REPORT TO THE HOUSING AUTHORITY
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1 REPORT TO THE HOUSING AUTHORITY DATE ISSUED: February 9, 2015 REPORT NO: HAR ATTENTION: SUBJECT: Chair and Members of the Housing Authority of the City of San Diego For the Agenda of April 7, 2015 Hotel Churchill Development Plan Funding Increase COUNCIL DISTRICT: 3 REQUESTED ACTION Approve the staff recommendations and the affordable housing development plan outlined in this report for the rehabilitation of the Hotel Churchill, located at 827 C Street, San Diego, CA STAFF RECOMMENDATION That the Housing Authority of the City of San Diego (Housing Authority) take the following actions: 1) Approve the developer s request to provide an additional $3,300,000 consisting of grant and loan funds, to HDP Churchill L.L.C. (HDP L.L.C.), from sources as detailed in this report, for the affordable housing rehabilitation of Hotel Churchill; 2) Execute a U.S. Department of Housing and Urban Development (HUD) Moving-to-Work (MTW) new grant and related funding documents, as and to the extent determined advisable by the Executive Vice President and Chief Operating Officer (Executive Vice President) of the San Diego Housing Commission (Housing Commission) upon the advice of General Counsel of the Housing Commission, to reflect new MTW funding as referenced within Recommendation 4.b. below; 3) Execute new and/or revised loan agreements for new local funds as proposed and as referenced within Recommendation 4.b. below; 4) Authorize the Executive Vice President, or designee, to: a. Execute any and all documents and to perform such acts as are necessary or appropriate to implement these approvals, including without limitation the execution of the final agreements contemplated in the items approved by this action, upon the advice and consent of the General Counsel; b. Adjust financing terms/conditions as necessary for consistency with requirements of other funding sources or to accommodate market changes that may occur after approval of this report but before close of escrow. The following funding amounts may not increase without Housing Commission approval: the proposed revised $9,289,800 maximum MTW grants; the proposed $2,306,609 maximum Housing Commission local funds loan as referenced within this report; the maximum Housing Commission $3,800,000 previously approved loan
2 February 9, 2015 Hotel Churchill Development Plan Funding Increase Page 2 (consisting of $2,900,000 in HUD HOME Investment Partnerships Program (HOME) funds granted to the City of San Diego (City) and administered by the Housing Commission, and $900,000 of City Inclusionary Affordable Housing Funds or Single-Room Occupancy (SRO) Inclusionary In-Lieu funds); c. Substitute any portion of the proposed funding sources identified herein with any other available funds available within the Housing Authority-approved budget of the Housing Commission, should the operational need arise or should such actions be to the benefit of the Housing Commission and its mission, provided that the total Housing Commission funding provided to the Project does not exceed the amounts approved by the Housing Authority; and d. Amend the Housing Commission Budget for the Fiscal Year Ending 2015 to account for the additional $3,300,000 of funds to the Project. SUMMARY A development summary containing all tables listed in this report is included in Attachment 1. Table 1 - Development Details Address 827 C Street, San Diego, CA Council District 3 Community Plan Area Downtown Community Planning Council Development Type Lease with Rehabilitation Construction Type Type V Parking Type Surface parking (3 parking spaces, including 1 accessible space) Housing Type Single Room Occupancy Lot Size.23 acres, 10,000 square feet Units 73 (72 affordable units and one manager s unrestricted unit) Density 317 dwelling units per acre (73 units.23 acres = 317 d.u.) Unit Mix 73 SRO units Gross Building Area 39,950 square feet Net Rentable Area Outdoor Area 23,440 square feet It is anticipated that the outdoor area will be composed of the following approximate components: 930 sq. ft. hardscape plaza, 850 sq. ft. planting, 1,400 sq. ft. circulation/misc., 470 sq. ft. mechanical yard, 140 sq. ft. trash, 1,075 sq. ft. parking The renovation of Hotel Churchill (The Churchill) to create 72 Permanent Supportive Housing Units for homeless San Diegans is one of the five key components of Housing First San Diego, the Housing Commission s three-year Homelessness Action Plan (Housing First San Diego). Housing First San Diego was presented to the Housing Commission Board on November 21, 2014 (HCR14-066). The Churchill is a vacant SRO hotel located at 827 C Street, at the corner of Ninth Avenue and C Street, in the eastern part of Downtown San Diego along the San Diego Trolley line (Attachment 2 - site map). The Churchill is a seven-story structure (over a basement) that was built in On November 21, 2003, the City Historical Resources Board designated The Churchill a local historical landmark.
