Xipe Totec Affordable Housing Development Proposal

XIPE TOTEC | DEVELOPMENT PROPOSAL
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xipe
DEVELOPMENT PROPOSAL
Boyle Heights, Los Angeles
BANK OF AMERICA
LOW-INCOME HOUSING CHALLENGE
WINTER/SPRING 2014
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GUSTAVO DE HARO
CARLOS HERNANDEZ
ARA KIM
RANDY MAI
DENNIS MARAVILLA
DAISY MIGUEL
BRANDON HARPER
Master of Urban and Regional Planning Candidate 2014
Masters of Architecture Candidate 2014
PROJECT DEVELOPMENT TEAM
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The MURP Associates team would like to thank individuals and organizations who have been beyond helpful
and a true inspiration throughout this competition.
Joan Ling - Academic Advisor
Holly Benson - Development Advisor
Abode Communities - Development Partner
UCLA Luskin School of Public Afairs
UCLA Ziman Center for Real Estate
UCLA Department of Urban and Regional Planning
UCLA Lewis Center
Sandra Rossato, Clinica Romero
Raul Diaz, Homeboy Industries
Eric Hubbard, Jovenes Inc.
Roxana Aguilar, Los Angeles Conservation Corps
Todd Franke, UCLA Chair Department of Social Welfare
Maria Cabildo, East LA Community Corporation
Osvaldo Garcia, East LA Community Corporation
Ernesto Espinoza, East LA Community Corporation
Nancy Halpern Ibrahim, Esperanza Community Housing
Daniel Huynh, Abode Communities
Gigi Szabo, Skid Row Housing Trust
Theresa Hwang, Skid Row Housing Trust
Andi Isreal, Skid Row Housing Trust
Ted Bardacke, Ofce of Los Angeles Mayor Eric Garcetti
Jeanalee Obergfell, Ofce of Los Angeles Mayor Eric Garcetti
Kevin Ocubillo, Ofce of Councilmember Jos Huizar
Lilly OBrien-Kovari, Ofce of Councilmember Jos Huizar
Kit Awakuni, City of Los Angeles Department of City Planning
Daniel Ahadian City of Los Angeles Department of City Planning
Dhiraj Narayan, Housing Authority of the City of Los Angeles
Terri Boykins, Los Angeles County Department of Mental Health
Belen Fuller, Los Angeles County Department of Mental Health
Lois Starr, Los Angeles County Community Development Commission
Kathy Tran, Cassidy Turley
Hector Gutierrez, Community Health Councils
Sindre Fredsvik, Creative Housing Associates
Alexander Kalamaros, METRO
Malcolm Harris, Hammond Studio
Fermn Herrera, California State University, Northridge
Cecilia Ngo, Coalition for Responsible Community Development
Students from East Los Angeles Renaissance Academy
Jesus Cardoso, One Media Communications
Maria Bustria-Glickman, U.S. Bancorp Community Development Corporation
Johanna Gullick, Union Bank
Jan-Michael Medina, Union Bank
Andrea Ursillo, Bank of America Merrill Lynch
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Project Overview...................................................................6
Executive summary...............................................................7
Geography..............................................................................8
Project Setting
Amenities Map
Market Study........................................................................12
Site Conditions....................................................................16
Zoning
Entitlements
Design...................................................................................18
Site Plan
Elevations and Renderings
Sustainability.......................................................................27
Community Development and Engagement.................29
Services.................................................................................31
Financing Structure.............................................................35
Funding Sources
Project Budget Costs
Rents
Operating Expenses
Cash Flow
Biographies..........................................................................39
Appendices..........................................................................42
Proforma
TCAC 9%
LEED Point System
Letters of Support
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LOCATION
345 N Fickett Street, Los Angeles, CA 90033
(Fickett St and Cesar E. Chavez Avenue)
Neighborhood of Boyle Heights

ZONING
Total Parcel: 42,622 sq ft.
Zoning: R3-1 & C-2

PROGRAM
HOUSING UNITS
58 studio units (400 sq ft)
2 manager 1BR units (600 sq ft)
100% afordable housing for transition age youth (TAY)
13 parking spaces
COMMERCIAL SPACE
Medical Clinic (Clinica Romero)
Social Enterprise (Homeboy Industries)
16 Parking Spaces
AMENITIES
Basketball court, community space, bike kitchen (Hosted by Homeboy Industries)

FINANCES
COST
TDC Residential Costs: $11,352,273
TDC Commercial Costs: $ 4,579,218
SOURCES
Low Income Housing Tax Credits
New Market Tax Credits
LA Department of Mental Health (Capital Subsidy)
Bank Loan
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MURP Associates is pleased to present Xipe Totec, a mixed-use project with 58-units of afordable
studio units, two managers units and two commercial spaces. The units serve the housing needs of
low-income transitional age youth (TAY), meaning 18-25 year old youth that have aged out of the
foster care system. The commercial spaces will house a medical clinic and a youth services center.

Xipe Totec (pronounced si-pe toh-tec) is located along a well-used commercial corridor in the
historical neighborhood of Boyle Heights. We envision this project as being an innovative, mixed-
used and transit-oriented development project that is grounded in the local needs and context of
Boyle Heights. Due to the proximity of our project to the Metro Gold Line Soto Station and eight
bus stops, our project is a perfect transit-oriented mixed-use development that is critical for our
residents and the neighborhood, many of whom may not own cars and are transit dependent.
Xipe Totec is a stable permanent home for our residents but also serves to anchor the community
with health resources, and educational and work support.
In Aztec mythology, diferent gods created diferent parts of the world. Xipe Totec is the name of
the Aztec god that created the East, the direction of the rising sun. He is also the Aztec god of
agriculture, fertility, and regeneration. Xipe Totec symbolizes new roots in Boyle Heights - where
youth have the opportunity to rebuild and to lead their future and the future of the neighborhood,
in essence, recreating the East.
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99,243
POPULATION:
$26,223
MEDIAN
HOUSEHOLD INCOME
4.1
AVERAGE
HOUSEHOLD SIZE
27.2%
RESIDENTS
AGED <20
The community of Boyle Heights is a densely
populated neighborhood immediately east
of Downtown Los Angeles. Its neighboring
communities are unincorporated East Los
Angeles is to the east and downtown to its
west. Boyle Heights is only around 6 square
miles however, it has 99,243 residents living in
6.52 square miles. At 14,229 people per square
mile, Boyle Heights is among the densest
communities in Los Angeles County. Boyle
Heights also has four major Southern California
freeways (the I-5, I-10, US-101, and the CA-60)
running through it.
Historically a diverse community of Jews,
African-Americans and Hispanic/Latinos, the
community is today a primarily a Hispanic/
Latino neighborhood (92.6%). The community
is, with a median household (HH) income of
$26,223, one of the poorest communities
in Los Angeles. The poverty rate in Boyle
Heights is 31.3% compared to 15.4% in Los
Angeles County. While 75.5% of Los Angeles
County residents have a high school diploma,
only 45% of residents do in Boyle Heights.
Residents in Boyle Heights primarily work in
manufacturing, retail, health care and social
assistance, accommodation and food services,
and wholesale trade. Boyle Heights has a large
population of young people, with 27.2 percent
of the population being 20 years of age or
less. Compared to both the state and citywide
average, Boyle Heights has a signifcantly
higher household size, with 4.1 persons per
household.
92.6%
PERCENT
HISPANIC/LATINO
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92.6%
SOUTHWESTERN VIEW OVER BOYLE HEIGHTS, WITH DOWNTOWN LOS ANGELES IN THE BACKGROUND
REGIONAL MAP, WITH BOYLE HEIGHTS OUTLINED IN BLUE
345 FICKETT
DOWNTOWN L.A.
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345 FICKETT
EVERGREEN CEMENTARY HOLLENBECK
PARK
5 HWY
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IMAGERY MAP WITH LOT IN ORANGE
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TRANSITION AGED YOUTH
Our project will serve transition aged youth
(TAY). Los Angeles has a reputation of being
the homeless capital of America and
within the homeless population, transition
aged youth are one of the fastest growing
subpopulations. These youth have either
aged-out of the foster care or the probation
system and generally refers to youth
between 18-25 years. Typical risk factors for
this population include a lack of high school
diplomas/GED, little to no job experience
or training, mental health disabilities or
behavioral disorders, and limited support
systems.
About 1,500 transition age youth emancipate
each year in LA County. About 50% end up
homeless within a year of emancipation.
However, this is considered an undercount,
as homeless youth and TAY are difcult to
identify and to count. They often also do not
want to be identifed as homeless.
Boyle Heights and East LA have the highest
rates of youth homelessness in the Los
Angeles Unifed School District. In just
three schools in Boyle Heights (Hollenbeck
Middle School, Mendez Learning Center, and
Roosevelt High School), there were 724 youth
who experienced homelessness in 2010.
Youth (everyone under 18 years old) in Boyle
Heights face higher rates of poverty, almost
double the rate of youth in Los Angeles
County.
However, there are very little studies being
done on homeless youth needs in this area.
Service providers for TAY and homeless youth
have said that homeless youth populations
are very diverse. In East LA and Boyle Heights,
the population is overwhemingly youth
of color from Los Angeles (as opposed to
Hollywood, where many youth are white and
from outside of the the county or California).
According to Jovenes Inc, a Boyle Heights
youth services and housing provider, it is
critical to build capacity and tailor solutions
that refect the populations [being] serve[d].
However, despite the organizations in the
area, Boyle Heights still has great need and is
a very underserved area in terms of services
and housing. Boyle Heights shares a county
mental health funding service area for TAY
with central Los Angeles, which is a large
territory. Much of the funding for homeless
youth center in Hollywood and on the
Westside, however, East and South LA have a
huge need that is not being met.
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TARGET POPULATION
Professionals in the feld say that permanent
supportive housing in conjunction with
comprehensive services is the best way to
stabilize homeless youth, who need 30-50%
more time to stabilize than other homeless
populations. Permanent Supportive Housing
ensures longer-term housing stability,
provides afordable and subsidized rent, and
includes supportive services to help maintain
the housing and to achieve individually set
goals. This is diferent from transitional
housing, which is more akin to shared housing/
shelters and allows for only shorter stays.
However, currently Boyle Heights has more
short-term housing (shelters and transitional
housing) than permanent supportive housing
available. There are only three permanent
supportive housing developments for
specifcally youth in this service area and
only one development of 15 units in Boyle
Heights. There is a high need for more.
The median rent in Boyle Heights is $814.
The average market rate rent for studios in
Boyle Heights is at $750 and for 1 bedrooms,
it is $1198. This is unattainable for our targed
population, who at 30% AMI, can aford $428
in rent. Our rents range in the middle of
the afordability spectrum of rents for TAY,
according to Jovenes Inc., another housing
and service provider for TAY in Boyle Heights.
This project ofers 400 sq ft. studio units,
which are on the middle or larger end of the
spectrum for TAY units. The idea is to think
HOUSING STOCK
There are 23,400 housing units in Boyle
Heights. About 65% of that stock is multiple-
family units and the rest are single-family units.
The housing stock in Boyle Heights is generally
old, with low to medium density single family
homes or apartment buildings. Residents
are overwhemlingly renters (about 75% are
renters).
Despite the low densities, Boyle Heights
has many single family homes divided into
duplexes, triplexes and more. Housing is made
afordable due to overcrowding, with several
families or people living together per unit.
When looking at overcrowding,16% of renters
live in overcrowded situations and 7% of owner
housing live in overcroweded situations.
Boyle Heights is also facing threats to its
afordable housing stock. New development
is coming into Boyle Heights at a fast pace
because of new transit and transit-oriented
development. The Metropolitan Transporation
Authority has invested $848 million to extend
the Gold Line rail stations. Eight new stations
have opened up in Boyle Heights and East
LA area. However, community members are
concerned that long-term residents will be
displaced due to a jump in prices for real estate.
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about comfortable, livable spaces that have
marked diferences from transitional housing.
All units have kitchens and bathrooms. We
want to have afordable, quality spaces for our
residents to gain independence and stability.
TAY also have specifc service needs, which
will be provided in our building. Boyle Heights
nonprofts have been leading the way in
working in a comprehensive, long-term way with
TAY youth, especially youth of color. In Boyle
Heights, over 96 percent of youth are Latino.
Organizations like Jovenes Inc. are pioneers
in ofering models for services and supportive
housing for TAY in Boyle Heights. There are other
youth service providers that we can tap into to
collaborate with. We believe that with the right
services and quality housing, our tenants can
maintain jobs and their homes.
TABLE ES.1
Quantified Objectives: New Construction
Income Category Number of Units
Extremely low-income households (O 30% AMI) 1,730
Very low-income households (31-50% AMI)
3,834
Low-income households (51-80% AMI)
4,873
Moderate-income households (81-120% AMI)
1,122
Above moderate-income households (> 120% AMI) 48,000
Total 59,559
RHNA Goal 82,002
Difference -22,443
LOS ANGELES CITY HOUSING
ELEMENT
The city of Los Angeles just adopted a new
Housing Element in December 2013. The new
2013-2021 Housing Element is organized
around this vision: to create for all residents a
city of livable and sustainable neighborhoods
with a range of housing types, sizes and costs
in proximity to jobs, amenities and services. In
keeping with decades of federal Housing Acts
and the Universal Declaration of Human Rights
that declared housing as a human right, the
City will work towards ensuring that housing
is provided to all residents. It states that to
meet this goal, the City is expected to need
an additional 82,002 new units through 2021,
of which 46,590 units (57%) are designated for
very low- and low-income households based
on the Regional Housing Needs Assessment
(RHNA).
However, as the above Table shows, the
number of units that will be constructed within
the RHNA time period compared to the amount
needed to house everyone. As shown, the city
is not projected to meet its targets to create
enough afordable housing to house everyone
that needs it.
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COMMERCIAL
Our commercial spaces aim to provide
preventative and primary care with the clinic,
but also to specialize in mental health and
workforce/educational services for youth and
homeless populations in our wider community.
Not only will this be a strong part of our service
package for our youth residents, this will also
open up our client base to people outside of
Boyle Heights, such as East LA, Downtown, and
the surrounding neighborhoods.
There are several factors that will increase
demand for health care clinics. There is a large
increase in demand as more patients can access
health care due to the Afordable Care Act.
While hospitals may see increased demand
with patients, clinics are still facing demand
in diferent population needs. In 2011, 32% of
adults were uninsured versus 26% in LA County &
22% in California. We want to focus on uninsured
popuations, including undocumented patients
and homeless populations, that will still heavily
rely on medical care at health clinics. While this
may sound like taking on more fnancial risk,
there is also long-term federal funding available
for these populations like funding from the
Health Resources and Services Administration
(HRSA). This has been a critical fund to stabilize
clinics.
Boyle Heights is the site of several large health
care facilities, however, there is still a need to
provide new spaces for health care facilities.
The majority of structures in Boyle Heights were
built before 1950. Clinics are at their capacity
already and face the need to move from their
older buildings to access larger and updated
spaces, especially as demand increases.
The City of Los Angeles is implementing a new
system to recover youth who drop out of school
by connecting them to a YouthSource Center
which ofers educational services and workforce
development with a case management model. It
has been successful and a model being looked
at by other cities, however, there is only one
YouthSource Center in Boyle Heights that covers
three large high schools in the area.
In addition to health services, we also aim to
partner with a service provider to provide a
similar, comprehensive model of educational/
workforce development services by the health
clinic. Boyle Heights is a good location for this
because of existing service providers in the
neighborhood that cater to our target audience.
However, despite that, there is still a large need
in the neighborhood.
The youth unemployment rate in the larger Los
Angeles metro area is 22.9%, double the rate
of adult unemployment at 9.9%. In the City of
Los Angeles, there are over 18,000 identifed
high school students out of school in a given
semester, and nearly 100,000 young people out
of school and out of work between the ages 16
-24. However, there is only one YouthSource
Center in Boyle Heights that covers three large
high schools in the area. We believe that due to
the proximity of our residents and to, another
center is supportable. It would also be open to
the wider public and could split the demand
between the two centers.
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ZONING AND ENTITLEMENTS
Xipe Totec will be constructed on 10 diferent
parcels. Eight of the parcels are zoned for
commercial zoning (C-2), however the (R-4)
multi-family zoning designation is applied
when the site is going to be used for residential
purposes. The two remaining parcels are zoned
for residential (R-3). Based on the zoning
restrictions provided in the table below we are
proposing to build a mixed-used development
that would contain 58 studio units that are
100% afordable for transitional aged youth
accompanied by a youth center and a clinic
for the retail. The table on the next page
summarizes our projects zoning constraints
and development standards.
In addition to the municipal code our project is
constrained by the city of Los Angeles General
Plan. The city of Los Angeles Land Use Element
is made up of 35 community plans which guide
the physical development of each individual
neighborhood within the city. The Boyle
Heights Community Plan was last updated in
1998 and is currently being revised and updated
by the planning department. The new plan
has not been ofcially adopted so we will be
using the 1998 plan as our main guide for this
development.
The 1998 Boyle Heights Community plan mostly
focused around the rehabilitation of the existing
housing stock. The plans main policy objectives
included a push for development near transit
and for housing that was easily accessible to a
variety of amenities. Xipe Totec will fulfll the
policy objectives of the community plan by
being near transit and by being in an area that
is within walking distance of grocery stores,
schools and bus stops.
ENTITLEMENT PROCESS
In order to develop on the 345 Fickett site we
will have to go through the entitlement process
within the city of Los Angeles. The frst step in
the process is to obtain a case fling approval
form and an afordable housing referral form.
At the same time we will be submitting the
environmental assessment form, a density
bonus application and the site plan application.
Our environmental review will take about 6
months. The planning department will process
the density bonus and site plan which in total
will take about 8 months. This process will
include recording our covenant agreements.
We will be submitting our fnal construction
drawings to the Dept. of Building and Safety for
plan check, paying our fees and receiving our
permits to commence construction all within a
2 month timeframe.
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Address
Property Owner
Zoning
Sq Ft
# of Lots
General Plan
Community Plan
Current use
Accepted use
FAR
Height
Set backs w/out Density Bonus
Set Backs (20% reduction with
Density Bonus)
Assesed value
Enterprise Zone
Parking Residentail (By-Right if
applying for Density Bonus)
Parking Commercial
Historic Monument Site
Incorporate history of the commercial
Corridor into the design
Sec. 12.20.3 of LAMC
East Los Angeles State Enterprise
Zone
Reduces Parking Requirements
(Z) No.2129: Section 12.21
A4(X)(3)
Enterprise CommercialParking 1 Space/500 Sq. Ft.
LADBS Doc. No. P/ZC 2002-
011 - Summary of Parking
Regulations (LADBS)
Methane Buffer Zone Level I Mititgation Requirements
Zimas; LADBS Doc. No.
P/BC 2011-101- Site Testing
Standards for Methane;
City of Los Angeles
Building Code Chapter 71
Seismic Hazards Poorly Constrained City of Los Angeles Zimas
Bicycle Parking Reduction Reduce parking by 15% for Residentail and
30% for Retail if the site is located within
1,500 of a transit station. Car Parking
Spaces will be made into bicycle parking
spaces
*Bicylce Odinance (Sec. 3.
Subdivision 4 of Subsection
A of Section 12.21 of the
Los Angeles
Municipal Code)
Front:15, Side: 10', Rear:'15
SITE SPECIFIC ZONING SUMMARY
OTHER CONSTRAINTS
345 Fickett Ave, Los Angeles, CA. 90033
LA METRO
C2-1 and R-3
42,662 Sq Ft
10
Community Commercial
Front:'15, Side:' 8, Rear:' 12
$2,227,756.50
East Los Angeles State Enterprise Zone
0.25
1 for every 500 Sq. Ft.
Boyle Heights
Empty Lot
R-4 is allowed in C-2 zone
1.5 for C-2 zone and 3:1 in R-3 zone
Unlimited for C-2 and 45' in R-3
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Cesar Chavez Ave is a vital artery in the hearts
of East LA residents. This historic Avenue is the
main commercial corridor in Boyle Heights and
caters to the immediate consumer needs of
the community. Staying true to its profle, Xipe
Totec orients the clinic and youth center to face
Cesar Chavez Ave. The grand steps that lead to
a rooftop terrace are reminiscent of structures
from Tenochtitlan (the largest pre-hispanic
urban center) a heritage that has followed
Latinos of Mexican descent for generations.
Latino Urbanism is special in Boyle Heights
in that it shares a tradition of utilizing public
space in creative and necessary ways that is
not common in typical US cities. Xipe Totec
encourages community cohesion by providing a
VIEW FROM CESAR CHAVEZ AVE
setback on Cesar Chavez; continuing the urban
form of this historic corridor, yet providing
additional public space with the developments
setback.

