has been building a world where everyone has a decent place to live. Habitat OC is the local affiliate of Habitat for Humanity International and has built 191 homes across Orange County. Habitat OC has moved more than 1,000 adults and children in low and moderate income families from substandard housing to a permanent, affordable home. Habitat OC is currently building homes in La Habra, Cypress and Santa Ana, with additional projects in Fullerton, Tustin and Placentia on the way and completed neighborhoods in 13 Orange County cities. During that time, Habitat staff and volunteers have also taken on critical home repair as a way to realize the organization's mission to serve families in need. Since 2012, Habitat OC has completed 44 home repair projects. Critical home repair projects focused on five major items: health/safety, energy efficiency, weatherization, code compliancy and accessibility. Financial Capacity—OASIS& Habitat OC This grant will provide the necessary funding to provide at least 30 seniors with home repairs (see budget in section 4). For new home construction, Habitat OC has established relationships with several lenders, including Sun West, First Republic, California Bank& Trust, Union Bank and CalHomes. However, additional financing will not be required for the Home Repair Program. 3 1g Proposal from Habitat for Humanity of Orange County& OASIS Senior Center RFP No. 15-55 Affordable Housing Development References—OASIS& Habitat OC 1. The Home Depot Foundation (Habitat OC) Sherry Caraway, Program Manager 714-940-3542 /sherry caraway@homedepot.com 2. Orange County United Way/ Building United Program (Habitat OC) Brenyale Toomer-Byas, Senior Manager, Housing and Grants Administration 949-263-6115 / brenyalet@unitedwayoc.orR 3. Friends of OASIS (OASIS) Kathy Stewart, President 949-718-1800/ kstewartfriendspres@yahoo.com 3. Amount of Funds Requested OASIS and Habitat OC are requesting $600,000 for the Home Repair Program 4. Project Description Project Need Newport Beach has long been a great place to retire. Many people bought beach houses beginning in the mid-20th century in hopes of moving to the relaxed beach atmosphere when they were done with their working lives. A nice house at that time could be bought for approximately $25,000. The average age for a "senior" was 69. As a result of this large influx of retired people, there have always been a large percentage of seniors in the community. Today, the population of people over 60 in Newport Beach is nearly 28 percent and the average age is closer to 80. Many of the seniors living in their own homes have lived in that same home for more than 50 years. Many OASIS clients are "house poor" which means they own the home, but live on their Social Security along with some investments and interest. After paying for daily living expenses, there is not much money left to spend for repairs on their home. These residents cannot qualify for a traditional home loan for repairs, as they are unable to pay the loan back. Occasionally, these seniors are cited by code enforcement, but are still unable to address the root cause of the problem. Currently, there are no city programs available to address this need —and the need is very real. 4 19 Proposal from Habitat for Humanity of Orange County& OASIS Senior Center RFP No. 15-55 Affordable Housing Development For example, a 90-year-old female contacted OASIS in April 2014 after a pipe had burst in her home resulting in severe water damage throughout the two-story structure. A long-time resident of the Jasmine Park community in Newport Beach, she was also a widow living on a fixed income. After her husband's passing, it came to her attention their homeowner's insurance had lapsed leaving her with little resources to repair the heavy damage. In a separate case, a 65-year-old female contacted OASIS in May 2014 inquiring about assistance for repairs needed for her mobile home. The long-time resident of Newport Beach was also a widow living on Social Security benefits and a small disability benefit, and a participant in both the Meals on Wheels and OASIS Transportation programs. Upon examination, her mobile home was found to be in dire need of repair. Several windows were broken, the floors cracked, and the toilet not in working order. Mold and wood rot were apparent throughout the home, and the stairs leading to her front door were not up to safety code. Being on a fixed income she was unable to pay for the much needed repairs. Project Overview To meet this need in the community, OASIS will partner with Habitat OC to identify these seniors and provide them with critical home repairs. The program will focus on Newport Beach homeowners, 60 years or older, who fall within the 50th percentile of the median income of Newport Beach. The program will provide assistance to residents whose homes are in need of repair in the following categories: • Accessibility • Safety concerns • Health and wellbeing (toilets, plumbing, roofing repair) • Cited by code enforcement (outside landscape, paint, etc.) Interested residents will apply for the program — using the application and qualification model developed by Habitat OC. OASIS staff will be responsible for the identification and qualification of applicants— Habitat OC will create the scope of work and perform the needed repair. Management/Responsibilities The home repair program is divided into two phases: Identification & Qualification and Scope & Repair. OASIS and Habitat OC will share responsibilities on these two phases as follows: Phase 1: Identification & Qualification (OASIS) • Marketing/outreach to Newport Beach seniors 5 20 Proposal from Habitat for Humanity of Orange County& OASIS Senior Center RFP No. 15-55 Affordable Housing Development • Resident intake: answering inquiries, providing applications and processing the documentation needed for income evaluation • 1St walkthrough: an initial look at the project, designed to evaluate the severity/ need of the repair • Review & selection: OASIS staff will evaluate possible projects and forward their selections to Habitat OC Phase 2: Scope & Repair (Habitat OC) • 2nd walkthrough: designed to ascertain the details of the repair, this is a detailed walkthrough • Scope of work/ budget creation: Habitat OC will create a detailed scope of work and project budget • Legal review/ document preparation: the scope of work will be finalized, as well as any necessary liability documents • Homeowner & OASIS approval / buy-in of scope and budget: before the repair can begin, both OASIS and the homeowner must sign off and approve the scope of work and budget • Repair: Habitat OC will execute the necessary repairs. Depending on the type of repair, this might require additional volunteer assistance • Final walk through & project sign off: As a last step, the homeowner will go through a final walk through of the home and will confirm that the work has been completed • Accounting/ invoice: Habitat OC will complete the invoices needed for the project, and will forward to OASIS Sample Project Budget Construction costs (includes supplies & contractor costs) $15,000 Staff costs for Identification & Qualification $800 Staff costs for Scope & Repair $1500 PR/ Marketing $100 Insurance $200 $17,600.00 Community Outreach OASIS staff will reach out to Newport residents through a variety of methods, including: • Postings on OASIS website and newsletters 6 21 Proposal from Habitat for Humanity of Orange County& OASIS Senior Center RFP No. 15-55 Affordable Housing Development • Flyers/ posters/ presentations at OASIS events and activities • Outreach and social service programs offered at OASIS • Community meetings • Outreach via the Friends of OASIS volunteer group 5. Development Pro Forma N/A 6. Proposed Implementation Plan Following approval from the Newport Beach City Council, the Home Repair Program will be implemented over several steps: • Habitat OC staff will train OASIS staff on the home repair application, qualification and selection process • OASIS will create marketing and outreach materials • Habitat OC will hire a Repair Program Supervisor • OASIS will begin publicizing the repair program in the Newport Beach community • Habitat OC staff will work with OASIS on the first round of applications and qualifications • Qualified residents will be referred to Habitat OC by OASIS • Habitat OC will begin repair processes Habitat OC and OASIS staff will schedule regular check-in / update meetings to review the process and results as needed. Additionally, Habitat OC will publicize the results of the program via the Habitat OC website, newsletters and social media presence. 7 22 'f ATTACHMENT A: APPLICANT INFORMATION FORM instructions:Complete the form below and remit as part of your Proposal as"Attachment A." APPLICANT INFORMATION APPLICANT/COMPANY NAME: Q�� •� �ac kiT7601 I)/ Or Ore—nS e oUn T U ADDRESS FOR NOTICES: 2200 Q-) ` ?O MAIN CONTACT(NAME AND TITLE):Gl(On 1 I S� TC e e',f CC Q _ CONTACT NUMBERS: TELEPHONE:--71`I,(q3q, (0 2Gp FAX: 71-q q, y, /ZZz E-MAIL ADDRESS: APPLICANT SIGNATURE AUTHORIZATION AND CERTIFICATION Per the California Corporate Code,Business and Professions Code,the Applicant's Bylaws/Operating Agreement and/or the attached Board Resolution(if applicable),I/we hereby verify that I/we am/are(an)authorized signatory(ies)for the aforementioned Applicant and as such am/are authorized to sign and bind the Applicant in contract with the City of Newport Beach. 1. APPLICANT AUTHORIZED SIGNATORY(IES): NATURE PRINT NAME TITLE/ DAT SIGNATURE PRINT NAME TITLE DATE 2. SIGNATURE AUTHORIZATION IS PROVIDED IN ACCORDANCE WITH: ❑Applicant's Bylaws/Operating Agreement Section ❑ Copy Attached XBoard Resolution kcopy Attached ❑ Corporate or Business and Professions Code** **If Consultant is a corporation, two(2)authorized signatories will be required on all documents submitted, unless specified in the organization's Bylaws or corporate resolution, IMPORTANT NOTE: If the signature authorization status of any individual changes during the term of the contract, it is the responsibility of the Applicant to contact the RFP Administrator for the Applicant regarding the change.and to complete and.submit a new Signature Authorization Form. Incorrect information on file may delay the processing of any of the documents submitted, 12Page JUNE 26, 2015 CERTIFICATE I, Robert Barker, Secretary, do hereby certify that I am the duly elected, qualified and acting Secretary of Habitat for Humanity of Orange County, a California Nonprofit Religious Corporation; that below is a true and correct excerpt of a resolution adopted by unanimous consent of the Directors of the Corporation in an action dated June 26, 2015, and that said resolution has not been modified, revoked or rescinded in any manner and is now in full force and effect. IN WITNESS WHEREOF, I have hereunto set my hand at Santa Ana, California, this Z& day of 2015. Robert Barker, Secretary RESOLUTION TO AUTHORIZE SUBMITTAL OF AN APPLICATION BY HABITAT FOR HUMANITY OF ORANGE COUNTY, INC. (HABITAT OC) TO CITY OF NEWPORT BEACH FOR FUNDING UNDER THE AFFORDABLE HOUSING DEVELOPMENT (RFP No. 15- 55); THE EXECUTION OF A STANDARD AGREEMENT IF SELECTED FOR SUCH FUNDING AND ANY AMENDMENTS THERETO; AND ANY RELATED DOCUMENTS NECESSARY TO PARTICIPATE IN THE AFFORDABLE HOUSING DEVELOPMENT PROGRAM. WHEREAS: A. Habitat for Humanity of Orange County, a California Nonprofit Religious corporation, wishes to apply for and receive an allocation of funds through the Affordable Housing Development Program, in partnership with the Oasis Senior Center; and B. The City of Newport Beach has issued a Request for Proposals (No. 15- 55) for and Affordable Housing Development program; and C. Habitat for Humanity of Orange County wishes to submit an application to obtain from the City of Newport Beach an allocation of funds in the amount of $600,000. 24 IT IS NOW THEREFORE RESOLVED THAT: 1. Habitat for Humanity of Orange County shall submit to the City of Newport Beach an application to participate in the Affordable Housing Development program in response to the RFP issued in June 2015, which will request a funding allocation for the following activities: To partner with the Oasis Senior Center in Newport to identify and qualify low-income senior homeowners in Newport Beach who are in need of critical home repairs, and to perform said repairs 2. If the application for funding is approved, Habitat for Humanity of Orange County hereby agrees to use the City of Newport funds for eligible activities in the manner presented in the application as approved by the City and in accordance with program regulations cited above. It also may execute any and all other instruments necessary or required by the City for participation in the Affordable Housing Development Program. 