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

16 May 2012

Village StationIrvine Community Builders

Bank of America Low Income Housing Challenge 2012

ACKNOWLEDGMENTS

Children and Families Commission of Orange CountyIrvine Housing OpportunitiesIrvine Housing OpportunitiesBank of AmericaJamboree HousingIrvine Campus Housing AuthorityKeyser Marston AssociatesWithee Malcolm ArchitectsWithee Malcolm ArchitectsWilliam Hezmalhalch Architects Inc.William Hezmalhalch Architects Inc.California Municipal Finance AuthorityCity of IrvineUniversity of California Irvine

Michael RuaneRochelle MillsPat Whitaker Maria Joyce

Michael MassieVictor Van Zandt

Julie RomeyDirk ThelenDan Withee

Denis J. Ashton, CGBPCathy Baranger, LEED AP, CGBP

Ben BarkerMark Asturias

Victoria Basolo, AICP

ACKNOWLEDGEMENTS

14. Design Overview15. Project Amenities15. Community Center16. Child Care Center16. Green Building Strategy16. Building and Interior16. Landscape17. Locally Sourced Material17. Education

26. Team Bio

DESIGN

UC IRVINE

ITABLE OF CONTENTS

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IRVINE CO UNITY BUILDERSVILLAGE STATION

SITEMARKET ANALYSIS03. The Real Orange County04. Housing Burden05. Transit Oriented Design07. The Market08. Populations and Households08. Multi-family08. Demand Summary08. Jobs and Housing

10. Existing Conditions10. Surrounding Amenities12. Entitlements12. Parking13. Transit Priority Project

21. Sources and Uses of Funds21. Gap22. Tax Credit22. Irvine Community Land Trust22. Irvine Housing Opportunities22. HOME Funds23. Prop 49 Grant Funding

28. Proforma38. Rent Comparables39. Construction Budget40. Letters of Support44. TCAC46. Green Points Checklist58. Residential Unit Diagrams

18. Co-Developers18. Irvine Housing Opportunities19. Irvine Community Land Trust19. Service Partners19. Metrolink19. OCTA19. Community Engagement

01. Vision02. Project Overview

FINANCE

VISION

APPENDIX

PARTNERSHIP

1003

20

01

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1823. Limited Partner Equity23. Tax-Exempt Bond Financing23. Bank of America24. Multifamily Housing Program24. Permanent Financing24. Operating Expenses Savings24. Retail Space25. Retail Space

1 BANK OF AMERICA LOW INCOME HOUSING CHALLENGE 2012

VISIONVillage 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.

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:

• Creatingadevelopmentthatprovidesalternative transportation options to reduce residents’ reliance on private vehicles

• Creatingasafeandenjoyableenvironmentforfamilies with access to amenities both on and off-site

• Implementingsustainabledesignsolutionsusingthe GreenPoint Rating system

• Establishingafinanciallyviabledevelopment

Project Overview

IRVINE CO UNITY BUILDERS

2VILLAGE STATION

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 LoanBank of America Permananct LoanCIty of Irvine HOME FundsIrvine Housing Trust GrantHCD MHPHUD FHA 221(D)(4)HUD FHA 2223(F)

Total Development Cost

$46,792,673

Unit Type

RentalMixed Income

Total Units

323

Unit Breakdown

92 Studios92 One Bedroom Units129 Two Bedroom Units10 Three Bedroom Units

Amenities

Community CenterChild Care CenterCommunity GardensBasketball CourtFitness RoomSwimming PoolBarbeque AreaTot Lot

MARKET ANALYSIS

The Real Orange CountyOrange 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 County’s 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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Housing BurdenThe 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.

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 1

Figure 2

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.



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 County’s 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.

Transit Oriented DevelopmentThe 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

Figure 4

Income Ranges for Occupation for Santa Ana, Irvine, and Anaheim

Income Category (% of AMI)

Annual Income Range, Orange County

Occupation Income Range (single earner household)

Occupation Income Range (two earner household)

Very Low Income = 0-50% AMI

Less than $42,100 •medical/dentalassistant•foodserviceworker•machinist•transitbusdrive

•vehicleequipmentcleaner•manicurist•dishwasher

Low Income = 51-80% AMI

Less than $67,360 •teacher•salesperson•constructionworker

•foodserviceworker•medicalassistant•grounds-keeper

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>

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 op-tion. The Village Station transit-oriented develop-ment 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 heav-ily used transit hubs in Orange County. It is served by Amtrak’s Pacific Surliner route and two Metrolink

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Figure 5

Place Median HH Income Median Housing Value-Single Family, Condo or New Home (2009-2010)

Los Angeles County $52,684 $429,500Riverside County $54,296 $227,900San Bernadino County

$52,607 $221,700

San DiegoCounty

$59,923 $407,000

Orange County $70,880 $528,200

City of Irvine $84,950 $559,000

California $57,708 $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

commuter rail lines. The Pacific Surfliner route, run-ning from San Diego to San Luis Obispo, is the sec-ond busiest Amtrak corridor in the United States, and Irvine is Amtrak’s 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 Empire-Orange 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):

Currently, most Irvine Transportation Center users drive to the station and park in one of the 1,500 avail-able 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 pro-vide convenient pedestrian and bicycle access to the Irvine Transportation Center. According to various



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 con-gested freeways and high gas prices. Constructing Village Station is the first step in making this projec-tion a reality.

The MarketIrvine 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 nation’s 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:

• Housingtoservesmallhouseholdsandfamilies

• Morediversehousingchoicesincludingmulti-family homes

• Livableneighborhoodswithaccesstotransportation options

• Affordablehomesforlower-incomehouseholds

• Housingtoservetheregion’sexistingandprojected employment growth

Figure 6

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Populations and HouseholdsIrvine 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-familyIn both city and regional plans, the need for multi-family 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 SummaryIn 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.

Jobs and HousingIrvine’s 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 MPO’s 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

Change in Irvine Family Households

Figure 7: US Census, ACS 2010

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 SCAG’s 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



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 region’s 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.

Employment Growth for Selected Industries in Irvine 2000-2010Industry Employment 2010 Employment Growth 2000-2010 Percentage ChangeConstruction 2,816 721 34%Manufacturing 12,315 2,060 20%Retail Trade 8,088 460 6%Transportation, warehousing, and utilities 2,067 203 11%Educational services, health care, and social assistance 23,467 7,335 45%

SITEExisting ConditionsThe 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 AmenitiesOur project’s proximity to transit makes it the ideal location for families and young professionals alike. The Village Station community is less than ¼ mile away from the Irvine Transportation Center. The transit center is served by both Metrolink and Amtrak commuter

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Context MapLegend

Site ParkRail

Bus Route

Bus Line

Transit

Commercial/Entertainment

xxx

.25 Miles

1 Mile

TargetStore(.9 Miles) Irvine Spectrum

Center

Orange CountyGreat Park

MetrolinkStation(.23 Miles)

Neighborhood Park (.6 Miles)

Site

188

188

211

211

206

480

480

758

86

90

86

FutureWalmart(.7 Miles)

188

D

D

211

206

206

206

INTERSTATE

5



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 ¼ 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 Seal Beach), and inter-county (Chino).

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.

EntitlementsThe 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.

ParkingBy building transit oriented development for the

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Zoning and Development Standards

Zoning Transit Oriented DevelopmentIntensity standard 10.0 to 50.0 dwelling units per nect acreMinimum site size .025 acre (all uses except single-family detached)Maximum site coverage 65%Maximum building height 70 feetMinimum site landscaping 15%Building setbacks from: Major highways 45 feet Primary highways 45 feet Secondary highway In nonresidential areas 35 feet In residential areas 45 feet Commuter highways & local streets: Adjacent to nonresidential areas 15 feet Building to building 10 feet

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 unitsCommunity Center, Public 1 stall per 50 square feet of gross floor areaPool, private (in apartment) 1 stall/600 square feet of water surface areaChild 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.

Transit Priority Project (TPP) readinessVillage Station will be TPP ready by including a checklist of features specified in legislation currently

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 Irvine’s 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-sitebicycleparking• Carsharingprogram• Recyclingfacilities

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.



DESIGN

Design OverviewGuided 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 on-grade 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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Barranca Parkway

Metrolink Railway

Future Park

Child Care Center

Tot Lot

Lawn

Pool/BBQ Area

Residential Courtyards

Community Gardens

Basketball Court

Community Center/Fitness Room

Residential Courtyards

Residential Over Parking

Townhomes

Agricultural Field

Project AmenitiesVillage 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 Center1,900 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.

BANK OF AMERICA LOW INCOME HOUSING CHALLENGE 201215

Child Care CenterOn-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.

Green Building StrategyIrvine 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 Green’s GreenPoint rating system as the environmental standard to which our project’s 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

Building and InteriorThe 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 double-glazed 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.

LandscapeOur 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 on-site stormwater management. Bioswales will also

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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 MaterialsIrvine 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.



EducationIn 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.

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PARTNERSHIPCo-DevelopersVillage 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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Irvine Community Land TrustThe 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 PartnersIn 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:

MetrolinkMetrolink 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.


Orange County Transportation AuthorityThe 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.

Community EngagementIrvine 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 project’s 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.


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 project’s 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.

Sources and Uses of Funds

GapThe 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

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:



21

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.

Tax CreditIn 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 tax-credits 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% tax-credit 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 project’s 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 Community Land TrustIn 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

portion of this project viable. The Irvine Community Land Trust believes that this is a pioneering mixed-income 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.

Irvine Housing OpportunitiesThe 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.

City of Irvine HOME FundsThe 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

VILLAGE STATION 22

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 FundingThe 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 EquitySixty 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.

Tax-Exempt Bond FinancingTax-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 project’s 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

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.

Bank of AmericaAs well as committing to be the lender for our tax-exempt 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.



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.

Multifamily Housing ProgramVillage Station could benefit from a low interest rate loan from the Department of Housing and Community Development’s 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.

Alternative Financing ScenariosThere 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.

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.

Operating Expenses SavingsWe 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.

Retail SpaceThe 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

VILLAGE STATION 24

feasibility of including on-site services such as a dry cleaner or café that could also benefit from the high traffic of Irvine Station.

Development TimelineDesign & 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.



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.

25

UC IRVINEJared RiemerMaster 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 SeniffMaster 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 YeungMaster of Urban and Regional Planning, 2nd YearIvana 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 ReimerMaster 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 WrightMaster of Urban and Regional Planning, 2nd YearJared completed his undergraduate degree in Interdisciplinary Humanities at the University of San Diego. His graduate research focuses primarilyon affordable housing policy and development in California cities.

VILLAGE STATION 26

APPENDIX

• Proforma

• RentComparables

• ConstructionBudget

• LettersofSupport

• TCAC

• FinanceReview

• GreenPointRatingChecklist

• ResidentialUnitDiagrams


Uni

t Mix

Affo

rdab

le R

ents

@ 6

0% A

MI

Mar

ket-‐

Rate

Ren

tsU

nits

Sq. F

t.#

of U

nits

Tota

l Sq.

Ft.

Uni

ts#

of U

nits

Annu

al R

ent

Sq. F

tU

nits

# of

Uni

tsSq

. Ft.

Rent

Sq.

Ft.

Gros

s Ren

tsTo

tal R

ents

Studio C

600

3219,200

Studio C

0-‐

$

0Studio C

32600

2.53

1,518

$

583,047

$

1bd/1bth C

730

3223,360

1bd/1bth C

16197,760

$

11680

1bd/1bth C

16730

2.27

1,658

$

318,279

$

2bd/2bth C

1,000

6464,000

2bd/2bth C

38560,880

$

38000

2bd/2bth C

261,000

2.02

2,016

$

629,102

$

Studio A

630

6037,800

Studio A

0-‐

$

0Studio A

60630

2.53

1,594

$

1,147,874

$

1bd/1bth A

910

4036,400

1bd/1bth A

20247,200

$

18200

1bd/1bth A

20910

2.27

2,066

$

495,948

$

2bd/2bth A

1,000

2020,000

2bd/2bth A

11162,360

$

11000

2bd/2bth A

91,000

2.02

2,016

$

217,766

$

3bd/2bth A

1,426

1014,260

3bd/2bth A

10167,400

$

14260

3bd/2bth A

01,426

1.95

2,781

$

-‐$

1bd/1bth B

841

2016,820

1bd/1bth B

10123,600

$

8410

1bd/1bth B

10841

2.27

1,910

$

229,172

$

2bd/2bth B

1,150

4551,750

2bd/2bth B

25369,000

$

28750

2bd/2bth B

201,150

2.02

2,319

$

556,514

$

Tota

l32

328

3,59

0To

tal

130

1,82

8,20

0$

13

0,30

0To

tal

193

153,

290

2.27

4,17

7,70

1$

Affo

rdab

ility

Res

tric

ted

Rent

sIn

com

e &

Exp

ense

sU

nder

writ

ing

Bedr

oom

sFM

R60

% A

MI

50%

AM

I30

% A

MI

Inco

me

Amou

ntPe

r Uni

tTo

tal P

roje

ct C

ost

50,0

31,0

95$

1 bedroo

ms

1,384

1,084

903

542

Porential Rental Incom

e6,005,901

$

18,594

$

Value

43,214,266

$

2 bedroo

ms

1,652

1,300

1,083

650

Vacancy

300,295

$

930

$

Loan to

Value

84.4%

3 bedroo

ms

2,338

1,503

1,252

751

Effective Rental Income

5,705,606

$

17,664

$

Loan to

Cost

72.9%

Other Income

198,322

$

614

$

DSCR

2.53

Util

ity A

llow

ance

sGr

oss O

pera

ting

Inco

me

5,903,928

$

18,278

$

Debt to

Yield

7.11%

Bedr

oom

sW

/o W

ater

Incl

. Wat

erCapitalization rate on Co

st5.18%

1 bedroo

ms

3954

Expe

nses

Amou

ntPe

r Uni

t2 bedroo

ms

4770

Taxes &

Licenses

479,710

$

1,485

$

Perf

orm

ance

Mea

sure

s3 bedroo

ms

76108

Labo

r484,500

$

1,500

$

LP Equity IRR %

19.20%

Admin

37,468

$

116

$

IHO IRR %

9.03%

Affo

rdab

ility

Res

tric

ted

Rent

s aft

er U

tility

Allo

wan

ces

Repairs & M

aintenance

152,779

$

473

$

Bedr

oom

sFM

R60

% A

MI

50%

AM

I30

% A

MI

Advertising & Promotion

59,755

$

185

$

Sum

mar

y of

Cos

ts1 bedroo

ms

1,330

1,030

849

488

Utilities

290,700

$

900

$

Cons

truc

tion

Budg

etAm

ount

2 bedroo

ms

1,582

1,230

1,013

580

Insurance

76,228

$

236

$

Land

Cost

-‐$

3 bedroo

ms

2,230

1,395

1,144

643

Managem

ent

177,118

$

548

$

Developm

ent

2,751,244

$

Misc

16,150

$

50$

City Fees

2,000,000

$

Cons

truc

tion

Fund

ing

Sour

ces

Replacem

ent R

eserves

48,450

$

150

$

Constructio

n40,103,429

$

Loan

Sum

mar

yAm

ount

Inte

rest

Grou

nd Lease

1,488,214

$

4,607

$

Operatio

nal Expenses

1,938,000

$

Tax-‐Exem

pt Bon

d32,522,167

$

2.75%

Tota

l Exp

ense

s3,311,072

$

10,251

$

Tota

l Cos

t exc

l. Fi

nanc

e46,792,673

$

Constructio

n Loan

3,970,030

$

3.25%

Tota

l Loa

ns36,492,197

$

2.80%

Net

Ope

ratin

g In

com

e2,592,856

$

8,027

$

Fina

nce

Cost

sAm

ount

Constructio

n Loan Interest

2,302,618

$

Equi

ty S

umm

ary

Amou

ntDe

bt S

ervi

ce1,023,386

$

3,168

$

Financing Co

sts

935,805

$

Tax-‐Credit Equity

6,836,888

$

Tota

l Fin

ance

Cha

rges

3,238,422

$

Irvine Ho

using Trust G

rant

2,000,000

$

Cash

Flo

w1,569,470

$

4,859

$

Irvine HO

ME Funds

400,000

$

Varia

bles

Tota

l Pro

ject

Cos

t50

,031

,095

$ Prop

49 Grant

190,000

$

Vacancy

5%Finance Ch

arges

1.25%

LP Equity

3,362,010

$

Inflatio

n0%

Debt Loan to Cost

75.0%

Publ

ic S

ubsi

tdy

IHO Equity

750,000

$

Bond

LTV

75%

Developer Fee

2,001,244

$

Per U

nit P

ublic Subsid

y72,515

$

Tota

l Equ

ity13,538,898

$

Tax-‐Credit

3.18%

Tax-‐Credit Yield

100%

Tota

l Pub

lic S

ubsi

dy9,

426,

888

$

GAP

(1,8

79,9

70)

