HomeMy WebLinkAbout2021-08-31; City Council; ; Request to provide a $3.1 million loan from the Housing Trust Fund to BRIDGE Housing for the Aviara Apartments affordable housing project (DEV 2017-0033)Meeting Date:
To:
From:
Staff Contact:
Subject:
District:
Aug. 31, 2021
Mayor and City Council
Scott Chadwick, City Manager
Mandy Mills, Director of Housing & Homeless Services
mandy.mills@carlsbadca.gov, 760-434-2907
Request to provide a $3.1 million loan from the Housing Trust Fund to
BRIDGE Housing for the Aviara Apartments affordable housing project
(DEV 2017-0033)
2
Recommended Action
Adopt a resolution approving a loan in the amount of $3.1 million from the Housing Trust Fund
to BRIDGE Housing for construction of the 70-unit Aviara Apartments affordable housing
project and appropriating the expenditure of funds.
Executive Summary
BRIDGE Housing has partnered with Summerhill Apartment Communities to construct the
affordable housing portion of the Aviara Apartments. The Aviara Apartments project was
approved by the Carlsbad Planning Commission in December 2020 to provide a total of 81 units
affordable to moderate and lower income households. BRIDGE is requesting $3,100,000 in
financial assistance from the city’s Housing Trust Fund. As of June 2021, the Housing Trust
Fund, which is restricted to affordable housing and homelessness-related projects, programs
and services, had an available balance of $13.6 million.
The total estimated project cost is $30,925,343. City Council Policy No. 90 requires that the City
Council make final decisions on Housing Trust Fund financial assistance requests after review
and recommendation by the Housing Commission. On Aug. 12, 2021, the Housing Commission
reviewed the financial request and recommended it be approved by the City Council (Exhibit 2).
Discussion
Background
On Dec. 16, 2020, Summerhill, the master developer, received approval to demolish an
agricultural packaging warehouse and construct 329 apartments – 247 market-rate units, 81
affordable units and one manager’s unit – on an existing parcel at 1205 Aviara Parkway. The
project site is south of Palomar Airport Road and north of Laurel Tree Lane. It is bisected by
Aviara Parkway, creating a west site and an east site (See location map, Exhibit 3).
The Aviara Apartments west site is to contain 247 market-rate, one- two- and three-bedroom
apartment units and 12 moderate-income one-bedroom apartment units that will be income
CA Review _RK_
Aug. 31, 2021 Item #9 Page 1 of 87
and rent-restricted to serve moderate-income households, that is, those at 90% of the area’s
median income.
The east site will contain 70 studio, one-, two- and three-bedroom apartments, 69 of which will
be affordable to lower-income and extremely low-income households, plus one unrestricted
manager’s unit. (Lower income households are those at 50-60% of the average median income
in the area. Extremely low-income households are those at 30% of the average median
income.) In all, the west and east sites will result in 329 new apartment units, of which 25%, or
81 units, will be income and rent-restricted to serve extremely low to moderate-income
households. In exchange for providing the affordable housing, the city allowed the developer to
increase the density on the project over what would normally be allowed and granted
modifications to development standards, including those on height, setbacks and parking.
Summerhill or a successor builder will construct the market-rate and moderate-income
apartments on the west site, and BRIDGE will construct the lower and extremely low-income
affordable apartments on the east site. BRIDGE’s financial assistance request is for the
affordable apartment project on the east site. (Its funding assistance application is provided as
Exhibit 4.)
BRIDGE has extensive experience in developing, owning and managing affordable housing in
California, Oregon and Washington. BRIDGE owns and manages the 344-unit Villa Loma and the
92-unit Poinsettia Station affordable housing communities in Carlsbad. (See more information
below and in Exhibit 5.)
Subsidy analysis
BRIDGE intends to secure tax exempt bond and tax credit equity to finance the majority of the
project’s cost. To improve its competitiveness for bond and tax credit financing, and to realize
additional public benefit to the Carlsbad community, BRIDGE is requesting $3.1 million in
financial assistance from the city’s Housing Trust Fund.
