UCI Bank of American Low Income Housing Challenge 2012 - Village Station

16 May 2012
Village Station
Irvine Community Builders
Bank of America Low Income Housing Challenge 2012
ACKNOWLEDGMENTS
Michael Ruane Rochelle Mills Pat Whitaker Maria Joyce Michael Massie Victor Van Zandt Julie Romey Dirk Thelen Dan Withee Denis J. Ashton, CGBP Cathy Baranger, LEED AP, CGBP Ben Barker Mark Asturias Victoria Basolo, AICP Children and Families Commission of Orange County Irvine Housing Opportunities Irvine Housing Opportunities Bank of America Jamboree Housing Irvine Campus Housing Authority Keyser Marston Associates Withee Malcolm Architects Withee Malcolm Architects William Hezmalhalch Architects Inc. William Hezmalhalch Architects Inc. California Municipal Finance Authority City of Irvine University of California Irvine
TABLE OF CONTENTS
ACKNOWLEDGEMENTS
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DESIGN
14. Design Overview 15. Project Amenities 15. Community Center 16. Child Care Center 16. Green Building Strategy 16. Building and Interior 16. Landscape 17. Locally Sourced Material 17. Education
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UC IRVINE
26. Team Bio
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VISION
01. Vision 02. Project Overview
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MARKET ANALYSIS
03. The Real Orange County 04. Housing Burden 05. Transit Oriented Design 07. The Market 08. Populations and Households 08. Multi-family 08. Demand Summary 08. Jobs and Housing
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10
SITE
10. Existing Conditions 10. Surrounding Amenities 12. Entitlements 12. Parking 13. Transit Priority Project
PARTNERSHIP
18. Co-Developers 18. Irvine Housing Opportunities 19. Irvine Community Land Trust 19. Service Partners 19. Metrolink 19. OCTA 19. Community Engagement
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FINANCE
21. Sources and Uses of Funds 21. Gap 22. Tax Credit 22. Irvine Community Land Trust 22. Irvine Housing Opportunities 22. HOME Funds 23. Prop 49 Grant Funding 23. Limited Partner Equity 23. Tax-Exempt Bond Financing 23. Bank of America 24. Multifamily Housing Program 24. Permanent Financing 24. Operating Expenses Savings 24. Retail Space 25. Retail Space
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APPENDIX
28. Proforma 38. Rent Comparables 39. Construction Budget 40. Letters of Support 44. TCAC 46. Green Points Checklist 58. Residential Unit Diagrams
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VISION
Village Station is the first affordable transit oriented development project in Orange County, California. The project is located adjacent to the Irvine Transportation Center on Barranca Parkway and a convenient distance to the regional Orange County Great Park, as well as the bustling Irvine Spectrum shopping center. The concept was developed by Irvine Community Builders (ICB) in conjunction with the development partners Irvine Housing Opportunities (IHO) and the Irvine Community Land Trust (ICLT). This vanguard project will create an accessible, livable and affordable community for those who desire transportation alternatives and a modern, sustainable lifestyle among ample open space. This mixed-income project is a valuable asset to the Irvine community, as it provides a much needed supply of affordable housing for the City while maintaining the quality and character befitting for the master-planned city. Village Station will demonstrate that affordable transit oriented developments can succeed, and we expect our successful concept to be replicated throughout Southern California. It models a method that combines tax credits and private equity to finance a single project with multiple floor plans, two attractive building types and an assortment of neighborhood-enhancing amenities.
BANK OF AMERICA LOW INCOME HOUSING CHALLENGE 2012
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The project will provide a mix of family-style townhomes with above-grade urban apartment communities. In conformance with the form and character of the surrounding area, Village Station will achieve a moderately high density without sacrificing social/activity spaces or neighborhood appeal. The goals of Village Station are as follows: Creating a development that provides alternative transportation options to reduce residents reliance on private vehicles Creating a safe and enjoyable environment for families with access to amenities both on and off-site Implementing sustainable design solutions using the GreenPoint Rating system Establishing a financially viable development
Project Overview
Developer Irvine Community Builders Partners Irvine Housing Opportunities Parcel Size 7 acres Key Financing Sources Tax-Exempt Bond (Construction) Tax-Exempt Bond (Permanent) Bank of America Construction Loan Bank of America Permananct Loan CIty of Irvine HOME Funds Irvine Housing Trust Grant HCD MHP HUD FHA 221(D)(4) HUD FHA 2223(F) Total Development Cost $46,792,673 Unit Type Rental Mixed Income Total Units 323 Unit Breakdown 92 Studios 92 One Bedroom Units 129 Two Bedroom Units 10 Three Bedroom Units Amenities Community Center Child Care Center Community Gardens Basketball Court Fitness Room Swimming Pool Barbeque Area Tot Lot
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MARKET ANALYSIS
The Real Orange County

Orange County is located in the heart of Southern California and is bordered by Los Angeles County to the north, San Diego County to the south, Riverside and San Bernardino Counties to the east, and the Pacific Ocean to the west. The mild and warm Mediterranean climate from its close proximity to the Pacific coastline not only attracts a significant tourism economy, but has also attracted large suburban settlement in the last two decades. The Countys population has grown to 3,010,232 persons as of the year 2010 to become the third most populous county in Southern California, despite being the smallest Southern California county in area at 789.40 square land miles. Orange County also ranks second in number of jobs and firms among the Southern California counties and serves as the essential backdrop for headquarters of many Fortune 500 companies and other large employers. According to the 2012 Orange County Community Indicators report, Orange County is coming out of the economic downturn and into a gradual recovery. The County supported 1.47 million jobs by the second half of 2011 and is exhibiting a positive trend in per capita income growth. In continuing to keep up with the recovery, it is imperative that Orange County provide an adequate supply of diversified housing options for all socioeconomic groups.
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The greatest challenges precluding housing affordability for Orange County include the large differential between personal income and the high cost of living in Orange County, (Figure 1) and the affordable housing shortage for Orange County workers.
Figure 1
Despite the stabilization of housing prices after the post-crash low of July 2009, Orange County residents are still burdened with high housing costs. The cost of rent in Orange County outpaces the Housing Wage; wherein the required hourly wage to afford a one-bedroom unit at Fair Market Rent increased to $26.62 in 2012, up from $25.52 in 2011. This wage is equivalent to an annual income of $55,360 (Figure 2).
Figure 2
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As of the second quarter of 2011, approximately only 57% of households in Orange County could afford to buy an existing single-family home priced at 85% of the median home price. Because Orange Countys affordability rate is much lower in comparison to neighboring Riverside and San Bernardino counties, rental housing and multi-family housing have long been favored over single-family homes. Homeownership deferment by those entering into the workforce (i.e., Generation Y) is reflected in declining homeownership rates, while creating a demand for workforce housing in the form of apartments or starter homes. The challenge in creating affordable housing opportunities for the rapidly urbanizing County and its workforce must be met. The observed repercussion to high housing costs in Orange County has driven the workforce demographic outward in search of more affordable areas (Table 1), thus creating regional impacts of low-density development and traffic congestion that result from these long commutes.
Buying a home in Orange County reflects similar challenges. The median sale price of an existing single-family detached home in Orange County was $551,510 in July 2011, an increase from the median home sale price in 2010 of $514,180, while the median home value for Irvine is $559,000. The minimum household income required for a first-time homebuyer to purchase such a home in Orange County is approximately $67,900 (Figure 3). Irvine has a relatively high median income of $84,950. This income level is out or range for many occupations, as demonstrated in figures 4.
Transit Oriented Development

The goal of Transit Oriented Development (TOD) is to build sustainable and equitable communities near or at transportation hubs by enhancing transit, bicycle, and pedestrian activity. TODs intend to reduce reliance on automobiles by creating access to alternative
Figure 3
Income Ranges for Occupation for Santa Ana, Irvine, and Anaheim
Income Category (% of AMI) Very Low Income = 0-50% AMI Annual Income Range, Orange County Less than $42,100 Occupation Income Range (single earner household) medical/dental assistant food service worker machinist transit bus drive teacher salesperson construction worker Occupation Income Range (two earner household) vehicle equipment cleaner manicurist dishwasher food service worker medical assistant grounds-keeper
Low Income = 51-80% AMI
Less than $67,360
source: Bureau of Labor Statistics, Occupational Employment Statistics, Santa Ana, Irvine, Anaheim Metropolitan Statistical Area. <http://data.bls.gov/cgi-bin/print.pl/ oes/2010/may/oes_42044.htm>
Figure 4
Place
Los Angeles County
Median HH Income $52,684 $54,296 $52,607 $59,923 $70,880 $84,950 $57,708
Riverside County San Bernadino County San Diego County Orange County City of Irvine California
Median Housing Value-Single Family, Condo or New Home (2009-2010) $429,500 $227,900 $221,700 $407,000 $528,200 $559,000 $370,900
Table 1. Median Houshold Income and Median Housing Value Comparison for Souther California. Source: ACS 2010 1-yr Estimates for Counties and State; ACS 2009 1-yr Estimate for City of Irvine
modes of transportation. The potential for success in implementing Transit-Oriented Development for Orange County has reached a pinnacle. Vehicle hours of delay and the time spent commuting to work creates environmental, economic, and health-related impacts. According to the California Department of Transportation, Orange County experiences 9.7 million hours of annual vehicle hours of delay (Figure 5). Because of its proximity to Los Angeles, Riverside and San Bernardino counties, traffic delays in Orange County impact the greater Southern Californian region. The time spent commuting includes loss of productivity, with an estimated wage and salary loss of $424,000 per day in 2009. The lack of efficiency on freeways also creates undue impacts on the environment. In 2009, time spent in traffic consumed 16.7 million gallons of extra fuel and released 162,000 tons of carbon dioxide into the air, affecting regional air quality. Meanwhile, transit is becoming a more attractive option. The Village Station transit-oriented development is uniquely equipped to help ameliorate the impacts on Orange County traffic congestion while
creating a supply of much-needed affordable housing in Orange County, particularly because the project site is served by the Irvine Transportation Center. The Irvine Transportation Center is one of the most heavily used transit hubs in Orange County. It is served by Amtraks Pacific Surliner route and two Metrolink
Figure 5
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plans and projections, in two decades Village Station will be anchored in a more built-out version of Irvine where mass transit is the appealing alternative to congested freeways and high gas prices. Constructing Village Station is the first step in making this projection a reality.
commuter rail lines. The Pacific Surfliner route, running from San Diego to San Luis Obispo, is the second busiest Amtrak corridor in the United States, and Irvine is Amtraks 4th busiest station in California with 664,263 boardings in 2011. Two Metrolink lines serve the Irvine Transportation Center the Orange County Line and Inland EmpireOrange County Line. The Orange County Line runs between Oceanside and downtown Los Angeles, and the Inland Empire-Orange County Line runs between San Bernardino and San Juan Capistrano. Irvine is the 4th busiest Metrolink station, and the 2nd busiest in Orange County. In total, Orange County commuter rail lines serve 3,430,000 riders annually (Figure 6):
The Market
Irvine encompasses more than 65 square miles and is home to nearly 220,000 residents. The city is known for its excellent schools, has a reputation of being one of the nations safest communities, and is the major job hub for Orange County. Village Station is located in the South Irvine neighborhood . The housing market in South Irvine is ripe for development due to its proximity to existing and projected job markets and surrounding amenities, including the Orange County Great Park, and a high level of demand for new housing. The Village Station project will respond to existing and projected needs with attractive mixed-income townhome and apartment housing. Our plan is informed by employment growth projections, household and population data, development trends of the surrounding area and the relationship between market and affordable rents. Village Station responds to rising demand for: Housing to serve small households and families More diverse housing choices including multifamily homes Livable neighborhoods with access to transportation options Affordable homes for lower-income households Housing to serve the regions existing and projected employment growth
Figure 6
Currently, most Irvine Transportation Center users drive to the station and park in one of the 1,500 available parking spots before hoping on a train or bus. This is not surprising, as over 90 percent of Irvine commuters rely on cars, while just over one percent ride transit. Village Station can help be a catalyst in turning these numbers around because it would provide convenient pedestrian and bicycle access to the Irvine Transportation Center. According to various
Populations and Households

Irvine experienced the highest population growth rate in Orange County, with a 48.4 percent increase between 2000 and 2010. As of 2010, Irvine had 76,172 households, a 20 percent increase over 2006. Census numbers indicate that single-person and two-person family households continue to be the most prevalent household types, as seen in figure 7 below. In terms of household type growth, two and four member family households experienced the highest growth rates of all types between 2005 and 2010 (figure 8).
Multi-family
In both city and regional plans, the need for multifamily housing is stressed for areas near regional transit hubs, and specifically in the Great Park TOD Planning Area. The city has received support and feedback on the planning and construction of housing around the Great Park, with residents expressing nearly unanimous approval of housing construction in the area. Public engagement in the Great Park development plan revealed preferences for more diverse housing types, as opposed to only single-family developments, and higher density development of the transit station area. Recently, the city approved a 4,800 unit project in a nearby site rezoned to Trails and Transit Oriented Development in an effort to encourage biking and walking, in addition to transit use.
Demand Summary
In an effort to propose a development project that captures real market demand, while also serving existing and future housing needs of the South Irvine neighborhood and Central Orange County region, Village Station will have housing unit types that correspond with current conditions and market trends. Labor market and housing type data underscored the need to serve one and two-person households, while also accommodating families of varying size on the same site.
Figure 7: US Census, ACS 2010 Change in Irvine Family Households
Jobs and Housing

Irvines job growth outlook is a key demand factor for Village Station. The Southern California Association of Governments (SCAG) projects an addition of 83,670 jobs and 34,193 housing units for Irvine by the year 2035. This information is conveyed in the MPOs Conceptual Land Use Scenario, part of the documentation behind its Sustainable Communities Strategy (SCS) for the Los Angeles, Orange County
Figure 8: US Census, ACS 2005-2010
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ensure a regional housing supply at price levels sufficient to accommodate a range of income levels. Rent prices should be as diverse as the spectrum of wages in the regions job market. Many Irvine industry sectors that employ Orange County residents have experienced substantial growth over the past decade, as shown in the table below. Some of the industry sectors that dominate the South Irvine area have a tendency to employ low-wage earners. Examples include retail and food service jobs at Irvine Spectrum and service jobs at the transit station itself. Thus, there is an obvious need for below market-rate housing to serve the local employment centers, along with other regional labor markets that can be easily accessed by public transit.
and Inland Empire regions. The job growth figures for Irvine are by far the highest of any Orange County city, and come second only to Los Angeles in SCAGs entire coastal region. SCAG predicts that much of this job growth will occur in proximity to transportation hubs and corridors. The SCS specifically refers to the Irvine Spectrum and Irvine Transportation Center as key focus areas for employment growth. The Orange County Council of Governments has its own SCS plan that highlights South Irvine as one of the focal points for accommodating job growth through 2035. The employment figures indicate a persistent demand for housing in South Irvine over the next two decades. In the midst of this demand, it will be important to
Industry Construction Manufacturing Retail Trade Transportation, warehousing, and utilities Educational services, health care, and social assistance
Employment Growth for Selected Industries in Irvine 2000-2010 Employment 2010 Employment Growth 2000-2010 Percentage Change 2,816 721 34% 12,315 2,060 20% 8,088 460 6% 2,067 203 11%
23,467
7,335
45%
SITE
Existing Conditions
The project site is a seven-acre undeveloped parcel in the South Irvine neighborhood, located in southeast Irvine close to the Orange County Great Park, Irvine Spectrum and the City of Lake Forest. The property is bordered by railroad tracks to the northeast and Barranca Parkway to the southwest. Barranca is a major arterial road that connects East Irvine with the Irvine Business Complex areas. This part of Irvine remains undeveloped but will likely see new construction activity due to completion of the Great Park and Heritage Fields plans. The project is centrally located with ready access to transportation. The site is close to I-5 and 405 freeways and is contiguous with the Irvine Transportation Center. The location is ideal for Orange County residents that work in Irvine or along a train line and want to reduce their commute. Though housing is not currently prevalent in the immediate vicinity, we intend for this project to become the model for affordable housing and transit oriented development in this area. The site, with its proximity to transit, is ideally positioned for families of low and moderate income who rely on public transit as a means of travel.
Surrounding Amenities
Our projects proximity to transit makes it the ideal location for families and young professionals alike. The Village Station community is less than mile away from the Irvine Transportation Center. The transit center is served by both Metrolink and Amtrak commuter
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Orange County Great Park Metrolink Station (.23 Miles)