Stabilizatio

n12

Constructio

n Time

15Cap Rate

6.00%

Investor Equ

ity3,362,010

$

Co

nser

vati

ve S

cena

rio

Co

nstr

ucti

on

Pro

form

a

VILLAGE STATION 28

12

34

56

78

910

1112

1314

1516

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

2027

2028

Income

Market R

ate Rent

4,177,701

$

4,177,701

$

4,177,701

$

4,177,701

$

4,177,701

$

4,177,701

$

4,177,701

$

4,177,701

$

4,177,701

$

4,177,701

$

4,177,701

$

4,177,701

$

4,177,701

$

4,177,701

$

4,177,701

$

Affordable Rent

1,828,200

$

1,828,200

$

1,828,200

$

1,828,200

$

1,828,200

$

1,828,200

$

1,828,200

$

1,828,200

$

1,828,200

$

1,828,200

$

1,828,200

$

1,828,200

$

1,828,200

$

1,828,200

$

1,828,200

$

Gross P

otential Incom

e6,005,901

$

6,005,901

$

6,005,901

$

6,005,901

$

6,005,901

$

6,005,901

$

6,005,901

$

6,005,901

$

6,005,901

$

6,005,901

$

6,005,901

$

6,005,901

$

6,005,901

$

6,005,901

$

6,005,901

$

Other Income

198,322

$

198,322

$

198,322

$

198,322

$

198,322

$

198,322

$

198,322

$

198,322

$

198,322

$

198,322

$

198,322

$

198,322

$

198,322

$

198,322

$

198,322

$

Vacancy Loss

300,295

$

300,295

$

300,295

$

300,295

$

300,295

$

300,295

$

300,295

$

300,295

$

300,295

$

300,295

$

300,295

$

300,295

$

300,295

$

300,295

$

300,295

$

Gross O

peratin

g Income

5,903,928

$

5,903,928

$

5,903,928

$

5,903,928

$

5,903,928

$

5,903,928

$

5,903,928

$

5,903,928

$

5,903,928

$

5,903,928

$

5,903,928

$

5,903,928

$

5,903,928

$

5,903,928

$

5,903,928

$

Expe

nses

Taxes &

Licenses

479,710

$

479,710

$

479,710

$

479,710

$

479,710

$

479,710

$

479,710

$

479,710

$

479,710

$

479,710

$

479,710

$

479,710

$

479,710

$

479,710

$

479,710

$

Labo

r484,500

$

484,500

$

484,500

$

484,500

$

484,500

$

484,500

$

484,500

$

484,500

$

484,500

$

484,500

$

484,500

$

484,500

$

484,500

$

484,500

$

484,500

$

Admin

37,468

$

37,468

$

37,468

$

37,468

$

37,468

$

37,468

$

37,468

$

37,468

$

37,468

$

37,468

$

37,468

$

37,468

$

37,468

$

37,468

$

37,468

$

Repairs & M

aintenance

152,779

$

152,779

$

152,779

$

152,779

$

152,779

$

152,779

$

152,779

$

152,779

$

152,779

$

152,779

$

152,779

$

152,779

$

152,779

$

152,779

$

152,779

$


59,755

$

59,755

$

59,755

$

59,755

$

59,755

$

59,755

$

59,755

$

59,755

$

59,755

$

59,755

$

59,755

$

59,755

$

59,755

$

59,755

$

59,755

$

Utilitie

s290,700

$

290,700

$

290,700

$

290,700

$

290,700

$

290,700

$

290,700

$

290,700

$

290,700

$

290,700

$

290,700

$

290,700

$

290,700

$

290,700

$

290,700

$

Insurance

76,228

$

76,228

$

76,228

$

76,228

$

76,228

$

76,228

$

76,228

$

76,228

$

76,228

$

76,228

$

76,228

$

76,228

$

76,228

$

76,228

$

76,228

$

Managem

ent

177,118

$

177,118

$

177,118

$

177,118

$

177,118

$

177,118

$

177,118

$

177,118

$

177,118

$

177,118

$

177,118

$

177,118

$

177,118

$

177,118

$

177,118

$

Misc

16,150

$

16,150

$

16,150

$

16,150

$

16,150

$

16,150

$

16,150

$

16,150

$

16,150

$

16,150

$

16,150

$

16,150

$

16,150

$

16,150

$

16,150

$

Replacem

ent R

eserves

48,450

$

48,450

$

48,450

$

48,450

$

48,450

$

48,450

$

48,450

$

48,450

$

48,450

$

48,450

$

48,450

$

48,450

$

48,450

$

48,450

$

48,450

$

Grou

nd Lease

1,488,214

$

1,488,214

$

1,488,214

$

1,488,214

$

1,488,214

$

1,488,214

$

1,488,214

$

1,488,214

$

1,488,214

$

1,488,214

$

1,488,214

$

1,488,214

$

1,488,214

$

1,488,214

$

1,488,214

$

Total Expenses

3,311,072

$

3,311,072

$

3,311,072

$

3,311,072

$

3,311,072

$

3,311,072

$

3,311,072

$

3,311,072

$

3,311,072

$

3,311,072

$

3,311,072

$

3,311,072

$

3,311,072

$

3,311,072

$

3,311,072

$

Net Ope

ratin

g 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

$

Perm

anent 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 D

ebt 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

$

Cash Flow

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

$

11,188,717

$

-‐3,362,010

02,080,901

$

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

$

10,069,846

$

-‐750,000

0231,211.27

$

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

$

1,118,872

$

Reversion

43,214,266

$

Loan Balance

$32,469,140

Perm

anent Funding Sou

rces

Rate

Term

Amortization

DSCR

Amou

ntLTV

HCD MHP

3%55

0.42%

1.2

5,850,000

$

13.54%

Tax-‐Exem

pt Bon

d5.25%

3540

1.2

32,522,167

$

75.26%

38,372,167

$

88.80%

DSCR

1.20

Constructio

n Loan Repayment

36,492,197

$

Funding Ga

p(1,879,970)

$

5,850,000

$

5,825,430

$

5,800,963

$

5,776,599

$

5,752,337

$

5,728,178

$

5,704,119

$

5,680,162

$

5,656,305

$

5,632,549

$

5,608,892

$

5,585,335

$

5,561,876

$

5,538,516

$

5,515,255

$

Co

nser

vati

ve S

cena

rio

15-

Year

Pro

form

a

29

30

Uni

t Mix

Affo

rdab

le R

ents

@ 6

0% A

MI

Mar

ket-‐

Rate

Ren

tsU

nits

Sq. F

t.#

of U

nits

Tota

l Sq.

Ft.

Uni

ts#

of U

nits

Annu

al R

ent

Sq. F

tU

nits

# of

Uni

tsSq

. Ft.

Rent

Sq.

Ft.

Gros

s Ren

tsTo

tal R

ents

Studio C

600

3219,200

Studio C

0-‐

$

0Studio C

32600

2.53

1,518

$

583,047

$

1bd/1bth C

730

3223,360

1bd/1bth C

16197,760

$

11680

1bd/1bth C

16730

2.27

1,658

$

318,279

$

2bd/2bth C

1,000

6464,000

2bd/2bth C

38560,880

$

38000

2bd/2bth C

261,000

2.02

2,016

$

629,102

$

Studio A

630

6037,800

Studio A

0-‐

$

0Studio A

60630

2.53

1,594

$

1,147,874

$

1bd/1bth A

910

4036,400

1bd/1bth A

20247,200

$

18200

1bd/1bth A

20910

2.27

2,066

$

495,948

$

2bd/2bth A

1,000

2020,000

2bd/2bth A

11162,360

$

11000

2bd/2bth A

91,000

2.02

2,016

$

217,766

$

3bd/2bth A

1,426

1014,260

3bd/2bth A

10167,400

$

14260

3bd/2bth A

01,426

1.95

2,781

$

-‐$

1bd/1bth B

841

2016,820

1bd/1bth B

10123,600

$

8410

1bd/1bth B

10841

2.27

1,910

$

229,172

$

2bd/2bth B

1,150

4551,750

2bd/2bth B

25369,000

$

28750

2bd/2bth B

201,150

2.02

2,319

$

556,514

$

Tota

l32

328

3,59

0To

tal

130

1,82

8,20

0$

13

0,30

0To

tal

193

153,

290

2.27

4,17

7,70

1$

Affo

rdab

ility

Res

tric

ted

Rent

sIn

com

e &

Exp

ense

sU

nder

writ

ing

Bedr

oom

sFM

R60

% A

MI

50%

AM

I30

% A

MI

Inco

me

Amou

ntPe

r Uni

tTo

tal P

roje

ct C

ost

50,0

00,2

03$

1 bedroo

ms

1,384

1,084

903

542


e6,005,901

$

18,594

$

Value

43,210,176

$

2 bedroo

ms

1,652

1,300

1,083

650

Vacancy

300,295

$

930

$

Loan to

Value

83.6%

3 bedroo

ms

2,338

1,503

1,252

751


5,705,606

$

17,664

$

Loan to

Cost

72.2%

Other Income

198,322

$

614

$

DSCR

2.59

Util

ity A

llow

ance

sGr

oss O

pera

ting

Inco

me

5,903,928

$

18,278

$

Debt to

Yield

7.18%

Bedr

oom

sW

/o W

ater

Incl

. Wat


st5.19%

1 bedroo

ms

3954

Expe

nses

Amou

ntPe

r Uni

t2 bedroo

ms

4770

Taxes &

Licenses

480,017

$

1,486

$

Perf

orm

ance

Mea

sure

s3 bedroo

ms

76108

Labo

r484,500

$

1,500

$

LP Equity IRR %

35.72%

Admin

37,468

$

116

$

IHO IRR %

19.56%

Affo

rdab

ility

Res

tric

ted

Rent

s aft

er U

tility

Allo

wan

ces

Repairs & M

aintenance

152,779

$

473

$

Bedr

oom

sFM

R60

% A

MI

50%

AM

I30

% A

MI


59,755

$

185

$

Sum

mar

y of

Cos

ts1 bedroo

ms

1,330

1,030

849

488

Utilities

290,700

$

900

$

Cons

truc

tion

Budg

etAm

ount

2 bedroo

ms

1,582

1,230

1,013

580

Insurance

76,228

$

236

$

Land

Cost

-‐$

3 bedroo

ms

2,230

1,395

1,144

643

Managem

ent

177,118

$

548

$

Developm

ent

2,750,008

$

Misc

16,150

$

50$

City Fees

2,000,000

$

Cons

truc

tion

Fund

ing

Sour

ces

Replacem

ent R

eserves

48,450

$

150

$

Constructio

n40,103,429

$

Loan

Sum

mar

yAm

ount

Inte

rest

Grou

nd Lease

1,488,153

$

4,607

$

Operatio

nal Expenses

1,938,000

$

Tax-‐Exem

pt Bon

d34,316,628

$

2.75%

Tota

l Exp

ense

s3,311,317

$

10,252

$

Tota

l Cos

t exc

l. Fi

nanc

e46,791,437

$

Constructio

n Loan

1,803,022

$

3.25%

Tota

l Loa

ns36,119,650

$

2.77%

Net

Ope

ratin

g In

com

e2,592,611

$

8,027

$

Fina

nce

Cost

sAm

ount

Constructio

n Loan Interest

2,255,187

$

Equi

ty S

umm

ary

Amou

ntDe

bt S

ervi

ce1,002,305

$

3,103

$

Financing Co

sts

953,578

$


7,178,543

$

Tota

l Fin

ance

Cha

rges

3,208,766

$

Irvine Ho

using Trust G

rant

2,000,000

$

Cash

Flo

w1,590,305

$

4,924

$

Irvine HO

ME Funds

400,000

$

Varia

bles

Tota

l Pro

ject

Cos

t50

,000

,203

$ Prop

49 Grant

190,000

$

Vacancy

5%Finance Ch

arges

1.25%

LP Equity

3,362,010

$

Inflatio

n2%

Debt Loan to Cost

75.0%

Publ

ic S

ubsi

tdy

IHO Equity

750,000

$

Bond

LTV

79%

Developer Fee

2,000,008

$

Per U

nit P

ublic Subsid

y75,143

$

Tota

l Equ

ity13,880,553

$

Tax-‐Credit

3.18%

Tax-‐Credit Yield

105%

Tota

l Pub

lic S

ubsi

dy9,

768,

543

$

GAP

(4,0

46,9

78)

Stabilizatio

n12

Constructio

n Time

15Cap Rate

6.00%

Investor Equ

ity3,362,010

$

Exp

ecte

d S

cena

rio

Co

nstr

ucti

on

Pro

form

a

31

12

34

56

78

910

1112

1314

1516

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

2027

2028

Income

Market R

ate Rent

4,346,480

$

4,433,410

$

4,522,078

$

4,612,519

$

4,704,770

$

4,798,865

$

4,894,843

$

4,992,739

$

5,092,594

$

5,194,446

$

5,298,335

$

5,404,302

$

5,512,388

$

5,622,636

$

5,735,088

$

Affordable Rent

1,864,764

$

1,902,059

$

1,940,100

$

1,978,902

$

2,018,481

$

2,058,850

$

2,100,027

$

2,142,028

$

2,184,868

$

2,228,566

$

2,273,137

$

2,318,600

$

2,364,972

$

2,412,271

$

2,460,516

$

Gross P

otential Incom

e6,211,244

$

6,335,469

$

6,462,178

$

6,591,422

$

6,723,250

$

6,857,715

$

6,994,870

$

7,134,767

$

7,277,462

$

7,423,012

$

7,571,472

$

7,722,901

$

7,877,359

$

8,034,907

$

8,195,605

$

Other Income

202,288

$

206,334

$

210,461

$

214,670

$

218,964

$

223,343

$

227,810

$

232,366

$

237,013

$

241,753

$

246,588

$

251,520

$

256,551

$

261,682

$

266,915

$

Vacancy Loss

310,562

$

316,773

$

323,109

$

329,571

$

336,163

$

342,886

$

349,743

$

356,738

$

363,873

$

371,151

$

378,574

$

386,145

$

393,868

$

401,745

$

409,780

$

Gross O

peratin

g Income

6,102,970

$

6,225,030

$

6,349,530

$

6,476,521

$

6,606,051

$

6,738,172

$

6,872,936

$

7,010,395

$

7,150,602

$

7,293,615

$

7,439,487

$

7,588,277

$

7,740,042

$

7,894,843

$

8,052,740

$

Expe

nses

Taxes &

Licenses

489,617

$

499,410

$

509,398

$

519,586

$

529,977

$

540,577

$

551,389

$

562,416

$

573,665

$

585,138

$

596,841

$

608,778

$

620,953

$

633,372

$

646,040

$

Labo

r494,190

$

504,074

$

514,155

$

524,438

$

534,927

$

545,626

$

556,538

$

567,669

$

579,022

$

590,603

$

602,415

$

614,463

$

626,752

$

639,287

$

652,073

$

Admin

38,217

$

38,982

$

39,761

$

40,557

$

41,368

$

42,195

$

43,039

$

43,900

$

44,778

$

45,673

$

46,587

$

47,518

$

48,469

$

49,438

$

50,427

$

Repairs & M

aintenance

155,835

$

158,951

$

162,130

$

165,373

$

168,680

$

172,054

$

175,495

$

179,005

$

182,585

$

186,237

$

189,961

$

193,761

$

197,636

$

201,589

$

205,620

$


60,950

$

62,169

$

63,412

$

64,681

$

65,974

$

67,294

$

68,640

$

70,013

$

71,413

$

72,841

$

74,298

$

75,784

$

77,299

$

78,845

$

80,422

$

Utilitie

s296,514

$

302,444

$

308,493

$

314,663

$

320,956

$

327,375

$

333,923

$

340,601

$

347,413

$

354,362

$

361,449

$

368,678

$

376,051

$

383,572

$

391,244

$

Insurance

77,753

$

79,308

$

80,894

$

82,512

$

84,162

$

85,845

$

87,562

$

89,313

$

91,100

$

92,922

$

94,780

$

96,676

$

98,609

$

100,581

$

102,593

$

Managem

ent

180,660

$

184,273

$

187,959

$

191,718

$

195,552

$

199,463

$

203,453

$

207,522

$

211,672

$

215,906

$

220,224

$

224,628

$

229,121

$

233,703

$

238,377

$

Misc

16,473

$

16,802

$

17,139

$

17,481

$

17,831

$

18,188

$

18,551

$

18,922

$

19,301

$

19,687

$

20,080

$

20,482

$

20,892

$

21,310

$

21,736

$

Replacem

ent R

eserves

49,419

$

50,407

$

51,416

$

52,444

$

53,493

$

54,563

$

55,654

$

56,767

$

57,902

$

59,060

$

60,241

$

61,446

$

62,675

$

63,929

$

65,207

$

Grou

nd Lease

1,520,668

$

1,537,642

$

1,554,955

$

1,572,614

$

1,590,626

$

1,608,999

$

1,627,739

$

1,646,853

$

1,666,350

$

1,686,237

$

1,706,522

$

1,727,213

$

1,748,317

$

1,769,843

$

1,791,800

$

Total Expenses

3,380,297

$

3,434,462

$

3,489,712

$

3,546,066

$

3,603,547

$

3,662,178

$

3,721,982

$

3,782,981

$

3,845,201

$

3,908,665

$

3,973,398

$

4,039,426

$

4,106,775

$

4,175,470

$

4,245,540

$

Net Ope

ratin

g Income

2,722,674

$

2,790,567

$

2,859,819

$

2,930,455

$

3,002,504

$

3,075,994

$

3,150,954

$

3,227,413

$

3,305,401

$

3,384,949

$

3,466,088

$

3,548,850

$

3,633,267

$

3,719,373

$

3,807,200

$

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

$

Perm

anent Financing

2,068,825

$

2,068,825

$

2,068,825

$

2,068,825

$

2,068,825

$

2,068,825

$

2,068,825

$

2,068,825

$

2,068,825

$

2,068,825

$

2,068,825

$

2,068,825

$

2,068,825

$

2,068,825

$

2,068,825

$

Total D

ebt 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

$

Cash Flow

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

$

31,046,725

$

-‐3,362,010

04,050,681

$

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

$

27,942,053

$

-‐750,000

0450,075.69

$

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

$

3,104,673

$

Reversion

63,453,334

$

Loan Balance

$33,956,362

Perm

anent Funding Sou

rces

Rate

Term

Amortization

DSCR

Amou

ntLTV

HCD MHP

3%55

0.42%

1.2

5,850,000

$

12.89%

Tax-‐Exem

pt Bon

d5.25%

3540

1.2

34,316,628

$

75.62%

40,166,628

$

88.52%

DSCR

1.20

Constructio

n Loan Repayment

36,119,650

$

Funding Ga

p(4,046,978)

$

5,850,000

$

5,825,430

$

5,800,963

$

5,776,599

$

5,752,337

$

5,728,178

$

5,704,119

$

5,680,162

$

5,656,305

$

5,632,549

$

5,608,892

$

5,585,335

$

5,561,876

$

5,538,516

$

5,515,255

$

Exp

ecte

d S

cena

rio

15-

Year

Pro

form

a

32

Uni

t Mix

Affo

rdab

le R

ents

@ 6

0% A

MI

Mar

ket-‐

Rate

Ren

tsU

nits

Sq. F

t.#

of U

nits

Tota

l Sq.

Ft.

Uni

ts#

of U

nits

Annu

al R

ent

Sq. F

tU

nits

# of

Uni

tsSq

. Ft.

Rent

Sq.

Ft.

