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HomeMy WebLinkAbout1. CasaLago_Chula Vista Affordable Housing Application-CSCDA-REV 20211202Development Services Department  Housing Division Development Processing  AFFORDABLE HOUSING SUPPLEMENTALAPPLICATION | Instructions 276 Fourth Avenue  Chula Vista California 91910www.chulavistaca.gov  (619) 691-5047 VERSION: OHG/CSCDA Resubmittal dated December 3, 2021. Original submitted 9/1/2021. I. APPLICABILITY The attached Application should be completed and submitted to the Development Services Department, Housing Division for all affordable housing projects defined as having 20 percent of the units to be restricted for lower income households or 100 percent for moderate income households and emergency shelters. All affordable housing development projects will be reviewed by the City’s Housing Advisory Commission (HAC). HAC actions are advisory to the City Council and/or Housing Authority. The City Council and/or Housing Authority are the ultimate decision authority. The Housing Advisory Commission will review and comment on three (3) major aspects of the project: 1. A project’s ability to effectively serve the City’s housing needs and priorities as expressed in the Housing Element and the Consolidated Plan for Housing and Community Development. 2. A project’s consistency with the City’s affordable housing policies as expressed in the Housing Element, General Plan, other related documents and other applicable State/Federal laws and programs; and 3. A project’s feasibility, with emphasis on prospective sources of subsidy, including any proposed City financial assistance and/or incentives. II. PROCESS An applicant shall complete the attached Application, provide all required attachments, and submit the completed package to the Development Services Department, Housing Division. Please note that the applicant must submit an 8½ x 11 copy of the site development plan, elevations, and photographs of site and adjacent properties at least seven (7) days prior to the date the project is scheduled for review by the HAC. This Application may be considered as part of the Development Application, if necessary for other discretionary actions. When the Application is deemed to be complete by the Housing Division staff and any outstanding issues have been resolved, the Affordable Housing Project will be scheduled for review by the HAC. A staff report and recommendation will be presented to the HAC with the basic project information submitted within the attached Application. Depending on the readiness of the project, the initial action of the HAC may not include a recommendation to support the project with specific types of financial assistance or incentives. Housing Advisory Commission meetings are scheduled on a quarterly basis (July, October, January, April) on the 4th Wednesday of the month at 4 p.m., City Hall, 276 4th Ave., Bldg. 100. DocuSign Envelope ID: 50718229-FB01-4C67-B3BE-ABBB2373C391 Development Services Department  Housing Division Development Processing  AFFORDABLE HOUSING SUPPLEMENTALAPPLICATION | Instructions 276 Fourth Avenue  Chula Vista California 91910www.chulavistaca.gov  (619) 691-5047 III. COMMENTS OR QUESTIONS If you have any comments or questions regarding the process or the Application, please contact the Housing Division at (619) 691-5047. DocuSign Envelope ID: 50718229-FB01-4C67-B3BE-ABBB2373C391 Development Services Department  Housing Division Development Processing   AFFORDABLE HOUSING APPLICATION | Checklist   276 Fourth Avenue  Chula Vista California 91910www.chulavistaca.gov  (619) 691-5047 APPLICATION SPECIFICATIONS   ☐ All pages 8.5 x 11 inches  ☐ One signed original and one electronic copy    REQUIREMENTS  All  items are REQUIRED.   Additional information as may be appropriate.      1. Proposal Submittal:  ☐  Application (NOFA General and/or Affordable Housing)  ☐  Project Proforma   ☐  Evidence of Site Control – copy of fully executed purchase option or sales  contract   ☐  Tenant Rent Rolls (current rent roll and rent roll at time of buyer/seller  agreement)      The Proposal and the above listed items have been reviewed for completeness.  