Loading...
Item G21 G21 BOARD OF COUNTY COMMISSIONERS COUNTY of MONROE Mayor Craig Cates,District 1 The Florida Keys Mayor Pro Tern Holly Merrill Raschein,District 5 Michelle Lincoln,District 2 James K.Scholl,District 3 m' David Rice,District 4 Board of County Commissioners Meeting October 18, 2023 Agenda Item Number: G21 2023-1642 BULK ITEM: No DEPARTMENT: Land Authority Governing Board TIME APPROXIMATE: STAFF CONTACT: Christine Hurley 9:25 AM AGENDA ITEM WORDING: Discussion and direction regarding a request by Rural Neighborhoods, Inc. (RN), Developer, and The Landings at Sugarloaf Key, LLC (LSK)Property Owner, requesting $2,240,000 as a 50 year, zero interest loan for construction funding from the Monroe County Land Authority (MCLA) or $2,800,000 for property acquisition of the land needed to develop 56 affordable housing units at The Landings at Sugarloaf Key. ITEM BACKGROUND: Rural Neighborhoods, Inc. (RN), Developer, is proposing to construct 56 affordable housing units as follows: • 6 units at 30% of Area Median Income(AMI) • 14 units at 50% of AMI • 6 units at 60% of AMI • 26 units at 70% of AMI • 3 units at 80% of AMI • 1 unit at 120% of AMI • 56 TOTAL UNITS *Land Authority funding may be used for affordable housing as long as the maximum income of residents does not exceed 160% of AMI. RN has indicated they have successfully secured $2,375,00 in Low Income Housing Tax Credits and $4,900,400 in SAIL funds. Estimated construction costs and unknown insurance costs are the reasons RN is indicating they expect to need gap funding. The developer has provided a Development Cost Pro Forma as part of their Florida Housing Finance Corporation(FHFC) funding request (attached). The pros of providing a loan is the funding can be recaptured at a future date(50 Years) and the request is less than the cost of land acquisition. 3341 The pros of purchasing the land where the affordable housing will be constructed is that the Land Authority would be in control of affordability as long as they owned the land. PREVIOUS RELEVANT BOCC ACTION: N/A CONTRACT/AGREEMENT CHANGES: N/A STAFF RECOMMENDATION: Discussion and Direction DOCUMENTATION: Landings at Sugarloaf Aftenate Request to MC Land Authority.pdf Landings at Sugarloaf Request to MC Land Authority.pdf FINANCIAL IMPACT: N/A 3342 RURAL NEIGHBORHOODS Building Livable Places for Wonting Families Post Office Box 343529, 19308 SW 38011 Street, Florida City, FL 33034 Telephone 305-242-2142 Facsimile 305-242-2143 eighho orkr CHARTERED MEMBER October 3rd, 2023 Ms, Christine Hurley Monroe County Land Authority 1200 Truman Avenue Suite 207 Key West, FL 33040 Re: Request for MCLA Capital for Landings at Sugarloaf Key (56 units) Dear Ms. Hurley: Rural Neighborhoods, Incorporated (RN), Developer, and The Landings at Sugarloaf Key, LLC (LSK),Owner, request an alternative option to its previous request in funding from the Monroe County Land Authority in furtherance of our planned fifty-six (56) unit rental community situated on Lower Sugarloaf Key in unincorporated Monroe County, FL. The planned rental community will provide income-restricted housing ranging from Extremely Low- Income households earning 30% AMI (6 units) to Moderate Income at 120% AMI (1 unit) with a majority of units at Low Income between 50% and 70% of AMI. Number of AMI Level,at or Residential Units Percentage of Units below: Types of Units 0 0.000% 20% 6 10.714% 30% 0 0.000% 40% AIT Housing Credit Units 14 25.000% 50% 6 10.714% 60% 26 46.429% 70% Joint HC Units/Workforce 3 S.3S7% 80% Housing Units 0 0.000% 80% OR Non-HC,Workforce Housing Set-Aside Units 1 1.786% 120% 55 98.214% / Total Qualifying HC Units 56 100.000% ""f ''f'/ Total Units Average AMI of the 60.000% g Qualifying Units 3343 Four buildings are planned with two bedrooms - two bath and three bedrooms - two bath models. ELI units will be distrusted equitably among bedroom/bathroom type. Number of Number of Units per