Summary of funding sources and uses of funds
The developer’s detailed financial statement is attached as Exhibit 4. Below is a summary of the
proposed sources and uses of funds:
Source of funds Total Per unit
Federal Tax Credit Equity $13,653,126 $195,045
State Tax Credit Equity $1,730,318 $24,719
Permanent Loan (tax exempt) $7,036,300 $100,519
City of Carlsbad loan $3,100,000 $44,286
Master developer loan/contribution $3,100,000 $44,286
Equity (BRIDGE) – Developer fee $1,405,599 $20,080
Deferred developer fee $900,000 $12,857
TOTAL $30,925,343 $441,791
Aug. 31, 2021 Item #9 Page 2 of 87
Permanent uses of funds Total Per unit
Land acquisition $95,000 $1,357
Construction $18,065,389 $258,077
Construction interest & fees $1,407,576 $20.108
Construction contingency $1,771,117 $25,302
Architectural & engineering fees $1,942,670 $27,752
Permit/Impact fees $2,047,500 $29,250
Soft costs/Other $1,471,077 $21,015
Reserves (operating & other) $319,415 $4,563
Developer fee ($1.5M up front, $2.3M deferred) $3,805,599 $54,366
TOTAL $30,925,343 $441,791
Cost reasonableness
Development costs are one of the key variables determining the need for subsidies, so it is
important that those costs be reasonable. With approximately $31 million in total development
costs, the average unit development cost of approximately $442,000 is reasonable in light of
current market conditions and trends. For example, a recent Terner Center Report found in an
analysis of low-income housing tax credit projects that the average inflation-adjusted per unit
cost of new affordable housing rose from $411,000 to $480,000 in California between 2008 and
2019.1 The report also found that the cost of materials and labor are the primary drivers of
recent cost increases of affordable housing financed through these tax credits.
Another important consideration is that any financial assistance from the city should have the
effect of making the units more affordable and not creating undue gain for any party. Under the
state’s 4% tax credits program, BRIDGE would be eligible to earn a developer fee of $3,805,599.
BRIDGE proposes to receive the full developer fee, but only $1,500,000 of that would be paid
upon close of permanent financing. The remaining developer fee would be deferred and
invested back into the project, payable to BRIDGE through the proceeds of the project over
time, so that the city’s investment would not create an undue financial gain to BRIDGE.
Additionally, the BRIDGE proposal exceeds the project’s approved requirement to provide
affordable housing by increasing the affordability of seven units to make them available to
households at 50% of the average median income.
City Council Policy No. 90 funding guidelines
The City Council adopted City Council Policy No. 90 (Exhibit 5) in December 2020 to guide
administration of the city’s Housing Trust Fund. The policy identifies priority uses of the fund,
provides criteria for evaluating financial assistance requests, and describes the review process,
form of assistance and affordability covenants. BRIDGE’s financial assistance request has been
found consistent with City Council Policy No. 90 guidelines, as detailed in Exhibit 7.
Other considerations
Housing Element consistency
The City Council has adopted the 2021-2029 Housing Element, an eight-year plan that describes
how the city will accommodate Carlsbad’s housing needs for residents at all income levels and
1 The Terner Center for Housing Innovation, “The Complexity of Financing Low-Income Housing Tax Credit Housing in the
United States,” April 2021; https://ternercenter.berkeley.edu/wp-content/uploads/2021/04/LIHTC-Complexity-Final.pdf
Aug. 31, 2021 Item #9 Page 3 of 87
those with specialized needs. The project to be funded by this loan will serve extremely low,
very low, and low-income households.
In addition, the city is committed to affirmatively furthering fair housing by removing barriers to
housing and encouraging affordable housing in high opportunity areas. The project site is
located in a high opportunity area according to the Regional Opportunity Index (see Carlsbad
Housing Element pages 10-90 through 10-92).