Please  note that complete applications can be processed and reviewed more efficiently.  Failure to  submit all required information may result in your application not being accepted and/or may  extend the length of time needed for review.    Acknowledgement   The undersigned has read and reviewed the “Instructions” and “Checklist” under this  Affordable Housing Application.         Jon Penkower  Authorized Signature  Print Name  Managing Director, CSCDA    12/3/21  Title  Date        Lauren Seaver  Authorized Signature  Print Name  President, Opportunity Housing Group    12/3/21  Title  Date    DocuSign Envelope ID: 50718229-FB01-4C67-B3BE-ABBB2373C391 Development Services Department  Housing Division Development Processing   AFFORDABLE HOUSING APPLICATION | Checklist   276 Fourth Avenue  Chula Vista California 91910www.chulavistaca.gov  (619) 691-5047   Return one original, one signed and an electronic copy of this Application to:    City of Chula Vista  DSD Housing Division   ATTN:  Affordable Housing Application  276 Fourth Avenue  Chula Vista, CA 91910 DocuSign Envelope ID: 50718229-FB01-4C67-B3BE-ABBB2373C391 Development Services Department  Housing Division Development Processing   AFFORDABLE HOUSING APPLICATION | Checklist   276 Fourth Avenue  Chula Vista California 91910www.chulavistaca.gov  (619) 691-5047   2. Before Proceeding to the Housing Advisory Commission  ☐  Preliminary Title Report   ☐  Developer’s Board Resolution authorizing submittal of proposal and identifying  persons authorized to execute documents  ☐  Developer’s Disclosure Statement (see Affordable Housing Application)  ☐  Appraisal by a California‐licensed MAI appraiser (no older than three months). For  new construction projects, must determine the land‐only value. An “as‐built”  appraisal will be required prior to funding. For rehabilitation projects, must  determine both the “as‐is” and “after‐rehab” values without rent restrictions.   ☐  Physical Needs Assessment (PNA) to correct health and safety issues and repair or  replacement of major building systems to extend the service life of the property  improvements for a minimum of 15 years. PNA must include replacement reserve  analysis.   ☐  Rehabilitation Scope of Work and Cost Estimate.   ☐  Evidence of Compliance with Previous City Loans   ☐  Summary Statement of Previous Residual Receipts Payments on Previous City  Loans   ☐  Tenant Characteristics Form if development is currently occupied   ☐  Narrative Describing Operating Reserves and Replacement Reserves  3. Before Proceeding to Housing Authority  ☐  Affirmative Fair Housing Marketing Plan  ☐  Environmental Review Completed (CEQA and NEPA)  ☐  HOME Program Basics – if HOME funds are used  ☐  Relocation Plan and Relocation Noticing to Tenants  ☐  Evidence of Compliance with Zoning – Letters from the City of Chula Vista DSD.  ☐  Audited Financial Statements within the last 12 months.  ☐  Service Delivery Plan (If providing units for the homeless or Special Purpose  Housing Applicants)  ☐  Market Study  DocuSign Envelope ID: 50718229-FB01-4C67-B3BE-ABBB2373C391 Development Services Department  Housing Division Development Processing   AFFORDABLE HOUSING APPLICATION | Checklist   276 Fourth Avenue  Chula Vista California 91910www.chulavistaca.gov  (619) 691-5047 4. Before Proceeding to City Loan Funding  ☐  ALTA Title Report   ☐  Borrower Attorney’s Opinion Letter   ☐  Certified Escrow Instructions   ☐  Evidence of Funding Commitments – Letters to identify funder contact  information   ☐  Certificates of Insurance for Property Insurance and Liability Insurance   ☐  Management Plan  ☐  Partnership Agreement, Articles of Incorporation, and By‐Laws   ☐  Copies of Other Lenders’ Loan Documents   ☐  City Attorney Approval and Loan Documents Execution  DocuSign Envelope ID: 50718229-FB01-4C67-B3BE-ABBB2373C391 Development Services Department  Housing Division Development Processing   AFFORDABLE HOUSING APPLICATION | Part I   276 Fourth Avenue  Chula Vista California 91910www.chulavistaca.gov  (619) 691-5047   Development Team Information Sponsor/Owner: Issuer- CSCDA Community Improvement Authority (affiliate JPA of CSCDA) Sponsor – Opportunity Housing Group Address: CSCDA: 1700 N. Broadway Suite 405, Walnut Creek CA 94596 OHG: 550 Hartz Ave. Suite 200, Danville CA 94526 Contact Person: CSCDA; Jon Penkower (925) 476-5887 jpenkower@cscda.org OHG: Lauren Seaver 310-699-8404 lseaver@blakegriggs.com Telephone No.: Fax No.: E-Mail: Legal Status of Applicant: ☒ For Profit Corporation ☐ Nonprofit Corporation ☐ CHDO ☐ Limited Partnership ☐ Limited Liability Corp ☐ Sole Proprietorship ☐ Other (Please Describe): CSCDA is a Joint Powers Authority. OHG is a corporation. Federal Tax Identification No. (Sponsor): CSCDA Community Improvement Authority: 85-3437273 OHG: 85-3191601 Managing Partner: See above. Address: Telephone No.: Fax No.: Identify Development Team (if applicable; i.e., developer, contractor, management company, etc.): See above and also Attachment B of applicant letter. Developer (if different): General Contractor: N/A Management Company: Greystar Tax Credit Syndicator: N/A Credit Enhancer: N/A Attorney: Orrick, Herrington & Sutcliffe Other (Please Describe):   General Project Information Ownership Name: CSCDA Community Improvement Authority DocuSign Envelope ID: 50718229-FB01-4C67-B3BE-ABBB2373C391 Development Services Department  Housing Division Development Processing   AFFORDABLE HOUSING APPLICATION | Part I   276 Fourth Avenue  Chula Vista California 91910www.chulavistaca.gov  (619) 691-5047 General Project Information Project Name: CasaLago Eastlake Apartments Project Address/ Site Location: CasaLago Eastlake Apartments – 2816 Cielo Circulo Master Plan Community: (If applicable) N/A Fax No.: Assessor Parcel No(s): 643-780-06-00, 643-780-05-00, 643-780-04-00, 643-780-02-00 Please attach a street map that identifies the project and neighborhood boundaries. Project Type: ☐ New Construction ☐ Acquisition & Rehab ☐ Homeownership ☐ Rehabilitation Only ☒ Other (Please Describe): Acquisition & Conversion to Workforce Housing ☐ Rental ☐ Ownership Project Condition: ☐ Unimproved Site ☐ Acquisition & Rehab ☒ Existing Structure Age (years): Built 2013 ☐ Commercial ☐ Ownership ☐ Other (Please Describe): Existing Uses of Property: Existing 427-unit market rate apartment project. Status of Entitlements and Environmental Review. N/A Site Control: ☐ Deed ☒ Executed Purchase Contract ☐ Executed Option Date of Expiration: Mid-December, but can likely be extended through January 2021 Clause to Extend ☐ Yes ☐ No Acreage of Site: 30.2 acres Census Tract #: Zone Designation: SPA Land Use District: Total # of Units: 427 # of Affordable Units: 143 Low Income 142 Middle Income 143 Moderate Income Type of Construction: ☒ Row house/Townhouse ☐ Garden Apartments ☐ Slab on Grade Frame ☐ Podium ☐ Other (Please Describe): ☒ Multi Story # of Elevators? None DocuSign Envelope ID: 50718229-FB01-4C67-B3BE-ABBB2373C391 Development Services Department  Housing Division Development Processing   AFFORDABLE HOUSING APPLICATION | Part I   276 Fourth Avenue  Chula Vista California 91910www.chulavistaca.gov  (619) 691-5047 General Project Information Type of Units: ☐ Single Story ☐ Other (Please Describe): Target Population: ☒ Family ☐ Elderly/Senior ☐ Disabled # % ☐ Homeless # % ☐ Other (Please Describe): Type of Units: ☐ Rail station, rapid transit, bus stop with service at least every 30 mins from 7-9 am Within Mile ☒ Full scale grocery store/supermarket Within 2.7 Mile ☐ Convenience market Within Mile ☐ Medical clinic or hospital Within 2.7 Mile ☐ Public elementary, middle or high school Within 3 Mile ☐ Public park Within 0.2 Mile ☐ Public library Within 2.6 Mile ☐ Other: Within Mile For Senior or Special Needs: ☐ Other: Within Mile Acquisition & Rehabilitation Projects No. of Households potentially subject to  tenant relocation 0 No. of vacant units 14 Please attach the following: See Appendix. ☐ Copy of current tenant rent rolls and income levels RENTS CURRENT LOW MIDDLE MODERATE TOTAL MARKET <80% AMI <100% AMI <120% AMI CSCDA Rent/Unit 143 units 142 units 142 units RESTRICTED Unit  Type Total Units % Avg SF Income <$77,568 Income <$96,960 Income <$116,352 RENT 1‐Bed 79 18.5% 808 $2,577 $2,163 $2,173 $2,182 $2,173 2‐Bed 183 42.9% 1161 $3,219 $2,545 $2,754 $2,762 $2,687 3‐Bed 165 38.6% 1311 $3,819 $2,828 $2,989 $3,018 $3,018 TOTAL 427 100.0% 1154 $3,332 $2,586 $2,731 $2,757 $2,691 Initial Resident  Rent  Savings/Mo. Vs. In Place ‐$746 ‐$601 ‐$575 ‐$641 % Savings ‐22.4%‐18.0%‐17.3%‐19.2% Initial Resident  Rent  Savings/Year ‐$1,279,478 ‐$1,023,555 ‐$980,054 ‐$3,283,087 Income limits shown for a  family of two (one  bed unit) CSCDA Rents Post‐Closing DocuSign Envelope ID: 50718229-FB01-4C67-B3BE-ABBB2373C391 Development Services Department  Housing Division Development Processing   AFFORDABLE HOUSING APPLICATION | Part I   276 Fourth Avenue  Chula Vista California 91910www.chulavistaca.gov  (619) 691-5047 General Project Information ☐ Relocation plan      Description Bedroom Mix Total Units 0 Bedroom 1 Bedroom 2 Bedrooms 3 Bedrooms 4 Bedrooms 5 Bedrooms Total DUs 0 Affordable DUs 0 Describe any special features, amenities, services, programming or commercial facilities to be included within the project (e.g. Internet service, afterschool programs, educational classes, pool, etc): Project is designed for families with majority 2 and 3-bedroom units with attached garages. Project includes robust amenity package with two resort pool/spas. Multiple newly-remodeled clubhouses, state-of-the-art fitness center, BBQ/picnic areas, playground, package lockers and views of Lower Otay Lake. Please attach an 8½ x 11 copy of the site development plan, elevations, and photographs of site and adjacent properties. DocuSign Envelope ID: 50718229-FB01-4C67-B3BE-ABBB2373C391 Development Services Department  Housing Division Development Processing   AFFORDABLE HOUSING APPLICATION | Part I   276 Fourth Avenue  Chula Vista California 91910www.chulavistaca.gov  (619) 691-5047 Project Timeline Housing Advisory Commission Date: City Council Housing/ Authority Date: CTCAC Application Date: CTCAC Allocation Date: CDLAC Application Date: CDLAC Allocation Date: Estimated Acquisition Date: Estimated Permanent Loan Closing Date: Estimated Date to Start Construction/Rehab: Estimated Full Occupancy Date: DocuSign Envelope ID: 50718229-FB01-4C67-B3BE-ABBB2373C391 Development Services Department  Housing Division Development Processing   AFFORDABLE HOUSING APPLICATION | Part II  276 Fourth Avenue  Chula Vista California 91910www.chulavistaca.gov  (619) 691-5047   Financial Assistance and Other Incentives Listed below are the primary documents and information needed to complete the application to provide for the financial analysis of the proposed project. It is recognized that all documentation and information may not be available at the time of application. Information must be submitted prior to the Housing Division’s underwriting evaluation and recommendation of approval of any requested financing. Requested Assistance/Incentives: ☐ Bonds - Tax Exempt/Taxable ☐ 4% Tax Credits ☐ 9% Tax Credits ☐ City/Hsg Authority Financing ☐ Affordable Housing Incentives (aka Density Bonus); Please complete the Supplemental Application for Density Bonus & Incentives Identify any other project conditions which may be relevant to project feasibility: N/A. City will not issue bonds for the program. CSCDA CIA issues bonds which the City is not a party to. See submittal and proforma for details. BOND FINANCING (If applicable) Use of Bond Proceeds: ☐ Construction Describe status and timing to construction financing. ☐ Permanent Financing Has construction financing been obtained? ☐ Yes ☐ No Name of Construction Lender: Bond Amount $ Unrated Bond Amount $ Taxable Bond Amount $ Initial Interest Rate ☐ Fixed ☐ Variable Term months Estimated Annual Debt Service DocuSign Envelope ID: 50718229-FB01-4C67-B3BE-ABBB2373C391 Development Services Department  Housing Division Development Processing   AFFORDABLE HOUSING APPLICATION | Part II  276 Fourth Avenue  Chula Vista California 91910www.chulavistaca.gov  (619) 691-5047 Rating Agency Rating Type of Credit Enhancement Credit Enhancement Provider: Contact Person: Address: Telephone No.: Fax No.: Preferred Investment Banking Firm: Contact Person: Address: Telephone No.: Fax No.: Estimated Date of Closing TAX CREDIT FINANCING (If applicable) Tax Credit Amount anticipated: $ Expected Date