3. Habitat for Humanity of Orange County authorizes Sharon B. Ellis, President and CEO, to execute in the name of Habitat for Humanity of Orange County the application and all other documents required by the City of Newport Beach for participation in the Affordable Housing Development Program, and any amendments thereto. 25 ATTACHMENT B Community Development Partners/Mercy House Score Sheet and Proposal k SEW Pp�T ° RFP NO. 15-55: AFFORDABLE HOUSING DEVELOPMENT PROPOSAL AND INTERVIEW EVALUATION C'9GI Fp FtN�P SCORE VALUES: N/A-Section is Not Applicable 0- Requirement NOT MET 1- Requirement PARTIALLY MET 2- Requirement MET 3- Requirement EXCEEDED COMMUNITY DEVELOPMENT PARTNERS/MERCY HOUSE RATER 1 RATER 2 RATER 3 RATER 4 Site Control 2 2 2 2 30-Year Minimum Affordability 3 3 3 2 Acquisition &Construction Costs 3 2 2 3 Securing Funding Sources 3 3 3 2 High Quality Design &Amenities 2 2 2 2 "Green" Building Practices 2 2 3 2 Neighborhood Compatibility& Design 2 3 3 2 Incorporates Community Spaces,Amenities,Services 2 2 2 2 Experience with Successful Housing Projects 3 3 3 2 Readiness to Proceed 3 2 3 3 Ability to Manage Affordable Housing Units 3 2 2 3 Consistency with Housing Element 2 3 3 3 Targets Extremely Low/Very Low/Low-Income Households 3 3 3 2 Considers a Wide Range of Households(Special Needs) 3 3 3 3 Includes Supportive Services for Target Population 3 2 3 2 Value 3 2 2 2 Total: 42/48 1 39/48 42/48 37/48 Percentage of Total Points:1 87.50% 1 81.25% 1 87.50% 1 77.08% COMMUNITY DEVELOPMENT PARTNERS/MERCY HOUSE - AVERAGE SCORE: 83.33% 2� 1 lip Request for Proposal No. 15-55 AForclable Housing Development _ s j 1 .. -.: D P • ' -JUNE 3 0, 2 015 COMMUNITY DEVELOPMENT-PARTNERS � , S x w z F 0: ¢' o. F z w a O a w w A F z 0 U 2 3 �9 Z M v O NEWPORTSHORES ;13 M N n W r M O T 1. Cover Letter Description of Management. . . . . . . . . . . . . . . . . . 44 z I Cover Letter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .7 Evidence of Site Control. . . . . . . . . . . . . . . . . . . . . 44 z Ln Community Outreach. . . . . . . . . . . . . . . . . . . . . . . 48 2. Statement of Qualifications Developer or Service Provider Team. . . . . . . . . . . .10 5. Development Pro Forma Developer or Service Provider Experience. . . . . . . 13 Project Financing Summar 53 Financial Capacity . . . . . . . . . . . . . . . . . . . . . . . . . . .24 Development Budget. . . . . . . . . . . . . . . . . . . . . . . . 54 References . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .26 Financing Sources and Uses. . . . . . . . . . . . . . . . . . .56 Unit Mix and Income Analysis . . . . . . . . . . . . . . . . .57 3.Amount of Funds Requested Amount of Funds Requested . . . . . . . . . . . . . . . . . . 31 30-Year Cash Flow . . . . . . . . . . . . . . . . . . . . . . . . . 58 4. Project Description 6. Proposed Implementation Plan Development Concept . . . . . . . . . . . . . . . . . . . . . . 34 Proposed Implementation Plan . . . . . . . . . . . . . . . .65 Site and Property Information . . . . . . . . . . . . . . . . 40 Location. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40 7.Applicant Information Form Graphic Depiction of Proposed Project . . . . . . . . .42 Attachment A: Applicant Information Form . . . . 68 Eric Paine Kyle Paine Chief Executive Officer President epaine(@communitydevpartners.com kpaine(@communitydevpartners.com gJC D P_ COMMUNITY DEVELOPMENT PARTNERS 3416 Via Oporto,Suite 301 1 Newport Beach,CA 92663 949.467.1344 I www.communitydevpartners.com 30 S2 1 . COVER LETTER glCDP COMMUNITY DEVELOPMENT PARTNERS S2 June 30, 2015 Anthony Nguyen Purchasing Agent City of Newport Beach anguyen(@newportbeachca.gov Re: Request For Proposals No. 15-55 Dear Mr. Nguyen: Community Development Partners (CDP) is pleased to submit this response to the Request For Proposals No. 15-55. Newport Shores is the rehabilitation of a 12-unit market rate apartment property into 12 units of affordable housing,4 of which will be set aside for residents with special needs. CDP is an experienced multifamily and mixed-use developer focused exclusively on creating and preserving vibrant affordable housing communities with a focus on California, Oregon, and Arizona.The company's principals have over 30 years of combined experience working with cities and public agencies to bring new investment into existing neighborhoods. The company was formed in 2011 by leaders in the field of residential housing development. With over$75 million in portfolio projects that have been awarded tax credits, a growing pipeline of future projects and a robust tax credit marketplace, CDP is an ideal partner for land sellers and public agencies. Being based in Newport Beach, we are particularly excited to lend our innovative placemaking expertise to the proposed Newport Shores project, as the opportunity to improve one's community is always a welcomed opportunity. Along with Mercy Housing, our non-profit general partner and service provider, we are confident that we would deliver a project that not only improves the lives of its residents, but also would be a welcomed enhancement for the local community. We are confident that we have met or exceeded the requirements of the RFP. As such: Site control: CDP has a binding commitment to acquire the property(document enclosed) Affordable for at least 30 years: Per the requirements of the project's tax credits, the property will remain affordable for a minimum of 55 years. w z Reasonable acquisition and construction costs,the ability to compete well in securing other/ F • acompetitive funding sources:As show in the included financials, CDP has underwritten realistic costs Z and the project project is well positioned to be very competitive for other funding sources. w oLeverage other financing sources: CDP has extensive relationships with best-in-class lenders and Winvestors, and will utilize such for this project, including leveraging low income housing tax credit equity as ca well as: City-provided funds,AHP funds, and Project Based Rental Assistance. F Incorporate high quality design and amenities:As with all our projects, CDP is passionate about design and we employ high design and material standards, and Newport Shores will incorporate an award- winning design team. 6 7 33 Z M v • "Green"building practices and materials:At CDP's core we are committed to sustainability. The M. project will exceed local and state energy standards, and achieve certification through a recognized green = rating Program (such as LEED or GreenPoint Rated). M N Compatible with neighborhood settings:The structure will retain its existing massing and use, which fits o well within its surrounding context. m A r M • Appropriate community spaces,amenities,and services for the target population: We will incorporate m appropriate community spaces/amenities and a robust services program through Mercy Housing A including a community garden space and public art components created by local artists. • Experience with successful affordable housing projects and the capacity to work cooperatively with the community:As discussed in detail throughout this document, CDP is highly experience and committed to developing affordable projects that benefits both residents and the community at large. • Readiness of the proposed project to proceed:The project will not require any new entitlements and is currently ready for occupancy by target population. • Management of affordable rental units: Buckingham Property Management, who currently manages 5,000+ units, will ensure on-going compliance and financial solvency throughout the affordability period. • Consistent with the City's General Plan:The property is maintaining its existing legal use, which is compatible with the General Plan. • Target extremely low-income,very low-income,or low-income households:As shown in the included unit/tenant mix, the project fully targets the appropriate income levels. Consider a range of households:As discussed, a minimum 33% of units will be set aside for residents with special needs. Supportive services appropriate for the expected tenant population: Mercy Housing, a well-respected service provider, will ensure the needs of the resident population are met on an on-going basis. CDP hereby declares that the only person, persons, company, or parties interested in the proposal as principals are named herein; that the proposal is made without collusion with any other person, persons, company, or parties submitting a proposal; that it is in all respects fair and in good faith without collusion or fraud, and that the signer has full authority to bind the proposer. I can be reached at 949-554-3713, epaine(@communitydevpartners.com, or at 3416 Via Oporto, Suite 301, Newport Beach, CA 92663. Sincerely, Eric cine CEO 3.4 ss 2 . STATEMENT OF QUALIFICATIONS glCDP A. DEVELOPER OR SERVICE PROVIDER supervised the teams responsible for all stages TEAM of a project's development cycle — acquisitions, capitalization, design development, entitlements, An organizational chart showing lines of responsibility, and project management. Eric earned his BA in as well as a list of team members and their duties as Economics with a minor in Accounting from the part of the team. University of California, Los Angeles, a certificate in Light Construction Development Management DEVELOPER: from the University of California, Irvine, and is a COMMUNITY DEVELOPMENT PARTNERS licensed California Real Estate Broker and General Contractor. ERIC PAINE CEO Ov,nership:85 Kyle Paine — President Kyle Paine serves as President of Community Development Partners. Kyle manages the sourcing and underwriting for rehab and new construction SEAN ROBBINS KYLE PAINE projects for CDP, including managing each Corporate Finance President project through the cycle of due diligence, LIHTC Ownership:5% Ownership:10% application submittal, and the closing. Kyle also oversees the asset management of stabilized assets. Mr. Paine brings a dynamic background in real Bruce Quigley,CPA Tim Winger estate development to CDP's team. Prior tojoining Corporate Controller Asset Manager CDP Kyle spent two years at Fairfield Residential, a national apartment developer, builder, and Lindsay Dutro Victoria Balentine manager where he served as the Acquisition and Project Controller Administrative Development Officer for the Pacific Northwest region and had comprehensive oversight of the sourcing of institutional grade market rate and Eric Paine — Chief Executive Officer affordable development sites. Mr. Paine is the CEO of CDP and focuses on Kyle has his Bachelor of Arts in Psychology with a corporate strategy and business development as Minor in Business from the University of California well as overseeing the design and construction at Berkeley. Kyle has worked in real estate of all CDP projects. Eric also currently sits on brokerage of development projects since obtaining the Board of Directors for two non-profits,The his California Real Estate Broker's License in 2005. Ecology Center in San Juan Capistrano, CA and W4 Alberta Main Street in Portland, OR. Prior to founding CDP, Mr. Paine co-founded Equity West Sean Robbins — Chief Financial Officer a Capital Partners, a Newport Beach real estate With over ten years of experience in real estate Z investment manager operating private equity funds development finance and senior secured lending targeting distressed assets with inherent value-add Mr. Robbins focuses on financial product potential. Prior, Eric was Executive Vice President structuring, assets acquisition, and corporate A of Pacer Communities, a private residential finance. Sean's prior real estate experience includes F developer based in Irvine, California where, in his co-founding Equity West Capital Partners, a five-year tenure, he was involved in developing Newport Beach real estate investment manager and liquidating residential units accounting for and founding Blackhawk Capital