Capital Loan Committee April 6, 2016

HOME Investment Partnerships Program (HOME) Project Funding/Requests

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County of Santa Barbara Community Services Department

Housing & Community Development Division

County HOME Consortium: ◦ County, Buellton, Carpinteria, Goleta, Solvang

The County: ◦ Lead entity for Consortium (HCD administers) ◦ Accountable to HUD

Annual Allocation from HUD: ◦ Sub-allocated to County & member Cities ◦ Funds projects in each community

HOME Funds: ◦ Must be committed (signed contract) within 2 years ◦ Must be expended within 5 years

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Year HOME Allocation 2001-02 $1,642,000 2002-03 $1,587,000 2003-04 $1,858,537 2004-05 $1,849,130 2005-06 $1,762,196 2006-07 $1,660,973 2007-08 $1,649,163 2008-09 $1,592,140 2009-10 $1,781,867 2010-11 $1,768,440 2011-12 $1,561,186 2012-13 $927,340 2013-14 $913,946 2014-15 $937,493 2015-16 $701,873 2016-17 $730,682

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Jurisdiction HOME CDBG Buellton $17,229 $26,206

Carpinteria $47,217 $71,730 Goleta $104,298 -

Solvang $18,150 $28,807 County $470,720 $733,204

County admin $73,068 $214,987 TOTAL $730,682 $1,074,934

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Agency Requested Amount

Feb. 11 Recommendations

Apr. 6 Revised Recommendations

GSS Property Acq. $475,000 N/A $475,000 HASBARCO TBRA $985,430 $351,000 $906,262 PATH TBRA $55,000 $22,000 $22,000 Transition House TBRA $20,000 $40,000 $40,000 TOTAL $1,060,430 $413,000 $1,443,262

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968,261 968,261 Available EN to commit (pre-2015 funds)

475,000 493,261 GSS acquisition 475,000 493,261 0 Tenant-Based Rental Assistance

1,660,361 1,660,361 FY 15-16 526,404 2,186,765 FY 16-17 657,614 2,844,379

300,000 300,000 2,844,379 Habitat for Humanity acquisition/ New Construction 3 HO units 300,000

948,852 1,895,527 PSHHC Los Adobes de Maria III

199,107 1,696,420 PSHHC Senior Apartments - Santa Maria

580,000 1,116,420 PSHHC Senior Apartments - Santa Maria 1,050,893 580,000

SY HMA 269,439 500,000 885,859 CEDC Village Senior Apts - Buellton 500,000

SM HMA 305,506 1,160,000 31,365 HASBARCO Depot Street - Santa Maria 2,000,000

Est. FY 17-18 656,000 687,365

500,000 187,365 PATH Ventures Santa Barbara - Letter of Intent 500,000

$5,343,585 $5,156,220 $187,365

Available all sources Proposed Uses

Balance available

Acquisition by Good Samaritan Shelter (Orcutt)

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Sources & Uses Use Source Amount Acquisition HOME (County of Santa Barbara) $445,000 Rehabilitation HOME (County of Santa Barbara) $30,000 Rehabilitation Good Samaritan Shelter $20,000 TOTAL $495,000

Santa Maria Senior Apartments

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Developer: People’s Self Help Housing Corp.

Project: Santa Maria Senior Apartments

Location: Santa Maria, California

Requested amount: $1,250,000

Recommended amount: $580,000

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Project details

40 units for low-income seniors: • 36 – 1 bedroom units • 3 – 2 bedroom units • 1 - manager’s unit

Santa Maria: East of Miller St, between E Camino Colegio and E Mariposa Way

Amenities

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Community Center Community Garden Parking

Kitchen Library/Computer Lab Security

Total Development Costs: $11,488,987

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Sources of Funds (original budget) CDBG (City of Santa Maria entitlement) $151,631 HOME (City of Santa Maria suballocation) $199,107 HOME/In-Lieu (County of Santa Barbara) $1,250,000 NeighborWorks America $275,000 Deferred Developer Fee $50,000 Tranche A Loan $1,033,612 Tax Credit Equity $8,529,637

$11,488,987

Project Costs Hard costs per unit $178,261 Hard costs per square foot $276 Total development costs/unit (excl. land) $265,336 Cost of land $600,000

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Residences at Depot Street (Santa Maria)

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Developer: Housing Authority of Santa

Barbara County Project: Residences at Depot Street Location: Santa Maria, California Requested amount: $2,000,000

Recommended amount: $1,160,000

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Project details

80 units for low-income/homeless individuals: • 6 – studio units • 34 – 1 bedroom units • 32 - 2 bedroom units • 1 – 3 bedroom unit • 2 - manager’s units

Location: 301 N Depot St, Santa Maria

Amenities

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Community Center Computer Lab Parking Clinic Solar Panels Rec. space

Total Development Costs: $30,130,483

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Sources of Funds (original budget) Construction Loan $19,324,165 Tax Credit Equity-LIHTC $4,089,297 Solar Tax Credit Equity $57,714 Seller Carryback Note $725,000 Public Loan-MHSA Funds $2,372,845 HOME/In-Lieu loan $2,000,000 General Partner Equity-Surf Development $49,421 Deferred Developer Fee $1,512,040

$30,130,483

Project Costs Hard costs per unit $260,712 Hard costs per square foot $302 Total development costs/unit (excl. land) $326,959 Cost of land $550,000

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Current requests – Reservation of funds ◦ Time limited - expires on October 30, 2016

HCD will return for – Commitment of funds ◦ if projects are awarded LIHTC and all other financing is

committed.

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Discussion

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County of Santa Barbara Community Services Department Division of Housing & Community

Development

Thank you

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County of Santa Barbara Community Services Department Division of Housing & Community

Development