Gros

s Ren

tsTo

tal R

ents

Studio C

600

3219,200

Studio C

0-‐

$

0Studio C

32600

2.53

1,518

$

583,047

$

1bd/1bth C

730

3223,360

1bd/1bth C

16197,760

$

11680

1bd/1bth C

16730

2.27

1,658

$

318,279

$

2bd/2bth C

1,000

6464,000

2bd/2bth C

38560,880

$

38000

2bd/2bth C

261,000

2.02

2,016

$

629,102

$

Studio A

630

6037,800

Studio A

0-‐

$

0Studio A

60630

2.53

1,594

$

1,147,874

$

1bd/1bth A

910

4036,400

1bd/1bth A

20247,200

$

18200

1bd/1bth A

20910

2.27

2,066

$

495,948

$

2bd/2bth A

1,000

2020,000

2bd/2bth A

11162,360

$

11000

2bd/2bth A

91,000

2.02

2,016

$

217,766

$

3bd/2bth A

1,426

1014,260

3bd/2bth A

10167,400

$

14260

3bd/2bth A

01,426

1.95

2,781

$

-‐$

1bd/1bth B

841

2016,820

1bd/1bth B

10123,600

$

8410

1bd/1bth B

10841

2.27

1,910

$

229,172

$

2bd/2bth B

1,150

4551,750

2bd/2bth B

25369,000

$

28750

2bd/2bth B

201,150

2.02

2,319

$

556,514

$

Tota

l32

328

3,59

0To

tal

130

1,82

8,20

0$

13

0,30

0To

tal

193

153,

290

2.27

4,17

7,70

1$

Affo

rdab

ility

Res

tric

ted

Rent

sIn

com

e &

Exp

ense

sU

nder

writ

ing

Bedr

oom

sFM

R60

% A

MI

50%

AM

I30

% A

MI

Inco

me

Amou

ntPe

r Uni

tTo

tal P

roje

ct C

ost

49,9

68,0

47$

1 bedroo

ms

1,384

1,084

903

542


e6,005,901

$

18,594

$

Value

43,205,918

$

2 bedroo

ms

1,652

1,300

1,083

650

Vacancy

300,295

$

930

$

Loan to

Value

82.7%

3 bedroo

ms

2,338

1,503

1,252

751


5,705,606

$

17,664

$

Loan to

Cost

71.5%

Other Income

198,322

$

614

$

DSCR

2.63

Util

ity A

llow

ance

sGr

oss O

pera

ting

Inco

me

5,903,928

$

18,278

$

Debt to

Yield

7.25%

Bedr

oom

sW

/o W

ater

Incl

. Wat


st5.19%

1 bedroo

ms

3954

Expe

nses

Amou

ntPe

r Uni

t2 bedroo

ms

4770

Taxes &

Licenses

480,336

$

1,487

$

Perf

orm

ance

Mea

sure

s3 bedroo

ms

76108

Labo

r484,500

$

1,500

$

LP Equity IRR %

44.83%

Admin

37,468

$

116

$

IHO IRR %

24.26%

Affo

rdab

ility

Res

tric

ted

Rent

s aft

er U

tility

Allo

wan

ces

Repairs & M

aintenance

152,779

$

473

$

Bedr

oom

sFM

R60

% A

MI

50%

AM

I30

% A

MI


59,755

$

185

$

Sum

mar

y of

Cos

ts1 bedroo

ms

1,330

1,030

849

488

Utilities

290,700

$

900

$

Cons

truc

tion

Budg

etAm

ount

2 bedroo

ms

1,582

1,230

1,013

580

Insurance

76,228

$

236

$

Land

Cost

-‐$

3 bedroo

ms

2,230

1,395

1,144

643

Managem

ent

177,118

$

548

$

Developm

ent

2,748,722

$

Misc

16,150

$

50$

City Fees

2,000,000

$

Cons

truc

tion

Fund

ing

Sour

ces

Replacem

ent R

eserves

48,450

$

150

$

Constructio

n40,103,429

$

Loan

Sum

mar

yAm

ount

Inte

rest

Grou

nd Lease

1,488,089

$

4,607

$

Operatio

nal Expenses

1,938,000

$

Tax-‐Exem

pt Bon

d35,225,084

$

2.75%

Tota

l Exp

ense

s3,311,573

$

10,253

$

Tota

l Cos

t exc

l. Fi

nanc

e46,790,151

$

Constructio

n Loan

520,781

$

3.25%

Tota

l Loa

ns35,745,865

$

2.76%

Net

Ope

ratin

g In

com

e2,592,355

$

8,026

$

Fina

nce

Cost

sAm

ount

Constructio

n Loan Interest

2,217,634

$

Equi

ty S

umm

ary

Amou

ntDe

bt S

ervi

ce985,615

$

3,051

$

Financing Co

sts

960,262

$


7,520,172

$

Tota

l Fin

ance

Cha

rges

3,177,896

$

Irvine Ho

using Trust G

rant

2,000,000

$

Cash

Flo

w1,606,740

$

4,974

$

Irvine HO

ME Funds

400,000

$

Varia

bles

Tota

l Pro

ject

Cos

t49

,968

,047

$ Prop

49 Grant

190,000

$

Vacancy

5%Finance Ch

arges

1.25%

LP Equity

3,362,010

$

Inflatio

n3%

Debt Loan to Cost

75.0%

Publ

ic S

ubsi

tdy

IHO Equity

750,000

$

Bond

LTV

82%

Developer Fee

1,998,722

$

Per U

nit P

ublic Subsid

y77,771

$

Tota

l Equ

ity14,222,182

$

Tax-‐Credit

3.18%

Tax-‐Credit Yield

110%

Tota

l Pub

lic S

ubsi

dy10

,110

,172

$ GA

P(5

,329

,219

)Stabilizatio

n12

Constructio

n Time

15Cap Rate

6.00%

Investor Equ

ity3,362,010

$

Op

tim

isti

c Sc

enar

io C

ons

truc

tio

n P

rofo

rma

33

12

34

56

78

910

1112

1314

1516

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

2027

2028

Income

Market R

ate Rent

4,432,123

$

4,565,087

$

4,702,039

$

4,843,100

$

4,988,393

$

5,138,045

$

5,292,187

$

5,450,952

$

5,614,481

$

5,782,915

$

5,956,403

$

6,135,095

$

6,319,148

$

6,508,722

$

6,703,984

$

Affordable Rent

1,883,046

$

1,939,537

$

1,997,724

$

2,057,655

$

2,119,385

$

2,182,966

$

2,248,455

$

2,315,909

$

2,385,386

$

2,456,948

$

2,530,656

$

2,606,576

$

2,684,773

$

2,765,317

$

2,848,276

$

Gross P

otential Incom

e6,315,169

$

6,504,624

$

6,699,763

$

6,900,756

$

7,107,778

$

7,321,012

$

7,540,642

$

7,766,861

$

7,999,867

$

8,239,863

$

8,487,059

$

8,741,671

$

9,003,921

$

9,274,039

$

9,552,260

$

Other Income

204,272

$

210,400

$

216,712

$

223,213

$

229,910

$

236,807

$

243,911

$

251,228

$

258,765

$

266,528

$

274,524

$

282,760

$

291,243

$

299,980

$

308,979

$

Vacancy Loss

315,758

$

325,231

$

334,988

$

345,038

$

355,389

$

366,051

$

377,032

$

388,343

$

399,993

$

411,993

$

424,353

$

437,084

$

450,196

$

463,702

$

477,613

$

Gross O

peratin

g Income

6,203,682

$

6,389,793

$

6,581,486

$

6,778,931

$

6,982,299

$

7,191,768

$

7,407,521

$

7,629,747

$

7,858,639

$

8,094,398

$

8,337,230

$

8,587,347

$

8,844,967

$

9,110,316

$

9,383,626

$

Expe

nses

Taxes &

Licenses

494,746

$

509,589

$

524,876

$

540,623

$

556,841

$

573,547

$

590,753

$

608,476

$

626,730

$

645,532

$

664,898

$

684,845

$

705,390

$

726,552

$

748,348

$

Labo

r499,035

$

514,006

$

529,426

$

545,309

$

561,668

$

578,518

$

595,874

$

613,750

$

632,163

$

651,127

$

670,661

$

690,781

$

711,505

$

732,850

$

754,835

$

Admin

38,592

$

39,750

$

40,942

$

42,171

$

43,436

$

44,739

$

46,081

$

47,463

$

48,887

$

50,354

$

51,864

$

53,420

$

55,023

$

56,674

$

58,374

$

Repairs & M

aintenance

157,362

$

162,083

$

166,946

$

171,954

$

177,113

$

182,426

$

187,899

$

193,536

$

199,342

$

205,322

$

211,482

$

217,826

$

224,361

$

231,092

$

238,025

$


61,548

$

63,394

$

65,296

$

67,255

$

69,272

$

71,351

$

73,491

$

75,696

$

77,967

$

80,306

$

82,715

$

85,196

$

87,752

$

90,385

$

93,096

$

Utilitie

s299,421

$

308,404

$

317,656

$

327,185

$

337,001

$

347,111

$

357,524

$

368,250

$

379,298

$

390,676

$

402,397

$

414,469

$

426,903

$

439,710

$

452,901

$

Insurance

78,515

$

80,870

$

83,296

$

85,795

$

88,369

$

91,020

$

93,751

$

96,563

$

99,460

$

102,444

$

105,517

$

108,683

$

111,943

$

115,302

$

118,761

$

Managem

ent

182,431

$

187,904

$

193,541

$

199,348

$

205,328

$

211,488

$

217,833

$

224,368

$

231,099

$

238,032

$

245,173

$

252,528

$

260,104

$

267,907

$

275,944

$

Misc

16,635

$

17,134

$

17,648

$

18,177

$

18,722

$

19,284

$

19,862

$

20,458

$

21,072

$

21,704

$

22,355

$

23,026

$

23,717

$

24,428

$

25,161

$

Replacem

ent R

eserves

49,904

$

51,401

$

52,943

$

54,531

$

56,167

$

57,852

$

59,587

$

61,375

$

63,216

$

65,113

$

67,066

$

69,078

$

71,150

$

73,285

$

75,484

$

Grou

nd Lease

1,537,099

$

1,563,052

$

1,589,783

$

1,617,317

$

1,645,676

$

1,674,887

$

1,704,973

$

1,735,962

$

1,767,881

$

1,800,758

$

1,834,620

$

1,869,499

$

1,905,424

$

1,942,427

$

1,980,539

$

Total Expenses

3,415,287

$

3,497,586

$

3,582,354

$

3,669,664

$

3,759,594

$

3,852,222

$

3,947,629

$

4,045,897

$

4,147,114

$

4,251,368

$

4,358,749

$

4,469,351

$

4,583,272

$

4,700,610

$

4,821,468

$

Net Ope

ratin

g Income

2,788,395

$

2,892,207

$

2,999,133

$

3,109,267

$

3,222,705

$

3,339,546

$

3,459,892

$

3,583,849

$

3,711,525

$

3,843,030

$

3,978,481

$

4,117,996

$

4,261,696

$

4,409,707

$

4,562,158

$

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

$

Perm

anent Financing

2,123,592

$

2,123,592

$

2,123,592

$

2,123,592

$

2,123,592

$

2,123,592

$

2,123,592

$

2,123,592

$

2,123,592

$

2,123,592

$

2,123,592

$

2,123,592

$

2,123,592

$

2,123,592

$

2,123,592

$

Total D

ebt 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

$

Cash Flow

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

$

43,576,628

$

-‐3,362,010

05,214,556

$

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

$

39,218,965

$

-‐750,000

0579,395.11

$

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

$

4,357,663

$

Reversion

76,035,962

$

Loan Balance

$34,709,277

Perm

anent Funding Sou

rces

Rate

Term

Amortization

DSCR

Amou

ntLTV

HCD MHP

3%55

0.42%

1.2

5,850,000

$

12.59%

Tax-‐Exem

pt Bon

d5.25%

3540

1.2

35,225,084

$

75.80%

41,075,084

$

88.38%

DSCR

1.20

Constructio

n Loan Repayment

35,745,865

$

Funding Ga

p(5,329,219)

$

5,850,000

$

5,825,430

$

5,800,963

$

5,776,599

$

5,752,337

$

5,728,178

$

5,704,119

$

5,680,162

$

5,656,305

$

5,632,549

$

5,608,892

$

5,585,335

$

5,561,876

$

5,538,516

$

5,515,255

$

Op

tim

isti

c Sc

enar

io 1

5-Ye

ar P

rofo

rma

34

Uni

t Mix

Affo

rdab

le R

ents

@ 6

0% A

MI

Mar

ket-‐

Rate

Ren

tsU

nits

Sq. F

t.#

of U

nits

Tota

l Sq.

Ft.

Uni

ts#

of U

nits

Annu

al R

ent

Sq. F

tU

nits

# of

Uni

tsSq

. Ft.

Rent

Sq.

Ft.