RETAIL TYPE Size
Youth Source Center 3,920 sq.ft.
Health Clinic 6,800 sq.ft.
Total 10,720 sq.ft.
Retail Type Size

RESIDENTIAL
Type of Bedrooms Size Number of Units Total SqFt
Studio 400 sq.ft. 29 11,600 sq.ft.
Additional Studio 400 sq.ft. 29 11,600 sq.ft.
1 BR 600 sq.ft. 2 1,200 sq.ft.
Total 60 24,400 sq.ft.
RESIDENTIAL
Type of Bedrooms Size Number of Units
Total SqFt
OUT PATIENT CLINIC
YOUTH CENTER
STUDIO APARTMENTS
MANGER UNITS
COMMUNITY SPACE
OFFICE SPACE
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MANAGER UNITS
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PROGRAM
MASSING
Step backs on the southern side of the
development are necessary to respect neighbors
and prevent from introducing an intimidating
feature into the area. The residential units are
also staggered to create multiple views and
increase natural and indirect light from the
many surfaces.
CIRCULATION
Pedestrian entrances to the development
exist from both Cesar Chavez Ave and Fickett
St. Internally, residents are able to move
freely across perforated bridge structures and
connecting pathways.
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RESIDENTIAL PROGRAMMING
Residential programming includes 58 units
each sized at 400 sq ft and all share the same
layout. The two management units are sized at
600 sq ft and centrally centrally located within
the development for full observation of the
residents as a recommended standard. Each
residential unit includes one ADA compliant
bathroom, one kitchenette, a large window
with views of the neighborhood, a desk, and
storage units.
COMMERCIAL PROGRAMMING
The medical clinic is 6,800 sq ft and is located
on the corner of Cesar Chavez and Fickett, an
accessible and highly populated street. The
outpatient clinic is composed of modules that
host everything from examination rooms to
administrative ofces. Indoor and exterior
waiting rooms provide patients with views of
Cesar Chavez Ave and the local neighborhood
activity. Clinica Romero, a similar neighborhood
clinic of 7,000 sq ft in a similar neighborhood
setting, currently provides assistance of up to
300 patients per day.
Main aspects of the youth center include a
computer room, a multi-purpose room, a small
library and lounge space, and a bicycle workshop
area. This bike workshop also serves as the hub
for the bike sharing program that will allow
residents to run daily errands. Programs like
bike share and bike repair allow for residents
to build hands on skills as well as business and
program management skills. These programs
also act as the pilot, or example, of a small
business social entrepreneurship.
OPEN SPACE
Residents have a variety of open space and
recreational services within Xipe Totec.
Programming includes a basketball court
above the clinic with a wall that also acts as a
projection screen for outdoor flms on warm
Southern California nights . In addition, Xipe
Totec also includes passive recreation areas
where residents can simply sit and decompress
from the stressors and traumas imposed by
daily life. Finally, the development includes a
slew of exposed connecting paths and bridges
that make interesting circullation patterns
while ensuring vigillance from case managers.
PARKING
Parking for the entire development is located
on the western side, adjacent to the alleyway.
The entrance and exit is on Cesar Chavez Ave.
We have a total of 31 number of parking spots.
Parking requirements for TAY are minimal
considering that most transition-age youth
cannot aford the fnancial burden of owning
and operating automobiles. Our parking ratio
for the residential units equals 0.25 spaces per
unit, with 2 additional spaces for the 2 manager
units. There is a total of 17 residential parking
spots.
There is a total of 16 parking spaces for the
retail units. The parking ratio is 1 spot per
500 sq. ft. We are using a reduction from the
Bicycle Ordinance, which reduces our parking
by 6.4 spaces. We are also in a Transit-Oriented
Development area (a quarter mile from a light
rail station) and in an Enterprise Zone, which
encourages reducing parking spots.
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SITE PLAN
Medical Center Patio Space
Out door Community Space
Atrium Garden
Studio Units
23
ELEVATIONS
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24
Studio
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N
LEVEL 1
LEVEL 2
Medical Center
Youth Center Management
Ofces
Laundry Room
Atrium Garden
Studio
Studio
Studio
Studio
Studio
Studio
Studio
Studio Studio
Community
Space
Parking Lot Parking Lot
Pedestrian Welcome Mat
Patio Space
Bike shop
Elevator
N
NEIGHBORHOOD CONTEXT
25
R-3 TWO STORY
R-3 MULTI-STORY
C-2 COMMERCIAL ONE STORY
C-2 COMMERCIAL ONE STORY C
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SITE PLAN VIEW
VIEW FROM FICKETT ST
26
REAR VIEW OF DEVELOPMENT
27
APARTMENT FLOOR PLAN
INTERIOR STUDIO APARTMENT
INTERIOR STUDIO APARTMENT
APARTMENT FLOOR PLAN
28 HOLLENBECK PARK
Sustainability is pivotal to any housing development in terms of addressing the needs of a
community and resources of the environment. For this development we have obtained a LEED Gold
Rating (see appendix). Another sustainable feature of our development includes the residential
unit orientation. All units make full use of passive solar building design, allowing light and heat
to enter in the mornings and providing shade throughout the rest of the day. The local climate
and placement of windows makes for a comfortable living environment that requires little to no
temperature conditioning.
29
PLANT CATALOG
Boyle Heights is located in the USDA Hardiness Zone
10: 30-40 F. The following plant catalogue is climate
appropriate, low maintenance, and applies to the
proposed development:
Groundcover
Blue Flame Agave
Deergrass- Muhlenbergia rigens
Blue Oatgrass- Helictotrichon sempervirens
Blue Chalksticks- Senecio-mandraliscae
Flower
California Poppy- Eschscholzia californica
Blue Salvia- Salvia farinacea
Tree
California Sycamore- Platanus racemosa
Pineapple Guava- Feijoa sellowiana
Blue Flame Agave
California Poppy
Deergrass Pineapple Guava
California Sycamore Blue Salvia
Blue Chalk Sticks
Blue Oak Grass
30
Our goal is to incorporate our project into
the fabric of the neighborhood through the
involvement of residents and property owners
in the vicinity. Our comprehensive strategy
involves community workshops to determine
needs and considerations, communicating the
schedule and potential impacts of the project
during construction, and actively engaging
community stakeholders throughout each
phase of the development process.
Our key opponents are neighboring residents
that might have issues with the density
and with the target population of formerly
homeless transition age youth. Businesses
may have concerns about integrating this
new project into the fabric of the commercial
corridor.
However, Boyle Heights is a community
with a strong support for youth issues. our
program is centered around community
serving resources - a clinic, educational and
work services, and health things like bikes.
This project brings attention to a commercial
area that has not been as popularized. Like 1st
Street and Mariachi Plaza, we want to expand
success for small businesses onto Cesar Chavez
Ave and to the Soto Station. This project is an
anti-displacing strategy that supports residents
and small businesses through the inclusion
of afordable housing and local, community-
serving retail.
PRE-DEVELOPMENT
Our planning and development began with a
thorough assessment of community needs.
While this was informed largely by available
demographic data and a thorough market
analysis, it was supported by meetings with City
staf, Council Member Jose Huizar, community
leaders, and representatives from various
community organizations, and supportive
services groups.
In addition on May 2, 2014 our development
team hosted an Urban Planning Youth
Empowerment Conference for 150 youth
from East Los Angeles Renaissance Academy,
a high school in Boyle Heights, to learn about
improving their community through urban
MAY 2ND 2014 URBAN PLANNING YOUTH CONFERENCE
31
planning and development. This conference
included an afordable housing workshop
with over 60 participants in which the youth
developed a site plan for their own afordable
housing development on our project site (345
Fickett St).
Our approach to development incorporating
community participation provided
opportunities for stakeholders to express
their concerns and ofer their own ideas about
what they would like their community to look
like. The advantages of this approach allowed
us to develop a well-informed development
program and design while gaining valuable
support for our project from local stakeholders.
Based on these workshops and meetings with
community stakeholders our project gained
a greater understanding for the needs of this
community lacking access to medical services,
afordable housing for homeless youth, spaces
for public art, and job training to reduce high
current youth unemployment.
CONSTRUCTION
For the latter stages of construction, our
development project has contracted the
services of LA Conservation Corp to assist with
the construction of our development project.
LA Conservation Corp is a local program
that provides young people aged 16 to 24
in low-income communities the opportunity
to earn their GED or high school diploma by
enrolling in an alternative education program,
building afordable housing, and participating
in community development opportunities.
Under the supervision of licensed contractors,
LA Conservation Corp participants will help
construct our afordable housing project in their
own community, and at the same time, develop
construction and leadership skills they can take
with them to lead successful and productive
lives. LA Conservation Corp has committed up
to 40 participants to the project.
Throughout the construction process,
our development team will hold monthly
community meetings to update the public about
construction progress and inform neighbors
about impacts such as the temporary loss of
on-street parking and durations of construction
noise. These meetings will be an opportunity for
the public to ask questions and communicate
concerns to the development team.
Additionally a printed newsletter will also
be distributed to adjacent residents and
property owners. Also information through
these channels will be ofered in English and
Spanish and list contact information for the
development team.
POST-CONSTRUCTION AND
OCCUPANCY
We will start outreach for lease-up about fve
months before construction fnishes. With
our property management company and our
service partners, Jovenes Inc, we expect to have
a long waiting list. Jovenes Inc. also operates
short-term housing which will help in fnding
tenants for our project. Our community related
process will also bring in tenants through the
participants that have engaged in our process
since the beginning.
Our property managers and service operators
will continue to work with the youth to build
community and to build skills.
32
ON-SITE MANAGEMENT
The 345 Fickett St. development project will
provide two on-site managers to oversee the
general care needs of the site and residents.
This project will include two manager units to
house a property manager and an assistant
manager on site. Realizing that this age group
will need support we have allotted space for
two managers to distribute the responsibility of
managing the project site demands. Additionally
the project will also provide a generous ofce
space area on site to house our site managers
work space as well as other on site supportive
care staf intended to serve the needs of our
TAY residents.
SUPPORTIVE SERVICES
This project recognizes the importance of
providing the adequate supportive services
needs to help youth tenants of this development
project. The services are designed to provide
the highest level of care and support for the
residents of this development. Youth will have
access to a full team of trained and experienced
staf capable of assisting youth in a wide array
of areas. In total these tenants will have access
to one mental health specialist, 4 case workers,
and one education specialists intended to
assist youth with their educational goals.
MURP Associates is providing one full-time
on-site mental health specialist to assist with
rehabilitation needs and one full time case
worker to assist in supporting youth in their
social services needs.
In addition, we are working in a dynamic
partnership with several community partners
to set up a full array of supportive services.
The community partners include Jovenes Inc, a
local nonproft in Boyle Heights that specializes
in permanent supportive housing for TAY and
the UCLA Department of Social Welfare.
SUMMARY
1 Property Manager, 1 Assistant Property Manager
1 Mental Health Specialist (Provided on site)
5 Case Workers (1 provided by Jovenes Inc, 2 provided by UCLA MSW Dept., 2 provided on site)
1 Education Specialists ( Provided by Jovenes Inc.)
Medical Clinic Health Services (Provided by Clinica Romero)
Job Training & Education Services (Provided by Homeboy Industries)
33
Jovenes Inc. has been providing supportive
housing and services for TAY in Boyle Heights
for more than 20 years. The Mission of Jovenes,
Inc. is to help homeless youth and at-risk
families become productive and integrated
members of the community. In partnership
with this development Jovenes will provide the
services of one experienced case manager and
one trained educational support specialist.
The UCLA Social Welfare Department provides
quality research and teaching for policy makers
to shape programs and practice in such areas
as mental health, children and families, and
long-term supportive care. UCLA Social Welfare
faculty members are committed to placing
their knowledge at the service of communities
and empowering the disadvantaged and the
vulnerable. The departments long-standing
priority is to train the next generation of
practitioners and leaders in the feld, to lead
in the development of knowledge for the
social work profession and to strengthen social
institutions and services in Los Angeles. To fulfll
that mission, UCLA has a long-existing program
that places students into work environments.
Through this program, we are partnering up
with the UCLA Social Welfare Department
to accompany our service package with two
senior Masters of Social Welfare candidates as
additional stafers.
EDUCATION & JOB TRAINING
Homeboy Industries is partnering with us to
provide educational and job training services,
but also to provide job opportunities for our
residents and other youth in the community
through a social enterprise.
Homeboy Industries strives to provide through
promoting youth development through job
training to the re-entry youth population in
Boyle Heights. As a leader in providing youth job
training and reentry services to the residents
of Boyle Heights for over 26 years, their core
principles and commitment to those who need
a second chance are a powerful match, making
this a very strategic alliance.
Homeboy will be a tenant of the youth education
center and provide job training services to this
community through the expansion of their
youth services and the creation of a social
entrepreneurial bike share & repair shop. As
for services, Homeboy Industries ofers over
ffty classes/groups each week. The Homeboy
academic curriculum provides support in
high school equivalency test preparation and
completion, college readiness, reading and
writing, life skills. One of their most important
partners, Learning Works Charter School
(LWCS) specializes in the high school education
component, while Homeboy Industries provides
the wraparound services and part-time
employment development of the students.
34
HEALTH SERVICES

Our commercial unit also ofers a space for a
medical clinic. We are partnering with Clnica
Monsenor Oscar A. Romero, whose mission
is to provide through accessible health care
to low income communities in Los Angeles.
Clnica Romero provides low-income cost
comprehensive primary care and disease
prevention services for men, women and
youth. The clinic will be a contracted (Medical
Home) clinic partner with Health Care LA,
IPA (HCLA). Through this partnership, we will
be able to ofer a full array of medical care
services and mental health services to the
TAY resident population located on site of this
project. In addition, we will also be able to treat
residents from Boyle Heights and neighboring
communities to care for patients enrolled
with government sponsored managed care
programs in Medi-Cal, Medicare Advantage
and Medi-Medi (dual eligibles).
35

345 FICKETT | DEVELOPMENT PROPOSAL
Land $2,268,034
Hard - Construction $9,582,354
Soft Costs $4,081,103
TOTAL $15,931,491
USES OF FUNDS
Bank Loan $3,561,838
Low Income Housing Tax Credit Equity $8,434,020
LA Department of Mental Health $2,918,253
New Market Tax Credit Equity $1,017,380