3 February 9, 2015 Hotel Churchill Development Plan Funding Increase Page 3 The Churchill is subject to the housing replacement requirements of the City s SRO Hotel Regulations Ordinance (San Diego Municipal Code Section ) and a foreclosure settlement agreement that requires restricting 57 SRO hotel rooms at 50 percent of San Diego Area Median Income (AMI) for a minimum period of 30 years. The Housing Commission acquired The Churchill and an adjacent parking lot on August 16, 2011, through a court settlement in a foreclosure proceeding. The foreclosure proceeding followed litigation in which the Housing Commission sued the previous owner for violation of the City s SRO Ordinance. When the Housing Commission acquired The Churchill, it was vacant, in significant disrepair, and was not in a safe and habitable condition. The Housing Commission took immediate action to safeguard The Churchill. With a budget of $350,000 the following safety actions have been implemented: Limited biohazard remediation; Removal and reinfestation prevention of feral pigeons; Temporary roof repairs; Clean up and removal of unwanted building contents; and Additional security to keep trespassers from occupying the building. Housing Development Partners (HDP) is a nonprofit affiliate of the Housing Commission. HDP proposed a development plan to lease The Churchill for 65 years and complete rehabilitation for 73 SRO units. The development plan was approved on May 10, 2013, by the Housing Commission (HCR13-049) and on June 11, 2013, by the Housing Authority (HAR13-015) (Attachment 3). Housing Commission- currently approved funding sources included: $2,900,000 of HOME funds, $900,000 of City Inclusionary Affordable Housing Funds or SRO Inclusionary In-Lieu funds, and $8,296,409 of MTW federal funds. Under the development plan, HDP and the Housing Commission executed funding agreements to begin the rehabilitation work. HDP plans a comprehensive rehabilitation of The Churchill. Ground Lease Pursuant to the approved loan terms, the Housing Commission will ground lease the property to the borrower, HDP Churchill L.L.C., for a 65-year term. HDP Churchill L.L.C. will pay 4.5 percent of gross income collected from all residential and non-residential sources to the extent available from project cash flow. Under the ground lease (and under to-be-recorded covenants, conditions and restrictions) all 72 affordable units will be rent and occupancy restricted for 65 years and there will be one unrestricted manager s unit. Table 2 - Development Team Summary Role/Firm Owner - HDP Churchill L.L.C, formed by Housing Development Partners (HDP) Architect - Studio E Architects Civil Engineering - KPRR Consulting Engineers General Contractor - Allgire General Contractors is the lowest responsive bidder. Phase I Environmental - Leighton and Associates Inc. Property Manager - Hyder Property Management Tenant Services Providers U.S. Department of Veterans Affairs, Providence Community Services, and Mental Health Systems Inc.