Gros

s Ren

tsTo

tal R

ents

Studio C

600

3219,200

Studio C

0-‐

$

0Studio C

32600

2.53

1,518

$

583,047

$

1bd/1bth C

730

3223,360

1bd/1bth C

16197,760

$

11680

1bd/1bth C

16730

2.27

1,658

$

318,279

$

2bd/2bth C

1,000

6464,000

2bd/2bth C

38560,880

$

38000

2bd/2bth C

261,000

2.02

2,016

$

629,102

$

Studio A

630

6037,800

Studio A

0-‐

$

0Studio A

60630

2.53

1,594

$

1,147,874

$

1bd/1bth A

910

4036,400

1bd/1bth A

20247,200

$

18200

1bd/1bth A

20910

2.27

2,066

$

495,948

$

2bd/2bth A

1,000

2020,000

2bd/2bth A

11162,360

$

11000

2bd/2bth A

91,000

2.02

2,016

$

217,766

$

3bd/2bth A

1,426

1014,260

3bd/2bth A

10167,400

$

14260

3bd/2bth A

01,426

1.95

2,781

$

-‐$

1bd/1bth B

841

2016,820

1bd/1bth B

10123,600

$

8410

1bd/1bth B

10841

2.27

1,910

$

229,172

$

2bd/2bth B

1,150

4551,750

2bd/2bth B

25369,000

$

28750

2bd/2bth B

201,150

2.02

2,319

$

556,514

$

Tota

l32

328

3,59

0To

tal

130

1,82

8,20

0$

13

0,30

0To

tal

193

153,

290

2.27

4,17

7,70

1$

Affo

rdab

ility

Res

tric

ted

Rent

sIn

com

e &

Exp

ense

sU

nder

writ

ing

Bedr

oom

sFM

R60

% A

MI

50%

AM

I30

% A

MI

Inco

me

Amou

ntPe

r Uni

tTo

tal P

roje

ct C

ost

49,7

67,5

82$

1 bedroo

ms

1,384

1,084

903

542


e6,005,901

$

18,594

$

Value

43,179,374

$

2 bedroo

ms

1,652

1,300

1,083

650

Vacancy

300,295

$

930

$

Loan to

Value

69.9%

3 bedroo

ms

2,338

1,503

1,252

751


5,705,606

$

17,664

$

Loan to

Cost

60.6%

Other Income

198,322

$

614

$

DSCR

2.64

Util

ity A

llow

ance

sGr

oss O

pera

ting

Inco

me

5,903,928

$

18,278

$

Debt to

Yield

8.58%

Bedr

oom

sW

/o W

ater

Incl

. Wat


st5.21%

1 bedroo

ms

3954

Expe

nses

Amou

ntPe

r Uni

t2 bedroo

ms

4770

Taxes &

Licenses

482,327

$

1,493

$

Perf

orm

ance

Mea

sure

s3 bedroo

ms

76108

Labo

r484,500

$

1,500

$

LP Equity IRR %

21.43%

Admin

37,468

$

116

$

IHO IRR %

11.66%

Affo

rdab

ility

Res

tric

ted

Rent

s aft

er U

tility

Allo

wan

ces

Repairs & M

aintenance

152,779

$

473

$

Bedr

oom

sFM

R60

% A

MI

50%

AM

I30

% A

MI


59,755

$

185

$

Sum

mar

y of

Cos

ts1 bedroo

ms

1,330

1,030

849

488

Utilities

290,700

$

900

$

Cons

truc

tion

Budg

etAm

ount

2 bedroo

ms

1,582

1,230

1,013

580

Insurance

76,228

$

236

$

Land

Cost

-‐$

3 bedroo

ms

2,230

1,395

1,144

643

Managem

ent

177,118

$

548

$

Developm

ent

2,740,703

$

Misc

16,150

$

50$

City Fees

2,000,000

$

Cons

truc

tion

Fund

ing

Sour

ces

Replacem

ent R

eserves

48,450

$

150

$

Constructio

n40,103,429

$

Loan

Sum

mar

yAm

ount

Inte

rest

Grou

nd Lease

1,487,691

$

4,606

$

Operatio

nal Expenses

1,938,000

$

Tax-‐Exem

pt Bon

d-‐

$

2.75%

Tota

l Exp

ense

s3,313,166

$

10,257

$

Tota

l Cos

t exc

l. Fi

nanc

e46,782,132

$

Constructio

n Loan

30,179,312

$

3.25%

Tota

l Loa

ns30,179,312

$

3.25%

Net

Ope

ratin

g In

com

e2,590,762

$

8,021

$

Fina

nce

Cost

sAm

ount

Constructio

n Loan Interest

2,206,862

$

Equi

ty S

umm

ary

Amou

ntDe

bt S

ervi

ce980,828

$

3,037

$

Financing Co

sts

778,588

$


15,476,260

$

Tota

l Fin

ance

Cha

rges

2,985,450

$

Irvine Ho

using Trust G

rant

Cash

Flo

w1,609,935

$

4,984

$

Irvine HO

ME Funds

Varia

bles

Tota

l Pro

ject

Cos

t49

,767

,582

$ Prop

49 Grant

Vacancy

5%Finance Ch

arges

1.25%

LP Equity

3,362,010

$

Inflatio

n0%

Debt Loan to Cost

75.0%

Publ

ic S

ubsi

tdy

IHO Equity

750,000

$

Bond

LTV

0%De

veloper Fee

1,990,703

$

Per U

nit P

ublic Subsid

y119,048

$

Tota

l Equ

ity19,588,270

$

Tax-‐Credit

9.00%

Tax-‐Credit Yield

100%

Tota

l Pub

lic S

ubsi

dy15

,476

,260

$ GA

P(1

,928

,385

)Stabilizatio

n12

Constructio

n Time

15Cap Rate

6.00%

Investor Equ

ity3,362,010

$

9% T

ax-C

red

it C

ons

truc

tio

n P

rofo

rma

35

12

34

56

78

910

1112

1314

1516

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

2027

2028

Income

Market R

ate Rent

4,177,701

$

4,177,701

$

4,177,701

$

4,177,701

$

4,177,701

$

4,177,701

$

4,177,701

$

4,177,701

$

4,177,701

$

4,177,701

$

4,177,701

$

4,177,701

$

4,177,701

$

4,177,701

$

4,177,701

$

Affordable Rent

1,828,200

$

1,828,200

$

1,828,200

$

1,828,200

$

1,828,200

$

1,828,200

$

1,828,200

$

1,828,200

$

1,828,200

$

1,828,200

$

1,828,200

$

1,828,200

$

1,828,200

$

1,828,200

$

1,828,200

$

Gross P

otential Incom

e6,005,901

$

6,005,901

$

6,005,901

$

6,005,901

$

6,005,901

$

6,005,901

$

6,005,901

$

6,005,901

$

6,005,901

$

6,005,901

$

6,005,901

$

6,005,901

$

6,005,901

$

6,005,901

$

6,005,901

$

Other Income

198,322

$

198,322

$

198,322

$

198,322

$

198,322

$

198,322

$

198,322

$

198,322

$

198,322

$

198,322

$

198,322

$

198,322

$

198,322

$

198,322

$

198,322

$

Vacancy Loss

300,295

$

300,295

$

300,295

$

300,295

$

300,295

$

300,295

$

300,295

$

300,295

$

300,295

$

300,295

$

300,295

$

300,295

$

300,295

$

300,295

$

300,295

$

Gross O

peratin

g Income

5,903,928

$

5,903,928

$

5,903,928

$

5,903,928

$

5,903,928

$

5,903,928

$

5,903,928

$

5,903,928

$

5,903,928

$

5,903,928

$

5,903,928

$

5,903,928

$

5,903,928

$

5,903,928

$

5,903,928

$

Expe

nses

Taxes &

Licenses

482,327

$

482,327

$

482,327

$

482,327

$

482,327

$

482,327

$

482,327

$

482,327

$

482,327

$

482,327

$

482,327

$

482,327

$

482,327

$

482,327

$

482,327

$

Labo

r484,500

$

484,500

$

484,500

$

484,500

$

484,500

$

484,500

$

484,500

$

484,500

$

484,500

$

484,500

$

484,500

$

484,500

$

484,500

$

484,500

$

484,500

$

Admin

37,468

$

37,468

$

37,468

$

37,468

$

37,468

$

37,468

$

37,468

$

37,468

$

37,468

$

37,468

$

37,468

$

37,468

$

37,468

$

37,468

$

37,468

$

Repairs & M

aintenance

152,779

$

152,779

$

152,779

$

152,779

$

152,779

$

152,779

$

152,779

$

152,779

$

152,779

$

152,779

$

152,779

$

152,779

$

152,779

$

152,779

$

152,779

$


59,755

$

59,755

$

59,755

$

59,755

$

59,755

$

59,755

$

59,755

$

59,755

$

59,755

$

59,755

$

59,755

$

59,755

$

59,755

$

59,755

$

59,755

$

Utilitie

s290,700

$

290,700

$

290,700

$

290,700

$

290,700

$

290,700

$

290,700

$

290,700

$

290,700

$

290,700

$

290,700

$

290,700

$

290,700

$

290,700

$

290,700

$

Insurance

76,228

$

76,228

$

76,228

$

76,228

$

76,228

$

76,228

$

76,228

$

76,228

$

76,228

$

76,228

$

76,228

$

76,228

$

76,228

$

76,228

$

76,228

$

Managem

ent

177,118

$

177,118

$

177,118

$

177,118

$

177,118

$

177,118

$

177,118

$

177,118

$

177,118

$

177,118

$

177,118

$

177,118

$

177,118

$

177,118

$

177,118

$

Misc

16,150

$

16,150

$

16,150

$

16,150

$

16,150

$

16,150

$

16,150

$

16,150

$

16,150

$

16,150

$

16,150

$

16,150

$

16,150

$

16,150

$

16,150

$

Replacem

ent R

eserves

48,450

$

48,450

$

48,450

$

48,450

$

48,450

$

48,450

$

48,450

$

48,450

$

48,450

$

48,450

$

48,450

$

48,450

$

48,450

$

48,450

$

48,450

$

Grou

nd Lease

1,487,691

$

1,487,691

$

1,487,691

$

1,487,691

$

1,487,691

$

1,487,691

$

1,487,691

$

1,487,691

$

1,487,691

$

1,487,691

$

1,487,691

$

1,487,691

$

1,487,691

$

1,487,691

$

1,487,691

$

Total Expenses

3,313,166

$

3,313,166

$

3,313,166

$

3,313,166

$

3,313,166

$

3,313,166

$

3,313,166

$

3,313,166

$

3,313,166

$

3,313,166

$

3,313,166

$

3,313,166

$

3,313,166

$

3,313,166

$

3,313,166

$

Net Ope

ratin

g Income

2,590,762

$

2,590,762

$

2,590,762

$

2,590,762

$

2,590,762

$

2,590,762

$

2,590,762

$

2,590,762

$

2,590,762

$

2,590,762

$

2,590,762

$

2,590,762

$

2,590,762

$

2,590,762

$

2,590,762

$

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

$

Perm

anent Financing

1,958,899

$

1,958,899

$

1,958,899

$

1,958,899

$

1,958,899

$

1,958,899

$

1,958,899

$

1,958,899

$

1,958,899

$

1,958,899

$

1,958,899

$

1,958,899

$

1,958,899

$

1,958,899

$

1,958,899

$

Total D

ebt 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

$

Cash Flow

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

$

19,389,008

$

-‐3,362,010

02,124,161

$

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

$

17,450,107

$

-‐750,000

0236,017.84

$

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

$

1,938,901

$

Reversion

43,179,374

$

Loan Balance

$24,233,608

Perm

anent Funding Sou

rces

Rate

Term

Amortization

DSCR

Amou

ntLTV

HCD MHP

3%55

0.42%

1.2

5,850,000

$

13.55%

BofA Fixed-‐Rate Mortgage

6.25%

1830

1.2

26,257,697

$

60.81%

32,107,697

$

74.36%

DSCR

1.20

Constructio

n Loan Repayment

30,179,312

$

Funding Ga

p(1,928,385)

$

5,850,000

$

5,825,430

$

5,800,963

$

5,776,599

$

5,752,337

$

5,728,178

$

5,704,119

$

5,680,162

$

5,656,305

$

5,632,549

$

5,608,892

$

5,585,335

$

5,561,876

$

5,538,516

$

5,515,255

$

9% T

ax-C

red

it 1

5-Ye

ar P

rofo

rma

36

12

34

56

78

910

1112

1314

1516

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

2027

2028

Income

Market R

ate Rent

4,177,701

$

4,177,701

$

4,177,701

$

4,177,701

$

4,177,701

$

4,177,701

$

4,177,701

$

4,177,701

$

4,177,701

$

4,177,701

$

4,177,701

$

4,177,701

$

4,177,701

$

4,177,701

$

4,177,701

$

Affordable Rent

1,828,200

$

1,828,200

$

1,828,200

$

1,828,200

$

1,828,200

$

1,828,200

$

1,828,200

$

1,828,200

$

1,828,200

$

1,828,200

$

1,828,200

$

1,828,200

$

1,828,200

$

1,828,200

$

1,828,200

$

Gross P

otential Incom

e6,005,901

$

6,005,901

$

6,005,901

$

6,005,901

$

6,005,901

$

6,005,901

$

6,005,901

$

6,005,901

$

6,005,901

$

6,005,901

$

6,005,901

$

6,005,901

$

6,005,901

$

6,005,901

$

6,005,901

$

Other Income

198,322

$

198,322

$

198,322

$

198,322

$

198,322

$

198,322

$

198,322

$

198,322

$

198,322

$

198,322

$

198,322

$

198,322

$

198,322

$

198,322

$

198,322

$

Vacancy Loss

300,295

$

300,295

$

300,295

$

300,295

$

300,295

$

300,295

$

300,295

$

300,295

$

300,295

$

300,295

$

300,295

$

300,295

$

300,295

$

300,295

$

300,295

$

Gross O

peratin

g Income

5,903,928

$

5,903,928

$

5,903,928

$

5,903,928

$

5,903,928

$

5,903,928

$

5,903,928

$

5,903,928

$

5,903,928

$

5,903,928

$

5,903,928

$

5,903,928

$

5,903,928

$

5,903,928

$

5,903,928

$

Expe

nses

Taxes &

Licenses

479,735

$

479,735

$

479,735

$

479,735

$

479,735

$

479,735

$

479,735

$

479,735

$

479,735

$

479,735

$

479,735

$

479,735

$

479,735

$

479,735

$

479,735

$

Labo

r484,500

$

484,500

$

484,500

$

484,500

$

484,500

$

484,500

$

484,500

$

484,500

$

484,500

$

484,500

$

484,500

$

484,500

$

484,500

$

484,500

$

484,500

$

Admin

37,468

$

37,468

$

37,468

$

37,468

$

37,468

$

37,468

$

37,468

$

37,468

$

37,468

$

37,468

$

37,468

$

37,468

$

37,468

$

37,468

$

37,468

$

Repairs & M

aintenance

152,779

$

152,779

$

152,779

$

152,779

$

152,779

$

152,779

$

152,779

$

152,779

$

152,779

$

152,779

$

152,779

$

152,779

$

152,779

$

152,779

$

152,779

$


59,755

$

59,755

$

59,755

$

59,755

$

59,755

$

59,755

$

59,755

$

59,755

$

59,755

$

59,755

$

59,755

$

59,755

$

59,755

$

59,755

$

59,755

$

Utilities

290,700

$

290,700

$

290,700

$

290,700

$

290,700

$

290,700

$

290,700

$

290,700

$

290,700

$

290,700

$

290,700

$

290,700

$

290,700

$

290,700

$

290,700

$

Insurance

76,228

$

76,228

$

76,228

$

76,228

$

76,228

$

76,228

$

76,228

$

76,228

$

76,228

$

76,228

$

76,228

$

76,228

$

76,228

$

76,228

$

76,228

$

Managem

ent

177,118

$

177,118

$

177,118

$

177,118

$

177,118

$

177,118

$

177,118

$

177,118

$

177,118

$

177,118

$

177,118

$

177,118

$

177,118

$

177,118

$

177,118

$

Misc

16,150

$

16,150

$

16,150

$

16,150

$

16,150

$

16,150

$

16,150

$

16,150

$

16,150

$

16,150

$

16,150

$

16,150

$

16,150

$

16,150

$

16,150

$

Replacem

ent R

eserves

48,450

$

48,450

$

48,450

$

48,450

$

48,450

$

48,450

$

48,450

$

48,450

$

48,450

$

48,450

$

48,450

$

48,450

$

48,450

$

48,450

$

48,450

$

Grou

nd Lease

1,488,209

$

1,488,209

$

1,488,209

$

1,488,209

$

1,488,209

$

1,488,209

$

1,488,209

$

1,488,209

$

1,488,209

$

1,488,209

$

1,488,209

$

1,488,209

$

1,488,209

$

1,488,209

$

1,488,209

$

Total Expenses

3,311,092

$

3,311,092

$

3,311,092

$

3,311,092

$

3,311,092

$

3,311,092

$

3,311,092

$

3,311,092

$

3,311,092

$

3,311,092

$

3,311,092

$

3,311,092

$

3,311,092

$

3,311,092

$

3,311,092

$

Net Ope

ratin

g Income

2,592,836

$

2,592,836

$

2,592,836

$

2,592,836

$

2,592,836

$

2,592,836

$

2,592,836

$

2,592,836

$

2,592,836

$

2,592,836

$

2,592,836

$

2,592,836

$

2,592,836

$

2,592,836

$

2,592,836

$

Debt Service

HCD MHP

429,554

$

429,554

$

429,554

$

429,554

$

429,554

$

429,554

$

429,554

$

429,554

$

429,554

$

429,554

$

429,554

$

429,554

$

429,554

$

429,554

$

429,554

$

Perm

anent Financing

1,731,143

$

1,731,143

$

1,731,143

$

1,731,143

$

1,731,143

$

1,731,143

$

1,731,143

$

1,731,143

$

1,731,143

$

1,731,143

$

1,731,143

$

1,731,143

$

1,731,143

$

1,731,143

$

1,731,143

$

Total D

ebt 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

$

Cash Flow

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

$

14,479,368

$

-‐3,362,010

0488,502

$

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

$

13,031,431

$

-‐750,000

054,278.01

$

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

$

1,447,937

$

Reversion

43,213,931

$

Loan Balance

$29,166,702

Perm

anent Funding Sou

rces

Rate

Term

Amortization

DSCR

Amou

ntLTV

B of A Con

ventioanl

6.10%

3030

1.2

5,850,000

$

13.54%

Tax-‐Exem

pt Bon

d4.75%

3540

1.2

30,750,321

$

71.16%

36,600,321

$

84.70%

DSCR

1.20

Constructio

n Loan Repayment

36,489,680

$

Funding Ga

p(110,641)

$

5,850,000

$

(169,650,000)

$

############

############

############

############

############

############

############

############

############

############

############

############

#############

HC

D M

HP

Co

ntin

gen

cy 1

5-Ye

ar P

rofo

rma

37

Uni

t Mix

Affo

rdab

le R

ents

@ 6

0% A

MI

Mar

ket-‐

Rate

Ren

tsU

nits

Sq. F

t.#

of U

nits

Tota

l Sq.

Ft.

Uni

ts#

of U

nits

Annu

al R

ent

Sq. F

tU

nits

# of

Uni

tsSq

. Ft.

Rent

Sq.

Ft.

Gros

s Ren

tsTo

tal R

ents

Studio C

600

3219,200

Studio C

0-‐

$

0Studio C

32600

2.53

1,518

$

583,047

$

1bd/1bth C

730

3223,360

1bd/1bth C

16197,760

$

11680

1bd/1bth C

16730

2.27

1,658

$

318,279

$

2bd/2bth C

1,000

6464,000

2bd/2bth C

38560,880

$

38000

2bd/2bth C

261,000

2.02

2,016

$

629,102

$

Studio A

630

6037,800

Studio A

0-‐

$

0Studio A

60630

2.53

1,594

$

1,147,874

$

1bd/1bth A

910

4036,400

1bd/1bth A

20247,200

$

18200

1bd/1bth A

20910

2.27

2,066

$

495,948

$

2bd/2bth A

1,000

2020,000

2bd/2bth A

11162,360

$

11000

2bd/2bth A

91,000

2.02

2,016

$

217,766

$

3bd/2bth A

1,426

1014,260

3bd/2bth A

10167,400

$

14260

3bd/2bth A

01,426

1.95

2,781

$

-‐$

1bd/1bth B

841

2016,820

1bd/1bth B

10123,600

$

8410

1bd/1bth B

10841

2.27

1,910

$

229,172

$

2bd/2bth B

1,150

4551,750

2bd/2bth B

25369,000

$

28750

2bd/2bth B

201,150

2.02

2,319

$

556,514

$

Tota

l32

328

3,59

0To

tal

130

1,82

8,20

0$

13

0,30

0To

tal

193

153,

290

2.27

4,17

7,70

1$

Affo

rdab

ility

Res

tric

ted

Rent

sIn

com

e &

Exp

ense

sU

nder

writ

ing

Bedr

oom

sFM

R60

% A

MI

50%

AM

I30

% A

MI

Inco

me

Amou

ntPe

r Uni

tTo

tal P

roje

ct C

ost

50,0

28,5

63$

1 bedroo

ms

1,384

1,084

903

542


e6,005,901

$

18,594

$

Value

43,213,931

$

2 bedroo

ms

1,652

1,300

1,083

650

Vacancy

300,295

$

930

$

Loan to

Value

84.4%

3 bedroo

ms

2,338

1,503

1,252

751


5,705,606

$

17,664

$

Loan to

Cost

72.9%

Other Income

198,322

$

614

$

DSCR

2.51

Util

ity A

llow

ance

sGr

oss O

pera

ting

Inco

me

5,903,928

$

18,278

$

Debt to

Yield

7.11%

Bedr

oom

sW

/o W

ater

Incl

. Wat


st5.18%

1 bedroo

ms

3954

Expe

nses

Amou

ntPe

r Uni

t2 bedroo

ms

4770

Taxes &

Licenses

479,735

$

1,485

$

Perf

orm

ance

Mea

sure

s3 bedroo

ms

76108

Labo

r484,500

$

1,500

$

LP Equity IRR %

15.14%

Admin

37,468

$

116

$

IHO IRR %

8.14%

Affo

rdab

ility

Res

tric

ted

Rent

s aft

er U

tility

Allo

wan

ces

Repairs & M

aintenance

152,779

$

473

$

Bedr

oom

sFM

R60

% A

MI

50%

AM

I30

% A

MI


59,755

$

185

$

Sum

mar

y of

Cos

ts1 bedroo

ms

1,330

1,030

849

488

Utilities

290,700

$

900

$

Cons

truc

tion

Budg

etAm

ount

2 bedroo

ms

1,582

1,230

1,013

580

Insurance

76,228

$

236

$

Land

Cost

-‐$

3 bedroo

ms

2,230

1,395

1,144

643

Managem

ent

177,118

$

548

$

Developm

ent

2,751,143

$

Misc

16,150

$

50$

City Fees

2,000,000

$

Cons

truc

tion

Fund

ing

Sour

ces

Replacem

ent R

eserves

48,450

$

150

$

Constructio

n40,103,429

$

Loan

Sum

mar

yAm

ount

Inte

rest

Grou

nd Lease

1,488,209

$

4,607

$

Operatio

nal Expenses

1,938,000

$

Tax-‐Exem

pt Bon

d30,750,321

$

2.75%

Tota

l Exp

ense

s3,311,092

$

10,251

$

Tota

l Cos

t exc

l. Fi

nanc

e46,792,572

$

Constructio

n Loan

5,739,359

$

3.25%

Tota

l Loa

ns36,489,680

$

2.83%

Net

Ope

ratin

g In

com

e2,592,836

$

8,027

$

Fina

nce

Cost

sAm

ount

Constructio

n Loan Interest

2,322,367

$

Equi

ty S

umm

ary

Amou

ntDe

bt S

ervi

ce1,032,163

$

3,196

$

Financing Co

sts

913,625

$


6,836,873

$

Tota

l Fin

ance

Cha

rges

3,235,992

$

Irvine Ho

using Trust G

rant

2,000,000

$

Cash

Flo

w1,560,673

$

4,832

$

Irvine HO

ME Funds

400,000

$

Varia

bles

Tota

l Pro

ject

Cos

t50

,028

,563

$ Prop

49 Grant

190,000

$

Vacancy

5%Finance Ch

arges

1.25%

LP Equity

3,362,010

$

Inflatio

n0%

Debt Loan to Cost

75.0%

Publ

ic S

ubsi

tdy

IHO Equity

750,000

$

Bond

LTV

71%

Developer Fee

2,001,143

$

Per U

nit P

ublic Subsid

y72,514

$

Tota

l Equ

ity13,538,883

$

Tax-‐Credit

3.18%

Tax-‐Credit Yield

100%

Tota

l Pub

lic S

ubsi

dy9,

426,

873

$

GAP

(110

,641

)Stabilizatio

n12

Constructio

n Time

15Cap Rate

6.00%

Investor Equ

ity3,362,010

$

HC

D M

HP

Co

ntin

gen

cy C

ons

truc

tio

n P

rofo

rma

38

The Park at Irvine Spectrum Center AVG Rent Sq. Ft.Unit Sq. Ft. Gross Rent Rent Sq. Ft. Studios 2.53Studios 607 1515 2.50 1bd/1bth 2.27