Group, a Newport $ over$115,000,000 in revenue. He directly Beach real estate advisory service and brokerage 10 11 37 Z M v house. Sean also serves as a member of the board time share development and rehabilitation projects, of directors of Eco Land Holdings, an international ongoing property management financial reporting _ real estate development company. A Phi Beta while working closely with owners and numerous m N Kappa graduate of the University of California, Los Boards of Directors. N Angeles with a major in Business Economics and a m minor in Accounting/Public Policy, Sean used his z financial acumen to help Comerica Bank expand SERVICE PROVIDER: o T its commercial and real estate lending divisions. MERCY HOUSING .o Sean laterjoined GMAC-Cerberus Capital, where T he successfully helped fund over$100 million in Reverend Jerome T. Karcher- Founder/Chairman n development and construction financing for public Father Karcher was born and raised in Anaheim, Z and private companies. In addition to holding a Real California, as one of the twelve children of Carl Estate Broker's license, Sean is a CFA© Level I and Margaret Karcher. He was baptized at Saint Candidate. Boniface Church in Anaheim, California and attended the parish school for eight years. He then attended Mater Dei High School for one year Bruce Quigley— CPA and was graduated from Servite High School in Mr. Quigley is a Certified Public Accountant and Anaheim. the Controller for Community Development Partners. He is responsible for overall internal Having attended the University of San Diego and external financial reporting and compliance, and Gonzaga University in Florence, Italy, he was interfacing with outside CPAs on financial reporting graduated from Loyola University of Los Angeles, and taxation related to affordable housing project with a Bachelor of Arts degree in Psychology. He requirements and regulations, and instituting, has also received a degree in Philosophy from the strengthening and monitoring related internal Dominican School of Philosophy and Theology controls. After graduating with a Bachelor of Arts at the Graduate Theological Union, Berkeley, in Business Administration with a concentration California, where he also studied theology. in Accounting from California State University at Theological studies were completed at Saint John's Fullerton, he spent eleven years with the CPA firm Seminary in Camarillo, California, where a Master of Pannell Kerr Forster, managing audits of numerous Arts degree in Theology was granted. companies in various industries, including non- On February 12,1983 Father Karcher was ordained profits, start-ups, and property management. to the priesthood by Bishop William Johnson for the service of the Roman Catholic Diocese of Orange, Vacation Resorts International, a timeshare property California. management client hired him away to be their lead financial reporting executive. In his twenty year He has served at St. Norbert Church in Orange, tenure there, the company became the largest St.Anne Church in Santa Ana and St.Joachim independently owned international timeshare Church in Costa Mesa, and is presently the pastor property management company in the nation. His at St.Vincent de Paul Church in Huntington Beach, responsibilities included oversight of all accounting California since July 1, 1995. and financial reporting for the company and 150 managed timeshare entities regionally, nationally, Fr.Jerome is the founder and Chairman of the and internationally. His experience included Board of Mercy House Transitional Living Centers working with the California Department of Real which serves and houses homeless men, women and Estate on formulating start-up operating budgets, children in Orange County at its various facilities. 3g Organizational Chart / Board of Director I Executive Director Housing Director Operations Development Director Director D elopm nt Program Director- Program Director- Program Director- Senior Financial Grant Compliance Associate- Development ousingAdvocate O.C.Residential O.C.Emergency IE Manager and Data Director Community Associate-Events ogra ogra ` LA v elop nt Program Manage ]L Door counting velopmentssociate- rmoryand CM rogress Coach Coordinator /Human Resources Associate-Granmmunity vv v v Re ources nd Admi ociate OntarioAccess / Program am Manager en er Program Mounting Clerk Manager RH and FRP CXordina Sarno Ontario Access Center Staff Anaheim Check In usingand ain nence Tec Center Ontario Housing and \,j , Te ora taff Outreach Employment Navigator v � C din or ^ Ontario Outreach and Engagement Staff Team Manager C ome ess Prevention San Bernardino Housing and Zand pid Reh sing Employment Navigator F C San Bernardino Outreach a ` Pro¢ress Coaches and En¢a¢ement Staff F Z Team Manager u � ransitional and a C Per anent Ho sing u k � Progress Coaches F 2 Residential Coordinators C C 12 13 S9 Z M v B. DEVELOPER OR SERVICE PROVIDER neighborhoods. The company was formed in M. EXPERIENCE 2011 by leaders in the field of residential housingLn 0 development. With over$75 million in portfolio H A narrative describing recent affordable residential projects that have been awarded tax credits, a development and management experience, with an growing pipeline of future projects and a robust tax m emphasis on experience gained in the last five years on r credit marketplace, CDP is an ideal partner for land Z projects similar to the one being proposed. sellers and public agencies. 0 T .0 i. Include project name and type (special needs, senior, large family, etc.), project address, CDP is seeking opportunities to: n developer team members, unit count and bedroom type, affordability requirements, funding sources, Develop successful new multifamily affordable Z and project schedule in your description. communities • Renovate existing multifamily properties into It. Include a description of how neighborhood input afFordable communities was solicited and utilized in the development of Partner with cities and other public agencies to these projects. evaluate development scenarios GENERAL PARTNER, DEVELOPER CDP is committed to improving the communities in which it works by not only providing quality afFordable housing developments, but also ensuring C P that all CDP developments are sustainable and enhance the fabric of the overall community. Our infill communities are more thanjust housing. COMMUNITY DEVELOPMENT PARTNERS Our designs focus on creating centers of culture and education for the surrounding community in Sumary of Experience Housing Units Developed by Principals 3,690 addition to fulfilling the basic housing needs of our Affordable Housing Units Owned or Under low-income residents. CDP has a strong focus on Development: 518 the incorporation of the local arts community by integrated artwork and ongoing art programming Key Representative/Contact into the supportive services. Eric Paine, CEO and Founder 3416 Via Oporto, Suite 301 Since 2012, CDP has received tax credit allocations Newport Beach, CA 92663 on 7 projects consisting of total project costs of 949.554.3713 over$75 million. In addition to those already owned epainePcommunitydevpartners.com by the company, CDP currently has a pipeline of 5 sites for future development. CDP currently owns Overview and Experience CDP is an experienced multifamily and mixed- oris planning projects in the California cities of use developer focused exclusively on creating and Morgan Hill, Glendale, Santa Ana, Midway City, and preserving vibrant affordable housing communities Vacaville; Portland, Oregon; and Arizona cities of with a focus on California, Oregon, and Arizona. Mesa and Phoenix. The company's principals have over 30 years of combined experience working with cities and public CDP was founded and is based in Newport Beach, agencies to bring new investment into existing California. 4 0 FEATURED PROJECT: THE LODGE For neighborhood outreach, we worked closely 515 Barrett Ave., Morgan Hill, CA with local senior center and organizations involved in aging resources to develop an extensive amenity The Morgan Hill Retirement Residence project package that rivals any market rate senior living facility. is a 138 unit senior housing community that has come to fruition after several years of dedicated Housing Solution: Senior Affordable Housing (55+) teamwork.The project has evolved through many Government Contact: Leslie Little — Asst. City iterations of design improvements that began in Manager — 408-778-6480 2010. At the core, the project's mission consisted Number of Units: 138 units of creating a life-enhancing community for seniors Lot Size: 5.3 Acres that reflected our values of intelligent design integration of sustainable building principles, and Unit Size: 546 — 1 034 Square Feet a human-centered solution to affordable housing. Unit Mix: 1101 Bed/1 Bath, 28 2 Bed/2 Bath The amenity enriched project encourages our Parking Provided: 1 Space Per Unit residents to interact with one another, relax in an Affordability: 50%/60%AMI environment they can call home, and to thrive Current Status: Stabilized within a well amenitized community. The project Financing: 4% LI HTC &Tax Exempt Bonds consists of one and two bedroom units that provide Sustainability: Green Point Rated Score: 108 for independent living.The common area spaces Developer: CDP boast a common dining hall, commercial kitchen, beauty salon, theater, card room, and a reading Architect: Anderson Architects room. Three meals are offered every day through a Contractor: SBI Builders meal program managed by local non-profit Loaves Property Management: Buckingham Property & Fishes with a focus on locally sourced, sustainable, Management (BPM) and healthy ingredients — all provided at no cost Non-Profit Partner: Foundation For Affordable to the residents. Lease-up for this project finished Housing(FFAH) July, 2014, well ahead of our partnership closing Service Providers: LifeSteps and in-house Resident projections and the project has converted into Services Coordinator permanent financing. Construction: November 2012-January 2014 c4 I .i.__ ■ W4 w 11 a z 0 U 14 15 4 1 Z M o FEATURED PROJECT: CYPRESS SENIOR ` LIVING - 311 E. Cypress St., Glendale, CA o Developer: CDP Architect: Egan Simon Architects Contractor: ICON Builders Property Management: Buckingham Property Management (BPM) Non-Profit Partner: Integrity ' ���' ° c' Service Provider: Central Valley Coalition For ., Affordable Housing Construction: November 2013-March 2014 Cypress Senior Living consists of the acquisition _ s �•� rehabilitation and conversion of an existing two- = '- story 18-unit market rate apartment building in need of upgrading, into a fully rehabilitated affordable senior rental project. Upgrades that �. were incorporated into the building include all new - M unit interiors, a community garden, and art work from local artists including a community mural. Financing for the project came from the sale of 9% rehab and 4% acquisition Low Income Housing Tax furniture designer. Credits, which the project was awarded in June of Housing Solution: Senior Affordable Housing (62+) 2013.The project consists of 13 studio units and 4 one bedroom units with an additional studio for the Government Contact: Mike Fortney, Senior onsite manager. Rent restrictions include 62+years Housing Project Manager - 818-548-3723 of age and 6 units rented with Veteran preference. Number of Units: 18 Units Property amenities include a community area with resident computer for internet and printing Lot Size: .25 Acres access, in addition to on-site social services offered to the residents and 10 surface parking spaces. Square Foot Range: 344 - 672 Square Feet Affordability levels will be at 30%, 35%,40%, 50% and 60%AMI levels.The building is a 1920's brick Unit Mix: 14 Studios 41 Bed/1 Bath building in the heart of Glendale with immediate Parking Provided: 10 Spaces access to public transportation, entertainment, and dining options.The Glendale Housing Authority Affordability: 30%/35%/40%/50%/60%AMI supported the project by providing$1,447,523 in HOME funds for the rehab in addition to providing Current Status: Stabilized a below market permanent loan which eliminates the need for conventional permanent financing. Financing: 9% LIHTC, Housing Authority HOME The project achieved over a 25% energy efficiency Funds improvement from the buildings original energy Developer: CDP consumption. Cypress Senior was completed in May, 2014 and was leased up using a city sponsored Architect: Egan Simon Architects lottery program which attracted 2,680 applicants (an average of over 150 per unit). Contractor: ICON Builders For outreach, we collaborated with local artisans Property Management: Buckingham Property to provide a community created public mural, Management (BPM) community garden (with regular monthly Non-Profit Partner: Integrity programming/planting/harvesting for residents led by local expert) designed and built by The Ecology Service Provider: Central Valley Coalition For Center, original artwork for common area spaces Affordable Housing sourced by non-profit Art From The Ashes, and original custom furniture built by local resident and Construction: November 2013-March 2014 4 FEATURED PROJECT: EL RANCHO efforts in the downtown Mesa (AZ) neighborhood. 