4 February 9, 2015 Hotel Churchill Development Plan Funding Increase Page 4 On July 30, 2014, Civic San Diego (Civic) approved an Owner s Participation Agreement along with a $3,000,000 loan. The San Diego City Council (City Council) approved an Owner s Participation Agreement (OPA) on November 17, Civic is currently reviewing the proposed funding revisions as possible updates to the City s OPA. In August 2014 the California Housing Finance Agency approved a $1,800,000 loan, consisting of state Mental Health Services Act (MHSA) funds. Design work was completed and submitted for a plan check on August 15, 2014, and interior demolition and hazardous material abatement was completed by contractor Davis-Reed Construction on November 24, To select a general contractor for the major rehabilitation work, a two-step bid solicitation process was conducted; pre-bid advertisements were placed by HDP in local newspapers San Diego Voice & Viewpoint, La Prensa, and U-T San Diego; and contractor applications were received. Six contractors were deemed qualified to bid in the pre-qualification process. On December 5, 2014, three (3) bids were received. Allgire Construction (Allgire) is the lowest responsive bidder. HDP s execution of an agreement with Allgire is subject to conditions, including Housing Authority approval of the funds increase. HDP s proposed proforma is provided as Attachment 4. A combination of factors resulted in a need to propose increasing project funding by $3,300,000. Despite some value engineering to reduce costs, the rehabilitation costs were higher than estimated prior to receiving construction bids because the cost consultant s original estimates were inaccurate. Other factors contributing to higher rehabilitation costs included the condition of the seventh floor s structural framework, which was determined to be unreinforced concrete. To improve safety the seventh floor will need to be rebuilt. In addition, construction costs are increasing rapidly in the industry. An additional $3,300,000 for the rehabilitation of The Churchill is requested. The proposed revised estimated financing sources are in Table 3A: Table 3A Churchill Estimated Sources of Financing Amounts Per Unit (Permanent) Estimated Financing Sources Proposed for Approval Housing Commission funding: a. MTW grant funds (previously approved) b. MTW additional grant funds (proposed) Subtotal grant funds c. HOME loan funds (previously approved) d. Local SRO In-Lieu Fees loan funds (previously approved) e. Local loan funds (proposed, may include SRO In-Lieu fees, Inclusionary, and/or Housing Trust fund). Subtotal loan funds f. Subtotal Housing Commission proposed grant funds and loan funds $8,296, ,391 9,289,800 $2,900, ,000 +2,306,609 6,106,609 15,396,409 $113, , ,258 39,726 12, ,597 83, ,910 City of San Diego loan funds $3,000,000 41,096 Mental Health Services Act loan funds $1,800,000 24,658 Deferred developer fee $400,000 5,479 Total Estimated Sources of Funds $20,596,409 $282,143
5 February 9, 2015 Hotel Churchill Development Plan Funding Increase Page 5 Table 3B Churchill Estimated Uses (Permanent) Estimated Financing Uses Proposed for Approval Amounts Per Unit Hard Costs $17,709,659 $242,598 Architect and Engineering 1,022,300 14,004 Third-Party Reports 41, Financing Costs 114,630 1,570 Reserves 198,956 2,725 City Permits and Fees 301,930 4,136 Soft Costs 807,934 11,069 Deferred Developer Fee 400,000 5,479 Estimated Total Development Cost (TDC) 52 Units $20,596,409 $282,143 Development Cost Key Performance Indicators Housing Commission staff has identified development cost performance indicators which are used to evaluate the proposal and make a recommendation. The key performance indicators in Table 4 are commonly used by real estate industry professionals and affordable housing developers. Table 4 - Key Performance Indicators Development Cost Per Unit $20,596, units = $282,143 Housing Commission Subsidy Per Unit $15,396, units = $210,910 Gross Building Square Foot Hard Cost $17,709,659 39,950 sq. ft. = $443 Net Rentable Square Foot Hard Cost $17,709,659 23,440 sq. ft. = $756 Project Comparison Chart Table 5 lists similar rehabilitation-type developments, funded over the previous four years, for an approximate comparison against the proposed rehabilitation development of The Churchill. Table 5 Comparable Rehabilitation Projects Total TDC Development Cost Per Units Cost Unit Construction Type SDHC Subsidy Per Unit Rehab Per Unit Project Name Year Rehab Cost Subject- The Churchill 2015 V 73 $20,596,409 $282,143 $210,910 $17,709,659 $242,598 San Diego Square 2014 V 156 $38,956,670 $249,722 None $11,941,655 $76,549 Westminster Manor 2014 V 155 $55,263,514 $356,539 None $13,285,062 $85,710 Mason Hotel 2011 V 17 $4,095,748 $240,926 $99,837 $2,843,420 $167,260 Connections Hsg V *223 $32,338,816 $145,017 $8,969 $20,652,576 $92,612 * Connections Housing includes 73 units and an additional 150 beds. Federal Sponsor-Based Housing Vouchers Previously HDP requested, and the Housing Commission approved, 72 HUD Sponsor-Based Housing Vouchers to provide rental subsidy to The Churchill. The Housing Commission awards federal Sponsor-Based Housing Vouchers to nonprofit organizations, or sponsors, that provide supportive services to homeless San Diegans.