TOTAL

$15,931,491
SOURCES OF FUNDS
$15,931,491
TDC:
$2,918,253
L.A.
CITY/COUNTY
FUNDING
61%
EQUITY SHARE:
36
Residential Construction Loan: $5,832,431
Because our development has two ownership
structures (two LLCs), we are fnancing our
retail and residential diferently. Bank of
America Merrill Lynch has agreed to provide
a construction loan of $5,832,431 for the
development of the residential portion of our
project.
Retail Construction & Permanent Bank Loan:
$3,561,838
The projects Construction and Permanent Bank
Loan is sized only by the Retail Net Operating
Income (NOI). This loan will assist only the retail
portion of the development. The Construction
Bank Loan will be converted to a permanent
loan after construction close.
9% Low Income Housing Tax Credit (LIHTC)
Equity: $8,434,020
In order for the project to sustain its residential
development costs, we seek to acquire ~$8.43
Million in LIHTC equity. We are taking the
requested unadjusted eligible basis at ~$7.8
Million and will be selling our credits at $1.10
for every $1.00 of tax credit. The LIHTC equity
comes in during construction at 15 percent for
the initial capital contribution. The rest of the
equity will come in during the permanent phase
to close the construction loan costs and any
unpaid capital contributions.
*Please refer to the Appendix for LIHTC Equity
Determination
Los Angeles County Department of Mental
Health: $2,918,253
In order to pay for the predevelopment costs,
we seek capital subsidy funding from the
Los Angeles County Department of Mental
Health (LACDMH). Under the Mental Health
Services Act Housing Program NOFA from the
County, we request up to $121,655 per unit
cost for capital and/or operating subsidy. LA
County DMH will make available $7 million
for the acquisition, new construction and
rehabilitation of permanent supportive
housing. Because the project assumes Section
8 Project Based Vouchers (PBV), we do not
need the operating subsidy. However, we will
be requesting a capital subsidy of $2,918,253
to fund the predevelopment phase. Our project
meets the funding principles and priorities of
the the County. Our project prioritizes a target
population of no more than 30% AMI. Since
we have an operating subsidy from Housing
Authority of the City of Los Angeles (HACLA)
through Section 8 PBV and are targeting a
vulnerable population, we are confdent that
our proposal will acquire the funds from the
Department.
New Market Tax Credits (NMTC):
$1,512,555 Gross | $1,017,380 Net
Due to lack of fnancing to fulfl the retail
portions development costs, we seek to
apply for NMTC. The U.S. Bancorp Community
Development Corporations (USBCDC) has
agreed to issue the development NMTC of
~$1.5 Million, which includes the fees and
costs for NMTC. The NMTC comes with two
diferent fees: the fee reserves ($245,175) and
the closing costs ($250,000). The fee totals are
495,175.
37
Our project is eligible for ~1.5 Million, however,
the bank holds back the fee totals ($495,175),
which gives us a net allocation of $1,017,380 in
NMTC.
Please refer to the Appendix for the NMTC
calculations.
PROJECT BUDGET COST
ASSUMPTIONS
Please refer to the accompanying exhibits. The
following notes describe certain assumptions
included in the projections.
Land Value: ($2,227,757)
Land value was calculated based on an
estimated land values of nearby projects within
1000ft of the project. The land is averaged at
$52.22 per square feet of commercial parcels
in the projects market area. This sum will be
paid to Metro as prepaid ground lease rent for
the lease term at the beginning of the projects
construction. We are budgeting 10% of the land
cost in the predevelopment phase to allow for
a deposit with the Los Angeles Metropolitan
Transportation Agency. The project site will be
a ground lease of 70 year. We will then close
escrow at construction start.
Construction Hard Cost
Construction hard cost are based on information
from RS Means 2014 and from similarly designed
comparables from our developer partner,
Abode Communities. Our residential additives
include appliances for the kitchens, elevators,
laundry room appliances and smoke detectors.
Our retail additives include emergency lighting,
smoke detectors and sound systems. We have
included additional medical equipment costs
as the tenant improvements line item. In order
to be competitive and unique, we budgeted an
extra 2 percent of our hard costs to meet LEED
certifed standards.
Location Factor Prevailing Wage
The cost estimates assumes wage standards for
both State and Davis-Bacon prevailing wages,
which is required for the public funding sources.
The costs also take into account a location
factor of 1.09 for residential and 1.07 for the
retail for building in Los Angeles.
Soft Cost
Soft costs are based on our faculty advisors
experience and of our developer partner,
Abode Communities experience at similar
properties. It is also based of of similar costs
from comparable projects from East Los
Angeles Community Corporation, another local
Boyle Heights afordable housing developer.
Hard Cost and Soft Cost Contingency
We utilized a 5% Construction Hard Cost
Contingency and another 5% Soft Cost
Contingency.
38
Developer Fee
Our fnancing plan has our developer fee at
$1,495,925. However, we are deferring two-
thirds of our developer fee after we receive our
Certifcate of Occupancy. We will then pay back
our Developer Fee within 15 years.
RENTS
Residential
For our residential rents, our tenants pay
$390. This rent level are determined by the
California Tax Credit Allocation Committee
(CTCAC) guidelines in order to access the 9%
LIHTC funding source. All 58 of our studios
are Extremely Low-Income units at the 30%
Area Median Income (AMI) limit, which sets the
rents for studios at $390 after utility allowance.
The utility allowances are set according to the
HACLA
Section 8 PBV supplements our rental income.
The Fair Market Rents (FMR) in Los Angeles in
2014 for studio units is $958. The Section 8 PBV
will pay the diference between the FMR and
the rents the tenants are able to pay.
We also have income from laundry coming in.
We have calculated this as $8 per unit, bringing
in $5,760 annually in income.
In order to get the maximum 35% Density
Bonus for our project, 11% of our units must
be set aside as being below 50% AMI. At 100%
of our units (excluding managers units) at 30%
AMI, we meet this condition.
Commercial
For our medical clinic (6,800 sq ft), we are
assuming rents of $2.50 per square feet, totaling
$204,000 annually. This has been confrmed by
our tenant, Clinica Romero. MURP Associates
will be providing tenant improvements and
in return, Clinica Romero will be leasing the
clinic space for us with a triple net lease for a
minimum of 5 years (with the option to renew
the lease) at the stated rent of $2.50.
The Youth Centers rents are set at $2.00 per
square feet, bringing in $94,080 annually.
Homeboy Industries will be the tenant for the
Youth Center, ofering services and a social
enterprise. If not, Los Angeles Conservation
Corporation is our back up tenant for this space.
They will also utilize the space for their ofce
and job-training services. Both tenants will
have triple net leases for 5 years at minimum
with the option to renew.
39
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41
Holly Benson
Vice President, Housing Development
Holly Benson is vice president of housing development responsible for the fnancial packaging
and development of Abode Communities afordable housing projects. She is instrumental in the
identifcation of funding sources, negotiation of investment terms, the selection and management
of development contracts, the syndication of low-income housing tax credits, and ultimately, the
training and supervision of the project management staf. Benson is particularly skilled at consulting
with local community groups and governmental entities to educate and inform neighboring
communities about the composition and structure of afordable housing programs and benefts to
communities at large.
Benson has nearly 12 years of afordable housing experience and has overseen the development
of more than 700 afordable housing units and secured an estimated $150 million in loans, grants
and equity from both private and public sources. Prior to joining Abode Communities, she served as
a housing developer at Mercy Housing California responsible for all facets of project management,
as well as investigating opportunities for future afordable housing sites. With County of Orange
Housing and Community Development Department, Benson was responsible for underwriting and
recommending loans to afordable housing developers, as well as shaping the Countys community
policies. Benson received a Bachelor of Arts in Communication Studies from the University of
California, Los Angeles.