719 E Main St., Mesa,AZ We partnered with a local artist whose family has been in Mesa for generations and he created public The EI Rancho project is an acquisition/demolition/ and private art installations. His wife's non-profit, new construction project of a blighted motel turned Cultural Coalition, is providing ongoing art classes apartments in Mesa,Arizona. CDP is constructing for the the afterschool program hosted at the a community of 66 units in a 4 story structure that property for residents' children. will serve to house families with children. The local community has a large artist contingent as the City Housing Solution: Permanent Rental Housing of Mesa has invested heavily in pursuit of creating Government Contact: Jeff McVay, Manager of a local culture conducive to supporting the arts. Downtown Transformation,480-644-5332 We have been working closely with local artists as well as the City of Mesa's Art Center to create a Number of Units: 66 Units product that will engage the community in arts and Lot Size:1.4 Acres will allow for the installation of public art pieces. Unit Size: 842-1,072 Square Feet This will be the first project of its type in Arizona. All of the units are 2 bedroom and 3 bedroom floor Unit Mix: 5 2 Bed/1 Bath, 36 2 Bed/2 Bath, 25 3 plans and, in addition to the public art spaces, there Bed/2 Bath is also a large communal gallery, a flexible studio Parking Provided: Structured parking, 69 spaces space for children's after school programming, a Affordability: 40%/50%/60%AMI media room, computer lab, an outdoor eating area, Y' a community garden (in cooperation with Mesa Current Status: Under Construction Urban Garden), and a pool. The architecture of the Financing: 9% LI HTC,ADOH HOME/HTF, City building is a contemporary interpretation of a desert of Mesa HOME hacienda with clean lines, ground floor storefront, metal awnings, and embedded tiles on the facade Sustainability:ADOH Prescriptive Path in a depiction of rain drops. As water indicates an Developer: CDP oasis in the desert so too will EI Rancho be an oasis Architect: Perlman Architects for the residents who will call it home. Project completion and C of O were achieved in June, Contractor: ICON Builders 2015. Property Management: Celtic Property For outreach, this project involved collecting input Management via focus groups and working with local business Service Providers:A New Leaf, Cultural Coalition, leaders to develop a concept and design that would Mesa Urban Garden act as a catalyst to spur additional revitalization Construction: May 2014-June 2015 Jul IT I�� ► r ' a I I I � THE PRACTICE PAD w - Q U 16 t 17 Z M v FEATURED PROJECT: area.Three meals will be offered every day through °�� BUTTERFIELD RETIREMENT a meal program managed by local non-profit Loaves o M 16505 Butterfield Blvd., Morgan Hill, CA & Fishes with minimal, if any, cost to residents. The project outdoor courtyards provide ample outdoor M recreation opportunities and an abundance of Z The Butterfield Retirement project is a new community gardening areas. Groundbreaking is o A construction project of a fallow plot of land that has scheduled to take place Fall 2015. not been utilized for decades.The roughly 4 acre n parcel is adjacent to The Lodge community that Housing Solution: Senior Affordable Housing(55+) z Z CDP developed from 2012-2014.The site will be Government Contact: Leslie Little — Asst. City improved with a new, 114 unit senior congregate Manager — 408-778-6480 care apartment community. The amenity enriched Number of Units: 114 Units project will encourage our residents to interact Lot Size:4.0 Acres with one another, relax in an environment they can call home, and to thrive within a well amenitized Unit Size: 550 — 1,000 Square Feet community.The project will act as a complementary Unit Mix: 601 Bed/1 Bath, 24 2 Bed/1 Bath,12 2 project to The Lodge and will be nicely appointed Bed/2 Bath, 18 3 Bed/2 Bath with finishes that are true to the architecture of the Parking Provided: 1 Space Per Unit building. The project consists of one, two and three Affordability: 50%/60%AMI bedroom units that provide for independent living. Current Status: Planning The common area spaces boast a common dining hall, commercial kitchen, theater, card room, library, Financing: 4% LI HTC &Tax Exempt Bonds and craft room as well as an integral outdoor dining Sustainability: Green Point Rated FEATURED PROJECT: ROCKY HILL Rocky Hill Rd.,Vacaville, CA VCH-Rocky Hill is a proposed 92-unit affordable scattered site development involving acquisition, rehabilitation and new construction. Community Development Partners (CDP) and Vacaville Community Housing(VCH) have formed Trower Housing Partners LP, which will acquire, construct and manage the proposed development. The partnership plans to acquire and rehab Meadows Court apartments, an existing affordable apartment community totaling 51 units currently controlled by Vacaville Community Housing. The property is made up of 2-bedr000m Townhome style units, currently rent restricted with AMI levels from 50% to 80% and carry existing soft debt made up of RDA and HOME funds.The scope of rehab will include unit interior and building systems upgrades to improve energy efficiency, enhance living conditions and ensure long term project viability.The new construction portion of the development will entail the acquisition of a 1.42-acre City-owned vacant parcel for construction of 41 new apartment units targeting families and single Veterans. The site plan includes 11 one-bedrooms,15 three-bedroom and 15 four-bedroom units with surface/tuck-under parking, common areas and onsite property manager. Both properties will be leased and managed by a third party property management company and will include supportive resident services. Housing Solution: Family & Supportive Housing,Veteran Government Contact: Emily Cantu, Housing & Redevelopment — 707-449-5675 Number of Units: 92 Units Size: 4 Acres Unit Size: 640 - 1280 Square Feet Unit Mix: 21 Studio/1 Bed/1 Bath, 412 Bed/2 Bath, 15 3 Bed/2 Bath,15 4 Bed/2 Bath Parking Provided: 1.5 Spaces Per Unit Affordability: 15%-60%AMI Current Status: Entitlements Financing: 4% LIHTC &Tax Exempt Bonds plus RDA and HOME funds, VHHP, Project Based Vouchers Sustainability: LEED Platinum V, , � moivr vPNFLY WMUrY51 YMIAI.Ytl i .. � WNL R 'U�U z r W - K.ub� 18 19 45 Z M FEATURED PROJECT: CASCADIAN TERRACE 5700 N. Kerby, Portland, OR o M M Cascadian Terrace is an existing 103-unit affordable apartment community that was purchased by M 3 Community Development Partners as part of a preservation strategy. The 4-story property is made up of Z 0 studio, 1-bedroom and 2-bedr000m units, currently rent restricted with AMI levels at or below 60% based A C on LI HTC that were allocated to the property in 2002. The property operates under a Section 8 pro�ect- based HAP contract. The property is located in a rapidly gentrifying neighborhood of NE Portland and CDP 0 has partnered with Portland Community Reinvestment Initiatives as the project Non-Profit sponsor. In 2018 CDP will apply for new 4% LI HTC and complete a full interior renovation while keeping the tenants and HAP contract in place to preserve long term afFordability and minimize displacement. Housing Solution: Low Income Housing Number of Units: 103 Units Size: 1.14 Acres Unit Size: 332 - 997 Square Feet Unit Mix: 86 Studio/1 Bath,161 Bed/1 Bath, 1 2 Bed/1 Bath Parking Provided: 19 Spaces Affordability: 60% AMI Current Status: Stabilized Financing: LISC Acquisition Loan, HAP Contract 1 A _ onto ; U dog OT I1 I , A %4W ni R. lot 1 FEATURED PROJECT: IST STREET CARE HOME 2151 East 1st St., Santa Ana, CA 1st Street Care Home consists of the acquisition, rehabilitation and conversion of an existing two-story 77- unit motel in need of upgrading, into a permanent supportive housing project. Upgrades to be incorporated into the building include all new unit interiors, adding community room, offices, common area kitchen, and laundry room. Financing for the project will come from the sale of 4% Low Income Housing Tax Credits along with Tax Exempt Bond Financing. The project will operate under the City of Santa Ana's Care Home definition and will not have kitchens but will have access to a shared kitchen as well as access to meals provided by a local non-profit. Property amenities include a community area with resident computer for internet and printing access, in addition to on-site social services offered to the residents, a pool, onsite laundry and 61 surface parking spaces. Location: 2151 East 1st St., Santa Ana, CA Housing Solution: Permanent Supportive Housing Number of Units: 72 Units Size: 1.30 Acres Unit Size: 640 Square Feet Average Parking Provided: 61 Spaces Affordability: 15% - 60%AMI Current Status: Entitlements Financing: 4% LI HTC &Tax Exempt Bonds Project Based Vouchers (through Mercy House partnership) Sustainability: LEED W4 99 Z � �,` � .�'^" 1' �='�-•I �__ 'Alter C) - W -------- ----_- - -- -- — ---- ---- ---- _ - F _ - ---- ---- - --- - _ ____ --- ----- ___- --- ---- U 20 21 4 Z M FEATURED PROJECT: POTTERS LANE 15171 Jackson St. Midway City, CA o M M Potters Lane is a proposed 16-unit permanent supportive housing development involving new construction m 3 utilizing repurposed shipping containers. Community Development Partners (CDP) is the Developer for Z 0 American Family Housing (AFH) and will oversee the project through to stabilized operations after which A time AFH will manage the ongoing operations. The underutilized property will be improved with 16 studio apartments restricted with AMI levels from 15% to 40% and 6 of the units will be set aside for Veterans. The 0 property will be leased and managed by AFH and will include supportive resident services onsite and at the Z AFH headquarters next door. Housing Solution: Permanent Supportive Housing Number of Units: 16 Units Size: 0.41 Acres Unit Size: 425 Square Feet Unit Mix: 16 Studio/1 Bath, Parking Provided: 5 Spaces Affordability: 30%-60% AMI Current Status: Entitlements Financing: VHHP, HOME, AH P,AFH Equity Sustainability: LEED Platinum fi T; 1 I I;= w FEATURED PROJECT: THE MARQUEE Housing Solution: Senior Affordable Housing(62+) 620 N 2nd Ave., Phoenix,AZ Government Contact:Jeanne Redondo - ADOH The Marquee is a 1958 building which exhibits Rental Programs Administrator - 602-771-1031 excellent mid-century desert modern architectural Number of Units: 34 Units elements and was begging to be restored after Lot Size: .55 Acres several decades of neglect. CDP chose the neighborhood for the project based on the transit- Unit Size: 600 Square Feet oriented, vehicle independent, urban location in Unit Mix: 341 Bed/1 Bath the heart of Roosevelt Row Arts District. The building was selected based on the capacity for Parking Provided: 1 Space Per Unit transformation through an upcycle of an existing Affordability: 40%/50%/60%AMI structure which would provide a high quality of Current Status: Stabilized life to income restricted seniors. The project also features a large mural, a resident herb garden and a Financing: 9% LI HTC/State Housing Trust Fund rotating gallery of local artists work. Our residents Sustainability: ADOH Prescriptive Path are energized and empowered by the urban location, the sustainable measures incorporated, and the Developer: CDP smart interior finishes. Architect: Anderson Architects For neighborhood ourreach, we polled