6 February 9, 2015 Hotel Churchill Development Plan Funding Increase Page 6 Project Sustainability HDP will incorporate energy efficient design, systems, and materials into the building rehabilitation, in conformance with the Housing Commission s Sustainability Guidelines. Prevailing Wages Federal prevailing wages (but not State prevailing wages) will apply to the project. AFFORDABLE HOUSING IMPACT The property is currently subject to an amended Replacement Housing Agreement that requires 57 of the units to remain affordable to very low-income households (50 percent of AMI) for a period of 30 years under the terms of the City of San Diego s SRO Ordinance. The use of HOME funds, MTW funds, and Inclusionary Affordable Housing and/or SRO Inclusionary In-Lieu funds will impose additional affordability restrictions. The Churchill s 72 restricted units will be affordable to tenants with incomes at AMI levels ranging from 50 percent AMI (currently $27,650/year for a one-person household) to 80 percent AMI (currently $44,200/year for a one-person household). HDP will preserve 72 total affordable SRO units: 56 units for homeless veterans 8 units for youth aging out of the foster care system 8 units for adults exiting the corrections system who will also need supportive services +1 unrestricted manager s unit 73 total units The affordability by program is summarized in Table 6 below. Table 6 - Affordability by Program * Affordability Mix by Program Affordability Term Units Years 50 percent AMI HOME units: Five units restricted at 50 percent AMI under HOME program for 15 years years 60 percent AMI HOME units: 17 units restricted at 60 percent AMI under HOME program for 15 years years 50 percent AMI City SRO units: 57 units restricted at 50 percent AMI under City SRO Ordinance/ Replacement Housing Agreement for 30 years years 60 percent AMI Local Funds Loan units: All 72 non-manager units restricted at 60 percent AMI under proposed local funds loan (proposed loan may include SRO In-Lieu fees, Inclusionary, and/or Housing Trust fund) until 55 years years 80 percent AMI Moving-to-Work units: All 72 non-manager units restricted at 80 percent AMI under Moving-to- Work program until 65 years years Manager s unit (unrestricted) 1 * The more stringent of the affordability restrictions will apply during the term of their applicability. For example, for the first 30 years, 57 of the MTW units will be affordable at 50 percent of AMI under the City SRO Ordinance. Then for years 31 to 55 these 57 units will be affordable at 60 percent of AMI under proposed local funds loan. Then for years 56 to 65 these 57 units will be affordable at 80 percent AMI under the MTW program. Also, MTW s 72 required affordable units and the HOME
7 February 9, 2015 Hotel Churchill Development Plan Funding Increase Page 7 program s 22 required affordable units will be counted against the same units as the 57 City SRO Ordinance/Replacement Housing Agreement units requirement. ** Estimated rents are based upon fair market rents for federal Sponsor-Based Housing Vouchers. Estimated Development Schedule April 7, Housing Authority consideration. May 1, Estimated construction start. May 1, Estimated construction completion. FISCAL CONSIDERATIONS The proposed funding sources and uses for approval by this action will be included in the proposed Fiscal Year 2016 Housing Commission Budget. Approving this action will result in the rehabilitation of 72 affordable housing units and one manager s unit. This report s action proposes an additional $3,300,000 ($2,306,609 proposed new loan [using local funds] + $993,391 proposed new MTW grant = $3,300,000). Total Housing Commission proposed funds are summarized as follows: Housing Commission loan: $2,900, HOME loan funds (previously approved) , SRO In-Lieu Fees loan funds (previously approved). $3,800, Subtotal Housing Commission loan (previously approved). $103, SRO In-Lieu Fees loan (proposed). 