Joan Ling
Joan Ling is a real estate advisor and policy analyst in urban planning. She brings 30 years of experience
in the public, private and non-proft sectors: she has worked as an afordable housing developer,
property manager, real estate fnancial analyst, government loan underwriter, and community
planner. Ms. Ling has taken about 60 development projects (1,400 units) from acquisition through
entitlement, fnancing, construction, marketing, and building operations.
Ms Ling served as the Executive Director of Community Corporation of Santa Monica for 20 years.
Her previous employers include the Los Angeles County Community Development Commission,
Kotin, Regan, and Mouchly, Inc. and The Planning Group. She was the Treasurer of the Community
Redevelopment Agency of Los Angeles City for over six years before the dissolution of redevelopment
in February 2012. She is a director on the Housing California board and the chair of its Land Use and
Finance Committee. In addition, she serves on the MoveLA Advisory Board.
Ms. Ling is a Phi Beta Kappa graduate of Chatham College in Pennsylvania and received her M.A.
degree from the UCLA Urban Planning Department. She also holds a certifcate from Harvard
Kennedy School of Government after completing an 18-month program in Achieving Excellence in
Community Development. Fannie Mae Foundation honored her as a National James A. Johnson
Fellow. She teaches real estate, housing and planning courses at the university level.
42
Gustavo De Haro is a Masters candidate of UCLAs Urban and Regional Planning program specializing
in Design and Development. Currently he is working as the UCLA Urban Planning Outreach Coordinator
charged with a focus on recruitment and diversity in the Urban Planning graduate program. He holds
a Bachelors degree in Psychology from UCLA and has an extensive background in public sector labor
and community organizing within the Southern California region and the New York state area. His
primary research focus and training centers on the process of equitable development and afordable
housing within the Southern California region and Baja California, Mexico.
Randy Mai is a graduate student in Urban and Regional Planning at UCLAs Luskin School of Public
Afairs. His concentration is Housing. He holds a Bachelors of Arts degree in Asian American Studies,
Asian Languages and Culture, and Urban and Regional Studies from UCLA. He has worked with the City
of LAs Human Relations Commission, East Los Angeles Community Corporation, Service Employees
International Union - United Long Term Care Workers, the Mayors Ofce of Economic Development
under the Minority Business Development Agency and the Planning and Housing Team, and most
recently Genesis LA, a Community Development Entity. At UCLA, he is the Community Development
and Social Justice (CDSJ) Coordinator, where he works with a group of 10 undergraduate students
who want to pursue professional degrees in Public Policy, Urban Planning, Social Welfare, and Public
Health. He teaches a course on graduate school preparation and conducting applied qualitative
research in professional felds.
Daisy Miguel is a UCLA Masters of Urban and Regional Planning graduate student focusing on
Transportation and Housing. She is currently working as an Assistant Program Manager at Los
Angeles Neighborhood Initiative (LANI) where she has been primarily responsible for working one-
on-one with property owners to renew the Byzantine Latino Quarter Business Improvement District.
Previously, Daisy was working with the Los Angeles Planning Department, North Valley Division
on the Sylmar Community Plan update. She received her bachelors degree from the University of
California, San Diego where she studied Urban Studies and Planning and American Politics. In her
spare time, Daisy likes to go on long bike rides, sit by a windowsill and read books and travel to new
places.
Carlos Hernandez is a UCLA Masters of Urban and Regional Planning graduate student focusing
on Design/Development. He is currently a program director with Kounkuey Design Initiative, a non-
proft design/build organization. His background experience includes participatory community
design, informal housing research, and development of bicycle programs throughout Southern
California. He received his bachelors degree from California State University, Northridge where
he studied Urban Planning. In his spare time, Carlos enjoys playing music, welding, and Muay Thai
kickboxing.
43
Ara Kim is currently a UCLA Urban Planning Masters student with a concentration in Community
Economic Development and Housing. She is currently working at Abode Communities as a Project
Management Associate. Ara holds a Bachelors degree from California Polytechnic University San
Luis Obispo in History, with minors in Womens and Gender Studies and English. Previously, Ara has
worked in organizing, research and advocacy with labor, community and advocacy organizations
including Restaurant Opportunities Center of Los Angeles, Strategic Actions for a Just Economy and
PolicyLink.
Dennis Maravilla is a UCLA Masters of Urban and Regional Planning graduate student focusing on
Community Economic Development and Housing. He holds a Bachelor of Science in Geographic
Information Systems. His interests include economic development, afordable housing, mixed-use
development, and analyzing geospatial data. He has worked with the US Census Bureau, United
States Coast Guards Chief Ofce of Civil Engineering, and various real estate frms in building mixed
use and education facilities. He enjoys traveling, exploring the golden state, participating in races
and mentoring youth.
Brandon Harper is a UCLA Masters of Architecture and Urban Design graduate student focused
on design and development. Currently his research includes 3D printing and space travel design. He
holds a Bachelor of Arts in Architectural studies and a minor in Geography and Environmental Studies
from UCLA. He has worked with numerous LA designers and helped build a family run vacation rental
business in the US and central america. He enjoys sailing, kite surfng, salsa dancing and trying to
speak as many languages as possible while failing miserably.
44
45
Project NameXipe Totec
Street Address345 Fickett Ave
City Los Angeles, CA. 90033
Developer Team Randy, Ara, Dennis, Daisy, Carlos, Brandon, Gustavo
Number of Units 60 Actual
Gross Land Area (sf) 42,662 Actual
Gross Building Area Residential 27,962 Estimated 67% of project
Gross Non-Residential Area (retail + parking sf) 21,471 Estimated 33% of project
Gross Community Room (included in Gross Bldg Area) - Estimated
$ PER SF *apply 67% for residential
(res.) $ PER SF % OF Predevelop. 9% Eligible 9% Ineligible Total Pre-Dev Eligible
TOTAL BUDGET Retail Residential $ / RES UNIT BUILDING LAND TDC COMMENTS Costs Basis Basis Basis % %
ACQUISITION -
Land Cost 2,227,757 733,170 1,494,587 37,129 79.67 52.22 0.140 Estimate 222,776 - 2,227,757 2,227,757 10.00% 0.00%
Purchase Appraisal - - - - - - - Paid for by City - - - - 10.00% 0.00%
Closing Cost 22,278 7,332 14,946 371 0.80 0.52 0.001 1% of Land 2,228 - 22,278 22,278 10.00% 0.00%
Holding Costs 18,000 5,924 12,076 300 0.64 0.42 0.001 Calculated to be about .1% of TDC 1,800 - 18,000 18,000 10.00% 0.00%
SUBTOTAL: ACQUISITION 2,268,034 746,425 1,521,609 37,801 81.11 53.16 0.142 226,803 - 2,268,034 2,268,034
2,268,034
CONSTRUCTION
Environmental Abatement - - - - - - - Included - - - - 100.00% 0.00%
Residential Construction (structures, parking, p. wage) 5,655,039 - 5,655,039 94,251 202.24 132.55 0.355 See Hard Cost Page - 5,655,039 - 5,655,039 0.00% 100.00%
Residential Construction (Location Factor) 424,128 - 424,128 7,069 15.17 9.94 0.027 See Hard Cost Page - 424,128 - 424,128 0.00% 100.00%
Retail Construction (structures, parking, p. wage) 2,709,867 2,709,867 - 45,164 96.91 63.52 0.170 See Hard Cost Page - - 2,709,867 2,709,867 0.00% 0.00%
Retail Construction (Location Factor) 158,076 158,076 - 2,635 5.65 3.71 0.010 See Hard Cost Page - - 158,076 158,076 0.00% 0.00%
LEED Certified Materials 178,942 58,891 120,051 2,982 6.40 4.19 0.011 Developer Advisor's Architect Estimate: 2% of HC - 120,051 58,891 178,942 0.00% 67.09%
Hard Cost/Construction Contingency 456,303 146,342 309,961 7,605 16.32 10.70 0.029 5% of hard costs; O&P and GC included in construction - 306,130 150,172 456,303 0.00% 67.09%
SUBTOTAL: HARD COSTS 9,582,354 3,073,175 6,509,179 159,706 342.69 224.61 0.601 - 6,505,348 3,077,006 9,582,354
9,582,354
SOFT COSTS
TECHNICAL CONSULTANTS - -
Environmental Consultants 13,000 4,278 8,722 217 0.46 0.30 0.001 Methane Test Consultants (Taken from HPW Environmental Consultants) 13,000 8,722 4,278 13,000 100.00% 67.09%
Architect - - - - - - - Included in Construction Costs - - - - 80.00% 67.09%
MEP Engineer - - - - - - - Included in Construction Costs - - - - 0.00% 67.09%
Structural and Civil Engineer - - - - - - - Included in Construction Costs - - - - 0.00% 67.09%
LEED Consultant 50,000 16,455 33,545 833 1.79 1.17 0.003 Estimate - 33,545 16,455 50,000 0.00% 67.09%
Surveyor, Utilities, Geotech, Other 45,000 14,810 30,190 750 1.61 1.05 0.003 14,850 30,190 14,810 45,000 33.00% 67.09%
Deputy Inspector 65,000 21,392 43,608 1,083 2.32 1.52 0.004 Faculty Advisor Estimate - 43,608 21,392 65,000 0.00% 67.09%
Construction Manager 70,000 23,037 46,963 1,167 2.50 1.64 0.004 Faculty Advisor Estimate 12,355 46,963 23,037 70,000 17.65% 67.09%
SUBTOTAL: TECHNICAL CONSULTANTS 243,000 79,973 163,027 4,050 8.69 5.70 0.015 40,205 163,027 79,973 243,000
243,000
FINANCING INTEREST & FEES
Predevelopment Interest Reserve - - - - - - - Not taking a Predevelopment Loan - - - - 0.00% 67.09%
Predevelopment Lender Fees - - - - - - - Not taking a Predevelopment Loan - - - - 0.00% 67.09%
Construction Interest Reserve 450,925 148,402 302,522 7,515 16.13 10.57 0.028 - 302,522 148,402 450,925 0.00% 67.09%
Construction Lender Fees 93,943 30,917 63,026 1,566 3.36 2.20 0.006 - 63,026 30,917 93,943 0.00% 67.09%
Title & Recording (all lenders) 45,000 14,810 30,190 750 1.61 1.05 0.003 - 15,095 29,905 45,000 0.00% 33.54%
Permanent Lender Fees 35,618 35,618 - 594 1.27 0.83 0.002 - - 35,618 35,618 0.00% 0.00%
NMTC Fee Reserves - - - - - - - - - - - 0.00% 0.00%
NMTC Closing Costs - - - - - - - - - - - 0.00% 0.00%
SUBTOTAL: FINANCING INTEREST & FEES 625,486 229,748 395,738 10,425 22.37 14.66 0.039 - 380,643 244,843 625,486
625,486
LEGAL FEES
Lender Legal Costs paid by Applicant 70,000 23,037 46,963 1,167 2.50 1.64 0.004 Includes NMTC legal fees; Faculty Advisor Esimate - 3,131 66,869 70,000 0.00% 4.47%
Real Estate Legal 45,000 14,810 30,190 750 1.61 1.05 0.003 Faculty Advisor Estimate 45,000 4,529 40,471 45,000 100.00% 10.06%
Syndication Legal 60,000 19,746 40,254 1,000 2.15 1.41 0.004 Investor legal costs - - 60,000 60,000 0.00% 0.00%
Other Legal - - - - - - - - - - - 50.00% 0.00%
SUBTOTAL: LEGAL FEES 175,000 57,594 117,406 2,917 6.26 4.10 0.011 45,000 7,660 167,340 175,000
RESERVES
Capitalized Replacement Reserve - - - - - - - - - - - 0.00% 0.00%
Capitalized Operating Reserve 328,204 - 328,204 5,470 11.74 7.69 0.021 Estimate - - 328,204 328,204 0.00% 0.00%
Other Reserves - - - - - - - - - - - 0.00% 0.00%
SUBTOTAL: RESERVES 328,204 - 328,204 5,470 11.74 7.69 0.021 - - 328,204 328,204
OTHER SOFT COSTS
Developer Fee -- Construction Period Portion 1,495,925 95,925 1,400,000 24,932 53.50 35.06 0.094 $23333 per unit 493,655 1,495,925 - 1,495,925 33.00% 100.00%
Developer Fee -- Permanent Period Portion - - - - - - - - - - - 33.00% 100.00%
TCAC Application/Allocation/Monitoring Fees 62,360 - 62,360 1,039 2.23 1.46 0.004 62,360 62,360 - 62,360 100.00% 100.00%
Local Permits and Fees 200,000 65,821 134,179 3,333 7.15 4.69 0.013 Faculty Advisor Estimate 200,000 134,179 65,821 200,000 100.00% 67.09%
Local Development Impact Fees 340,000 - 340,000 5,667 12.16 7.97 0.021 Estimate from ELACC 340,000 340,000 - 340,000 100.00% 100.00%
Security 50,000 16,455 33,545 833 1.79 1.17 0.003 Faculty Advisor Estimate - 33,545 16,455 50,000 0.00% 67.09%
Marketing 3,600 1,185 2,415 60 0.13 0.08 0.000 Advertising, Community Outreach - - 3,600 3,600 0.00% 0.00%
Lease-Up 30,000 - 30,000 500 1.07 0.70 0.002 $500 per unit - 30,000 - 30,000 0.00% 100.00%
Tenant Imrovements 100,000 100,000 - 1,667 3.58 2.34 0.006 *Retail Improvements - - 100,000 100,000 0.00% 0.00%
Accounting / Audit 18,000 5,924 12,076 300 0.64 0.42 0.001 Faculty Advisor Estimate - - 18,000 18,000 0.00% 0.00%
Administrative and Organizational 14,000 4,607 9,393 233 0.50 0.33 0.001 Faculty Advisor Estimate 14,000 5,636 8,364 14,000 100.00% 40.25%
Market Study 5,500 1,810 3,690 92 0.20 0.13 0.000 Estimate 5,500 3,690 1,810 5,500 100.00% 67.09%
Real Estate Taxes 69,689 22,935 46,754 1,161 2.49 1.63 0.004 Faculty Advisor Estimate 18,119 46,754 22,935 69,689 26.00% 67.09%
Liability Insurance 26,000 8,557 17,443 433 0.93 0.61 0.002 Faculty Advisor Estimate - 17,443 8,557 26,000 0.00% 67.09%
All Risk Insurance 100,000 32,911 67,089 1,667 3.58 2.34 0.006 Faculty Advisor Estimate - 67,089 32,911 100,000 0.00% 67.09%
SUBTOTAL: OTHER SOFT COSTS 2,515,075 356,131 2,158,944 41,918 89.94 58.95 0.158 1,133,635 2,236,621 278,454 2,515,075
45.1% 88.9%
SUBTOTAL: SOFT COSTS 3,886,764 723,445 3,163,319 64,779 139.00 91.11 0.244 1,218,840 2,787,951 1,098,814 3,886,764
Verification only 31.4% 71.7% 28.3%
SOFT COST CONTINGENCY 194,338 36,172 158,166 3,239 6.95 4.56 0.012 5.00% of soft costs 58,301 39,114 155,224 194,338 30.00% 20.13%
TOTAL SOFT COSTS 25.6% of TDC 4,081,103 759,617 3,321,485 68,018 145.95 95.66 0.256 1,277,142 2,827,065 1,254,038 4,081,103
Verification only 30.0% 20.1% 79.9%
TOTAL DEVELOPMENT COST 15,931,491 4,579,218 11,352,273 265,525 569.75 373.44 1.000 1,503,945 9,332,414 6,599,078 15,931,491
Permanent Portion of Developer Fee - - - - - - -
Deferred Developer Fee (1,008,283) - (1,008,283) (16,805) (36.06) (23.63) (0.063) Deferred until C of O - (302,485) (705,798) (1,008,283) 0.00% 30.00%
Capitalized Reserves (328,204) - (328,204) (5,470) (11.74) (7.69) (0.021) - - (328,204) (328,204) 0.00% 0.00%
TOTAL -- CONSTRUCTION PERIOD ONLY 14,595,004 4,579,218 10,015,786 243,250 521.95 342.11 0.916 TDC - (2/3 dev. Fee +cap. reserves) 1,503,945 9,029,929 5,565,077 14,595,004
ok ok
Predevelopment Interest Reserve Assumptions Notes
Index 0.15% Bankrate.com LIBOR 04/10/14
Spread 5.00% Estimate
Margin 0.00%
Total Int. Rate 5.15%
# of Months 16
Avg O/S Balance 60%
Loan Amount -
Interest Reserve -
Construction Interest Reserve Assumptions
Index 0.00% Real Estate Tax Calculation
Spread 0.00% LIBOR + 200% Basis Points Retail Residential
Margin 6.00% Estimate TDC 4,579,218 11,352,273
Total Int. Rate 6.00% (some cushion) assessments 1.15% 0.15%
# of Months 16 (some cushion) Real Estate Subtotal 52,661.01 17,028.41
Avg O/S Balance 60% Total 69,689.42
Loan Amount 9,394,269
Interest Reserve 450,925
TCAC Fees (Section 10335 of Regs)
(a) Application fee 1,016 (1 applications)
(b) Allocation fee 30,672 4% of first year's Federal Credit (Non-Refundable) MUST MANUALLY INPUT THIS NUMBER
( c) Appeal fee - N/A
(d) Reservation fee - N/A to 9% projects
(e) Performance deposit 30,672 4% of first year's Federal Credit (Refundable)
(f) Monitoring fee - $410 per unit (covered by performance deposit)
TOTAL 62,360
766805.8103 30,672
46
Project Name Xipe Totec No. of Units % Retail % Residential
Street Address 345 Fickett Ave 60 32.9% 67.1%
NMTC Assumptions
Allocation
CDE to be determined 5,150,000 *USBank approved 4,579,218 Retail TDC
Total Allocation 5,150,000.00
Gross Equity
Total Credits Generated 39.00% 2,008,500.00
Price Per Credit 0.83
Total Investor Equity 1,667,055.00
Required Leverage Loan Amount 3,482,945.00
CDE Upfront Fees
CDE to be determined 3.00% 154,500.00
Total CDE Upfront Fees 154,500.00
QLICI Loan B - NMTC Equity 1,512,555.00
Annual Fees
%QEI
CDE Asset Mgmt Fees 0.35% 18,025.00 x7 years
Total Annual CDE Asset Mgmt Fees 18,025.00
Other USB & Third-Party Fees
CDE Annual Tax/Audit Costs 12,000.00 x7 years
Management Fee 5,000.00 x7 years
Total Annual Other USB & Third-Party Fees 17,000.00
Total Annual Fees over Compliance Period 245,175.00
NMTC NET BENEFIT
QLICI B 1,512,555
less: NMTC Fee Reserves 245,175
less: NMTC Closing Costs 250,000
Net Benefit 1,017,380
Net Benefit as % of Allocation 19.75%
Net Benefit Goal 20.00%
47
Project Name Xipe Totec No. of Units % Retail % Residential
Street Address 345 Fickett Ave 60 32.9% 67.1%
Assessor's Office Recently Sold Properties
Address Zoning Type Price Sq Ft Price per SqFt Sold Date
Boyle Hotel Apartments Commercial $3,314,444 62,045 Sq.ft. $53.42 8/10/12 1000ft
323 N SOTO ST
LOS ANGELES CA 90033 Commercial $291,000 7,000 Sq.ft. $41.57 11/13/13 1000ft 5175-010-020
Average $3,605,444 69,045 Sq.ft. $52.22
Estimated
Project 42,662 Sq.ft. $2,227,756.50
Portion of Development Land Cost
Residential 67.1% $1,494,587
Retail 32.9% $733,170
48
Project Name Xipe Totec
Street Address 345 Fickett Ave
RESIDENTIAL
BREAKDOWN/SUMARY
% of Units AMI TCAC Points TCAC Required Density Bonus Req AMI NOTES
97.5% of units at 30% 50 59 of units 11% of units at or below 50% *off of the base units
3.5% of units at 100% 0 60 units w/ density bonus
Total Points 52 *Max 52 points 44 base units
5 units at or below 50% AMI
*extra 2 points for 30% AMI
AMI SRO
GROSS RENT (TCAC) No. of Units Rents Utility Allowance NET RENT 50% 7
30% 58 $428 $38 $390 *30%, so we meet Density Bonus
100% 2 $1,528 $45 $1,483
Total 60 *As per Section 8, 30% AMI tenants pay 30% of bill Density Bonus Gross Rents SRO
50% $567
Income meets Density Bonus Req's? YES, at 30%
TOTAL RENTS
AMI Rent/Mo Rent/Yr
30% $22,620 $271,440
100% $2,966 $35,592 Per Unit Monthly Annual
RENT Varies $25,586 $307,032
Rent/Month $25,586 $307,032 LAUNDRY $8 per unit $480 $5,760
Months 12 ANNUAL INCOME $312,792
Annual Rent $307,032 $307,032
Section 8 Project Based Vouchers (PBV) - Voucher Payment Standards (VPS) HACLA
Los Angeles 0BR 1BR 2BR 3BR 4BR
Fair Market Rents 2014 $958 $1,156 $1,443 $1,939 $2,316
Amount FMR PBV (FMR - Gross) No. of Units Monthly PBV Annual PBV
Gross Rents - 30% $428 $958 $530 58 $30,740 $368,880
58 $368,880
MAXIMUM RENTS - CTCAC for Los Angeles County 2014 applicable to tax credit and tax exempt bond projects:
LOS ANGELES Efficiency 1BR 2BR 3BR 4BR 5BR
100% Income Level $1,426 $1,528 $1,834 $2,120 $2,364 $2,608
60% Income Level $856 $917 $1,101 $1,272 $1,419 $1,565
55% Income Level $785 $840 $1,009 $1,166 $1,300 $1,434
50% Income Level $713 $764 $917 $1,060 $1,182 $1,304
45% Income Level $642 $687 $825 $954 $1,064 $1,173
40% Income Level $571 $611 $734 $848 $946 $1,043
35% Income Level $499 $535 $642 $742 $827 $913
30% Income Level $428 $458 $550 $636 $709 $782
MAXIMUM RENTS - State Density Bonus Legislation as applied to Los Angeles County 2013
Efficiency 1BR 2BR 3BR 4BR 5BR
100% Income Level $1,134 $1,296 $1,458 $1,620 $1,750
60% Income Level $680 $778 $875 $972 $1,050
55% Income Level $624 $713 $802 $891 $962
50% Income Level $567 $648 $729 $810 $875
45% Income Level $510 $583 $656 $729 $787
40% Income Level $454 $518 $583 $648 $700
35% Income Level $397 $454 $510 $567 $612
30% Income Level $340 $389 $437 $486 $525
Minimum set aside for 35% density bonus: 20% at 60% of AMI (lower) or 11% at 50% of AMI (very low).
NOTE special condition in density bonus law: Income limits are 20% at 80% of AMI, but rents are set at 60% of AMI.
Density bonus legislation: CA Government code 65915-18.
SRO 1 2 3 4 Allowance (Yes or No) Notes
Heating Natural Gas 5 12 - - - Yes Tenant: Individually metered
Cooking Natural Gas 1 2 - - - Yes Tenant: Individually metered
Other Elec 9 13 - - - Yes Tenant: Individually metered
Water Heating Natural Gas 23 18 - - - Yes Tenant: Individually metered
Total Utility Allowance 38 45 - - -
RETAIL
Unit Size No. of Units Total Size $/SF Monthly Rent Annual Rent
Youth Center 3,920 sq.ft. 1 3,920 sq.ft. $2.00 $7,840 $94,080
Medical Clinic 6,800 sq.ft. 1 6,800 sq.ft. $2.50 $17,000 $204,000
Total 10,720 sq.ft. $2.32 $24,840 $298,080
HOUSING AUTHORITY SCHEDULE (12-1-13)
UTILITY ALLOWANCES
49
9% TAX CREDIT EQUITY
Lesser of Total Adjusted Threshold Basis Limit or Total Depreciable Basis 7,771,418 Lesser of Total Requested Ineligible Basis or Threshold Basis
High Cost Area Adjustment 130% 10,102,843 "Adjusted Eligible Basis"
Applicable Fraction 100% 10,102,843 "Qualified Basis"
x Tax Credit Rate 7.59% 766,806 Annual Tax Credits: required in application
x # of years 10 7,668,058 "Credits Allocated"
Limited Partner Percentage 99.99% 7,667,291
x Price per Credit 1.10 $8,434,020 "Gross Equity" 26 months after construction start
2014 9% THRESHOLD BASIS LIMIT (with elevator)
Unit Type per Unit Basis Limit # Units Basis x # Units
0 Bedroom $164,507 58 $9,541,406
1 Bedroom $189,675 2 $379,350
2 Bedroom $228,800 0 $0
3 Bedroom $292,864 0 $0
4 Bedroom $326,269 0 $0
60 $9,920,756 Threshold Basis Limit
2013 THRESHOLD BASIS LIMIT INCREASES (TCAC Regs. Section 10327(c)(5)) *Max 39% increase
Increase for state or federal prevailing wages 20.00% $1,984,151
Increase for underground parking 0.00% $0
Increase for day care center 0.00% $0
Increase if 100% of units for special needs population 0.00% $0
Additional % when elevator serves 95% of upper story units 10.00% $992,076
Increase for energy efficiency/resource conservation/indoor air quality items 9.00% $892,868
Include Local Development Impact Fees N/A $340,000
Increase for energy/resource conservation/indoor quality items 0.00% $0
$14,129,851
Voluntary Credit Reduction -$6,358,433 45.00%
Total Requested Unadjusted Eligible Basis $7,771,418 Credit Reduction per TCAC App:
Eligible Basis per Development Costs Spreadsheet $9,332,414 -$4,797,437
50
Project Name Xipe Totec
Street Address 345 Fickett Ave 60 Total No. of Units
RESIDENTIAL ANNUAL MONTHLY PUPY PUPM COMMENTS
1. MANAGEMENT
a. Contract Management Fee 47,520 3,960 792 66 66 / unit / month
TOTAL MANAGEMENT 47,520 3,960 792 66
ok ok ok
2. ADMINISTRATION
a. Marketing 3,600 300 60 5 5/ unit / month
b. Audit 10,000 833 166.67 14 $10000/ yr
c. Legal 2,880 240 48 4 4/ unit / month
d. Office Expenses (Permits, Bank Charges, Office
Supplies, Printing, Copies, Meetings, Training)
2,880 240 48 4 4/ unit / month
TOTAL ADMINISTRATION 19,360 1,613 323 27
ok ok ok
3. SALARIES AND BENEFITS
a. On-Site Manager & Assistant On-Site Manager 100,080 8,340 1,668 139 139/ unit / month
b. Maintenance Personnel 36,000 3,000 600 50 50/ unit / month
c. Payroll Taxes, Ins., Worker's Comp. 2,160 180 36 3 3/ unit / month
TOTAL SALARIES 138,240 11,520 2,304 192
ok ok ok
4. MAINTENANCE
a. Supplies 7,200 600 120 10 10/ unit / month
b. Repairs Contract (O/S Contractors, Security,
Elevator, Fire, Drain)
21,600 1,800 360 30 30/ unit / month
c. Pest Control (Including Fumigation) 2,160 180 36 3 3/ unit / month
d. Grounds Contract 21,600 1,800 360 30 30/ unit / month
e. Interior Painting 4,320 360 72 6 6/ unit / month
f. Unit Preparation 8,640 720 144 12 12/ unit / month
TOTAL MAINTENANCE 65,520 5,460 1,092 91
ok ok ok
5. UTILITIES NOT PAID BY TENANTS
a. Trash Removal 10,800 900 180 15 15/ unit / month paid by landlord
b. Electricity 10,800 900 180 15 15/ unit / month paid by landlord
c. Water/Sewer 22,320 1,860 372 31 31/ unit / month paid by landlord
d. Gas 7,200 600 120 10 10/ unit / month paid by landlord
TOTAL UTILITIES 51,120 4,260 852 71
ok ok ok
6. INSURANCE
a. Property & Liability Insurance 28,800 2,400 480 40 40/ unit / month
TOTAL INSURANCE 28,800 2,400 480 40
ok ok ok
7. OTHER
a. Partnership Filing Fee 1,000 83 16.67 1 $1000/ yr
b. Bookkeeping Fee 12,240 1,020 204 17 17/ unit / month
TOTAL OTHER 13,240 1,103 221 18
ok ok ok
TOTAL OPERATING EXPENSES 363,800 30,317 6,063 505 TCAC minimum of $3400 / unit
ok ok ok
8. TAXES
a. Special Assessment Fee 17,028 1,419 284 24 Estimate
TOTAL TAXES 17,028 1,419 284 24
ok ok ok
9. Replacement Reserve 30,000 2,500 500 42 $500 Note: TCAC requires min of $300 pupy
TOTAL RESERVES 30,000 2,500 500 42
ok ok ok
10. Supportive Services
a. Support Services Case Manager 108,000 9,000 1,800 150 *TCAC Min is 1, paying for 2; Additional 3 (Jovenes @ 1 & UCLA MSW @ 2)
b. Employment/Education Specialist - - - - Jovenes provide 1
c. Mental Health Counselors 54,000 4,500 900 75 *TCAC Min is 1
TOTAL SUPPORTIVE SERVICES 162,000 13,500 2,700 225
ok ok ok