Specifically, the project is consistent with the following provisions of the Housing Element:
• Program 2.9 - Assistance for Special Needs Populations: “Certain groups have greater
difficulty finding decent, affordable housing due to persons with special needs within a
household. Households with special needs include seniors, persons with physical and/or
mental disabilities (including developmental disabilities), large households, extremely
low-income households, single-parent households, female head of households,
veterans, farmworkers, students, and military personnel. The City will provide assistance
to these households to encourage the provision of adequate housing to meet their
needs.”
• Program 4.2 – Affirmatively Furthering Fair Housing, Objective (a): “Encourage mixed-
income developments accessible to lower income residents citywide, especially in high
opportunity and resource-rich areas through use of the city’s Inclusionary Housing
Ordinance, Housing Trust Funds, development of city-owned properties, and use of
grant funding for housing.”
Risk
In its role as a lender to the project, the city is exposed to the risks inherent to real estate
development. These risks come in:
1. Predevelopment, the project does not get to construction
2. Construction, the project cannot be completed, cost overruns, contractor problems
3. Operation, revenues do not cover expenses. In response to this risk, the requirement to
repay any city financial assistance will be subordinated to repayments for any
conventional and other financing as may be necessary to support the project’s financing
success.
Several factors mitigate the identified risks:
• The development team has a strong track record with similar affordable housing
projects throughout California.
• Including other financing sources, including the master developer contribution, private
loan, and tax credit investment, means that other stakeholders depend on the success
of the project in both the short and long term.
• Having city and other subordinated financing helps attract the necessary private, state
and federal financing.
• The city’s investment will be secured by a promissory note and deed of trust on the
property. The developer will also be required to provide completion bonds to the city to
ensure that construction is completed.
Aug. 31, 2021 Item #9 Page 4 of 87
Housing Commission review
The financial assistance request was reviewed by the Housing Commission on Aug. 12, 2021.
After review, the Housing Commission recommended the City Council approve BRIDGE’s
request for financial assistance based on the findings contained in the Housing Commission
resolution.
Options
Staff provide the following options for the City Council’s consideration:
1. Approve the loan of $3.1 million as presented.
Pros
• This option allows for the new construction of 69 units for extremely low, very
low and low-income households, subject to BRIDGE successfully securing
additional financing through bonds, tax credit equity or other sources.
• The financial assistance is structured as a soft loan and will result in principal plus
interest being returned to the Housing Trust Fund to further the creation of
other affordable housing units.
• The Housing Trust Fund has a sufficient balance to cover this project as well as
pending application requests for assistance.
Cons
• Reduces the Housing Trust Fund by $3.1 million.
2. Revise funding assistance to a lower amount.
Pros
• Lowers the amount allocated from the Housing Trust Fund.
Cons
• Increases the funding gap for the affordable project, jeopardizing the viability of
both the market rate and affordable projects. Master developer and affordable
developer will have to evaluate and potentially restructure project financing.
3. Do not approve funding for this project. If the City Council does not approve the
funding as presented or as modified, the current developers will have to restructure the
projects for an alternate funding plan.
Pros
• Maintains the current balance of the Housing Trust Fund.
Cons
• Significantly increases the funding gap for the affordable project, jeopardizing
the viability of both the market rate and affordable projects. Master developer
and affordable developer will have to evaluate and restructure the projects for
an alternate funding plan. Both the market rate and affordable projects would
be at risk of not being built in the near future.
Fiscal Analysis
If the recommended option is chosen, the City Council will have assigned the funding to the
project for a period not to exceed 24 months. Staff requests that the City Council authorize the
appropriation of $3.1 million from the city’s Housing Trust Fund for the loan as presented,
Aug. 31, 2021 Item #9 Page 5 of 87
contingent upon the developer’s ability to secure all other project funding. The Housing Trust
Fund as noted above, had an available balance of $13.6 million as of June 2021.
Next Steps
If Option 1 is approved, staff will draft implementing agreements with BRIDGE, and appropriate
funds. The resolution authorizes the City Manager, or designee, to execute all appropriate
documents necessary to provide the financial assistance.
The portion of the project that will build units priced at the market rate will require an
agreement on affordable housing. That agreement will be brought to the City Council for its
consideration and possible approval in the near future.
