San Diego Housing Commission Partnership COMM 22 Senior Apartments Loan Confirmation & Preliminary Bond Items Ann Kern & Joe Correia Real Estate Department May 11, 2012
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San Diego Housing Commission Partnership
COMM 22 Senior Apartments
Loan Confirmation & Preliminary Bond Items
Ann Kern & Joe Correia
Real Estate Department
May 11, 2012
COMM 22 Development Aerial Photo
San Diego Housing Commission Slide #2
San Diego Housing Commission Slide #3
Existing Property Conditions
Site Photo
San Diego Housing Commission Slide #4
Existing Property Conditions
Site Photo
• Site A – COMM 22 Senior Housing Development
• Sites B & C – COMM 22 Family Housing Development
• Site D – Warehouse Conversion to lofts
• Site E – Row houses for sale
San Diego Housing Commission Slide #5
COMM 22 Development Site Plan
San Diego Housing Commission Slide #6
COMM 22 Development Site Plan
San Diego Housing Commission Slide #7
Rendering - Senior Apartments & Daycare COMM 22 Senior Apts– SDHC Partnership
• LEED Silver standards (LEED for Homes – Mid Rise)
• Energy efficient windows, appliances, and HVAC units
• Efficient landscaping and environmentally friendly finish
materials
• Considering the use of solar thermal system for hot water
heating system
• Construction recycling to minimize waste
San Diego Housing Commission Slide #8
Project Sustainability
COMM 22 Senior Apts—SDHC Partnership
Affordability Mix
Studios
(428 to 504 sq feet)
One Bedrooms (504
to 709 sq feet)
Two Bedrooms
(816 square feet)
Non HUD 202 Units:
Units
Estimated
Net Rents
Units
Estimated
Net Rents
Units
Estimated
Net Rents
Total
30% AMI units 3 $407 * 0 -- 1 $516 * 4
40% AMI units 6 $547 * 6 $582 * 0 -- 12
50% AMI units 6 $688 * 15 $733 * 2 $828 * 23
Subtotal 15 21 3 39
HUD 202 Units:
30% AMI - HUD 202 0 -- 11 $250 * 0 -- 11
50% AMI - HUD 202 0 -- 19 $250 * 0 -- 19
Subtotal 0 30 0 30
Manager’s unit 0 -- 0 -- 1 Managers 1
Total Units 15 -- 51 -- 4 -- 70
• COMM 22 Senior Housing - 69 restricted units (72 total bedrooms),
and 1 manager’s unit.
San Diego Housing Commission Slide #9
Affordability Rent Table
COMM 22 Senior Apts– SDHC Partnership
Housing Commission Approved
2008
2008
Estimate
Developer’s Proposed Revision
2012
2012
Estimate
State Department of Housing and
Community Development (Transit
Oriented Development) loan
$5,037,584
State Department of Housing and
Community Development (Transit
Oriented Development) loan
$3,850,000
Housing Commission loan $4,200,000 Housing Commission loan $4,200,000
HUD Section 202 loan $4,868,370
TOD grant. . . . . ($ 833,724)
IIG grant. . . . . . ($1,820,625)
CalReUse grant ($ 89,989)
SANDAG grant ($ 191,761)
Subtotal
$2,936,099
9% Tax Credit equity $15,196,266 4% Tax Credit equity $7,519,940
Developer General Partner equity $1,519 Developer General Partner equity $752
Total Development Cost (TDC) $24,435,369 Total Development Cost (TDC) $23,375,161
TDC Per Unit $349,077 TDC Per Unit $333,931
SDHC Subsidy Per Unit $60,000
• Estimated decrease in total development costs of $1,060,208
San Diego Housing Commission Slide #10
Estimated Sources of Permanent Financing– COMM 22 Senior Apts—SDHC Partnership
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