211 188 206 D
Neighborhood Park (.6 Miles)
Future Walmart (.7 Miles)
.25 Miles
758 480 86 211
Site
188 90
Target Store (.9 Miles)
188
211
86
206
480
Irvine Spectrum Center
206
1 Mile
INTERSTATE
206
Legend
Rail Bus Route xxx Bus Line Site Transit Commercial/ Entertainment Park
Context Map
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trains; providing a convenient option for traveling north to Los Angeles, south to San Diego, and east to San Bernardino. The Irvine Transportation Center also provides LAX FlyAway service, a convenient non-stop bus service to the Los Angeles International Airport. In addition to easy access to the regional rail system, Village Station is conveniently located within mile to a number of major bus routes serviced by the Orange County Transportation Authority and the Irvine Shuttle (I-Shuttle). A brief 10 minuet ride on Route D of the I-Shuttle will bring residents to the Irvine Spectrum. The Irvine Spectrum is a regional commercial and entertainment area offering retail, dining, leisure, and a full-scale supermarket. The Orange County Transportation Authority bus routes will allow our residents to travel locally (Costa Mesa, Laguna Hills, and Tustin), intra-county (Santa Ana and
The vacant parcel to the immediate north west of our site will be dedicated as a public park. The park will be approximately 2.5 acres and provide a lush green buffer between our residential community and the existing Irvine Transportation Center parking lot.
Entitlements
The proposed site for Village Station is under the jurisdiction of the City of Irvine. The parcel is currently zoned 3.2 Transit Oriented Development. Under this zoning, our project is entitled to up to 20% parking reduction. Our proximity to multiple transit options along with an on-site zip car and carpool program will allow us to reduce the need for parking and fulfill our commitment to supporting regional and local transit options.
Parking
By building transit oriented development for the
Seal Beach), and inter-county (Chino).
Zoning and Development Standards Zoning Intensity standard Minimum site size Maximum site coverage Maximum building height Minimum site landscaping Building setbacks from: Major highways Primary highways Secondary highway In nonresidential areas In residential areas Commuter highways & local streets: Adjacent to nonresidential areas Building to building Transit Oriented Development 10.0 to 50.0 dwelling units per nect acre .025 acre (all uses except single-family detached) 65% 70 feet 15% 45 feet 45 feet 35 feet 45 feet 15 feet 10 feet
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Off-Street Parking Requirements* Attached development, rental and low or moderate income ownership: Resident Studio: 1 space/unit (1 covered) 1 bedroom: 1.4 spaces/unit (1 covered) 2 bedroom: 1.6 spaces/unit (1covered) 3 or more bedrooms: 2 spaces/unit (1 covered) Visitor 1 space/4 dwelling units Community Center, Public 1 stall per 50 square feet of gross floor area Pool, private (in apartment) 1 stall/600 square feet of water surface area Child care, preschool, nursery school 1 space/staff member, plus 1 space/5 children 1 space/10 children if adequate drop-off facilities provided *The total TOD off-street parking requirement may be reduced by up to 20 percent. Irvine of today, we are faced with the challenge of accommodating vehicle use while building at a sufficient density and preserving spaces for pedestrian use, activities and site amenities. This can be done by minimizing the amount of site area dedicated solely to automobile storage. The two 64-unit complexes fronting Barranca will include two story parking garages underneath four stories of housing. This will serve as permanent parking for residents and could become overflow lots for the transit station, if underutilized. The town-house structures are designed to make efficient use of parking space as well. They provide on-grade tandem garage stalls in back of the townhomes, with three stories of apartment flats above. The remaining parking requirements can be attained in back of the site. If necessary, parking lots contiguous with basketball courts can become surfaces that occasionally flex from active recreation to overflow parking. underway to authorize infrastructure finance districts that would support transit accessible projects that meet affordable housing inclusion thresholds. Due to the uncertainty over SB 1417 and Irvines willingness to establish an IFD, we will not count on this as a source of funds. However, there are several steps we will take to prepare for a TPP designation. These include provision of: On-site bicycle parking Car sharing program Recycling facilities Subject to adoption of an infrastructure finance district in the Irvine Transportation Center planning area, we maintain the option of including in the budget a program to provide transit passes to residents for ten years. The other three TPP requirements mentioned will be provided regardless of IFD approval. Bicycle parking will be located near the basketball courts and in the two complexes fronting Barranca. The car sharing program will also be located in the complexes fronting Barranca. We anticipate a car sharing program to be a viable alternative to owning a car, especially for residents who commute from the Irvine Transportation Center each day.
Transit Priority Project (TPP) readiness

Village Station will be TPP ready by including a checklist of features specified in legislation currently
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DESIGN
Design Overview
Guided by the principals of sustainability and good design, the homes at Village Station will aim to achieve the highest level of energy efficiency without compromising affordability. As the pioneer of Transit Oriented Development (TOD) for this area of Irvine, Village Station will set the standard for all future TOD developments. The design of Village Station consists of two prominent six-story residential structures fronting Barranca Parkway. Four levels of residential units are situated above two levels of parking. These two buildings will act as anchors for our community and enliven the neighborhood by creating an attractive pedestrian environment. Situated behind the 2 large residential structures are a series of townhomes. These townhomes consists of 3 levels of residential units above an ongrade parking garage. Tandem parking will be utilized for these units to provide an efficient means of vehicular storage. Intimate residential courtyards placed along the interior walkway will allow residents to host small outdoor events; effectively extending their living space to the outdoors.
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Metrolink Railway
Community Gardens Basketball Court
Residential Courtyards Pool/BBQ Area
Future Park
Community Center/ Fitness Room Tot Lot
Agricultural Field
Townhomes Child Care Center Lawn Residential Courtyards
Residential Over Parking
Barranca Parkway
Project Amenities
Village Station amenities are designed to enhance the lifestyle of its residents and to be indistinguishable from existing market-rate housing communities located within the surrounding areas. Our project will include a spacious community center for gatherings and social activities, child care services, tot lot, passive and active open space areas, community gardens, swimming pool, and a barbeque area. The design of the landscape will be naturalistic, with ample space for a variety of recreational activities. Generous planting of trees will provide much needed shade for the hot Southern California summer months and reduce
the heat island effect. New pedestrian bridges will provide linkage between our residential community and the Irvine Transportation Center.
Community Center
1,900 SF of community center space will be available for the enjoyment of our residents, as well as the public. Monthly community events will be held at the center to promote interaction and enhance the general community atmosphere. The center will offer a variety of classes ranging from topics on health to financial literacy.
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Child Care Center

On-site child care services will be open to the public and provided to our affordable housing residents at a discounted rate. The child care center will also serve as a before and after school refuge for school age children, where tutoring and recreational activities will be offered.
Building and Interior

The homes at Transit Village will be designed and constructed using the latest energy efficient construction techniques. The construction methods and materials used will ensure an energy efficient building envelope to prevent heat loss and reduce energy use for heating and cooling. ENERGY STAR rated windows that are double-paned and doubleglazed with Low-E insulating glass will be installed to further reduce energy loss. Every unit will also be equipped with ENERGY STAR rated appliances and WaterSense labeled fixtures. A green switch system with green outlets will be installed in every Village Station home. This technology will allow for an easy one switch method for our residents to turn off all non-essential electrical items at once. This reduces needless energy consumption (phantom electricity use) and lowers electricity usage by 15%. For the health of our residents, we will use low VOC paints, coatings, caulks, construction adhesives, and sealants to reduce exposure to chemical vapors. HVAC equipment will be covered and protected during construction and preoccupancy flush-out will be conducted prior to tenancy.
Green Building Strategy

Irvine Community Builders is committed to sustainable development. From the location of the project to the appliances we choose, our environmentally conscience approach in creating this community will not only provide a more healthful environment for our residents, but will also promote and protect the health of the environment. We plan to construct our community with the larger environment in mind by bringing a positive environmental impact to the surrounding areas. Village Station will incorporate cost efficient ideas that help to reduce the carbon footprint of the buildings and residents. In addition to lowering the carbon footprint, optimizing building efficiency will lower operating costs. We have chosen Build It Greens GreenPoint rating system as the environmental standard to which our projects design will adhere to. We chose Build It Green over LEED due to its relevance to the State of California building standards. Additionally, the cost associated with LEED seems at odds with our goal of developing affordable housing. The funds we would otherwise spend on LEED certification can be better spent by adding additional building and site features to make our project more energy efficient. Irvine Community Builders is targeting a 177 GreenPoint rating
Landscape
Our green strategy is inclusive of the outdoor environment. The landscape palette will consist of California native and drought tolerant shrubs, grasses, and trees to minimize the need for irrigation. Lawn will be used minimally and in selective areas for the purpose of passive recreation. Our landscape strategy will include the use of bioswales for onsite stormwater management. Bioswales will also
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Education
In addition to green building strategies, we will promote the value of sustainability to our residents by providing each household with a Green Goodie Bag upon move-in. The Green Goodie Bag will be a reusable canvas bag containing a starter kit of green household products and educational pamphlets describing the environmental features of their home and tips for energy conservation.
reduce the speed of stormwater run-off, encouraging infiltration and lessening the burden on storm drain systems during heavy rain fall. Bioswales will also act as filters, removing pollutants from storm run-off prior to its entry into the larger storm drain system. Run-off from the roof areas will be channeled into landscape areas whenever possible to encourage infiltration. Landscape areas will be hydrozoned for efficient irrigation. A pressure regulated irrigation system, rain sensors, drip irrigation, and sprinkler heads with matched precipitation rates will be used to achieve maximum irrigation efficiency. Assembly Bill (AB 1881), the Water Conservation in Landscaping Act of 2006, requires cities and counties, including charter cities and charter counties, to adopt landscape water conservation ordinances by January 1, 2010. The strategies described will allow us to comply with the Model Water Efficient Landscape Ordinance as well as adhere to the City of Irvine Sustainability in Landscaping Ordinance and Guideline Manual.
Locally Sourced Materials

Irvine Community Builders supports our local economy and will strive to maximize the use of local materials for this project. Sourcing locally will also reduce transportation costs and facilitate the construction process.
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PARTNERSHIP
Co-Developers
Village Station is developed in partnership with the following agencies:
Irvine Housing Opportunities (IHO)

Irvine Housing Opportunities, Inc. (IHO) is a federally recognized Community Housing Development Organization (CHDO) and non-profit affordable housing advocate group serving the Southern California area. Since the time of inception in July 1976 through a cooperative effort of the City of Irvine, the Irvine Industrial League, and the Irvine Company, IHO has earned the respect of community partners, local officials and stakeholders for their experience owning and operating quality permanent affordable homes, as well as their involvement in all aspects of property development. IHO is passionate about providing exceptional social services for improving quality of life for its residents, and remains committed to developing exceptional affordable rental housing that is financially sound and sustainable.
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Orange County Transportation Authority
The Orange County Transportation Authority (OCTA) was founded in 1991 and consolidated seven separate transportation agencies to form a single, multi-modal transportation agency that serves the whole of Orange County through countywide bus and paratransit service, Metrolink rail service, the 91 Express Lanes toll facility, freeway, street and road improvement projects, and motorist aid services. Their strategic goals of increasing efficiency and eliminating duplicate functions saves county taxpayers millions of dollars.
Irvine Community Land Trust

The Irvine Community Land Trust (ICLT) was established in 2006 by the City of Irvine. It is dedicated to providing affordable housing opportunities for the community and region. The ICLT develops and preserves both rental and ownership units.
Service Partners
In order to encourage Village Station residents to regularly use the available transit services at the Irvine Transportation Center and to truly engage in a TOD community, our team proposes educational transit sessions and the provision of free ridership passes for a set period time as residents transition into the community with the following service partners:
Community Engagement
Irvine Community Builders has been fortunate thus far to have received positive feedback and beneficial assistance from the City of Irvine with regards to developing a mixed-use, multi-income community. The projected outlook in community engagement entails reaching out to the community stakeholders, elected officials, potential businesses, and transportation agencies for cooperation in the development. With the help of our partner organization, Irvine Housing Opportunities, we will develop tenant selection procedure that will rank applicants according to the workforce housing concept. Tenants employed locally will be given first priority. Employees at local business centers like Irvine Spectrum and Irvine Business Complex East would benefit most from housing opportunities that shorten their commute times and fit their budgets. Due to projects proximity to the Irvine Transportation Center, employees of Metrolink and Amtrak, along with people who work along transit routes throughout Orange County will also receive priority for housing.
Metrolink
Metrolink was created in 1992 and is operated by the Southern California Regional Rail Authority (SCRRA) to serve as the link to Los Angeles, Orange, Riverside, San Bernardino, Ventura, and North San Diego counties. The agency serves in conjunction with five Southern California agencies tasked with reducing highway congestion and improving efficiency throughout the region, including: Los Angeles County Metropolitan Transportation Authority (Metro), Orange County Transportation Authority, Riverside County Transportation Commission, San Bernardino Associated Governments and Ventura County Transportation Commission. The agency continuously seeks creative, progressive and collaborative solutions to promote investment, develop partnerships and increase capacity to improve the mobility of Southern Californians.
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FINANCE
Irvine Community Builders has worked hard to provide a solid financial foundation for the project. We have identified several different sources of funding and several different financing alternatives that will ensure the financial viability of Village Station. We are confident that our financial projections are conservative and realistic. Although we will be applying for the 9% tax-credit, we are unsure about this funding source due to the large scale and mixed-income nature of the project. To ensure the viability of the project we have secured tax-exempt bond financing that will cover at least 51% of the projects hard constructions costs, which will also guarantee us a 4% tax-credit equity source. A market-rate ground lease from the City of Irvine also acts as another financing mechanism for the project by lowering upfront costs and providing lenient payment options. We have also taken measure to ensure that the loss of any one funding source will not prevent the feasibility of Village Station, and that back-up sources have been identified to ensure that the project will move forward as planned. California Low-Income Housing Finance is in somewhat of a turmoil following the 2008 recession and financial crisis and the dissolution of California Redevelopment Agencies. Redevelopment agency funds were a major source of low-income housing finance in California. However,
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The 9% model would be preferable because it requires less funding sources.
interest rates are still low and tax-credit yield rates have increased to their pre-recession levels. These increased yields have helped close the funding gap for many low-income projects. The project will go through two distinct funding stages. The breakdown of the capital stack for each phase can be shown below:
Sources and Uses of Funds
Gap
The term GAP funding referred to above and in the financial proforma is the additional funding required in the event that the number is positive, and additional funds available at the time of conversion to permanent financing if the number is negative. If the GAP funding
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is a negative number with a higher absolute value than the LP Equity, then the LP Equity will be paid out at the time of conversion to permanent financing. GAP simply refers to additional funds needed if it is positive, and additional funds available if it is negative.
portion of this project viable. The Irvine Community Land Trust believes that this is a pioneering mixedincome transit-oriented project and is certain a TOD is the best possible use for this land. The Irvine Community Land Trust has also agreed to lease the land to Irvine Community Builders at market-rate with favorable terms in exchange for a rent participation in the project. Village Station will pay $840,000 per year for the ground lease plus 25% of its Net Operating Income. The Village Station project will only begin making lease payments once the project has attained positive cash flow.
Tax Credit
In 2011, tax-credits in Orange County sold at a rate of $0.91 to $1.10 per credit. Other than two projects located in the cities of Orange and Anaheim, all taxcredits in Orange County sold for at least $1.00 per credit. This makes the tax-credit a great source of low-income housing funding for our project. Irvine Community Builders believes that the Village Station project would be a strong competitor for the 9% Low-Income Housing Tax-Credit. Sale of the 9% taxcredit would result in anywhere from $19,346,202 to $21,277,434 in equity for the project. However, the mixed-income nature of the project may make it less competitive for the 9% tax-credit. Because of this we have identified a backup plan in the event that we do not receive the 9% tax-credit. Since we have commitment for tax-exempt bond financing for the project that will cover more than 50% of the projects hard costs, we are guaranteed to receive the 4% tax-credit. This tax-credit will yield between $6,836,888 and $7,685,578 of equity for the project. The remaining equity required for the success of the project can came from several sources:
Irvine Housing Opportunities

The Irvine Community Land Trust has also agreed to lease the land to Irvine Community Builders at market-rate with favorable terms in exchange for a rent participation in the project. Village Station will pay $840,000 per year for the ground lease plus 25% of its Net Operating Income. The Village Station project will only begin making lease payments once the project has attained positive cash flow. IHO, in their commitment to making Village Station a success, has also agreed to cover any GAP in funding that may arise in the project if we fail to receive any one of our funding sources. IHO is prepared to lend money at below market-rates or contribute more equity to the project if a limited partner cannot be found.
Irvine Community Land Trust

In the event that we do not receive the 9% Low-Income Housing Tax-Credit financing, the Irvine Community Land Trust has dedicated $2,000,000 in funding for the project from its Community Development Block Grant award from the City of Irvine. This money will help close the major gap needed to make the low-income
City of Irvine HOME Funds

The City of Irvine receives $400,000 in Home Investment Partnership (HOME) Funds annually from the U.S. Department of Housing and urban Development. This grant money is used to benefit lower-income residents of Irvine through the funding
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a private placement transaction. We decided to go with a private placement transaction due to the high volatility of the SISMA Index in the current lending environment that has made the cost of a public offering unreliable. This volatility, coupled with the short-term duration of the loan makes the lower transaction cost and fixed-rate nature of a private placement deal more attractive to the needs of the project. Due to the prime location of the property and strong market fundamentals, Bank of America has agreed to a rate of LIBOR + 150 basis points during the 24 month construction period, and a conversion to permanent financing at a rate of 5.25% fixed, amortizing over 30 years with a maximum loan-to-value of 80% and a maximum debt service coverage ratio of 1.2.
of non-profit service providers and capital expenditure projects. We believe that the project may be eligible for up to the full award.
Prop 49 Grant Funding

The on-site childcare center at Village Station will be open to the public and available for before and after school program uses, such as tutoring, homework help, and educational enrichment. We believe that this would make our project eligible for Prop 49 Grant funding for the expenses of building the childcare center, totaling to $190,000.
Limited Partner Equity

