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REPORT FROM
OFFICE OF THE CITY ADMINISTRATIVE OFFICER
Date:
To:
From:
Subject:
Proposition HHH Administrative Oversight Committee
Richard H. Llewellyn, Jr., City Administrative Officer
COMMUNICATION FROM THE PROPOSITION HHH CITIZENS OVERSIGHTCOMMITTEE RELATIVE TO A REPORT FROM THE CITYADMINISTRATIVE OFFICER REGARDING THE PROPOSITION HHH FISCAL YEAR 20 -2 PROJECT EXPENDITURE PLAN AND AMENDMENTSTO THE FISCAL YEAR 2018-19 PROJECT EXPENDITURE PLAN
SUMMARY
At its meeting on Thursday, April 9, 2020, the Proposition HHH (Prop HHH) Citizens Oversight Committee (COC) considered the attached report from the Housing and Community Investment Department (HCID) relative to recommendations from the Housing and Community Investment Department regarding the Prop HHH Fiscal Year (FY) 2020-21 Project Expenditure Plan (PEP) and Amendments to the Prop HHH FY 2018-19 PEP. The COC voted to forward this report to the PropHHH Administrative Oversight Committee (AOC) for consideration.
The FY 2020-21 PEP includes 35 projects comprised of 1,739 total housing units, 1,577 of which are supportive, for a total of $179,033,312 in Prop HHH gap financing. This includes $78,526,666for 16 Prop HHH Housing Innovation Challenge projects. The average per unit Prop HHH subsidy for traditional projects is $141,980. The average per unit Prop HHH subsidy for Prop HHH Housing Innovation Challenge projects is $78,605.
The report also includes recommendations to amend the FY 2018-19 PEP to add $1,500,000 in Prop HHH funding for two existing projects.
During the presentation, HCID reported that Recommendation D should reflect $85,122,732, which is also reflected in Table 1 of the report. Recommendation D in this transmittal has been updated to reflect the typographical error.
RECOMMENDATIONS
That the Proposition HHH Administrative Oversight Committee recommend that the Council, subject to approval by the Mayor:
A. APPROVE funding in the amount of $125,172,612 for Proposition HHH PermanentSupportive Housing Projects (Attachment A1);
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April 10, 2020
PAGE2
B. APPROVE the Fiscal Year 2018-2019 Project Expenditure Plan to be amended to include a $960,000 increase in funding to the Depot at Hyde Park project (Attachment C);
C. APPROVE the Fiscal Year 2018-2019 Project Expenditure Plan be amended to include a $540,000 increase in funding to the PATH Villas Hollywood project (Attachment C);
D. APPROVE funding in the amount of $85,122,732 for the Fiscal Year 2019-2020 Project Expenditure Plan;
E. APPROVE the Fiscal Year 2020-2021 Project Expenditure Plan with a final funding allocation not to exceed $179,033,312 for eligible costs (Attachment B);
F. AUTHORIZE HCIDLA’s General Manager, or designee, to negotiate and execute loan documents, covenant/regulatory agreements, and any other documents necessary to implement the Fiscal Year 2020-2021 Project Expenditure Plan (Attachment B) with each of the borrowers on projects selected for funding, subject to the approval of the City Attorney as to form;
G. AUTHORIZE the disbursement of HHH funds to take place after the sponsor obtains enforceable commitments for all proposed funding, including, but not limited to, the full amount of funding and/or tax credits proposed; and
H. AUTHORIZE HCIDLA to amend Project Expenditure Plans, subject to the CAO and Bond Counsel review, with projects that are ready to execute a loan agreement and have a HHH Letter of Commitment previously approved by the HHH COC, HHH AOC, City Council and Mayor.
RHL:YC:MB:EMM:16200054
~ HOUSI :\IG+COM MUN!TY
Investment Departmeni
Housing Development Bureau 1200 West 7th Slreet, Los Angeles, CA 90017 tel 213.808.86381 fax 213.808.861i"J hCdla.lacity.org
INTER-DEPARTMENTAL MEMORANDUM
Er; c G:, rcett i, Mayor Rushmore D. Cervantes, General Manager
TO:
FROM:
PROPOSITION HHH CITIZENS OVERSIGHT COMMI~ E- ~
RUSHMORE D. CERVANTES, GENERAL MANAGERh/~
DATE:
REGARDING:
SUMMARY
LOS ANGELES HOUSING+ COMMUNITY INVESTMENT DEPARTMENT
APRIL 9, 2020
PROPOSITION HHH
FY 2020-2021 PROJECT EXPENDITURE PLAN REPORT
The Los Angeles Housing and Community Investment Department (HCIDLA) recommends 35 projects from the Proposition HHH Permanent Supportive Housing Loan Program (HHH Program) and the Proposition HHH Housing Innovation Challenge Program to be included in the Fiscal Year (FY) 2020-2021 Project Expenditure Plan (PEP). The 35 projects have an HHH loan commitment of $90,394,646 (Attachment B) and request a funding amount of $38,549,880 in FY 2020-2021 (Attachment A4).
HCIDLA recommends a total funding in the amount of $125,172,612 to be issued within Fiscal Year (FY) 2020-2021. This amount is comprised of four categories of projects, described in detail later in this report:
1. PEP FY 2020-2021 - HHH Program Funding Recommendation 2. PEP FY 2020-2021 - Proposition HHH Housing Innovation Challenge Program Funding
Recommendation 3. PEP FY 2018-2019 - Amendment 4. PEP FY 2019-2020 - Funding Recommendation
RECOMMENDATIONS
I. The General Manager of HCIDLA respectfully requests that the Proposition HHH Citizens Oversight Committee (COC) recommend to the Proposition HHH Administrative Oversight Committee (AOC), for further consideration by the City Council and the Mayor, to address the following actions:
An Equa: Oppor:unity / Affirma1i•1e Act on Ernpl0\'<"r
HHH Citizen's Oversight Committee Report: HH H PY 2020-2021 Project Expen.diture Plan Page2
A. APPROVE funding in the amount of $125,172,612 for Proposition HHH Permanent Supportive Housing Projects (Attachment Al);
B. APPROVE the FY 2018-2019 PEP to be amended to include a $960,000 increase in funding to the Depot at Hyde Park project (Attachment C);
C. APPROVE the FY 2018-2019 PEP be amended to include a $540,000 increase in funding to the PA TH Villas Hollywood project (Attachment C);
D. APPROVE funding in the amount of$84,277,734 for the PEP FY 2019-2020;
E. APPROVE the Project Expenditure Plan FY 2020-2021 with a final funding allocation not to exceed $179,033,312 for eligible costs (Attachment B);
F. AUTHORIZE HCIDLA's General Manager, or designee, to negotiate and execute loan documents, covenant/regulatory agreements, and any other documents necessary to implement the Project Expenditure Plan Fiscal Year 2020-2021 (Attachment B) with each of the borrowers on projects selected for funding, subject to the approval of the City Attorney as to form;
G. AUTHORIZE the disbursement of HHH funds to take place after the sponsor obtains enforceable commitments for all proposed funding, including, but not limited to, the full amount of funding and/or tax credits proposed; and
H. AUTHORIZE HCIDLA to amend Project Expenditure Plans, subject to the CAO and Bond Counsel review, with projects that are ready to execute a loan agreement and have a HHH Letter of Commitment previously approved by the HHH COC, HHH AOC, City Council and Mayor.
BACKGROUND
To date, there are currently 112 projects in the HHH pipeline, 60 of which have been funded in three previous PEPs. HCIDLA proposed a funding authorization for Cadence Apartments through a separate action.
Presently, HCIDLA recommends total funding in the amount of$125,172,612 to be issued within FY 2020-2021. This amount is comprised of the four categories of projects described below.
1. PEP FY 2020-2021 - HHH Program Funding Recommendation
The HHH loan need for 13 projects from the HHH Program, to be included in the FY 2020-2021 PEP, constitutes $38,549,880 of the total recommended amount (see Table 1 and Attachment A4). Although it is included in the 13 projects listed for the FY 2020-2021 PEP, HCIDLA proposed the funding recommendation for Cadence Apartments (formerly known as 11408 S. Central) through a previously routed action, to allow the project to meet its targeted construction loan closing date.
HHH Citizen's Oi:ersight Commillee Report: HHH FY 2020-2021 Project Expenditure Plan Page]
2. PEP FY 2020-2021 - Proposition HHH Housing Innovation Challenge Program Funding Recommendation
In addition to the 112 projects in the HHH pipeline, there are six development team awardees of the Proposition HHH Housing Innovation Challenge. These six development teams have proposed approximately 22 projects representing 999 total units and 977 supportive housing units. Consequently, HCIDLA also recommends 22 projects from the Proposition HHH Housing Innovation Challenge Program to be included in the FY 2020-2021 PEP. The 22 projects do not require funding to be issued within FY 2020-2021 (see Table 1 and Attachment A4). In the event any projects in the Mayor's Innovative Housing Challenge need funding, these can be exchanged with projects that are delayed in their need for HHH funds.
The combined 35 proposed projects (13 from the HHH Program and 22 from the Proposition HHH Housing Innovation Challenge Program) were approved under the HHH Program pool of projects that met threshold requirements in the FY 2018-2019 Call for Projects Rounds 2 and 3.
3. PEP FY 2018-2019 - Amendment
H CID LA recommends that the issuance for the FY 2018-2019 PEP be amended to include $1,500,000 in additional funds (Table I and Attachment A2), including an additional $960,000 for Depot at Hyde Park and an additional $540,000 for PA TH Villas Hollywood. The second Prop HHH issuance of $276,235,694 in FY 2018-2019 included $7,200,000 for Depot at Hyde Park and $11,780,000 for PA TH Villas Hollywood, two projects under the HHH Program (C.F. No. 17-0090-S6). It is recommended that Depot at Hyde Park receive an additional $960,000, increasing its total HHH loan amount to $8,160,000 and that PATH Villas Hollywood receive an additional $540,000, increasing its total HHH loan amount to $12,320,000 (Attachment A2).
4. PEP FY 2019-2020 - Funding Recommendation
HCIDLA also recommends funding in the amount of$85,122,732 to be issued for PEP FY 2019-2020 (Attachment A3).
To summarize the above, HCIDLA recommends 13 projects from the HHH Program, including Cadence, which has already received a funding authorization; and 22 Proposition HHH Housing Innovation Challenge Program projects for the current PEP - a total of 35 projects.
