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TO: REDEVELOPMENT AGENCY .0/1
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FROM: Phil Batchelor �.�lJur
Executive Director r C U*,. „y
DATE: April 8, 1994
SUBJECT: Golden Oak Senior Housing Project - Oakley
SPECIFIC REQUEST(S) OR RECOMMENDATIONS(S) & BACKGROUND AND JUSTIFICATION
RECOMMENDATIONS
COMMIT additional Oakley Redevelopment Housing Set-Aside funds in an
amount up to $441, 653 (thereby making the total $780,000) to
Ecumenical Association for Housing (EAH) for Golden Oak Senior Housing
as provided for in Exhibit A hereto:
AUTHORIZE the Deputy Director Redevelopment to develop and execute a
Loan Agreement with EAH; and
DIRECT Redevelopment Staff to correspond with EAH regarding submittal
of an application for County Community Development Block Grand funds
(CDBG) for supplemental financing.
FISCAL IMPACT
None to the General Fund. The additional monies will come from the
Oakley Redevelopment Project Area Housing Set-Aside funds for Fiscal
Years 1994-95 and 1995-96 . An amount equivalent to the request of
$441, 653 is expected to be generated from the Oakley Housing Set-Aside
fund to finance the senior housing project. The intent of EAH to
apply for CDBG funds is to achieve greater financial leverage by
reducing the Agency' s commitment.
CONTINUED ON ATTACHMENT: X YES SIGNATURE: �®
��ifitc-QJ `7"
_ RECOMMENDATION OF EXECUTIVE DIRECTOR RECO E ATION OF GENCY COMMIT E
APPROVE OTHER
SIGNATURE(S) :
ACTION OF AGENCY ON April 8 , 1994 APPROVED AS RECOMMENDED x OTHER
VOTE OF COMMISSIONERS
I HEREBY CERTIFY THAT THIS IS A
x UNANIMOUS (ABSENT TRUE AND CORRECT COPY OF AN
AYES: 0ES: ACTION TAKEN AND ENTERED ON THE
ABSENT: ABSTAIN: MINUTES OF THE REDEVELOPMENT
AGENCY ON THE DATE SHOWN.
Contact: Jim Kennedy
646-4076 ATTESTED April 8 , 1994
cc: Community Development PHIL BATCHELOR,
Auditor-Controller AGFINCY S C ETARY
Ecumenical Association for Housing fl
OMAC BY a , DEPUTY
BACKGROUND/REASONS FOR RECOMMENDATIONS
The Oakley Municipal Advisory Committee (OMAC) has considered and
recommended the above action.
Ecumenical Association for Housing (EAH) , a non-profit housing
developer, proposes to construct and manage a 50 unit housing
project for low-and-moderate income senior citizens in Oakley.
County Redevelopment funds ($338, 347) and HOME money ( $325, 000)
totalling $663, 347 have been allocated for land acquisition,
Predevelopment and construction costs . To further assist with the
financing of this project, it is anticipated that EAH will apply
for Low Income Housing Tax Credits . This application must be
submitted to the state by April 15, 1994 . Exhibit A provides
additional information.
a:\ed1\eaha11oc.bo
attachment
CONTRA COSTA COUNTY REDEVELOPMENT AGENCY
DATE: March 25, 1994
TO: OMAC Members
FROM: Elizabeth Dunn `�
Redevelopment Planner
SUBJECT: Request for Additional Redevelopment Funds for Senior Housing Project
I. RECOMMENDATION
1. Recommend to the Governing Board of the Redevelopment Agency (Board of
Supervisors) that:
a. The Redevelopment Agency commit additional Housing Set-Aside Funds
in an amount totaling $441,653 (thereby making the total commitment
$780,000);
b. That the additional commitment of Housing Set-Aside Funds come from
the 1994-95 and 1995-96 Fiscal Years first, preserving the existing
Housing Set-Aside balance of $86,052 for other uses;
C. The funds be provided on a deferred loan basis;
d. An agreement with EAH affecting these business terms be entered into.
2. Request EAH to submit an application for Community Development Block Grant
(CDBG) Housing Development Assistance Funds (HDAF) in an appropriate
amount. Any amount so secured would reduce the Redevelopment Agency's
commitment on a dollar-for-dollar basis.
II. PROJECT BACKGROUND
The proposal to establish senior housing in Oakley is in response to Supervisor
Torlakson's direction to build this housing. Citizens for Affordable Senior Housing
(CASH) , a community group, was formed to support this type of housing. An initial
allocation of redevelopment funds was authorized in June 1993. A General Plan
Amendment and Rezoning actions have occurred and been approved. Should
Ecumenical Association for Housing, the non-profit housing developer, be awarded
tax credits, it is anticipated that the Final Development Plan will be submitted in
June 1994. The location for this proposed 50 unit development is at the intersection
of Kelsey Lane and Oakley Road, between Live Oak Avenue and Empire Avenue in
Oakley (Exhibit A) .