Sixty percent of our project is market rate and would provide a great opportunity for an equity investor. Equity investors typically look to invest a about $5,000,000 into a project and expect internal rates of return (IRR) of about 20% per year. This is a very expensive form of project financing, but it may be necessary in certain finance scenarios. A limited partner investor would be used to help cover equity requirements through construction. Our conservative projections show that the LP Investor would likely receive about a 30% IRR for their participation in the project, with the downside scenario resulting in about a 1% IRR, and an upside scenario resulting in a 45% or higher IRR.
Bank of America
As well as committing to be the lender for our taxexempt bond financing, Bank of America has also committed additional construction financing to the project. This loan will help cover the added funds needed after funding of the tax-exempt bond financing and will pay off the balance of the bond financing between the phase of construction completion and stabilization. This construction loan will be based on LIBOR + 200 basis points at the time of issuance and will fund the project through stabilization, at which time permanent financing will be issued to pay out the balance of the construction loan. The most recent quote for this loan was 3.25%. Bank of America has also committed conventional funds for the transition to permanent financing at a rate of 6.1% based on a 24 month forward, 18-year term, and 30 year amortization schedule. This conventional loan will be retained as another financing option in the event that we need to be more flexible to meet equity requirements.
Tax-Exempt Bond Financing

Tax-exempt bond financing will be issued by the California Municipal Finance Authority in the event that we do not receive 9% tax-credit funding. This construction financing will fund at least 51% of the projects hard cost, which will guarantee us award of the 4% tax-credit. Bank of America has committed the $32,522,167 in funds for the bond financing through
23
Irvine Community Builders has also considered using a 7-year adjustable rate mortgage (ARM) financing for short-term permanent financing that would utilize a lower interest rate in order to be more flexible and meet the needs of potential limited partner equity investors. Interest rates for adjustable ARM loans are also based on LIBOR and will have similar rates to the construction financing. This financing model would be used to satisfy the needs of a short-term equity investor.
After operating for a few years, Village Station would also qualify for FHA 223(F) financing which could be used to transition the project from tax-exempt bond financing. This loan may be preferable to tax-exempt bond financing because rates are lower, currently under 3.5%, plus a mortgage insurance premium of about .45%. This would result in an overall lower long-term cost, but would incur additional transaction costs due to the cost of additional finance charges. Permanent financing will ultimately be chosen based on the needs of the limited partner equity investor.
Multifamily Housing Program

Village Station could benefit from a low interest rate loan from the Department of Housing and Community Developments Multifamily Housing Program. This loan would cover up to $45,000 per low-income unit in the project and would have a rate of 3% plus a principle payment of .42% of the loan balance. Village Station would be eligible for a loan of up to $5,850,000. This loan would definitely be used in any scenario since it is the lowest cost capital available to the project. The proceeds of this loan will be used to pay-off the balance of the conventional construction loan provided by Bank of America.
Operating Expenses Savings

We are very proud to state that Village Station has a Build It Green Score of 177 points. Because of environmental measures taken into consideration in the project design, we believe that residents, as well as property management, will benefit from reduced utility expenses. Village Station has also been underwritten with operating expenses that are higher than the Minimum Operating Expenses for projects in Orange County, roughly $900 more per unit on an annual basis. These operating expenses are on par with luxury apartment communities in the area, which means that all residents will benefit from higher than standard services. However, we believe that Village Station will be able to realize lower total operating costs than what we have underwritten in the proforma.
Alternative Financing Scenarios

There are two different funding options that we have considered for the permanent financing of the project. The first is FHA 221(D)(4) financing which is federally insured financing used to help fund for-profit developments that contain low-income housing units. Village Station qualifies for this loan because 40% of the units are set-aside for families earning below 60% of the area median income. 221(D)(4) financing rates are currently around 3.5%, plus a mortgage insurance premium of about .45%. 221(D)(4) would be used as a construction loan that would change to permanent financing upon completion and stabilization.
Retail Space
The team would like to further evaluate the tenability of resident-serving retail on the site. This would allow for additional project revenue and better residential experience for our tenants. There is currently vacant retail space at the Irvine Transportation Center; however, we would like to further evaluate the
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Construction (15 months) - During this time the project will be constructed using the hired general contractor and construction costs will be paid from equity sources and the construction loan as needed. Emerald Pacific believes that they can complete construction within 15 months of funding. The use off-site construction techniques will allow for a reduced construction time and a quicker move to lease-up and eventually cash flow. Lease-Up (12 months) - Irvine Community Builders and Irvine Housing Opportunities believe that inclusion of a strong property management team early in the development process is key to project success. Barker Managements has been retained for their experience in mixed-income property management to begin working with Irvine Community Builders to ensure that a proper marketing strategy is designed for lease-up. Pre-leasing specials will be offered while the project is still in construction. Free rent, ranging from one to three months,and reduced security deposit, along with other incentives, will be offered to those who sign up early. This will help avoid prolonged high vacancy rates through the first year by moving people in as soon as possible and creating a sense of community.
feasibility of including on-site services such as a dry cleaner or caf that could also benefit from the high traffic of Irvine Station.
Development Timeline
Design & Entitlement (12-15 months) - The land is currently under contract with the City of Irvine and will be transferred to the Irvine Community Land Trust once our entitlements have been completed. The project is currently being prepared for submittal to planning commission. Six to nine months is being allowed for this process in the event that conditions are made and further plan check is required. After the project has been approved final construction drawing will be commissioned. Another 6 months has been allowed for the creation of working drawings and submittal for a building permit. It is our intention to achieve planning approvals and issuance of a building permit in less than 12 months time, though we are committed to the quality of the final product over time considerations. Funding (3 Months) - After the building permit has been issued we will obtain final construction bids and financing commitments. The project will be shopped out to equity investors to acquire any needed equity capital. It is our intention to continually market the project to capital sources through the design process to assure that the end product is a marketable investment. Once we have found an investor for the project we will open a draw account on the constructions loans for construction costs and begin the construction phase.
25
UC IRVINE
Jared Riemer Master of Urban and Regional Planning, 2nd Year Jared completed his undergraduate degree in Social Science at San Diego State University. He is currently working in real estate development managing the design and entitlement of mixed-use and market-rate multifamily projects. Brittany Seniff Master of Urban and Regional Planning, 2nd Year Brittany completed her undergraduate degree in History/Public Affairs at UCLA. She is interested in land use and sustainability and hopes to work on long-range planning projects in the future. Ivana Yeung Master of Urban and Regional Planning, 2nd Year Ivana completed her undergraduate education at UCI with a degree in Social Ecology/Urban Regional Planning. She is interested in environmental and land use planning, and hopes to work on redevelopment projects in the future. Laurel Reimer Master of Urban and Regional Planning, 2nd Year Laurel completed her undergraduate degree in Geography/Environmental Studies at UCLA. She is interested in promoting sustainability through transportation and hopes to work in non-motorized transportation planning in the future. Mandy Leung, LEED AP Master of Urban and Regional Planning, 1st Year Mandy completed her undergraduate degree in Landscape Architecture at UC Berkeley. She is interested in the development aspect of affordable housing and hopes to work for a builder of affordable housing in the future. Jared Wright Master of Urban and Regional Planning, 2nd Year Jared completed his undergraduate degree in Interdisciplinary Humanities at the University of San Diego. His graduate research focuses primarily on affordable housing policy and development in California cities.
VILLAGE STATION
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APPENDIX
Proforma Rent Comparables Construction Budget Letters of Support TCAC Finance Review Green Point Rating Checklist Residential Unit Diagrams
27
Conservative Scenario Construction Proforma

Total Sq. Ft. 19,200 23,360 64,000 37,800 36,400 20,000 14,260 16,820 51,750 283,590 50% AMI 903 1,083 1,252 30 % AMI 542 650 751 Income & Expenses Income Porential Rental Income Vacancy Effective Rental Income Other Income Gross Operating Income Amount $ 6,005,901 $ 300,295 $ 5,705,606 $ 198,322 $ 5,903,928 Per Unit $ 18,594 $ 930 $ 17,664 $ 614 $ 18,278 Underwriting Total Project Cost $ 50,031,095 Value $ 43,214,266 Loan to Value 84.4% Loan to Cost 72.9% DSCR 2.53 Debt to Yield 7.11% Capitalization rate on Cost 5.18% Performance Measures LP Equity IRR % IHO IRR % Summary of Costs Construction Budget Land Cost Development City Fees Construction Operational Expenses Total Cost excl. Finance $ 2,592,856 $ 8,027 $ 1,023,386 $ 3,168 $ 1,569,470 $ 4,859 19.20% 9.03% Amount $ - $ 2,751,244 $ 2,000,000 $ 40,103,429 $ 1,938,000 $ 46,792,673 Affordable Rents @ 60% AMI Units # of Units Annual Rent Studio C 0 $ - 1bd/1bth C 16 $ 197,760 2bd/2bth C 38 $ 560,880 Studio A 0 $ - 1bd/1bth A 20 $ 247,200 2bd/2bth A 11 $ 162,360 3bd/2bth A 10 $ 167,400 1bd/1bth B 10 $ 123,600 2bd/2bth B 25 $ 369,000 Total 130 $ 1,828,200 Sq. Ft 0 11680 38000 0 18200 11000 14260 8410 28750 130,300 Sq. Ft. 600 730 1,000 630 910 1,000 1,426 841 1,150 153,290 Market-Rate Rents Units # of Units Studio C 32 1bd/1bth C 16 2bd/2bth C 26 Studio A 60 1bd/1bth A 20 2bd/2bth A 9 3bd/2bth A 0 1bd/1bth B 10 2bd/2bth B 20 Total 193 Rent Sq. Ft. Gross Rents Total Rents 2.53 $ 1,518 $ 583,047 2.27 $ 1,658 $ 318,279 2.02 $ 2,016 $ 629,102 2.53 $ 1,594 $ 1,147,874 2.27 $ 2,066 $ 495,948 2.02 $ 2,016 $ 217,766 1.95 $ 2,781 $ - 2.27 $ 1,910 $ 229,172 2.02 $ 2,319 $ 556,514 2.27 $ 4,177,701
Unit Mix Units Studio C 1bd/1bth C 2bd/2bth C Studio A 1bd/1bth A 2bd/2bth A 3bd/2bth A 1bd/1bth B 2bd/2bth B Total
Sq. Ft. 600 730 1,000 630 910 1,000 1,426 841 1,150
# of Units 32 32 64 60 40 20 10 20 45 323
Affordability Restricted Rents Bedrooms FMR 60% AMI 1 bedrooms 1,384 1,084 2 bedrooms 1,652 1,300 3 bedrooms 2,338 1,503
Utility Allowances Bedrooms W/o Water 1 bedrooms 39 2 bedrooms 47 3 bedrooms 76 30 % AMI 488 580 643 Expenses Taxes & Licenses Labor Admin Repairs & Maintenance Advertising & Promotion Utilities Insurance Management Misc Replacement Reserves Ground Lease Total Expenses Net Operating Income Debt Service Cash Flow Amount $ 479,710 $ 484,500 $ 37,468 $ 152,779 $ 59,755 $ 290,700 $ 76,228 $ 177,118 $ 16,150 $ 48,450 $ 1,488,214 $ 3,311,072 Per Unit $ 1,485 $ 1,500 $ 116 $ 473 $ 185 $ 900 $ 236 $ 548 $ 50 $ 150 $ 4,607 $ 10,251
Incl. Water 54 70 108
Affordability Restricted Rents after Utility Allowances Bedrooms FMR 60% AMI 50% AMI 1 bedrooms 1,330 1,030 849 2 bedrooms 1,582 1,230 1,013 3 bedrooms 2,230 1,395 1,144 Interest 2.75% 3.25% 2.80%
Construction Funding Sources Loan Summary Amount Tax-Exempt Bond $ 32,522,167 Construction Loan $ 3,970,030 Total Loans $ 36,492,197
Finance Costs Amount Construction Loan Interest $ 2,302,618 Financing Costs $ 935,805 Total Finance Charges $ 3,238,422 Total Project Cost Finance Charges 1.25% Debt Loan to Cost 75.0% Developer Fee $ 2,001,244 Tax-Credit Yield 100% Construction Time 15 Investor Equity $ 3,362,010 Public Subsitdy Per Unit Public Subsidy Total Public Subsidy $ 50,031,095 $ 72,515 $ 9,426,888
Equity Summary Tax-Credit Equity Irvine Housing Trust Grant Irvine HOME Funds Prop 49 Grant LP Equity IHO Equity Total Equity GAP (1,879,970) Variables Vacancy Inflation Bond LTV Tax-Credit Stabilization Cap Rate 5% 0% 75% 3.18% 12 6.00%
Amount $ 6,836,888 $ 2,000,000 $ 400,000 $ 190,000 $ 3,362,010 $ 750,000 $ 13,538,898
VILLAGE STATION
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Conservative Scenario 15-Year Proforma
29
3 2015 $ 4,177,701 $ 1,828,200 $ 6,005,901 $ 198,322 $ 300,295 $ 5,903,928 $ 479,710 $ 484,500 $ 37,468 $ 152,779 $ 59,755 $ 290,700 $ 76,228 $ 177,118 $ 16,150 $ 48,450 $ 1,488,214 $ 3,311,072 $ 479,710 $ 484,500 $ 37,468 $ 152,779 $ 59,755 $ 290,700 $ 76,228 $ 177,118 $ 16,150 $ 48,450 $ 1,488,214 $ 3,311,072 $ 479,710 $ 484,500 $ 37,468 $ 152,779 $ 59,755 $ 290,700 $ 76,228 $ 177,118 $ 16,150 $ 48,450 $ 1,488,214 $ 3,311,072 $ 479,710 $ 484,500 $ 37,468 $ 152,779 $ 59,755 $ 290,700 $ 76,228 $ 177,118 $ 16,150 $ 48,450 $ 1,488,214 $ 3,311,072 $ 479,710 $ 484,500 $ 37,468 $ 152,779 $ 59,755 $ 290,700 $ 76,228 $ 177,118 $ 16,150 $ 48,450 $ 1,488,214 $ 3,311,072 $ 479,710 $ 484,500 $ 37,468 $ 152,779 $ 59,755 $ 290,700 $ 76,228 $ 177,118 $ 16,150 $ 48,450 $ 1,488,214 $ 3,311,072 $ 479,710 $ 484,500 $ 37,468 $ 152,779 $ 59,755 $ 290,700 $ 76,228 $ 177,118 $ 16,150 $ 48,450 $ 1,488,214 $ 3,311,072 $ 479,710 $ 484,500 $ 37,468 $ 152,779 $ 59,755 $ 290,700 $ 76,228 $ 177,118 $ 16,150 $ 48,450 $ 1,488,214 $ 3,311,072 $ 479,710 $ 484,500 $ 37,468 $ 152,779 $ 59,755 $ 290,700 $ 76,228 $ 177,118 $ 16,150 $ 48,450 $ 1,488,214 $ 3,311,072 $ 479,710 $ 484,500 $ 37,468 $ 152,779 $ 59,755 $ 290,700 $ 76,228 $ 177,118 $ 16,150 $ 48,450 $ 1,488,214 $ 3,311,072 $ 4,177,701 $ 1,828,200 $ 6,005,901 $ 198,322 $ 300,295 $ 5,903,928 $ 4,177,701 $ 1,828,200 $ 6,005,901 $ 198,322 $ 300,295 $ 5,903,928 $ 4,177,701 $ 1,828,200 $ 6,005,901 $ 198,322 $ 300,295 $ 5,903,928 $ 4,177,701 $ 1,828,200 $ 6,005,901 $ 198,322 $ 300,295 $ 5,903,928 $ 4,177,701 $ 1,828,200 $ 6,005,901 $ 198,322 $ 300,295 $ 5,903,928 $ 4,177,701 $ 1,828,200 $ 6,005,901 $ 198,322 $ 300,295 $ 5,903,928 $ 4,177,701 $ 1,828,200 $ 6,005,901 $ 198,322 $ 300,295 $ 5,903,928 $ 4,177,701 $ 1,828,200 $ 6,005,901 $ 198,322 $ 300,295 $ 5,903,928 $ 4,177,701 $ 1,828,200 $ 6,005,901 $ 198,322 $ 300,295 $ 5,903,928 4 2016 5 2017 6 2018 7 2019 8 2020 9 2021 10 2022 11 2023 12 2024 13 2025 14 2026 $ 4,177,701 $ 1,828,200 $ 6,005,901 $ 198,322 $ 300,295 $ 5,903,928 $ 479,710 $ 484,500 $ 37,468 $ 152,779 $ 59,755 $ 290,700 $ 76,228 $ 177,118 $ 16,150 $ 48,450 $ 1,488,214 $ 3,311,072 15 2027 $ 4,177,701 $ 1,828,200 $ 6,005,901 $ 198,322 $ 300,295 $ 5,903,928 $ 479,710 $ 484,500 $ 37,468 $ 152,779 $ 59,755 $ 290,700 $ 76,228 $ 177,118 $ 16,150 $ 48,450 $ 1,488,214 $ 3,311,072 $ 5,704,119 $ 5,680,162 $ 5,656,305 $ 5,632,549 $ 5,608,892 $ 5,585,335 $ 5,561,876 $ 5,538,516
Income Market Rate Rent Affordable Rent Gross Potential Income Other Income Vacancy Loss Gross Operating Income
2 2014
16 2028 $ 4,177,701 $ 1,828,200 $ 6,005,901 $ 198,322 $ 300,295 $ 5,903,928 $ 479,710 $ 484,500 $ 37,468 $ 152,779 $ 59,755 $ 290,700 $ 76,228 $ 177,118 $ 16,150 $ 48,450 $ 1,488,214 $ 3,311,072
$ 4,177,701 $ 1,828,200 $ 6,005,901 $ 198,322 $ 300,295 $ 5,903,928
$ 4,177,701 $ 1,828,200 $ 6,005,901 $ 198,322 $ 300,295 $ 5,903,928
Expenses Taxes & Licenses Labor Admin Repairs & Maintenance Advertising & Promotion Utilities Insurance Management Misc Replacement Reserves Ground Lease Total Expenses
$ 479,710 $ 484,500 $ 37,468 $ 152,779 $ 59,755 $ 290,700 $ 76,228 $ 177,118 $ 16,150 $ 48,450 $ 1,488,214 $ 3,311,072
$ 479,710 $ 484,500 $ 37,468 $ 152,779 $ 59,755 $ 290,700 $ 76,228 $ 177,118 $ 16,150 $ 48,450 $ 1,488,214 $ 3,311,072
Net Operating Income $ 2,592,856 $ 2,592,856 $ 2,592,856 $ 2,592,856 $ 2,592,856 $ 2,592,856 $ 2,592,856 $ 2,592,856 $ 2,592,856 $ 2,592,856 $ 2,592,856 $ 2,592,856 $ 2,592,856 $ 2,592,856 $ 2,592,856
Debt Service HCD MHP $ 200,070 $ 199,230 $ 198,393 $ 197,560 $ 196,730 $ 195,904 $ 195,081 $ 194,262 $ 193,446 $ 192,633 $ 191,824 $ 191,018 $ 190,216 $ 189,417 $ 188,622 Permanent Financing $ 1,960,643 $ 1,960,643 $ 1,960,643 $ 1,960,643 $ 1,960,643 $ 1,960,643 $ 1,960,643 $ 1,960,643 $ 1,960,643 $ 1,960,643 $ 1,960,643 $ 1,960,643 $ 1,960,643 $ 1,960,643 $ 1,960,643
Total Debt Service
$ 2,160,713 $ 2,159,873 $ 2,159,036 $ 2,158,203 $ 2,157,373 $ 2,156,547 $ 2,155,724 $ 2,154,905 $ 2,154,089 $ 2,153,276 $ 2,152,467 $ 2,151,662 $ 2,150,859 $ 2,150,061 $ 2,149,265 $ 11,188,717 $ 10,069,846 $ 1,118,872 $ 43,214,266 $32,469,140
-3,362,010 -750,000
$ 432,143 $ 432,983 $ 433,820 $ 434,653 $ 435,483 $ 436,309 $ 437,132 $ 437,951 $ 438,767 $ 439,579 $ 440,389 $ 441,194 $ 441,996 $ 442,795 0 $ 2,080,901 $ 389,685 $ 390,438 $ 391,188 $ 391,934 $ 392,678 $ 393,419 $ 394,156 $ 394,890 $ 395,622 $ 396,350 $ 397,075 $ 397,797 $ 398,516 0 $ 231,211.27 $ 43,298 $ 43,382 $ 43,465 $ 43,548 $ 43,631 $ 43,713 $ 43,795 $ 43,877 $ 43,958 $ 44,039 $ 44,119 $ 44,200 $ 44,280 Reversion Loan Balance Permanent Funding Sources Rate Term Amortization DSCR Amount LTV HCD MHP 3% 55 0.42% 1.2 $ 5,850,000 13.54% Tax-Exempt Bond 5.25% 35 40 1.2 $ 32,522,167 75.26% $ 38,372,167 88.80%
Cash Flow
DSCR
Construction Loan Repayment $ 36,492,197 Funding Gap $ (1,879,970) $ 5,850,000 $ 5,825,430 $ 5,800,963 $ 5,776,599 $ 5,752,337 $ 5,728,178
1.20
$ 5,515,255
Expected Scenario Construction Proforma