880, Housing Trust Fund loan (proposed). +1,322, Inclusionary funds loan (proposed). $2,306, Subtotal Housing Commission additional loan (proposed). $6,106, Total Housing Commission proposed loan. Housing Commission grant funds: $8,296,409 MTW grant funds (previously approved) ,391 MTW grant funds (proposed). $9,289,800 Total MTW proposed grant Funding uses approved by this action will be allocated as follows: Loans and Grants - $3,300,000. Approving this action will further authorize the Executive Vice President, or designee, to substitute the above funding sources with other available funding sources as long as the total revised commitment of funds to the project from the Housing Commission and Housing Authority does not exceed an additional $3,300,000 as described in this report. Funding substitutions will be memorialized in an Informational Report at the next scheduled Housing Commission Board Meeting. Loan Terms The proposed additional loan funds will be as a 3 percent residual receipts loan at simple interest due in 55 years. Other loan terms for the proposed Housing Commission additional loan will be the same as the previously approved loan terms which are included as the Letter of Intent in Attachment 3 (HAR13-
8 February 9, 2015 Hotel Churchill Development Plan Funding Increase Page Hotel Churchill Development Plan). Except that: (i) the Housing Commission's share of residual receipts and cost savings vis-à-vis Civic and the California Housing Finance Agency shall be in proportion to the Housing Commission's previously approved loan amount of $3,800,000; (ii) the additional Housing Commission loan amount of $2,306,609 shall be secured by a deed of trust which is subordinate to all other deeds of trust on the property; and (iii) construction of the project will be subject to payment of Federal Davis Bacon prevailing wages, but is not anticipated to be subject to, or be required to pay, State of California prevailing wages. PREVIOUS COUNCIL and/or COMMITTEE ACTION On November 20, 2007, the City Council voted unanimously in Closed Session on Item CS-1 to approve a settlement of San Diego Superior Court (Case No. GIC858800). This action resulted in an SRO Replacement Housing Agreement for this project and the permanent designation of 57 lowincome SRO units under the provisions of the SRO Ordinance. On August 15, 2008, and November 13, 2009, the Housing Commission Board approved time extension requests by the owner at the time to complete The Churchill s rehabilitation work by November 30, 2009, due to delays in replacing the elevator equipment. On May 13, 2011, the Housing Commission Board approved a settlement of the pending litigation for judicial foreclosure against J&J Properties A, L.L.C. and authorized the Housing Commission to accept a Deed in Lieu of Foreclosure in accordance with the terms of the prior settlement approved by the City Council on November 20, Based upon this settlement in 2011, the Housing Commission accepted the Deed in Lieu of Foreclosure on August 16, On February 17, 2012, (HCR12-038) and on April 10, 2012, (HAR12-02) Hotel Churchill Development Plan the Housing Commission and Housing Authority respectively approved a development plan to find an experienced developer/tax credit partner/contractor team to oversee all aspects of The Churchill rehabilitation. In April 2012, the Housing Commission issued an RFP to select a development team to rehabilitate the Churchill and operate it as an SRO hotel. On September 14, 2012, (HCR ) the Housing Commission Board rejected all proposals received in response to the RFP. On May 10, 2013, the Housing Commission approved a Hotel Churchill development plan for HDP (HCR13-049). On June 11, 2013, the Housing Authority approved a Hotel Churchill development plan for HDP (HAR13-015). On February 10, 2015, the development was presented to, and approved by, the Housing Commission s Real Estate Committee. This item was approved at the March 19, 2015, Housing Commission meeting. KEY STAKEHOLDERS and PROJECTED IMPACTS Stakeholders for this project include the Housing Commission as property owner, HDP as the developer, the City and low-income residents who would benefit from having these SRO units available for rent, nearby residents and businesses, and subcontractors and laborers who will have work opportunities as a result of The Churchill s rehabilitation. The rehabilitation is expected to have a positive impact on the community because it will cure blight, improve this housing and preserve the period of affordability for 65 years. ENVIRONMENTAL REVIEW The proposed development activity in this report is covered under the Final Environmental Impact Report for the San Diego Downtown Community Plan, Centre City Planned District Ordinance and the