of Commitment Letter: Partnership Agreement Executed: ☐ Yes ☐ No Date: Expected Internal Rate of Return for Tax Credit Syndicator: % Price per Dollar: Type of Tax Credit Offering: Type of Investors: ☐ Public ☐ Private ☐ Individuals ☐ Corporations ☐ Funds/Trusts ☐ FNMA Type of Credit Enhancement: DocuSign Envelope ID: 50718229-FB01-4C67-B3BE-ABBB2373C391 Development Services Department  Housing Division Development Processing   AFFORDABLE HOUSING APPLICATION | Part II  276 Fourth Avenue  Chula Vista California 91910www.chulavistaca.gov  (619) 691-5047 CONSTRUCTION FINANCING Name of Lender/Source Term in Months Interest Rate Amount of Funds 1. % $ 2. % $ 3. % $ 4. % $ Total Funds for Construction $ 0 1. Name of Lender/Source Address: Contact Person: Telephone No.: E-Mail: Type of Financing: ☐ Committed ☐ Not Committed 2. Name of Lender/Source Address: Contact Person: Telephone No.: E-Mail: Type of Financing: ☐ Committed ☐ Not Committed 3. Name of Lender/Source Address: Contact Person: Telephone No.: E-Mail: Type of Financing: ☐ Committed ☐ Not Committed 4. Name of Lender/Source Address: Contact Person: Telephone No.: E-Mail: Type of Financing: ☐ Committed DocuSign Envelope ID: 50718229-FB01-4C67-B3BE-ABBB2373C391 Development Services Department  Housing Division Development Processing   AFFORDABLE HOUSING APPLICATION | Part II  276 Fourth Avenue  Chula Vista California 91910www.chulavistaca.gov  (619) 691-5047 ☐ Not Committed PERMANENT FINANCING Name of Lender/Source Term in Months Interest Rate Amount of Funds 1. % $ 2. % $ 3. % $ 4. % $ Total Permanent Financing $ 0 Total Tax Credit Equity $ Total Sources of Project Funds $ 1. Name of Lender/Source Address: Contact Person: Telephone No.: E-Mail: Type of Financing: ☐ Committed ☐ Not Committed 2. Name of Lender/Source Address: Contact Person: Telephone No.: E-Mail: Type of Financing: ☐ Committed ☐ Not Committed 3. Name of Lender/Source Address: Contact Person: Telephone No.: E-Mail: Type of Financing: ☐ Committed ☐ Not Committed 4. Name of Lender/Source Address: DocuSign Envelope ID: 50718229-FB01-4C67-B3BE-ABBB2373C391 Development Services Department  Housing Division Development Processing   AFFORDABLE HOUSING APPLICATION | Part II  276 Fourth Avenue  Chula Vista California 91910www.chulavistaca.gov  (619) 691-5047 Contact Person: Telephone No.: E-Mail: Type of Financing: ☐ Committed ☐ Not Committed DocuSign Envelope ID: 50718229-FB01-4C67-B3BE-ABBB2373C391 Development Services Department Housing Division Development Processing  AFFORDABLE HOUSING APPLICATION | Part III 276 Fourth Avenue  Chula Vista California 91910www.chulavistaca.gov  (619) 691-5047 ☐ See Attachments for Part III. Applicants may substitute project proformas, inclusive of sources and uses, waterfall, operating expenses etc. in lieu of Part III of this Application. See submittal proforma. Unit Type No. of Units Bedrooms Per Unit Bathrooms Per Unit Sq Ft Per Unit Current Rent Monthly Net Rent Per Unit Monthly Utility Allowance Monthly Gross Rent Per Unit (g+h) Percent Median Income Yearly Gross Rent All Units (i x b) A $ $ $ $ 0 % $ 0 B $ $ $ $ 0 % $ 0 C $ $ $ $ 0 % $ 0 D $ $ $ $ 0 % $ 0 E $ $ $ $ 0 % $ 0 F $ $ $ $ 0 % $ 0 G $ $ $ $ 0 % $ 0 H $ $ $ $ 0 % $ 0 Manager's DU $ $ $ $ 0 % $ 0 Market Rate I $ $ $ $ 0 % $ 0 J $ $ $ $ 0 % $ 0 K $ $ $ $ 0 % $ 0 L $ $ $ $ 0 % $ 0 Total Rent (Year) $ 0 Other Income (Describe) $ Total Annual Income $ Total Units Total Square Feet DocuSign Envelope ID: 50718229-FB01-4C67-B3BE-ABBB2373C391 Development Services Department Housing Division Development Processing  AFFORDABLE HOUSING APPLICATION | Part III 276 Fourth Avenue  Chula Vista California 91910www.chulavistaca.gov  (619) 691-5047 ☐ See Attachments for Part III. Applicants may substitute project proformas, inclusive of sources and uses, waterfall, operating expenses etc. in lieu of Part III of this Application. See submittal proforma. Unit Type No. of Units Bedrooms Per Unit Bathrooms Per Unit Sq Ft Per Unit Current Rent Monthly Net Rent Per Unit Monthly Utility Allowance Monthly Gross Rent Per Unit (g+h) Percent Median Income Yearly Gross Rent All Units (i x b) Term of Affordability (i.e., 30 yrs, Life