Contractor:Adolfson Peterson neighborhood groups and worked with organizations Property Management: Biltmore Property such as the Roosevelt Row Arts District to Management understand needs of community, create a project that would best accommodate local need from Service Provider: La Frontera seniors yet be contextual. Construction: October 2012-March 2013 it i. W z — - F W a - J tl IIIIIII�II.. w A r I �I�I�II i�:��I •��•n; 22 23 4 9 Z M v SERVICE PROVIDER / NON-PROFIT Housing Placement M CO-GENERAL PARTNER During the 2013-2014 fiscal year, Mercy House 0 set a goal to prevent or end the homelessness of m N 500 people. They were able to secure and maintain N ✓� stable housing for 566 individuals who came m through their doors! m Z 0 T Homeless Prevention A Mercy House's Homeless Prevention Program T rescued 64 families, including 153 men, women n and children, from losing their homes, falling into Z lilt, homelessness and entering the shelter system. AfFordable Housing Units Serviced Emergency Shelters and Services 516 This year, Mercy Housing served 4,353 homeless individuals; meeting immediate needs an providing Contact Information connections to restore dignity and stability. This Linda Wilson includes 2,010 people through their Emergency 807 N Garfield, Santa Ana, CA 92701 Shelter Programs, 535 through their Family Iindaw(@mercyhouse.net Redirection Program, 1,384 at the Ontario Access 714.836.7188 Center, and 424 at the Anaheim Check in Center. Overview/ History Permanent Housing Mercy House's primary focus is providing quality Mercy House's ongoing permanent housing permanent housing and services to additional programs were able to provide housing to 266 populations that range from extremely low to unduplicated individuals; including 177 people moderate-income households. through Rapid Re-Housing, 22 through their Shelter Plus Care program, 34 in their Master Father Jerome T. Karcher first began reflecting Leasing Program, and 93 in their affordable housing programs. seriously on the plight of the homeless in 1987 while he was Associate Pastor at Saint Norbert's Transitional Shelter Church in Orange, California. His first efforts This year, Mercy House served 198 homeless men, were to organize a small group of friends to assist women and children in their transitional shelters; of the homeless.As Associate Pastor at Saint Anne those 87% successfully transitioned into their own Catholic Church in Santa Ana, he became more stable housing, or remain active in our programs. aware of the needs of both homeless and immigrant structuring, assets acquisition, and corporate populations. One experience concerning the finance. Sean's prior real estate experience includes needs of an immigrant young man who was living co-founding Equity West Capital Partners, a on the streets in an abandoned garage particularly Newport Beach real estate investment manager moved him to respond to the local situation of and founding Blackhawk Capital Group, a Newport homelessness.This decision inspired him to found Beach real estate advisory service and brokerage Mercy House as a not-for-profit charitable house. Sean also serves as a member of the board of corporation. directors of Eco Land Holdings, an international 50 C. FINANCIAL CAPACITY Description of financial strength and ability to obtain project financing, and to provide sufficient equity for the successful completion of the proposed project. CDP is well capitalized with over$70 million dollars in active Projects under management in which CDP is the General Partner.The Company has no underperforming or overvalued projects that will distract management or tie-up capital. CDP has been in discussions with several potential lenders and is planning on closing the acquisition transaction using a loan product such as the Golden State Acquisition Fund from LISC or Century. CDP has closed 4 loans with LISC in the past 18 months in Arizona, Oregon, and California and LISC has expressed a strong desire to close this transaction. Given CDP's recent experiences with LISC and seeing that CDP, as a borrower, is fully vetted and approved, CDP's plan is to move forward with LISC. The LISC loan will be a 36 month term with potential extensions which will provide ample time for CDP to seek and secure an allocation of Low Income Housing Tax Credits (LI HTC). i. Include a description of current relationships with major lending institutions. The following financial partners have been involved in recent transactions with CDP and are provided as professional financial references. LISC (www.lisc.org) Role: Lender Affordable Housing Units Financed: 313,400 Key Representative: Celia Smoot, National Housing Director LISC Email: Csmoot(@Ilsc.org I Tel: 215.370.0919 Boston Financial (www.bfim.com) Role: Tax Credit Investor Affordable Housing Units Invested In: 169,000 Tax Credit Investments Under Management: $9,200,000,000 Key Representative: Roy Faerber, Senior Vice President BOSTON FINANCIAL x Email: Roy.faerber(@bfim.com I Tel: 310.860.1321 HProjects: Lodge (tax credit equity - syndicated via BF to Mass a Mutual); Cypress (tax credit equity - syndicated into multi- z investor fund) w a ° Citi (www.citi.com) a W W Role: Construction Lender A Total Loans Originated For Affordable Projects: $3,222,000,000 in 2014 �1 Key Representative: Mike Hemmens, Director I I Email: mike.hemmens(@citi.com I Tel: 805.557.0933 ° Projects: Cypress (construction) 24 25 `J 1 Z M v Alliant Capital (www.newportpartners.com) Role: Tax Credit Investor = Affordable Housing Units Invested In: 13,300 m Key Representative: Ruby Dhillon,Vice President Email: rdhillonpa newportpartners.com Tel: 714.623.3196 PrAjAkLojects: EI Rancho (tax credit equity - syndicated to JP Morgan) , , , r M Z O Chase (www.chase.com) A Role: Construction Lender D Total Loans Originated For Affordable Projects: $1,287,000,000 in 2014 T Key Representative: Alice Carr, Western Regional Manager 1> Email: alice.carr(a chase.com z V) Tel: 213.621.8396 Projects: EI Rancho (construction loan) CHASE 9 r ii. The developer which is selected for recommendation to City Council, or if a partnership, the team members who will retain an ownership interest in the project, will be required to submit complete financial statements for the last three years. Because of the possibility of public records requests, the City cannot guarantee that these statements will remain confidential. Should CDP be selected for recommendation to City Council, CDP agrees to submit complete financial statements for the last three years. CDP understands that because of the possibility of public records requests, the City cannot guarantee that these statements will remain confidential. 52 D. REFERENCES Include o list of of least three references from public agency partners and pro fessionol lenders and investors with full names, contact in formation, and identi ficotion of the proj'ect(s) worked on. FINANCIAL REFERENCES CDP is pleased to provide the following financial references. The financial references are able to detail their relationship, investments and experience working with CDP. Investor Entity Boston Financial Investment Management, LP Contact Roy Faerber, Senior Vice President - Equity Production Phone 617-488-3390 Email/Web roy.faerber(@bfim.com I www.bfim.com Address 1801 Century Park East, 22nd Floor, Los Angeles, CA 90067 Projects Lodge (tax credit equity); Cypress (tax credit equity - syndicated into multi-investor fund) Investor Entity Alliant Capital Contact Ruby Dhillon,Vice President Phone 818-668-2819 Email ruby.dhillon(@alliantcaptial.com Address 21600 Oxnard Street, 12th Floor, Woodland Hills, CA 91367 Projects Marquee (tax credit equity) Lender Entity Citi Bank Contact Mike Hemmens, Director, City Community Capital Phone 805-557-0933 Email mike.hemmens(@citi.com Address 325 E Hillcrest Dr., Suite 160,Thousand Oaks, CA 91360 Projects Lodge (construction and perm) Lender Entity LISC Contact Celia Smoot, National Director of Housing W Phone 804-358-2421, ext. 26 H Email csmoot(@Iisc.org a Address 413 Stuart Circle, Suite 300, Richmond,VA 23220 F z w Lender o Entity Chase WContact Alice Carr, Western Regional Manager, Community Development Banking ca Phone 213-621-8396 Email alice.carr(@chase.com Projects EI Rancho (construction loan) 0 U 26 27 5J Z M v GOVERNMENT REFERENCES M N The references provided below will detail their time and experience currently working with CDP on public/ m private partnerships as part of our affordable communities. M City of Glendale o Contact Mike Fortney, Housing Project Manager M Email mfortney(@ci.glendale.ca.us Phone 818-548-3723 Address 141 N. Glendale Ave., Suite 202, Glendale CA 91206 Contact Peter Zovak, Deputy Director of Housing, Community Development Email pzovak(@glendaleca.gov Phone 818-548-3111 Address 141 N. Glendale Avenue, Room 202, Glendale, CA 91206 Projects Cypress Senior Living City of Mesa Contact John Wesley, Planning Director Email john.wesley(@mesaaz.gov Phone 480-644-2181 Address 55 N. Center St., Mesa,AZ 85201 Projects EI Rancho City of Morgan Hill Contact Mayor Steve Tate Email steve.tate(@morganhill.ca.gov Phone 408-778-6480 Address 17555 Peak Avenue, Morgan Hill, CA 95037 Projects The Lodge; Butterfield Retirement 55 3 . AMOUNT OF FUNDS REQUESTED glCDP x w z F o. F z w a O a w w A > F z 0 U 30 31 Z M v AMOUNT OF FUNDS REQUESTED N CDP anti pates requesting$1.5 million of funds as a residual receipts loan to purchase and rehabilitate m the 12-unit subject property. The funding will be structured as a loan so that the funds can eventually be redeployed by the City o Z H A detailer Developent Pro Forma is available in Section 5 of this document. o T C Z 0 N M m A C M N 1 M �9 4 . PROJECT DESCRIPTION glCDP A. DEVELOPMENT CONCEPT Parking 10 Carport Spaces, 3 Enclosed Garages Ingress/Egress Via PCH or 60th Street The development concept for the site or a description (with photographs) of the site, building, proposed building square footage, number and size of units/ UNIT AMENITIES bedrooms, total parking spaces, proposed ingress and Granite Countertops* egress, proposed rents and tenant incomes, any special New Kitchen Appliances* needs groups to be served, amenities to be provided to New Flooring* the tenants, and resident manager's unit. If there will Balconies* not be a resident manager for a rental project, describe *Select Units in detail how the project will be managed. COMMON AREA AMENITIES PROPERTY DESCRIPTION Three Enclosed Garages Constructed in 1963 This 12-unit, Newport Beach Ten Carports property is one of very few buildings of this size in all Laundry Room of Newport Beach. Private Swimming Pool • Locatedjust off Pacific Coast Highway This is one of the few buildings exceeding four Nearby Amenities units in the immediate West Newport Beach area Additionally, there will be offsite services including the peninsula. provided by Mercy House (see Statement of Qualifications for detailed overview) The Newport Shores apartments are located in the coastal and beach-adjacent area known as West Newport.All units are one-bedroom/one- SPECIAL NEEDS GROUPS SERVED bathroom, some with largebalconies. There are Four(4) units will be set aside for developmentally ten covered carports, and three units come with an disabled residents. Additinoally, CDP is currently enclosed garage. researching the feasibility of setting aside units for veterans, and will include such in the program if CDP will complete minimal repairs to the building possible. until the tax credit financing is awarded at which time a substantial renovation of the interior units will take place as well . Our General Contractor has PROPERTY MANAGEMENT walked and inspected the property already. Given The project will be managed by Buckingham the small number of units and relative condition of Property Management, who currently has the building, we have in-depth knowledge of the 5,000+ units under management.The W4 property's physical condition. management company would handle day-to- 4 operations, including compliance, leasing a and marketing, maintenance, rent collection and Z PROPERTY SUMMARY lease enforencement, as well as other customary Units 12 management duties. ° Year Built 1963 a W A Total SF 41825± Since 1974, its founder Paul Chubick managed a F Parcel Number 045-114-15 broad range of properties throughout California Z Buildings 2-Story, Garden-Style while developing a special knowledge of residential Construction Type Frame & Stucco properties in cities both large and small of ° Roof Type Flat Built-Up the central San Joaquin Valley. Buckingham 34 1. 