Bedrooms/Bathrooms per Bedroom/Bathroom Type prorata ELI Distribution Unit 0 Bedroom/1 bathroom 0 0 1 Bedroom/1 bathroom 4 1 2 Bedrooms/1 bathroom 0 2 Bedrooms/1.5 bathrooms 0 5 2 Bedrooms/2 bathrooms 48 3 Bedrooms/2 bathrooms 0 3 Bedrooms/2.5 bathrooms 4 0 3 Bedrooms/3 bathrooms 0 4 Bedrooms/2 bathrooms 0 4 Bedrooms/2.5 bathrooms 0 4 Bedrooms/3 bathrooms 0 0 4 Bedrooms/3.5 bathrooms 0 4 Bedrooms/4 bathrooms 0 Totals 56 6 Florida Housing Finance Corporation [FHFC] is projected to provide $2,375,000 in Low Income Housing Tax Credits and $4,900,400 in SAIL funds. Through the sale of LIHTCs, an investor limited partner to be selected is scheduled to provide $21,847,815 in investment. FHFC's Review Committee recommended the above LIHTCs and SAIL awards in its August 24', 2023, meeting. These awards will be presented to the FHFC Board of Directors on September 8th, 2023, for expected formal approval. Accordingly, Landings at Sugarloaf Key (Landings) is positioned to move forward given other critical accomplishments including but not limited to: • legal settlement with Lower Density for Lower Sugarloaf, LLC, and others critical of the original proposal of 88 units; • support of these prior opponents for the reduced number and project plan; • extension of the requisite ROGOS necessary for permit issuance and construction; • building and site plan reconfiguration believed in accordance with Live Local Act; and • tentative Florida Housing Finance Corporation refinancing described above. Nonetheless, construction inflation and soaring interest rates since initial FHFC award, Planning Commission approval, DOAH/Circuit Court challenges, and settlements result in a significant funding gap that must be filled for the project to remain viable and meet a critical Monroe County need for affordable housing. Concurrent rises in insurance premiums similarly impact operating 3344 expenses and limit conventional debt available to the Landings. MCLA financial support is critical to project success. Landings requests the Monroe County Land Authority purchase the subject property from Lower Keys Community Center Corp, Seller. The current sales price under contract is $2,800.000 at a per unit price of$50,000. The land has been leased to us under a Ground Lease. However, it is our belief this can be transferred or otherwise unwound to permit a lease to be made between Monroe County and The Landings at Dockside, LLC. This would permit a sublease for 99-years and perpetual ownership by local government. This is commensurate with similar affordable housing investments committed to other properties. Thank you for your consideration of this request. I am available to respond to any questions which the Land Authority Board or you may have. Please telephone me at 305-242-2122 (0), 305-242-2188 (Direct Line) or 305-298-1100 (cell) at any time. Sincerely, Stev Kirk " resident 3345 Date Submitted: 2023-08-07 14:05:53.920 1 Form Key: 9334 RFA 2023-212 Housing Credit Viability Funding for Developments located in Monroe County that have an Active Award of SAIL Financing and 9 Percent Housing Credits Section 4.A.6 Development Cost Pro Forma RFA 2023-212 DEVELOPMENT COST PRO FORMA (Page 1 of 7) NOTES: (1) Developer fee may not exceed the limits established in Rule Chapter 67-48,F.A.C.,or this RFA.Any portion of the fee that has been deferred must be included in Total Development Cost. (2) Because Housing Credit equity proceeds are being used as a source of financing,complete Columns 1 and 2.The various FHFC Program fees should be estimated and included in column 2 for at least the Housing Credit Program. (3) General Contractor's fee is limited to 14%of actual construction cost(for Application purposes,this is represented by A1.1.Column 3),rounded down to nearest dollar.The General Contractor's fee Must be disclosed. The General Contractor's fee includes General Conditions,Overhead,and Profit. (4) For Application purposes,the