RETAIL EXPENSES ANNUAL MONTHLY SF/Year SF/Mo COMMENTS
1. MANAGEMENT
TOTAL MANAGEMENT - - - - *Included in Residential
2. ADMINISTRATION
TOTAL ADMINISTRATION 5,000 417 0.47 0.04 Estimate
3. MAINTENANCE
TOTAL MAINTENANCE 40,000 3,333 3.73 0.31 Estimate
4. INSURANCE
a. Property & Liability Insurance 25,000 2,083 2.33 0.19 Estimate
TOTAL INSURANCE 25,000 2,083 2.33 0.19
Note: See Rent Sheet for Gas Utility Payment responsibility. Landlord pays for house electricity, water,
sewer, trash, and internet.
TOTAL OPERATING EXPENSES 70,000 5,833 6.53 0.54
5. TAXES
a. property tax 52,661 4,388 4.91 0.41 Estimate
TOTAL TAXES 52,661 4,388 4.91 0.41
9. Replacement Reserve 9,000 750 0.84 0.07 Estimate
TOTAL RESERVES 9,000 750 0.84 0.07
OPERATING EXPENSES
51
This section is included in the application for self-scoring. Be aware that TCAC will use self scores to determine which projects undergo further
review in the competition, including the verification of self scores, for possible reservation of tax credits. TCAC will not verify or evaluate every
projects self score. Projects that self score too low to successfully compete for a reservation of tax credits will not undergo any further review
by TCAC.
Provide evidence of committed permanent public funds in Tab 20 and evidence of public subsidies, if any, in Tab 17.
Projects with commercial/non-residential costs will have committed public funds discounted by the percentage of the project proposed to be
commercial or non-residential.
Evidence of land value is required (see Tab 1). The value of the land per TCAC Regulations must be included in "Total residential project development
costs" below as evidenced in Tab 1 of the application. Donated land value must be included in Total Project Cost and the Sources and Uses Budget.
Final Tie Breaker Formula:
Requested unadjusted eligible basis
Total residential project development costs
Self-Scoring Calculation:
* $7,771,418
$11,352,273
** List individual committed public funding sources, including donations:
Tranche B, if applicable (calculate below) $0
LA Department of Mental Health (Capital Subsidy) $2,918,253
TOTAL $2,918,253 *
** The first numerator may include the following permanent funding sources that are not eligible for public funds points under Reg. Section 10325(c)(1)(C):
(1) funding contributed by a charitable foundation where a public body appoints a majority of the voting members; and (2) land and improvements
contributed by a 501(c) organization as long as the asset was held by the organization for at least 10 years per TCAC Reg. Section 10325(c)(10).
* For mixed-use projects, the permanent public fund numerator must be discounted/reduced by the mixed-use ratio below.
Mixed-use projects: Total commercial cost / Total project cost:
THE PRORATED COMMERCIAL COST DEDUCTION TO PUBLIC FUNDS MUST BE CALCULATED FIRST, BEFORE APPLYING ANY SUBSIDY
ADJUSTMENT/INCREASE (REGULATION SECTION 10325(c)(10)(A)) TO THE NUMERATOR. TCAC staff may adjust this ratio as deemed appropriate.
Sample formula (commercial costs) for numerator Committed permanent public funds defraying residential costs =(F38)*(1-I45)
* For projects with public operating or rental subsidies listed in Reg. Section 10325(c)(10)(A), calculate the percentage increase below and increase the permanent
public funds numerator by the adjustment percentage.
Operating and rental subsidies: % of subsidized units: 96.6667% Subsidy adjustment/increase to permanent public funds numerator
The number of rental subsidy units and the number of (This adjustment is calculated in the numerator after any commercial
operating subsidy units are cumulative, up to 100%. cost adjustment).
Sample formula (subsidies) for numerator Committed permanent public funds defraying residential costs =F38*(1+H53)
Sample formula (subsidies and commercial costs) for numerator Committed permanent public funds defraying residential costs =(F38*(1-I45))*(1+H53)
Tranche B calculation
For purposes of the public funds points section and the final tie breaker, a Tranche B loan is the lesser of the actual commitment amount
or the following. Please note, an application must include a private Tranche B loan supported by a public subsidy to utilize this calculation.
Rental Income Differential: Rent Limit:
40% AMI
(SRO/SpN)
OR Public Calculated
50% AMI Subsidy Annual
Unit Type # of Units (ALL OTHER) Contract Rent Rent
SRO 58 $428 $958 $368,880
1-bedroom $0
SRO $0
SRO $0
SRO $0
SRO $0
TOTAL $368,880
Rental Income Differential $368,880
Less Vacancy 5.0%
Net Rental Income $350,436
Available for debt service
@ 1.15 DSC ratio: $304,727
Loan term (years) 15
Interest rate (annual) 6.0%
DSC ratio 1.15
Loan amount per TCAC
underwriting standards: $3,009,268
Actual Tranche B
loan amount: $0
Comments or additional information as necessary:
36.221%
$11,352,273
28.7432%
24.1667%
$2,918,253
+
((
1
) /3)
=
VII. TIE BREAKER SYSTEM - FINAL TIE BREAKER SELF-SCORE
Committed permanent public funds defraying residential costs
+
((
1
) /3)
Total residential project development costs
52
A. Cost Efficiency/Credit Reduction/Public Funds
A(1) Cost Efficiency
For new construction, at-risk development, or a substantial rehabilitation development where the hard costs of rehabilitation is at
least $40,000 per unit.
Make a selection:
Projects total eligible basis that is below the maximum calculated threshold basis limits, including permitted
adjustments receives 1 point for each full % below the maximum permitted adjusted threshold
basis limits.
1)
Project's adjusted threshold basis limits:
2)
Project's total eligible basis:
3)
Difference in threshold basis limits:
4)
Calculated percent below adjusted threshold basis limits: (Rounded down to the nearest whole percent)
Total Points for Cost Efficiency:
A(2) Credit Reduction
Credit Reduction: (1 point for each full % that the qualified basis is reduced)
1) Total Qualified Basis:
2) Credit Percent Reduction
3) Total Qualified Basis Reduction
4) Project's Total Adjusted Qualified Basis :
max
Total Points for Credit Reduction:
A(3) Public Funds Section
Total committed funds (including assumptions), fee waivers, or value of donated land
1 point for each full % of Total Development Cost (TDC) including the value of any donations or fee waivers
1
Federal, state or local funds
2
Outstanding principal balances of prior existing public or subsidized debt
IRC 509(a)(1) local community foundation funds --does NOT include charitable foundations
Awarded AHP funds
Waiver of fees resulting in quantifiable cost savings and not required by federal or state law
3
Land donated by a public entity, or land leased from a public entity
3
Land donated as part of an inclusionary housing ordinance or other negotiated development agreements
4
Public contributions of off-site costs
5
Private "tranche B" loan points value --calculated in "Final Tie Breaker Self-Score" spreadsheet
Total committed funds, fee waivers, or value of donated land:
***Total project cost:
Percentage of funds versus TDC: (rounded down)
1
All loans must be "soft," having terms (or remaining terms) in excess of 15 years, and below market interest rates, interest accruals,
or residual receipts payments for at least the first 15 years of their terms. The maximum below-market interest rate allowed for scoring
purposes is 4% simple, or the applicable federal rate if compounding. RHS Section 514 and 515 financing is considered soft debt for
purposes of scoring under this category. There must be conclusive evidence presented in the application that any new public funds have
been firmly committed as stated in Regulation Section 10325(c)(1)(C). Please see also Checklist Items, Tab 1.
2
If the principal balances of prior publicly funded or subsidized loans are to be assumed, documented approval of the loan assumption
or other required procedure by the public agency holding the promissory note must be provided. Accrued interest recast as principal
under a new loan agreement will not be considered in scoring. See also Checklist Items, Tabs 1 and 20.
3
To receive points in this category, current land and building values must supported by an independent, third party appraisal conducted
within 1 year of the tax credit application and otherwise consistent with Regulation Section 10322(h)(9). Donated land value must be
included in Total Project Cost and the Sources and Uses Budget. Evidence of land value is required (see Tab 1).
4
Off-site costs must be documented as waived fees pursuant to a nexus study or must be developed by a sponsor as a condition of local
approval. Please review Regulation Section 10325(c)(1)(C) for a more complete description of requirements.
5
Private "tranche B" loans underwritten based on rent differentials attributable to rent subsidies. Calculate in Final Tie Breaker Self-Score.
Total Points for Public Funds:
Total Points for Cost Efficiency, Credit Reduction, & Public Funds:
B. General Partner and Management Company Characteristics
B(1) General Partner Experience
General Partner Name:
Select from ONE of the following two options:
Special Needs housing type project opting for 7 project experience category:
For Special Needs housing type projects applying through the Nonprofit or Special Needs set-asides only:
VI. POINTS SYSTEM - SECTION 1: POINTS SYSTEM
A maximum of 20 points shall be available in combining the cost efficiency, credit reduction, and public funds categories.
Maximum 20 Points
20 Points
New Construction
20 Points
45%
$14,129,851
45%
$6,358,433
(This figure was rounded up to the nearest whole number on the worksheet "Basis & Credits")
$14,129,851
$9,332,414
$4,797,437
33%
33
$0
$7,771,418
45
20 Points
$2,918,253
6 Points
Jovenes Inc.
7 or more projects in service over 3 years (6 Points)
Yes
4 or more Special Needs projects in service over 3 years (6 Points)
$2,918,253
$15,931,491
18%
18
96
Maximum 9 Points
53
To qualify for this option, all projects must qualify as Special Needs.
To receive points under this subsection for projects in existence for over 3 years from the filing deadline date, the applicant must
submit a certification from a 3rd party certified public accountant (CPA) that the projects for which it is requesting points have maintained a
positive operating cash flow from typical residential income alone (e.g. rents, rental subsidies, late fees, forfeited deposits, etc.) for the year
in which each developments last financial statement has been prepared (which must be effective no more than one year prior to
the application deadline) and have funded reserves in accordance with the partnership agreement and any applicable loan documents.
This certification must list the specific projects for which the points are being requested. The CPA certification may be in the form of an
agreed upon procedure report that includes funded reserves as of the report date, which shall be within 60 days of the application
deadline. To obtain points for projects previously owned by the proposed general partner, a similar certification must be submitted with
respect to the last full year of ownership by the proposed general partner, along with verification of the number of years that the project
was owned by that general partner. This certification must list the specific projects for which the points are being requested.
Total Points for General Partner Experience:
B(2) Management Company Experience
Select from ONE of the following two options:
Special Needs housing type project opting for 11 project experience category:
For Special Needs housing type projects applying through the Nonprofit or Special Needs set-asides only:
To qualify for this option, all projects must qualify as Special Needs.
Management Company Name:
Total Points for Management Company Experience:
Points in subsections (A) and (B) above will be awarded in the highest applicable category and are not cumulative. For maximum points in
either subsection (A) or (B) above, a completed application attachment for the general partner or for the management agent, respectively,
must be provided. For points to be awarded in subsection (B), an enforceable management agreement executed by both parties for the
subject application must be submitted at the time of application. "Projects" as used in this subsections (A) and (B) means multifamily, rental,
affordable developments of over 10 units that are subject to a recorded regulatory agreement or, in the case of housing on tribal lands, where
federal HUD funds have been utilized in affordable rental developments. General Partner and Management Company experience points may
be given based on the experience of the principals involved, or on the experience of municipalities or other nonprofit entities that have
experience but have formed single-asset entities for each project in which they have participated, notwithstanding that the entity itself
would not otherwise be eligible for such points. Alternatively, a management company may receive 2 points if it provides evidence that the
management agent assigned to the project, either on-site or with management responsibilities for the site, has been certified, prior to application
deadline, by a housing tax credit certification examination by a nationally recognized housing tax credit compliance entity and be on a list
maintained by the Committee. These points may substitute for other management company experience but will not be awarded in addition to
such points.
General partners and management companies with fewer than two active LIHTC projects in California should refer to Regulation Section
10325(c)(2) and Checklist Items Tabs 21 and 22 for additional requirements.
Total Points for General Partner & Management Company Experience:
C. Housing Needs
Total Points for Housing Needs:
D. Site & Service Amenities
D(1) Site Amenities
Amenities must be appropriate to the tenant population served. To receive points the amenity must be in place at the time of application,
except under the Public School subsection as indicated in Regulation Section 10325(c)(5)(A)(5). The application must include a map
scaled for distance using a standardized radius from the development site as determined by the Committee. Measurement from the
project to a site must not include physical barriers. The map must show the distance of the site amenities from the development site.
An application proposing a project located on multiple scattered sites (all sites within a five-mile diameter range) shall be scored
proportionately in the site amenities based upon (i) each sites score, and (ii) the percentage of units represented by each site.
Applicants must provide color photographs, a contact person and a contact telephone number for each requested site amenity.
Any inaccurate information will be subject to negative points. No more than 15 points will be awarded in this category. Only
one point award will be available in each of the subcategories (a-h) listed below. Amenities may include:
a) Transit-Oriented Development Strategy
(i) Located where there is a transit station, rain station, commuter rail station, bus station, or public
bus stop within 1/4 mile of the project site with service at least every 30 minutes during the
hours of 7-9 a.m. and 4-6 p.m. Monday through Friday, and the projects density exceeds 25
units per acre.
(ii) The project site is within 1/4 mile of a transit station, rail station, commuter rail station, bus
station, or public bus stop with service at least every 30 minutes during the hours of 7-9 a.m.
and 4-6 p.m. Monday through Friday.
(iii) The project site is within 1/3 mile of a public bus stop or rail station with service at least every
30 minutes during the hours of 7-9 a.m. and 4-6 p.m. Monday through Friday.
(iv) The project site is located within 1/4 mile of a regular public bus stop or a rapid transit system
stop. (For rural set-aside projects, these points may be awarded where van or dial-a-ride service
is provided to tenants.)
(v) The project site is located within 1/3 mile of a regular public bus stop or rapid transit system stop.
Select one:
Special Needs 10 Points
10
6
3 Points
11 or more projects managed over 3 years (3 Points)
Yes
(select one if applicable)
Abode Communities
Maximum 25 Points
Maximum 15 Points
7 Points
6 Points
5 Points
4 Points
3
9
Maximum 10 Points
3 Points
(i)
A private bus or transit system providing free service may be substituted with prior approval from the CTCAC
Executive Director. This prior approval must be received before the application deadline and the bus or transit
system must meet the relevant headway and distance criteria stated above. If pre-approved, select applicable point
category above.
54
Total Points for Transit-Oriented Development Strategy Amenity:
b) Public Park
(i)
Joint-use agreement (if yes, please provide a copy)
(ii) The site is within 1/2 mile (1 mile for Rural set-aside).
Select one:
Total Points for Public Park Amenity:
c) Book-Lending Public Library
(i) The site is within 1/4 mile of a book-lending public library that also allows for inter-branch
lending when in a multi-branch system (1/2 mile for Rural set-aside projects).
(ii) The site is within 1/2 mile of a book-lending public library that also allows for inter-branch
lending when in a multi-branch system (1 mile for Rural set-aside projects).
Select one:
Total Points for Public Library Amenity:
d) Full-Scale Grocery Store, Supermarket, Neighborhood Market, or Farmers' Market
Please refer to Checklist Items for supporting documentation requirements
(i)
(ii)
(iii)
(iv)
(v)
(vi) The site is within 1/4 mile of a weekly farmers' market certified by the California Federation of
Certified Farmers' Markets, and operating at least 5 months in a calendar year.
(vii) The site is within 1/2 mile of a weekly farmers' market certified by the California Federation of
Certified Farmers' Markets, and operating at least 5 months in a calendar year.
Select one:
Total Points for Full-Scale Grocery Store/Supermarket or Convenience Market Amenity:
e) Public Elementary, Middle, or High School
(i)
(ii)
Select one:
Total Points for Public Elementary, Middle, or High School Amenity:
f) Senior Developments: Daily Operated Senior Center
(i)
(ii)
Select one:
N/A
2 Points
(i)
3
3 Points
2 Points
A private bus or transit system providing free service may be substituted with prior approval from the CTCAC
Executive Director. This prior approval must be received before the application deadline and the bus or transit
system must meet the relevant headway and distance criteria stated above. If pre-approved, select applicable point
category above.
7
The site is within 1/4 mile of a public park (1/2 mile for Rural set-aside projects) (not including school
grounds unless there is a bona fide, formal joint-use agreement between the jurisdiction responsible for
the parks/recreation facilities and the school district providing availability to the general public of the
school grounds and/or facilities) or a community center accessible to the general public.
3 Points
The site is within 1.5 miles of a full scale grocery store/supermarket of at least 25,000 gross interior
square feet where staples, fresh meat, and fresh produce are sold (3 miles for Rural set-aside projects).
3 Points
The site is within 1/4 mile of a neighborhood market of 5,000 gross interior square feet or more where
staples, fresh meat, and fresh produce are sold (1/2 mile for Rural set-aside projects).
4 Points
(i)
3
The site is within 1/4 mile of a full scale grocery store/supermarket of at least 25,000 gross interior
square feet where staples, fresh meat, and fresh produce are sold (1/2 mile for Rural set-aside projects).
5 Points
The site is within 1/2 mile of a full scale grocery store/supermarket of at least 25,000 gross interior
square feet where staples, fresh meat, and fresh produce are sold (1 mile for Rural set-aside projects).
4 Points
For a qualifying development, the site is within 1/4 mile of a public elementary school; 1/2 mile of a public
middle school; or 1 mile of a public high school (an additional 1/2 mile for each public school type for
Rural set-aside projects), and the site is within the attendance area of that school.
3 Points
The site is within 3/4 mile of a public elementary school; 1 mile of a public middle school; or 1.5 miles of
a public high school (an additional 1/2 mile for each public school type for Rural set-aside projects), and
the site is within the attendance area of that school.
2 Points
(i)
3
The site is within 1/2 mile of a neighborhood market of 5,000 gross interior square feet or more where
staples, fresh meat, and fresh produce are sold (1 mile for Rural set-aside projects).
3 Points
2 Points
1 Point
(i)
5
For a senior development the project site is within 1/4 mile of a daily operated senior center or a facility
offering daily services to seniors (not on the project site) (1/2 mile for Rural set-aside).
3 Points
The project site is within 1/2 mile of a daily operated senior center or a facility offering daily services to
seniors (not on the project site) (1 mile for Rural Set-aside).
2 Points
(i)
55
Total Points for Daily Operated Senior Center Amenity:
g) Special Needs or SRO Development: Population Specific Service Oriented Facility
(i)
(ii)
Select one:
Total Points for Population Specific Service Oriented Facility Amenity:
h) Medical Clinic or Hospital
(i)
(ii)
Select one:
Total Points for Medical Clinic or Hospital Amenity:
i) Pharmacy
(i)
(ii)
Select one:
Total Points for Pharmacy:
j) In-unit High Speed Internet Service
(i)
(ii)
Select one:
Total Points for Internet Service:
Total Points for Site Amenities:
Site Amenity Contact List:
Amenity Name: Amenity Name:
Address: Address:
City, Zip City, Zip
Contact Person: Contact Person:
Phone: Ext.: Phone: Ext.:
Amenity Type: Amenity Type:
Website: Website:
Distance in miles: Distance in miles:
Address: Address:
City, Zip City, Zip
3
For a special needs or SRO development, the site is located within 1/2 mile of a facility that operates to
serve the population living in the development.
3 Points
The project site is located within 1 mile of a facility that operates to serve the population living in the
development.
2 Points
(i)
(i)
3
The site is within 1/4 mile of a pharmacy (1/2 mile for Rural Set-aside). (This category may be combined
with the other site amenities above).
2 Points
The site is within 1/2 mile of a pharmacy (1 mile for Rural Set-aside). (This category may be combined
with the other site amenities above).
1 Point
3
The site is within 1/2 mile (1 mile for Rural Set-aside) of a qualifying medical clinic with a physician,
physician's assistant, or nurse practitioner onsite for a minimum of 40 hours each week, or hospital (not
merely a private doctors office).
3 Points
The site is within 1 mile (1.5 miles for Rural Set-aside) of a qualifying medical clinic with a physician,
physician's assistant, or nurse practitioner onsite for a minimum of 40 hours each week, or hospital
(not merely a private doctors office).
2 Points
(i)
2
34
REFER TO SITE AMENITY MAP
(i)
2
High speed internet service with a 768 kilobits/second capacity provided in each unit free of charge to the tenants
for a minimum of 10 years, and available within 6 months of the project's placed-in-service date. If internet
service is selected, it must be provided even if it is not needed for points.
2 Points
Rural set-aside only: High speed internet service with a 768 kilobits/second capacity provided in each unit free
of charge to the tenants for a minimum of 10 years, and available within 6 months of the project's placed-in-
service date. If internet service is selected, it must be provided even if it is not needed for points.
3 Points
56
Website: Website:
Address: Address:
City, Zip City, Zip
Website: Website:
Address: Address:
City, Zip City, Zip
Website: Website:
Address: Address:
City, Zip City, Zip
Website: Website:
D(2) Service Amenities
No more than 10 points will be awarded in this category. The service budget spreadsheet must be completed.
Amenities may include, but are not limited to:
a) Large Family, Senior, At-Risk projects:
(1)
Service Coordinator as listed above, except:
Minimum ratio of 1 FTE Service Coordinator to 1,000 bedrooms.
N/A
Service Coordinator. Responsibilities must include, but are not limited to: (a) providing tenants with