HCIDLA recommends funding in the amount of $125,172,612 to be issued, which includes the current PEP and 22 projects from previous PEPs. Of this total, HCIDLA recommends funding in the amount of $38,549,880 to be issued for the 35 proposed FY 2020-2021 projects. HCIDLA recommends the balance of the funding to be issued for previously approved PEPs in the amount of $85,727,734. Of this amount, $1,500,000 is for FY 2018-2019, and $85,122,732for PEP FY 2019-2020. See Table 1, below.
HHH Citizen's Oversight Committee Report: HHH FY 2020-2021 Project Expenditure Plan Page4
TABLE 1: HHH Permanent Supportive Housing Program and Housing Innovation Challenge Projects
No. PEP Fiscal Year Number of TotalHllll TotalHHH Projects Loan Commitment Fundin2 ReQuest
Total Proposed PEP Proposed HHH Pennanent Supportive
I. Housing Projects 12 $90,394,646 $32,549,880 2020-2021 PEP (FY 20)
2. Funding Authorization for Cadence l $10,112,000 $6,000,000 Apartments
3. Proposed HHH Housing Innovation Challenge Projects 2020-2021 PEP 22 $78,526,666 $0 (FY 20)
Subtotal Proposed PEP 35 179,033,312 $38,549,880 Total Previous PEPs
l. 2019-2020 PEP (FY19) 20 $194,344,468 $85,122,732 2. 2018-2019 PEP (FYJ8) 2 $1,500,000 $1,500,000
(Amendment increase}
Subtotal Previous PEPs 22 $195.844.468 $86,622,732 Grand Total 57 $374,877,780 $125,172,612
HCIDLA recognizes that a portion of the recommended HHH Program and Proposition HHH Housing Innovation Challenge Program projects may not commence within FY 2020-2021. lbis is due to many factors, including the constraints of HCIDLA's staff capacity, the competitive nature of the California Debt Limit Allocation Committee (CD LAC) and the California Tax Credit Allocation Committee (TCAC), and the potential delays in other financing or entitlements. HCIDLA also recognizes that there are projects that are not identified in previously approved PEPs or the current recommended PEP, that may need to be amended, or added to a PEP to replace any projects that experience the aforementioned constraints.
Recycled Income
In 2020, HCIDLA expects the first income from the accrued construction interest to be repaid at permanent loan conversion on HHH loans. It is HCIDLA's intention to recycle the proceeds from construction interest repayment, plus any other income that may eventually be derived from HHH loans ( e.g. loan repayments) to support an ongoing supportive housing loan program. The proceeds will be used to fund a housing loan program consistent with Proposition HHH. It is estimated that, over a IO-year period, with over 100 HHH deals, approximately $10,000,000 to $20,000,000 will be received, for an average of $1,000,000 to $2,000,000 per year as more projects complete construction. Projecting proceeds after 10 years will be more difficult to predict, but some projects will be able to provide residual receipt loan payments to HCIDLA and these proceeds would be put back into the program, as well. HCIDLA will evaluate projected proceeds annually.
ATTACHJvlENTS:
Attachment Al: Project Expenditure Plan Funding Recommendations Attachment A2: PEP 2 (2018-2019) (Amendment Increase)
HHH Citizen's Oversight Committee Report: H HH FY 2020-202 J Project Expenditure Plan Page5
Attachment A3: PEP 3 (2019-2020) Attachment A4: Proposed HHH Projects FY 2020-2021 Attachment B: Project Expenditure Plan Fiscal Year 2020-2021 Attachment C: Proposition HHH Project Expenditure Plan FY 2018-2019 Amendment Attachment D: HHH PSH and Housing Innovation Challenge Projects Staff Reports
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8
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259
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04/
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5138
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00
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216
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9,2
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$17,
819,
319
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H, C
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010
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2020
11/1
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2011
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1
0,90
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0 $1
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01/
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2011
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2022
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9160
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D28
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7/15
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01/
15/2
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2/22
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12/
22/2
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5
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01/
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22/2
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38,8
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123,
727
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HS, C
H Re
hab
TOD
343
4/15
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01/
15/2
020
10/1
5/20
2011
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2020
11/1
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22
12W
est T
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ce (f
ka S
ilver
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2018
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9 Ro
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757,
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2,20
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4$5
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04,9
00$5
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$524
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875
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$
6
,404
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1,97
7,03
918
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, H, I
, CH
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TOD
341
4/17
/202
07/
15/2
020
1/15
/202
12/
22/2
021
2/22
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3
13Fu
ndin
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thor
izatio
n fo
rCa
denc
e (fk
a 11
408
S. C
entr
al)
2018
-201
9 Ro
und
2LI
NC H
ousin
g Co
rpor
atio
n11
408
S CE
NTRA
L AVE
CA
9005
915
4%64
4632
01
170
$36,
069,
779
$
-
$2,7
00,0
00$3
3,36
9,77
9$5
63,5
90
$10,
112,
000
$10,
112,
000
$0$1
58,0
00$0
$0$0
$0 $
10,
112,
000
$12,
368,
537
28%
H, C
H Ne
wno
n-TO
D35
48/
15/2
019
10/1
6/20
194/
6/20
204/
13/2
020
12/1
0/20
21
SubT
OTA
L74
060
031
328
1365
3439
7,22
1,89
56,
566,
000
28,2
98,4
3036
1,33
5,27
510
0,50
6,64
6$
10
5,06
5,20
0$
2,
011,
446
$
-$
-
$
-$
10
0,50
6,64
6$
155,
832,
195
$
Av
erag
e57
4624
21
53
30,5
55,5
30$
505,
077
$
2,17
6,80
2$
27
,795
,021
$
7,73
1,28
0.46
$
8,
081,
938.
46$
15
4,72
6.62
$
14
1,98
0$
-$
-$
-
$
-$
7,
731,
280.