0- Z M v UNIT MIX AND TENANT INCOME N _Wnits Monthly Utililty _411111111111�Ml Net Monthly Annual ;0 O Type M m IF Gross Rent Allowance Monthly Potential Tax CreditN Rent Rent Potential 1 Bed -1 Bath -Voucher 30% 4 $1,283 $42 1,241 $4,964 $59,568 m r) 1 Bed -1 Bath 40% 2 $703 $42 661 $1,322 $15,864 0 1 Bed -1 Bath 50% 3 $878 $42 836 $2,508 $30,096 1 Bed -1 Bath 60% 3 $1,054 $42 1,012 $3,036 $36,432 Totals 12 $11,830 $141,960 Z currently manages over 5,000 units in a wide Conventional-Compliance apartment projects range of conventional and compliance apartment throughout California. Expertise in quickly achieving communities. Buckingham Property Management and then maintaining high occupancy at competitive has extensive experience in working with clients to rents combined with strong cost control and develop new sites and successfully complete the economy of operations has resulted in outstanding rent up process quickly. satisfaction by our clients. With over 30 years of experience with specialized Services will be provided by Mercy House (and housing programs such as Sec 42 Tax Credit, RD 514-515, HUD, HCD,AHP, Bond and CaIHFA; potentially another local non-profits if the project Buckingham has the proven track record to handle houses veterns) the complexities of regulations and requirements that are an ever increasing burden in residential properties. Buckingham Property Management PROPERTY PHOTOS has extensive experience with the initial lease On the following pages, please find photographs of up, rehabilitation, and ongoing operation of the site and property in its current condition. 02 e i • ,ii11<�� Rte• i • ' �1 I ' 1 ti. 1. } t • r ar - p►-' �,_.,,. �:` ,did� ,, rtCa' -' i use W. rm 4w■�� 11 III •�, T-> '2 �"� ��'�Ids i r.��� �w�" n,-fl w ' All c: `gymjig ja Alm Al Z m v O N O .'O m N V .Z7 O m n 1 v m N .T1 1 „:rF Z F• r � � � ,.'f4µ`. �.�, .,�- :•�� .;_....���-.� � I � P - +''+ Ap B. SITE AND PROPERTY INFORMATION C. LOCATION Provide basic site information such as property Describe the property location, neighborhood, address, /at area, existing uses, current General Plan transportation options, local services, and amenities designation and zoning, consistency with zoning or if within close proximity to the site. rezoning is required. PROPERTYADDRESS LOCATION / NEIGHBORHOOD 6001 Newport Shores Drive The Newport Shores Apartments are situated in the Newport Beach, CA 92663 city of Newport Beach, located on the Pacific Coast (APN: 045-114-15) of central Orange County, which boasts 176 miles of coastline and is renowned for its quality residential LOT AREA neighborhoods, beautiful coastal lands and harbor, 6,970 square feet (0.16 acres) excellent fishing, surfing, boating opportunities, shopping venues, ecological preserves, and festivals. EXISTING USE(S) Multi-family Apartments Newport Beach has nearly reached build-out, which has resulted in very strict new development CURRENT GENERAL PLAN DESIGNATION / guidelines. Economic development efforts have ZONING CV: Visitor Serving Commercial been directed toward improving existing villages and commercial structures. Nearby colleges include the University of California at Irvine (UCI) (24,000 students), Concordia University,the University of Phoenix-Southern California Campus (18 075 students) Coastline Community College (2,940 students), and Orange Coast College (13,224 students). Major employers include Hoag Memorial Hospital cosrr 'O4p's (2,700 employees), Pacific Mutual (2,020 4?S<<L- �•1 employees), and Rockwell International (1,700 y� r q� employees). W4 Fashion Island, a local shopping venue, attracts millions of visitors annually. Other retail recreational and historic attractions include Balboa Island, Balboa Z Z Village, Cannery Village, McFadden Square, Corona ° CONSISTENCY WITH ZONING del Mar, and Mariner's Mile. W AAs the project is a rehab of an existing property F and neither the use nor the unit count will change, Local air travel is provided by The John Wayne the property is consistent with the current zoning Airport which serves as the hub to Newport Beach and use. As such, no rezoning or change of use is and Orange County, and is only a 15-minute drive required. from the property. 40 41 07 Z M TRANSPORTATION OPTIONS (BUS STOPS) m = o - --- -------------�- 9 Wv.nleanMeCaaa,. a s m QPl.—W-16th W16th St - WIMh St WlE Newpon Beam m A O Placentia-16th wrQPlacentia-Prod 2 Carden Nall s Production P m soa Metal Finishing. 0Placentia-Prod. n 1 v 9 use vQCp S—iff,Nomas WIsth st ,Znj ' g ON....tia-S.P,05 Co — eOGAWaat-orange ast-Oranq a y d co a O the Beach Nou 0placentia-sa1 Z QCoa Apenmems 0placenti. Coast-ProspectQ ' Hospital-Place, Cale li'odra Sr oeo9j' Hospital-Placentia0 00 e a6% QCoast-Prospect�• 0Suped -Ticonderoga Z`O 5 51I1se,Hedge Part °'O O California C...h..QrC...t-Superior 0:25—MILES" o�a9ye ;• QCoast-Balboa Y _ �Belboa-Bi Wlbaa�y Ba11-461h Ve s s Balboa Cove p a� Chair•,e/p e O Ba1boa-41 ST Awft 0:50—MILES--' _ 08alboa-41ST cq 3 LOCAL SERVICES AND AMENITIES _ i Dost wwilw st _. Wwuaans� ¢ W W is Avocado St Oa¢ 6•° Q¢ e z i ; .____¢y -t9T{ _ eoa9reans •�,s¢\ <oo .�c" • �® _ " __ vcl .r, ss SH eightsanta T •milton Ave a amilton 5, t Ed6T S,DE 23 /is N i""/ 'Oak Sn" •N COSf4 A1ESA 9 ` ♦ `,ts, —� • `m WBaYSv �.)�, uNe utut ieP�rtBaY ' � o� x •.�,� F� s 1 r.sae, ® n• TelbbnR•al Perk Cen•PerkA yf F�svS ®,� v ®nq Ave , W19.. W 191 ``•k P¢ �Vpper.Newporr" `,,• oy 8 a� "'Y- esa • n�� s _ Mame. y r ` l•• • n O `` EAS W 18M 5t Yr eel TBRIFF /'� - _ i " � .. oc9 __•__•____-a___lo�•�s:p,.aI�1•M_Whd Isgll th•StI F v eA�`,FF,•Yr�:'HO�'ff�Y¢94a, 00 Corona Dea l Mar logo ar•• HTZCI • lip ¢• — O __________________ ---__ _______a� C•O l�9� Q�1 � PovoRBys oo Ave fe mg i ­__l—MILE"--""-- 2—M 1 LE 3-94ILE • 4 6LE • p a�p ®0 eh� O s. O r�/"�` 6alooa f:,n Larc Banks Retail/Entertainment Grocery Stores/Supermarkets Restaurants *Medical/Social Servicss Schools/Libraries Parks �g D. GRAPHIC DEPICTION OF PROPOSED PROJECT Provide a graphic depiction of the proposed project consisting of a preliminary site plan and elevation. ASSESSOR MAP Tis WP WAS PREPARED FOR ORANGE C W Ntt 11 SONMAGUS DEPT, O GU UARANTEEASTO RSACCUPACY 4g- NOR ASSUMESANVlJA 2FOR OT1ER USE& NOTTO BE REPRWULFD.ALL RXNITS NESERVE0. nLOPVRIGIR ORANGECWNTY ASSESSOR I•S3 O 6 W k(!),R�IVER PoiLOT 4Nwr�j NWY 0 f Y. r. wC*SZCM Lora OETA/G"A" $DR/VE —� NEWPORT SHORES /B K S ASHORE I6 ae u COLONY c ti A9 ti P R 0 i /i 0, /o v = cD OI 11/6 10 , I6 I h Q O 35, s l e u I Og I e TRACT 10 7 -ai NWY'r SEE oETA/L "A" —� COAST a ,g BOULEVARD 10 NOTE-ASSESSORS BLOCK 6 ASSESSOR'S MAP MARCH/949 SEASHORE COLONY TR GOD. M.M. 7-25 RIVER SECTION MM. 4-25 PARCEL NUMBERS BOOK PAG£// O SHOWN/N CIRCLES COUNTY OF ORANGE ELEVATION Y. W4 F a W a O O p a' 42 43 �9 Z m v SITE PLAN ° �• N y �•4 v m 1 � v m N .T1 IF FF FF FF PF A r,FF IF • r , � . a a / w • 7o E. DESCRIPTION OF HOW THE PROJECT WILL BE MANAGED The project will be managed by Buckingham Property Management, who currently has 5,000+ units under management.The management company would handle day-to-day operations, including compliance, leasing and marketing, maintenance, rent collection and lease enforencement, as well as other customary management duties. Since 1974, its founder Paul Chubick managed a broad range of properties throughout California while developing a special knowledge of residential properties in cities both large and small of the central San Joaquin Valley. Buckingham currently manages over 5,000 units in a wide range of conventional and compliance apartment communities. Buckingham Property Management has extensive experience in working with clients to develop new sites and successfully complete the rent up process quickly. With over 30 years of experience with specialized housing programs such as Sec 42 Tax Credit, RD 514-515, HUD, HCD,AHP, Bond and CalHFA; Buckingham has the proven track record to handle the complexities of regulations and requirements that are an ever increasing burden in residential properties. Buckingham Property Management has extensive experience with the initial lease up, rehabilitation, and ongoing operation of Conventional-Compliance apartment projects throughout California. Expertise in quickly achieving and then maintaining high occupancy at competitive rents combined with strong cost control and economy of operations has resulted in outstanding satisfaction by our clients. Services will be provided by Mercy House (and potentially another local non-profits if the project houses veterns) F. EVIDENCE OF SITE CONTROL Provide evidence of site control. Site control must be maintained until the property is ocquired. x w z F o. F Z w a O a w w A > F z 0 U 44 45 � Z O N O .'O C t) P M N (.' )MMUNinry D1:tiTT.OPXIT-1 f irARTNUAS o M n June 29, 2015 0 m N n Steven Brombal Broker 0 0 Hendricks-Berkadia Z 5000 West Birch Street Suite 4000 Newport Beach,CA 92660 Re: Letter of Intent for 12 unit apartment building located at 6001 Newport Shores Drive, Newport Beach,APN 045-114.15 Dear Mr. Brombal: The purpose of this letter is to set forth the terms and conditions under which Community Development Partners ("Buyer") will enter into an agreement with Paul Step`ten Foley Trust ("Seller")for the purchase of the above referenced property,including the land and all improvements,development rights,contracts,and fees paid pertaining thereto(collectively"Property"), 1. Purchase Price. The purchase price will be Three Million Four Hundred Ninety Five Thousand Dollars($3,495,00. 2. Payment of Purchase Price. The purchase price for the Property will be paid as follows: (a) Buyer will deposit into escrow One Hundred Thousand Dollars ($100,00) ("Earnest Deposit") within one (1) day following the opening of escrow. Earnest Deposit shall become non-refundable based on milestones below. All deposits are applicable to the Purchase Price, the balance of which wit be paid in full at close of Escrow. (b) Fifty Thousand Dollars ($50,000) of the Earnest Deposit to be non-refundable upon the approval of the Due Diligence Period. (c) Fifty Thousand Dollars ($50,000) of the Earnest Deposit to be non-refundable upon final approval received from Buyer's tender. 3. Title. Title to the Property will be conveyed to Buyer by grant deed on close of escrow. Title shall be conveyed subject to no monetary liens except for the payment of non-delinquent real property taxes, or other exceptions approved by Buyer. 4. Escrow. The "Opening of Escrow" shall be de-=ined as the date on which escrow holder has received the fully executed Purchase and Sale Agreement from Buyer and Seller herein. Escrow 3416 Via Oporto,Ste 301,Newport Beach,CA 92663 T:949.467.1344 FX:866.337.3243 www.communitydevpartners.com D P COMNILIN YDEWI3.opmi,%rPARiNFRs holder is instructed to notify Buyer and Seller 'n writing of the exact date of Opening of Escrow. The escrow holder and Title Company will be Lalwyers Title—Jay Eaton of Newport Beach, CA. 5. Contfngencfes. Buyer's intention to close escrow will be subject to Buyer conducting and approving of Buyer's due diligence. Buyer will have 21 days from the Opening of Escrow("Physical Inspection Contingency")to conduct physical irspections and review Seller documents pertaining to the physical structure. Buyer will have 30 days from the Opening of Escrow ("Due Diligence Period") to conduct a full review and evaluatio7 of the balance of this transaction, including but not limited to title, City of Newport Beach financing, environmental review, permits and approvals, utilities, and seller provided documents. Selier will accommodate Buyer's reasonable requests and cooperation with Buyer's due diligence including allowing access to Buyer and Buyers 31d party representatives as reasonable necessary to complete the due diligence. Due Diligence Period will be automatically extenced if the City of Newport Beach RFP funding commitment has not been received up to a maximum of 30 additional days, 6. Tide Insurance. Seller will provide an ALTA Owner's Policy of Title Insurance("Title Policy") in the amount of the purchase price. The title insurance policy will be subject only to those matters of title approved by Buyer at Buyer's reasonable discretion. 