information about available services in the community, (b) assisting tenants to access services through
referral and advocacy, and (c) organizing community-building and/or other enrichment activities for tenants
(such as holiday events, tenant council, etc.). Minimum ratio of 1 Full Time Equivalent (FTE) Service
Coordinator to 600 bedrooms.
5 points
N/A 3 points
Maximum 10 Points
Projects that provide high-quality services designed to improve the quality of life for tenants are eligible to receive points for
service amenities. Services must be appropriate to meet the needs of the tenant population served and designed to
generate positive changes in the lives of tenants.
Except as provided below and in Reg. Section 10325(c)(5)(B), in order to receive points in this category physical space for
service amenities must be available when the development is placed-in-service. Services space must be located inside the
project and provide sufficient square footage, accessibility and privacy to accommodate the proposed services. The
amenities must be available within 6 months of the projects placed-in-service date. Applicants must commit that services
will be provided for a period of 10 years.
All services must be of a regular and ongoing nature and provided to tenants free of charge (except for day care services or
any charges required by law). Services must be provided on-site except that projects may use off-site services within 1/2
mile of the development (1 1/2 mile for Rural set-aside projects) provided that they have a written agreement with the
service provider enabling the developments tenants to use the services free of charge (except for day care and any
charges required by law) and that demonstrate that provision of on-site services would be duplicative. All organizations
providing services for which the project is claiming service amenities points must have at least 24 months experience
providing services to one of the target populations to be served by the project.
Items 1 through 6 are applicable to Large Family, Senior, and At-Risk projects. Items 7 through 12 are applicable
to Special Needs and SRO projects. Items 1 through 12 are mutually exclusive. One proposed service may not receive
points under two different categories.
Applications must include a services sources and uses budget clearly describing all anticipated income and expenses
associated with the services program and that aligns with the services commitments provided (i.e. contracts, MOUs, letters,
etc.) Applications shall receive points for services only if the proposed services budget adequately accounts for the level of
service. The budgeted amount must reasonably be expected to cover the costs of the proposed level of service. PLEASE
REFER TO REGULATION SECTION 10325(c)(5)(B) FOR COMPLETE SERVICE AMENITY POINTS REQUIREMENTS.
57
(2)
Other Services Specialist as listed above, except:
Minimum ratio of 1 FTE Services Specialist to 1,000 bedrooms.
(3)
Adult educational, health & wellness, or skill building classes as listed above, except:
Minimum of 60 hours instruction each year (30 hours for small developments).
Minimum of 36 hours instruction each year (18 hours for small developments).
(4)
Health and wellness services and programs as listed above, except:
Minimum of 60 hours of services per year for each 100 bedrooms.
Health and wellness services and programs as listed above, except:
Minimum of 40 hours of services per year for each 100 bedrooms.
(5)
(6)
After school program for school age children as listed above, except:
Minimum of 6 hours per week, offered weekdays throughout the school year.
b) Special Needs and SRO projects:
(7)
Case Manager as listed above, except:
Minimum ratio of 1 FTE Case Manager to 160 bedrooms.
(8)
Service Coordinator or Other Services Specialist as listed above, except:
Minimum ratio of 1 FTE Case Manager to 600 bedrooms.
(9)
Minimum of 60 hours of instruction each year (30 hours for small developments).
N/A
Other Services Specialist. Must provide individualized assistance, counseling and/or advocacy to
tenants, such as to assist them to access education, secure employment, secure benefits, gain skills or
improve health and wellness. Includes, but is not limited to: Vocational/Employment Counselor, ADL or
Supported Living Specialist, Substance Abuse or Mental Health Counselor, Peer Counselor, Domestic
Violence Counselor. Minimum ratio of 1 FTE Services Specialist to 600 bedrooms.
5 points
N/A 3 points
N/A Health and wellness services and programs. Such services and programs shall provide individualized
support to tenants (not group classes) and need not be provided by licensed individuals or organizations.
Includes, but is not limited to visiting nurses programs, intergenerational visiting programs, or senior
companion programs. Minimum of 100 hours of services per year for each 100 bedrooms.
5 points
N/A 3 points
N/A 3 points
N/A Adult educational, health and wellness, or skill building classes. Includes but is not limited to:
financial literacy, computer training, home-buyer education, GED, resume building, ESL, nutrition, exercise,
health information/awareness, art, parenting, on-site food cultivation and preparation, and smoking
cessation classes. Minimum of 84 hours instruction each year (42 hours for small developments of
20 units or less).
7 points
N/A 5 points
N/A 3 points
N/A 2 points
Yes
Case Manager. Responsibilities must include (but are not limited to) working with tenants to develop and
implement an individualized service plan, goal plan or independent living plan. Minimum ratio of 1 Full
Time Equivalent (FTE) Case Manager to 100 bedrooms.
5 points
N/A 2 points
N/A Licensed child care. Shall be available 20 hours or more per week, Monday through Friday, to residents
of the development. (Only for large family projects or other projects in which at least 30% of units are 3
bedrooms or larger.)
5 points
N/A After school program for school age children. Includes, but is not limited to tutoring, mentoring,
homework club, art and recreational activities. (Only for large family projects or other projects in which at
least 30% of units are 3 bedrooms or larger). Minimum of 10 hours per week, offered weekdays
throughout the school year.
5 points
N/A
Adult educational, health and wellness, or skill building classes. Includes but is not limited to:
financial literacy, computer training, home-buyer education, GED, resume building, ESL, nutrition, exercise,
health information/awareness, art, parenting, on-site food cultivation and preparation, and smoking
cessation classes. Minimum of 84 hours of instruction each year (42 hours for small developments
of 20 units or less).
5 points
N/A 3 points
N/A 2 points
N/A
3 points
Yes
Service Coordinator or Other Services Specialist. Service coordinator responsibilities shall include, but
are not limited to: (a) providing tenants with information about available services in the community, (b)
assisting tenants to access services through referral and advocacy, and (c) organizing community-building
and/or other enrichment activities for tenants (such as holiday events, tenant council, etc.). Other services
specialist must provide individualized assistance, counseling and/or advocacy to tenants, such as to assist
them to access education, secure employment, secure benefits, gain skills or improve health and wellness.
Includes, but is not limited to: Vocational/Employment Counselor, ADL or Supported Living Specialist,
Substance Abuse or Mental Health Counselor, Peer Counselor, Domestic Violence Counselor. Minimum
ratio of 1 FTE Service Coordinator or Other Services Specialist to 360 bedrooms.
5 points
N/A 3 points
58
Minimum of 36 hours of instruction each year (18 hours for small developments).
(10)
(11)
(12)
The service budget spreadsheet must be completed. Total Points for Service Amenities:
E. Sustainable Building Methods
REVIEW REG. SECTION 10325(c)(6) BEFORE PROCEEDING
APPLICANTS WILL BE HELD TO REGULATORY REQUIREMENTS. THE APPLICATION MAY
CONTAIN ABBREVIATED DESCRIPTIONS OF THE REQUIREMENTS FOR THIS SECTION.
E(1) New Construction and Adaptive Reuse projects select from the following features:
(i)
5 Points
(ii)
Energy efficiency as indicated in Reg. Section 10325(c)(6)(B) beyond the
requirements in 2008 Title 24, Part 6 of the California Building Code (2008 Title 24):
Low Rise (1-3 habitable stories)
0 Points
Multifamily of 4+ habitable stories
0 Points
(iii)
LEED
5 Points
GreenPoint Rated Multifamily Guidelines
0 Points
E(2) Rehabilitation projects select from the following features:
(iv)
0 Points
(v)
Improvement over current:
0 Points
(vi)
LEED GreenPoint Rated Existing Home Multifamily Program
0 Points
0 Points
2011 Enterprise Green Communities
0 Points
(vii)
Additional rehabilitation project measures (chose one or more of the following three categories):
(A) PHOTOVOLTAIC / SOLAR
0 Points
(B) SUSTAINABLE BUILDING MANAGEMENT PRACTICES, INCLUDING THE FOLLOWING:
0 Points
1. Develop project-specific maintenance manual, including information on all energy and green building features
2. Certify building management staff in sustainable building operations (BPI or equivalent)
3. Undertake formal building systems commissioning, retro-commissioning, or re-commissioning
N/A
After school program for school age children. Includes, but is not limited to tutoring, mentoring,
homework club, art and recreational activities. (Only for large family projects or other projects in which at
least 30% of units are 3 bedrooms or larger). Minimum of 10 hours per week, offered weekdays
throughout the school year.
5 points
N/A
3 points
N/A
Health or behavioral health services provided by appropriately-licensed organization or individual.
Includes but is not limited to: health clinic, adult day health center, medication management services,
mental health services and treatment, substance abuse services and treatment.
5 points
N/A
Licensed child care. Shall be available 20 hours or more per week, Monday through Friday, to residents
of the development. (Only for large family projects or other projects in which at least 30% of units are 3
bedrooms or larger.)
5 points
LEED
N/A
N/A
N/A
N/A
2 points
10
Maximum 10 Points
Yes
Develop the project in accordance with the minimum requirements with
any one of the following programs:
N/A
N/A
Develop the project in accordance with the minimum requirements with
any one of the following programs:
N/A
N/A
Rehabilitate to improve energy efficiency; points awarded based on percentage
decrease in estimated Time Dependent Valuation energy use post-rehabilitation:
N/A
Yes
Develop the project beyond the minimum requirements of the program chosen in
section (i) above:
Gold
N/A
N/A
N/A
N/A
N/A
Develop the project beyond the minimum requirements of the program chosen in
section (i) above:
N/A N/A
N/A
59
(C)
0 Points
To receive these points, the applicant and the project architect must certify in the application which of the above items
will be included in the projects design and specifications, and further must certify at the projects placed-in-service date
that the items were completed. In addition, certain point categories require completion of the TCAC Sustainable Building Method
Workbook and accompanying documentation by a qualified energy analyst at application and placed-in-service stages.
Refer to Reg. Section 10325(c)(6), Checklist Item Tab 25, and the TCAC website for requirements related to the TCAC Sustainable
Building Method Workbook. Refer to Reg. Section 10325(c)(6)(H) for specific Compliance and Verification requirements.
Projects receiving points under this category that fail to meet the requirements of Reg. Section 10325(c)(6) will be subject to
negative points under Section 10325(c)(3).
Total Points For Sustainable Building Methods:
F. Lowest Income
F(1) Lowest Income Restriction for All Units
The Percent of Area Median Income category may be used only once. For instance, 50% of Income Targeted Units to Total Tax
Credit Units at 50% of Area Median Income (AMI) cannot be used twice for 100% at 50% and receive 50 points, nor can 50% of
Income Targeted Units to Total Tax Credit Units at 50% of Area Median Income for 25 points and 40% of Income Targeted Units
to Total Units at 50% of Area Median Income be used for an additional 20 points. However, the Percent of Income Targeted Units
may be used multiple times. For example, 50% of Targeted Units at 50% of Area Median Income for 25 points may be combined
with another 50% of Targeted Units at 45% of Area Median Income to achieve the maximum points. All projects must score at least
45 points in this category to be eligible for 9% Tax Credit.
*Only projects competing in the Rural Set-aside may use the 55% AMI column and selected targeting in the 50% AMI column.
**60% AMI is included as a place-holder and will not receive any additional points.
Total Points Requested:
*IF 60% AMI UNITS ARE LESS THAN 10% OF TOTAL UNITS, LEAVE CELL E628 BLANK.
F(2) Lowest Income for 10% of Total Restricted Units at 30% AMI
A project that agrees to have at least 10% of its units available for tenants with incomes no greater than 30% AMI and
agrees to restrict the rents on those units accordingly can receive two additional points. The 30% AMI units must be spread
across the various bedroom sizes, starting with the largest bedroom count units (e.g. four bedroom units) and working down
to the smaller bedroom count units, assuring that at least 10% of the larger units are proposed at 30% AMI. So long as the
project meets the 10% standard as a whole, the 10% standard need not be met among all of the smaller units. TCAC may
correct applicant errors in carrying out this largest-to-smallest unit protocol.
N/A
INDIVIDUALLY METER (OR SUB-METER CURRENT MASTER-METERED) GAS, ELECTRICITY, OR
CENTRAL HOT WATER SYSTEMS FOR ALL TENANTS
10
50 Points
Maximum 52 Points
Percent of
Area Median Income (AMI)
80% 0 45 47.5
30% **60% *55% 50% 45% 40% 35%
75% 0 42.5 45
50
70% 0 40 42.5
47.5
45
65% 0 35 37.5 40 42.5
37.5 40
55% 0 30 32.5 35 37.5
60% 0 32.5 35
Percent of Income
Targeted Units to Total
Tax Credit Units
(exclusive of mgr.s
units)
50% 0 25* 27.5 30 32.5 35
30 32.5
40% 0 17.5 20 22.5 25 27.5 30
45% 0 22.5* 25 27.5
25 27.5
30% 0 12.5 15 17.5 20 22.5 25
35% 0 15 17.5 20 22.5
20 22.5
20% 0 7.5 10 12.5 15 17.5
25% 0 10 12.5 15 17.5
20
15% 0 5 7.5 10 12.5 15 17.5
10% 0 2.5 5 7.5 10 12.5 15
Consolidate your units before entering your information into the table
Do not enter any non-qualifying units into the table
Number of Targeted Tax
Credit Units
Percent of
Area Median Income
(AMI)
(30%- 55%)*
Percentage of Units to
Total Units
(before rounding
down)
Percent of Income
Targeted Units to Total
Tax Credit Units
(exclusive of mgr.s
units) Points Earned
58 30 0.97 100 50
40 0.00 0 0
35 0.00 0 0
50 0.00 0 0
45 0.00 0 0
0 -Rural only 0.00 0 0
0 -Rural only 0.00 0 0
2 60 0.03 0 0
60 50
2 Points
Bedroom Selection
Total Number of
Tax Credit Units
per Bedroom Size
Number of
Targeted Tax
Credit Units @ 30%
AMI
Percentage of
Units to Total Units
(by bedroom size)
5 BR 0 0 0.0000
4 BR 0 0 0.0000
60
Lowest Income for 10% of Total Restricted Units at 30% AMI Points:
Total Points for Lowest Income:
G. Readiness to Proceed
Points are available to applications documenting each of the categories below, up to a maximum of 20 points. Within the application the
following must be delivered (see Checklist Items for additional information):
Readiness to Proceed Maximum 20 Points
(i) Enforceable commitment for all construction financing, as evidenced by executed
5 points
commitment and payment of commitment fees
(ii) Evidence, as verified by the appropriate officials, of site plan approval and that all land
5 points
use environmental review clearances (CEQA, NEPA, applicable tribal land environmental
reviews) necessary to begin construction are either finally approved or unnecessary
(iii) All necessary public/tribal approvals except building permits
5 points
(iv) Design review approval
5 points
20 points will be available to projects that document all of the above and are able to begin construction within 180 days of the Credit
Reservation, as evidenced by submission of the following within 180 days of the Credit Reservation: updated application form and
explanation of changes, executed construction contract, breakdown of lender-approved construction costs, recorded deeds of
trust for all construction financing, binding commitments for permanent financing and any other required financing, a limited partnership
agreement executed by the general partner and the investor providing the equity, payment of all construction lender fees, issuance of
building permits (a grading permit does not meet this requirement), and notice to proceed delivered to the contractor. If no construction
lender is involved, evidence must be submitted within 180 days after the Credit Reservation is made that the equity partner has been
admitted to the ownership entity and that an initial disbursement of funds has occurred. Failure to meet this timeline will result in rescission
of the Credit Reservation. In addition to the above, all applicants receiving any points under this subsection must provide an executed
Letter of Intent (LOI) from the project's equity partner within 90 days of the credit reservation. The LOI must include those features
called for in the CTCAC application (See Appendix for requirements).
In the event that one or more of the above criteria have NOT been met, 5 points may be awarded for each one that has been met, up to a
maximum of 15 points. In such cases, the 180-day requirements shall not apply to projects that do not obtain the maximum points in this
category. The 90-day requirements apply to all projects requesting any points under this category.
Total Points for Readiness to Proceed:
H. Miscellaneous Federal and State Policies Maximum 2 Points
(i) For applicants that agree that the Committee may exchange Federal Tax Credits for
2 Points
State Tax Credits in an amount that will yield equal equity as if only Federal Tax Credits
were awarded.
(ii) Enhanced Accessibility and Visitability. Project design incorporates California Building Code
2 Points
Chapter 11(B) and the principles of Universal Designed listed in Reg. Section 10325(c)(9)(B)
in at least half of the project's units.
(iii)
Smoke Free Residence. The proposed project will contain nonsmoking buildings or 2 Points
sections of buildings. Nonsmoking sections must consist of at least half the units
within the building, and those units must be contiguous.
(iv) Historic Preservation. The project proposes to incorporate historic tax credits.
1 Point
(v) Qualified Census Tract (QCT). The project is located within a QCT and the development
2 Points
would contribute to a concerted community revitalization plan as demonstrated by a letter
from a local government official.
(vi) Eventual Tenant Ownership. The project proposes to make tax credit units available for
1 Point
eventual tenant ownership.
Total Points for Miscellaneous Federal and State Policies:
A. Cost Efficiency, Credit Reduction, & Public Funds
2 BR 0 0 0.0000
1 BR 2 0 0.0000
3 BR 0 0 0.0000
2
52
Yes
Yes
Yes
Yes
SRO 58 58 1.0000
Total: 60 58 -
N/A
2
VI. POINTS SYSTEM - SECTION 2: POINTS SYSTEM SUMMARY
Total Possible Points: 148, Minimum Points Required: 123
(Do Not Submit An Application If You Do Not Have The Minimum Points Required)
APPLICANT
POINTS
MAXIMUM
POINTS
TOTAL
POINTS
20
Yes
N/A
N/A
N/A
N/A
96 20 20
61
A(1) Cost Efficiency
A(2) Credit Reduction
A(3) Public Funds
B. General Partner & Management Company Experience
A(1) General Partner Experience
A(2) Management Company Experience
C. Housing Needs
D. Site & Service Amenities
D(1) Site Amenities
D(2) Service Amenities
E. Sustainable Building Methods
F. Lowest Income & 10% of Units Restricted @ 30% AMI
F(1) Lowest Income
F(2) 10% of Units Restricted @ 30% AMI
G. Readiness to Proceed
H. Miscellaneous Federal and State Policies
*Negative Points (if any, please enter amount:)
45 20
18 20
33 20
3 3
10 10 10
9 9 9
6 6
10 10
10 10 10
44 25 25
34 15
2 2
20 20 20
52 52 52
50 50
Total Points: 148
*Negative points given to general partners, co-developers, management agents, consultants, or any member or agent of the
Development Team may remain in effect for up to two calendar years, but in no event shall be in effect for less than one funding
round. Furthermore, negative points may be assigned to one or more Development Team members, but do not necessarily apply
to the entire Team. Negative points assigned by the Executive Director may be appealed to the Committee under appeal
procedures enumerated in the regulations.
2 2 2
NO MAX 0
62
LEED 2009 for New Construction and Major Renovations Xipe Totec_ 345 Fickett St
Project Checklist 5_1_2014
19 Possible Points: 26
Y ? N Y ? N
Y Prereq 1 2 Credit 4 1 to 2
1 Credit 1 1 2 Credit 5 1 to 2
5 Credit 2 5 1 Credit 6 Rapidly Renewable Materials 1
N Credit 3 Brownfield Redevelopment 1 N Credit 7 1
6 Credit 4.1 6
1 Credit 4.2 1 14 Possible Points: 15
N Credit 4.3 Alternative TransportationLow-Emitting and Fuel-Efficient Vehicles 3
2 Credit 4.4 2 Y Prereq 1
N Credit 5.1 Site DevelopmentProtect or Restore Habitat 1 Y Prereq 2
1 Credit 5.2 Site DevelopmentMaximize Open Space 1 N Credit 1 1
N Credit 6.1 Stormwater DesignQuantity Control 1 1 Credit 2 1
N Credit 6.2 Stormwater DesignQuality Control 1 1 Credit 3.1 1
1 Credit 7.1 Heat Island EffectNon-roof 1 1 Credit 3.2 1
1 Credit 7.2 1 1 Credit 4.1 1
1 Credit 8 Light Pollution Reduction 1 1 Credit 4.2 1
1 Credit 4.3 1
8 Possible Points: 10 1 Credit 4.4 1
1 Credit 5 1
Y Prereq 1 1 Credit 6.1 Controllability of SystemsLighting 1
4 Credit 1 Water Efficient Landscaping 2 to 4 1 Credit 6.2 1
N Credit 2 Innovative Wastewater Technologies 2 1 Credit 7.1 1
4 Credit 3 2 to 4 1 Credit 7.2 Thermal ComfortVerification 1
1 Credit 8.1 1
13 Possible Points: 35 1 Credit 8.2 1
Y Prereq 1 4 Possible Points: 6
Y Prereq 2
Y Prereq 3 1 Credit 1.1 1
11 Credit 1 1 to 19 1 Credit 1.2 1
N Credit 2 1 to 7 1 Credit 1.3 1
N Credit 3 2 N Credit 1.4 1
2 Credit 4 2 N Credit 1.5 1
N Credit 5 3 1 Credit 2 1
N Credit 6 2
Possible Points: 4
9 Possible Points: 14
N Credit 1.1 1
Y Prereq 1 N Credit 1.2 1
N Credit 1.1 1 to 3 N Credit 1.3 1
N Credit 1.2 Building ReuseMaintain 50% of Interior Non-Structural Elements 1 N Credit 1.4 1
2 Credit 2 1 to 2
2 Credit 3 1 to 2 67 Possible Points: 110
Regional Priority: Specific Credit
Measurement and Verification
Innovation in Design: Specific Title
Materials Reuse
Storage and Collection of Recyclables
Materials and Resources
Fundamental Commissioning of Building Energy Systems
Total
Construction Waste Management
Enhanced Commissioning
On-Site Renewable Energy
Enhanced Refrigerant Management
Construction IAQ Management PlanBefore Occupancy
Materials and Resources, Continued
Water Efficiency
Building ReuseMaintain Existing Walls, Floors, and Roof
Alternative TransportationParking Capacity
Heat Island EffectRoof
Recycled Content
Regional Materials
Certified Wood
Alternative TransportationBicycle Storage and Changing Rooms
Sustainable Sites
Alternative TransportationPublic Transportation Access
Site Selection
Development Density and Community Connectivity
Construction Activity Pollution Prevention
Low-Emitting MaterialsAdhesives and Sealants
Low-Emitting MaterialsPaints and Coatings
Optimize Energy Performance
Energy and Atmosphere
Water Use Reduction20% Reduction
Low-Emitting MaterialsComposite Wood and Agrifiber Products
Low-Emitting MaterialsFlooring Systems
Indoor Chemical and Pollutant Source Control
Thermal ComfortDesign
Controllability of SystemsThermal Comfort
Green Power
Water Use Reduction
Minimum Energy Performance
Fundamental Refrigerant Management
Daylight and ViewsViews
LEED Accredited Professional
Daylight and ViewsDaylight
Certified 40 to 49 points Silver 50 to 59 points Gold 60 to 79 points Platinum 80 to 110
Construction IAQ Management PlanDuring Construction
Outdoor Air Delivery Monitoring
Indoor Environmental Quality
Minimum Indoor Air Quality Performance
Environmental Tobacco Smoke (ETS) Control
Increased Ventilation
Regional Priority Credits
Innovation and Design Process
63
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Page 1 of 7