46$
11
,987
,092
$
162
nd S
tree
t PSH
2018
-201
9 Ro
und
3Re
stor
e Ne
i ghb
orho
ods L
A62
nd S
tree
t PSH
8n/
a20
1919
01
00
$3,9
50,4
93$0
$2,0
00,0
00$1
,950
,493
$
197,
525
$2,0
00,0
00$2
,000
,000
$010
0,00
0$
-
$
$0
$0$0
$
2
,000
,000
$0
51%
CH, H
, HD,
M, D
New
TOC
21N/
AN/
ATB
D2/
1/20
212/
1/20
222
Sout
h Fi
guer
ora
PSH
2018
-201
9 Ro
und
3Re
stor
e Ne
ighb
orho
ods L
ASo
uth
Figu
eror
a PS
H9
n/a
4039
390
10
0$7
,900
,986
$0$2
,000
,000
$5,9
00,9
86 $
19
7,52
5 $4
,000
,000
$4,0
00,0
00$0
100,
000
$
-$
$0$0
$0 $
4,0
00,0
00
$051
%CH
, H, H
D,M
, DNe
wAB
176
363
N/A
N/A
TBD
4/1/
2021
4/1/
2022
3No
rth
Wes
tlake
PSH
2018
-201
9 Ro
und
3Re
stor
e Ne
ighb
orho
ods L
ANo
rth
Wes
tlake
PSH
13n/
a20
1919
01
00
$3,9
50,4
93$0
$2,0
00,0
00$1
,950
,493
$
197,
525
$2,0
00,0
00$2
,000
,000
$010
0,00
0$
-
$
$0
$0$0
$
2
,000
,000
$0
51%
CH, H
, HD,
M, D
New
TOC
21N/
AN/
ATB
D12
/1/2
020
12/1
/202
14
RETH
INK
4 PS
H20
18-2
019
Roun
d 3
Rest
ore
Neig
hbor
hood
s LA
TBD
TBD
TBD
2019
190
10
0 T
BD
$0TB
DTB
DTB
D$2
,000
,000
$2,0
00,0
00$0
100,
000
$
-$
$0$0
$0 $
2,0
00,0
00
$0TB
DCH
, H, H
D,M
, DNe
wTO
C T
BD
N/A
N/A
TBD
TBD
TBD
5La
goon
PSH
2018
-201
9 Ro
und
3Fl
yaw
ay72
8 N.
Lago
on15
n/a
3534
340
10
0$1
2,70
0,00
0$0
$3,5
00,0
00$9
,200
,000
$
362,
857
$3,4
00,0
00$3
,400
,000
$097
,143
$
-
$
$0
$0$0
$
3
,400
,000
$0
27%
CH, H
, HD,
M, D
New
TBD
98N/
AN/
ATB
D8/
1/20
208/
1/20
216
Flya
way
PSH
2018
-201
9 Ro
und
3Fl
yaw
ay76
01 S
Fig
uero
raTB
DTB
D42
4140
01
00
TBD
$0
TBD
T
BD
TBD
$3,4
00,0
00$3
,400
,000
$080
,952
$
-
$
$0
$0$0
$
3
,400
,000
$0
TBD
TBD
New
TBD
TBD
N/
AN/
ATB
DTB
DTB
D7
Flya
way
PSH
2018
-201
9 Ro
und
3Fl
yaw
ay77
15-7
725
San
Pedr
oTB
DTB
D41
4040
01
00
TBD
$0
TBD
T
BD
TBD
$5,4
00,0
00$5
,400
,000
$013
1,70
7$
-
$
$0
$0$0
$
5
,400
,000
$0
TBD
TBD
New
TBD
TBD
N/
AN/
ATB
DTB
DTB
D8
Flya
way
PSH
2018
-201
9 Ro
und
3Fl
yaw
ayTB
DTB
DTB
D41
4040
01
00
TBD
$0
TBD
T
BD
TBD
$3,4
00,0
00$3
,400
,000
$082
,927
$
-
$
$0
$0$0
$
3
,400
,000
$0
TBD
TBD
New
TBD
TBD
N/
AN/
ATB
DTB
DTB
D9
Flya
way
PSH
2018
-201
9 Ro
und
3Fl
yaw
ayTB
DTB
DTB
D41
4040
01
00
TBD
$0
TBD
T
BD
TBD
$3,9
00,0
00$3
,900
,000
$095
,122
$
-
$
$0
$0$0
$
3
,900
,000
$0
TBD
TBD
New
TBD
TBD
N/
AN/
ATB
DTB
DTB
D10
Man
zani
ta C
ourt
PSH
2018
-201
9 Ro
und
3Br
illia
nt C
orne
rsW
est W
yand
otte
PSH
6n/
a23
2222
01
00
$9,4
26,2
08$0
$2,3
00,0
00$7
,472
,431
$
409,
835
$2,7
50,0
00$2
,750
,000
$011
9,56
5$
-
$
$0
$0$0
$
2
,750
,000
N/
A29
%CH
, H, H
D,M
, DNe
wAB
216
279
N/A
N/A
TBD
12/1
/202
012
/1/2
021
11Br
illia
nt C
orne
rs A
dapt
ive
Reus
e PS
H20
18-2
019
Roun
d 3
Brill
iant
Cor
ners
TBD
TBD
TBD
3231
310
10
0 T
BD
$0TB
DTB
DTB
D$4
,250
,000
$4,2
50,0
00$0
132,
813
$
-$
$0$0
$0 $
4,2
50,0
00
TBD
TBD
TBD
New
TBD
TBD
TB
DTB
DTB
DTB
DTB
D
12Ne
w Z
ones
of
Opp
ortu
nity
PSH
(F
amily
)20
18-2
019
Roun
d 3
Brid
ge H
ousin
gTB
DTB
D4%
8180
800
10
0 T
BD
$0 T
BD
TBD
TB
D$1
1,20
0,00
0$1
1,20
0,00
0$0
138,
272
$
-$
$0$0
$0 $
11,
200,
000
TBD
TBD
TBD
New
TBD
TBD
TB
DTB
DTB
DTB
DTB
D
13Ne
w Z
ones
of
Opp
ortu
nity
PSH
(T
AY)
2018
-201
9 Ro
und
3Br
idge
Hou
sing
TBD
TBD
4%61
6060
01
00
TBD
$0
TBD
T
BD
TBD
$8,5
00,0
00$8
,500
,000
$013
9,34
4$
-
$
$0
$0$0
$
8
,500
,000
TB
DTB
DTB
DNe
wTB
D T
BD
TBD
TBD
TBD
TBD
TBD
14Ha
rvar
d Ga
rden
s PSH
2018
-201
9 Ro
und
3Da
ylig
htHa
rvar
d Ga
rden
s PSH
104%
4746
460
10
0$1
8,32
9,64
2$0
$3,6
37,8
64$1
4,69
1,17
8 $
38
9,99
2 $9
,693
,333
$9,6
93,3
33$0
206,
241
$
-$
$0$0
$0 $
9,6
93,3
33
$5,8
19,1
5453
%HS
New
TOC
156
TBD
TBD
TBD
2/1/
2021
2/1/
2022
15O
atsie
's Pl
ace
2018
-201
9 Ro
und
3Da
ylig
ht16
015
Wes
t She
rman
Way
64%
4645
450
10
0$1
6,86
8,10
5$0
$2,4
91,5
16$1
4,37
6,58
9 $
36
6,69
8 $7
,733
,333
$7,7
33,3
33$0
168,
116
$
-$
$0$0
$0 $
7,7
33,3
33
$5,7
69,7
5746
%O
New
TBD
152
TBD
TBD
TBD
12/1
/202
012
/1/2
021
16Va
now
en P
SH20
18-2
019
Roun
d 3
Dayl
ight
Vano
wen
PSH
29%
4948
480
10
0$1
8,36
9,41
5$0
$3,3
91,6
69$1
4,97
7,74
6 $
37
4,88
6 $4
,900
,000
$4,9
00,0
00$0
100,
000
$
-$
$0$0
$0 $
4,9
00,0
00
$8,6
09,3
2227
%CH
, HNe
wTB
D15
9TB
DTB
DTB
D11
/1/2
020
11/1
/202
117
Stre
amlin
ing
Solu
tions
2018
-201
9 Ro
und
3M
ercy
/Abo
de/L
A Fa
mily
TBD
TBD
4%60
5959
01
00
TBD
$0
TBD
TBD
TBD
TBD
TBD
$0TB
D-
$
$0
$0$0
TBD
T
BD
TBD
TBD
Ne
w T
BD
TBD
T
BD
TBD
T
BD
TBD
T
BD
18St
ream
linin
g So
lutio
ns20
18-2
019
Roun
d 3
Mer
cy/A
bode
/LA
Fam
ilyTB
DTB
D4%
6059
590
10
0 T
BD
$0TB
DTB
DTB
DTB
DTB
D$0
TBD
-$
$0$0
$0 T
BD
TBD
TB
D T
BD
New
TBD
T
BD
TBD
T
BD
TBD
T
BD
TBD
19
Stre
amlin
ing
Solu
tions
2018
-201
9 Ro
und
3M
ercy
/Abo
de/L
A Fa
mily
TBD
TBD
4%60
5959
01
00
TBD
$0
TBD
TBD
TBD
TBD
TBD
$0TB
D-
$
$0
$0$0
TBD
T
BD
TBD
TBD
Ne
w T
BD
TBD
T
BD
TBD
T
BD
TBD
T
BD
20St
ream
linin
g So
lutio
ns20
18-2
019
Roun
d 3
Mer
cy/A
bode
/LA
Fam
ilyTB
DTB
D4%
6059
590
10
0 T
BD
$0TB
DTB
DTB
DTB
DTB
D$0
TBD
-$
$0$0
$0 T
BD
TBD
TB
D T
BD
New
TBD
T
BD
TBD
T
BD
TBD
T
BD
TBD
21
Stre
amlin
ing
Solu
tions
20
18-2
019
Roun
d 3
Mer
cy/A
bode
/LA
Fam
ilyTB
DTB
D4%
6059
590
10
0 T
BD
$0TB
DTB
DTB
DTB
DTB
D$0
TBD
-$
$0$0
$0 T
BD
TBD
TB
D T
BD
New
TBD
T
BD
TBD
T
BD
TBD
T
BD
TBD
22
Stre
amlin
ing
Solu
tions
20
18-2
019
Roun
d 3
Mer
cy/A
bode
/LA
Fam
ilyTB
DTB
D4%
6059
590
10
0 T
BD
$0TB
DTB
DTB
DTB
DTB
D$0
TBD
-$
$0$0
$0 T
BD
TBD
TB
D T
BD
New
TBD
T
BD
TBD
T
BD
TBD
T
BD
TBD
SubT
OTA
L99
997
797
60
220
091
,495
,342
021
,321
,049
70,5
19,9
1678
,526
,666
$
78,5
26,6
66$
-$
-
$
-$
-
$
78,5
26,6
66$
20,1
98,2
33$
Av
erag
e45
4444
01
00
4,15
8,87
9.18
$
-$
96
9,13
8.59
$
3,
205,
450.
73$
3,56
9,39
3.91
$
3,
569,
393.
91$
-
$
78,6
05.2
7$
-$
-$
-
$
-$
3,
569,
393.
91$
91
8,10
1.50
$
Tota
l Un
its
HHH
Fund
ed
SH
HHH
Fund
ed S
H Ch
roni
c
Non-
SH
Units
Mgr
Un
its
Not H
HH
Fund
ed
SHUn
its
Not H
HH
Fund
ed
Non-
SH T
DC
Tot
al H
HH Lo
an
Com
mitm
ent
1,73
91,
577
1,28
928
3565
3448
8,71
7,23
717
9,03
3,31
2$
Not
es:
All f
igur
es a
re H
HH re
leva
nt u
nles
s spe
cifica
lly n
oted
oth
erw
ise, a
nd a
re su
bjec
t to
chan
ge u
ntil
loan
clos
ing.
Bold
dat
es d
enot
e ac
tual
s.Pr
opos
ition
HHH
PSH
Loan
Pro
gram
fund
s are
ava
ilabl
e fo
r hom
eles
s uni
ts (P
SH) a
s wel
l as l
ow-in
com
e (a
fford
able
) uni
ts.
Lege
nd fo
r Pop
ulat
ions
Ser
ved
F =
Non-
hom
eles
s Fam
ilies
V =
Non-
hom
eles
s Vet
eran
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= H
omel
ess V
eter
ans
M =
Hom
eles
s Men
tal I
llnes
sS
= No
n-ho
mel
ess S
enio
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= Ho
mel
ess I
ndiv
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lsHS
= H
omel
ess S
enio
rO
= O
ther
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eles
sI =
Non
-hom
eles
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ivid
uals
CH =
Chr
onica
lly H
omel
ess
Y =
Hom
eles
s You
thIH
A =
Hom
eles
s ind
ivid
uals
with
HIV
/AID
SD
= No
n-ho
mel
ess d
isabl
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= H
omel
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amili
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omel
ess D
isabl
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omel
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omes
tic v
iole
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ffick
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GRAN
D TO
TAL
HH
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nded
Not
HH
H fu
nded
Atta
chm
ent B
.Pr
ojec
t Exp
endi
ture
Pla
n fo
r Fisc
al Y
ear 2
020-
2021
Prop
ositi
on H
HH P
erm
anen
t Sup
port
ive
Hous
ing
Prop
ositi
on H
HH H
ousin
g In
nova
tion
Chal
leng
e
#Pr
ojec
t Nam
eRd
Deve
lope
rAd
dres
sCD
Leve
rage
So
urce
Tota
l Un
itsPS
H Un
its
PSH
Chro
nic
Units
Non
-PS
H un
its
Mgr
Un
itsPS
H Un
itsN
on-
PSH
units
TDC
Publ
icly
ow
ned
Land
Co
st
Land
Cos
t (le
ss p
ublic
ly-
owne
d la
nd)
TDC
Less
Land
Co
stTD
C / U
nit
TDC
(less
la
nd)/
Uni
tTo
tal H
HH
Requ
est
HHH
PSH
$ Su
btot
alHH
H N
on P
SH
$ Su
btot
alPS
H $/
HHH
Un
itN
on P
SH $
/ H
HH U
nit
HOM
E Re
ques
tHO
PWA
Requ
est
CDBG
Re
ques
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TAL R
eque
stTa
x Cr
edit
Equi
tyHH
H %
of
TDC
Po
pula
tion
Serv
ed
Proj
ect
Type
Loca
tion
Type
Jobs
Su
ppor
ted
Est.
Date
Ap
plyi
ng to
CD
LAC
CDLA
C Al
loca
tion
Mee
ting
Est.
Cons
truc
tion
Loan
Clo
sing
Est.
Cons
truc
tion
Star
t Dat
e
Est.