maximum hard and soft cost contingencies allowed cannot exceed(a)5%of hard and soft costs for the Development Category of New Construction;or(b)15%of hard costs and 5%of soft costs for Development Categories of Rehabilitation,with or without Acquisition,as further described in Rule Chapter 67-48,F.A.C.,or this RFA. (5) An Operating Deficit Reserves(ODR)can be included in C.DEVELOPMENT COST,but cannot be used in determining the maximum Developer fee. Applicants may include an ODR amount that does not exceed$3,500 per unit on the Development Cost Pro Forma as part of the Application process.An OUR required by an equity provider,first mortgage lender,or Credit Underwriter will be sized in credit underwriting.Any reserves in excess of the maximum allowed will be reduced by the Corporation to the maximum allowed during Application scoring. (6) Commercial,retail,and office space are not functionally related and subordinate to the residential units,and are not considered to be community service facilities.As such,these costs are neither considered in eligible basis nor included in the TDC Comparison Testing process. (7) Although the Corporation acknowledges that the costs listed on the Development Cost Pro Forma,Detail/Explanation Sheet, Construction or Rehab Analysis and Permanent Analysis are Subject to change during credit underwriting,Such costs are subject to other cost limitations provided in Rule Chapter 67A8,F.A.C.,or this RFA as applicable. USE THE DETAIL/EXPLANATION SHEET FOR EXPLANATION OF*ITEMS. IF ADDITIONAL SPACE IS REQUIRED,ENTER THE INFORMATION ON THE ADDENDA LOCATED AT THE END OF THE APPLICATION. What was the Development Category of the Proposed Development: New Construction Indicate the number of total units in the proposed Development: 56 Units 1 2 3 HC ELIGIBLE HC INELIGIBLE TOTAL COSTS COSTS COSTS DEVELOPMENT COSTS Actual Construction Costs Demolition 0.00 Commercial/Retail Space s-rote(6) ____L0_0 New Construction Activities 17,136,000.00 0.00 17,136,000.00 *Site Work(explain off-site work in detail) 400,000.00 50,000.00 450,000.00 Rehab Construction Activities 0.00 0.00 *Other(explain in detail) 100,000.00 — 0.00 100,000.00 A1.1.Actual Construction Cost $ 17,636,000.00 $ 50,000.00 $ 17,686,000.00 A11.2,General Contractor Fee"'""(3) (Max.14%of A1.1.,column 3) $ 2,476,040.00 0.00 $ 2,476,040.00 A1.3.TOTAL ACTUAL CONSTRUCTION COSTS $ 20,112,040.00 $ 50,000.00 $ 20,162,040.00 AIIA.HARD COST CONTINGENCY S­N,1°(4) $ 1,008,102.00 $ _10.00 $ 1,008,102.00 RFA 2023-212 'Pro Forma'worksheet tab:Page 8 of 18 3346 Date Submitted: 2023-08-07 14:05:53.920 1 Form Key: 9334 RFA 2023-212 Housing Credit Viability Funding for Developments located in Monroe County that have an Active Award of SAIL Financing and 9 Percent Housing Credits RFA 2023-212 DEVELOPMENT COST PRO FORMA (Page 2 of 7 1 2 3 HC ELIGIBLE HC INELIGIBLE TOTAL COSTS COSTS COSTS General Development Costs Professional Fees 772,500.00 260.000,00 1,032,500.00 Builder's Risk Insurance 201,690.00 0.00 201,690.00 Local Government Fees&Taxes 112,000.00 0,00 112,000.00 FHFC Costs&Fees loo Note(2) 0.00 506,666.00 506,666.00 Tenant Relocation Costs - 0.00.. 0,00 *Other(explain in detail) 664,690.00 424,000,00 1,088,690.00 A2.1.TOTAL GENERAL DEVELOPMENT COST $ 1,750,880.00 $ 1,190,666.00 $ 2,941,546.00 A2.2.SOFT COST CONTINGENCY See Net.(4) $ 87,544.00 $ 59,533,00 $ 147,077.00 Financial Costs Construction&Bridge Funding Costs 255,000.00 255,000.00 Permanent Funding Costs 105,000.00 105,000.00 *Other(explain in detail) 640,000.00 500,000.00 1,140,000.00 A3.TOTAL FINANCIAL COSTS $ 895,000.00 $ 605,000.00 $ 1,500,000.00 ACQUISITION COST OF EXISTING DEVELOPMENT(excluding land) Existing Building(s) 0.00 0.00 *Other(explain in detail) 0.00 0.00 B.TOTAL ACQUISITION COSTS OF EXISTING DEVELOPMENT(excluding land) $ $ $ C.DEVELOPMENT COST $ 23,853,566.00 $ 1,905,199.00 25,758,765.00 (Al.3+Al.4+A2.1+A2.2+A3+B) Developer Fee See""(` Developer