Sq. Ft. 600 730 1,000 630 910 1,000 1,426 841 1,150
# of Units 32 32 64 60 40 20 10 20 45 323
Amount $ 7,178,543 $ 2,000,000 $ 400,000 $ 190,000 $ 3,362,010 $ 750,000 $ 13,880,553
30
Expected Scenario 15-Year Proforma
31
3 2015 $ 4,522,078 $ 1,940,100 $ 6,462,178 $ 210,461 $ 323,109 $ 6,349,530 $ 509,398 $ 514,155 $ 39,761 $ 162,130 $ 63,412 $ 308,493 $ 80,894 $ 187,959 $ 17,139 $ 51,416 $ 1,554,955 $ 3,489,712 $ 519,586 $ 524,438 $ 40,557 $ 165,373 $ 64,681 $ 314,663 $ 82,512 $ 191,718 $ 17,481 $ 52,444 $ 1,572,614 $ 3,546,066 $ 529,977 $ 534,927 $ 41,368 $ 168,680 $ 65,974 $ 320,956 $ 84,162 $ 195,552 $ 17,831 $ 53,493 $ 1,590,626 $ 3,603,547 $ 540,577 $ 545,626 $ 42,195 $ 172,054 $ 67,294 $ 327,375 $ 85,845 $ 199,463 $ 18,188 $ 54,563 $ 1,608,999 $ 3,662,178 $ 551,389 $ 556,538 $ 43,039 $ 175,495 $ 68,640 $ 333,923 $ 87,562 $ 203,453 $ 18,551 $ 55,654 $ 1,627,739 $ 3,721,982 $ 562,416 $ 567,669 $ 43,900 $ 179,005 $ 70,013 $ 340,601 $ 89,313 $ 207,522 $ 18,922 $ 56,767 $ 1,646,853 $ 3,782,981 $ 573,665 $ 579,022 $ 44,778 $ 182,585 $ 71,413 $ 347,413 $ 91,100 $ 211,672 $ 19,301 $ 57,902 $ 1,666,350 $ 3,845,201 $ 585,138 $ 590,603 $ 45,673 $ 186,237 $ 72,841 $ 354,362 $ 92,922 $ 215,906 $ 19,687 $ 59,060 $ 1,686,237 $ 3,908,665 $ 596,841 $ 602,415 $ 46,587 $ 189,961 $ 74,298 $ 361,449 $ 94,780 $ 220,224 $ 20,080 $ 60,241 $ 1,706,522 $ 3,973,398 $ 608,778 $ 614,463 $ 47,518 $ 193,761 $ 75,784 $ 368,678 $ 96,676 $ 224,628 $ 20,482 $ 61,446 $ 1,727,213 $ 4,039,426 $ 4,612,519 $ 1,978,902 $ 6,591,422 $ 214,670 $ 329,571 $ 6,476,521 $ 4,704,770 $ 2,018,481 $ 6,723,250 $ 218,964 $ 336,163 $ 6,606,051 $ 4,798,865 $ 2,058,850 $ 6,857,715 $ 223,343 $ 342,886 $ 6,738,172 $ 4,894,843 $ 2,100,027 $ 6,994,870 $ 227,810 $ 349,743 $ 6,872,936 $ 4,992,739 $ 2,142,028 $ 7,134,767 $ 232,366 $ 356,738 $ 7,010,395 $ 5,092,594 $ 2,184,868 $ 7,277,462 $ 237,013 $ 363,873 $ 7,150,602 $ 5,194,446 $ 2,228,566 $ 7,423,012 $ 241,753 $ 371,151 $ 7,293,615 $ 5,298,335 $ 2,273,137 $ 7,571,472 $ 246,588 $ 378,574 $ 7,439,487 $ 5,404,302 $ 2,318,600 $ 7,722,901 $ 251,520 $ 386,145 $ 7,588,277 4 2016 5 2017 6 2018 7 2019 8 2020 9 2021 10 2022 11 2023 12 2024 13 2025 14 2026 $ 5,512,388 $ 2,364,972 $ 7,877,359 $ 256,551 $ 393,868 $ 7,740,042 $ 620,953 $ 626,752 $ 48,469 $ 197,636 $ 77,299 $ 376,051 $ 98,609 $ 229,121 $ 20,892 $ 62,675 $ 1,748,317 $ 4,106,775 15 2027 $ 5,622,636 $ 2,412,271 $ 8,034,907 $ 261,682 $ 401,745 $ 7,894,843 $ 633,372 $ 639,287 $ 49,438 $ 201,589 $ 78,845 $ 383,572 $ 100,581 $ 233,703 $ 21,310 $ 63,929 $ 1,769,843 $ 4,175,470 $ 5,704,119 $ 5,680,162 $ 5,656,305 $ 5,632,549 $ 5,608,892 $ 5,585,335 $ 5,561,876 $ 5,538,516
2 2014
16 2028 $ 5,735,088 $ 2,460,516 $ 8,195,605 $ 266,915 $ 409,780 $ 8,052,740 $ 646,040 $ 652,073 $ 50,427 $ 205,620 $ 80,422 $ 391,244 $ 102,593 $ 238,377 $ 21,736 $ 65,207 $ 1,791,800 $ 4,245,540
$ 4,346,480 $ 1,864,764 $ 6,211,244 $ 202,288 $ 310,562 $ 6,102,970
$ 4,433,410 $ 1,902,059 $ 6,335,469 $ 206,334 $ 316,773 $ 6,225,030
$ 489,617 $ 494,190 $ 38,217 $ 155,835 $ 60,950 $ 296,514 $ 77,753 $ 180,660 $ 16,473 $ 49,419 $ 1,520,668 $ 3,380,297
$ 499,410 $ 504,074 $ 38,982 $ 158,951 $ 62,169 $ 302,444 $ 79,308 $ 184,273 $ 16,802 $ 50,407 $ 1,537,642 $ 3,434,462
Total Debt Service
$ 2,268,895 $ 2,268,055 $ 2,267,218 $ 2,266,385 $ 2,265,555 $ 2,264,729 $ 2,263,906 $ 2,263,086 $ 2,262,271 $ 2,261,458 $ 2,260,649 $ 2,259,843 $ 2,259,041 $ 2,258,242 $ 2,257,447 $ 31,046,725 $ 27,942,053 $ 3,104,673 $ 63,453,334 $33,956,362
-3,362,010 -750,000
$ 453,779 $ 522,513 $ 592,601 $ 664,070 $ 736,949 $ 811,266 $ 887,048 $ 964,327 $ 1,043,131 $ 1,123,491 $ 1,205,439 $ 1,289,007 $ 1,374,226 $ 1,461,130 0 $ 4,050,681 $ 470,261 $ 533,341 $ 597,663 $ 663,254 $ 730,139 $ 798,344 $ 867,894 $ 938,818 $ 1,011,142 $ 1,084,896 $ 1,160,106 $ 1,236,804 $ 1,315,017 0 $ 450,075.69 $ 52,251 $ 59,260 $ 66,407 $ 73,695 $ 81,127 $ 88,705 $ 96,433 $ 104,313 $ 112,349 $ 120,544 $ 128,901 $ 137,423 $ 146,113 Reversion Loan Balance Permanent Funding Sources Rate Term Amortization DSCR Amount LTV HCD MHP 3% 55 0.42% 1.2 $ 5,850,000 12.89% Tax-Exempt Bond 5.25% 35 40 1.2 $ 34,316,628 75.62% $ 40,166,628 88.52%
Cash Flow
DSCR
1.20
$ 5,515,255
Optimistic Scenario Construction Proforma

Total Sq. Ft. 19,200 23,360 64,000 37,800 36,400 20,000 14,260 16,820 51,750 283,590 50% AMI 903 1,083 1,252 30 % AMI 542 650 751 Income & Expenses Income Porential Rental Income Vacancy Effective Rental Income Other Income Gross Operating Income Amount $ 6,005,901 $ 300,295 $ 5,705,606 $ 198,322 $ 5,903,928 Per Unit $ 18,594 $ 930 $ 17,664 $ 614 $ 18,278 Underwriting Total Project Cost $ 49,968,047 Value $ 43,205,918 Loan to Value 82.7% Loan to Cost 71.5% DSCR 2.63 Debt to Yield 7.25% Capitalization rate on Cost 5.19% Performance Measures LP Equity IRR % IHO IRR % Summary of Costs Construction Budget Land Cost Development City Fees Construction Operational Expenses Total Cost excl. Finance $ 2,592,355 $ 8,026 $ 985,615 $ 3,051 $ 1,606,740 $ 4,974 44.83% 24.26% Amount $ - $ 2,748,722 $ 2,000,000 $ 40,103,429 $ 1,938,000 $ 46,790,151 Affordable Rents @ 60% AMI Units # of Units Annual Rent Studio C 0 $ - 1bd/1bth C 16 $ 197,760 2bd/2bth C 38 $ 560,880 Studio A 0 $ - 1bd/1bth A 20 $ 247,200 2bd/2bth A 11 $ 162,360 3bd/2bth A 10 $ 167,400 1bd/1bth B 10 $ 123,600 2bd/2bth B 25 $ 369,000 Total 130 $ 1,828,200 Sq. Ft 0 11680 38000 0 18200 11000 14260 8410 28750 130,300 Sq. Ft. 600 730 1,000 630 910 1,000 1,426 841 1,150 153,290 Market-Rate Rents Units # of Units Studio C 32 1bd/1bth C 16 2bd/2bth C 26 Studio A 60 1bd/1bth A 20 2bd/2bth A 9 3bd/2bth A 0 1bd/1bth B 10 2bd/2bth B 20 Total 193 Rent Sq. Ft. Gross Rents Total Rents 2.53 $ 1,518 $ 583,047 2.27 $ 1,658 $ 318,279 2.02 $ 2,016 $ 629,102 2.53 $ 1,594 $ 1,147,874 2.27 $ 2,066 $ 495,948 2.02 $ 2,016 $ 217,766 1.95 $ 2,781 $ - 2.27 $ 1,910 $ 229,172 2.02 $ 2,319 $ 556,514 2.27 $ 4,177,701
Sq. Ft. 600 730 1,000 630 910 1,000 1,426 841 1,150
# of Units 32 32 64 60 40 20 10 20 45 323
Construction Funding Sources Loan Summary Amount Tax-Exempt Bond $ 35,225,084 Construction Loan $ 520,781 Total Loans $ 35,745,865
Amount $ 7,520,172 $ 2,000,000 $ 400,000 $ 190,000 $ 3,362,010 $ 750,000 $ 14,222,182
32
Optimistic Scenario 15-Year Proforma
33
3 2015 $ 4,702,039 $ 1,997,724 $ 6,699,763 $ 216,712 $ 334,988 $ 6,581,486 $ 524,876 $ 529,426 $ 40,942 $ 166,946 $ 65,296 $ 317,656 $ 83,296 $ 193,541 $ 17,648 $ 52,943 $ 1,589,783 $ 3,582,354 $ 540,623 $ 545,309 $ 42,171 $ 171,954 $ 67,255 $ 327,185 $ 85,795 $ 199,348 $ 18,177 $ 54,531 $ 1,617,317 $ 3,669,664 $ 556,841 $ 561,668 $ 43,436 $ 177,113 $ 69,272 $ 337,001 $ 88,369 $ 205,328 $ 18,722 $ 56,167 $ 1,645,676 $ 3,759,594 $ 573,547 $ 578,518 $ 44,739 $ 182,426 $ 71,351 $ 347,111 $ 91,020 $ 211,488 $ 19,284 $ 57,852 $ 1,674,887 $ 3,852,222 $ 590,753 $ 595,874 $ 46,081 $ 187,899 $ 73,491 $ 357,524 $ 93,751 $ 217,833 $ 19,862 $ 59,587 $ 1,704,973 $ 3,947,629 $ 608,476 $ 613,750 $ 47,463 $ 193,536 $ 75,696 $ 368,250 $ 96,563 $ 224,368 $ 20,458 $ 61,375 $ 1,735,962 $ 4,045,897 $ 626,730 $ 632,163 $ 48,887 $ 199,342 $ 77,967 $ 379,298 $ 99,460 $ 231,099 $ 21,072 $ 63,216 $ 1,767,881 $ 4,147,114 $ 645,532 $ 651,127 $ 50,354 $ 205,322 $ 80,306 $ 390,676 $ 102,444 $ 238,032 $ 21,704 $ 65,113 $ 1,800,758 $ 4,251,368 $ 664,898 $ 670,661 $ 51,864 $ 211,482 $ 82,715 $ 402,397 $ 105,517 $ 245,173 $ 22,355 $ 67,066 $ 1,834,620 $ 4,358,749 $ 684,845 $ 690,781 $ 53,420 $ 217,826 $ 85,196 $ 414,469 $ 108,683 $ 252,528 $ 23,026 $ 69,078 $ 1,869,499 $ 4,469,351 $ 4,843,100 $ 2,057,655 $ 6,900,756 $ 223,213 $ 345,038 $ 6,778,931 $ 4,988,393 $ 2,119,385 $ 7,107,778 $ 229,910 $ 355,389 $ 6,982,299 $ 5,138,045 $ 2,182,966 $ 7,321,012 $ 236,807 $ 366,051 $ 7,191,768 $ 5,292,187 $ 2,248,455 $ 7,540,642 $ 243,911 $ 377,032 $ 7,407,521 $ 5,450,952 $ 2,315,909 $ 7,766,861 $ 251,228 $ 388,343 $ 7,629,747 $ 5,614,481 $ 2,385,386 $ 7,999,867 $ 258,765 $ 399,993 $ 7,858,639 $ 5,782,915 $ 2,456,948 $ 8,239,863 $ 266,528 $ 411,993 $ 8,094,398 $ 5,956,403 $ 2,530,656 $ 8,487,059 $ 274,524 $ 424,353 $ 8,337,230 $ 6,135,095 $ 2,606,576 $ 8,741,671 $ 282,760 $ 437,084 $ 8,587,347 4 2016 5 2017 6 2018 7 2019 8 2020 9 2021 10 2022 11 2023 12 2024 13 2025 14 2026 $ 6,319,148 $ 2,684,773 $ 9,003,921 $ 291,243 $ 450,196 $ 8,844,967 $ 705,390 $ 711,505 $ 55,023 $ 224,361 $ 87,752 $ 426,903 $ 111,943 $ 260,104 $ 23,717 $ 71,150 $ 1,905,424 $ 4,583,272 15 2027 $ 6,508,722 $ 2,765,317 $ 9,274,039 $ 299,980 $ 463,702 $ 9,110,316 $ 726,552 $ 732,850 $ 56,674 $ 231,092 $ 90,385 $ 439,710 $ 115,302 $ 267,907 $ 24,428 $ 73,285 $ 1,942,427 $ 4,700,610 $ 5,704,119 $ 5,680,162 $ 5,656,305 $ 5,632,549 $ 5,608,892 $ 5,585,335 $ 5,561,876 $ 5,538,516
2 2014
16 2028 $ 6,703,984 $ 2,848,276 $ 9,552,260 $ 308,979 $ 477,613 $ 9,383,626 $ 748,348 $ 754,835 $ 58,374 $ 238,025 $ 93,096 $ 452,901 $ 118,761 $ 275,944 $ 25,161 $ 75,484 $ 1,980,539 $ 4,821,468
$ 4,432,123 $ 1,883,046 $ 6,315,169 $ 204,272 $ 315,758 $ 6,203,682
$ 4,565,087 $ 1,939,537 $ 6,504,624 $ 210,400 $ 325,231 $ 6,389,793
$ 494,746 $ 499,035 $ 38,592 $ 157,362 $ 61,548 $ 299,421 $ 78,515 $ 182,431 $ 16,635 $ 49,904 $ 1,537,099 $ 3,415,287
$ 509,589 $ 514,006 $ 39,750 $ 162,083 $ 63,394 $ 308,404 $ 80,870 $ 187,904 $ 17,134 $ 51,401 $ 1,563,052 $ 3,497,586
Total Debt Service
$ 2,323,662 $ 2,322,822 $ 2,321,985 $ 2,321,152 $ 2,320,322 $ 2,319,496 $ 2,318,673 $ 2,317,854 $ 2,317,038 $ 2,316,226 $ 2,315,416 $ 2,314,611 $ 2,313,809 $ 2,313,010 $ 2,312,214 $ 43,576,628 $ 39,218,965 $ 4,357,663 $ 76,035,962 $34,709,277
-3,362,010 -750,000
$ 464,732 $ 569,385 $ 677,148 $ 788,115 $ 902,383 $ 1,020,050 $ 1,141,219 $ 1,265,995 $ 1,394,487 $ 1,526,805 $ 1,663,065 $ 1,803,385 $ 1,947,887 $ 2,096,697 0 $ 5,214,556 $ 512,446 $ 609,433 $ 709,303 $ 812,144 $ 918,045 $ 1,027,097 $ 1,139,396 $ 1,255,038 $ 1,374,124 $ 1,496,758 $ 1,623,046 $ 1,753,098 $ 1,887,027 0 $ 579,395.11 $ 56,938 $ 67,715 $ 78,811 $ 90,238 $ 102,005 $ 114,122 $ 126,600 $ 139,449 $ 152,680 $ 166,306 $ 180,338 $ 194,789 $ 209,670 Reversion Loan Balance Permanent Funding Sources Rate Term Amortization DSCR Amount LTV HCD MHP 3% 55 0.42% 1.2 $ 5,850,000 12.59% Tax-Exempt Bond 5.25% 35 40 1.2 $ 35,225,084 75.80% $ 41,075,084 88.38%
Cash Flow
DSCR
1.20
$ 5,515,255
9% Tax-Credit Construction Proforma