Cons
truc
tion
End
Date
1De
pot a
t Hyd
e Pa
rk
Incr
ease
1W
ORKS
(Wom
en O
rgan
izing
Re
sour
ces,
Know
ledg
e an
d Se
rvice
s)
6527
S C
rens
haw
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vd8
4%43
3317
91
00
29,0
42,9
90$
440,
463
$
1,98
4,53
7$
20,8
31,6
85$
540,
853
$
48
4,45
8$
8,16
0,00
0$
$7,2
60,0
00$9
00,0
00$1
68,8
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0,93
0-
$
-
$
-$
8,
160,
000
$
$7,2
91,3
8931
%HF
, H, F
, CH
Ne
wTO
D22
17/
1/20
206/
17/2
020
�4/
26/2
021
11/2
5/20
22
2Ad
ams T
erra
ce1
Abod
e Co
mm
uniti
es43
47 W
Ada
ms B
lvd
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8643
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20
1559
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$
89
4,89
8$
2,
300,
102
$
39
,168
,034
$
49
2,59
3$
455,
442
$
12
,000
,000
$
$9,4
60,0
00$2
,540
,000
$110
,000
$29,
535
-$
-$
-
$
12,0
00,0
00$
$14,
696,
435
28%
H, I,
CH
New
TOD
415
1/17
/202
04/
14/2
020
10/1
6/20
2011
/16/
2020
11/1
8/20
22
3M
cCad
den
Cam
pus
Seni
or H
ousin
g1
Thom
as S
afra
n &
Ass
ocia
tes
Devt
1118
N M
cCad
den
Pl4
4%98
2513
01
072
50,6
39,4
84$
-$
4,93
0,15
8$
39,1
23,1
28$
449,
523
$
39
9,21
6$
5,50
0,00
0$
$5,5
00,0
00$0
$56,
122
$0-
$
-
$
4,93
0,15
8$
10
,430
,158
$
$1
1,10
1,69
012
%HS
, CH
New
TOD
416
9/19
/201
811
/14/
2018
12/2
0/20
182/
13/2
019
10/2
6/20
20
4PA
TH V
illas
Hol
lyw
ood
Incr
ease
1PA
TH V
entu
res
5627
W F
ernw
ood
Ave
134%
6059
300
10
041
,337
,445
$
-
$
3,
586,
750
$
30
,183
,201
$
56
2,83
3$
503,
053
$
12
,320
,000
$
$12,
320,
000
$0$2
05,3
33$0
-$
-$
-
$
12,3
20,0
00$
$11,
753,
923
35%
H, I,
CH
New
TOD
329
5/17
/201
97/
17/2
019
12/3
1/20
201/
30/2
021
1/30
/202
3
5Gr
amer
cy P
lace
Apt
s1
Holly
woo
d Co
mm
unity
Ho
usin
g Co
rp23
75 W
Was
hing
ton
Blvd
104%
6431
1631
20
042
,793
,953
$
2,
329,
139
$
19
8,83
1$
33
,787
,607
$
56
7,43
1$
527,
931
$
9,
920,
000
$
$6
,820
,000
$3,1
00,0
00$1
06,5
63$4
8,43
8-
$
-
$
-$
9,
920,
000
$
$15,
939,
139
27%
HS, C
H Ne
wTO
D36
08/
17/2
018
10/1
7/20
184/
30/2
019
5/16
/201
91/
20/2
021
6Ca
sa d
e Ro
sas C
ampu
s1
WAR
D Ec
onom
ic De
vt C
orp
2600
S H
oove
r St
94%
3736
180
10
019
,825
,000
$
3,
936,
000
$
-
$
15
,002
,064
$
51
1,84
0$
405,
461
$
7,
920,
000
$
$7
,920
,000
$0$2
14,0
54$0
-$
-$
-
$
7,92
0,00
0$
$4
,747
,232
42%
HV, C
H Re
hab
TOD
140
7/18
/201
89/
18/2
019
3/13
/201
95/
2/20
195/
27/2
020
7Ar
ia A
part
men
ts (f
ka
Cam
bria
Apt
s)1
Affir
med
Hou
sing
1532
W C
ambr
ia S
t1
4%57
5656
01
00
28,4
78,1
53$
-$
3,60
0,00
0$
22,7
87,7
93$
462,
944
$
39
9,78
6$
12,0
00,0
00$
$1
2,00
0,00
0$0
$210
,526
$0-
$
-
$
-$
12
,000
,000
$
$1
0,51
0,95
245
%O,
CH
New
TOD
252
7/18
/201
89/
18/2
019
12/5
/201
82/
7/20
1910
/30/
2020
8M
issou
ri Pl
ace
Apar
tmen
ts1
Thom
as S
afra
n &
Ass
ocia
tes
Devt
1195
0 W
Miss
ouri
Ave
114%
7444
2219
10
1044
,602
,996
$
5,
700,
000
$
25
0,00
0$
27
,671
,721
$
45
4,34
8$
373,
942
$
11
,520
,000
$
$9,6
80,0
00$1
,840
,000
$130
,811
$24,
865
-$
-$
-
$
11,5
20,0
00$
$13,
143,
667
34%
HF, F
, CH
New
TOD
354
9/19
/201
811
/14/
2018
10/2
2/20
1911
/4/2
019
6/30
/202
1
9Isl
a de
Los A
ngel
es1
Cliff
ord
Beer
s Hou
sing
283
W Im
peria
l Hw
y8
4%54
5327
01
00
34,6
52,0
07$
1,32
5,00
0$
-$
20,4
36,5
70$
402,
992
$
37
8,45
5$
11,6
60,0
00$
$1
1,66
0,00
0$0
$215
,926
$0-
$
-
$
-$
11
,660
,000
$
$6
,741
,868
54%
O, C
H Ne
wTO
D21
75/
15/2
019
7/17
/201
93/
19/2
020
4/20
/202
04/
20/2
022
10Fi
rmin
Cou
rt1
Decr
o Co
rp41
8 N
Firm
in S
t1
4%64
4523
181
00
42,5
37,8
71$
-$
-$
30,0
56,5
20$
469,
633
$
46
9,63
3$
11,3
40,0
00$
$9
,900
,000
$1,8
00,0
00$1
54,6
88$2
8,12
5-
$
-
$
-$
11
,340
,000
$
$1
0,69
0,55
938
%H,
F, I
, CH
New
TOD
291
5/17
/201
97/
17/2
019
3/25
/202
04/
13/2
020
4/13
/202
2
11Ha
rtfo
rd V
illa
Apts
1SR
O Ho
usin
g44
5 S
Hart
ford
Ave
19%
101
6775
01
330
44,8
59,5
35$
-$
6,72
1,86
7$
36,4
37,6
68$
427,
322
$
36
0,76
9$
12,0
00,0
00$
$1
2,00
0,00
0$0
$118
,812
$02,
211,
535
$
-
$
-$
14
,211
,535
$
$2
2,50
0,00
028
%HV
, M, C
H Ne
wTO
D38
82/
28/2
018
9/19
/201
812
/7/2
018
1/24
/201
97/
27/2
021
12PA
TH V
illas
Mon
tcla
ir1
PATH
Ven
ture
s42
20 W
Mon
tcla
ir St
104%
4645
230
10
030
,752
,853
$
-
$
3,
910,
250
$
22
,092
,349
$
56
5,27
4$
480,
268
$
9,
900,
000
$
$9
,900
,000
$0$2
15,2
17$0
-$
-$
-
$
9,90
0,00
0$
$1
0,60
5,03
238
%H,
M, C
H Ne
wTO
D23
53/
15/2
019
5/15
/201
912
/26/
2019
2/4/
2020
8/13
/202
1
13Ve
rmon
t Cor
ridor
Ap
artm
ents
(fka
433
Ve
rmon
t Apt
s)1
Wes
tern
Com
mun
ity H
ousin
g / W
CH A
fford
able
XXI
V, LL
C43
3 S
Verm
ont A
ve10
9%72
3618
351
00
51,3
52,6
00$
6,85
0,00
0$
-$
42,0
39,1
29$
679,
016
$
58
3,87
7$
7,20
0,00
0$
$6,4
80,0
00$7
20,0
00$9
0,00
0$1
0,00
0-
$
-
$
-$
7,
200,
000
$
$23,
667,
786
15%
HS, C
H Ne
wTO
D44
69/
19/2
018
11/1
4/20
183/
27/2
019
7/2/
2019
2/18
/202
1
14Re
siden
ces o
n M
ain
1Co
aliti
on fo
r Res
pons
ible
Co
mm
unity
Dev
t69
01 S
Mai
n St
94%
5049
250
10
030
,179
,651
$
81
3,36
3$
1,
770,
635
$
22
,004
,643
$
49
1,77
3$
440,
093
$
10
,780
,000
$
$10,
780,
000
$0$2
15,6
00$0
-$
-$
-
$
10,7
80,0
00$
$8,1
24,1
1544
%HF
, Y,C
H Ne
wTO
D24
29/
19/2
018
11/1
4/20
184/
2/20
194/
30/2
019
10/3
0/20
20
15Su
mm
it Vi
ew A
pts
1LA
Fam
ily H
ousin
g11
681
W F
ooth
ill
Blvd
74%
4948
240
10
036
,229
,452
$
3,
400,
000
$
25
5,00
0$
20
,779
,827
$
49
8,67
0$
424,
078
$
10
,560
,000
$
$10,
560,
000
$0$2
15,5
10$0
-$
-$
-
$
10,5
60,0
00$
$8,8
93,5
2843
%HV
, CH
New
NON-
TOD
255
3/15
/201
95/
15/2
019
12/1
9/20
191/
22/2
020
1/23
/202
2
16W
est T
hird
Apt
s Pr
eser
vatio
n 1
Figu
eroa
Eco
nom
ical H
ousin
g De
vt C
orp
1900
W 3
rd S
t1
4%13
713
668
01
00
47,5
41,6
96$
-$
1,89
6,00
0$
40,8
76,0
25$
312,
205
$
29
8,36
5$
10,2
91,9
98$
$1
0,29
1,99
8$0
$75,
124
$0-
$
-
$
-$
10
,291
,998
$
$1
1,71
3,85
322
%HV
, CH
Reha
bTO
D43
37/
18/2
018
9/18
/201
911
/27/
2018
3/2/
2020
2/26
/202
1
17W
este
rn A
ve A
pts
1Fi
guer
oa E
cono
mica
l Hou
sing
Devt
Cor
p55
01 S
Wes
tern
Ave
84%
3332
160
10
013
,097
,284
$
-
$
90
0,00
0$
11
,103
,942
$
35
3,05
7$
336,
483
$
4,
660,
033
$
$4
,660
,033
$0$1
41,2
13$0
-$
-$
-
$
4,66
0,03
3$
$3
,130
,411
36%
HV, C
HRe
hab
TOD
118
7/18
/201
89/
18/2
019
11/2
9/20
185/
2/20
194/
30/2
020
18Bu
ildin
g 20
51
Figu
eroa
Eco
nom
ical H
ousin
g De
vt C
orp
1130
1 W
ilshi
re B
lvd
#205
114%
6867
670
10
042
,140
,946
$
1,
313,
000
$
-
$
36
,681
,432
$
56
7,08
1$
547,
484
$
12
,000
,000
$
$11,
622,
000
$0$1
70,9
12$0
-$
-$
-
$
12,0
00,0
00$
$10,
636,
511
32%
HV, C
H Re
hab
NON-
TOD
391
10/1
2/20
1812
/12/
2018
4/30
/202
05/
29/2
020
5/29
/202
2
19Bu
ildin
g 20
81
Figu
eroa
Eco
nom
ical H
ousin
g De
vt C
orp
1130
1 W
ilshi
re B
lvd
#208
54%
5453
530
10
037
,754
,159
$
1,
387,
500
$
-
$
33
,967
,602
$
65
4,72
4$
629,
030
$
11
,660
,000
$
$11,
660,
000
$0$2
15,9
26$0
-$
-$
-
$
11,6
60,0
00$
$8,3
67,2
5933
%HV
, CH
Reha
bNO
N-TO
D36
010
/12/
2018
12/1
2/20
184/
30/2
020
5/29
/202
05/
29/2
022
20Br
oadw
ay A
pts
2Fi
guer
oa E
cono
mica
l Hou
sing
Devt
Cor
p30
1 W
49t
h St
9
4%35
3434
01
00
15,5
73,0
58$
-$
-$
-$
28
1,18
4$
-$
4,44
3,48
0$
$4,4
43,4
80$0
$126
,957
$0-
$
-
$
-$
4,