Environmental Evaluation
The Planning Commission certified an environmental impact report and adopted findings of fact
and mitigation monitoring and reporting program for the Aviara Apartments development
project on Dec. 16, 2020 (Planning Commission Resolution No. 7398). As an integral component
of the overall development, the Aviara affordable apartments to be built on the east site were
adequately evaluated by the certified environmental impact report and the project is subject to
applicable mitigation monitoring and reporting requirements. No further environmental review
is required.
Public Notification and Outreach
This item was noticed in keeping with the state's Ralph M. Brown Act and it was available for
public viewing and review at least 72 hours before the scheduled meeting date.
Exhibits
1.City Council resolution
2.Housing Commission Resolution 2021-005
3.Location map
4.BRIDGE Housing financial assistance application and proforma
5.BRIDGE Housing brochures and list of tax credit-financed
projects
6.City Council Policy No. 90
7.Policy 90 Analysis
Aug. 31, 2021 Item #9 Page 6 of 87
RESOLUTION NO. 2021-203
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CARLSBAD,
CALIFORNIA, APPROVING A $3,100,000 LOAN FROM THE HOUSING TRUST
FUND TO BRIDGE HOUSING FOR THE AVIARA APARTMENTS AFFORDABLE
HOUSING PROJECT (DEV 2017-0033)
WHEREAS, BRIDGE Housing has requested financial assistance for the construction of 70
apartment homes to be affordable to extremely low, very low, and lower income households on an
existing parcel at 1205 Aviara Parkway; and
WHEREAS, the request for financial assistance was submitted to the City of Carlsbad's Housing
Commission for review and consideration at their public meeting on August 12, 2021, on which date
said Commission recommended that the City Council approve the requested financial assistance in the
amount of $3,1000,000; and
WHEREAS, the Planning Commission approved said housing development on December 16,
2020.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Carlsbad, California, as
follows:
1. That the above recitations are true and correct.
2. That the request for financial assistance from BRIDGE Housing is consistent with the
goals and objectives of the City of Carlsbad's Housing Element, and the General Plan.
3. That the request for financial assistance will assist the affordable housing developer in
constructing a total of 70 apartment homes affordable to extremely low, very low, and
lower income households. The project, therefore, can effectively serve the city's housing
needs and priorities expressed in the Housing Element.
4. That the City Council authorizes the Deputy City Manager, Administrative Services, to
assign for a 24-month period from the Housing Trust Fund and to appropriate funds to
provide a cash assistance loan in the amount of $3,100,000 to BRIDGE Housing for the
Aviara Apartment affordable housing project once all project funding is secured by the
developer.
Aug. 31, 2021 Item #9 Page 7 of 87
5. That the City Council authorizes the City Manager, or designee, to prepare and execute
all documents related to the provision of the city loan, subject to review and approval
by the City Attorney.
PASSED, APPROVED AND ADOPTED at a Regular Meeting of the City Council of the City of
Carlsbad on the 31st day of August, 2021, by the following vote, to wit:
AYES:
NAYS:
ABSENT:
Hall, Blackburn, Bhat-Patel, Acosta, Norby.
None.
None.