OXiIBIT A
OA LEY SENIOR HOUSING-_
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III. PLAN OF FINANCE
A. SOURCES OF FINANCING
Financing of the senior housing project is dependent upon three sources: Low
Income Housing Tax Credits, a private mortgage and County/Redevelopment loans
of various types. The County, through the federal HOME program, has allocated
$325,000 to the project. These monies, however, are to be used exclusively for land
acquisition and cannot be used for construction costs.
In June 1993, the Redevelopment Agency committed $338,347 to EAH for Golden Oak
Senior Manor. These funds have been used for predevelopment activities and may
be used for construction purposes. If this request to allocate an additional $441,653
to the project is approved by OMAC, the total allocation of Redevelopment Agency
money becomes $780,000. These County (HOME and redevelopment) contributions
will augment a conventional first mortgage loan in the amount of $920,000. The tax
credit allocation comprises the bulk of the financing, with an expectation that
approximately $2,338,764 will be awarded to EAH. The total development cost for
this project is $4,638,362, as shown in the pro forma (Exhibit B) .
Upon OMAC's recommendation of this supplemental amount, a request to the Board
of Supervisors will be made to authorize the Deputy Director of the Redevelopment
Agency to enter into a Development Loan Agreement for the total of $780,000.
SOURCES OF FINANCING
HOME: $325,000
Redevelopment Agency:
Current commitment: $338,347
Additional request: $441,653
Conventional Loan: $920,000
Tax Credits: $2,338,764
TOTAL $4,638,764
B. REASONS FOR THE ADDITIONAL REQUEST
1. Inability to guarantee project based Section 8 vouchers.
It was hoped that project based Section 8 housing could be acquired through the
Housing Authority. Such assistance could guarantee the monthly rent and subsidy
and thereby enhance the project's financial feasibility by providing a constant
revenue source. Project based vouchers, however, cannot be expected at this time.
The Housing Authority would have to apply to the U. S. Department of Housing and
Urban Development (HUD) in order to enact such a program. Even if granted, the
authority by HUD, there is no guarantee the Housing Authority would allocate to this
project. While this may be a possibility for future projects, it does not appear that
this method can be employed prior to EAH's submittal of the tax credit application to
the state by April 15, 1994.
3
2. Inability to charge higher rents on the 50% area median income for one-
bedroom units.
EAH has market studies which indicate that charging rents at higher than $461 for
the one-bedroom units at 50%of the area median income would jeopardize the viability
of the project. The market study states that charging higher rents would cause the
project to have difficulty in renting the units and therefore result in revenue loss.
Should the future market demand allow for an increase in the rents charged for these
units, EAH has indicated they would pursue this increase.
3. Ranking of Tax Credit Applications
Ecumenical Association for Housing (EAH) intends to submit an application for tax
credits for the proposed Golden Oak Senior Housing project to the California Tax
Credit Allocation Committee (CTCAC) by April 15, 1994. This application allows EAH
to compete for investor tax credits which would be used to construct a 50 unit low-
and-moderate income senior housing project.
Development proposals compete for the maximum of 100 points. A perfect score of
100 points ensures that the proposal will receive the amount of tax credits
requested. Recent changes to the application process affect the financing of EAH's
proposal. Twenty points (out of 100) will be applied towards development proposals
that have 20 percent of the total development costs committed by local funding
sources.
As total development costs for this project are $4,638,764, a minimum of $927,753 of
the funding must be committed by local entities for the tax credit application to
receive all 20 points. This allocation of 20 points is an all-or-nothing situation:
either a proposal receives all 20 points or it gets none of it. Last year, all projects
that received 100 points received tax credit allocations. Generally, proposals that
received less than a perfect score were not awarded a tax credit allocation.
A copy of the Point System used by CTCAC is enclosed as Exhibit C.
C. REQUEST TO CDBG FOR HDAF FUNDS
The staff recommends that EAH be directed to apply for Housing Development
Assistance Funds (HDAF) which are monies available through the County's
Community Development Block Grant (CDBG) program. This HDAF application will
be reviewed and recommended for allocation by the review committee during the 1994-
95 Federal Program year (April to March) . The Board of Supervisors must approve
this allocation. The review and approval process may take approximately four
months. Should EAH apply for CDBG funds in April 1994, it could be expected that
an approval may be rendered in August 1994. Should EAH be awarded HDAF monies,
this amount would be reduced from the Redevelopment Agency's committment to EAH.