of Project): DocuSign Envelope ID: 50718229-FB01-4C67-B3BE-ABBB2373C391 Development Services Department  Housing Division Development Processing   AFFORDABLE HOUSING APPLICATION | Part III  276 Fourth Avenue  Chula Vista California 91910www.chulavistaca.gov  (619) 691-5047 Development – Operating Expense See submittal proforma OPERATING EXPENSE ITEM ANNUAL COST COST PER UNIT General Administrative Advertising & Marketing $ $ Legal/Partnership Expenses $ $ Accounting/Audits $ $ Security $ $ Property Tax $ $ Subtotal: $ $ Management – Fees $ $ Utilities Gas & Electric $ $ Water & Sewer $ $ Trash Removal $ $ Operating Payroll Taxes & Overhead $ $ Telephone $ $ Insurance $ $ Office Expenses $ $ All other operating $ $ Subtotal: $ $ Maintenance Maintenance – Labor $ $ Maintenance – Supplies $ $ Repairs – Labor $ $ Repairs – Supplies $ $ Landscape & Grounds – Labor $ $ Landscape & Grounds – Supplies $ $ Pest Control $ $ Replacement Reserve $ $ Subtotal: $ $ ANNUAL OPERATING COST $ $ DocuSign Envelope ID: 50718229-FB01-4C67-B3BE-ABBB2373C391 Development Services Department Housing Division Development Processing  AFFORDABLE HOUSING APPLICATION | Part III 276 Fourth Avenue  Chula Vista California 91910www.chulavistaca.gov  (619) 691-5047 Development Costs- N/A DEVELOPMENT COST ITEM PERCENT AMOUNT COST PER UNIT COST PER SQ FT ELIGIBLE BASIS (Tax Credit Projects) AQUISITION Land $ $ $ $ Buildings $ $ $ $ Subtotal % $ $ $ $ SITE IMPROVEMENTS Site Improvements $ $ $ $ Land $ $ $ $ Buildings $ $ $ $ Subtotal % $ $ $ $ STRUCTURES Main Buildings $ $ $ $ Accessory Buildings $ $ $ $ Garages $ $ $ $ Subtotal % $ $ $ $ CONSTRUCTION CONTINGENCY Overhead & Fees $ $ $ $ General Requirements $ $ $ $ Builders Overhead $ $ $ $ Builders Profit $ $ $ $ Bond Premium $ $ $ $ Other Fees $ $ $ $ Architect – Design $ $ $ $ Architect- Supervision $ $ $ $ Subtotal % $ $ $ $ CHARGES & INTEREST Construction Interest Cost $ $ $ $ Real Estate Taxes $ $ $ $ DocuSign Envelope ID: 50718229-FB01-4C67-B3BE-ABBB2373C391 Development Services Department Housing Division Development Processing  AFFORDABLE HOUSING APPLICATION | Part III  276 Fourth Avenue  Chula Vista California 91910www.chulavistaca.gov  (619) 691-5047 DEVELOPMENT COST ITEM PERCENT AMOUNT COST PER UNIT COST PER SQ FT ELIGIBLE BASIS (Tax Credit Projects) Insurance $ $ $ $ Mortgage Ins. Premium $ $ $ $ Mortgage Exam Fee $ $ $ $ Mortgage Inspection Fee $ $ $ $ Loan Orig. Fee –Construction $ $ $ $ Loan Orig. Fee – Permanent $ $ $ $ Title & Recording $ $ $ $ Other Charges $ $ $ $ Subtotal % $ $ $ $ LEGAL ORGANIZATION & AUDIT Legal $ $ $ $ Organization $ $ $ $ Audit $ $ $ $ Subtotal % $ $ $ $ OTHER COSTS Developer’s Fee $ $ $ $ Consultant Fee $ $ $ $ Operating Reserve $ $ $ $ Contingency $ $ $ $ Relocation Cost $ $ $ $ Marketing & Rent-Up $ $ $ $ Surveys & Soil Borings $ $ $ $ Appraisal Costs $ $ $ $ Market Study $ $ $ $ Environmental Study $ $ $ $ Permits $ $ $ $ Tcac Fees $ $ $ $ Setup & Loan Monitoring Fees $ $ $ $ DocuSign Envelope ID: 50718229-FB01-4C67-B3BE-ABBB2373C391 Development Services Department Housing Division Development Processing  AFFORDABLE HOUSING APPLICATION | Part III  276 Fourth Avenue  Chula Vista California 91910www.chulavistaca.gov  (619) 691-5047 DEVELOPMENT COST ITEM PERCENT AMOUNT COST PER UNIT COST PER SQ FT ELIGIBLE BASIS (Tax Credit Projects) Other:________________ $ $ $ $ Other:________________ $ $ $ $ Other:________________ $ $ $ $ Other:________________ $ $ $ $ Subtotal % $ $ $ $ TOTAL DEVELOPMENT COST 100% $ $ $ $ DocuSign Envelope ID: 50718229-FB01-4C67-B3BE-ABBB2373C391 Development Services Department Housing Division Development Processing  AFFORDABLE HOUSING APPLICATION | Part III 276 Fourth Avenue  Chula Vista California 91910www.chulavistaca.gov  (619) 691-5047 Development – Pro Forma DESCRIPTION YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5 YEAR 6 YEAR 7 YEAR 8 Rental Income $ $ $ $ $ $ $ $ Other Income $ $ $ $ $ $ $ $ Gross Income $ $ $ $ $ $ $ $ Vacancy $ $ $ $ $ $ $ $ Effective Gross Income $ $ $ $ $ $ $ $ Operating Expense $ $ $ $ $ $ $ $ Net Operating Income $ $ $ $ $ $ $ $ Debt Service $ $ $ $ $ $ $ $ Residual Cash $ $ $ $ $ $ $ $ Replacement