443,
480
$
$2,7
81,9
8429
%HV
, CH
Reha
bTO
D56
10/1
7/20
1812
/12/
2018
6/6/
2019
3/2/
2020
2/26
/202
1
21M
arce
lla G
arde
ns (6
8th
&
Mai
n St
.)2
Coal
ition
for R
espo
nsib
le
Com
mun
ity D
evt
6714
S M
ain
St9
4%60
5930
01
00
32,4
47,3
73$
-$
-$
-$
43
0,87
9$
-$
12,0
00,0
00$
$1
2,00
0,00
0$0
$200
,000
$0-
$
-
$
-$
12
,000
,000
$
$8
,385
,551
46%
H, Y
, HV,
CH
New
TOD
243
1/17
/202
04/
14/2
020
10/1
6/20
2011
/16/
2020
11/1
8/20
22
22M
etam
orph
osis
on
Foot
hill
2Cl
iffor
d Be
ers
1357
4 W
Foo
thill
Bl
vd7
4%48
4724
01
00
25,1
80,7
88$
-$
-$
-$
49
4,28
8$
-$
10,3
40,0
00$
$1
0,34
0,00
0$0
$215
,417
$0-
$
-
$
-$
10
,340
,000
$
$8
,622
,726
44%
H, H
F, D
, CH
New
non
TOD
230
10/1
7/20
1812
/12/
2018
2/27
/201
94/
4/20
1910
/27/
2020
23Em
erso
n Ap
artm
ents
(fka
M
elro
se A
part
men
ts)
2Af
firm
ed H
ousin
g47
66 W
Mel
rose
Ave
134%
3938
380
10
024
,730
,156
$
-
$
-
$
-
$
530,
624
$
-
$
9,
240,
000
$
$8
,360
,000
$0$2
14,3
59$0
-$
-$
-
$
9,24
0,00
0$
$7
,183
,664
40%
CH, H
, HF,
HNe
wTO
D20
63/
15/2
019
5/15
/201
911
/5/2
019
11/2
0/20
196/
18/2
021
24Ro
sa D
e Ca
still
a Ap
ts2
East
LA C
omm
unity
Cor
p42
08 E
Hun
tingt
on
Dr14
9%85
6332
72
013
45,0
27,0
86$
-$
-$
-$
51
8,31
8$
-$
12,0
00,0
00$
$1
1,34
0,00
0$6
60,0
00$1
33,4
12$7
,765
-$
-$
-
$
12,0
00,0
00$
$19,
890,
830
27%
HF, C
H, H
V,
New
non
TOD
420
7/2/
2018
11/1
4/20
185/
2/20
196/
3/20
1910
/1/2
020
TOTA
L15
1411
9977
114
527
3311
087
0,67
3,03
7$
28
,389
,363
$
32,3
04,1
30$
54
5,03
0,94
0$
23
9,41
5,51
1$
226,
957,
511
$
11,5
60,0
00$
2,
211,
535
$
-$
4,
930,
158
$
246,
557,
204
$
261,
120,
104
$
7018
Aver
age
6350
326
11
536
,278
,043
$
1,18
2,89
0$
1,
346,
005
$
22,7
09,6
23$
48
8,30
8$
35
4,07
6$
9,
975,
646
$
9,45
6,56
3$
1,54
8,57
1$
16
3,38
8$
22,8
08$
2,
211,
535
$
-$
4,
930,
158
$
10,2
73,2
17$
10
,880
,004
$
292
Note
s:
All f
igur
es a
re H
HH re
leva
nt u
nles
s spe
cifica
lly n
oted
oth
erw
ise, a
nd a
re su
bjec
t to
chan
ge u
ntil l
oan
closin
g.Bo
ld d
ates
den
ote
actu
als.
Prop
ositi
on H
HH P
SH Lo
an P
rogr
am fu
nds a
re a
vaila
ble
for h
omel
ess u
nits
(PSH
) as w
ell a
s low
-inco
me
(affo
rdab
le) u
nits
.
Lege
nd fo
r Pop
ulat
ions
Ser
ved
F =
Non-
hom
eles
s Fam
ilies
V =
Non-
hom
eles
s Vet
eran
sHV
= H
omel
ess V
eter
ans
M =
Hom
eles
s Men
tal I
llnes
sS
= No
n-ho
mel
ess S
enio
rsH
= Ho
mel
ess I
ndiv
idua
lsHS
= H
omel
ess S
enio
rO
= Ot
her H
omel
ess
I = N
on-h
omel
ess I
ndiv
idua
lsCH
= C
hron
ically
Hom
eles
sY
= Ho
mel
ess Y
outh
IHA
= Ho
mel
ess i
ndiv
idua
ls w
ith H
IV/A
IDS
D =
Non-
hom
eles
s disa
bled
HF =
Hom
eles
s Fam
ilies
HD =
Hom
eles
s Disa
bled
DV =
Hom
eles
s sur
vivo
rs o
f dom
estic
vio
lenc
e &
sex t
raffi
ckin
g
HH
H fu
nded
Not
HH
H fu
nded
Atta
chm
ent C
.Pr
opos
ition
HHH
Per
man
ent S
uppo
rtiv
e Ho
usin
g Pr
ojec
t Exp
endi
ture
Pla
n fo
r Fisc
al Y
ear 2
018-
2019
Am
endm
ent
STAFF REPORTAs of: March 20, 2020
11010 Santa Monica Boulevard Los Angeles, CA 90025
New ConstructionCouncil District 5
PROJECT DESCRIPTION
11010 Santa Monica Boulevard (the Project) will be a new construction development that willprovide 50 affordable studio apartments for seniors and senior veterans, and 1 two-bedroom manager’s unit. The Project was proposed in response to a Request for Proposals (RFP) issued by HCIDLA, seeking proposals for supportive housing on a City-owned parking lot. The RFPsought proposals for developments featuring high-quality design that could be produced more inexpensively and more quickly than the typical supportive housing development in the City of Los Angeles. The proposed development will employ modular, prefabricated units.
As proposed, the Project will feature a community room (available to residents and others in the community), gym, reading room, outdoor patio, and roof deck along with resident services offices. The proposal includes plans to replace all 24 existing public parking spaces, however, the level of replacement parking required has not yet been determined. The proposal received scored very well for its elegant design and its incorporation of the Department of City Planning’s three pillars of good design: pedestrian orientation, 360
Located near the West Los Angeles Veterans Affairs Medical Center, the Project’s location is ideal for seniors and senior veterans requiring affordable housing. Also nearby, are several community services and amenities, including the West Los Angeles Regional Branch Library.
PROJECT FINANCE SUMMARY
The RFP submission proposes using HHH, 4% tax credits, tax exempt bonds, and a permanent loan to finance the development of this project. The proposal pro forma does not project a financing gap, and includes funding for all 24 replacement parking spaces.
BORROWER AND PROPOSED OWNERSHIP STRUCTURE
The intended ownership structure will be a to-be-formed limited partnership consisting of adeveloper to be selected by City Council simultaneous to this funding commitment.
Staff Report: 11010 Santa Monica Blvd.Page 2 of 2
PROPOSED PERMANENT FUNDING SOURCES
Source AmountHCID-HHH $7,000,000Tax Credit Equity 7,347,518Conventional Loan 5,344,514HCIDLA – Land 4,066,000GP Equity 100Total $ 23,758,132
AFFORDABILITY STRUCTURE
Unit Type Percent Median Total Number of Units0 Bedroom 30% 50Mgr-2 Bedroom UNRSCTD 1Total 51
FUNDING RECOMMENDATION
A Proposition HHH funding commitment of up to $7,000,000 is recommended. HHH funds represent $137,255 per unit for 51 units. HHH funds represent 29% of the Total Development Cost (TDC). TDC per unit is $465,846. HHH funding is leveraged with 4% tax credit equity and a conventional bank loan.
CONSTRUCTION TIMELINE
Construction is proposed to start in May 2021, and anticipated to be completed by May 2023.
Prepared By: Los Angeles Housing and Community Investment Department
STAFF REPORTAs of: March 20, 2020
Amani Apartments4200 W. Pico BoulevardLos Angeles, CA 90019
New ConstructionCouncil District 10
PROJECT DESCRIPTION
The Amani Apartments (Amani) (the Project) is located at 4200 Pico Blvd in the Mid-City neighborhood of Los Angeles, and is planned as an affordable housing development for homeless seniors with 53 studio units, and 1, one-bedroom manager unit. Of the 53 studio units, 27 will be reserved for chronically homeless individuals.
The Amani project will consist of a modern five story building designed by Abode Communities Architecture, with approximately 33,000 square feet (sq. ft.) of permanent supportive housing for formerly homeless individuals, and will include approximately 2,000 sq. ft. of commercial office space. As planned, the studio units will be approximately 400 sq. ft., and the one-bedroom manager’s unit will be approximately 700 sq. ft. All units will include kitchenettes, bathrooms, a sleeping area, small living and dining spaces and will be fully furnished prior to lease up. Project plans include a resident community room, laundry room and offices for the Amani Manager and supportive services staff. The project’s common areas will total approximately 2,000 square feet.