4
IV. REDEVELOPMENT AGENCY TAX INCREMENT PROJECTIONS
An amount of$86,052 is currently available as unallocated Housing Set-Aside Funds.
The current 1993-94 tax increment projections for Oakley is $971,000 of which
$194,000 is Housing Set-Aside money. Tax increment projections, done in 1992,
forecast a 5 percent increase per year in tax increment revenue for Fiscal Years
1994-95 through 2000-01. The 5 percent increase is a reasonably conservative
approach.
Actual tax increment increases for Fiscal Years 1992-93 to 1993-94 have been around
a 35 percent increase per year. Using a conservative 5 percent growth yields
sufficient revenue in the Housing Set-Aside in Fiscal Year 1994-95 and 1995-96 in
addition to the unallocated amount of $86,052. Exhibit D illustrates the accrued
Housing Set-Aside monies for Fiscal Years 1994-95 through 2000-01.
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EXHIBIT C Page-
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44dfi ' 4 POINT SYSTEM
once the thresholds are met, applications are scored. If a project does not earn a minimum of 25 points it
"* will not be further considered. However, unless requesting state tax credits, a project financed at least
- 50%with the proceeds of tax-exempt bonds subject to the private activity bond volume cap is not
required to achieve a minimum score.
? ~ Projects can attain up to 80 points by meeting the requirements of three primary selection criteria. Then,
Yff if an applicant chooses.to seek an additional 20 points(for a total of 100 points), the project must meet
additional threshold requirements within a targeted project category -large family, senior, SRO, other
special needs, at-risk, or acquisition/rehabilitation. Up to 20 points are available within any one of the six
targeted project categories. Non-targeted projects can earn an additional 10 points for income targeting
and amenities.
The selection criteria help TCAC select the projects which meet the State's highest priorities for
affordable housing. The criteria ensure that selected projects meet preferences under both federal and
state law. Further, these criteria provide a "level playing field" for experienced development teams
willing to provide certain types of housing and who demonstrate a commitment to keep costs docs-n and a
readiness to.proceed.
Basic Points
If an application meets eligibility and basic threshold requirements and has commitments for all proposed
subordinate or additional financing (soft seconds) and rental subsidies, it can attain a basic score of up to
80 points(25 point minimum). Applications with proposed but uncommitted soft seconds or rental
subsidies will be penalized as their feasibility is not as certain as those needing and having commitments
for such funding. Basic points are achieved by assessing to what degree project characteristics meet the
federal and state preferences for awarding credits. Points will be awarded on a sliding.scale where
applicable.
1. Federal Preference for Serving Residents with the Lowest Incomes
Applicants may select either the 40/60 or 20/50 minimum federal set-aside requirement.
Applicants selecting the 20/50 set-aside will be awarded 35 points. Applicants choosing the 40/60
requirement must further agree to restrict at least 20% of the targeted units to families with
incomes at or below 50% of median income. Rents charged to occupants of such units cannot
exceed the allowable federal credit rent at the 50% level. This restriction applies for the length of
the extended use period.
Amended and Adopted7anuary 14, 1994 23
EKRIBIT C Page 2
Ids
Applicants can earn 35 points in this category.
2. Federal Preference.for Serving Qualified Residents for the Longest Period
One point will be given for.each year beyond the state mandated 30 years by which the
compliance period is extended, up to 55 years.
A maximum of 25 points is available in this category.
�3. Financial Contributions to Project's Affordability(formerly Local Participation/Owner Equity)
Projects with local funds will earn 20 points if at least 20% of total residential costs are funded by
local funds. One point will be awarded for each percentage of total residential cost funded by
local contributions up to a maximum of 20 points in the Basic Points category. Local funds must
be long term and must be committed to the project.
"Local" funds include local HOME funds whether allocated by a particular locality or by a state
agency on behalf of non-entitlement cities, counties and towns. The donation'of land or waiver of
fees provided by a public agency will be considered part of its financial contribution so long as the
value is quantified and verified by the local agency. If the contribution is a loan, the financing rate
must be below-market or no hiszher than the applicable federal rate with deferred payments and it
must be long term.