May 5, 2014

UCLA - MURP
UCLA Luskin School of Public Affairs

Re: 345 Fickett, Los Angeles, CA

Dear Mr. Mai:

This letter will serve as a preliminary outline of the terms under which Bank of America (the Bank) would
consider a loan request and equity investment on the above referenced project. This letter does not
represent an offer or commitment by the Bank for the proposed financing, nor does it define all
the terms and conditions of a loan commitment, but is a framework upon which a loan request
may be submitted. Issuance of a commitment by the Bank is subject to, among other things, the
completion of the following items, and approval of the loan request under the Banks internal
approval process. The Bank may decline to approve the loan request. Upon your response to this
letter and after providing any additional information which may be necessary, the Bank will
proceed with the necessary due diligence to submit the loan request. The proposed terms and
conditions are as follows:

Project: To be built 60 unit apartment complex located at Los Angeles, CA.

Borrower: A to-be-determined special purpose entity - form and substance of Borrower must
be acceptable to the Bank.

Reporting
Requirements: Annually: Borrower and Guarantors financial statements and covenant
compliance.

Monthly: Property operating statements and rental summary report.

Know Your
Customer: Within five (5) business days of opening an account with Bank, Borrower shall
have delivered to Bank all due diligence materials necessary and relevant to
verifying Borrower's identity and background information, as deemed necessary
by Bank in its sole and absolute discretion.
Other
Requirements: All of the following to be acceptable to the Bank: documentation and submissions
that are standard for loans of this type including, but not limited to, appraisal,
ESA, legal documentation, title/survey, proposed standard lease form, front-end
cost and document reviews and acceptance of final budget (includes adequate
contingency, interest carry/operating deficit reserve, etc.), review of plans/specs,
condition of markets/submarkets, revenue/expenses pro-formas, financial review
of Borrower, Guarantor, and general contractor, management agreement and
subordination; and (as applicable), proof of tax credit award, equity investor and

Page 2 of 7
pay-in schedule, proof of tax-exempt status with respect to ad valorem taxes and
other terms and conditions as may be required.

Confidentiality: This term sheet is strictly confidential and may not be shared with anyone else
other than the owners of Borrower.

Construction Loan

Construction
Loan Amount: Information obtained by the Bank is so far insufficient to establish a loan amount.
Based on our general underwriting parameters for what we believe to be similar
transactions, the construction loan amount in this transaction would be the lesser
of:
1) $5,833,101
2) 85% LTC based on final Bank approved construction budget or
3) 75% LTV based on an appraisal in form and substance acceptable to the
Bank.

Construction
Interest Rate: 30-Day LIBOR + 2.00%, floating. Term Loan Interest Rate as further described
below.

Construction
Loan Term: 24 months from the loan closing.

Construction
Loan
Amortization: Interest only for 24 months

Construction
Loan Fee: 1.00% of the total Loan Commitment, payable at closing.

Construction
Renewal Options: One six-month extension options subject to the following:
a) No less than 30 but no more than 90 day written notice of intention to
exercise the option;
b) No event of default having occurred or potential default occurring;
c) Performance hurdles have been met, including but not limited to, lien-free
construction completion and lease up hurdles;
d) The loan is in balance, including sufficient interest reserve;
e) Project must demonstrate the ability to be able to convert/payoff Banks loan
within the extension period;
f) All co-construction loans mature or are extended concurrent or past the
Banks extension date;
g) All takeout commitments expire or are extended concurrent or past the
Banks extension date;
h) All investor commitments include terms or are modified to be consistent with
the extension of the Banks loan;
i) No material adverse change in the financial condition of the Project,
Borrower, and Guarantor;
j) Payment of 0.50% renewal fee based on the committed Loan amount; and
k) Rate adjustment or fee payment, as appropriate, to cover the cost of revising
the forward rate lock, if any.

Page 3 of 7
Payment and
Performance
Guaranty: 100 % guarantee of completion, performance and repayment to be provided by a
TBD entity acceptable to Bank. The guarantors shall be required to meet to-be-
determined liquidity, leverage, and net-worth covenants.

For borrowers that are single-asset entities, principal(s) with general liability or
guarantor(s) acceptable to the Bank must be jointly and severally liable for
completion of the project and repayment of the financing, including interest and
costs.

Collateral: 1) First Lien Deed of Trust on land and improvements constructed thereon.
2) UCC filing on furniture, fixtures and equipment.
3) Assignment of rents/leases and management/construction/architectural
contracts, etc.
4) Assignment of interest rate hedge agreement, if any.

General Contractor: To be acceptable to Bank.

Term Loan:

Term Loan
Amount: N/A.

Equity:

Partnership: General Partner will own a 0.01% interest in the Partnership; Bank (the Investor)
will own a 99.99% interest in the Partnership.

Capital Contributions: Bank will make a total Capital Contribution of $1.10 for each $1.00 off Tax Credits
to which it will be entitled as a limited partner for a total Capital Contribution of
$8,434,020 to be paid as follows:

Milestone Conditions to be satisfied prior to payment %
Equity
$ Equity
Initial Capital
Contribution
(i) closing of the Partnership
(ii) closing and initial funding of all construction financing for the
Project
(iii) receipt of commitments for all permanent financing on the
Project with the interest rate fixed for at least 15 years
(iv) evidence of either acquisition of, or a long-term leasehold
interest in, the land and building for the Project
(v) evidence the Partnership has received an allocation from the
Credit Agency of 9% credits in an amount equal to the Projected
Federal Credits
(vi) receipt by the Investor of a tax opinion prepared by special tax
counsel for the Partnership in a form which is acceptable to the
Investor
(vii) satisfactory completion of Investors due diligence

15% $1,265,103

Page 4 of 7
Conversion
and
Stabilization
Capital
Contribution
(i) the Project then has achieved at least three consecutive calendar
months of a minimum of 1.15 to 1 debt service coverage on the
Permanent Loans (which period must include the last day of the
most recent calendar month),
(ii) the Project is then at least 90% occupied
(iii) all tax credit units have been leased to qualified tenants at least
one time
(v) permanent certificates of occupancy have been issued for each
building
(vi) all reserves have funded or will fund concurrent with this
payment

This contribution will occur no earlier than May 1, 2016.
80% $6,747,216
Final Capital
Contribution
(The balance
of the unpaid
Total Capital
Contribution)
(i) the Credit Agency has issued a Form 8609 for each building
(ii) a cost certification by a qualified accountant has been received
in a form acceptable to Investor
(iii) a copy of the recorded Extended Use Agreement has been
received
(iv) a copy of the compliance audit of the initial tenant files has been
received
(v) calculations of final adjusters have been prepared and agreed to

This contribution will occur no earlier than May 1, 2016.
5% $421,701

Operating Deficit
Guaranty. General Partner and guarantors will agree to loan to the Partnership any amounts
required to fund operating deficits. The Operating Deficit Guaranty will terminate
upon the later of 60 months after the later of (i) the expiration of the Completion
and Development Deficit Guaranty, or (ii) the Projects achievement of 1.20 to 1
debt service coverage ratio for the MHSA Adminsitrative Fee calculated over a
period of 12 consecutive months. In addition, in order for the Operating Deficit
Guaranty to terminate, the Project must average a 1.20 to 1 debt service
coverage ratio for the last 12 months of the 60 month period or any subsequent
12 month period and the Operating Reserve must be replenished to its originally
required balance.