Wakeland Housing and Development Corporation (Wakeland), or an entity wholly owned and controlled by Wakeland, will purchase the land prior to construction. Currently, there are no structures on the site.
PROJECT FINANCE SUMMARY
The borrower will secure a conventional permanent loan in the amount of $3.1 million and will utilize $22.1 in 9% tax credit equity to partially finance the construction of the project.
BORROWER AND PROPOSED OWNERSHIP STRUCTURE
Wakeland Housing and Development Corporation will form a Limited Partnership (LP) with an affiliated Limited Liability Corporation (LLC) entity, as the Managing General Partner. The Limited Partner investor has not yet been determined. Wakeland certifies that it has the special needs/homeless experience required by HCIDLA for feasible and viable development and operation of the Amani project. Ownership structure will consist of the following:
1. Wakeland Housing, Managing General Partner (0.01%)2. Limited Partner, yet to be determined (99.99%)
Staff Report: Amani ApartmentsMarch 20, 2020Page 2 of 2
PROPOSED PERMANENT FUNDING SOURCES
Source AmountHCIDLA-HHH $5,400,000HCIDLA-HHH (accrued/deferred interest) $208,200LACDA NPLH $1,540,000Wells Fargo $3,150,000Limited Partner Equity $22,181,568Total $32,479,768.00
AFFORDABILITY STRUCTURE
Unit Type Percent Median Total Number of Units0 Bedroom 30% 53Mgr-1 Bedroom 0 1Total 54
FUNDING RECOMMENDATION
HCIDLA recommends a funding commitment of up to $5,400,000 for the Amani project. HHH funds represent $100,000 per unit for 54 units. HHH funds represent 17% of the Total Development Cost (TDC). TDC per unit is $601,477. HHH funding is leveraged with NPLH Funds, 9% tax credit equity, and a conventional bank loan.
CONSTRUCTION TIMELINE
Construction is proposed to start in April 2021, and anticipated to be completed by April 2023.
Prepared by: Los Angeles Housing and Community Investment Department
STAFF REPORTAs of: March 20, 2020
Bell Creek Apartments6940 N. Owensmouth Avenue
Los Angeles, CA 91303
New ConstructionCouncil District 3
PROJECT DESCRIPTION
Bell Creek Apartments (the Project), located at 6940 N. Owensmouth, will be a supportive housing development consisting of 79 mixed affordable units for homeless, chronically homeless individuals,and families and low income families, 1 manger’s unit, with 66 type 1-A podium parking spaces, 48 long-term bicycle stalls, and 24 short-term bicycle stalls on ground level. The site is currently composed of four contiguous parcels. Three of the parcels have three existing residential buildings that will be demolished; therefore, relocation benefits will be provided.
The project will consist of 80 residential units, comprised of 40 one-bedroom units, 19 two-bedroom units, 20 three-bedroom units and 1 two-bedroom manager’s unit. All residential units will include bathrooms and fully-equipped kitchens. Amenities include a community recreation room, fitness center, laundry facility, office spaces for case management/services, and property manager. Outdoor amenities include a roof top terrace, playground, and landscaped courtyards.
BORROWER AND PROPOSED OWNERSHIP STRUCTURE
The ownership structure will be a Limited Partnership consisting of Western Community Housing, Inc., as Managing General Partner and 6940 Owensmouth, LLC as the Administrative General Partner. The future ownership structure will consist of the following:
1. Western Community Housing Affordable XLVI, LLC, as Managing General Partner (0.005%)
2. Owensmouth 6940, L.P., as Administrative General Partner3. Limited Partner, yet to be determined (99.99%)
POPULATION SERVED
The population served by the project will be homeless and chronically homeless individuals, homeless families, and low-income families.
Staff Report: Bell Creek ApartmentsRound 3 HHH CFP 2018-19Page 2 of 2
PROPOSED PERMANENT FUNDING SOURCES
Source AmountHCIDLA - HHH PSH $6,226,5464% TCAC Equity $17,280,303Conventional/Bank Loan $14,929,362County - AHTF $5,000,000No Place Like Home $6,290,000Total $ 49,726,211
AFFORDABILITY STRUCTURE
Unit Type Percent Median Total Number of Units1 Bedroom1 Bedroom2 Bedroom2 Bedroom3 Bedroom3 Bedroom
30%60%30%60%30%80%
373217218
Mgr-2 Bedroom 0% 1Total 80
FUNDING RECOMMENDATION
An HCIDLA funding commitment of up to $6,226,546 is recommended. HHH funds represent $77,852 per unit for 80 units. HHH funds represent 13% of the Total Development Cost (TDC). The TDC per unit is $621,578. HHH funding is leveraged with 4% tax credit equity, a conventional bankloan, Los Angeles County–AHTF, and Los Angeles County -NPLH funds.
CONSTRUCTION TIMELINE
Construction is currently estimated to start in November 2020, and anticipated to be completed by November 2022.
Prepared by: Los Angeles Housing + Community Investment Department
STAFF REPORTAs of: March 20, 2020
Chesterfield (fka 4719 Normandie)4719 S. Normandie Ave, Los Angeles, CA 90037
New ConstructionCouncil District 8
PROJECT DESCRIPTION
The Chesterfield project (fka 4719 Normandie) is located in South Los Angeles and will be a supportive housing development consisting of 43 units. The five story structure will include 42studios and 1 one-bedroom manager’s unit. All units will be supportive housing units that will include kitchenettes, bathrooms, small living and dining spaces, a sleeping area, and will be fully furnished.The project will include a community room, supportive services offices, manager’s office, laundry and approximately two thousand square feet of commercial office space. The project will be thirty-three thousand square feet total in size.
BORROWER AND PROPOSED OWNERSHIP STRUCTURE
The developer, Wakeland Housing and Development Corporation will form a Limited Partnership with an affiliated LLC entity, as the Managing General Partner and the Limited Partner is yet to be formed. The ownership structure will consist of the following:
1. Wakeland Housing and Development Corporation or affiliated LLC entity as Managing General Partner (0.01%)
2. Limited Partner, who has yet to be determined (99.99%)
Staff Report: Chesterfield (fka 4719 Normandie)Page 2 of 2
PROPOSED PERMANENT FUNDING SOURCES
Source AmountHCIDLA - HHH PSH $8,990,0004% TCAC Equity $12,460,940Conventional Loan $2,100,000LA County CDC NPLH $2,100,000Deferred Dev. Fee $380,000HHH Accrued/Deferred Interest $208,500Total $ 26,239,440
AFFORDABILITY STRUCTURE
Unit Type Percent Median Total Number of Units0 Bedroom 30% 42Mgr-1 Bedroom 0% 1Total 43
FUNDING RECOMMENDATION
An HCIDLA funding commitment of up to $8,990,000 is recommended. HHH funds will represent $209,070 per unit for 43 units. HHH funds represent 34% of the Total Development Cost (TDC). The TDC per unit is $610,220. The HHH funding is leveraged with tax credit equity, conventional bank loan, LA County No Place Like Home funds, and HHH Accrued/Deferred Interest.
CONSTRUCTION TIMELINE
Construction is currently estimated to start in November 2020, and anticipated to be completed byNovember 2022.
Prepared By: Los Angeles Housing + Community Investment Department
STAFF REPORTAs of: March 20, 2020
Hope on Broadway 5138 S. Broadway
Los Angeles, CA 90037
New ConstructionCouncil District 9
PROJECT DESCRIPTION
Hope on Broadway (project), located at 5138 S. Broadway, will be a supportive housing developmentconsisting of 48 affordable units for homeless and chronically homeless individuals, 1 manager’s unit, and bicycle storage. The project will be built as a Type IIB structure with a concrete podium and three residential floors above utilizing a steel modular system. The site is currently improved with acommercial structure occupied by one tenant, which will be demolished; therefore, relocation benefits will be provided.
The project will consist of 49 residential units, comprised of 48 studio units and 1 one-bedroom manager’s unit. All residential units will include full ADA adaptable bathrooms with grab bars and kitchens equipped with a stove, refrigerator, and microwave oven. All units will be furnished with a bed, night stand and lamp, small kitchen table with two chairs, and a ceiling fan. Additional amenities will include secure access, laundry facility, community room, a mail room, office space for case management/services, conference rooms, a recreation room, and a lobby. Outdoor amenities will be an open recreational space, roof deck on the fourth floor, and a courtyard on the second floor.
BORROWER AND PROPOSED OWNERSHIP STRUCTURE
The Hope on Broadway Limited Partnership will consist of a Community Housing Program Inc. (CHAPA), affiliate as Managing General Partner, Aedis Broadway AGP, LLC as Administrative General Partner with R4 Capital as Limited Partner. Ownership structure will consist of the following:
1. CHAPA affiliate as Managing General Partner (0.0051%)2. Aedis Broadway AGP, LLC as Administrative General Partner (.0049%)3. R4 Capital as Limited Partner (99.99%)
Staff Report: Hope on BroadwayPage 2 of 2
PROPOSED PERMANENT FUNDING SOURCES
Source AmountHCIDLA - HHH $6,720,0004% TCAC Equity $7,663,152Conventional/Bank Loan $2,080,000Deferred Developer Fee $698California State Credits $5,373,486Total $ 21,837,336
AFFORDABILITY STRUCTURE
Unit Type Percent Median Total Number of Units0 Bedroom0 Bedroom
30%50%
642
Mgr-1 Bedroom 50% 1Total 49
FUNDING RECOMMENDATION
An HCIDLA funding commitment of up to $6,720,000 is recommended. HHH funds represent $137,143 per unit for 49 units. HHH funds represent 31% of the Total Development Cost (TDC). The TDC per unit is $445,660. HHH funding is leveraged with 4% tax credit equity, and a conventional loan, CA State Credits, and deferred developer fees.
CONSTRUCTION TIMELINE
Construction is currently estimated to start in November 2020, and anticipated to be completed by November 2022.
Prepared By: Los Angeles Housing + Community Investment Department
STAFF REPORTAs of: March 20, 2020
Hope on Hyde Park6501 S. Crenshaw Boulevard,
Los Angeles, CA 90043
New ConstructionCouncil District 8
PROJECT DESCRIPTION
Hope on Hyde Park (the Project), located at 6501 S. Crenshaw Boulevard, will be a mixed-use supportive housing development consisting of 97 affordable units and 1 manager’s unit with a 2,500 square foot retail space. The project will be built as a Type IIB structure with a concrete podium with four residential floors above utilizing a steel modular system. The site currently consists of threecommercial structures that will be demolished; relocation benefits will be provided to the church/tenant that is occupying the three structures.