Fee on Acquisition Costs 0.00 0.00 Developer Fee on Non-Acquisition Costs 4,121,402.00 4,121,402.00 N!,a,0�� D.TOTAL DEVELOPER FEE $ 4,121,402.00 $ 4,121,402.00 IoM;Of ",,,,I,r E.OPERATING DEFICIT RESERVES"'Note N $ 196,000,00 $ 196,000.00 �W �0 F.TOTAL LAND COST $- $ 2,800,000.00 $ 2,800,000.00 G.TOTAL DEVELOPMENT COST See Note(7) $ 27,974,968.00 $ 4,901,199.00 $ 32,876,167.00 (C+D+E+F) RFA 2023-212 'Pro Forma'worksheet tab:Page 9 of 18 3347 Date Submitted: 2023-08-07 14:05:53.920 1 Forn-i Key: 9334 RFA 2023-212 Housing Credit Viability Funding for Developments located in Monroe County that have an Active Award of SAIL Financing and 9 Percent Housing Credits RFA 2023-212 DEVELOPMENT COST PRO FORMA (Page 3 of 7 Detail/Explanation Sheet Totals must agree with Pro Forma. Provide component descriptions and amounts for each item that has been completed on the Pro Forma that requires a detailed list or explanation. DEVELOPMENT COSTS Actual Construction Cost (as listed at Item A 1.) Off-Site Work: Off-site work includes dedicated right turn line ffromm S.(Point Drive onto US I Overseas Highway 'itdedicatedesdedicated n' turn "I' from US wo C $1 0,0 , 1�0,eO(];,and deceleration lane from USI Overseas Highway into N entrance/exit of 00]P Pr,"t 0000 L ro*ect $250,000 Other: Recreational Amenities including Tot Lot and Picnic PT,,11,.n[$100.000] General Development Costs (as listed at Item A2.) Other: HC ELIGIBLE=Green Building Certification[$35,000];Inspection Fees[$50,000];Soil Test Report [$10,000];Title Insurance and Recording Fees[$50,000];Utility Connection Fee[$168,000];FFE [$150,000];Payment and Performance Bonds[$201,690];HC INELIGIBLE=Insurance[$224,0001; Marketing/Advertising[$100,000]Title Insurance and Recording Fees[$100,000] Financial Costs (as listed at Item A3.) Other: Interest[$1,000,000];FHFC Extension Fees[$140,000] Acquisition Cost of Existing Developments (as listed at Item 132. Other: E RFA 2023-212 'Pro Forma'worksheet tab:Page 10 of 18 3348 Date Submitted: 2023-88-07 14:05:53.920 1 Form Key: 9334 RFA 2023-212Housing Credit Viability Funding for Developments located in Monroe County that have anActive Award of SAIL Financing and 9 Percent Housing Credits nrA 2oxo-21u DEVELOPMENT COST PRO FORMA (Page 4umu ooworauonow/ns*xeAwALvxm Amouwr LENDER/TYPE opFUNDS x.Total Development Costs $__32,8[�167.00 B.Construction Funding Sources: 1 First Mortgage Financing $ ����0.00_ z. Second Mortgage Financing $_________ x. Third Mortgage Financing %_________ ^. Fourth Mortgage Financing $__________ o. Fifth Mortgage Financing *_________ n. Sixth Mortgage Financing $_________ r. Seventh Mortgage Financing $_________ o. Eighth Mortgage Financing $_________ o. winam Mortgage Financing $_________ 1o.Tenth Mortgage Financing $ <select from 11 *o Equity Proceeds Paid Prior m Completion vr Construction which /o Prior m Receipt m Final Certificate w Occupancy o,m the case of Rehabilitation,prior mplaced-in service date as determined by the Applicant. $ 3,27L�73.00L 12. omoc SAIL $__-4,900\400.00- 1a. Other: $_________ 14. Deferred Developer Fee(77.6%) $__ 3,198,594.00 S2 808,00nomu/omoonvo/ona,poo oomonpm�umos m,oym,w/(o�no�°u) 15 ro�|oon��uouo^ovomes � 3uo7v1ozw � ~~�������~ C. Construction Funding Surplus (B^,.Total Construction Sources, less^Total Development uosw): $ 0.00� m negative number here represents a funding,hom^ l Met Construction Financing Threshold for sources equal n,exceed uses: voa Each Attachment must u^listed behind its own Tab. oo NOT INCLUDE ALL ATTACHMENTS BEHIND ONE TAB. xrAznzs'z1z 'Pro Forma'wm,xs»eet tab:Page nufzx 3349 Date Submitted: 2023-08-87 14:85:51920 1 Form Key: 9334 RFA2U23-212 Housing Credit Viability Funding for Developments located in Monroe County that have onActive Award of SAIL Financing and 9 Percent Housing Credits RFA 2023-212 DEVELOPMENT COST PRO FORMA (Page 5 of 7 pEnmmvswT ANALYSIS mmouwT LENDER/TYPE npFUNDS *^ Total Development Costs * Ig,8Z6,16Z.00 a. Permanent Funding Sources: 1 First Mortgage Financing $ ���00.00_ Regulated z. Second Mortgage Financing $ <select o. Third Mortgage Financing <select 4. Fourth Mortgage Financing $_________ o. Fifth Mortgage Financing *_________ s. Sixth Mortgage Financing $ <select r. Seventh Mortgage Financing *___________ o. Eighth Mortgage Financing $_________ y. wiovm Mortgage Financing $________. 