AVG RPSF 2.50 2bd/2bth 2.021bd/1bth 794 1935 2.44

793 1900 2.40 Studio 600-‐630816 1885 2.31 1 bed 730-‐910827 2060 2.49 2 bed 1000-‐1150856 1805 2.11769 1790 2.33710 1735 2.44766 1695 2.21

AVG RPSF 2.342bd/2bth 996 2060 2.07

1030 2160 2.101146 2185 1.911068 2245 2.101083 2265 2.09

AVG RPSF 2.05

Esperanza Apartments HomesUnit Sq. Ft. Gross Rent Rent Sq. Ft.1bd/1bth 714 1565 2.19

796 1785 2.24AVG RPSF 2.22

2bd/2bth 1026 2090 2.041034 1895 1.831056 2110 2.001115 2205 1.98

AVG RPSF 1.96

The Village at Irvine Spectrium CenterUnit Sq. Ft. Gross Rent Rent Sq. Ft.Studios 563 1490 2.65

624 1555 2.49AVG RPSF 2.57

1bd/1bth 723 1625 2.25749 1695 2.26

AVG RPSF 2.262bd/2bth 943 1945 2.06

1136 2260 1.991045 2145 2.051032 2115 2.05

AVG RPSF 2.04

Rent Comparables

39

USE

DES

CR

IPTI

ON

DES

CR

IPTI

ON

REM

AR

KS

SQU

AR

E FE

ETC

OST

P.S

.F.

TOTA

LD

emol

ition

Exis

ting

Stru

ctur

e an

d Pa

rkin

gIn

cl A

sbes

tos/

Lead

Aba

tem

ent,

Excl

Soi

ls R

emed

iatio

n0

0.00

Site

wor

k - O

ff-Si

teU

tiliti

es a

nd S

treet

Impr

ovem

ents

Util

ity L

ater

als,

Sid

ewal

k an

d D

rivew

ays

283,

590

4.00

1,13

4,36

0.00

Site

wor

k - O

n-Si

te C

ourt

yard

sC

ourty

ards

and

Lan

dsca

ping

Land

scap

ing,

Pla

nter

s, S

ite F

urni

ture

, Sw

imm

ing

Pool

283,

590

10.0

02,

835,

900.

00Si

tew

ork

- On-

Site

Per

imet

erPe

rimet

er L

ands

capi

ngPe

rimet

er L

ands

capi

ng a

nd F

latw

ork

283,

590

5.00

1,41

7,95

0.00

Park

ing

Gar

age

- 2 L

evel

s (T

ype

I)Po

dium

Stru

ctur

eSe

mi-E

ffici

ent /

354

s.f.

Per

Sta

ll65

,664

55.0

03,

611,

520.

00R

esid

entia

l Uni

ts -

5 Le

vels

(Typ

e III

-Mod

)32

3 U

nits

, Lux

ury

Fini

shes

878

s.f.

Aver

age

(92

- Stu

dio,

92-

1 B

edrm

, 129

- 2

Bedr

m, 1

0 - 3

bedr

m)

283,

590

90.0

025

,523

,100

.00

Res

iden

tial C

irc -

5 Le

vels

(Typ

e III

-Mod

)C

orrid

ors,

Ele

vato

rs &

Sta

irwel

ls15

% o

f Net

Ren

tabl

e42

,539

90.0

03,

828,

465.

00Tr

ash

Roo

ms

- 5 L

evel

s (T

ype

III-M

od)

Res

iden

t Lev

el R

1,R

2,R

3,R

4St

anda

rd C

lean

able

Fin

ishe

s2,

000

80.0

016

0,00

0.00

Loun

geG

roun

d Le

vel

Land

scap

ing,

Pla

nter

s, S

ite F

urni

ture

10,0

0010

0.00

1,00

0,00

0.00

Leas

ing

Offi

ces

(Typ

e III

Mod

)R

esid

ent L

evel

R1

Upg

rade

d Fi

nish

es, E

xclu

des

Furn

iture

and

Equ

ipm

ent

2,78

411

0.00

306,

240.

00Fi

tnes

s R

oom

(Typ

e III

Mod

)R

esid

ent L

evel

R1

Upg

rade

d Fi

nish

es, E

xclu

des

Furn

iture

and

Equ

ipm

ent

1,00

012

0.00

120,

000.

00R

etai

l Spa

ce (T

ype

III-M

od)

Res

iden

t Lev

el R

1Sh

ell F

inis

h, In

clud

es U

tility

Stu

bs to

Spa

ce(s

)0

80.0

00.

00

Pave

d Su

rfac

e A

reas

Park

ing

and

Roa

dway

sAs

phal

t55

,298

316

5,89

4.00

TOTA

L40

,103

,429

.00

NET

REN

TAB

LE A

REA

- R

ESID

ENTI

AL

283,

590

CO

ST P

ER N

ET R

ENTA

BLE

SQ

UA

RE

FOO

T14

1.41

QU

ALI

FIC

ATIO

NS:

1. C

onst

ruct

ion

Dur

atio

n: S

ubst

antia

l Com

plet

ion

= 18

Mon

ths,

Fin

al C

ompl

etio

n =

20 M

onth

s (E

xclu

des

Wea

ther

Del

ays)

2. I

nclu

des

Four

Per

cent

(4%

) Gen

eral

Con

ditio

ns F

ee (I

ndire

cts)

3. I

nclu

des

Six

Perc

ent (

6%) O

verh

ead

and

Prof

it Fe

e

4. E

xclu

des

Paym

ent a

nd P

erfo

rman

ce B

ond

and

Build

er's

Ris

k In

sura

nce

5. E

xclu

des

Haz

ardo

us S

oils

and

Was

te H

andl

ing,

Dum

ping

and

Hau

ling

120,

962.

006.

Exc

lude

s D

e-W

ater

ing

of A

ny K

ind

403.

217.

Exc

lude

s FF

&E

Emeral Pacific C

onstruction Bu

dget

Co

nstr

ucti

on

Bud

get

VILLAGE STATION 40

Construction Letter

40


Sounds like you have a structure that’s financeable at current rates. It’s 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 don’t think that there’s any $$ left in MHP) but perhaps some developer had to return a commitment and there’s a bit left over for your deal…. You might want to vet this with a contact at HCD. A review committee may ask questions about this, b/c my understanding is there’s no MHP $$ left. I’m sorry I don’t have time to issue a letter, and would want to model the deal internally before I issue a letter (which I don’t have time to do this week). But it’s 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:[email protected]] 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)

Finance Review

42

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

Finance Review

VILLAGE STATION

43

1 Civic Center Plaza Irvine, CA 92606 (949) 724-7440

May 10, 2012

Mr. Jared RiemerIrvine Community BuildersIrvine Housing OpportunitiesVillage Station LLC202 Social Ecology IIrvine, California 92697-7075

Dear Mr. Riemer:

Re: Village Station Project Ground Lease

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: Irvine Community Land Trust

Lessee: Irvine Community Builders and Irvine Housing Opportunities

Term: 55 years with two 22 year extensions, which extensions may be approvedin the sole and absolute discretion of the Irvine Community Land Trust

Payments: Monthly once the development has attained positive cash flow as detailed in the project pro forma.

Rent: 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

FOR ACADEMIC PURPOSES ONLY

44VILLAGE STATION

February 10, 2012 Version 39 Points System 5/13/12

(ii) Universal Design. Project design incorporates the principles of Universal Design in at 1 Pointleast 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 1 Pointsections of buildings. Nonsmoking sections must consist of at least half the unitswithin the building, and those units must be contiguous.

(iv) Historic Preservation. The project proposes to incorporate historic tax credits. 1 Point

(v) Qualified Census Tract (QCT). The project is located within a QCT and the development 2 Pointswould contribute to a concerted community revitalization plan as demonstrated by a letterfrom a local government official.

Total Points for Miscellaneous Federal and State Policies:

A. Cost Efficiency, Credit Reduction, & Public FundsA(1) Cost EfficiencyA(2) Credit ReductionA(3) Public Funds

B. General Partner & Management Company Experience

A(1) General Partner ExperienceA(2) Management Company Experience

C. Housing Needs D. Site & Service Amenities

D(1) Site Amenities D(2) Service Amenities

E. Sustainable Building Methods F. Lowest Income & 10% of Units Restricted @ 30% AMI

F(1) Lowest Income F(2) 10% of Units Restricted @ 30% AMI

G. Readiness to Proceed H. Miscellaneous Federal and State Policies*Negative Points (if any, please enter amount:)

N/A

N/A

Yes

Yes

VI. POINTS SYSTEM - SECTION 2: POINTS SYSTEM SUMMARY

146.0

10

9

2

9

1025

15

3

25

9

25

20

20

0

50

2

2

NO MAX

2022

10

50

1010

20

500

20200

MAXIMUM POINTS

0

6

10

50 5210

310

15

6

202020

APPLICANT POINTS

20

TOTALPOINTS

*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.

(Do Not Submit An Application If You Do Not Have The Minimum Points Required)

Total Points:

Total Possible Points: 148, Minimum Points Required: 123

9% Tax Credit Points

BANK OF AMERICA LOW INCOME HOUSING CHALLENGE 201245February 10, 2012 Version 39 Points System 5/13/12

(ii) Universal Design. Project design incorporates the principles of Universal Design in at 1 Pointleast 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 1 Pointsections of buildings. Nonsmoking sections must consist of at least half the unitswithin the building, and those units must be contiguous.

(iv) Historic Preservation. The project proposes to incorporate historic tax credits. 1 Point

(v) Qualified Census Tract (QCT). The project is located within a QCT and the development 2 Pointswould contribute to a concerted community revitalization plan as demonstrated by a letterfrom a local government official.

Total Points for Miscellaneous Federal and State Policies:

A. Cost Efficiency, Credit Reduction, & Public FundsA(1) Cost EfficiencyA(2) Credit ReductionA(3) Public Funds

B. General Partner & Management Company Experience

A(1) General Partner ExperienceA(2) Management Company Experience

C. Housing Needs D. Site & Service Amenities

D(1) Site Amenities D(2) Service Amenities

E. Sustainable Building Methods F. Lowest Income & 10% of Units Restricted @ 30% AMI

F(1) Lowest Income F(2) 10% of Units Restricted @ 30% AMI

G. Readiness to Proceed H. Miscellaneous Federal and State Policies*Negative Points (if any, please enter amount:)

N/A

N/A

Yes

Yes

VI. POINTS SYSTEM - SECTION 2: POINTS SYSTEM SUMMARY

96.0

10

9

2

9

1025

15

3

25

9

25

20

20

0

0

2

2

NO MAX

2022

10

50

1010

20

00

20200

MAXIMUM POINTS

0

6

10

0 5210

310

15

6

202020

APPLICANT POINTS

20

TOTALPOINTS

*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.

(Do Not Submit An Application If You Do Not Have The Minimum Points Required)

Total Points:

Total Possible Points: 148, Minimum Points Required: 123

4% Tax Credit Points

Gre

enPo

int R

ated

Che

cklis

t: M

ultif

amily

Community

Energy

Health/IAQ

Resources

Water

177

3167

1425

40RE

QUI

RED:

ENT

ER F

LOO

R AR

EAS

AND

LAND

SCAP

ED A

REA

BEFO

RE B

EGIN

NING

CHE

CKLI

STEn

ter T

otal

Con

ditio

ned

Floo

r Are

a of

the

Proj

ect:

8411

46

305

63

Ente

r Tot

al N

on-R

esid

entia

l Flo

or A

rea

of P

roje

ct:

0Pe

rcen

t of P

roje

ct D

edic

ated

to R

esid

entia

l Use

100%

Perc

enta

ge o

f Site

Ded

icat

ed to

Lan

dsca

ping

34%

Points Achieved

Community

Energy

IAQ/Health

Resources

Water

Note

sAA

. CO

MM

UNIT

Y DE

SIG

N AN

D PL

ANNI

NG

Yes

11

477

10

No

01

No

01

No

01

No

01

No

01

No

01

3

TIE

R 1

: Ent

er n

umbe

r of s

ervi

ces

with

in ½

Mile

:

1) D

ay C

are

2) C

omm

unity

Cen

ter

4) D

rug

Stor

e5)

Res

taur

ant

7) L

ibra

ry8)

Far

mer

's M

arke

t

The

Gre

enPo

int R

ated

che

cklis

t tra

cks

gree

n fe

atur

es in

corp

orat

ed in

to th

e ho

me.

A h

ome

is o

nly

Gre

enPo

int

Rate

d if

all f

eatu

res

are

verif

ied

by a

Cer

tifie

d G

reen

Poin

t Rat

er th

roug

h Bu

ild It

Gre

en. G

reen

Poin

t Rat

ed

is p

rovi

ded

as a

pub

lic s

ervi

ce b

y Bu

ild It

Gre

en, a

pro

fess

iona

l non

-pro

fit w

hose

mis

sion

is to

pro

mot

e he

alth

y,

ener

gy a

nd re

sour

ce e

ffici

ent b

uild

ings

in C

alifo

rnia

. Th

e m

inim

um re

quire

men

ts fo

r a G

reen

Poin

t Rat

ed h

ome

are:

Ear

n a

tota

l of 5

0 po

ints

or m

ore;

obt

ain

the

follo

wing

min

imum

poi

nts

per c

ateg

ory:

Com

mun

ity (6

), En

ergy

(30)

, Ind

oor A

ir Q

ualit

y/H

ealth

(5),

Res

ourc

es (6

), an

d W

ater

(3);

and

mee

t the

pre

requ

isite

s A2

a, E

2a, H

4a. (

for 2

008

perm

itted

pro

ject

s), J

1a, N

1. a

nd Q

0.

This

che

cklis

t acc

omm

odat

es th

e ve

rific

atio

n of

man

dato

ry C

ALG

reen

mea

sure

s bu

t doe

s no

t sig

nify

com

plia

nce

unle

ss a

ccep

ted

by ju

risdi

ctio

nal a

utho

rity.

All

CAL

Gre

en m

easu

res

with

in th

e ch

eckl

ist m

ust b

e se

lect

ed a

s "Y

es" o

r "n/

a" fo

r com

plia

nce

with

Gre

enPo

int R

ated

. Bu

ild It

Gre

en is

not

a c

ode

enfo

rcem

ent a

genc

y.

The

gree

n bu

ildin

g pr

actic

es li

sted

bel

ow a

re d

escr

ibed

in th

e G

reen

Poin

t Rat

ed M

ultif

amily

R

atin

g M

anua

l. Fo

r mor

e in

form

atio

n pl

ease

vis

it w

ww

.bui

lditg

reen

.org

/gre

enpo

intra

ted.

Mul

tifam

ily N

ew H

ome

2.2

/ 200

8 Ti

tle 2

4

d. B

uild

on

Des

igna

ted

Brow

nfie

ld S

ite o

r City

-Des

igna

ted

Red

evel

opm

ent A

rea

a. S

ite h

as P

edes

trian

Acc

ess

With

in ½

Mile

of C

omm

unity

Ser

vice

s:

10) C

onve

nien

ce S

tore

Whe

re M

eat &

Pro

duce

are

Sol

d

d. P

rovi

de S

ecur

e Bi

cycl

e St

orag

e fo

r 5%

of N

on-R

esid

entia

l Ten

ant E

mpl

oyee

s &

Visi

tors

9) A

fter S

choo

l Pro

gram

s

3) P

ublic

Par

k6)

Sch

ool

Villa

ge S

tatio

n

1. D

evel

op In

fill S

ites

3. A

ltern

ativ

e Tr

ansp

orta

tion

a. P

roje

ct is

an

Urb

an In

fill D

evel

opm

ent

2. D

esig

n fo

r Wal

king

& B

icyc

ling

a. S

idew

alks

Are

Buf

fere

d fro

m R

oadw

ays

& Ar

e 5

Feet

Wid

e (8

Fee

t in

Ret

ail A

reas

)b.

Inst

all T

raffi

c C

alm

ing

Stra

tegi

es

b. C

onse

rve

Res

ourc

es b

y In

crea

sing

Den

sity

-15

Uni

ts P

er A

cre

or G

reat

er (1

Poi

nt fo

r

eve

ry a

dditi

onal

5 d

wellin

g un

its/a

cre)

Ent

er P

roje

ct D

ensi

ty N

umbe

r (In

du/

acre

)c.