The project will consist of 98 residential units, comprised of 74 studio units, 23 one-bedroom units,and 1 one-bedroom manager’s unit that will be located on the ground floor. All residential units will be on floors two through five and will include full bathrooms and kitchens equipped with a stove,refrigerator, and microwave oven. All units will be furnished with a bed, night stand, lamp, and small kitchen table with two chairs. The project amenities will include secured access, laundry facility, community room, and roof deck. The ground floor will have four private offices for dedicated case management, conference rooms, a recreation room, and lobby. Open and recreational space will be provided primarily on the second floor courtyard.
BORROWER AND PROPOSED OWNERSHIP STRUCTURE
The ownership structure will be Hope on Hyde Park, LP (to be formed), which consists of CHAPA (or its affiliate) as Managing General Partner, Aedis Hyde Park AGP as Administrative General Partner, and R4 Capital as the Limited Partner. Ownership structure will consist of the following:
1. CHAPA or affiliate as Managing General Partner (0.0051%)2. Aedis Hyde Park AGP, LLC as Administrative General Partner (.0049%)3. R4 Capital as Limited Partner (99.99%)
Staff Report: Hope on Hyde ParkPage 2 of 2
PROPOSED PERMANENT FUNDING SOURCES
Source AmountHCIDLA - HHH $9,280,0004% TCAC Equity $17,819,319Conventional/Bank Loan $12,910,000Deferred Dev. Fee $48,525Total $ 40,057,844
AFFORDABILITY STRUCTURE
Unit Type Percent Median Total Number of Units0 Bedroom1 Bedroom
50%50%
7423
Mgr-1 Bedroom 50% 1Total 98
FUNDING RECOMMENDATION
An HCIDLA funding commitment of up to $9,280,000 is recommended. HHH funds represent $94,694 per unit for 98 units. HHH funds represent 23% of the Total Development Cost (TDC). The TDC per unit is $408,754. HHH funding is leveraged with 4% tax credit equity, deferred developer fee, and a conventional bank loan.
CONSTRUCTION TIMELINE
Construction is currently estimated to start in November 2020, and anticipated to be completed by November 2022.
Prepared By: Los Angeles Housing + Community Investment Department
STAFF REPORTAs of: March 20, 2020
Link at Sylmar (fka Sylmar II)12667 N. San Fernando Road, Los Angeles, CA 91342
New ConstructionCouncil District 7
PROJECT DESCRIPTION
Link at Sylmar (fka Sylmar II) project is a vacant site located in a mixed commercial and residential area of Sylmar, to the west of San Fernando Road, between Polk and Nurmi Streets. The project lot size is approximately 0.49 acres with 47,782 square feet of building area. Upon completion, the project will consist of 56 new affordable units for low-income and special needs residents, of which 53 will be studios, 2 will be one-bedroom units, and 1 one-bedroom unit will be reserved as manager’s unit. Forty-five of the units will be reserved for homeless individuals, 23 of which will be reserved for chronically homeless individuals, and the remaining 10 units will be reserved for low-income individuals. All of the units will have kitchens and bathrooms, and the homeless units will be provided with furnishings.
The ground floor of the project will include a community recreation room, a technology room, offices for the property manager and supportive services staff, 27 vehicle parking spaces, and a secure room to store bicycles. Additionally, the project will provide an open courtyard on the second floorexclusively for residents. The proposed design embraces the existing commercial and residential design of buildings along the San Fernando corridor.
BORROWER AND PROPOSED OWNERSHIP STRUCTURE
The newly formed single-purpose entity, Sylmar II, L.P., is a joint partnership combining the efforts of Meta Housing Corporation and Western Community Housing, Incorporated. The LP will develop, operate and maintain ownership of the project. WCH Affordable XLIII, LLC (Western Community Housing, the Sole Member and Manager) with Sylmar II, LLC (Meta AGP Investments, LLC, the Sole Member and Manager) as Managing General Partner, with .05% ownership each. Sylmar II, LLC is a single-purpose entity and the Administration General Partner. Meta Housing Corporation is the Sole Member and Manager of Meta AGP Investments, LLC, and will also be the Developer of the proposed project. The project ownership structure consists of the following:
1. WCH Affordable XLIII, LLC (0.005%) and Sylmar II, LLC as Managing General Partner (0.005% each)
2. Sylmar II as Limited Partner (99.99%)
Staff Report: Link at SylmarPage 2 of 2
PROPOSED PERMANENT FUNDING SOURCES
Source AmountHCID-HHH $10,900,000Tax Credit Equity $10,183,282Conventional Loan $1,870,918HCID IIG Grant $1,381,968Deferred Dev. Fee $42,777LA County CDC NPLH $5,940,000Total $ 30,318,945
AFFORDABILITY STRUCTURE
Unit Type Percent Median Total Number of Units0 Bedroom 30% 450 Bedroom 50% 81 Bedroom 50% 2Mgr-1 Bedroom 0% 1Total 56
FUNDING RECOMMENDATION
HCIDLA recommends a funding commitment of up to $10,900,000 for the Link at Sylmar project.HHH funds represent $194,643 per unit, 31% of the total development cost (TDC). The TDC per unit is $633,619. HHH funding is leveraged with 4% tax credit equity, a deferred developer fee, LA County No Place Like Home funding, HCD IIG grant, and a conventional bank loan.
CONSTRUCTION TIMELINE
Construction is estimated to start in November 2020, and to be completed by November 2022.
Prepared By: Los Angeles Housing + Community Investment Department
STAFF REPORTAs of: March 20, 2020
NoHo 50505050 – 5050 ½ N. Bakman Ave.,
Los Angeles, CA 91601
New ConstructionCouncil District 2
PROJECT DESCRIPTION
The NoHo 5050 (project), located at 5050 N. Bakman Avenue, will be a supportive housing development consisting of 40 affordable housing units for survivors of domestic violence and qualifying low income families, one manager’s unit, five parking stalls, one disabled-accessible parking stall, one Electric Vehicle (EV) parking stall, 36 long-term bicycle parking storages, and three short-term parking storages at grade level. The site currently consists of two three-unit apartment buildings that will be demolished, which are currently occupied by six households; therefore,relocation benefits will be provided.
The project is to be constructed as a new five-story building: four stories of Type V-A construction over one story of Type I construction at grade. The project will consist of 40 residential units,comprised of 4 studio units, 28 one-bedroom units, seven two-bedroom units, and one two-bedroom manager’s unit. Amenities include a laundry facility, learning center, community room, supportive services space, shared community kitchen, community garden for residents, and landscaped open space at the ground and roof levels.
BORROWER AND PROPOSED OWNERSHIP STRUCTURE
The ownership structure will be a limited partnership that will consist of Daylight Community Development, LLC, as Administrative General Partner, Decro NoHo 5050, LLC, as Managing General Partner, and NoHo 5050 PSH, LLC, as its Co-Managing General Partner. The Limited Partnership is to-be-determined and will include an investor at construction loan close. The future ownership structure will consist of the following:
1. Decro NoHo 5050, LLC, as Co-Managing General Partner (0.0034%)2. NoHo 5050 PSH, LLC, as Co-Managing General Partner (0.0033%)3. Daylight Community Development, LLC, as Administrative General Partner (.0033%)4. Limited Partner, who has yet to be determined (99.99%)
Staff Report: NoHo 5050Page 2 of 2
PROPOSED PERMANENT FUNDING SOURCES
Source AmountHCID-HHH $3,833,200Tax Credit Equity $7,211,450Conventional Loan $4,323,735State LIHTC Equity $1,790,890Deferred Dev. Fee $100LA County CDC NPLH $4,370,000Total $ 21,529,375
AFFORDABILITY STRUCTURE
Unit Type Percent Median Total Number of Units0 Bedroom 50% 41 Bedroom 50% 282 Bedroom 60% 72 Bedroom UNRSCTD 1Total 40
FUNDING RECOMMENDATION
An HCIDLA funding commitment of up to $3,833,200 is recommended. HHH funds represent $95,830 per unit and 18% of the total development cost. The total development cost per unit is $538,234. HHH funding is leveraged with 4% tax credit equity, a conventional bank loan and County of Los Angeles -NPLH Funds.
CONSTRUCTION TIMELINE
Construction is currently estimated to start in November 2020, and anticipated to be completed by November 2022.
Prepared By: Los Angeles Housing + Community Investment Department
STAFF REPORTAs of: March 20, 2020
Sherman Oaks Senior14536 W. Burbank Blvd, Los Angeles, CA 91411
New ConstructionCouncil District 4
PROJECT DESCRIPTION
Sherman Oaks Senior (project), is located in a mixed commercial and residential area, central to the northern section of Sherman Oaks, in the San Fernando Valley. The project site is improved with a single family structure and 3 additional housing units. The housing units would typically be subject to the City’s Rent Stabilization Ordinance (RSO), however, because the seller has previously used the property for short-term vacation rental, and the housing units are vacant, the RSO relocation requirements do not apply. The property’s existing structures will all be demolished prior to constructing commencing. As planned, the project will be a 4-story structure consisting of 55 new affordable units and subterranean parking for 20 vehicles. Fifty-four units will be studios for chronically homeless seniors and one unit will be reserved as a one-bedroom manager’sunit. All of the units will have kitchenettes. Project plans include a 1,066 square foot community space on the ground floor, resident open spaces at the rear and on the rooftop area of the project, 3 laundry rooms (located on the second, third and fourth floors), and offices for the property manager and supportive services staff.
BORROWER AND PROPOSED OWNERSHIP STRUCTURE
Mercy Housing Calwest will serve as the Managing General Partner of the to-be-formed Limited Partnership (LP) that will own and operate the project. Mercy Housing California is the single member of the non-profit organization Mercy Housing Calwest. The equity investor will be determined at a later date. The future ownership structure will consist of the following:
1. Mercy Housing Calwest, Managing General Partner (0.01%)2. Limited Partner, yet to be determined (99.99%)
PROPOSED PERMANENT FUNDING SOURCES
Source AmountHCID-HHH $11,880,000Accrued Deferred Interest $44,545Tax Credit Equity $9,802,973CDLAC Performance Deposit $79,935Conventional Loan $679,000GP Equity $100FHLB – AHP $540,000Deferred Dev. Fee $662,533LA County CDC NPLH $5,720,000Total $ 29,409,086
Staff Report: Sherman Oaks SeniorPage 2 of 2
AFFORDABILITY STRUCTURE
Unit Type Percent Median Total Number of Units0 Bedroom 30% 54Mgr-1 Bedroom MKT 1Total 55
FUNDING RECOMMENDATION
HCIDLA recommends a funding commitment of up to $11,880,000 for the project. HHH funds will represent $216,000 per unit, 40% of the total development cost (TDC). The TDC per unit is $534,711. HHH funding is leveraged with 4% tax credit equity, an Affordable Housing Program (AHP) loan, County Affordable Housing Trust Fund and Mental Health Housing Program (MHHP) funds and GP Equity.