10. rv^m Mortgage Financing *_________ 11. *ouynmoaoon/nc Equity Proceeds * 21,847,8L15.00L 12. omar SAIL * ����0.00_ Other 13. nmoc $__________ 14. Deferred Developer Fee(usa%) * 3,52I�2.00_ ��3450,(jO_nomumm000vo/up°/pou �omooprx�n^mo^ m,00�nv/(ao"ouu:u) 15. Total Permanent Funding Sources��v * ~� 32,876,167.00, C. Permanent Funding Surplus m.a Total Permanent Funding Sources, less^Total Development wm*. $ 0.00� *negative number here represents a funding,xortmxl Met Permanent Financing Threshold for sources equal o,exceed uses: voo Each Attachment must ue listed behind its own Tab. oo NOT INCLUDE ALL ATTACHMENTS BEHIND ONE TAB. RURAL NEIGHBORHOODS Billlding- UVable Places far- Workigg Fa/77111es f Post Office Box 343529, 19308 SW 38011 Street, Florida City, FL 33034 Telephone 305-242-2142 Facsimile 305-242-2143 eighbo orkv CHARTERED MEMBER August 291h, 2023 Ms. Christine Hurley Monroe County Land Authority 1200 Truman Avenue Suite 207 Key West, FL 33040 Re: Request for MCLA Capital for Landings at Sugarloaf Key (56 units) Dear Ms. Hurley: Rural Neighborhoods, Incorporated (RN), Developer, and The Landings at Sugarloaf Key, LLC (LSK), Owner, request $2,240,000 in funding from the Monroe County Land Authority in furtherance of our planned fifty-six (56) unit rental community situated on Lower Sugarloaf Key in unincorporated Monroe County, FL. The planned rental community will provide income-restricted housing ranging from Extremely Low- Income households earning 30% AMI (6 units) to Moderate Income at 120% AMI (1 unit) with a majority of units at Low Income between 50% and 70% of AMI. Number of AMI Level,at or Residential Units Percentage of Units below: Types of Units 0 0.000% 20% 6 10.714% 30% 0 0.000% 40% AT Housing Credit Units 14 25.000% 50% 6 10.714% 60% 26 46.429% 70% Joint HC Units/Workforce 3 5.357% 80% Housing Units 0 0.000% 80% OR Non-HC,Workforce Housing Set-Aside Units 1 1,786% 120% SS 98.214% Total qualifying HC Units 56 100.0009'. r jj f;f Total Units 60.000% Average AM)of the Oa.;a Qualifying Units 3351 Four buildings are planned with two bedrooms - two bath and three bedrooms - two bath models. ELI units will be distrusted equitably among bedroom/bathroom type. Number of Number of Units per Bedrooms/Bathrooms per Bedroom/Bathroom Type prorata ELI Distribution Unit 0 Bedroom/1 bathroom 0 0 1 Bedroom/1 bathroom 4 1 2 Bedrooms/1 bathroom 0 2 Bedrooms/1.5 bathrooms 0 5 2 Bedrooms/2 bathrooms 48 3 Bedrooms/2 bathrooms 0 3 Bedrooms/2.5 bathrooms 4 0 3 Bedrooms/3 bathrooms 0 4 Bedrooms/2 bathrooms 0 4 Bedrooms/2.5 bathrooms 0 4 Bedrooms/3 bathrooms 0 0 4 Bedrooms/3.5 bathrooms 0 4 Bedrooms/4 bathrooms 0 Totals 56 6 Florida Housing Finance Corporation [FHFC] is projected to provide $2,375,000 in Low Income Housing Tax Credits and $4,900,400 in SAIL funds. Through the sale of LIHTCs, an investor limited partner to be selected is scheduled to provide $21,847,815 in investment. FHFC's Review Committee recommended the above LIHTCs and SAIL awards in its August 24th, 2023, meeting. These awards will be presented to the FHFC Board of Directors on September 8th, 2023, for expected formal approval. Accordingly, Landings at Sugarloaf Key (Landings) is positioned to move forward given other critical accomplishments including but not limited to: • legal settlement with Lower Density for Lower Sugarloaf, LLC, and others critical of the original proposal of 88 units; • support of these prior opponents for the reduced number and project plan; • extension of the requisite ROGOS