Pro

ject

Incl

udes

the

Red

evel

opm

ent o

f At L

east

One

Exis

ting

Build

ing

c. P

rovi

de D

edic

ated

, Cov

ered

& S

ecur

e Bi

cycl

e St

orag

e fo

r 15%

of R

esid

ents

Poss

ible

Poi

nts

Poss

ible

Poi

nts

Tota

l Tar

gete

d Po

ints

:

31

14

25

40

6

30

56

3

© B

uild

It G

reen

Mul

tifam

ily C

heck

list v

ersi

on 2

.2/1

.9

46VILLAGE STATION

Points Achieved

Community

Energy

IAQ/Health

Resources

Water

Note

s

Villa

ge S

tatio

n

1

TIE

R 2

: Ent

er n

umbe

r of s

ervi

ces

with

in ½

Mile

:1)

Ban

k2)

Pla

ce o

f Wor

ship

4) H

ardw

are

5) T

heat

er/E

nter

tain

men

t7)

Pos

t Offi

ce8)

Sen

ior C

are

Faci

lity

10) H

air C

are

11) C

omm

erci

al O

ffice

or

Maj

or E

mpl

oyer

01

01

Yes

11

Yes

11

Yes

11

No

01

No

01

No

01

Yes

11

No

01

Yes

11

No

01

No

01

No

02

Yes

11

No

02

No

01

No

01

No

01

ii. 8

0% o

f Uni

ts

i. 5

Ser

vice

s Li

sted

Abo

ve (T

ier 2

Ser

vice

s C

ount

as

1/2

Serv

ice

Valu

e)ii.

10 S

ervi

ces

List

ed A

bove

(Tie

r 2 S

ervi

ces

Cou

nt a

s 1/

2 Se

rvic

e Va

lue)

b. P

roxim

ity to

Pub

lic T

rans

it: D

evel

opm

ent i

s Lo

cate

d W

ithin

a. In

clud

e U

nive

rsal

Des

ign

Prin

cipl

es in

Uni

ts8.

Ada

ptab

le B

uild

ings

ii. L

ess

than

1.0

Par

king

Spa

ces

Per U

nit

12) F

ull S

cale

Sup

erm

arke

t9)

Med

ical

/Den

tal

3) L

aund

ry/C

lean

ers

6) F

itnes

s/G

ym

6. D

esig

n fo

r Saf

ety

and

Vand

alis

m D

eter

renc

e

7. P

assi

ve S

olar

Des

ign

b. H

alf o

f the

Non

-Res

iden

tial F

loor

Spa

ce is

Ded

icat

ed to

Com

mun

ity S

ervi

ces

(S

ee A

A3a)

a. P

rivat

e or

Sem

i-Pub

lic O

utdo

or G

athe

ring

Plac

es fo

r Res

iden

ts (M

inim

um o

f 50

sf P

er

U

nit)

(mut

ually

exc

lusi

ve w

ith A

A5b)

5. O

utdo

or G

athe

ring

Plac

es

a. A

t lea

st 2

% o

f Dev

elop

men

t Flo

or S

pace

Sup

ports

Mixe

d-U

se (N

on-R

esid

entia

l

Ten

ants

)

b. A

ll M

ain

Entra

nces

to th

e Bu

ildin

g an

d Si

te a

re P

rom

inen

t and

Vis

ible

from

the

Stre

et

a. R

esid

ence

Ent

ries

Hav

e Vi

ews

to C

alle

rs (W

indo

ws o

r Dou

ble

Peep

Hol

es) &

Can

Be

S

een

By N

eigh

bors

c. P

ublic

Out

door

Gat

herin

g Pl

aces

hav

e D

irect

Acc

ess

to A

t Lea

st T

wo

Tier

1 C

omm

unity

Ser

vice

s (S

ee A

A3a)

a. P

rovi

de A

ppro

pria

te O

rient

atio

n fo

r Max

imum

Ene

rgy

Effic

ienc

y

b. L

ive/

Wor

k U

nits

Incl

ude

A D

edic

ated

Com

mer

cial

Ent

ranc

e

i. 1/

4 M

ile o

f One

Pla

nned

or C

urre

nt B

us L

ine

Stop

c. R

educ

ed P

arki

ng C

apac

ityi.

Less

than

1.5

Par

king

Spa

ces

Per U

nit

ii. 1

/2 M

ile o

f a M

ajor

Tra

nsit

Stop

(Com

mut

er T

rain

/Lig

ht R

ail T

rans

it Sy

stem

OR

Tw

o

or M

ore

Plan

ned/

Cur

rent

Bus

Lin

e St

ops

b. O

utdo

or G

athe

ring

Plac

e of

Com

pact

Site

Pro

vide

s N

atur

al E

lem

ents

(mut

ually

exc

lusi

ve w

ith A

A5a)

(Pro

ject

s M

ust B

e a

Min

imum

of 5

0 du

/acr

e)

b. P

rovi

de A

ppro

pria

te S

hadi

ng O

n Al

l Sou

th-F

acin

g W

indo

ws fo

r Effe

ctiv

e Pa

ssiv

e So

lar

C

ontro

l

c. P

rovi

de T

herm

al M

ass

i. 50

% o

f Uni

ts

4. M

ixed

-Use

Dev

elop

men

ts

© B

uild

It G

reen

Mul

tifam

ily C

heck

list v

ersi

on 2

.2/1

.9


Points Achieved

Community

Energy

IAQ/Health

Resources

Water

Note

s

Villa

ge S

tatio

n

Yes

11

Yes

11

No

01

Yes

11

No

01

17A.

SIT

E

Yes

21

1N

o0

1

Yes

YR

Yes

22

Yes

22

Yes

11

Yes

11

No

01

Yes

11

9B.

LAN

DSCA

PE

Yes

Yes

22

Yes

22

Yes

11

Yes

11

Yes

33

b. L

imit

and

Del

inea

te C

onst

ruct

ion

Foot

prin

t for

Max

imum

Pro

tect

ion

9. A

fford

abili

tya.

Uni

ts a

re D

edic

ated

to H

ouse

hold

s M

akin

g 80

% o

r Les

s of

AM

I

c. A

t lea

st 2

0% o

f Uni

ts a

t 120

% o

r Les

s of

AM

I are

For

-Sal

e

b. D

evel

opm

ent I

nclu

des

Mul

tiple

Bed

room

Uni

ts

(M

inim

um o

f 2 3

-Bdr

m U

nits

At o

r Les

s Th

an 8

0% A

MI)

iii. 5

0% o

r Mor

eii.

25%

5. C

ool S

ite: R

educ

e He

at Is

land

Effe

ct o

n Si

te

a. P

rote

ct T

opso

il an

d R

euse

Afte

r Con

stru

ctio

n

1. L

ands

capi

ng

b. F

ull e

nviro

nmen

tal q

ualit

y m

anag

emen

t pla

n an

d pr

e-oc

cupa

ncy

flush

out

is c

ondu

cted

(P

rere

quis

ite is

A5a

)

1. P

rote

ct T

opso

il an

d M

inim

ize

Disr

uptio

n of

Exi

stin

g Pl

ants

& T

rees

i. 10

% o

f All

Uni

ts

iii. 7

5% o

f Pla

nts

are

Dro

ught

-tole

rant

, Cal

iforn

ia N

ativ

es, M

edite

rrane

an o

r Oth

er

A

ppro

pria

te S

peci

es

b. M

ulch

All

Plan

ting

Beds

to th

e G

reat

er o

f 3 In

ches

or L

ocal

Wat

er O

rdin

ance

R

equi

rem

ent

ii. N

o Pl

ant S

peci

es w

ill R

equi

re S

hear

ing

i. N

o In

vasi

ve S

peci

es L

iste

d by

Cal

-IPC

Are

Pla

nted

c. C

onst

ruct

Res

ourc

e-Ef

ficie

nt L

ands

cape

s

Tota

l Ava

ilabl

e Po

ints

in C

omm

unity

Des

ign

and

Plan

ning

: 42

a. D

uct o

peni

ngs

and

othe

r rel

ated

air

dist

ribut

ion

com

pone

nt o

peni

ngs

shal

l be

cove

red

durin

g co

nstru

ctio

n. (C

ALG

reen

cod

e if

appl

icab

le)

Tota

l Ava

ilabl

e Po

ints

in S

ite: 1

1

2. D

iver

t/Rec

ycle

Job

Site

Con

stru

ctio

n W

aste

(Inc

ludi

ng G

reen

Was

te a

nd E

xist

ing

S

truct

ures

)

Poss

ible

Poi

nts

Poss

ible

Poi

nts

a. R

equi

red:

Div

ert 5

0% (b

y we

ight

) of A

ll C

onst

ruct

ion

& D

emol

ition

Was

te (R

ecyc

ling

o

r Reu

se) (

CAL

Gre

en c

ode)

b. D

iver

t 100

% o

f Asp

halt

and

Con

cret

e an

d 65

% (b

y we

ight

) of R

emai

ning

Mat

eria

lsc.

Div

ert 1

00%

of A

spha

lt an

d C

oncr

ete

and

80%

(by

weig

ht) o

f Rem

aini

ng M

ater

ials

3. C

onst

ruct

ion

Envi

ronm

enta

l Qua

lity

Man

agem

ent P

lan,

Duc

t Sea

ling,

and

Pre

-Occ

upan

cy F

lush

-Out

[*Th

is c

redi

t is

a re

quire

men

t ass

ocia

ted

with

PJ1

: EPA

IAP]

4. U

se R

ecyc

led

Cont

ent A

ggre

gate

(Min

imum

25%

)

a. G

roup

Pla

nts

by W

ater

Nee

ds (H

ydro

zoni

ng)

Is th

e la

ndsc

ape ≥

10%

of t

he s

ite a

rea?

Site

s w

ith le

ss th

an 1

0% o

f the

tota

l site

are

a de

dica

ted

to la

ndsc

apin

g ca

n on

ly e

arn

up to

4 p

oint

s fo

r mea

sure

B1a

thro

ugh

B1g.

Cal

cula

te th

e la

ndsc

ape

area

per

cent

age

by d

ivid

ing

the

land

scap

e ar

ea b

y th

e to

tal s

ite a

rea.

Incl

ude

the

build

ing

foot

prin

t(s) a

nd a

ll ot

her d

evel

oped

por

tions

of t

he s

ite u

p to

the

site

bou

ndar

y.

© B

uild

It G

reen

Mul

tifam

ily C

heck

list v

ersi

on 2

.2/1

.9

48VILLAGE STATION

Points Achieved

Community

Energy

IAQ/Health

Resources

Water

Note

s

Villa

ge S

tatio

n

Yes

22

Yes

22

Yes

22

Yes

33

Yes

33

Yes

11

Yes

11

Yes

11

No

02

No

04

Yes

11

Yes

11

Yes

11

27C.

DES

IGN

CONS

IDER

ATIO

NS

Yes

11

Yes

11

Yes

11

Yes

11

Yes

01

Yes

00.

5Ye

s0

0.5

Yes

00.

5Ye

s0

0.5

No

02

No

01

No

01

Yes

21

1

Yes

22

Yes

21

1

2. M

ixed

-Use

Des

ign

Stra

tegi

es

b. C

onst

ruct

ion

Phas

e (P

erfo

rm F

unct

iona

l Tes

ting)

3) A

irbor

ne a

nd S

truct

ure-

born

e N

oise

Red

uctio

n (e

.g.,

walls

, flo

or-c

eilin

gs)

c. S

epar

ate

Mec

hani

cal a

nd P

lum

bing

Sys

tem

s3.

Com

mis

sion

ing

4) M

echa

nica

l Ven

tilat

ion

Noi

se a

nd V

ibra

tion

Con

trol

4) M

ixed-

Use

Noi

se a

nd V

ibra

tion

Red

uctio

n

a. D

esig

n Ph

ase

(Def

ine

Own

er's

Proj

ect R

equi

rem

ents

, Bas

is o

f Des

ign,

and

Dev

elop

P

lan)

g. D

esig

n La

ndsc

ape

to M

eet W

ater

Bud

get

TIER

1:

1) E

xter

ior N

oise

Red

uctio

n2)

Lou

d Si

ngle

-Eve

nt N

oise

Red

uctio

n in

Noi

se-S

ensi

tive

Spac

es

ii. In

stal

l Irri

gatio

n Sy

stem

Tha

t Will

Be O

pera

ted

at <

50%

Ref

eren

ce E

T

(B1a

., B1

b. a

nd B

1ei.

or B

1eii.

are

Pre

requ

isite

s fo

r Cre

dit)

Tota

l Ava

ilabl

e Po

ints

in L

ands

cape

: 33

a. U

se R

ecyc

led

Wat

er fo

r Ind

oor a

nd/o

r Out

door

Wat

er U

se

i. In

stal

l Irri

gatio

n Sy

stem

Tha

t Will

Be O

pera

ted

at <

70%

Ref

eren

ce E

T

(B1a

. and

B1b

. are

Pre

requ

isite

s fo

r Cre

dit)

ii. S

yste

m H

as S

mar

t (W

eath

er-b

ased

) Con

trolle

r (C

ALG

reen

cod

e if

appl

icab

le)

d. M

inim

ize

Turf

in L

ands

cape

Inst

alle

d by

Bui

lder

ii. T

urf I

s ≤

25%

of L

ands

cape

d Ar

ea

i. Sy

stem

Use

s O

nly

Low-

Flow

Drip

, Bub

bler

s or

Spr

inkl

ers

f. In

corp

orat

e Tw

o In

ches

of C

ompo

st in

the

Top

6 to

12

Inch

es o

f Soi

l

Poss

ible

Poi

nts

2. S

ourc

e W

ater

Effi

cien

cyh.

Inco

rpor

ate

Com

mun

ity G

arde

n

b. E

nviro

nmen

tally

Pre

fera

ble

Exte

rior S

ite F

urni

shin

gs

1. A

cous

tics:

Noi

se a

nd V

ibra

tion

Cont

rol

(m

inim

um 2

poi

nts

for c

redi

t, in

clud

ing

1 Ti

er 1

mea

sure

, max

imum

of 4

poi

nts)

c. P

ost-C

onst

ruct

ion

Phas

e (V

erify

Com

plia

nce,

Com

mis

sion

ing

Rep

ort,

Trai

ning

and

W

arra

nty

Rev

iew)

2) M

inim

ize

Floo

r Squ

eaks

5) P

lum

bing

Noi

se a

nd V

ibra

tion

Red

uctio

n

e. In

stal

l Hig

h-Ef

ficie

ncy

Irrig

atio

n Sy

stem

s

i. Tu

rf Sh

all N

ot B

e In

stal

led

on S

lope

s Ex

ceed

ing

10%

and

No

Ove

rhea

d Sp

rinkl

ers

In

stal

led

in A

reas

Les

s th

an 8

Fee

t Wid

e

TIER

2:

1) M

inim

ize

Stai

r Im

pact

Noi

se

a. D

evel

op G

reen

Ten

ant I

mpr

ovem

ent R

equi

rem

ents

for B

uild

Out

sb.

Com

mer

cial

Loa

ding

Are

a Se

para

ted

from

Res

iden

tial a

rea

3) M

inim

ize

Tras

h C

hute

Noi

se

b. U

se R

ainw

ater

for I

ndoo

r and

/or O

utdo

or W

ater

Use

a. P

lay

Stru

ctur

es &

Sur

face

s H

ave

an A

vera

ge R

ecyc

led

Con

tent

≥20

%3.

Out

door

Pla

y St

ruct

ures

and

Out

door

Fur

nitu

re

4. R

educ

e Li

ght P

ollu

tion

by S

hiel

ding

Fix

ture

s an

d Di

rect

ing

Ligh

t Dow

nwar

d

© B

uild

It G

reen

Mul

tifam

ily C

heck

list v

ersi

on 2

.2/1

.9


Points Achieved

Community

Energy

IAQ/Health

Resources

Water

Note

s

Villa

ge S

tatio

n

10D.

FO

UNDA

TIO

N, S

TRUC

TURA

L FR

AME

& BU

ILDI

NG E

NVEL

OPE

≥20%

23

No

01

1

No

01

No

06

Yes

11

Yes

11

Yes

11

Yes

11

Yes

11

Yes

11

Yes

11

Yes

11

Yes

11

No

01

No

04

No

02

No

01

No

02

No

02

No

01

11E.

EXT

ERIO

R

No

02

Yes

11

Yes

YR

Yes

11

No

04

2F.

INSU

LATI

ON

4. U

se E

ngin

eere

d Lu

mbe

r

d. E

ngin

eere

d or

Fin

ger-J

oint

ed S

tuds

for V

ertic

al A

pplic

atio

ns

2. D

urab

le R

oofin

g O

ptio

nsa.

Req

uire

d: A

ll R

oofin

g H

as 3

-Yea

r Sub

cont

ract

or W

arra

nty

and

a 20

-Yea

r Man

ufac

ture

r W

arra

nty

c. R

oofs

a. In

stal

l a R

ain

Scre

en W

all S

yste

m1.

Dra

inag

e Pl

anes

and

Dur

able

Sid

ing

b. U

se D

urab

le a

nd N

on-C

ombu

stib

le S

idin

g M

ater

ials

a. E

ngin

eere

d Be

ams

and

Hea

ders

iii. U

se O

nly

Crip

ple

Stud

s R

equi

red

for L

oad

3. V

eget

ated

Roo

f (2

poin

ts fo

r 25%

, 4 p

oint

s fo

r 50%

)

b. W

alls

Tota

l Ava

ilabl

e Po

ints

in F

ound

atio

n, S

truct

ural

Fra

me

& Bu

ildin

g En

velo

pe: 3

4

8. U

se S

olid

Wal

l Sys

tem

s (In

clud

es S

IPS,

ICFs

, & A

ny N

on-S

tick

Fram

e

Ass

embl

y)

b. M

odul

ar C

ompo

nent

s ar

e D

eliv

ered

Ass

embl

ed to

the

Proj

ect (

Min

imum

25%

)

7. E

nerg

y He

els

on R

oof T

russ

es fo

r Low

-Ris

e Pr

ojec

ts

f. O

rient

ed S

trand

Boa

rd fo

r Wal

l and

Roo

f She

athi

ng

6. U

se F

SC-C

ertif

ied

Woo

d a.