Reserve $ $ $ $ $ $ $ $ Operating Reserve $ $ $ $ $ $ $ $ Debt Service Coverage $ $ $ $ $ $ $ $ Cumulative Residual $ $ $ $ $ $ $ $ DocuSign Envelope ID: 50718229-FB01-4C67-B3BE-ABBB2373C391 Development Services Department Housing Division Development Processing  AFFORDABLE HOUSING APPLICATION | Part III  276 Fourth Avenue  Chula Vista California 91910www.chulavistaca.gov  (619) 691-5047 DESCRIPTION YEAR 10 YEAR 9 YEAR 11 YEAR 12 YEAR 13 YEAR 14 YEAR 15 Rental Income $ $ $ $ $ $ $ Other Income $ $ $ $ $ $ $ Gross Income $ $ $ $ $ $ $ Vacancy $ $ $ $ $ $ $ Effective Gross Income $ $ $ $ $ $ $ Operating Expense $ $ $ $ $ $ $ Net Operating Income $ $ $ $ $ $ $ Debt Service $ $ $ $ $ $ $ Residual Cash $ $ $ $ $ $ $ Replacement Reserve $ $ $ $ $ $ $ Operating Reserve $ $ $ $ $ $ $ Debt Service Coverage $ $ $ $ $ $ $ Cumulative Residual $ $ $ $ $ $ $ YEARLY INCOME & EXPENSES ASSUMED ANNUAL INCREASES Rental Income: $ Rental & Other Income: % Mortgage Amount: $ Other Income: $ Operating Expenses: % Mortgage Rate: % Operating Expenses: $ Vacancy Losses: % Mortgage Term (Years): Rental Income: $ Number of Units: DocuSign Envelope ID: 50718229-FB01-4C67-B3BE-ABBB2373C391 Development Services Department  Housing Division Development Processing   AFFORDABLE HOUSING APPLICATION | Part IV  276 Fourth Avenue  Chula Vista California 91910www.chulavistaca.gov  (619) 691-5047 Required Attachments The following items must be attached to this request:  Completed Disclosure Statement of Ownership Interests within the project (Appendix A).  Street map that identifies the project and neighborhood boundaries.  Site development plan for affordable housing units; and  Complete description of financial assistance or incentives including specific terms that are, or will be requested from the City of Chula Vista for the project, if applicable. Certification/Authorization Lauren Seaver , an authorized representative of the developer, certifies that the information contained in this application is true and correct. Authorization is provided to the City of Chula Vista and its Housing Authority to verify information provided in this application, including but not limited to the developer’s credit rating, status and payment history of real estate loans and performance on contracts with third parties. The City/Authority is further authorized to use photocopies of this authorization to obtain third party contractual and credit references and status of the developer’s obligations. The confidentiality of the information you have furnished will be preserved except where disclosure of this information is required by applicable law. Signature.: Date: 12/3/2021 Printed Name: Opportunity Housing Group, Inc. by Lauren Seaver Title: President Address: 550 Hartz Ave. Suite 200 Danville, CA 94526 Telephone No.: 310-699-8404 E-Mail: lseaver@blakegriggs.com FOR DEPARTMENT USE ONLY Date Request Received: Staff Recommendation: Date of Housing Advisory Commission Review: Action on Request by Housing Advisory Commission: Other Comments: DocuSign Envelope ID: 50718229-FB01-4C67-B3BE-ABBB2373C391 Development Services Department  Housing Division Development Processing   AFFORDABLE HOUSING APPLICATION | Part V   276 Fourth Avenue  Chula Vista California 91910www.chulavistaca.gov  (619) 691-5047 Disclosure Statement Pursuant to City Council Policy 101‐01, prior to any action on a matter that requires discretionary  action by the City Council, Planning Commission or other official legislative body of the City, a  statement of disclosure of certain ownerships, financial interests, payments, and campaign  contributions must be filed. The following information must be disclosed:  1. List the names of all persons* having a financial interest in the project that is the subject of  the application, project or contract (e.g., owner, applicant, contractor, subcontractor,  material supplier).  Opportunity Housing Group‐ Brad Griggs,  Brad Blake & Lauren Seaver   CSCDA‐ N/A Governmental Entity   Seller‐ John Hancock Life Insurance Co.      2. If any person* identified in section 1. is a corporation or partnership, list the names of all  individuals with an investment of $2000 or more in the entity.  