MATT HALL, Mayor
FAVIOLA MEDINA, City Clerk Services Manager
(SEAL)
Aug. 31, 2021 Item #9 Page 8 of 87
RESOLUTION NO. 2021-005
A RESOLUTION OF THE HOUSING COMMISSION OF THE CITY OF CARLSBAD,
CALIFORNIA RECOMMENDING THAT THE CITY COUNCIL APPROVE A
$3,100,000 LOAN FROM THE HOUSING TRUST FUND TO BRIDGE HOUSING
FOR THE AVIARA APARTMENTS AFFORDABLE HOUSING PROJECT (DEV 2017-
0033)
EXHIBIT 2
WHEREAS, Summerhill Apartment Communities (Summerhill) sought the city's approval to build
a mixed-use project consisting of a total of 329 apartments, including 81 apartments affordable to
extremely low, low and moderate income households, on property commonly known as Aviara Farms
on an existing parcel at 1205 Aviara Parkway, south of Palomar Airport Road, north of Laurel Tree Lane,
and is bisected by Aviara Parkway, creating a west site and an east site; and
WHEREAS, the Planning Commission approved said development on Dec. 16, 2020, including
the 70-unit affordable apartments on the east site; and
WHEREAS, BRIDGE Housing has partnered with Summerhill to build the east site Aviara
affordable apartments; and
WHEREAS, BRIDGE Housing applied to the City of Carlsbad for $3,100,000 in Housing Trust Fund
assistance in order to improve project competitiveness for tax exempt bond and tax credit equity
financing, and to realize additional community benefits of the project by creating additional affordable
housing with deeper affordability than otherwise required by the city's inclusionary housing ordinance;
and
WHEREAS, the city's Affordable Housing Policy Team reviewed the financial assistance request
on July 28, 2021 to receive a presentation by Summerhill and BRIDGE representatives, discuss the
request and consider options. Subsequent discussions took place between staff and the development
team to discuss concerns and arrive at a mutually-supportable subsidy request, prior to presenting it
to the Housing Commission for their consideration and recommendation to the City Council; and
WHEREAS, the Housing Commission considered the financial assistance request, staff
evaluation and recommendation, and the testimony of all persons desiring to be heard on the matter
at their regular meeting on Aug. 12, 2021.
Aug. 31, 2021 Item #9 Page 9 of 87
EXHIBIT 2
NOW, THEREFORE, BE IT RESOLVED by the Housing Commission of the City of Carlsbad,
California, as follows:
1.That the above recitations are true and correct.
2.That the request for financial assistance from BRIDGE Housing is consistent with the
goals, objectives and programs of the City of Carlsbad's Housing Element, City Council
Policy No. 90 guidelines, and the city's Housing Trust Fund underwriting practices.
3.That the request for financial assistance will assist the affordable housing developer in
constructing a total of 69 apartment units affordable to extremely low, very low, and
low income households, plus one unrestricted manager's apartment. Specifically, the
assistance will result in _deeper affordability levels by providing seven extremely low
income (30% AMI), seven very low-income (50% AMI), and fifty-five low-income {60%
AMI) apartments.
4.That, based on information provided in the Housing Commission staff report and
considering testimony of all persons desiring to be heard at the Aug. 12, 2021 public
meeting, the Housing Commission hereby recommends that the City Council approve
$3,100,000 in financial assistance from the Housing Trust Fund to BRIDGE Housing,
subject to the following conditions:
a.The financial assistance shall be in the form of a residual receipts loan for a term of
55 years at three percent simple interest per annum. Said loan shall be secured by a
promissory note and deed of trust.
b.The financial assistance is conditional and contingent upon BRIDGE Housing
receiving all other necessary funding commitments identified in the financial
assistance application including private loans, tax credit financing, master developer
con_tribution, and deferred developer fees.
c.The city's commitment of funds will be maintained for a period of twenty-four
months upon City Council's approval. The funding commitment will expire at the end
of this term unless developer has secured all other necessary funding, has executed
a loan agreement with the city, and the project is ready to construct; or unless a time
extension is granted by the City Council.
Aug. 31, 2021 Item #9 Page 10 of 87
EXHIBIT 2
PASSED, APPROVED AND ADOPTED at a Meeting of the Housing Commission of the City of
Carlsbad on the 12th day of August, 2021, by the following vote, to wit:
AYES:
NAYS:
ABSENT:
COLE, CORTES-TORRES, EVANS, MANZANO AND NGUYEN-CLEARY
NONE
NONE
� � &-<-<S2--.-JO �GUYEN-CLEARY, CHAIRPERSON CARLSBAD HOUSING COMMISSION
ATTEST:
DAVID DE CORDOVA Housing Services Manager
Aug. 31, 2021 Item #9 Page 11 of 87
Aviara Apartments Location Map
Exhibit 3
Aug. 31, 2021 Item #9 Page 12 of 87
August 4, 2021
Housing Policy Team
City of Carlsbad
c/o Mr. David de Cordova
Housing Services Manager
1200 Carlsbad Village Drive
Carlsbad, CA 92008-1949
David.deCordova@carlsbadca.gov
Re: Request for City Investment
Aviara Apartments – 70-unit Affordable Housing Project
Dear David:
The purpose of this letter is to formally request $3,100,000 from the City of Carlsbad’s Housing
Trust Fund for the development of the 70-unit affordable housing project on the East Site of the
Aviara Apartments development.