necessary for permit issuance and construction; • building and site plan reconfiguration believed in accordance with Live Local Act; and • tentative Florida Housing Finance Corporation refinancing described above. Nonetheless, construction inflation and soaring interest rates since initial FHFC award, Planning Commission approval, DOAH/Circuit Court challenges, and settlements result in a significant funding gap that must be filled for the project to remain viable and meet a critical Monroe County need for affordable housing. Concurrent rises in insurance premiums similarly impact operating 3352 expenses and limit conventional debt available to the Landings. MCLA financial support is critical to project success. Landings requests $2,240,000 in the form of a non-amortized loan at zero percent interest with a balloon payment due in fifty (50) years. This is commensurate with similar affordable housing investments committed to other properties. The Developer and Owner are prepared to provide an extended affordability period acceptable to the Land Authority. This request is based on a Total Development Cost of $32,876,167. This is premised on a construction start in 2024 Quarter 2 and continued unprecedented escalation of construction pricing. I have attached both a construction and permanent analysis of the debt and equity capital stack. It should be noted funds requested could be expended to two MCLA periods ending September 301h, 2024, and September 30th, 2025. Fund disbursement could be structured to overlap your fiscal years. Thank you for your consideration of this request. I am available to respond to any questions which the Land Authority Board or you may have. Please telephone me at 305-242-2122 (0), 305-242-2188 (Direct Line) or 305-298-1100 (cell) at any time. Sincerely, Stev np Kirk_ �._ _.. resident 3353 Date Submitted: 2023-08-07 14:05:53.920 1 Form Key: 9334 RFA 2023-212 Housing Credit Viability Funding for Developments located in Monroe County that have an Active Award of SAIL Financing and 9 Percent Housing Credits Section 4.A.6 Development Cost Pro Forma RFA 2023-212 DEVELOPMENT COST PRO FORMA (Page 1 of 7) NOTES: (1) Developer fee may not exceed the limits established in Rule Chapter 67-48,F.A.C.,or this RFA.Any portion of the fee that has been deferred must be included in Total Development Cost. (2) Because Housing Credit equity proceeds are being used as a source of financing,complete Columns 1 and 2.The various FHFC Program fees should be estimated and included in column 2 for at least the Housing Credit Program. (3) General Contractor's fee is limited to 14%of actual construction cost(for Application purposes,this is represented by A1.1.Column 3),rounded down to nearest dollar.The General Contractor's fee Must be disclosed. The General Contractor's fee includes General Conditions,Overhead,and Profit. (4) For Application purposes,the maximum hard and soft cost contingencies allowed cannot exceed(a)5%of hard and soft costs for the Development Category of New Construction;or(b)15%of hard costs and 5%of soft costs for Development Categories of Rehabilitation,with or without Acquisition,as further described in Rule Chapter 67-48,F.A.C.,or this RFA. (5) An Operating Deficit Reserves(ODR)can be included in C.DEVELOPMENT COST,but cannot be used in determining the maximum Developer fee. Applicants may include an ODR amount that does not exceed$3,500 per unit on the Development Cost Pro Forma as part of the Application process.An OUR required by an equity provider,first mortgage lender,or Credit Underwriter will be sized in credit underwriting.Any reserves in excess of the maximum allowed will be reduced by the Corporation to the maximum allowed during Application scoring. (6) Commercial,retail,and office space are not functionally related and subordinate to the residential units,and are not considered to be community service facilities.As such,these costs are neither