Total Sq. Ft. 19,200 23,360 64,000 37,800 36,400 20,000 14,260 16,820 51,750 283,590 50% AMI 903 1,083 1,252 30 % AMI 542 650 751 Income & Expenses Income Porential Rental Income Vacancy Effective Rental Income Other Income Gross Operating Income Amount $ 6,005,901 $ 300,295 $ 5,705,606 $ 198,322 $ 5,903,928 Per Unit $ 18,594 $ 930 $ 17,664 $ 614 $ 18,278 Underwriting Total Project Cost $ 49,767,582 Value $ 43,179,374 Loan to Value 69.9% Loan to Cost 60.6% DSCR 2.64 Debt to Yield 8.58% Capitalization rate on Cost 5.21% Performance Measures LP Equity IRR % IHO IRR % Summary of Costs Construction Budget Land Cost Development City Fees Construction Operational Expenses Total Cost excl. Finance $ 2,590,762 $ 8,021 $ 980,828 $ 3,037 $ 1,609,935 $ 4,984 21.43% 11.66% Amount $ - $ 2,740,703 $ 2,000,000 $ 40,103,429 $ 1,938,000 $ 46,782,132 Affordable Rents @ 60% AMI Units # of Units Annual Rent Studio C 0 $ - 1bd/1bth C 16 $ 197,760 2bd/2bth C 38 $ 560,880 Studio A 0 $ - 1bd/1bth A 20 $ 247,200 2bd/2bth A 11 $ 162,360 3bd/2bth A 10 $ 167,400 1bd/1bth B 10 $ 123,600 2bd/2bth B 25 $ 369,000 Total 130 $ 1,828,200 Sq. Ft 0 11680 38000 0 18200 11000 14260 8410 28750 130,300 Sq. Ft. 600 730 1,000 630 910 1,000 1,426 841 1,150 153,290 Market-Rate Rents Units # of Units Studio C 32 1bd/1bth C 16 2bd/2bth C 26 Studio A 60 1bd/1bth A 20 2bd/2bth A 9 3bd/2bth A 0 1bd/1bth B 10 2bd/2bth B 20 Total 193 Rent Sq. Ft. Gross Rents Total Rents 2.53 $ 1,518 $ 583,047 2.27 $ 1,658 $ 318,279 2.02 $ 2,016 $ 629,102 2.53 $ 1,594 $ 1,147,874 2.27 $ 2,066 $ 495,948 2.02 $ 2,016 $ 217,766 1.95 $ 2,781 $ - 2.27 $ 1,910 $ 229,172 2.02 $ 2,319 $ 556,514 2.27 $ 4,177,701
Sq. Ft. 600 730 1,000 630 910 1,000 1,426 841 1,150
# of Units 32 32 64 60 40 20 10 20 45 323
Construction Funding Sources Loan Summary Amount Tax-Exempt Bond $ - Construction Loan $ 30,179,312 Total Loans $ 30,179,312
Amount $ 15,476,260
$ 3,362,010 $ 750,000 $ 19,588,270
34
9% Tax-Credit 15-Year Proforma
35
3 2015 $ 4,177,701 $ 1,828,200 $ 6,005,901 $ 198,322 $ 300,295 $ 5,903,928 $ 482,327 $ 484,500 $ 37,468 $ 152,779 $ 59,755 $ 290,700 $ 76,228 $ 177,118 $ 16,150 $ 48,450 $ 1,487,691 $ 3,313,166 $ 482,327 $ 484,500 $ 37,468 $ 152,779 $ 59,755 $ 290,700 $ 76,228 $ 177,118 $ 16,150 $ 48,450 $ 1,487,691 $ 3,313,166 $ 482,327 $ 484,500 $ 37,468 $ 152,779 $ 59,755 $ 290,700 $ 76,228 $ 177,118 $ 16,150 $ 48,450 $ 1,487,691 $ 3,313,166 $ 482,327 $ 484,500 $ 37,468 $ 152,779 $ 59,755 $ 290,700 $ 76,228 $ 177,118 $ 16,150 $ 48,450 $ 1,487,691 $ 3,313,166 $ 482,327 $ 484,500 $ 37,468 $ 152,779 $ 59,755 $ 290,700 $ 76,228 $ 177,118 $ 16,150 $ 48,450 $ 1,487,691 $ 3,313,166 $ 482,327 $ 484,500 $ 37,468 $ 152,779 $ 59,755 $ 290,700 $ 76,228 $ 177,118 $ 16,150 $ 48,450 $ 1,487,691 $ 3,313,166 $ 482,327 $ 484,500 $ 37,468 $ 152,779 $ 59,755 $ 290,700 $ 76,228 $ 177,118 $ 16,150 $ 48,450 $ 1,487,691 $ 3,313,166 $ 482,327 $ 484,500 $ 37,468 $ 152,779 $ 59,755 $ 290,700 $ 76,228 $ 177,118 $ 16,150 $ 48,450 $ 1,487,691 $ 3,313,166 $ 482,327 $ 484,500 $ 37,468 $ 152,779 $ 59,755 $ 290,700 $ 76,228 $ 177,118 $ 16,150 $ 48,450 $ 1,487,691 $ 3,313,166 $ 482,327 $ 484,500 $ 37,468 $ 152,779 $ 59,755 $ 290,700 $ 76,228 $ 177,118 $ 16,150 $ 48,450 $ 1,487,691 $ 3,313,166 $ 4,177,701 $ 1,828,200 $ 6,005,901 $ 198,322 $ 300,295 $ 5,903,928 $ 4,177,701 $ 1,828,200 $ 6,005,901 $ 198,322 $ 300,295 $ 5,903,928 $ 4,177,701 $ 1,828,200 $ 6,005,901 $ 198,322 $ 300,295 $ 5,903,928 $ 4,177,701 $ 1,828,200 $ 6,005,901 $ 198,322 $ 300,295 $ 5,903,928 $ 4,177,701 $ 1,828,200 $ 6,005,901 $ 198,322 $ 300,295 $ 5,903,928 $ 4,177,701 $ 1,828,200 $ 6,005,901 $ 198,322 $ 300,295 $ 5,903,928 $ 4,177,701 $ 1,828,200 $ 6,005,901 $ 198,322 $ 300,295 $ 5,903,928 $ 4,177,701 $ 1,828,200 $ 6,005,901 $ 198,322 $ 300,295 $ 5,903,928 $ 4,177,701 $ 1,828,200 $ 6,005,901 $ 198,322 $ 300,295 $ 5,903,928 4 2016 5 2017 6 2018 7 2019 8 2020 9 2021 10 2022 11 2023 12 2024 13 2025 14 2026 $ 4,177,701 $ 1,828,200 $ 6,005,901 $ 198,322 $ 300,295 $ 5,903,928 $ 482,327 $ 484,500 $ 37,468 $ 152,779 $ 59,755 $ 290,700 $ 76,228 $ 177,118 $ 16,150 $ 48,450 $ 1,487,691 $ 3,313,166 15 2027 $ 4,177,701 $ 1,828,200 $ 6,005,901 $ 198,322 $ 300,295 $ 5,903,928 $ 482,327 $ 484,500 $ 37,468 $ 152,779 $ 59,755 $ 290,700 $ 76,228 $ 177,118 $ 16,150 $ 48,450 $ 1,487,691 $ 3,313,166 $ 5,704,119 $ 5,680,162 $ 5,656,305 $ 5,632,549 $ 5,608,892 $ 5,585,335 $ 5,561,876 $ 5,538,516
2 2014
16 2028 $ 4,177,701 $ 1,828,200 $ 6,005,901 $ 198,322 $ 300,295 $ 5,903,928 $ 482,327 $ 484,500 $ 37,468 $ 152,779 $ 59,755 $ 290,700 $ 76,228 $ 177,118 $ 16,150 $ 48,450 $ 1,487,691 $ 3,313,166
$ 4,177,701 $ 1,828,200 $ 6,005,901 $ 198,322 $ 300,295 $ 5,903,928
$ 4,177,701 $ 1,828,200 $ 6,005,901 $ 198,322 $ 300,295 $ 5,903,928
$ 482,327 $ 484,500 $ 37,468 $ 152,779 $ 59,755 $ 290,700 $ 76,228 $ 177,118 $ 16,150 $ 48,450 $ 1,487,691 $ 3,313,166
$ 482,327 $ 484,500 $ 37,468 $ 152,779 $ 59,755 $ 290,700 $ 76,228 $ 177,118 $ 16,150 $ 48,450 $ 1,487,691 $ 3,313,166
Total Debt Service
$ 2,158,969 $ 2,158,128 $ 2,157,292 $ 2,156,458 $ 2,155,629 $ 2,154,802 $ 2,153,980 $ 2,153,160 $ 2,152,344 $ 2,151,532 $ 2,150,723 $ 2,149,917 $ 2,149,115 $ 2,148,316 $ 2,147,520 $ 19,389,008 $ 17,450,107 $ 1,938,901 $ 43,179,374 $24,233,608
-3,362,010 -750,000
$ 431,794 $ 432,634 $ 433,471 $ 434,304 $ 435,134 $ 435,960 $ 436,783 $ 437,602 $ 438,418 $ 439,231 $ 440,040 $ 440,845 $ 441,648 $ 442,446 0 $ 2,124,161 $ 389,371 $ 390,124 $ 390,874 $ 391,620 $ 392,364 $ 393,105 $ 393,842 $ 394,576 $ 395,308 $ 396,036 $ 396,761 $ 397,483 $ 398,202 0 $ 236,017.84 $ 43,263 $ 43,347 $ 43,430 $ 43,513 $ 43,596 $ 43,678 $ 43,760 $ 43,842 $ 43,923 $ 44,004 $ 44,085 $ 44,165 $ 44,245 Reversion Loan Balance Permanent Funding Sources Rate Term Amortization DSCR Amount LTV 3% 55 0.42% 1.2 $ 5,850,000 13.55% HCD MHP BofA Fixed-Rate Mortgage 6.25% 18 30 1.2 $ 26,257,697 60.81% $ 32,107,697 74.36%
Cash Flow
DSCR
1.20
$ 5,515,255
HCD MHP Contingency 15-Year Proforma
1 $ 4,177,701 $ 1,828,200 $ 6,005,901 $ 198,322 $ 300,295 $ 5,903,928 $ 479,735 $ 484,500 $ 37,468 $ 152,779 $ 59,755 $ 290,700 $ 76,228 $ 177,118 $ 16,150 $ 48,450 $ 1,488,209 $ 3,311,092 $ 479,735 $ 484,500 $ 37,468 $ 152,779 $ 59,755 $ 290,700 $ 76,228 $ 177,118 $ 16,150 $ 48,450 $ 1,488,209 $ 3,311,092 $ 479,735 $ 484,500 $ 37,468 $ 152,779 $ 59,755 $ 290,700 $ 76,228 $ 177,118 $ 16,150 $ 48,450 $ 1,488,209 $ 3,311,092 $ 479,735 $ 484,500 $ 37,468 $ 152,779 $ 59,755 $ 290,700 $ 76,228 $ 177,118 $ 16,150 $ 48,450 $ 1,488,209 $ 3,311,092 $ 479,735 $ 484,500 $ 37,468 $ 152,779 $ 59,755 $ 290,700 $ 76,228 $ 177,118 $ 16,150 $ 48,450 $ 1,488,209 $ 3,311,092 $ 479,735 $ 484,500 $ 37,468 $ 152,779 $ 59,755 $ 290,700 $ 76,228 $ 177,118 $ 16,150 $ 48,450 $ 1,488,209 $ 3,311,092 $ 479,735 $ 484,500 $ 37,468 $ 152,779 $ 59,755 $ 290,700 $ 76,228 $ 177,118 $ 16,150 $ 48,450 $ 1,488,209 $ 3,311,092 $ 479,735 $ 484,500 $ 37,468 $ 152,779 $ 59,755 $ 290,700 $ 76,228 $ 177,118 $ 16,150 $ 48,450 $ 1,488,209 $ 3,311,092 $ 479,735 $ 484,500 $ 37,468 $ 152,779 $ 59,755 $ 290,700 $ 76,228 $ 177,118 $ 16,150 $ 48,450 $ 1,488,209 $ 3,311,092 $ 479,735 $ 484,500 $ 37,468 $ 152,779 $ 59,755 $ 290,700 $ 76,228 $ 177,118 $ 16,150 $ 48,450 $ 1,488,209 $ 3,311,092 $ 4,177,701 $ 1,828,200 $ 6,005,901 $ 198,322 $ 300,295 $ 5,903,928 $ 4,177,701 $ 1,828,200 $ 6,005,901 $ 198,322 $ 300,295 $ 5,903,928 $ 4,177,701 $ 1,828,200 $ 6,005,901 $ 198,322 $ 300,295 $ 5,903,928 $ 4,177,701 $ 1,828,200 $ 6,005,901 $ 198,322 $ 300,295 $ 5,903,928 $ 4,177,701 $ 1,828,200 $ 6,005,901 $ 198,322 $ 300,295 $ 5,903,928 $ 4,177,701 $ 1,828,200 $ 6,005,901 $ 198,322 $ 300,295 $ 5,903,928 $ 4,177,701 $ 1,828,200 $ 6,005,901 $ 198,322 $ 300,295 $ 5,903,928 $ 4,177,701 $ 1,828,200 $ 6,005,901 $ 198,322 $ 300,295 $ 5,903,928 $ 4,177,701 $ 1,828,200 $ 6,005,901 $ 198,322 $ 300,295 $ 5,903,928
2 2014
3 2015
4 2016
5 2017
6 2018
7 2019
8 2020
9 2021
10 2022
11 2023
12 2024
13 2025
14 2026 $ 4,177,701 $ 1,828,200 $ 6,005,901 $ 198,322 $ 300,295 $ 5,903,928 $ 479,735 $ 484,500 $ 37,468 $ 152,779 $ 59,755 $ 290,700 $ 76,228 $ 177,118 $ 16,150 $ 48,450 $ 1,488,209 $ 3,311,092
15 2027 $ 4,177,701 $ 1,828,200 $ 6,005,901 $ 198,322 $ 300,295 $ 5,903,928 $ 479,735 $ 484,500 $ 37,468 $ 152,779 $ 59,755 $ 290,700 $ 76,228 $ 177,118 $ 16,150 $ 48,450 $ 1,488,209 $ 3,311,092
16 2028 $ 4,177,701 $ 1,828,200 $ 6,005,901 $ 198,322 $ 300,295 $ 5,903,928 $ 479,735 $ 484,500 $ 37,468 $ 152,779 $ 59,755 $ 290,700 $ 76,228 $ 177,118 $ 16,150 $ 48,450 $ 1,488,209 $ 3,311,092
$ 4,177,701 $ 1,828,200 $ 6,005,901 $ 198,322 $ 300,295 $ 5,903,928
$ 4,177,701 $ 1,828,200 $ 6,005,901 $ 198,322 $ 300,295 $ 5,903,928
$ 479,735 $ 484,500 $ 37,468 $ 152,779 $ 59,755 $ 290,700 $ 76,228 $ 177,118 $ 16,150 $ 48,450 $ 1,488,209 $ 3,311,092
$ 479,735 $ 484,500 $ 37,468 $ 152,779 $ 59,755 $ 290,700 $ 76,228 $ 177,118 $ 16,150 $ 48,450 $ 1,488,209 $ 3,311,092
Total Debt Service
$ 2,160,697 $ 2,160,697 $ 2,160,697 $ 2,160,697 $ 2,160,697 $ 2,160,697 $ 2,160,697 $ 2,160,697 $ 2,160,697 $ 2,160,697 $ 2,160,697 $ 2,160,697 $ 2,160,697 $ 2,160,697 $ 2,160,697 $ 14,479,368 $ 13,031,431 $ 1,447,937 $ 43,213,931 $29,166,702
-3,362,010 -750,000
$ 432,139 $ 432,139 $ 432,139 $ 432,139 $ 432,139 $ 432,139 $ 432,139 $ 432,139 $ 432,139 $ 432,139 $ 432,139 $ 432,139 $ 432,139 $ 432,139 0 $ 488,502 $ 388,925 $ 388,925 $ 388,925 $ 388,925 $ 388,925 $ 388,925 $ 388,925 $ 388,925 $ 388,925 $ 388,925 $ 388,925 $ 388,925 $ 388,925 0 $ 54,278.01 $ 43,214 $ 43,214 $ 43,214 $ 43,214 $ 43,214 $ 43,214 $ 43,214 $ 43,214 $ 43,214 $ 43,214 $ 43,214 $ 43,214 $ 43,214 Reversion Loan Balance Permanent Funding Sources Rate Term Amortization DSCR Amount LTV 6.10% 30 30 1.2 $ 5,850,000 13.54% B of A Conventioanl Tax-Exempt Bond 4.75% 35 40 1.2 $ 30,750,321 71.16% $ 36,600,321 84.70%
Cash Flow
DSCR ############
1.20
$ 5,850,000
$ (169,650,000)
Construction Loan Repayment $ 36,489,680 Funding Gap $ (110,641) ############ ############
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36
HCD MHP Contingency Construction Proforma