7. Closing. Escrow shall close on or before the date that is 30 days from the approval of the Due Diligence Period ("Close of Escrow"), Closing shall be contingent upon Buyer's approval of Due Diligence Period, including the City of Newport Beach RFP funding commitment. Buyer may extend the Close of Escrow by 30 days by releasing any remaining earnest money deposit to Seller. 8. Closing Costs,Credits and Proration. Seller will pay the cost of the Title Policy. Seller will pay the cost of documentary transfer taxes and one-half of the escrow fees. All other costs will be allocated between Buyer and Seller in accordance with customary practice of the County in which the Property is located. Real property taxes and any other matters to be prorated will be prorated as of the Close of Escrow. 9. Right of Entry. During escrow, Buyer and Buyer's 31 party consultants will have the right to enter the Property for reason of inspections pertaining to Buyer's due diligence. Buyer must give Seller reasonable notice of entry not less than 24 hours z 10. Broker's Commission. Seller will pay brokerage commission pursuant to an outside agreement with broker representing Seller. Buyer is represented by Berkadia_ z a11. Nominee. Buyer shall have the right to assign the Purchase and Sale Agreement ("PSA") to a o limited partnership where Buyer will be a General Partner. a c r z 3416 Via Oporto,Ste 301,Newport Beach,CA 92663 T:949.467,1344 FX:866.337,3243 www.communitydevpartners.com 0 46 4Z Z M .D O 1 2 O M v a O D Pm n 4U.tir�ur�rn rar�erurti7r�Ti��Er�lr�zti � m n 12. Pre aration f Purchase ftreement. Within seven business(7)days of the signing of this letter by Seller and the receipt thereof by Buyer, Buyer and Seller will execute a mutually acceptable PSA Z that shall serve as lawfully binding escrow instructions to escrow holder. 13. Exclusive Right to Negotiate. In consideration of the effort and expense to be expended by the Buyer from the point at which the parties execute this "Letter of Intent", Seller agrees NOT to consider or solicit offers to purchase the Property from any other source during the time that the parties are negotiating in good faith the PSA. if our proposal is acceptable, please execute the enclosed copy of this letter in the space provided and return to us on or before 5:00 p.m.on June 290,2015. Sincerely, Eric Paine CEO PROVED AND ACCEPTED BY SELLER THIS DAY OF -4-0+-Pe 2015 B Seller : v( ) Nam ,2e'002XUF 3416 Ya Oporto,Ste 341,Newport Beach,CA 92663 T:949.467.1344 FX:866.337.3243 www.communitydevpartners.com 74 G. COMMUNITY OUTREACH Provide a plan for conducting community outreach to the neighbors of the proposed project and community groups. The outreach plan should describe how the proposer intends to build support for the project and address community concerns. The outreach plan should also discuss any anticipated community concerns and how they will be handled. As with all our Projects, CDP will actively engage the community for input and to address concerns the regarding Newport Shores project. We would work closely with the City of Newport to organize outreach sessions as efficiently and effectively as possible. The most common concern with affordable housing communities is the impact the tenants would have on the neighborhood. We believe we can sensitively address this concern by explaining that any special tenants would be actively managed by experienced case workers. Furthermore, the quality of the rehabilitation is likely to be of higher grade than many area market rate projects. CDP prides itself on delivering institutional quality assets with a productive, deserving tenant base. x w z F o. F Z w a O a w w A > F z 0 U 48 49 75 z m O 1 2 O m v O m n v m n 0 z 77 5 . DEVELOPMENT PRO FORMA glCDP x w z F o. F z w a O a w w A > F z 0 U 52 539 Z M v PROJECT FINANCING SUMMARY N 0 Project Milestone�� Date Amount M M CA City Council Project Selection Aug-15 1,500,000 0 Preparation and Approval of Construction Plans Aug-15 M Property Acquisition/Bridge Loan Closing Sep-15 3,589,365 0 AHP FHLB-SF Application Mar-16 144,000 M LIHTC 9%Application Mar-16 2,755,102 Z AHP Award May-16 144,000 � 0 LI HTC 9%Award May-16 2,755,102 0 Construction Commence/LP Closing Sep-16 3,003,837 � Anticipated Construction Completion Jan-17 N/A n Lease-up Jan-17 Stabilization(Lease-up Complete) Mar-17 Perm Loan Closing(Conversion) Jul-17 1,015,000 8609s Aug-17 N/A Acquisition 3,589,365 Direct Construction Costs 971,040 Construction Contingency 97,104 Indirect and Soft Costs 205,004 Developer Fee 344,658 Financing Costs 292,316 Project Reserves 32,540 TOTAL 5,532,027 Tax Credit Equity 2,755,102 1st Mortgage Permanent Debt 1,015,000 City of NB Note 1,500,000 AHP 144,000 Income During Rehab 25,000 Deferred Developer Fee 92,925 TOTAL 5,532,027 Other LIHTC Equity Pricing 1.10 LIHTC Credits to Investor 2,504,638 Construction/Bridge Loan 3,003,837 9%LIHTC Application Score(Max) 148 LIHTC App Tie-Breaker 37.05% TOTAL Units 12 20 DEVELOPMENT BUDGET TOTALPermanent Financing Sources PROJECT . .. 0 .PVC COST • • DeveloperDuring • LAND COST/ACQUISITION Land Cost or Value 873,750 873,750 873,750 873,750 Total Land Cost or Value 873,750 873,750 - 873,750 873,750 Existing Improvements Value 2,621,250 2,621,250 2,621,250 2,621,250 2,621,250 Total Acquisition Cost 2,621,250 2,621,250 2,621,250 - 2,621,250 2,621,250 Total Land Cost/Acquisition Cost 3,495,000 3,495,000 2,621,250 873,750 3,495,000 Predevelopment Interest/Holding Cost 94,365 94,365 - 94,365 94,365 REHABILITATION Structures 840,000 840,000 - 840,000 840,000 840,000 General Requirements 50,400 50,400 50,400 - 50,400 50,400 Contractor Overhead 16,800 16,800 16,800 - 16,800 16,800 Contractor Profit 50,400 50,400 46,122 4,278 50,400 50,400 General Liability Insurance 6,300 6,300 6,300 6,300 6,300 Other:P&P Bond 7,140 7,140 7,140 7,140 7,140 Total Rehabilitation Costs 971,040 971,040 113,322 840,000 17,718 971,040 971,040 Total Relocation Expenses 42,000 42,000 - - 375 41,625 42,000 42,000 ARCHITECTURAL FEES Design 50,000 50,000 50,000 50,000 50,000 Total Architectural Costs 50,000 50,000 50,000 - 50,000 50,000 Total Survey&Engineering 11,000 11,000 11,000 11,000 11,000 CONSTRUCTION INTEREST&FEES zConstruction Loan Interest 45,000 45,000 45,000 45,000 22,500 a Origination Fee 22,500 22,500 22,500 22,500 22,500 a Title&Recording 10,000 10,000 10,000 10,000 10,000 Taxes 6,941 6,941 6,941 6,941 6,941 z w a Insurance 5,664 5,664 5,664 5,664 5,664 Other:(Lender 3rd Party Reports) 13,137 13,137 13,137 13,137 13,137 w w Other:(Construction Period Inspections) 2,000 2,000 2,000 2,000 2,000 O Total Construction Interest&Fees 105,241 105,241 105,241 105,241 82,741 F• PERMANENT FINANCING z O Loan Origination Fee 10,150 10,150 10,150 10,150 Title&Recording 5,000 5,000 5,000 5,000 O U 54 55 g' Z m -o DEVELOPMENT BUDGET N O Permanent Financing Sources M m TOTAL1 PROJECT . . v m COST RES.COST • DeveloperDuring • m r- 0 O Other:Lender Legal&3rd Party Reports 10,000 10,000 10,000 10,000 v 3 Other:Syndication 20,000 20,000 20,000 20,000 m Total Permanent Financing Costs 45,150 45,150 45,150 - - 45,150 v M Subtotals Forward 4,813,796 4813796 2,734,572 885150 1,152,449 41 625 4,813,796 1156781 2,621,250 O LEGAL FEES O M Lender Legal Paid by Applicant 30,000 30,000 30,000 30,000 30,000 3 D Other:Borrower Legal Fees 80,000 80,000 80,000 80,000 80,000 Total Attorney Costs 110,000 110,000 110,000 110,000 110,000 RESERVES 3-Month Operating Reserve 32,540 32,540 32,540 32,540 Total Reserve Costs 32,540 32,540 32,540 32,540 APPRAISAL Total Appraisal Costs 3,500 3,500 3,500 3,500 3,500 Total Contingency Cost 97,104 97,104 - 97,104 971104 97,104 OTHER PROJECT COSTS TCAC App/Allocation/Monitoring Fees 16,530 16,530 16,530 - 16,530 Environmental Audit 4,000 4,000 4,000 - 4,000 4,000 Permit Processing Fees 10,000 10,000 - 10,000 10,000 10,000 Marketing 2,400 2,400 2,400 2,400 Furnishings 6,000 6,000 6,000 6,000 6,000 Market Study 5,500 5,500 5,500 5,500 5,500 Accounting/Reimbursables 37,000 37,000 37,000 37,000 37,000 Soft Cost Contingency 10,000 10,000 10,000 10,000 10,000 Other:Relocation Study 2,500 2,500 2,500 2,500 2,500 Other:Environmental Remidiation 30,000 30,000 5,000 25,000 30,000 30,000 Other:CNA/Energy Audit 6,500 6,500 - 6,500 6,500 Total Other Costs 130,430 130,430 20,530 - 84,900 25,000 130,430 105,000 SUBTOTAL PROJECT COST 5,187,370 5,187,370 2,755,102 885,150 1,480,493 41,625 25,000 5,187,370 1,472,385 2,621,250 DEVELOPER COSTS Developer Overhead/Profit 344,658 344,658 129,850 92,925 19,507 102,375 344,657 213,595 131,063 Total Developer Costs 344,658 344,658 - 129,850 92,925 19,507 102,375 - 344,657 213,595 131,063 TOTAL PROJECT COSTS 5,532,027 5,532,027 2,755,102 1,015,000 92,925 1,500,000 144,000 25,000 5,532,027 1,685,980 2,752,313 22 FINANCING SOURCES AND USES Uses Sources Acquisition $3,589,365 Tax Credit Equity $688,775 Direct Construction Costs $971,040 Construction Loan $3,003,837 Construction Contingency $97,104 City of NB Note $1,500,000 Indirect and Soft Costs $205,004 Deferred Costs $339,414 Developer Fee $344,658 Financing Costs $292,316 Project Reserves $32,540 Total Uses $5,532,027 1 Total Sources $5,532,027 Permanent Uses Sources Acquisition $3,589,365 Tax Credit Equity $2,755,102 Direct Construction Costs $971,040 1st Mortgage Permanent C $1,015,000 Construction Contingency $97,104 City of NB Note $1,500,000 Indirect and Soft Costs $205,004 AHP $144,000 Developer Fee $344,658 Income During Rehab $25,000 Financing Costs $292,316 Deferred Developer Fee $92,925 Project Reserves $32,540 Total Uses $5,532,027 Total Sources $5,532,027 c4 w z F o. F z w a O a w w A > F z 0 U 56 57 �� Z M v UNIT MIX AND INCOME ANALYSIS N ,Z1 M CA Unit Unit Unit AMI Gross* *Utility Net Monthly Annual 0 Type Syft Count Level Rent Allowance Rent Rent Rent � 1 Bed-1 Bath -Voucher 400 4 30% 1283 42 1241 4,964 59,568 0 1 Bed-1 Bath 400 2 40% 703 42 661 1,322 15,864 M 1 Bed-1 Bath 400 3 50% 878 42 836 2,508 30,096 z 1 Bed -1 Bath 400 3 60% 1,054 42 1,012 3,036 36,432 0 Totals 12 11,830 141,960 0 n Monthly Annual Per Unit RENTAL INCOME 11,830 141,960 11,830 Total Other Income 1,440 120 Total Rental&Other Income 143,400 11,950 Vacancies 2.00% (2,868) (239) TOTAL INCOME 140,532 11,711 EXPENSES Operating Expenses 7,027 586 Administrative 7,186 599 Payroll 9,713 809 Maintenance 11,187 932 Utilities 8,738 728 Insurance(&taxes if any) 8,949 746 Service Amenities 1,200 100 Replacement Reserves 3,600 300 TOTAL EXPENSES 57,600 4,800 CASH FOR DEBT SERVICE 82,932 6,911 PERM LOAN DEBT 72,559 7,217 NET CASH FLOW 10,373 1,083 PERMANENT LOAN SIZING AmortizationYears 30 DCR 1.14 Interest Rate 5.85% Total Financing $1,015,000 *Voucher unit is based on FMR. Mercy House will proovide rental assistance for 4 chornically homeless individuals. 