considered in eligible basis nor included in the TDC Comparison Testing process. (7) Although the Corporation acknowledges that the costs listed on the Development Cost Pro Forma,Detail/Explanation Sheet, Construction or Rehab Analysis and Permanent Analysis are Subject to change during credit underwriting,Such costs are subject to other cost limitations provided in Rule Chapter 67A8,F.A.C.,or this RFA as applicable. USE THE DETAIL/EXPLANATION SHEET FOR EXPLANATION OF*ITEMS. IF ADDITIONAL SPACE IS REQUIRED,ENTER THE INFORMATION ON THE ADDENDA LOCATED AT THE END OF THE APPLICATION. What was the Development Category of the Proposed Development: New Construction Indicate the number of total units in the proposed Development: 56 Units 1 2 3 HC ELIGIBLE HC INELIGIBLE TOTAL COSTS COSTS COSTS DEVELOPMENT COSTS Actual Construction Costs Demolition 0.00 Commercial/Retail Space s-rote(6) ____L0_0 New Construction Activities 17,136,000.00 0.00 17,136,000.00 *Site Work(explain off-site work in detail) 400,000.00 50,000.00 450,000.00 Rehab Construction Activities 0.00 0.00 *Other(explain in detail) 100,000.00 — 0.00 100,000.00 A1.1.Actual Construction Cost $ 17,636,000.00 $ 50,000.00 $ 17,686,000.00 A11.2,General Contractor Fee"'""(3) (Max.14%of A1.1.,column 3) $ 2,476,040.00 0.00 $ 2,476,040.00 A1.3.TOTAL ACTUAL CONSTRUCTION COSTS $ 20,112,040.00 $ 50,000.00 $ 20,162,040.00 AIIA.HARD COST CONTINGENCY S­N,1°(4) $ 1,008,102.00 $ _10.00 $ 1,008,102.00 RFA 2023-212 'Pro Forma'worksheet tab:Page 8 of 18 3354 Date Submitted: 2023-08-07 14:05:53.920 1 Form Key: 9334 RFA 2023-212 Housing Credit Viability Funding for Developments located in Monroe County that have an Active Award of SAIL Financing and 9 Percent Housing Credits RFA 2023-212 DEVELOPMENT COST PRO FORMA (Page 2 of 7 1 2 3 HC ELIGIBLE HC INELIGIBLE TOTAL COSTS COSTS COSTS General Development Costs Professional Fees 772,500.00 260.000,00 1,032,500.00 Builder's Risk Insurance 201,690.00 0.00 201,690.00 Local Government Fees&Taxes 112,000.00 0,00 112,000.00 FHFC Costs&Fees loo Note(2) 0.00 506,666.00 506,666.00 Tenant Relocation Costs - 0.00.. 0,00 *Other(explain in detail) 664,690.00 424,000,00 1,088,690.00 A2.1.TOTAL GENERAL DEVELOPMENT COST $ 1,750,880.00 $ 1,190,666.00 $ 2,941,546.00 A2.2.SOFT COST CONTINGENCY See Net.(4) $ 87,544.00 $ 59,533,00 $ 147,077.00 Financial Costs Construction&Bridge Funding Costs 255,000.00 255,000.00 Permanent Funding Costs 105,000.00 105,000.00 *Other(explain in detail) 640,000.00 500,000.00 1,140,000.00 A3.TOTAL FINANCIAL COSTS $ 895,000.00 $ 605,000.00 $ 1,500,000.00 ACQUISITION COST OF EXISTING DEVELOPMENT(excluding land) Existing Building(s) 0.00 0.00 *Other(explain in detail) 0.00 0.00 B.TOTAL ACQUISITION COSTS OF EXISTING DEVELOPMENT(excluding land) $ $ $ C.DEVELOPMENT COST $ 23,853,566.00 $ 1,905,199.00 25,758,765.00 (Al.3+Al.4+A2.1+A2.2+A3+B) Developer Fee See""(` Developer Fee on Acquisition Costs 0.00 0.00 Developer Fee on Non-Acquisition Costs 4,121,402.00 4,121,402.00 N!,a,0�� D.TOTAL DEVELOPER FEE $ 4,121,402.00 $ 4,121,402.00 IoM;Of ",,,,I,r E.OPERATING DEFICIT RESERVES"'Note N $ 196,000,00 $ 196,000.00 �W �0 F.TOTAL LAND COST $- $ 2,800,000.00 $ 2,800,000.00 G.TOTAL DEVELOPMENT COST See Note(7) $ 27,974,968.00 $ 4,901,199.00 $ 32,876,167.00 (C+D+E+F) RFA 2023-212 'Pro Forma'worksheet tab:Page 9 of 18 3355 Date Submitted: 2023-08-07 14:05:53.920 1 Forn-i Key: 9334 RFA 2023-212 Housing Credit Viability Funding for Developments located in Monroe County that have an Active Award of SAIL Financing and 9 Percent Housing Credits RFA 2023-212 DEVELOPMENT COST PRO FORMA (Page 3 of 7 Detail/Explanation Sheet Totals must agree with Pro Forma. Provide component descriptions and amounts for each item that has been completed on the Pro Forma that requires a detailed list or explanation. DEVELOPMENT COSTS Actual Construction Cost (as listed at Item A 1.) Off-Site Work: Off-site work includes dedicated right turn line ffromm S.