Dim

ensi

onal

Lum

ber,

Stud

s an

d Ti

mbe

r (M

inim

um 4

0%)

c. E

ngin

eere

d Lu

mbe

r for

Roo

f Raf

ters

b. W

ood

I-Joi

sts

or W

eb T

russ

es fo

r Flo

ors

ii. D

oor &

Win

dow

Hea

ders

Siz

ed fo

r Loa

d

e. O

rient

ed S

trand

Boa

rd fo

r Sub

floor

5. In

sula

ted

Head

ers

b. P

anel

Pro

duct

s (M

inim

um 4

0%)

b. U

se D

urab

le a

nd F

ire R

esis

tant

Roo

fing

Mat

eria

ls o

r Ass

embl

y

Poss

ible

Poi

nts

Tota

l Ava

ilabl

e Po

ints

in E

xter

ior:

8Po

ssib

le P

oint

s

Poss

ible

Poi

nts

3. C

onst

ruct

ion

Mat

eria

l Effi

cien

cies

a. W

all a

nd F

loor

Ass

embl

ies

(exc

ludi

ng s

olid

wal

l ass

embl

ies)

are

Del

iver

ed P

anel

ized

fro

m S

uppl

ier (

Min

imum

of 8

0% s

quar

e fe

et)

1. R

epla

ce P

ortla

nd C

emen

t in

Conc

rete

with

Rec

ycle

d Fl

y As

h an

d/or

Sla

g

(Min

imum

20%

)

Tota

l Ava

ilabl

e Po

ints

in D

esig

n C

onsi

dera

tions

: 14

2. D

esig

n, B

uild

and

Mai

ntai

n St

ruct

ural

Pes

t and

Rot

Con

trols

(for

low

-

rise

pro

ject

s)

a. F

loor

s

i. St

uds

at 2

4 In

ch o

n C

ente

r at I

nter

ior N

on-B

earin

g W

alls

and

Top

Flo

orc.

Opt

imal

Val

ue E

ngin

eerin

g

© B

uild

It G

reen

Mul

tifam

ily C

heck

list v

ersi

on 2

.2/1

.9

50VILLAGE STATION

Points Achieved

Community

Energy

IAQ/Health

Resources

Water

Not

es

Villa

ge S

tatio

n

No

01

No

01

No

01

0G

. PLU

MB

ING

Yes

22

Yes

00

N/A

N/A

1N

o0

1

Yes

33

Yes

11

Yes

00

Yes

11

Yes

Y0

Yes

21

1

Yes

11

No

01

No

01

2

No

01

11

Yes

44

14H

. HEA

TIN

G V

ENTI

LATI

ON

AN

D A

IR C

ON

DIT

ION

ING

No

02

Yes

11

Yes

21

1

Yes

11

d. U

se T

radi

tiona

l Tru

nk, B

ranc

h an

d Tw

ig P

lum

bing

with

Dem

and

Con

trolle

d C

ircul

atio

n

Loo

p(s)

e. U

se C

entra

l Cor

e P

lum

bing

i. E

NE

RG

Y S

TAR

Cei

ling

Fans

and

Lig

ht K

its in

Liv

ing

Are

as &

All

Bed

room

s

Tota

l Ava

ilabl

e P

oint

s in

Plu

mbi

ng: 1

8

a. O

pera

ble

Win

dow

s or

Sky

light

s A

re P

lace

d To

Indu

ce C

ross

Ven

tilat

ion

In A

t Lea

st O

ne

Roo

m In

80%

of U

nits

1. In

stal

l Hig

h Pe

rfor

min

g Zo

ned

Rad

iant

Hyd

roni

c H

eatin

g

c. U

se E

ngin

eere

d P

aral

lel P

lum

bing

with

Dem

and

Con

trolle

d C

ircul

atio

n Lo

op(s

)

3. W

ater

Sub

met

erin

g: B

ill T

enan

ts fo

r Act

ual U

sage

i. In

All

Res

iden

ces

1. W

ater

Effi

cien

t Fix

ture

s

a. I

nsul

ate

All

Hot

Wat

er P

ipes

[*T

his

cred

it is

a re

quire

men

t ass

ocia

ted

with

PJ1

: EP

A IA

P]

b.

Use

Eng

inee

red

Par

alle

l Plu

mbi

ng

a. In

stal

l Hig

h E

ffici

ency

Toi

lets

(Dua

l Flu

sh o

r ≤ 1

.28

Gal

lons

Per

Flu

sh (g

pf))

(CA

LGre

en c

ode

if ap

plic

able

)

2. In

stal

l Hig

h Ef

ficie

ncy

Air C

ondi

tioni

ng w

ith E

nviro

nmen

tally

Pre

fera

ble

R

efrig

eran

ts

2. D

istr

ibut

e D

omes

tic H

ot W

ater

Effi

cien

tly (

G2a

is a

Pre

requ

isite

for c

redi

t for

G2

b-e.

Max

imum

5 P

oint

s)

Poss

ible

Poi

nts

a. W

alls

c. F

loor

sb.

Cei

lings

Tota

l Ava

ilabl

e P

oint

s in

Insu

latio

n: 3

1. In

stal

l Ins

ulat

ion

with

75%

Rec

ycle

d C

onte

nt

d. F

low

Lim

iters

Or F

low

Con

trol V

alve

s A

re In

stal

led

on A

ll Fa

ucet

si.

Res

iden

ces:

Kitc

hen

- ≤ 1

.8 g

pm (C

ALG

reen

cod

e if

appl

icab

le)

ii. N

on-R

esid

entia

l Are

as: K

itche

n - ≤

1.8

gpm

(CA

LGre

en c

ode

appl

icab

le)

iii. R

esid

ence

s: B

athr

oom

Fau

cets

- ≤ 1

.5 g

pm a

t 60p

si

3. A

dvan

ced

Vent

ilatio

n Pr

actic

es fo

r Coo

ling

b. M

echa

nica

l Ven

tilat

ion

Sys

tem

for C

oolin

g:

b. H

igh

Effi

cien

cy U

rinal

s or

No-

Wat

er U

rinal

s A

re S

peci

fied:

Poss

ible

Poi

nts

ii. A

vera

ge F

lush

Rat

e is

≤0.

1 gp

f c.

Hig

h E

ffici

ency

Sho

wer

head

s U

se ≤

2.0

Gal

lons

Per

Min

ute

(gpm

) at 8

0 ps

i (C

ALG

reen

cod

e if

appl

icab

le)

i. A

vera

ge F

lush

Rat

e is

≤0.

5 gp

f (C

ALG

reen

cod

e if

appl

icab

le)

ii. In

All

Non

-Res

iden

tial A

reas

iv. N

on-R

esid

entia

l Are

as:

Bat

h Fa

ucet

s - ≤

.5 g

pm o

r .25

gal

for m

eter

fauc

ets

(CA

LGre

en

code

if a

pplic

able

)

© B

uild

It G

reen

Mul

tifam

ily C

heck

list v

ersi

on 2

.2/1

.9


Points Achieved

Community

Energy

IAQ/Health

Resources

Water

Not

es

Villa

ge S

tatio

n

N/A

N/A

1

Yes

YR

No

01

No

02

Yes

11

No

01

Yes

11

6I.

REN

EWAB

LE E

NER

GY

No

04

No

02

2N

o0

22

No

02

20

J. B

UIL

DIN

G P

ERFO

RM

ANC

E

2008

20%

4030

+

20%

01+

Yes

11

Yes

22

Yes

11

No

06

Yes

11

Ent

er th

e P

erce

nt B

ette

r Tha

n Ti

tle 2

4 fo

r Res

iden

tial a

nd N

on-R

esid

entia

l Por

tions

of t

he P

roje

ct.

ii. W

hole

Hou

se F

an (C

ALG

reen

cod

e if

appl

icab

le)

4. A

dvan

ced

Mec

hani

cal V

entil

atio

n fo

r IAQ

4. T

itle

24 P

repa

red

and

Sign

ed b

y a

CAB

EC C

ertif

ied

Ener

gy P

lans

Exa

min

er (C

EPE)

b. N

on-R

esid

entia

l Spa

ces:

1 P

oint

for E

very

1%

Bet

ter T

han

Title

24,

adj

uste

d fo

r squ

are

fo

otag

e

b. A

dvan

ced

Ven

tilat

ion

Pra

ctic

es (C

ontin

uous

Ope

ratio

n, S

one

Lim

it, M

inim

um E

ffici

ency

,

Min

imum

Ven

tilat

ion

Rat

e, H

omeo

wne

r Ins

truct

ions

)

c. O

utdo

or A

ir D

ucte

d to

Bed

room

and

Liv

ing

Are

as o

f Hom

e

1. S

olar

Hot

Wat

er S

yste

m P

rehe

ats

Dom

estic

Hot

Wat

er

6. In

stal

l Car

bon

Mon

oxid

e Al

arm

s (o

r No

Com

bust

ion

App

lianc

es in

Liv

ing

Spa

ce

a

nd N

o A

ttach

ed G

arag

e) [

*Thi

s cr

edit

is a

requ

irem

ent a

ssoc

iate

d w

ith P

J1: E

PA

IAP

]

Tota

l Ava

ilabl

e P

oint

s in

Hea

ting

Ven

tilat

ion

and

Air

Con

ditio

ning

: 13

a. R

equi

red:

Com

plia

nce

with

AS

HR

AE

62.

2 M

echa

nica

l Ven

tilat

ion

Sta

ndar

d (A

s

Ado

pted

in T

itle

24 P

art 6

). N

/A fo

r pro

ject

s pe

rmitt

ed u

nder

200

5 Ti

tle 2

4.

Tota

l Ava

ilabl

e P

oint

s in

Ren

ewab

le E

nerg

y: 1

6

d. E

NE

RG

Y S

TAR

Bat

hroo

m F

ans

on T

imer

or H

umid

ista

t (C

ALG

reen

cod

e if

appl

icab

le)

5. G

arag

e Ve

ntila

tion

Fans

Are

Con

trol

led

by C

arbo

n M

onox

ide

Sens

ors

(P

assi

ve V

entil

atio

n N

ot E

ligib

le)

[*

This

cre

dit i

s a

requ

irem

ent a

ssoc

iate

d w

ith P

J1: E

PA

IAP

]

1. B

uild

ing

Perf

orm

ance

Exc

eeds

Titl

e 24

2. B

uild

ing

Enve

lope

Dia

gnos

tic E

valu

atio

ns

b. B

low

er D

oor T

estin

g R

esul

ts fo

r Air

Cha

nge

per H

our i

s <

3.5

AC

H50

[*Th

is c

redi

t is

a re

quire

men

t ass

ocia

ted

with

PJ1

: EP

A IA

P]

c.

Ver

ify Q

ualit

y of

Insu

latio

n In

stal

latio

n &

The

rmal

Byp

ass

Che

cklis

t bef

ore

Dry

wal

l

[*Th

is c

redi

t is

a re

quire

men

t ass

ocia

ted

with

PJ1

: EP

A IA

P]

Is p

roje

ct p

erm

itted

und

er 2

005

Title

24

or 2

008

Title

24?

Poss

ible

Poi

nts

Poss

ible

Poi

nts

a. 6

0% o

f Com

mon

Are

a Lo

ad

a. D

uct T

estin

g R

esul

ts in

Lea

kage

< 6

%

[*

This

cre

dit i

s a

requ

irem

ent a

ssoc

iate

d w

ith P

J1: E

PA

IAP

]

b. 9

0% o

f Com

mon

Are

a Lo

adc.

10%

or M

ore

of R

esid

entia

l Uni

ts L

oad

3. D

esig

n an

d B

uild

Nea

r Zer

o En

ergy

Hom

es

(E

nter

num

ber o

f poi

nts,

min

imum

of 2

and

max

imum

of 6

poi

nts)

2. O

ffset

a P

erce

ntag

e of

the

Proj

ect's

Est

imat

ed E

lect

ricity

Dem

and

with

Ons

ite R

enew

able

Gen

erat

ion

a. R

equi

red:

Res

iden

ces:

Min

imum

15%

Bet

ter T

han

Title

24.

2 P

oint

s fo

r Eve

ry 1

%

B

ette

r Tha

n Ti

tle 2

4

© B

uild

It G

reen

Mul

tifam

ily C

heck

list v

ersi

on 2

.2/1

.9

52VILLAGE STATION

Points Achieved

Community

Energy

IAQ/Health

Resources

Water

Note

s

Villa

ge S

tatio

n

Yes

11

No

01

46K.

FIN

ISHE

S

Yes

11

No

01

No

01

Yes

11

Yes

00

No

01

No

00

Yes

22

Yes

00

Yes

11

No

04

No

02

No

02

No

02

No

02

No

00

No

00

No

00

No

00

No

00

b. Z

ero-

VOC

: Int

erio

r Wal

l/Cei

ling

Pain

ts (<

5 gp

l reg

ardl

ess

of s

heen

)

5. E

nviro

nmen

tally

Pre

fera

ble

Mat

eria

ls fo

r Int

erio

r Fin

ish:

A

) FSC

-Cer

tifie

d W

ood,

B) R

ecla

imed

Lum

ber,

C) R

apid

ly R

enew

able

, D) R

ecyc

led-

C

onte

nt, E

) Fin

ger-J

oint

ed, o

r F) L

ocal

ii. In

terio

r Trim

Tota

l Ava

ilabl

e Po

ints

in B

uild

ing

Perfo

rman

ce: 4

3+

b. R

enew

able

Ene

rgy

Prog

ram

with

Min

. 30%

Bet

ter T

han

Title

24

(Hig

h Pe

rform

ing

Hom

e)

ii. In

All

Non

-Res

iden

tial A

reas

1. E

ntry

way

s

b. N

on-R

esid

entia

l Are

as: A

t Lea

st 5

0% o

f Eac

h M

ater

ial:

i. In

All

Res

iden

ces

Poss

ible

Poi

nts

5. P

artic

ipat

ion

in U

tility

Pro

gram

with

Thi

rd P

arty

Pla

n Re

view

a. L

ow-V

OC

Inte

rior W

all/C

eilin

g Pa

ints

(<50

gra

ms

per l

iter (

gpl)

VOC

s re

gard

less

of

s

heen

) (C

ALG

reen

cod

e if

appl

icab

le)

a. D

esig

n En

trywa

ys to

Red

uce

Trac

ked-

In C

onta

min

ants

for A

ll H

ome

Entra

nces

2. U

se R

ecyc

led

Cont

ent P

aint

i. C

abin

ets

iii. S

helv

ing

iv. D

oors

a. E

nerg

y Ef

ficie

ncy

Prog

ram

[*Th

is c

redi

t is

a re

quire

men

t ass

ocia

ted

with

PJ1

: EPA

IAP]

i. In

All

Res

iden

ces

i. C

abin

ets

v. C

ount

erto

ps

ii. In

All

Non

-Res

iden

tial A

reas

i. In

All

Res

iden

ces

c. U

se L

ow-V

OC

Coa

tings

Tha

t Mee

t SC

AQM

D R

ule

1113

(CAL

Gre

en c

ode

if ap

plic

able

)

ii. In

All

Non

-Res

iden

tial A

reas

ii. In

terio

r Trim

4. U

se L

ow V

OC

Caul

ks, C

onst

ruct

ion

Adhe

sive

s an

d Se

alan

ts th

at M

eet

S

CAQ

MD

Rule

116

8 (C

ALG

reen

cod

e if

appl

icab

le)

v. C

ount

erto

ps

a. R

esid

ence

s: A

t Lea

st 5

0% o

f Eac

h M

ater

ial:

iv. D

oors

iii. S

helv

ing

3. L

ow/N

o-VO

C Pa

ints

& C

oatin

gs

[*

This

cre

dit i

s a

requ

irem

ent a

ssoc

iate

d wi

th P

J1: E

PA IA

P]

b. P

erm

anen

t Wal

k-O

ff Sy

stem

s Ar

e Pr

ovid

ed a

t All

Mai

n Bu

ildin

g En

tranc

es &

In

C

omm

on A

reas

© B

uild

It G

reen

Mul

tifam

ily C

heck

list v

ersi

on 2

.2/1

.9


Points Achieved

Community

Energy

IAQ/Health

Resources

Water

Note

s

Villa

ge S

tatio

n

Yes

Y0

No

01

No

02

No

01

No

00

No

00

No

00

No

01

No

00

No

01

5L.

FLO

ORI

NG

No

04

No

00

Yes

22

Yes

00

Yes

Y0

2M

. APP

LIAN

CES

& LI

GHT

ING

Yes

21

1

Yes

31

2

Tota

l Ava

ilabl

e Po

ints

in F

inis

hes:

26

1. E

NERG

Y ST

AR A

pplia

nces

ii. C

abin

ets

and

Cou

nter

tops

i. M

eets

EN

ERG

Y ST

AR a

nd C

EE T

ier 2

Req

uire

men

ts

(M

odifi

ed E

nerg

y Fa

ctor

≥2.

0; W

ater

Fac

tor ≤

6.0)

(Tot

al 3

Poi

nts)

a. R

esid

ence

s: L

ow E

mitt

ing

Floo

ring

(50%

Min

imum

)

(Sec

tion

0135

0, C

RI G

reen

Lab

el P

lus,

Flo

orsc

ore)

9. A

t Lea

st 2

5% o

f All

New

ly S

uppl

ied

Inte

rior F

urni

ture

has

Env

ironm

enta

lly P

refe

rabl

e At

tribu

tes

b. N

on-R

esid

entia

l Are

as: A

t Lea

st 9

0% o

f Eac

h M

ater

ial

i. D

oors

8. D

urab

le C

abin

ets

a. R

esid

ence

s

1. U

se E

nviro

nmen

tally

Pre

fera

ble

Floo

ring

(Min

imum

15%

of F

loor

Are

a)

A)

FSC

-Cer

tifie

d W

ood,

B) R

ecla

imed

or R

efin

ishe

d, C

) Rap

idly

Ren

ewab

le, D

) Rec

ycle

d-

Con

tent

, E) E

xpos

ed C

oncr

ete,

or F

) Loc

al. F

loor

ing

Adhe

sive

s M

ust M

eet S

CAQ

MD

Rul

e 11

68 fo

r VO

Cs

i. D

oors

ii. C

abin

ets

and

Cou

nter

tops

a. R

esid

ence

s: A

t Lea

st 9

0% o

f Eac

h M

ater

ial:

Poss

ible

Poi

nts

a. In

stal

l EN

ERG

Y ST

AR D

ishw

ashe

r (M

ust M

eet C

urre

nt S

peci

ficat

ions

)b.

inst

all E

NER

GY

STAR

Clo

thes

Was

her

7. R

educ

e Fo

rmal

dehy

de in

Inte

rior F

inis

h - E

xcee

d Cu

rren

t CAR

B AT

CM

fo

r Com

posi

te W

ood

Form

alde

hyde

Lim

its P

rior t

o M

anda

tory

Com

plia

nce

Date

s

2. L

ow-E

mitt

ing

Floo

ring

[*Th

is c

redi

t is

a re

quire

men

t ass

ocia

ted

with

PJ1

: EPA

IAP]

a. R

esid

ence

sb.