9 February 9, 2015 Hotel Churchill Development Plan Funding Increase Page 9 10th Amendment to the Redevelopment Plan for the Centre City Redevelopment Project, which was certified by the Redevelopment Agency by Resolution R and by the San Diego City Council by Resolution R on March 14, 2006, and the Addenda certified thereafter in 2007 and The Hotel Churchill is a local historic resource, and the rehabilitation will be required to be consistent with the U.S. Secretary of the Interior s Standards and in compliance with the City of San Diego Land Development Code (Historical Resources Regulations). Additionally, requirements of the adopted Final Mitigation, Monitoring and Reporting Program (MMRP) for the Downtown EIR will be applied at the time of project review and permitting. An Environmental Assessment was previously prepared for the project and a Finding of No Significant Impact (FONSI) determination was made in accordance with the requirements of Section of Title 24 of the Code of Federal Regulations and the National Environmental Policy Act (NEPA). Authorization for the use of grant funds was subsequently issued by HUD in August of The approval of supplemental assistance is categorically excluded under NEPA pursuant to Section 58.35(b)(7) as no substantial changes in the nature, magnitude or extent of the project are proposed and no new circumstances or environmental conditions will affect or have a bearing on the project s impacts. STATEMENT for PUBLIC DISCLOSURE HDP s Statement for Public Disclosure is at Attachment 5. CONFLICT DISCLOSURE STATEMENT: Commissioners Gary Gramling, Roberta Spoon, and President and Chief Executive Officer (President & CEO) of the Housing Commission, Richard C. Gentry, are each directors and officers of Housing Development Partners (HDP), a California nonprofit public benefit corporation qualified as an Internal Revenue Code Section 501(c) (3) corporation. Commissioner Gramling, Commissioner Spoon, and President & CEO Gentry receive no compensation for their service on the HDP Board of Directors. Pursuant to the provisions of Government Code Sections (a) (7) and (a) (8), Commissioner Gramling, Commissioner Spoon, and President & CEO Gentry each have a non-interest as described in Government Code Section Furthermore, none of HDP s board members has a financial interest in this development that would legally preclude their participation under the provisions of Government Code Sections 1090 and/or 87100, et.seq. [because a 501(c) (3) nonprofit corporation is not a business entity for the purposes of state law and because HDP has been determined to be a public agency by the Ethics Commission for local conflict law purposes] and/or the Housing Commission s Conflict of Interest Code. As members of the Board of Commissioners of the Housing Commission, Mr. Gramling and Ms. Spoon are legally entitled to vote and be counted for quorum purposes. This disclosure shall be and is hereby documented in the official records of the Housing Commission. Further, HDP has formed an affiliated limited partnership HDP L.L.C. to act as owner/borrower. HDP will be the sole member/managing member of HDP L.L.C. Commissioners Gramling, Spoon and President & CEO Gentry will all have non-interests with any affiliated limited partnership. Respectfully submitted, J.P. Correia J.P. Correia Real Estate Manager Real Estate Division Approved by, Deborah N. Ruane Deborah N. Ruane Senior Vice President Real Estate Division
10 February 9, 2015 Hotel Churchill Development Plan Funding Increase Page 10 Attachments: 1) Development Summary 2) Site Map 3) Housing Authority report HAR ) HDP s Project pro forma 5) Statement for Public Disclosure Hard copies are available for review during business hours in the main lobby of the San Diego Housing Commission offices at 1122 Broadway, San Diego, CA and at the Office of the San Diego City Clerk, 202 C Street, San Diego, CA You may also review complete docket materials on the San Diego Housing Commission website at