Opportunity Housing Group‐ Brad Griggs,  Brad Blake & Lauren Seaver            3. If any person* identified in section 1. is a non‐profit organization or trust, list the names of  any person who is the director of the non‐profit organization or the names of the trustee,  beneficiary and trustor of the trust.              4. Please identify every person,* including any agents, employees, consultants, or independent  contractors, whom you have authorized to represent you before the City in this matter.  Opportunity Housing Group‐ Brad Griggs,  Brad Blake & Lauren Seaver   CSCDA‐ Jon Penkower   Ben Haddad & Craig Benedetto‐  California Strategies   DocuSign Envelope ID: 50718229-FB01-4C67-B3BE-ABBB2373C391 Development Services Department  Housing Division Development Processing   AFFORDABLE HOUSING APPLICATION | Part V   276 Fourth Avenue  Chula Vista California 91910www.chulavistaca.gov  (619) 691-5047    DocuSign Envelope ID: 50718229-FB01-4C67-B3BE-ABBB2373C391 Development Services Department  Housing Division Development Processing   AFFORDABLE HOUSING APPLICATION | Part V   276 Fourth Avenue  Chula Vista California 91910www.chulavistaca.gov  (619) 691-5047 Disclosure Statement – Page 28 5. Has any person* identified in 1., 2., 3., or 4., above, or otherwise associated with this contract,  project or application, had any financial dealings with an official** of the City of Chula Vista  as it relates to this contract, project or application within the past 12 months?   ☐ Yes     ☒  No  If yes, briefly describe the nature of the financial interest the official** may have in this contract.    6. Has any person* anyone identified in 1., 2., 3., or 4., above, or otherwise associated with this  contract, project or application, made a campaign contribution of more than $250 within the past  twelve (12) months to an official of the City of Chula Vista?  ☐ Yes     ☒  No  If Yes, briefly describe the nature of the financial interest the official** may have in this  contract.    7. Has any person* identified in 1., 2., 3., or 4., above, or otherwise associated with this contract,  project or application, provided more than $440 (or an item of equivalent value) to an official** of  the City of Chula Vista in the past twelve (12) months? (This includes any payment that confers a  personal benefit on the recipient, a rebate or discount in the price of anything of value, money to  retire a legal debt, gift, loan, etc.)         ☐ Yes     ☒  No  If Yes, which official** and what was the nature of item provided?    8. Has any person* identified in 1., 2., 3., or 4., above, or otherwise associated with this contract,  project or application, been a source of income of $500 or more to an official** of the City of Chula  Vista in the past twelve (12) months?   ☐ Yes     ☒  No  If yes, which official** and the nature of the item provided?    DocuSign Envelope ID: 50718229-FB01-4C67-B3BE-ABBB2373C391 Development Services Department  Housing Division Development Processing   AFFORDABLE HOUSING APPLICATION | Part V   276 Fourth Avenue  Chula Vista California 91910www.chulavistaca.gov  (619) 691-5047 Disclosure Statement – Page 29 December 2, 2021    Date  Signature of Contractor/Applicant    Lauren Seaver – Opportunity Housing Group  December 2, 2021  Date             Signature of Contractor/Applicant      Jon Penkower‐ CSCDA     *  Person is identified as: any individual, firm, co‐partnership, joint venture, association, social club,  fraternal organization, corporation, estate, trust, receiver, syndicate, any other county, city,  municipality, district, or other political subdivision, or any other group or combination acting as a  unit.  ** Official includes, but is not limited to: Mayor, Council member, Planning       Commissioner, Member  of a board, commission, or committee of the City, and City employees or staff members.  *** This Disclosure Statement must be completed at the time the project application, or contract, is  submitted to City staff for processing, and updated within one week prior to consideration by the  legislative body.     DocuSign Envelope ID: 50718229-FB01-4C67-B3BE-ABBB2373C391