Alternatively,,
Projects with a net equity factor(as further defined in regulation) of at least .43) and up to .52 will
earn points as shown below in this Basic Point Category. The factor will be evaluated at least
annually and adjusted to reflect current market conditions. To earn points, the owner's equity
must constitute at least 30% of total residential costs. Points will be awarded as follow:
0 .43 factor earns I point
o .44 factor earns 2 points
0 .45 factor earns 3 points
o .46 factor earns 4 points
o .47 factor earns 5 points
o .48 factor earns 8 points
o .49 factor earns I I points
o .50 factor earns 14 points
o .51 factor earns 17 points
0 .52 factor earns 20 points
Amended and Adopted January 14, 1994 24
g` EXHIBIT C Page 3
Calculation of the equity factor may include an owner equity contribution. If the donation of land
by the developer is included in equity, its value will be the lesser of the purchase price or
y
appraised value. Reservations and subsequent allocations will be based on the tax credit factor for
' which points are awarded. Staff may recommend denial of points in this category if, based on the
characteristics of the project and financial statements of the applicant, it is not satisfied that the
factor is likely to be achieved. If the project does not achieve the tax credit factor for which it
was awarded points, the applicant will be required to make up the difference from its own
`£ resources.
;x.
A project cannot receive points under both the local financing and equity factor categories.
A maximum of 20 points can be earned in this category.
The total number of Basic Points which all projects can earn is summarized as follow
Lowest Incomes Targeted 35 points maximum
Longest Period of Affordability 25 points maximum
Financial Contribution 20 points maximum
TOTAL BASIC POINTS 80 POINTS MAXIMUM
Deductions for Uncommitted Subsidies
Projects with uncommitted soft seconds or rental subsidies may be deemed feasible, assuming all other
measures of the project's feasibility are sound. However, up to 10 points will be deducted from
applications in which soft seconds or rental subsidies are required for feasibility at the income levels being
targeted but which are not committed at the time of application. For soft seconds, the number o_f points
deducted depends upon the percentage of total proposed soft seconds that are uncommitted.
For projects having 50% soft seconds fully committed
plus 50% conditionally approved (as defined in regulation) -3 points
For projects having just 50% soft seconds fully committed
and for projects having 100% at least conditionally approved . -5 points
For projects not meeting the above minimum percentage
for committed or approved soft seconds and those in which rental
subsidies are not 100% committed -10 points
Amended and Adopted January 14, 1994 25
1 �5
v
' • EXHIBIT C Page 4 �o>�'
OQ
Senior Projects
Because the need for senior housing for very low and low income seniors continues to go unmet in some
areas, the tax credit program allows senior projects to be competitive where deeper income targeting and
correspondingly lower rents are proposed and the market area shows a high demand. To earn points in
the Senior Point Category, a project must first demonstrate that it meets these additional threshold
requirements:
1. Demonstrated need for senior housing at the income targeted;
2. Senior units must be restricted to residents 62 years of age or older(at least one family
member) or the tenant or co-tenant is disabled or handicapped;
3. The project must be located on a suitable site within reasonable walking distance of basic
services;
4. Projects over two stories must have an elevator unless otherwise justified;.and
5. No more than 20% of the targeted units in the project are 2-bedroom units. (A waiver
may be granted by TCAC for newly constructed projects in default or for rehabilitation
projects.) One larger unit may be included for use as a manager's unit.
Once a Senior project has met the additional thresholds, its project characteristics that will be scored are
as follow:
Additional Units Targeted up to 10 points
(Additional 40% of units rented to seniors at 50% of median with rents at the targeted
income level; 2.5 points for each 10% up to 40%)
Deeper income targeting and lower rents 5 points
(Half of the 50% units above rented to seniors at 40% of median with rents at the targeted
income level. If points were not requested above but income targeting points were awarded
in the Basic Points category, 5 points will be awarded if the 20% agreed to in Basic Points
are further reduced to the 40% level.)
Designated recreational/community area features up to 5 points
TOTAL SENIOR POINTS 20 POINTS MAXRVfUM
Amended and A4ped January 14, 1994 28
INCOME REVENUE PROJECTIONS
EXHIBIT D: PROJECTION OF TAX INCREMENT REVENUE AT 5 PERCENT
FISCAL GROSS TAX HOUSING DEBT NET ANNUAL
YEAR INCREMENT SET- SERVICE TAX
ASIDE INCREMENT
1994 971.000 194200 207000 569800
1995 1019550 203910 207000 608640
1996 1070527 214105 207000 649422
1997 1124053 224810 207000 692243
1998 1180255 236051 207000 737204
1999 1239267 247853 207000 784414
2000 1301230 260246 207000 833984
2001 1366291 273258 207000 886033
EXHIBIT D: PROJECTION OF TAX INCREMENT REVENUE AT 20 PERCENT
FISCAL GROSS TAX HOUSING DEBT NET ANNUAL
YEAR INCREMENT SET- SERVICE TAX
ASIDE INCREMENT
1994 971,000 194200 207000 569800
1995 1165200 233040 207000 725160
1996 1398240 279648 207000 911592
1997 1677888 335577 207000 1135311
1998 2013465 402693 207000 1403772
1999 2416158 483231 207000 1725927
2000 2899389 579888 207000 2112501
2001 3479267 695853 207000 2576414