11 ATTACHMENT 1 DEVELOPMENT SUMMARY Table 1 - Development Details Address 827 C Street, San Diego Council District 3 Community Plan Area Downtown Community Planning Council Development Type Lease with Rehabilitation Construction Type Type V Parking Type Surface parking (3 parking spaces including 1 accessible space) Housing Type Single Room Occupancy Lot Size.23 acres, 10,000 square feet Units 73 (72 affordable units and one manager s unrestricted unit) Density 317 dwelling units per acre (73 units.23 acres = 317 d.u.) Unit Mix 73 SRO units Gross Building Area 39,950 square feet Net Rentable Area 23,440 square feet Outdoor Area It is anticipated that the outdoor area will be comprised of the following approximate components: 930 sq.ft. hardscape plaza, 850 sq.ft. planting,1400 sq.ft. circulation/misc, 470 sq.ft. mechanical yard,140 sq.ft. trash,1075 sq.ft. parking Table 2 - Development Team Summary Role/Firm Owner - HDP Churchill L.L.C, formed by Housing Development Partners (HDP) Architect - Studio E Architects Civil Engineering - KPRR Consulting Engineers General Contractor - Anticipated to be Allgire General Contractors Phase I Environmental - Leighton and Associates Inc. Property Manager - Hyder Property Management Tenant Services Providers - Veterans Administration, Providence Community Services, and Mental Health Systems Inc. Table 3A Churchill Estimated Sources of Financing (Permanent) Estimated Financing Sources Proposed for Approval Amounts Per Unit Housing Commission funding: a. MTW grant funds (includes $993,391 proposed additional MTW funds) b. Local funds grant funds (including local, SRO In-Lieu fees, Inclusionary, and Housing Trust fund). Subtotal proposed grant funds c. HOME loan funds (same as previously approved) d. Local SRO In-Lieu Fees loan funds (same as previously approved) Subtotal proposed loan funds e. Subtotal Housing Commission proposed grant and loan funds $9,289, ,306,609 11,596,409 2,900, ,000 3,800,000 15,396,409 $ 127, , ,855 39, ,329 52, ,910 City of San Diego loan funds 3,000,000 41,096 Mental Health Services Act loan funds 1,800,000 24,658 Deferred developer fee 400,000 5,479 Total Estimated Sources of Funds $20,596,409 $282,143
12 Table 3B Churchill Estimated Uses (Permanent) Estimated Financing Uses Proposed for Approval Amounts Per Unit Hard Costs $17,709,659 $242,598 Architect and Engineering 1,022,300 14,004 Third-Party Reports 41, Financing Costs 114,630 1,570 Reserves 198,956 2,725 City Permits and Fees 301,930 4,136 Soft Costs 807,934 11,069 Developer Fee 400,000 5,479 Estimated Total Development Cost (TDC) 52 Units $20,596,409 $282,143 Table 4 - Key Performance Indicators Development Cost Per Unit $20,596, units = $282,143 Housing Commission Subsidy Per Unit $15,396, units = $210,910 Gross Building Square Foot Hard Cost $17,709,659 39,950 sq. ft. = $443 Net Rentable Square Foot Hard Cost $17,709,659 23,440 sq. ft. = $756 Table 5 - Comparable Rehabilitation Projects Project Name Year Construction Type Units Total Development Cost TDC Cost Per Unit SDHC Subsidy Per Unit Rehab Per Unit Rehab Cost Subject- The Churchill 2015 V 73 $20,596,409 $282,143 $210,910 $17,709,659 $242,598 San Diego Square 2014 V 156 $38,956,670 $249,722 None $11,941,655 $76,549 Westminster Manor 2014 V 155 $55,263,514 $356,539 None $13,285,062 $85,710 Mason Hotel 2011 V 17 $4,095,748 $240,926 $99,837 $2,843,420 $167,260 Connections Hsg V *223 $32,338,816 $145,017 $8,969 $20,652,576 $92,612 * Connections Housing includes 73 units and an additional 150 beds. Table 6 - Affordability by Program Affordability Mix by Program SRO Units (estimated 350 sq. feet) Units Estd Rents ** Affordability Term 50 percent AMI HOME units: Five units restricted at 50 percent AMI under HOME program for 15 years. 5 $ years 60 percent AMI HOME units: 17 units restricted at 60 percent AMI under HOME program for 15 years. 17 $ years 50 percent AMI City SRO units: 57 units restricted at 50 percent AMI under City SRO Ordinance/ Replacement Housing Agreement for 30 years. 57 $ years 60 percent AMI Local Funds Loan units: All 72 non-manager units restricted at 60 percent AMI under proposed local funds loan (proposed loan may include SRO In-Lieu fees, Inclusionary, and/or Housing Trust fund) until 55 years. 72 $ years 80 percent AMI Moving-to-Work units: All 72 non-manager units restricted at 80 percent AMI under Moving-to- Work program until 65 years. 72 $ years Manager s unit (unrestricted) 1 -- F:Churchill Attachment 1 Revised
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15 ATTACHMENT 3 - REPORT HAR13-015
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51 ATTACHMENT 5 - STATEMENT FOR PUBLIC DISCLOSURE
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