(Point Drive onto US I Overseas Highway 'itdedicatedesdedicated n' turn "I' from US wo C $1 0,0 , 1�0,eO(];,and deceleration lane from USI Overseas Highway into N entrance/exit of 00]P Pr,"t 0000 L ro*ect $250,000 Other: Recreational Amenities including Tot Lot and Picnic PT,,11,.n[$100.000] General Development Costs (as listed at Item A2.) Other: HC ELIGIBLE=Green Building Certification[$35,000];Inspection Fees[$50,000];Soil Test Report [$10,000];Title Insurance and Recording Fees[$50,000];Utility Connection Fee[$168,000];FFE [$150,000];Payment and Performance Bonds[$201,690];HC INELIGIBLE=Insurance[$224,0001; Marketing/Advertising[$100,000]Title Insurance and Recording Fees[$100,000] Financial Costs (as listed at Item A3.) Other: Interest[$1,000,000];FHFC Extension Fees[$140,000] Acquisition Cost of Existing Developments (as listed at Item 132. Other: E RFA 2023-212 'Pro Forma'worksheet tab:Page 10 of 18 3356 Date Submitted: 2023-88-07 14:05:53.920 1 Form Key: 9334 RFA 2023-212Housing Credit Viability Funding for Developments located in Monroe County that have anActive Award of SAIL Financing and 9 Percent Housing Credits nrA 2oxo-21u DEVELOPMENT COST PRO FORMA (Page 4umu ooworauonow/ns*xeAwALvxm Amouwr LENDER/TYPE opFUNDS x.Total Development Costs $__32,8[�167.00 B.Construction Funding Sources: 1 First Mortgage Financing $ ����0.00_ z. Second Mortgage Financing $_________ x. Third Mortgage Financing %_________ ^. Fourth Mortgage Financing $__________ o. Fifth Mortgage Financing *_________ n. Sixth Mortgage Financing $_________ r. Seventh Mortgage Financing $_________ o. Eighth Mortgage Financing $_________ o. winam Mortgage Financing $_________ 1o.Tenth Mortgage Financing $ <select from 11 *o Equity Proceeds Paid Prior m Completion vr Construction which /o Prior m Receipt m Final Certificate w Occupancy o,m the case of Rehabilitation,prior mplaced-in service date as determined by the Applicant. $ 3,27L�73.00L 12. omoc SAIL $__-4,900\400.00- 1a. Other: $_________ 14. Deferred Developer Fee(77.6%) $__ 3,198,594.00 S2 808,00nomu/omoonvo/ona,poo oomonpm�umos m,oym,w/(o�no�°u) 15 ro�|oon��uouo^ovomes � 3uo7v1ozw � ~~�������~ C. Construction Funding Surplus (B^,.Total Construction Sources, less^Total Development uosw): $ 0.00� m negative number here represents a funding,hom^ l Met Construction Financing Threshold for sources equal n,exceed uses: voa Each Attachment must u^listed behind its own Tab. oo NOT INCLUDE ALL ATTACHMENTS BEHIND ONE TAB. xrAznzs'z1z 'Pro Forma'wm,xs»eet tab:Page nufzx 3357 Date Submitted: 2023-08-87 14:85:51920 1 Form Key: 9334 RFA2U23-212 Housing Credit Viability Funding for Developments located in Monroe County that have onActive Award of SAIL Financing and 9 Percent Housing Credits RFA 2023-212 DEVELOPMENT COST PRO FORMA (Page 5 of 7 pEnmmvswT ANALYSIS mmouwT LENDER/TYPE npFUNDS *^ Total Development Costs * Ig,8Z6,16Z.00 a. Permanent Funding Sources: 1 First Mortgage Financing $ ���00.00_ Regulated z. Second Mortgage Financing $ <select o. Third Mortgage Financing <select 4. Fourth Mortgage Financing $_________ o. Fifth Mortgage Financing *_________ s. Sixth Mortgage Financing $ <select r. Seventh Mortgage Financing *___________ o. Eighth Mortgage Financing $_________ y. wiovm Mortgage Financing $________. 10. rv^m Mortgage Financing *_________ 11. *ouynmoaoon/nc Equity Proceeds * 21,847,8L15.00L 12. omar SAIL * ����0.00_ Other 13. nmoc $__________ 14. Deferred Developer Fee(usa%) * 3,52I�2.00_ ��3450,(jO_nomumm000vo/up°/pou �omooprx�n^mo^ m,00�nv/(ao"ouu:u) 15. Total Permanent Funding Sources��v * ~� 32,876,167.00, C. Permanent Funding Surplus m.a Total Permanent Funding Sources, less^Total Development wm*. $ 0.00� *negative number here represents a funding,xortmxl Met Permanent Financing Threshold for sources equal o,exceed uses: voo Each Attachment must ue listed behind its own Tab. oo NOT INCLUDE ALL ATTACHMENTS BEHIND ONE TAB.