30-YEAR CASH FLOW INCOMENo.of Monthly Annual RENTAL 1 Bed-1 Bath -Voucher 4 1,241 2.00% 59,568 60,759 61,975 63,214 64,478 65,768 1 Bed-1 Bath 2 661 2.00% 15,864 16,181 16,505 16,835 17,172 17,515 1 Bed-1 Bath 3 836 2.00% 30,096 30,698 31,312 31,938 32,577 33,228 1 Bed-1 Bath 3 1,012 2.00% 36,432 37,161 37,904 38,662 39,435 40,224 TOTAL RENTAL INCOME 12 141,960 144,799 147,695 150,649 153,662 156,735 Other Income $ 10.00 2.00% 1,440 1,469 1,498 1,528 1,559 1,590 TOTAL POTENTIAL INCOME 143,400 146,268 149,193 152,177 155,221 158,325 Less Vacancy Allowance 2.00% -2,868 -2,925 -2,984 -3,044 -3,104 -31167 GROSS INCOME 140,532 143,343 146,209 149,134 152,116 155,159 OPERATING Management Fees(Per Mo) $ 585.55 5.00% 3.00% 7,027 7,237 7,455 7,678 7,909 8,146 Administration $ 598.87 5.11% 3.00% 7,186 7,402 7,624 7,853 8,088 8,331 Payroll $ 809.43 6.91% 3.00% 9,713 10,005 10,305 10,614 10,932 11,260 Maintenance $ 932.25 7.96% 3.00% 11,187 11,523 11,868 12,224 12,591 12,969 Utilities $ 728.18 6.22% 3.00% 8,738 9,000 9,270 9,548 9,835 10,130 Insurance/Taxes $ 745.72 6.37% 3.00% 8,949 9,217 9,494 9,778 10,072 10,374 Service Amenities $ 100.00 0.85% 3.00% 1,200 1,236 1,273 1,311 1,351 1,391 TOTAL OPER.EXPENSES $4,500 54,000 55,620 57,289 59,007 60,777 62,601 REPLACEMENT RESERVES $300 3.00% 3,600 3,708 3,819 3,934 4,052 4,173 Cash Flow Available for DSC 82,932 84,015 85,102 86,193 87,287 88,384 DEBT SERVICE Amount Rate DCR Permanent Loan Hard Debt $1,015,000 5.85% 1.14 72,559 72,559 72,559 72,559 72,559 72,559 NET CASH FLOW 10,373 11,456 12,543 13,634 14,728 15,825 MANAGEMENT FEES Amount Incr/yr LP Asst Mgmt Fee $1,000 3.00% 1,000 1,030 1,061 1,093 1,126 1,159 MGP Mgmt Fee $500 3.00% 500 515 530 546 563 580 CASH FLOW AFTER FEES 8,873 9,911 10,951 11,994 13,040 14,087 DEFERRED FEE&AGP FEE Amount Incr/yr Deferred Fee Payment $92,925 8,873 9,911 10,951 11,994 13,040 14,087 Co-GP(Dev)Incentive Fee $1,000 3.00% 0 0 0 0 0 0 v CASH FLOW AFTER FEES 0 0 0 0 0 0 c4 W4 z CCITY OF NB NOTE Amount Rate Year-1 Year-2 Year-3 Year-4 Year-5 Year-6 d a Surplus Cash Flow Payments $1,500,000 0.0% 0 0 0 0 0 0 F w SOFT LOAN BALANCE 1,500,000 1,500,000 1,500,000 1,500,000 1,500,000 1,500,000 a O a w w A F z 0 0 U 58 59 g� Z M v 30-YEAR CASH FLOW N O M M INCOMERENTAL 1 N 1 Bed-1 Bath -Voucher 67,083 68,425 69,793 71,189 72,613 74,065 75,547 77,058 78,599 1 Bed-1 Bath 17,865 18,223 18,587 18,959 19,338 19,725 20,119 20,522 20,932 r- 1 Bed-1 Bath 33,893 34,571 35,262 35,968 36,687 37,421 38,169 38,932 39,711 -0 1 Bed-1 Bath 41,028 41,849 42,686 43,540 44,410 45,299 46,205 47,129 48,071 Z TOTAL RENTAL INCOME 159,870 163,067 166,329 169,655 173,048 176,509 180,040 183,640 187,313 A Other Income 1,622 1,654 1,687 1,721 1,755 1,790 1,826 1,863 1,900 0 n TOTAL POTENTIAL INCOME 161,492 164,722 168,016 171,376 174,804 178,300 181,866 185,503 189,213 � Less Vacancy Allowance -3,230 -3,294 -3,360 -3,428 -3,496 -3,566 -3,637 -3,710 -3,784 D GROSS INCOME 158,262 161,427 164,656 167,949 171,308 174,734 178,229 181,793 185,429 •' 1 Year-11 Year-12 1W Year-13 Year-14 Year-15 Management Fees(Per Mo) 8,390 8,642 8,901 9,168 9,443 9,726 10,018 10,319 10,628 Administration 8,581 8,838 9,104 9,377 9,658 9,948 10,246 10,554 10,870 Payroll 11,598 11,946 12,304 12,673 13,054 13,445 13,849 14,264 14,692 Maintenance 13,358 13,759 14,171 14,597 15,034 15,485 15,950 16,429 16,921 Utilities 10,434 10,747 11,069 11,401 11,743 12,096 12,459 12,832 13,217 Insurance/Taxes 10,685 11,006 11,336 11,676 12,026 12,387 12,759 13,141 13,536 Service Amenities 1,433 1,476 1,520 1,566 1,613 1,661 1,711 1,762 1,815 TOTAL OPER.EXPENSES 64,479 66,413 68,406 70,458 72,571 74,749 76,991 79,301 81,680 REPLACEMENT RESERVES 4,299 4,428 4,560 4,697 4,838 4,983 5,133 5,287 5,445 Cash Flow Available for DSC 89,484 90,586 91,690 92,794 93,898 95,002 96,105 97,206 98,304 DEBT SERVICE Permanent Loan Hard Debt 72,559 72,559 72,559 72,559 72,559 72,559 72,559 72,559 72,559 NET CASH FLOW 16,925 18,027 19,131 20,235 21,339 22,443 23,546 24,647 25,745 MANAGEMENT FEES LP Asst Mgmt Fee 1,194 1,230 1,267 1,305 1,344 1,384 1,426 1,469 1,513 MGP Mgmt Fee 597 615 633 652 672 692 713 734 756 CASH FLOW AFTER FEES 15,134 16,183 17,231 18,278 19,323 20,367 21,407 22,444 23,476 DEFERRED FEE&AGP FEE Deferred Fee Payment 15,134 8,935 0 0 0 0 0 0 0 Co-GP(Dev)Incentive Fee 0 1,230 1,267 1,305 1,344 1,384 1,426 1,469 1,513 CASH FLOW AFTER FEES 0 6,017 15,964 16,973 17,979 18,982 19,981 20,975 21,963 CITY OF NB NOTE Year-7 Year-8 Year-9 Year-10 Year-11 Year-12 Year-13 Year-14 Year-15 Surplus Cash Flow Payments 0 6,017 15,964 16,973 17,979 18,982 19,981 20,975 21,963 SOFT LOAN BALANCE 1,500,000 1,493,983 1,478,019 1,461,046 1,443,067 1,424,084 1,404,103 1,383,128 1,361,165 RO 30-YEAR CASH FLOW INCOMENo.of Monthly Annual RENTAL 1 Bed 1 Bath -Voucher 4 1,241 2.00% 80,171 81,774 83,410 85,078 86,779 88,515 1 Bed 1 Bath 2 661 2.00% 21,351 21,778 22,213 22,658 23,111 23,573 1 Bed 1 Bath 3 836 2.00% 40,505 41,315 42,142 42,984 43,844 44,721 1 Bed 1 Bath 3 1,012 2.00% 49,033 50,013 51,014 52,034 53,075 54,136 TOTAL RENTAL INCOME 12 191,059 194,881 198,778 202,754 206,809 210,945 TOTAL POTENTIAL INCOME 192,998 196,857 200,795 204,811 208,907 213,085 Less Vacancy Allowance 2.00% -3,860 -3,937 -4,016 -4,096 -4,178 -4,262 GROSS INCOME 189,138 192,920 196,779 200,714 204,729 208,823 OPERATING Management Fees(Per Mo) $ 585.55 5.00% 3.00% 10,947 11,276 11,614 11,962 12,321 12,691 Administration $ 598.87 5.11% 3.00% 11,196 11,532 11,878 12,234 12,601 12,979 Payroll $ 809.43 6.91% 3.00% 15,133 15,587 16,054 16,536 17,032 17,543 Maintenance $ 932.25 7.96% 3.00% 17,429 17,952 18,490 19,045 19,617 20,205 Utilities $ 728.18 6.22% 3.00% 13,614 14,022 14,443 14,876 15,322 15,782 Insurance/Taxes $ 745.72 6.37% 3.00% 13,942 14,360 14,791 15,235 15,692 16,162 Service Amenities $ 100.00 0.85% 3.00% 1,870 1,926 1,983 2,043 2,104 2,167 TOTAL OPER.EXPENSES $4,500 84,130 86,654 89,254 91,931 94,689 97,530 NET OPERATING INCOME 105,007 106,266 107,525 108,783 110,039 111,293 REPLACEMENT RESERVES $300 3.00% 5,609 5,777 5,950 6,129 6,313 6,502 Cash Flow Available for DSC 99,399 100,489 101,575 102,654 103,727 104,791 DEBT SERVICE Amount Rate DCR Permanent Loan Hard Debt $1,015,000 5.85% 1.14 72,559 72,559 72,559 72,559 72,559 72,559 NET CASH FLOW 26,840 27,930 29,016 30,095 31,168 32,232 DSCR Operating 1.37 1.38 1.40 1.41 1.43 1.44 MANAGEMENT FEES Amount Incr/yr LP Asst Mgmt Fee $1,000 3.00% 1,558 1,605 1,653 1,702 1,754 1,806 MGP Mgmt Fee $500 3.00% 779 802 826 851 877 903 CASH FLOW AFTER FEES 24,503 25,523 26,536 27,541 28,537 29,523 V, DEFERRED FEE&AGP FEE Amount Incr/yr zDeferred Fee Payment $92,925 0 0 0 0 0 0 F' Co-GP(Dev)Incentive Fee $1,000 3.00% 1,558 1,605 1,653 1,702 1,754 1,806 a¢ CASH FLOW AFTER FEES 22,945 23,918 24,884 25,839 26,784 27,717 z W a CITY OF NB NOTE Amount Rate Year-16 Year-17 Year-18 Year-19 Year-20 Year-21 Surplus Cash Flow Payments $1,500,000 0.0% 22,945 23,918 24,884 25,839 26,784 27,717 w SOFT LOAN BALANCE 1,338,220 1,314,301 1,289,418 1,263,579 1,236,795 1,209,078 A r F z 0 0 U 60 61 �7- z M 30-YEAR CASH FLOW x O M M INCOMERENTAL 1 1 Bed 1 Bath -Voucher 90,285 92,091 93,933 95,811 97,728 99,682 101,676 103,709 105,784 M 1 Bed 1 Bath 24,045 24,525 25,016 25,516 26,027 26,547 27,078 27,620 28,172 M r 1 Bed 1 Bath 45,615 46,528 47,458 48,408 49,376 50,363 51,370 52,398 53,446 1 Bed 1 Bath 55,219 56,323 57,450 58,599 59,771 60,966 62,185 63,429 64,698 m z TOTAL RENTAL INCOME 215,164 219,467 223,857 228,334 232,900 237,558 242,310 247,156 252,099 O T TOTAL POTENTIAL INCOME 217,347 221,693 226,127 230,650 235,263 239,968 244,768 249,663 254,656 O Less Vacancy Allowance -4,347 -4,434 -4,523 -4,613 -4,705 -4,799 -4,895 -4,993 -5,093 D GROSS INCOME 213,000 217,260 221,605 226,037 230,558 235,169 239,872 244,670 249,563 •• Year-22 Year-23 Year-24 Year-25 Year-26 Year-27 Year-28 Year-29 Year-30 Management Fees(Per Mo) 13,072 13,464 13,868 14,284 14,712 15,154 15,608 16,076 16,559 Administration 13,369 13,770 14,183 14,609 15,047 15,498 15,963 16,442 16,935 Payroll 18,069 18,611 19,170 19,745 20,337 20,947 21,576 22,223 22,890 Maintenance 20,811 21,435 22,079 22,741 23,423 24,126 24,850 25,595 26,363 Utilities 16,256 16,743 17,245 17,763 18,296 18,845 19,410 19,992 20,592 Insurance/Taxes 16,647 17,147 17,661 18,191 18,737 19,299 19,878 20,474 21,088 Service Amenities 2,232 2,299 2,368 2,439 2,513 2,588 2,666 2,746 2,828 TOTAL OPER.EXPENSES 100,456 103,470 106,574 109,771 113,064 116,456 119,950 123,548 127,255 NET OPERATING INCOME 112,544 113,790 115,031 116,266 117,494 118,713 119,923 121,122 122,308 REPLACEMENT RESERVES 6,697 6,898 7,105 7,318 7,538 7,764 7,997 8,237 8,484 Cash Flow Available for DSC 105,847 106,892 107,926 108,948 109,956 110,949 111,926 112,885 113,825 DEBT SERVICE Permanent Loan Hard Debt 72,559 72,559 72,559 72,559 72,559 72,559 72,559 72,559 72,559 NET CASH FLOW 33,288 34,333 35,367 36,389 37,397 38,390 39,367 40,326 41,266 DSCR Operating 1.46 1.47 1.49 1.50 1.52 1.53 1.54 1.56 1.57 MANAGEMENT FEES LP Asst Mgmt Fee 1,860 1,916 1,974 2,033 2,094 2,157 2,221 2,288 2,357 MGP Mgmt Fee 930 958 987 1,016 1,047 1,078 1,111 1,144 1,178 CASH FLOW AFTER FEES 30,497 31,459 32,407 33,340 34,256 35,155 36,035 36,894 37,731 DEFERRED FEE&AGP FEE Deferred Fee Payment 0 0 0 0 0 0 0 0 0 Co-GP(Dev)Incentive Fee 1,860 1,916 1,974 2,033 2,094 2,157 2,221 2,288 2,357 CASH FLOW AFTER FEES 28,637 29,543 30,433 31,307 32,163 32,999 33,814 34,606 35,374 CITY OF NB NOTE Year-22 Year-23 Year-24 Year-25 Year-26 Year-27 Year-28 Year-29 Year-30 Surplus Cash Flow Payments 28,637 29,543 30,433 31,307 32,163 32,999 33,814 34,606 35,374 SOFT LOAN BALANCE 1,180,441 1,150,898 1,120,465 1,089,158 1,056,996 1,023,997 990,183 955,577 920,203 22 g9 6. PROPOSED IMPLEMENTATION PLAN glCDP x w z F o. F z w a O a w w A > F z 0 U 64 65 9 Z M v PROPOSED IMPLEMENTATION PLAN N Taking as a starting point City Council approval of use of the funds, provide a proposed development schedule m or implementation plan. For development projects, include the following milestones: site acquisition, additional funding from all other funding sources, zoning change approvals if necessary, preparation and approval of o construction plans, start of construction, completion of construction, and lease-up. o M v r M MILESTONE DATE M City Council Project Selection August 2015 D Preparation and Approval of Construction Plans August 2015 z Property Acquisition / Bridge Loan Closing September 2015 n AHP FHLB-SFApplication March 2016 Z LI HTC 9%Application March 2016 AHP Award May 2016 LI HTC 9%Award May 2016 Construction Commence/LP Closing September 2016 Anticipated Construction Completion January 2017 Lease-up January 2017 Stabilization (Lease-up Complete) March 2017 Perm Loan Closing(Conversion) July 2017 8609s August 2017 92 x w z F o. F z w a O a w w A > F z 0 U 66 67 9 Z m O 1 2 O m m v O v O w m v 3 m m m m Z D 1 O Z 7. APPLICANT Z INFORMATION FORM glCDP COMMUNITY DEVELOPMENT PARTNERS 94 ATTACHMENT A: APPLICANT INFORMATION FORM Instructions:Complete the form below and remit as part of your Proposal as"Attachment A." APPLICANT INFORMATION APPLICANT/COMPANY NAME: Community Development Partners ADDRESS FOR NOTICES: 3416 Via Oporto Suite 301 Newport Beach, CA 92663 MAIN CONTACT(NAME AND TITLE): Eric Paine, CEO CONTACT NUMBERS: TELEPHONE: 949-554-3713 FAX: E-MAIL ADDRESS: epaine@communitydevpartners . com APPLICANT SIGNATURE AUTHORIZATION AND CERTIFICATION Per the California Corporate Code,Business and Professions Code,the Applicant's Bylaws/Operating Agreement and/or the attached Board Resolution(if applicable),I/we hereby verify that I/we am/are(an)authorized signatory(ies)for the aforementioned Applicant and as such am/are authorized to sign and bind the Applicant in contract with the City of Newport Beach. 1. APPLICANT AUTHORIZED SIGNATORY(IES): /—,Zl Eric Paine CEO 6/30/15 SIGNATURE PRINT NAME TITLE DATE SIGNATURE PRINT NAME TITLE DATE 2. SIGNATURE AUTHORIZATION IS PROVIDED IN ACCORDANCE WITH: ❑Applicant's Bylaws/Operating Agreement Section ❑ Copy Attached w X❑ Board ResolutionX❑ Copy Attached Z F Z ❑ Corporate or Business and Professions Code** F **If Consultant is a corporation,two(2)authorized signatories will be required on all documents submitted, unless a specified in the organization's Bylaws or corporate resolution. 0 w w IMPORTANT NOTE: If the signature authorization status of any individual changes during the term of the contract, it is Q the responsibility of the Applicant to contact the RFP Administrator for the Applicant regarding the change and to z complete and submit a new Signature Authorization Form. Incorrect information on file may delay the processing of 0 any of the documents submitted. 0 68' Z m v O N O ,Z1 CERTIFICATE OF CORPORATE RESOLUTION OF SPECIAL MEETING OF THE BOARD H OF DIRECTORS OF COMMUNITY DEVELOPMENT PARTNERS 0 0 The undersigned,being the Secretary of Community Development Partners, a California o Corporation(herein the "Company"), does hereby certify: r m 1. That a meeting of the Board of Directors of the Company, duly called, convened Z and held on June 29, 2015 at which meeting a quorum was present and voted throughout, the following resolutions were duly adopted by the Board of Directors and such resolutions have not Z been amended, altered or repealed and remain in full force and effect on the date hereof: n z WHEREAS, the Company is wishing to authorize a signatory in conjunction with the submission of a response to the City of Newport Beach Request For Proposals 15-55; NOW THEREFORE, BE IT RESOLVED,that the Company authorizes the CEO in his sole and absolute discretion to sign any such documents as may be required to bind, authorize, or otherwise commit the Company to the Request For Proposals 15-55 response and application. 2. That he has executed this certificate as of the date stated herein. CYrnmunity Development Partners By: Kyle Paine Its: Secretary 90