CONSTRUCTION TIMELINE
Construction is currently estimated to start in February 2021, and anticipated to be completed by February2023.
Prepared By: Los Angeles Housing + Community Investment Department
STAFF REPORTAs of: March 20, 2020
Sun King Apartments12128 Sheldon St., Los Angeles, CA 91352
New ConstructionCouncil District 6
PROJECT DESCRIPTION
Sun King Apartments (project), located in the Sun Valley neighborhood, will be a supportive housing development consisting of 25 units and a two-bedroom manager’s unit. The unit mix will consist of 12 one-bedroom units, 10 two-bedroom units, and 3 three-bedroom units all designated for homeless families. The site is walking distance to Sun Valley High School and was considered in the design. The development will consist of one building of approximately 35,685 square feet and will rangefrom three to four stories, connected by walkways and interspersed with a rooftop community terrace/garden. The building will be woven through a series of interior and exterior common spaces. On the ground floor, the ample front and side yard setbacks will allow for informal gathering spaces and safe play spaces for both the community and the residents. Moving up the broad pedestrian stairs, a colorful playground will be situated behind the gated entry which highlights the importance of families living within these units. At this level supportive offices will be centrally located along with laundry services which allow ease of accessibility for these amenities and services. Many Mansions will be the supportive services provider. The community center will be located at the corner of the lot which shares a rooftop space with terraces for community gathering and gardening. Resident amenities will include: on site laundry, 2 supportive service office spaces, open space with barbecues and communal tables 27 parking spaces and 29 bike parking spaces.
BORROWER AND PROPOSED OWNERSHIP STRUCTURE
The applicant and owner is Sun King LP, a California Limited Partnership. Sun King LP will consist of a Limited Partner and a General Partner. Sun King LLC is the General Partner, of which, Many Mansions, a California nonprofit corporation will be the sole/manager member and developer. Many Mansions will be the sole lead developer. There will be no development partner.
The ownership structure will consist of the following:
1. Sun King LLC, as Managing General Partner (0.01%)2. Sun King LP, as Limited Partner (99.99%)
Staff Report: Sun King ApartmentsPage 2 of 2
PROPOSED PERMANENT FUNDING SOURCES
Source AmountHCID-HHH $5,500,000HHH Accrued Deferred Interest $50,083Tax Credit Equity $6,412,387Conventional Loan $3,279,000GP Equity $100SHMP $2,443,798Total $ 17,685,368
AFFORDABILITY STRUCTURE
Unit Type Percent Median Total Number of Units1 Bedroom 50% 122 Bedroom 50% 103 Bedroom 50% 3Mgr-1 Bedroom 0% 1Total 26
FUNDING RECOMMENDATION
A HCIDLA funding commitment of up to $5,500,000 is recommended. HHH funds will represent $211,538 per unit and 31% of the total development cost. The total development cost per unit is $680,206. The HHH funding is leveraged with 4% tax credit equity, conventional bank loan and County of Los Angeles funds.
CONSTRUCTION TIMELINE
Construction is currently estimated to start in February 2021, and anticipated to be completed by February 2023.
Prepared By: Los Angeles Housing and Community Investment Department
STAFF REPORTAs of: March 20, 2020
West LA VA Campus Building 20711301 Wilshire Blvd. #207
Los Angeles, CA 90025
New ConstructionCouncil District 11
PROJECT DESCRIPTION
The West LA VA Campus Building 207 (project), located at 11301 Wilshire Blvd. #207, will be athree-story supportive housing development consisting of the renovation of the historic West Los Angeles VA Building into 59 affordable units for homeless senior veterans (aged 62+), and a one-bedroom manager’s unit. The land and Building 207 are currently owned by the government of the United States of America, and is not located in a Los Angeles City Council district. The project site is currently vacant, so no demolition or residential tenant relocation is necessary prior to renovation. Building 207 is situated on the West Los Angeles VA Medical Campus, which makes up approximately 350 acres. The Campus site and some of the buildings are registered as National Historic Landmarks. Building 207 is included within the campuses’ historic neighborhood.
The project will consist of 60 residential units, comprised of 53 studios, six one-bedroom units, and one one-bedroom manager's unit. All residential units will include air conditioning and heating, a small kitchenette with a refrigerator and hot plate/burner, window coverings, and cable TV and internet hook-ups. Additional amenities consist of 1,816 square feet (sf) of resident community spacewith TV lounge, computer lab, fitness room, laundry facilities, and onsite management and case worker offices. One elevator will service residents and provide access to all floors, and each floor will contain multiple lounge seating areas. The outdoor amenities include a courtyard with barbecue, dining and fitness areas.
BORROWER AND PROPOSED OWNERSHIP STRUCTURE
Thomas Safran & Associates Development, Inc. (TSA), a for-profit corporation, is the principal developer and will form the VA Building 207 L.P. partnership. The partnership will later be structured to include the Housing Corporation of America, a not-for-profit organization, as the Managing General Partner (MGP), the VA Building 207 LLC as the Administrative General Partner (AGP), and will select and admit a limited partner investor at construction loan closing. Veterans Affairs and the L.P. partnership will sign a 75-year Enhanced Use Lease (EUL) upon receipt of all enforceable funding commitments and prior to closing. TSA is also a partner member of the West LA Veterans Collective LLC. The future ownership structure will consist of the following:
1. Housing Corporation of America, as Managing General Partner (0.051%)2. VA Building 207 LLC, as Administrative General Partner (0.049%)3. Limited Partner, who has yet to be determined (99.99%)
Staff Report: VA Building 207 Senior ApartmentsPage 2 of 2
PROPOSED PERMANENT FUNDING SOURCES
Source AmountHCID-HHH $8,260,000Tax Credit Equity $13,123,727Conventional Loan $5,900,000Deferred Dev. Fee $319,378LA County CDC NPLH $5,750,000Total $ 33,353,105
AFFORDABILITY STRUCTURE
Unit Type Percent Median Total Number of Units0 Bedroom 30% 531 Bedroom 30% 6Mgr-2 Bedroom 0% 1Total 60
FUNDING RECOMMENDATION
An HCIDLA funding commitment of up to $8,260,000 is recommended. HHH funds represent $137,667 per unit and 25% of the total development cost. The total development cost per unit is $555,885. HHH funding is leveraged with 4% tax credit equity and a conventional bank loan.
CONSTRUCTION TIMELINE
Construction is currently estimated to start in November 2020, and anticipated to be completed by November 2022.
Prepared by: Los Angeles Housing + Community Investment Department
STAFF REPORTAs of: March 20, 2020
West Terrace (Silver Star II)6576-6604 S. West Boulevard
Los Angeles, CA 90043
New ConstructionCouncil District 8
PROJECT DESCRIPTION
Silver Star II (project), located at 6576-6604 S. West Boulevard, will be a supportive housing development for homeless individuals and families, as well as low income individuals, consisting of 63 affordable units and one manager’s unit. There will be no tenant parking provided, per the Transit-Oriented Communities Ordinance (TOC), since the site is located in TOC tier 3. However, there will be bicycle parking racks. The site currently consists of two commercial structures that will be demolished, one of which is being used as a residence; therefore, relocation benefits will be provided to the resident that lives onsite.
The project will consist of 64 residential units, comprised of 14 studio units, 29 one-bedroom units, 20 two-bedroom units, and one three-bedroom manager’s unit. All residential units will include bathrooms and kitchens equipped with a stove and a refrigerator. 56 residential units will be furnished with a full size bed, night stand, chest of drawers, and a dining table with chairs. The project amenities will include air conditioning, a community room with a shared kitchen, television lounge, computer lab, and laundry facilities on each floor. Offices for supportive service staff and private consultation rooms will be provided. Outdoor amenities include a shared rooftop patio, ground-level community area with seating, and children’s play area landscaped with drought-tolerant plants.
BORROWER AND PROPOSED OWNERSHIP STRUCTURE
A Community of Friends is the developer and will form a Limited Partnership. The Limited Partnership will consist of Supportive Housing LLC as Managing General Partner, with ACommunity of Friends as the Initial Limited Partner. Ownership structure will consist of the following:
1. Supportive Housing LLC as Managing General Partner (0.01%)2. A Community of Friends Initial Limited Partner (99.99%)
PROPOSED PERMANENT FUNDING SOURCES
Source AmountHCID-HHH $6,404,900Accrued Deferred Interest – HHH $26,561Tax Credit Equity $11,977,039Conventional Loan $7,140,000GP Equity $85,100Deferred Dev. Fee $1,363,907LA County CDC NPLH $7,760,000Total $ 34,757,507
Staff Report: Silver Star IIPage 2 of 2
AFFORDABILITY STRUCTURE
Unit Type Percent Median Total Number of Units0 Bedroom 30% 70 Bedroom 50% 71 Bedroom 30% 292 Bedroom 30% 20Mgr-3 Bedroom MKT 1Total 64
FUNDING RECOMMENDATION
An HCIDLA funding commitment of up to $6,404,900 is recommended. HHH funds represent $100,077 per unit and 18% of the total development cost. The total development cost per unit is $543,086. HHH funding is leveraged with 4% tax credit equity, a conventional bank loan, GP Equity,and County of Los Angeles NPLH funds.
CONSTRUCTION TIMELINE
Construction is currently estimated to start in February 2021, and anticipated to be completed by February 2023.
Prepared by: Los Angeles Housing + Community Investment Department
![June 11, 2018 - Los Angelescao.lacity.org/Homeless/propHHHAOC-20180612f.pdf · Att_2.12.6[2] - Relocation onsultant’s Resume / Qualifications Att_2.12.6[3] - Relocation Tenant Rent](https://img.dokumen.tips/doc/110x75/5ed8900d6714ca7f47682871/june-11-2018-los-att21262-relocation-onsultantas-resume-qualifications.jpg)