Non

-Res

iden

tial A

reas

Tota

l Ava

ilabl

e Po

ints

in F

loor

ing:

6

b. N

on-R

esid

entia

l Are

as: L

ow-E

mitt

ing

Floo

ring

(50%

Min

imum

)

(Sec

tion

0135

0, C

RI G

reen

Lab

el P

lus,

Flo

orsc

ore)

Poss

ible

Poi

nts

iii. In

terio

r Trim

and

She

lvin

g

b. N

on-R

esid

entia

l Are

as

iii. In

terio

r Trim

and

She

lvin

g

6. R

educ

e Fo

rmal

dehy

de in

Inte

rior F

inis

h –

Mee

t Cur

rent

CAR

B Ai

rbor

ne T

oxic

Con

trol M

easu

re (A

TCM

) for

Com

posi

te W

ood

F

orm

alde

hyde

Lim

its b

y M

anda

tory

Com

plia

nce

Date

s (C

ALG

reen

cod

e if

appl

icab

le)

[*

This

cre

dit i

s a

requ

irem

ent a

ssoc

iate

d w

ith P

J1: E

PA IA

P]

3. A

ll ca

rpet

and

50%

of R

esili

ent F

loor

ing

is lo

w e

mitt

ing.

(CA

LGre

en c

ode

if ap

plic

able

)

© B

uild

It G

reen

Mul

tifam

ily C

heck

list v

ersi

on 2

.2/1

.9

54VILLAGE STATION

Points Achieved

Community

Energy

IAQ/Health

Resources

Water

Note

s

Villa

ge S

tatio

n

Yes

22

Yes

11

Yes

11

No

01

Yes

11

No

01

No

01

Yes

11

Yes

11

No

01

12N.

OTH

ERYe

sY

R

Yes

11

Yes

11

Yes

21

1N

o0

2Ye

s1

1Ye

s1

1Ye

s1

17

O. (

Not U

sed)

P. IN

NOVA

TIO

NS

No

01

No

02

Yes

11

Yes

11

No

01

0N

o0

3

d. U

se N

on-L

each

ing

Roo

fing

Mat

eria

lse.

Incl

ude

Smar

t Stre

et/D

rivew

ay D

esig

n

1. R

equi

red:

Inco

rpor

ate

Gre

enPo

int R

ated

Che

cklis

t in

Blue

prin

ts

[*Th

is c

redi

t is

a re

quire

men

t ass

ocia

ted

with

PJ1

: EPA

IAP]

b. L

ow-M

ercu

ry P

rodu

cts

Are

Inst

alle

d W

here

ver C

ompa

ct F

luor

esce

nt L

amps

Are

Use

d

or R

epla

ced

3. O

pera

tions

& M

aint

enan

ce M

anua

ls a

nd T

rain

ing

[*

This

cre

dit i

s a

requ

irem

ent a

ssoc

iate

d wi

th P

J1: E

PA IA

P]

6. In

stal

l Hom

e/Bu

ildin

g Sy

stem

Mon

itor(s

)

b. In

stal

l Bio

-Ret

entio

n an

d Fi

ltrat

ion

Feat

ures

Tota

l Ava

ilabl

e Po

ints

in A

pplia

nces

& L

ight

ing:

16

6. G

earle

ss E

leva

tors

Are

Inst

alle

d

5. In

stal

l Hig

h-Ef

ficac

y Li

ghtin

g an

d De

sign

Lig

htin

g Sy

stem

a. U

se P

erm

eabl

e Pa

ving

for 2

5% o

f Driv

eway

s, P

atio

s an

d W

alkw

ays

2. P

re-C

onst

ruct

ion

Kick

-Off

Mee

ting

with

Rat

er a

nd S

ubs

c. In

stal

l EN

ERG

Y ST

AR R

efrig

erat

ors

in A

ll Lo

catio

ns

a. L

ow-M

ercu

ry P

rodu

cts

Are

Inst

alle

d W

here

ver L

inea

r Flu

ores

cent

Lam

ps A

re U

sed

or

Rep

lace

d

i. EN

ERG

Y ST

AR-Q

ualif

ied

& <

25 C

ubic

Fee

t Cap

acity

3. P

rovi

de B

uilt-

In R

ecyc

ling

Cent

er In

Eac

h Re

side

ntia

l Uni

t4.

Low

-Mer

cury

Lam

ps

ii. E

NER

GY

STAR

-Qua

lifie

d &

< 20

Cub

ic F

eet C

apac

ity2.

Com

mon

Lau

ndry

Fac

ilitie

s Ar

e Pr

ovid

ed fo

r All

Occ

upan

ts

Tota

l Ava

ilabl

e Po

ints

in O

ther

: 9

a. In

stal

l Hig

h-Ef

ficac

y Li

ghtin

gb.

Inst

all a

Lig

htin

g Sy

stem

to IE

SNA

Foot

cand

le S

tand

ards

or H

ire L

ight

ing

Con

sulta

nt

7. U

se V

anda

lism

Det

erre

nce

Prac

tices

and

Dev

elop

Van

dalis

m M

anag

emen

t Pla

n

Poss

ible

Poi

nts

ii M

eets

EN

ERG

Y ST

AR a

nd C

EE T

ier 3

Req

uire

men

ts

(M

odifi

ed E

nerg

y Fa

ctor

≥2.

2; W

ater

Fac

tor ≤

4.5)

(Tot

al 5

Poi

nts)

Poss

ible

Poi

nts

P

erfo

rm a

Soi

l Per

cola

tion

Test

and

Cap

ture

and

Tre

at 8

5% o

f Tot

al A

nnua

l Run

off

A. S

ite

5. E

duca

tiona

l Sig

nage

of P

roje

ct's

Gre

en F

eatu

res

c. R

oute

Dow

nspo

ut T

hrou

gh P

erm

eabl

e La

ndsc

ape

2. S

torm

wate

r Con

trol:

Perfo

rman

ce P

ath

(Mut

ually

Exc

lusi

ve W

ith P

A1):

1. S

torm

wate

r Con

trol:

Pres

crip

tive

Path

(Max

imum

of 3

Poi

nts,

Mut

ually

Exc

lusi

ve W

ith

P

A2)

b. P

rovi

de O

&M M

anua

l to

Occ

upan

ts a

nd O

rient

atio

na.

Pro

vide

O&M

Man

ual t

o Bu

ildin

g M

aint

enan

ce S

taff

(CAL

Gre

en c

ode

if ap

plic

able

)

4. R

esid

ents

Are

Offe

red

Free

or D

isco

unte

d Tr

ansi

t Pas

ses

© B

uild

It G

reen

Mul

tifam

ily C

heck

list v

ersi

on 2

.2/1

.9


Points Achieved

Community

Energy

IAQ/Health

Resources

Water

Note

s

Villa

ge S

tatio

n

No

02

No

02

No

02

Yes

11

Yes

44

No

01

No

01

No

02

No

02

No

01

Yes

21

1

No

05

TBD

0TB

D0

TBD

0TB

D0

TBD

0 9Q

. CAL

Gre

en C

ODE

1. F

lash

ing

Inst

alla

tion

Tech

niqu

es S

peci

fied

and

Third

-Par

ty V

erifi

ed

[*

This

cre

dit i

s a

requ

irem

ent a

ssoc

iate

d wi

th P

J1: E

PA IA

P]

3. E

NER

GY

STAR

New

Hom

es: H

igh-

Ris

e Pi

lot P

rogr

am

E. E

xter

ior

H. H

eatin

g Ve

ntila

tion

and

Air C

ondi

tioni

ng

2. T

hird

-Par

ty T

estin

g of

Mec

hani

cal V

entil

atio

n R

ates

for I

AQ (M

eet A

SHR

AE 6

2.2)

[*Th

is c

redi

t is

a re

quire

men

t ass

ocia

ted

with

PJ1

: EPA

IAP]

J. B

uild

ing

Perfo

rman

ce

2. P

ress

ure

Rel

ieve

the

Duc

twor

k Sy

stem

(Mut

ually

exc

lusi

ve w

ith H

1) [

*For

pro

ject

s wi

th

d

ucte

d sy

stem

s, th

is c

redi

t is

a re

quire

men

t ass

ocia

ted

with

PJ1

: EPA

IAP]

D. F

ound

atio

n, S

truct

ural

Fra

me

and

Build

ing

Enve

lope

N. O

ther

1. D

esig

n an

d In

stal

l HVA

C S

yste

m to

AC

CA

Man

ual J

, D, a

nd S

Rec

omm

enda

tions

(CAL

Gre

en

code

if a

pplic

able

) [*T

his

cred

it is

a re

quire

men

t ass

ocia

ted

with

PJ1

: EPA

IAP]

2. M

ater

ials

Mee

t SM

aRT

Crit

eria

(Sel

ect n

umbe

r of p

oint

s, u

p to

5 p

oint

s)

1. U

se R

adon

Res

ista

nt C

onst

ruct

ion

[*Th

is c

redi

t is

a re

quire

men

t ass

ocia

ted

with

PJ1

: EPA

IAP]

2.

Inst

all a

Fou

ndat

ion

Dra

inag

e Sy

stem

[*Th

is c

redi

t is

a re

quire

men

t ass

ocia

ted

with

PJ1

: EPA

IAP]

3. M

oist

ure

Con

trolle

d C

rawl

spac

e

[*For

pro

ject

s wi

th c

rawl

spac

es, t

his

cred

it is

a re

quire

men

t ass

ocia

ted

with

PJ1

: EPA

IAP]

1. O

btai

n EP

A In

door

airP

lus

Cer

tific

atio

n

(Tot

al 3

9 po

ssib

le p

oint

s, n

ot in

clud

ing

Title

24

perfo

rman

ce; r

ead

com

men

t)

3. In

stal

l Hig

h Ef

ficie

ncy

HVA

C F

ilter

(MER

V 6+

, Mut

ually

exc

lusi

ve w

ith H

1.)

[*

This

cre

dit i

s a

requ

irem

ent a

ssoc

iate

d wi

th P

J1: E

PA IA

P]

Tota

l Ava

ilabl

e Po

ints

in In

nova

tion:

26+

1. In

nova

tion:

Lis

t inn

ovat

ive

mea

sure

s th

at m

eet g

reen

bui

ldin

g ob

ject

ives

. Ent

er in

the

n

umbe

r of p

oint

s in

eac

h ca

tego

ry in

the

blue

cel

ls fo

r a m

axim

um o

f 4 p

oint

s fo

r the

mea

sure

. The

"poi

nts

achi

eved

" col

umn

will

be a

utom

atic

ally

fill

in b

ased

on

the

sum

of t

he

p

oint

s in

eac

h ca

tego

ry. P

oint

s an

d m

easu

res

will

be e

valu

ated

by

Build

It G

reen

.

K. F

inis

hes

1. U

se M

oist

ure

Res

ista

nt M

ater

ial i

n W

et A

reas

: Kitc

hens

, Bat

hroo

ms,

Util

ity R

oom

s an

d Ba

sem

ents

[*Th

is c

redi

t is

a re

quire

men

t ass

ocia

ted

with

PJ1

: EPA

IAP]

Inno

vatio

n: E

nter

up

to 4

Poi

nts

in b

lue

cells

at r

ight

. Ent

er d

escr

iptio

n he

reIn

nova

tion:

Ent

er u

p to

4 P

oint

s in

blu

e ce

lls a

t rig

ht. E

nter

des

crip

tion

here

Inno

vatio

n: E

nter

up

to 4

Poi

nts

in b

lue

cells

at r

ight

. Ent

er d

escr

iptio

n he

reIn

nova

tion:

Ent

er u

p to

4 P

oint

s in

blu

e ce

lls a

t rig

ht. E

nter

des

crip

tion

here

Inno

vatio

n: E

nter

up

to 4

Poi

nts

in b

lue

cells

at r

ight

. Ent

er d

escr

iptio

n he

re

Poss

ible

Poi

nts

© B

uild

It G

reen

Mul

tifam

ily C

heck

list v

ersi

on 2

.2/1

.9

56VILLAGE STATION

Points Achieved

Community

Energy

IAQ/Health

Resources

Water

Note

s

Villa

ge S

tatio

n

Yes

YR

Yes

YYe

sY

Yes

Y

Yes

Y

Yes

Y

Yes

Y

Yes

Y

Yes

Y 0

Sum

mar

y62

86+

3587

486

305

63

177

3167

1425

40

Proj

ect H

as M

et A

ll Re

com

men

ded

Min

imum

Req

uire

men

ts

- To

tal P

roje

ct S

core

of A

t Lea

st 5

0 Po

ints

- R

equi

red

mea

sure

s:

-A2a

: 50%

was

te d

iver

sion

by

wei

ght

-E

2a: A

ll Sh

ingl

e R

oofin

g H

as 3

-Yr S

ubco

ntra

ctor

War

rant

y &

20-Y

r Man

ufac

ture

r War

rant

y

-H4a

: Com

plia

nce

with

ASH

RAE

62.

2 M

echa

nica

l Ven

tilat

ion

Stan

dard

s (2

008

Title

24

proj

ects

)

-J1a

: 15%

abo

ve T

itle

24

-N1:

Inco

rpor

ate

Gre

enPo

int R

ated

Che

cklis

t in

Blue

prin

ts

- M

inim

um p

oint

s in

spe

cific

cat

egor

ies:

Tota

l Poi

nts

Achi

eved

Tota

l Ava

ilabl

e Po

ints

Min

imum

Poi

nts

Req

uire

d

3. C

ALG

reen

4.3

03.1

As

an a

ltern

ativ

e to

per

scrip

tive

com

plia

nce,

a 2

0% re

duct

ion

in

b

asel

ine

wate

r use

sha

ll be

dem

onst

rate

d th

roug

h ca

lcul

atio

n

8. C

ALG

reen

702

.1 H

VAC

sys

tem

inst

alle

rs a

re tr

aine

d an

d ce

rtifie

d in

the

prop

er

i

nsta

llatio

n of

HVA

C s

yste

ms.

0. H

ome

mee

ts a

ll ap

plic

able

CAL

Gre

en m

easu

res

liste

d in

abo

ve S

ectio

ns A

- P

of th

e

Gre

enPo

int R

ated

che

cklis

t.

Tota

l Ava

ilabl

e Po

ints

in C

ALG

reen

Cod

e: 0

4. C

ALG

reen

4.4

06.1

Joi

nts

and

open

ings

. Ann

ular

spa

ces

arou

nd p

ipes

, ele

ctric

cab

les,

con

duits

, or o

ther

ope

ning

s in

pla

tes

at e

xter

ior w

alls

sha

ll be

pro

tect

ed

5. C

ALG

reen

4.50

3.1

Gas

fire

plac

e sh

all b

e a

dire

ct-v

ent s

eale

d-co

mbu

stio

n ty

pe. W

oods

tove

or p

elle

t sto

ve s

hall

com

ply

with

US

EPA

Phas

e II

emis

sion

lim

its

6. C

ALG

reen

4.5

05.2

Vap

or re

tard

er a

nd c

apilla

ry b

reak

is in

stal

led

at s

lab

on g

rade

fou

ndat

ions

.

7. C

ALG

reen

4.5

05.3

19%

moi

stur

e co

nten

t of b

uild

ing

fram

ing

mat

eria

ls

The

follo

win

g m

easu

res

are

man

dato

ry in

the

CAL

Gre

en c

ode

and

do n

ot e

arn

poin

ts in

the

Gre

enPo

int R

ated

Che

cklis

t but

hav

e be

en in

clud

ed in

the

Che

cklis

t for

the

conv

enie

nce

of

juris

dict

ions

.

The

Gre

enPo

int R

ater

is n

ot a

cod

e en

forc

emen

t offi

cial

. The

mea

sure

s in

this

sec

tion

may

be

verif

ied

by th

e G

reen

Poin

t Rat

er a

t the

ir ow

n di

scre

tion

and/

or d

iscr

etio

n of

the

build

ing

offic

ial.

2. C

ALG

reen

4.1

06.3

Des

ign

for s

urfa

ce w

ater

dra

inag

e aw

ay fr

om b

uild

ings

. 1.

CAL

Gre

en 4

.106

.2 S

torm

wat

er m

anag

emen

t dur

ing

cons

truct

ion.

© B

uild

It G

reen

Mul

tifam

ily C

heck

list v

ersi

on 2

.2/1

.9


58VILLAGE STATION

Residential Unit Diagrams

Townhouse Complex - First Floor

2-StoryTownhouse2 BR1,000 SF




Tandem ParkingTandem Parking



2 BR1,150 SF

2 BR1,150 SF

Studio650 SF

Studio650 SF







Townhouse Complex - Second Floor


Townhouse Complex - Third Floor

Townhouse Complex - Fourth Floor


1 BR841 SF

1 BR841 SF

1 BR910 SF

1 BR910 SF

2 BR1,150 SF

2 BR1,150 SF

2 BR1,150 SF

2 BR1,150 SF

Studio650 SF

Studio650 SF

Studio650 SF

Studio650 SF

1 BR841 SF

1 BR841 SF

1 BR910 SF

1 BR910 SF

60VILLAGE STATION

Six Story Apartments


1 BR730 SF

2 BR1000 SF

2 BR1000 SF

2 BR1000 SF

2 BR1000 SF

1 BR730 SF

Studio600 SF

Studio600 SF

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

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