37
30 % AMI 488 580 643 Expenses Taxes & Licenses Labor Admin Repairs & Maintenance Advertising & Promotion Utilities Insurance Management Misc Replacement Reserves Ground Lease Total Expenses Net Operating Income Debt Service Cash Flow Interest 2.75% 3.25% 2.83% Amount $ 479,735 $ 484,500 $ 37,468 $ 152,779 $ 59,755 $ 290,700 $ 76,228 $ 177,118 $ 16,150 $ 48,450 $ 1,488,209 $ 3,311,092 Per Unit $ 1,485 $ 1,500 $ 116 $ 473 $ 185 $ 900 $ 236 $ 548 $ 50 $ 150 $ 4,607 $ 10,251 Finance Costs Amount Construction Loan Interest $ 2,322,367 Financing Costs $ 913,625 Total Finance Charges $ 3,235,992 Total Project Cost Finance Charges 1.25% Debt Loan to Cost 75.0% Developer Fee $ 2,001,143 Tax-Credit Yield 100% Construction Time 15 Investor Equity $ 3,362,010 Public Subsitdy Per Unit Public Subsidy Total Public Subsidy $ 50,028,563 $ 72,514 $ 9,426,873 Variables Vacancy Inflation Bond LTV Tax-Credit Stabilization Cap Rate 5% 0% 71% 3.18% 12 6.00%
Sq. Ft. 600 730 1,000 630 910 1,000 1,426 841 1,150
# of Units 32 32 64 60 40 20 10 20 45 323
Utility Allowances Bedrooms W/o Water 1 bedrooms 39 2 bedrooms 47 3 bedrooms 76
Affordability Restricted Rents after Utility Allowances Bedrooms FMR 60% AMI 50% AMI 1 bedrooms 1,330 1,030 849 2 bedrooms 1,582 1,230 1,013 3 bedrooms 2,230 1,395 1,144
Equity Summary Tax-Credit Equity Irvine Housing Trust Grant Irvine HOME Funds Prop 49 Grant LP Equity IHO Equity Total Equity GAP (110,641)
Amount $ 6,836,873 $ 2,000,000 $ 400,000 $ 190,000 $ 3,362,010 $ 750,000 $ 13,538,883
Rent Comparables
The Park at Irvine Spectrum Center Unit Sq. Ft. Gross Rent Rent Sq. Ft. Studios 607 1515 2.50 AVG RPSF 2.50 1bd/1bth 794 1935 2.44 793 1900 2.40 816 1885 2.31 827 2060 2.49 856 1805 2.11 769 1790 2.33 710 1735 2.44 766 1695 2.21 AVG RPSF 2.34 2bd/2bth 996 2060 2.07 1030 2160 2.10 1146 2185 1.91 1068 2245 2.10 1083 2265 2.09 AVG RPSF 2.05 Esperanza Apartments Homes Unit Sq. Ft. Gross Rent Rent Sq. Ft. 1bd/1bth 714 1565 2.19 796 1785 2.24 AVG RPSF 2.22 2bd/2bth 1026 2090 2.04 1034 1895 1.83 1056 2110 2.00 1115 2205 1.98 AVG RPSF 1.96 The Village at Irvine Spectrium Center Unit Sq. Ft. Gross Rent Rent Sq. Ft. Studios 563 1490 2.65 624 1555 2.49 AVG RPSF 2.57 1bd/1bth 723 1625 2.25 749 1695 2.26 AVG RPSF 2.26 2bd/2bth 943 1945 2.06 1136 2260 1.99 1045 2145 2.05 1032 2115 2.05 AVG RPSF 2.04 AVG Rent Sq. Ft. Studios 2.53 1bd/1bth 2.27 2bd/2bth 2.02 Studio 1 bed 2 bed 600-630 730-910 1000-1150
38
Construction Budget
Demolition Existing Structure and Parking Utilities and Street Improvements Courtyards and Landscaping Perimeter Landscaping Podium Structure 323 Units, Luxury Finishes
878 s.f. Average (92 - Studio, 92- 1 Bedrm, 129 - 2 Bedrm, 10 - 3bedrm)
Sitework - Off-Site Utility Laterals, Sidewalk and Driveways Landscaping, Planters, Site Furniture, Swimming Pool Perimeter Landscaping and Flatwork Semi-Efficient / 354 s.f. Per Stall 15% of Net Rentable Standard Cleanable Finishes Landscaping, Planters, Site Furniture Upgraded Finishes, Excludes Furniture and Equipment Upgraded Finishes, Excludes Furniture and Equipment Shell Finish, Includes Utility Stubs to Space(s) Asphalt 65,664 283,590 42,539 2,000 10,000 2,784 1,000 0 55,298 283,590 283,590 283,590
Sitework - On-Site Courtyards
Sitework - On-Site Perimeter
Parking Garage - 2 Levels (Type I) Corridors, Elevators & Stairwells Resident Level R1,R2,R3,R4 Ground Level Resident Level R1 Resident Level R1 Resident Level R1 Parking and Roadways
Residential Units - 5 Levels (Type III-Mod)
Residential Circ - 5 Levels (Type III-Mod)
Trash Rooms - 5 Levels (Type III-Mod)
Lounge
Leasing Offices (Type III Mod)
Fitness Room (Type III Mod)
Retail Space (Type III-Mod)
Paved Surface Areas
QUALIFICATIONS:
1. Construction Duration: Substantial Completion = 18 Months, Final Completion = 20 Months (Excludes Weather Delays)
2. Includes Four Percent (4%) General Conditions Fee (Indirects)
3. Includes Six Percent (6%) Overhead and Profit Fee
4. Excludes Payment and Performance Bond and Builder's Risk Insurance
5. Excludes Hazardous Soils and Waste Handling, Dumping and Hauling
6. Excludes De-Watering of Any Kind
7. Excludes FF&E
39
Emeral Pacific Construction Budget
DESCRIPTION
Incl Asbestos/Lead Abatement, Excl Soils Remediation 0 4.00 10.00 5.00 55.00 90.00 90.00 80.00 100.00 110.00 120.00 80.00 3
USE DESCRIPTION
REMARKS
SQUARE FEET COST P.S.F.
TOTAL
0.00 1,134,360.00 2,835,900.00 1,417,950.00 3,611,520.00 25,523,100.00 3,828,465.00 160,000.00 1,000,000.00 306,240.00 120,000.00 0.00 165,894.00
TOTAL
NET RENTABLE AREA - RESIDENTIAL COST PER NET RENTABLE SQUARE FOOT
40,103,429.00
283,590 141.41
120,962.00 403.21
Construction Letter
VILLAGE STATION
40
Finance Review
Sounds like you have a structure thats financeable at current rates. Its always good to not push it on the rates too much in case they go up. Keep in mind that HCD-MHP is fully allocated (I dont think that theres any $$ left in MHP) but perhaps some developer had to return a commitment and theres a bit left over for your deal. You might want to vet this with a contact at HCD. A review committee may ask questions about this, b/c my understanding is theres no MHP $$ left. Im sorry I dont have time to issue a letter, and would want to model the deal internally before I issue a letter (which I dont have time to do this week). But its really not necessary for the competition. Best of luck!
-----------------------------------------------------------------------------------------------------Maria Joyce Maynard - Vice President, Community Development Banking 333 South Hope Street, 11th Floor; CA9-193-11-03; Los Angeles, CA 90071 213-621-7590; 213-621-4829 (fax)

From: Jared Riemer [mailto:jaredriemer@gmail.com] Sent: Tuesday, May 15, 2012 4:59 PM To: Joyce, Maria Subject: Re: UCI Low-Income Housing Competition
I modeled the bonds to convert to 5.25% at conversion to permanent financing. You can see it in the attached proforma, which is my final submittal. We are about to do a practice run presentation at UCI in about 30 minutes, and our final paper is due by midnight tonight. If you are able to, could you write a commitment letter for the bond financing, construction loan, and tax-credit? I can just throw it in the appendix at the end but we'll get extra points for project readiness if we have that. If you are not able to do this, I understand, and it will not have a significant affect on our project. I can write the letter as soon as I am done with my presentation and just send you over something to put your signature on if that helps. My assumptions are as follow: $32,522,167 in tax-exempt bond financing that will be at 2.75% interest only for construction then convert to a perm at 5.25% (4.75% would be better but 5.25 is what I underwrote with)
41
Finance Review
amortizing over 30 years, 1.2 dscr, and 80% ltv. 3.25% interest only construction loan for $3,970,030 which will be paid out with HCD MHP financing at stabilization. $6,836,888 face value of 4% tax-credit. I have it underwritten at a 1:1 yield. Or $15,468,560 for the 9% credit if it is awarded. Thank you so much for you help!!! -Jared
VILLAGE STATION
42
May 10, 2012
1 Civic Center Plaza Irvine, CA 92606 (949) 724-7440
Mr. Jared Riemer Irvine Community Builders Irvine Housing Opportunities Village Station LLC 202 Social Ecology I Irvine, California 92697-7075 Dear Mr. Riemer: Re: Village Station Project Ground Lease
FOR ACADEMIC PURPOSES ONLY
The Irvine Community Land Trust now commits itself to lease approximately 7 acres of land adjacent to the Irvine Transit Facility in the City of Irvine (APN #590-171-01) subject to the terms and conditions below. Lessor: Lessee: Term: Payments: Rent: Irvine Community Land Trust Irvine Community Builders and Irvine Housing Opportunities 55 years with two 22 year extensions, which extensions may be approved in the sole and absolute discretion of the Irvine Community Land Trust Monthly once the development has attained positive cash flow as detailed in the project pro forma. Annual amount of $840,000 plus rent participation of 25% of net operating income
The Irvine Community Land Trust will initiate a lease agreement for the purposes of this transaction upon evidence of project readiness. The Irvine Community Land Trust looks forward to working with Irvine Community Builders and Irvine Housing Opportunities in the development of this mixed-income transit-oriented project. Sincerely,
Mark Asturias
43
9% Tax Credit Points

Yes Yes
(ii) Universal Design. Project design incorporates the principles of Universal Design in at least half of the project's units as detailed in Reg. Section 10325(c)(9)(B). (iii) Smoke Free Residence. The proposed project will contain nonsmoking buildings or sections of buildings. Nonsmoking sections must consist of at least half the units within the building, and those units must be contiguous.
1 Point 1 Point
N/A N/A
(iv) (v)
Historic Preservation. The project proposes to incorporate historic tax credits. Qualified Census Tract (QCT). The project is located within a QCT and the development would contribute to a concerted community revitalization plan as demonstrated by a letter from a local government official.
1 Point 2 Points
Total Points for Miscellaneous Federal and State Policies:
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)
A.
Cost Efficiency, Credit Reduction, & Public Funds 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. D.
Housing Needs Site & Service Amenities D(1) Site Amenities D(2) Service Amenities
E. F.
Sustainable Building Methods Lowest Income & 10% of Units Restricted @ 30% AMI F(1) Lowest Income F(2) 10% of Units Restricted @ 30% AMI
G. H.
Readiness to Proceed Miscellaneous Federal and State Policies
APPLICANT POINTS 20 0 20 0 9 6 3 10 25 15 10 10 50 50 0 20 2
*Negative Points (if any, please enter amount:)
MAXIMUM POINTS 20 20 20 20 9 6 3 10 25 15 10 10 52 50 2 20 2 NO MAX
TOTAL POINTS 20
9 10 25 10 50 20 2 0
Total Points:
146.0
*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.
VILLAGE STATION
February 10, 2012 Version
44
39
Points System 5/13/12
4% Tax Credit Points

Yes Yes
(ii) Universal Design. Project design incorporates the principles of Universal Design in at least half of the project's units as detailed in Reg. Section 10325(c)(9)(B). (iii) Smoke Free Residence. The proposed project will contain nonsmoking buildings or sections of buildings. Nonsmoking sections must consist of at least half the units within the building, and those units must be contiguous.
1 Point 1 Point
N/A N/A
(iv) (v)
Historic Preservation. The project proposes to incorporate historic tax credits. Qualified Census Tract (QCT). The project is located within a QCT and the development would contribute to a concerted community revitalization plan as demonstrated by a letter from a local government official.
1 Point 2 Points
Total Points for Miscellaneous Federal and State Policies:
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)
A.
Cost Efficiency, Credit Reduction, & Public Funds 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. D.
Housing Needs Site & Service Amenities D(1) Site Amenities D(2) Service Amenities
E. F.
Sustainable Building Methods Lowest Income & 10% of Units Restricted @ 30% AMI F(1) Lowest Income F(2) 10% of Units Restricted @ 30% AMI
G. H.
Readiness to Proceed Miscellaneous Federal and State Policies
APPLICANT POINTS 20 0 20 0 9 6 3 10 25 15 10 10 0 0 0 20 2
*Negative Points (if any, please enter amount:)
MAXIMUM POINTS 20 20 20 20 9 6 3 10 25 15 10 10 52 50 2 20 2 NO MAX
TOTAL POINTS 20
9 10 25 10 0 20 2 0
Total Points:
96.0
*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.
45