Credit Adjuster. To the extent such final projected amount of Low-Income Housing Tax Credits
varies from the Original Projected Credits, Investors capital contribution will be
adjusted by $0.90 per federal credit on such variance in the delivery of actual
credits to Original Project Credit (as reflected in cost certifications or Form 8609).

Timing Adjuster. Investors federal credit capital contribution will be adjusted to reflect the later or
earlier than projected delivery of federal credits with respect to the first year and,
if applicable, the second year, of the credit period, based on a reduction in price
of 75 cents for every federal credit dollar deferred, or an increase based on 75%
of the price per credit established in Section 6 above for every federal credit dollar
accelerated.

Distribution of
Operating Cash Flow. Operating cash flow will be utilized as follows:
(i) payment of debt service on the Permanent Loans and other operating
expenses;
(ii) additions to a funded capital replacement reserve as provided in the
Partnership Agreement;

Page 5 of 7
(iii) payment of the Asset Management Fee ($3,000 per year increasing 3% per
year) to the Special Limited Partner, which fee will accrue if not paid;
(iv) payment of the Deferred Developer Fee,
(v) payment of the Partnership Management Fee ($10,000 per year increasing
3% per year) to the General Partner, which fee will accrue if not paid;
(vi) repayment of any Operating Deficit Loans made by General Partner;
(vii) replenishment of the Operating Reserve Account;
(viii) payment of an incentive management fee, not to exceed 80% of cash
flow;
(ix) then to the partners in accordance with the Percentage Interests.

2. Right of First Refusal. At the end of the 15 year tax credit compliance period, the General Partner
will have a right of first refusal to purchase the Property for an amount equal to the greater of (a)
fair market value of the Property, or (b) outstanding debt plus taxes payable as a result of the
sale.

Other Conditions The following are subject to Banks approval in its sole and absolute discretion:

NMTC Investor and Lender acceptable to Bank.
Project to be legally split into a residential and retail condo with CC&Rs
acceptable to Bank.

General Provisions:

Fees and
Expenses: Borrower will pay all reasonable costs incurred by the Bank in connection with the
loans including, but not limited to, legal, environmental, front end costs and
document review/inspections, physical needs assessment (for existing projects
only) and appraisal. Borrower acknowledges that Bank may receive a benefit,
including, without limitation, a discount, credit or other accommodation, from
outside counsel based on the fees such counsel may receive on account of their
relationship with Bank including, without limitation, fees paid pursuant hereto.
Material
Adverse Change: Bank of Americas obligations hereunder shall terminate if, prior to closing, Bank
of America determines, in its sole judgment, that there shall exist any conditions
regarding the property, or the operations, business, assets, liabilities or condition
(financial or otherwise, including credit rating) of Borrower or Guarantor, or there
shall have occurred a material adverse change in, or there shall exist any material
adverse conditions in, the market for syndicated bank credit facilities or the
financial, banking, credit or debt capital markets generally, that could be expected
to cause the loan to become delinquent or prevent any guarantor from performing
its obligations under any guaranty or to materially and adversely affect the value
or marketability of the loan or the property or Bank of Americas ability to
syndicate the loan or the viability of obtaining permanent financing for the Project.

Assumptions made: The terms discussed herein are presented, based on the credit conditions in the
potential transaction as known by Bank of America. Should additional facts come

Page 6 of 7
to light that positively or negatively impact the situation, prices or other
requirements quoted here may be adjusted.

Expiration: This term sheet will expire at 5:00 p.m. Pacific time on that date which is five (5)
business days from the date hereof unless you execute this term sheet and return
it to us prior to that time, which may be by facsimile transmission. Please
understand that this term sheet does not represent an offer or commitment by
Bank of America, or any of its affiliated entities, for the proposed new financing,
nor does it define all of the terms and conditions of a loan commitment, but is a
framework upon which a loan request may be submitted. Issuance of a
commitment by Bank of America is subject to, among other things, the approval
of your loan request under the Banks approval process. If Bank of America
issues a financing commitment in this transaction, it will in all respects supersede
this letter.

The undersigned acknowledges and agrees that: (i) the transaction contemplated by this Term Sheet is an
arms length, commercial transaction between you and Bank in which Bank is acting solely as a principal
and for its own interest; (ii) Bank is not acting as a municipal advisor or financial advisor to you; (iii) Bank
has no fiduciary duty pursuant to Section 15B of the Securities Exchange Act of 1934 to you with respect
to the transaction contemplated hereby and the discussions, undertakings and procedures leading thereto
(irrespective of whether Bank has provided other services or is currently providing other services to you on
other matters); (iv) the only obligations Bank has to you with respect to the transaction contemplated
hereby expressly are set forth in this Term Sheet; and (v) Bank is not recommending that you take an
action with respect to the transaction contemplated by this Term Sheet, and before taking any action with
respect to the contemplated transaction, you should discuss the information contained herein with its own
legal, accounting, tax, financial and other advisors, as it deems appropriate. If you would like a municipal
advisor in this transaction that has legal fiduciary duties to you, you are free to engage a municipal advisor
to serve in that capacity. This Term Sheet is provided to you pursuant to and in reliance upon the bank
exemption provided under the municipal advisor rules of the Securities and Exchange Commission, Rule
15Ba1-1 et seq.

Please review the above terms and conditions and feel free to call me with any questions or comments
you may have. If you find the above terms and conditions to be acceptable, please indicate so by signing
below and returning a faxed copy to my attention by the date which is five days from the date of this letter
along with a good-faith deposit of $30,000.00. Upon receipt of the letter and the good-faith deposit, the
Bank will proceed with the necessary due diligence to prepare and submit your loan request, provided,
however that in any event, this term sheet will finally expire at 5:00 p.m. Pacific time on that date which is
sixty (60) days from the date hereof. Your deposit is refundable, less the Banks out of pocket expenses
incurred, should the Bank decline the financing opportunity discussed herein. I look forward to hearing
from you and working with you on this and other transactions.

Sincerely,

Andrea Ursillo
Sr. Vice President
Bank of America Merrill Lynch
Community Development Banking

Please submit a loan application as outlined above:

Name: _________________________________
Title: _________________________________

Page 7 of 7
Date: _________________________________

May 7, 2014

MURP Associates
Masters of Urban Planning Department
Luskin School of Public Affairs
University of California, Los Angeles
337 Charles E Young Drive East
Los Angeles, CA 90095

FOR ACADEMIC PURPOSES ONLY

Re: Bank of America Merrill Lynch Low Income Housing Challenge
Construction and Permanent Loan for Xipe Totec

This letter is to confirm Union Banks strong support of MURP Associates proposed mixed use
transit-oriented development project, Xipe Totec, located at 345 Fickett Avenue, Los Angeles,
CA. As a bank strongly committed to the Los Angeles housing market, we support MURP
Associates aim to provide permanent, affordable housing for transition-age youth, considered
one of the most vulnerable populations in the city.

Based on the information provided, Union Bank anticipates providing a construction and
permanent loan under the conditions forth below.

Construction Loan
Amount: $3,561,838
Interest Rate: 30-Day LIBOR + 2.00% floating
Loan Term: 24 months from the loan closing
Loan Amortization: Interest only for 24 months

Permanent Loan
Amount: $3,561,838
Interest Rate: Fixed Rate of 5.46%
Loan Term: 30 years
DSCR: 1.20x

This letter is not intended as a commitment by Union Bank to finance the project; it is intended
to summarize for discussion purposes the financing the Union Bank is considering at this time.
Issuance of a commitment by Union Bank is subject to, among other things, the completion of
the following items, and approval of the loan request under the Union Banks internal credit
approval process. Union Bank may decline to approve the loan request. Upon your response to
this letter and after providing any additional information which may be necessary, Union Bank
will proceed with the necessary due diligence to submit the loan request.
Thank you for considering Union Bank as a financing source for your project. We look forward
to working with you.
Sincerely,
Johanna Gullick
Senior Vice President
Union Bank
Community Development Finance
Community Development Corporation
633 West Fifth Street, 29
th
Floor
FOR EDUCATIONAL PURPOSES ONLY
May 6, 2014

MURP Associates
Master of Urban Planning Department

Re: Bank of America Merrill Lynch Low Income Housing Challenge

This letter confirms U.S. Bancorp Community Development Corporations (USBCDC) interest in the mixed use transit-
oriented project being developed by MURP Associates at 345 Fickett Avenue and our consideration to provide New Markets
Tax Credit (NMTC) financing for the construction of this development in the Boyle Heights neighborhood of Los Angeles,
California. USBCDC supports MURPs aim to provide permanent, affordable housing for transition-age youth, one of the most
vulnerable populations in our city.

With more than $13.1 billion in managed assets, USBCDC provides innovative financing solutions for community development
projects across the country using state and federally sponsored tax credit programs. USBCDC commitments provide capital
investment to areas that need it the most and have contributed to the creation of new jobs, the rehabilitation of historic
buildings, the construction of needed affordable and market-rate homes, the development of renewable energy facilities, and the
generation of commercial economic activity in underserved communities.

USBCDC envisions providing equity capital in exchange for the tax credits generated from up to $5.15 million in Qualified
Equity Investments (QEIs), which may result in approximately $1.07 million in net benefit to the project, subject to the NMTC
parties involved and the NMTC financing structure. If NMTC allocation has not yet been identified for this project, USBCDC
will gladly assist MURP Associates in securing the necessary allocation through our many long-time CDE partners and through
consideration of bringing our own USBCDE NMTC allocation should we receive an award in a future round.

Since the inception of the NMTC program, USBCDC has invested over $2 billion of tax credit equity into eligible projects,
working with over 175 CDE partners to provide financial support to over 780 projects in communities of need. As the most
active investor in the country, both in terms of dollars invested and transactions closed, USBCDC is deeply dedicated to
economic revitalization and works diligently to embody the goals of the NMTC program.

USBCDCs participation in the financing of this project will be conditioned upon its review and approval of the following: (i)
satisfaction of NMTC program criteria; (ii) financial projections prepared by a nationally recognized accounting firm; (iii)
satisfactory leveraged debt sources for a leveraged NMTC model; (iv) creditworthiness of the guarantors and other relevant
parties; and (v) any other material and legal documents. USBCDC approval is also subject to all applicable bank operating
procedures and investment committee review requirements, as well as the project having all other financing in place to complete
development.

Thank you for giving USBCDC an opportunity to take your project under consideration and we look forward to working with
you. Should you need additional information, please do not hesitate to contact me at (213) 615-6689.

Sincerely,

Maria Bustria-Glickman
Vice President & Senior Business Development Officer
New Markets & Historic Tax Credit Investments
[For Academic Purposes Only]

www.jovenesinc.org - 1208 Pleasant Ave., Los Angeles CA, 90033 P 323.260.8035 F 323.260.8046

May 5
th
, 2014

Eric Hubbard
Jovenes Inc.
1208 Pleasant Ave

Dear MURP Associates,
Thank you for taking an interest in working with Jovenes Inc. to help promote accessible housing
and supportive care health services to transition aged youth (TAY) in the community of Boyle
Heights. In accordance with our recommendations taken into consideration this letter is to certify
that Jovenes Inc. fully supports the proposed development project located on 345 Fickett St. in
Boyle Heights.

This project falls in line with the mission of Jovenes Inc. to provide accessible permanent
supportive housing for TAY from low income communities in Los Angeles. For more than two
decades, weve obtained remarkable results with an overlooked and underserved population. The
Mission of Jovenes, Inc. is to help homeless youth and at-risk families become productive and
integrated members of the community. We provide comfortable, stable housing, access to life
skills training, employment support and other community-based services in a safe, nurturing
environment. Believing anyone can prosper given the right conditions, we deliver opportunities for
personal growth and provide hope, comfort and support where once there was none.

In addition to providing support for this project, Jovenes welcomes the additional housing of 58
units of permanent supportive housing for TAY in Boyle Heights As a leader in providing housing
and supportive services to the TAY residents of Boyle Heights for over 25 years, we are currently
looking to expand our level of services to this community. As such, we would like to enter into a
partnership providing the services of one experienced and licensed case worker and one education
specialist to be located on site to meet the demands of the TAY population located onsite. Per our
preliminary discussions Jovenes would like to enter into an agreement to provide these services in
exchange for the adequate work space housing of these staff members on site and prioritization of
25% of available units for TAY youth referred to the project from Jovenes Inc.

Jovenes is excited at the opportunity to expand our services for this neighborhood and work in
partnership with the 345 Fickett Development team to address the supportive social services needs
of transitional age youth (TAY) located on site.

Sincerely,

Eric Hubbard,
Jovenes Inc. Development Director

Raul Diaz May 5th, 2014
Homeboy Industries Youth Center
(323) 517-4218
1916 East 1st Street
Tank you for taking an interest in working with Homeboy Industries to help promote access to youth
development and job training for youth in the community of Boyle Heights. In accordance with our rec-
ommendations taken into consideration this letter is to certify that Homeboy Industries fully supports the
proposed development project located on 345 Fickett St. in Boyle Heights.
Tis project falls within the scope of work that Homeboy Industries strives to provide through promoting
youth development through job training to the re-entry youth population in Boyle Heights. Homeboy
Industries ofers over ffy classes/groups each week. Our academic curriculum provides support in high
school equivalency test preparation and completion, college readiness, reading and writing, life skills. One
of our most important partners, Learning Works Charter School (LWCS) specializes in the high school
education component, while Homeboy Industries provides the wraparound services and part-time em-
ployment development of the students. Our core principles and commitment to those who need a second
chance are a powerful match, making this a very strategic alliance.
In addition to providing support for this project, Homeboy Industries welcomes the addition of the 3,920
sq. f. youth center proposed on site for this development. As a leader in providing youth job training and
reentry services to the residents of Boyle Heights for over 26 years, we are currently looking to expand our
youth education and job training services to this community through the expansion of our youth center
and the creation of a social entrepreneurial bike share & repair shop. As such, provided that tenant im-
provements can be made to the design and functional needs of our center, we would like to express serious
interest as a potential tenant of the 3,920 square foot youth center proposed on site for this development.
Per our preliminary discussions Homeboy Industries would like to enter into an agreement to rent the
youth center space at a rate of $2.00 per square foot for a total of 5 years, with an option to renew our lease
for an additional 5 years following.
Homeboy Industries is excited at the opportunity to expand our services for this neighborhood and work
in partnership with the 345 Fickett Development team to address the educational and employment training
needs of transitional age youth (TAY) in Boyle Heights.
Sincerely,
Raul Diaz,
Homeboy Industries, Youth Center Site Director
For Academic Purposes Only
Raul Diaz
May 7th, 2014 For Academic Purposes Only
Todd Frank Ph.D.
UCLA Department of Social Welfare
337 Charles E. Young Drive East
Tank you for taking an interest in working with the UCLA Department of Social Welfare. Tis letter is to certi-
fy that the Department of Social Welfare fully supports the proposed development project located on 345 Fickett
St. in Boyle Heights.
Tis project falls in line with the mission of the Social Welfare Department to provide quality research and
teaching for policy makers to shape programs and practice in such areas as mental health, children and families,
and long-term supportive care. In addition one priority of our program is to train the next generation of
practitioners and leaders in the feld, to lead in the development of knowledge for the social work profession and
to strengthen social institutions and services in Los Angeles. UCLA Social Welfare faculty members are
committed to placing their knowledge at the service of communities and empowering the disadvantaged and the
vulnerable.
In addition to providing support for this project, the UCLA Department of Social Welfare would like to enter
into a partnership providing the services of two senior Masters Candidates of Social Welfare to assist in provid-
ing case worker supportive services. Tis commitment would be conditional provided our students would be
under the supervision of Homeboy Industries as an approved internship partner ofering a license MSW case
worker to supervise. We are excited at the opportunity to work in partnership to provide quality case
management support to the community of Boyle Heights and look forward to the creation of 345 Fickett Devel-
opment project.
Sincerely,
Todd Franke, Ph. D.
Chair, UCLA Social Welfare Department

May 6
th
, 2014

MURP Associates
Masters Of Urban Planning Department

RE: Bank of America Merrill Lynch Low Income Housing Challenge

To: Whomever It May Concern

I am writing to support the proposed project by MURP Associates at 345 Fickett Avenue in Los
Angeles, CA 90033. The development project serves the current need for affordable housing in
the neighborhood, especially for the population of transition age youths (TAY).

Council District 14 gladly supports mixed use projects which provide permanent housing options
for TAY in Boyle Heights. This project will offer 58 units of 100% affordable units that is much
needed in the community.

The Council Office is proud to support such a creative and socially responsible project in the
neighborhood.

Sincerely,

Kevin Ocubillo
Planning Deputy, City of Los Angeles Council District 14

For Educational Purposes Only

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