39
Points System 5/13/12
February 10, 2012 Version
GreenPoint Rated Checklist: Multifamily

Possible Points
Energy Health/IAQ Resources Community Water
The GreenPoint Rated checklist tracks green features incorporated into the home. A home is only GreenPoint Rated if all features are verified by a Certified GreenPoint Rater through Build It Green. GreenPoint Rated is provided as a public service by Build It Green, a professional non-profit whose mission is to promote healthy, energy and resource efficient buildings in California. The minimum requirements for a GreenPoint Rated home are: Earn a total of 50 points or more; obtain the following minimum points per category: Community (6), Energy (30), Indoor Air Quality/Health (5), Resources (6), and Water (3); and meet the prerequisites A2a, E2a, H4a. (for 2008 permitted projects), J1a, N1. and Q0.
This checklist accommodates the verification of mandatory CALGreen measures but does not signify compliance unless accepted by jurisdictional authority. All CALGreen measures within the checklist must be selected as "Yes" or "n/a" for compliance with GreenPoint Rated. Build It Green is not a code enforcement agency.
Total Targeted Points: 177
The green building practices listed below are described in the GreenPoint Rated Multifamily Rating Manual. For more information please visit www.builditgreen.org/greenpointrated.
40 31 31 25
Multifamily New Home 2.2 / 2008 Title 24
67 30 30
14 5
14 5 6
6
25
40 3
3
6
6
REQUIRED: ENTER FLOOR AREAS AND LANDSCAPED AREA BEFORE BEGINNING CHECKLIST Enter Total Conditioned Floor Area of the Project: 84114 Enter Total Non-Residential Floor Area of Project: 0 Percent of Project Dedicated to Residential Use 100% Percentage of Site Dedicated to Landscaping 34%
Points Achieved Community
Energy
IAQ/Health
Resources
Water
Village Station
1 7 0 0 0 0 0 0 1
AA. COMMUNITY DESIGN AND PLANNING
Possible Points
Notes
Yes
47
10 1 1 1 1 1 1
No No
No No No
1. Develop Infill Sites a. Project is an Urban Infill Development b. Conserve Resources by Increasing Density -15 Units Per Acre or Greater (1 Point for every additional 5 dwelling units/acre) Enter Project Density Number (In du/acre) c. Project Includes the Redevelopment of At Least One Existing Building d. Build on Designated Brownfield Site or City-Designated Redevelopment Area 2. Design for Walking & Bicycling a. Sidewalks Are Buffered from Roadways & Are 5 Feet Wide (8 Feet in Retail Areas) b. Install Traffic Calming Strategies c. Provide Dedicated, Covered & Secure Bicycle Storage for 15% of Residents
No
d. Provide Secure Bicycle Storage for 5% of Non-Residential Tenant Employees & Visitors
VILLAGE STATION
Build It Green
3. Alternative Transportation a. Site has Pedestrian Access Within Mile of Community Services: TIER 1: Enter number of services within Mile: 1) Day Care 2) Community Center 3) Public Park 4) Drug Store 5) Restaurant 6) School 7) Library 8) Farmer's Market 9) After School Programs 10) Convenience Store Where Meat & Produce are Sold
Multifamily Checklist version 2.2/1.9
46
Points Achieved Community Energy
IAQ/Health Resources Water
47
Notes
0 0 1 1 1 0 0 0 1 1 1 1 1 1 1 1 1 0 1 1 1 1 0 0 0 1 0 1 1 2 1 2 0 1 0 1 0 1 Multifamily Checklist version 2.2/1.9
Village Station
Yes
Yes
Yes No
No
No
TIER 2: Enter number of services within Mile: 1) Bank 2) Place of Worship 3) Laundry/Cleaners 5) Theater/Entertainment 6) Fitness/Gym 4) Hardware 9) Medical/Dental 7) Post Office 8) Senior Care Facility 10) Hair Care 11) Commercial Office or 12) Full Scale Supermarket Major Employer i. 5 Services Listed Above (Tier 2 Services Count as 1/2 Service Value) ii.10 Services Listed Above (Tier 2 Services Count as 1/2 Service Value) b. Proximity to Public Transit: Development is Located Within i. 1/4 Mile of One Planned or Current Bus Line Stop ii. 1/2 Mile of a Major Transit Stop (Commuter Train/Light Rail Transit System OR Two or More Planned/Current Bus Line Stops c. Reduced Parking Capacity i. Less than 1.5 Parking Spaces Per Unit ii. Less than 1.0 Parking Spaces Per Unit 4. Mixed-Use Developments a. At least 2% of Development Floor Space Supports Mixed-Use (Non-Residential Tenants) b. Half of the Non-Residential Floor Space is Dedicated to Community Services (See AA3a) 5. Outdoor Gathering Places
Yes
a. Private or Semi-Public Outdoor Gathering Places for Residents (Minimum of 50 sf Per Unit) (mutually exclusive with AA5b)
No
b. Outdoor Gathering Place of Compact Site Provides Natural Elements (mutually exclusive with AA5a) (Projects Must Be a Minimum of 50 du/acre)
Yes
c. Public Outdoor Gathering Places have Direct Access to At Least Two Tier 1 Community Services (See AA3a)
6. Design for Safety and Vandalism Deterrence
No
a. Residence Entries Have Views to Callers (Windows or Double Peep Holes) & Can Be Seen By Neighbors
No
No
b. All Main Entrances to the Building and Site are Prominent and Visible from the Street 7. Passive Solar Design a. Provide Appropriate Orientation for Maximum Energy Efficiency
Yes
b. Provide Appropriate Shading On All South-Facing Windows for Effective Passive Solar Control
No
No No No
c. Provide Thermal Mass 8. Adaptable Buildings a. Include Universal Design Principles in Units i. 50% of Units ii. 80% of Units b. Live/Work Units Include A Dedicated Commercial Entrance Build It Green
Village Station
Notes
1 1 0 1 0 17 1 1 1 1 1
Yes Yes No
Yes
No
9. Affordability a. Units are Dedicated to Households Making 80% or Less of AMI i. 10% of All Units ii. 25% iii. 50% or More b. Development Includes Multiple Bedroom Units (Minimum of 2 3-Bdrm Units At or Less Than 80% AMI) c. At least 20% of Units at 120% or Less of AMI are For-Sale Total Available Points in Community Design and Planning: 42
A. SITE
2 0 1 1 1
Possible Points
Yes No
Yes Y 2 2
R 2 2
Yes Yes
1. Protect Topsoil and Minimize Disruption of Existing Plants & Trees a. Protect Topsoil and Reuse After Construction b. Limit and Delineate Construction Footprint for Maximum Protection 2. Divert/Recycle Job Site Construction Waste (Including Green Waste and Existing Structures) a. Required: Divert 50% (by weight) of All Construction & Demolition Waste (Recycling or Reuse) (CALGreen code) b. Divert 100% of Asphalt and Concrete and 65% (by weight) of Remaining Materials c. Divert 100% of Asphalt and Concrete and 80% (by weight) of Remaining Materials 3. Construction Environmental Quality Management Plan, Duct Sealing, and Pre-Occupancy Flush-Out [*This credit is a requirement associated with PJ1: EPA IAP] 1 1 0 1 9 1 1 1 1
Yes
a. Duct openings and other related air distribution component openings shall be covered during construction. (CALGreen code if applicable)
Yes
No Yes
b. Full environmental quality management plan and pre-occupancy flush out is conducted (Prerequisite is A5a) 4. Use Recycled Content Aggregate (Minimum 25%) 5. Cool Site: Reduce Heat Island Effect on Site Total Available Points in Site: 11
B. LANDSCAPE
1. Landscaping
Possible Points
Yes
Is the landscape 10% of the site area? Sites with less than 10% of the total site area dedicated to landscaping can only earn up to 4 points for measure B1a through B1g. Calculate the landscape area percentage by dividing the landscape area by the total site area. Include the building footprint(s) and all other developed portions of the site up to the site boundary. 2 2 1 1 3
Yes
Yes
VILLAGE STATION
Yes Yes
Yes
a. Group Plants by Water Needs (Hydrozoning) 2 b. Mulch All Planting Beds to the Greater of 3 Inches or Local Water Ordinance 2 Requirement c. Construct Resource-Efficient Landscapes i. No Invasive Species Listed by Cal-IPC Are Planted 1 ii. No Plant Species will Require Shearing 1 iii. 75% of Plants are Drought-tolerant, California Natives, Mediterranean or Other 3 Appropriate Species Build It Green Multifamily Checklist version 2.2/1.9
48
49
Notes
2 2 2 3 3 1 1 1 0 0 1 1 1 1 1 1 27 1 2 4 1 1 2 3 3 2 2
Village Station
Yes
Yes
Yes Yes Yes
Yes
Yes
Yes
No No
Yes Yes Yes
d. Minimize Turf in Landscape Installed by Builder i. Turf Shall Not Be Installed on Slopes Exceeding 10% and No Overhead Sprinklers Installed in Areas Less than 8 Feet Wide ii. Turf Is 25% of Landscaped Area e. Install High-Efficiency Irrigation Systems i. System Uses Only Low-Flow Drip, Bubblers or Sprinklers ii. System Has Smart (Weather-based) Controller (CALGreen code if applicable) f. Incorporate Two Inches of Compost in the Top 6 to 12 Inches of Soil g. Design Landscape to Meet Water Budget i. Install Irrigation System That Will Be Operated at <70% Reference ET (B1a. and B1b. are Prerequisites for Credit) ii. Install Irrigation System That Will Be Operated at <50% Reference ET (B1a., B1b. and B1ei. or B1eii. are Prerequisites for Credit) h. Incorporate Community Garden 2. Source Water Efficiency a. Use Recycled Water for Indoor and/or Outdoor Water Use b. Use Rainwater for Indoor and/or Outdoor Water Use 3. Outdoor Play Structures and Outdoor Furniture a. Play Structures & Surfaces Have an Average Recycled Content 20% b. Environmentally Preferable Exterior Site Furnishings 4. Reduce Light Pollution by Shielding Fixtures and Directing Light Downward Total Available Points in Landscape: 33

Possible Points
1 1 1 1 0 0 0 0 0 0 0 0 2 2 1 1 1 1 1 0.5 0.5 0.5 0.5 2 1 1 1 2 1
C. DESIGN CONSIDERATIONS
Yes Yes Yes Yes Yes Yes Yes Yes Yes
No No No
Yes
Yes
Yes
Build It Green
1. Acoustics: Noise and Vibration Control (minimum 2 points for credit, including 1 Tier 1 measure, maximum of 4 points) TIER 1: 1) Exterior Noise Reduction 2) Loud Single-Event Noise Reduction in Noise-Sensitive Spaces 3) Airborne and Structure-borne Noise Reduction (e.g., walls, floor-ceilings) 4) Mechanical Ventilation Noise and Vibration Control 5) Plumbing Noise and Vibration Reduction TIER 2: 1) Minimize Stair Impact Noise 2) Minimize Floor Squeaks 3) Minimize Trash Chute Noise 4) Mixed-Use Noise and Vibration Reduction 2. Mixed-Use Design Strategies a. Develop Green Tenant Improvement Requirements for Build Outs b. Commercial Loading Area Separated from Residential area c. Separate Mechanical and Plumbing Systems 3. Commissioning a. Design Phase (Define Owner's Project Requirements, Basis of Design, and Develop Plan) b. Construction Phase (Perform Functional Testing) c. Post-Construction Phase (Verify Compliance, Commissioning Report, Training and Warranty Review)
Village Station
Total Available Points in Design Considerations: 14 10
Notes
D. FOUNDATION, STRUCTURAL FRAME & BUILDING ENVELOPE

2 0 1 1 3
Possible Points
20%
No
1. Replace Portland Cement in Concrete with Recycled Fly Ash and/or Slag (Minimum 20%) 2. Design, Build and Maintain Structural Pest and Rot Controls (for lowrise projects) 3. Construction Material Efficiencies 0 0 1 1 1 1 1 1 1 1 1 0 1 0 0 0 4 2 1 1 1 1 1 1 1 1 1 1 6 1
No
a. Wall and Floor Assemblies (excluding solid wall assemblies) are Delivered Panelized from Supplier (Minimum of 80% square feet)
No
Yes Yes Yes
Yes Yes Yes Yes Yes Yes No
No No No
No No No
b. Modular Components are Delivered Assembled to the Project (Minimum 25%) c. Optimal Value Engineering i. Studs at 24 Inch on Center at Interior Non-Bearing Walls and Top Floor ii. Door & Window Headers Sized for Load iii. Use Only Cripple Studs Required for Load 4. Use Engineered Lumber a. Engineered Beams and Headers b. Wood I-Joists or Web Trusses for Floors c. Engineered Lumber for Roof Rafters d. Engineered or Finger-Jointed Studs for Vertical Applications e. Oriented Strand Board for Subfloor f. Oriented Strand Board for Wall and Roof Sheathing 5. Insulated Headers 6. Use FSC-Certified Wood a. Dimensional Lumber, Studs and Timber (Minimum 40%) b. Panel Products (Minimum 40%) 7. Energy Heels on Roof Trusses for Low-Rise Projects 8. Use Solid Wall Systems (Includes SIPS, ICFs, & Any Non-Stick Frame Assembly) a. Floors b. Walls c. Roofs Total Available Points in Foundation, Structural Frame & Building Envelope: 34 0 0 0 11 2 2 1
E. EXTERIOR
Possible Points
0 1 Y 1 0 2 4 2 1 R 1
No Yes
Yes
VILLAGE STATION
Yes No
1. Drainage Planes and Durable Siding a. Install a Rain Screen Wall System b. Use Durable and Non-Combustible Siding Materials 2. Durable Roofing Options a. Required: All Roofing Has 3-Year Subcontractor Warranty and a 20-Year Manufacturer Warranty b. Use Durable and Fire Resistant Roofing Materials or Assembly 3. Vegetated Roof (2 points for 25%, 4 points for 50%) Total Available Points in Exterior: 8
F. INSULATION It Green Build
Possible Points
50
51
Notes
Total Available Points in Insulation: 3 0 0 0 0 1 1 1
Village Station
No No No
1. Install Insulation with 75% Recycled Content a. Walls b. Ceilings c. Floors
G. PLUMBING
Possible Points
Yes Yes N/A 0 3 1 0 1 Y
2 0
2 0 1 1 3 1 0 1 0
N/A No
Yes
Yes Yes Yes
Yes
Yes
Yes No
1. Water Efficient Fixtures a. Install High Efficiency Toilets (Dual Flush or 1.28 Gallons Per Flush (gpf)) (CALGreen code if applicable) i. In All Residences ii. In All Non-Residential Areas b. High Efficiency Urinals or No-Water Urinals Are Specified: i. Average Flush Rate is 0.5 gpf (CALGreen code if applicable) ii. Average Flush Rate is 0.1 gpf c. High Efficiency Showerheads Use 2.0 Gallons Per Minute (gpm) at 80 psi (CALGreen code if applicable) d. Flow Limiters Or Flow Control Valves Are Installed on All Faucets i. Residences: Kitchen - 1.8 gpm (CALGreen code if applicable) ii. Non-Residential Areas: Kitchen - 1.8 gpm (CALGreen code applicable) iii. Residences: Bathroom Faucets- 1.5 gpm at 60psi iv. Non-Residential Areas: Bath Faucets - .5 gpm or .25 gal for meter faucets (CALGreen code if applicable) 2. Distribute Domestic Hot Water Efficiently (G2a is a Prerequisite for credit for G2 b-e. Maximum 5 Points) a. Insulate All Hot Water Pipes [*This credit is a requirement associated with PJ1: EPA IAP] b. Use Engineered Parallel Plumbing c. Use Engineered Parallel Plumbing with Demand Controlled Circulation Loop(s) 2 1 0 0 1 1 1 1 1 1 1 2 1 4

Total Available Points in Plumbing: 18 0 4 14 0 1 1
No
d. Use Traditional Trunk, Branch and Twig Plumbing with Demand Controlled Circulation Loop(s)
No Yes
e. Use Central Core Plumbing 3. Water Submetering: Bill Tenants for Actual Usage
H. HEATING VENTILATION AND AIR CONDITIONING
Possible Points
2
No
Yes
1. Install High Performing Zoned Radiant Hydronic Heating 2. Install High Efficiency Air Conditioning with Environmentally Preferable Refrigerants 3. Advanced Ventilation Practices for Cooling
Yes
a. Operable Windows or Skylights Are Placed To Induce Cross Ventilation In At Least One Room In 80% of Units
Yes
Build It Green
b. Mechanical Ventilation System for Cooling: i. ENERGY STAR Ceiling Fans and Light Kits in Living Areas & All Bedrooms
Village Station
N/A Y 0 0 1 0 1 1 2 1 R 1
N/A
Notes
Yes
ii. Whole House Fan (CALGreen code if applicable) 4. Advanced Mechanical Ventilation for IAQ a. Required: Compliance with ASHRAE 62.2 Mechanical Ventilation Standard (As Adopted in Title 24 Part 6). N/A for projects permitted under 2005 Title 24.
No
b. Advanced Ventilation Practices (Continuous Operation, Sone Limit, Minimum Efficiency, Minimum Ventilation Rate, Homeowner Instructions)
No
c. Outdoor Air Ducted to Bedroom and Living Areas of Home
Yes
d. ENERGY STAR Bathroom Fans on Timer or Humidistat (CALGreen code if applicable)
No
5. Garage Ventilation Fans Are Controlled by Carbon Monoxide Sensors (Passive Ventilation Not Eligible) [*This credit is a requirement associated with PJ1: EPA IAP] 1 6 0 4 1
Yes Total Available Points in Heating Ventilation and Air Conditioning: 13
6. Install Carbon Monoxide Alarms (or No Combustion Appliances in Living Space and No Attached Garage) [*This credit is a requirement associated with PJ1: EPA IAP]
I. RENEWABLE ENERGY
Possible Points
No
No No No
1. Solar Hot Water System Preheats Domestic Hot Water 2. Offset a Percentage of the Project's Estimated Electricity Demand with Onsite Renewable Generation a. 60% of Common Area Load b. 90% of Common Area Load c. 10% or More of Residential Units Load Total Available Points in Renewable Energy: 16 0 0 0 0 2 2 2
2 2 2
J. BUILDING PERFORMANCE
2008
1. Building Performance Exceeds Title 24 Is project permitted under 2005 Title 24 or 2008 Title 24?
Possible Points
Enter the Percent Better Than Title 24 for Residential and Non-Residential Portions of the Project. 40 0 30+ 1+
20%
a. Required: Residences: Minimum 15% Better Than Title 24. 2 Points for Every 1% Better Than Title 24
20%
b. Non-Residential Spaces: 1 Point for Every 1% Better Than Title 24, adjusted for square footage
Yes
1 2 1 0
1 2 1 6
Yes
VILLAGE STATION
Yes
No
Yes
Build It Green
2. Building Envelope Diagnostic Evaluations a. Duct Testing Results in Leakage < 6% [*This credit is a requirement associated with PJ1: EPA IAP] b. Blower Door Testing Results for Air Change per Hour is < 3.5 ACH50 [*This credit is a requirement associated with PJ1: EPA IAP] c. Verify Quality of Insulation Installation & Thermal Bypass Checklist before Drywall [*This credit is a requirement associated with PJ1: EPA IAP] 3. Design and Build Near Zero Energy Homes (Enter number of points, minimum of 2 and maximum of 6 points) 4. Title 24 Prepared and Signed by a CABEC Certified Energy Plans Examiner (CEPE)
52
53
Notes
1 0 46 1 1 Total Available Points in Building Performance: 43+
Village Station
5. Participation in Utility Program with Third Party Plan Review
Yes
a. Energy Efficiency Program [*This credit is a requirement associated with PJ1: EPA IAP]
No
b. Renewable Energy Program with Min. 30% Better Than Title 24 (High Performing Home)
K. FINISHES
1 0 0 1 1 1
Possible Points
Yes
No
No
Yes Yes 0 0
No No
1. Entryways a. Design Entryways to Reduce Tracked-In Contaminants for All Home Entrances b. Permanent Walk-Off Systems Are Provided at All Main Building Entrances & In Common Areas 2. Use Recycled Content Paint 3. Low/No-VOC Paints & Coatings [*This credit is a requirement associated with PJ1: EPA IAP] a. Low-VOC Interior Wall/Ceiling Paints (<50 grams per liter (gpl) VOCs regardless of sheen) (CALGreen code if applicable) i. In All Residences ii. In All Non-Residential Areas b. Zero-VOC: Interior Wall/Ceiling Paints (<5 gpl regardless of sheen) i. In All Residences ii. In All Non-Residential Areas 1 0 1 0 1 0
c. Use Low-VOC Coatings That Meet SCAQMD Rule 1113 (CALGreen code if applicable) 2 0 1 2 0 1
Yes Yes

0 0 0 0 0 0 0 0 0 0 4 2 2 2 2 0 0 0 0 0
Yes
No No No No No
No No No No No
i. In All Residences ii. In All Non-Residential Areas 4. Use Low VOC Caulks, Construction Adhesives and Sealants that Meet SCAQMD Rule 1168 (CALGreen code if applicable) 5. Environmentally Preferable Materials for Interior Finish: A) FSC-Certified Wood, B) Reclaimed Lumber, C) Rapidly Renewable, D) RecycledContent, E) Finger-Jointed, or F) Local a. Residences: At Least 50% of Each Material: i. Cabinets ii. Interior Trim iii. Shelving iv. Doors v. Countertops b. Non-Residential Areas: At Least 50% of Each Material: i. Cabinets ii. Interior Trim iii. Shelving iv. Doors v. Countertops
Build It Green
Village Station
Notes
Y 0
Yes
6. Reduce Formaldehyde in Interior Finish Meet Current CARB Airborne Toxic Control Measure (ATCM) for Composite Wood Formaldehyde Limits by Mandatory Compliance Dates (CALGreen code if applicable) [*This credit is a requirement associated with PJ1: EPA IAP]
No No No 0 0 0 0 0 0 5 0 0 0 1 0 1
0 0 0
1 2 1
No No No
No No
No
7. Reduce Formaldehyde in Interior Finish - Exceed Current CARB ATCM for Composite Wood Formaldehyde Limits Prior to Mandatory Compliance Dates a. Residences: At Least 90% of Each Material: i. Doors ii. Cabinets and Countertops iii. Interior Trim and Shelving b. Non-Residential Areas: At Least 90% of Each Material i. Doors ii. Cabinets and Countertops iii. Interior Trim and Shelving 8. Durable Cabinets a. Residences b. Non-Residential Areas 9. At Least 25% of All Newly Supplied Interior Furniture has Environmentally Preferable Attributes Total Available Points in Finishes: 26
L. FLOORING
Possible Points
1. Use Environmentally Preferable Flooring (Minimum 15% of Floor Area) A) FSC-Certified Wood, B) Reclaimed or Refinished, C) Rapidly Renewable, D) RecycledContent, E) Exposed Concrete, or F) Local. Flooring Adhesives Must Meet SCAQMD Rule 1168 for VOCs 0 0 4 0
No No
Yes
2 0 Y 2
2 0 0
Yes
Yes
a. Residences b. Non-Residential Areas 2. Low-Emitting Flooring [*This credit is a requirement associated with PJ1: EPA IAP] a. Residences: Low Emitting Flooring (50% Minimum) (Section 01350, CRI Green Label Plus, Floorscore) b. Non-Residential Areas: Low-Emitting Flooring (50% Minimum) (Section 01350, CRI Green Label Plus, Floorscore) 3. All carpet and 50% of Resilient Flooring is low emitting. (CALGreen code if applicable) Total Available Points in Flooring: 6
M. APPLIANCES & LIGHTING
Possible Points
2 3 1 1 1 2
VILLAGE STATION
Yes
Yes
1. ENERGY STAR Appliances a. Install ENERGY STAR Dishwasher (Must Meet Current Specifications) b. install ENERGY STAR Clothes Washer i. Meets ENERGY STAR and CEE Tier 2 Requirements (Modified Energy Factor 2.0; Water Factor 6.0) (Total 3 Points)
Build It Green
54
55
Notes
2 1 1 0 1 1 1 1 1 0 0 1 1 2 1 1 0 12 Y 1 1 R 1 1 1
Village Station
Yes
Yes Yes No Yes
No
ii Meets ENERGY STAR and CEE Tier 3 Requirements (Modified Energy Factor 2.2; Water Factor 4.5) (Total 5 Points) c. Install ENERGY STAR Refrigerators in All Locations i. ENERGY STAR-Qualified & < 25 Cubic Feet Capacity ii. ENERGY STAR-Qualified & < 20 Cubic Feet Capacity 2. Common Laundry Facilities Are Provided for All Occupants 3. Provide Built-In Recycling Center In Each Residential Unit 4. Low-Mercury Lamps a. Low-Mercury Products Are Installed Wherever Linear Fluorescent Lamps Are Used or Replaced
No
b. Low-Mercury Products Are Installed Wherever Compact Fluorescent Lamps Are Used or Replaced
Yes Yes No
5. Install High-Efficacy Lighting and Design Lighting System a. Install High-Efficacy Lighting b. Install a Lighting System to IESNA Footcandle Standards or Hire Lighting Consultant 6. Gearless Elevators Are Installed Total Available Points in Appliances & Lighting: 16
N. OTHER
Possible Points
Yes
Yes
1 1 2 1 1 1

1 2 0 1 1 1 7 1
Yes Yes No Yes Yes Yes
1. Required: Incorporate GreenPoint Rated Checklist in Blueprints [*This credit is a requirement associated with PJ1: EPA IAP] 2. Pre-Construction Kick-Off Meeting with Rater and Subs 3. Operations & Maintenance Manuals and Training [*This credit is a requirement associated with PJ1: EPA IAP] a. Provide O&M Manual to Building Maintenance Staff (CALGreen code if applicable) b. Provide O&M Manual to Occupants and Orientation 4. Residents Are Offered Free or Discounted Transit Passes 5. Educational Signage of Project's Green Features 6. Install Home/Building System Monitor(s) 7. Use Vandalism Deterrence Practices and Develop Vandalism Management Plan Total Available Points in Other: 9
O. (Not Used)
P. INNOVATIONS
Possible Points
No No Yes Yes No
No
Build It Green
A. Site 1. Stormwater Control: Prescriptive Path (Maximum of 3 Points, Mutually Exclusive With PA2) a. Use Permeable Paving for 25% of Driveways, Patios and Walkways b. Install Bio-Retention and Filtration Features c. Route Downspout Through Permeable Landscape d. Use Non-Leaching Roofing Materials e. Include Smart Street/Driveway Design 2. Stormwater Control: Performance Path (Mutually Exclusive With PA1): Perform a Soil Percolation Test and Capture and Treat 85% of Total Annual Runoff
0 0 1 1 0 0 0
1 2 1 1 1 3
Village Station
Notes
0 0 0 2 2 2
No
No
D. Foundation, Structural Frame and Building Envelope 1. Use Radon Resistant Construction [*This credit is a requirement associated with PJ1: EPA IAP] 2. Install a Foundation Drainage System [*This credit is a requirement associated with PJ1: EPA IAP]
No
3. Moisture Controlled Crawlspace [*For projects with crawlspaces, this credit is a requirement associated with PJ1: EPA IAP]
Yes
E. Exterior 1. Flashing Installation Techniques Specified and Third-Party Verified [*This credit is a requirement associated with PJ1: EPA IAP] H. Heating Ventilation and Air Conditioning 1 1 4 4
Yes
1. Design and Install HVAC System to ACCA Manual J, D, and S Recommendations (CALGreen code if applicable) [*This credit is a requirement associated with PJ1: EPA IAP] 0 0 1 1
No
2. Pressure Relieve the Ductwork System (Mutually exclusive with H1) [*For projects with ducted systems, this credit is a requirement associated with PJ1: EPA IAP]
No
No 0 0
2 2 1
No
No
Yes
2 0
1 5
No
3. Install High Efficiency HVAC Filter (MERV 6+, Mutually exclusive with H1.) [*This credit is a requirement associated with PJ1: EPA IAP] J. Building Performance 1. Obtain EPA Indoor airPlus Certification (Total 39 possible points, not including Title 24 performance; read comment) 2. Third-Party Testing of Mechanical Ventilation Rates for IAQ (Meet ASHRAE 62.2) [*This credit is a requirement associated with PJ1: EPA IAP] 3. ENERGY STAR New Homes: High-Rise Pilot Program K. Finishes 1. Use Moisture Resistant Material in Wet Areas: Kitchens, Bathrooms, Utility Rooms and Basements [*This credit is a requirement associated with PJ1: EPA IAP] 2. Materials Meet SMaRT Criteria (Select number of points, up to 5 points) N. Other
1. Innovation: List innovative measures that meet green building objectives. Enter in the number of points in each category in the blue cells for a maximum of 4 points for the measure. The "points achieved" column will be automatically fill in based on the sum of the points in each category. Points and measures will be evaluated by Build It Green. 0 0 0 0 0 9
VILLAGE STATION
TBD TBD TBD TBD TBD
Innovation: Enter up to 4 Points in blue cells at right. Enter description here Innovation: Enter up to 4 Points in blue cells at right. Enter description here Innovation: Enter up to 4 Points in blue cells at right. Enter description here Innovation: Enter up to 4 Points in blue cells at right. Enter description here Innovation: Enter up to 4 Points in blue cells at right. Enter description here Total Available Points in Innovation: 26+
Q. CALGreen CODE
Possible Points Multifamily Checklist version 2.2/1.9
56
Build It Green
57
Notes
Y R Y Y Y Y Y Y Y Y 0 Total Available Points Minimum Points Required
Village Station
Yes
0. Home meets all applicable CALGreen measures listed in above Sections A - P of the GreenPoint Rated checklist.
The following measures are mandatory in the CALGreen code and do not earn points in the GreenPoint Rated Checklist but have been included in the Checklist for the convenience of jurisdictions.
The GreenPoint Rater is not a code enforcement official. The measures in this section may be verified by the GreenPoint Rater at their own discretion and/or discretion of the building official.
Yes Yes
1. CALGreen 4.106.2 Storm water management during construction. 2. CALGreen 4.106.3 Design for surface water drainage away from buildings.
Yes
3. CALGreen 4.303.1 As an alternative to perscriptive compliance, a 20% reduction in baseline water use shall be demonstrated through calculation
Yes
4. CALGreen 4.406.1 Joints and openings. Annular spaces around pipes, electric cables, conduits, or other openings in plates at exterior walls shall be protected
Yes
5. CALGreen4.503.1 Gas fireplace shall be a direct-vent sealed-combustion type. Woodstove or pellet stove shall comply with US EPA Phase II emission limits
Yes
6. CALGreen 4.505.2 Vapor retarder and capillary break is installed at slab on grade foundations.
Yes
Yes
Summary
7. CALGreen 4.505.3 19% moisture content of building framing materials 8. CALGreen 702.1 HVAC system installers are trained and certified in the proper installation of HVAC systems. Total Available Points in CALGreen Code: 0

62 6 31 86+ 30 67 35 5 14 87 6 25 48 3 40
Total Points Achieved 177
Project Has Met All Recommended Minimum Requirements - Total Project Score of At Least 50 Points - Required measures: -A2a: 50% waste diversion by weight -E2a: All Shingle Roofing Has 3-Yr Subcontractor Warranty & 20-Yr Manufacturer Warranty -H4a: Compliance with ASHRAE 62.2 Mechanical Ventilation Standards (2008 Title 24 projects) -J1a: 15% above Title 24 -N1: Incorporate GreenPoint Rated Checklist in Blueprints - MinimumBuild It Green points in specific categories: Multifamily Checklist version 2.2/1.9
Residential Unit Diagrams

Townhouse Complex - First Floor
2-Story Townhouse 2 BR 1,000 SF
Tandem Parking
Tandem Parking
Townhouse Complex - Second Floor
2 BR 1,150 SF
2 BR 1,150 SF
Studio 650 SF
Studio 650 SF
VILLAGE STATION
58

Townhouse Complex - Third Floor
1 BR 841 SF
1 BR 841 SF
1 BR 910 SF
1 BR 910 SF
2 BR 1,150 SF
2 BR 1,150 SF
Studio 650 SF
Studio 650 SF
Townhouse Complex - Fourth Floor
1 BR 841 SF
1 BR 841 SF
1 BR 910 SF
1 BR 910 SF
2 BR 1,150 SF
2 BR 1,150 SF
Studio 650 SF
Studio 650 SF
59

Six Story Apartments
1 BR 730 SF
2 BR 1000 SF
2 BR 1000 SF
Studio 600 SF
Studio 600 SF 2 BR 1000 SF 2 BR 1000 SF
1 BR 730 SF
VILLAGE STATION
60

UCI Bank of American Low Income Housing Challenge 2012 - Village Station

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UCI Bank of American Low Income Housing Challenge 2012 - Village Station

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16 May 2012

BANK OF AMERICA LOW INCOME HOUSING CHALLENGE 2012

The Real Orange County

BANK OF AMERICA LOW INCOME HOUSING CHALLENGE 2012

Transit Oriented Development

Low Income = 51-80% AMI

Less than $67,360

BANK OF AMERICA LOW INCOME HOUSING CHALLENGE 2012

Median HH Income $52,684 $54,296 $52,607 $59,923 $70,880 $84,950 $57,708

BANK OF AMERICA LOW INCOME HOUSING CHALLENGE 2012

Populations and Households

Figure 7: US Census, ACS 2010 Change in Irvine Family Households

Jobs and Housing

Figure 8: US Census, ACS 2005-2010

BANK OF AMERICA LOW INCOME HOUSING CHALLENGE 2012

Orange County Great Park Metrolink Station (.23 Miles)

Neighborhood Park (.6 Miles)

Future Walmart (.7 Miles)

Target Store (.9 Miles)

Irvine Spectrum Center

BANK OF AMERICA LOW INCOME HOUSING CHALLENGE 2012

Seal Beach), and inter-county (Chino).

Transit Priority Project (TPP) readiness

BANK OF AMERICA LOW INCOME HOUSING CHALLENGE 2012

Residential Courtyards Pool/BBQ Area

Townhomes Child Care Center Lawn Residential Courtyards

Residential Over Parking

BANK OF AMERICA LOW INCOME HOUSING CHALLENGE 2012

Child Care Center

Building and Interior

Green Building Strategy

Locally Sourced Materials

BANK OF AMERICA LOW INCOME HOUSING CHALLENGE 2012

Irvine Housing Opportunities (IHO)

Irvine Community Land Trust

BANK OF AMERICA LOW INCOME HOUSING CHALLENGE 2012

Sources and Uses of Funds

BANK OF AMERICA LOW INCOME HOUSING CHALLENGE 2012

Irvine Housing Opportunities

Irvine Community Land Trust

City of Irvine HOME Funds

Prop 49 Grant Funding

Limited Partner Equity

Tax-Exempt Bond Financing

BANK OF AMERICA LOW INCOME HOUSING CHALLENGE 2012

Multifamily Housing Program

Operating Expenses Savings

Alternative Financing Scenarios

BANK OF AMERICA LOW INCOME HOUSING CHALLENGE 2012

BANK OF AMERICA LOW INCOME HOUSING CHALLENGE 2012

Conservative Scenario Construction Proforma

Incl. Water 54 70 108

Amount $ 6,836,888 $ 2,000,000 $ 400,000 $ 190,000 $ 3,362,010 $ 750,000 $ 13,538,898

Conservative Scenario 15-Year Proforma

$ 4,177,701 $ 1,828,200 $ 6,005,901 $ 198,322 $ 300,295 $ 5,903,928

$ 4,177,701 $ 1,828,200 $ 6,005,901 $ 198,322 $ 300,295 $ 5,903,928

Total Debt Service

Expected Scenario Construction Proforma

Incl. Water 54 70 108

Amount $ 7,178,543 $ 2,000,000 $ 400,000 $ 190,000 $ 3,362,010 $ 750,000 $ 13,880,553

Expected Scenario 15-Year Proforma

$ 4,346,480 $ 1,864,764 $ 6,211,244 $ 202,288 $ 310,562 $ 6,102,970

$ 4,433,410 $ 1,902,059 $ 6,335,469 $ 206,334 $ 316,773 $ 6,225,030

Total Debt Service