The Aviara Apartments project includes a 259-unit project on the West Site containing 247
market-rate units and 12 moderate income affordable units. Combined with the East Site, 82 of
the 329 total units in the project (24.9% overall) will be income-restricted to be affordable to a
wide range of income levels. A site plan, floor plans, and renderings for the East Site are attached
as Exhibit A. The unit types and AMI levels for the 70-unit project are shown below:
Unit Type 30% AMI 60% AMI Unrestricted Totals
Studio 2 12 0 14
1BR 2 21 0 23
2BR 2 24 0 26
3BR 1 5 1 (mgr.)7
Totals 7 62 1 70
Project Status
The 329-unit Aviara Apartments project was approved by the Planning Commission in December
2020. The Affordable Housing Agreement (AHA) is being finalized at this time. Once the City
has approved the AHA and the proposed City funding requested herein, the 70-unit affordable
housing project can apply for tax credits/bonds and continue working on final construction
documents and related work toward our goal of construction commencement in Q2 2022.
EXHIBIT 4
Aug. 31, 2021 Item #9 Page 13 of 87
August 4, 2021
Mr. David de Cordova
p. 2 of 4
Public Benefits of Project:
a. 69 units of new affordable housing at 60% AMI and below for varying income levels
located close to schools, employment, and commercial uses
Includes seven (7) affordable units restricted to Extremely Low (30% AMI)
income households, seven (7) affordable units restricted to Very Low (50% AMI)
income households, and fifty-five (55) affordable units restricted to Low (60%
AMI) income households.
b. High-quality multifamily development on a site designated in the City’s General Plan
as ideal for this type of housing.
Aviara Resident Services
a. The cornerstone of BRIDGE’s resident services strategy is tied to creating,
maintaining and developing partnerships with local and regional, culturally competent
service providers. The specific services provided at each property and by each
organization are determined on an annual basis through a formal MOU between
BRIDGE and its partners with clearly defined goals, objectives, activities and
timelines. BRIDGE’s residents represent a variety of demographics in terms of age,
ethnicity, primary language, education, work status, housing history, disability and
family composition. This model of providing various interconnected services to each
housing population, depending on the needs of that population, allows BRIDGE
(through its partnerships) to meet specific needs while encouraging independence,
growth, self-determination and self-sufficiency.
b. BRIDGE will engage an experienced, local service provider for the Aviara project and
work with that provider to survey residents and provide appropriate services based
on resident needs. BRIDGE has included an annual services budget of $40,000 in
the project’s operating expense budget. This budget includes the salary for a part-
time, on-site service coordinator from the service provider and 60 hours per year of
adult education for residents.
Proposed City Subsidy
a. The proposed funding for the 70-unit project includes 4% tax credits, State tax credits,
the proposed City loan, Master Developer contributions of capital and improvements,
and a permanent loan supported by the project’s rental income.
b. In the past several years, the multifamily construction industry in California’s major
population centers has experienced construction cost escalation between 5% and
10% annually. As a result, the cost of producing affordable housing has increased
significantly over that time, and the amount of public subsidy required for financial
feasibility has increased as well.
c. In addition to general market escalation, the construction costs of the Aviara
Apartments affordable project are somewhat higher than a more typical suburban
multifamily project. BRIDGE’s and the City’s mutual goal was to maximize the number
of affordable housing units on the site. Because of the East site’s small size, triangular
shape, slopes, creek setback, and utility easements, a creative design solution was
required to achieve the desired 70 units on site. However, the triangularly-shaped
Aug. 31, 2021 Item #9 Page 14 of 87
August 4, 2021
Mr. David de Cordova
p. 3 of 4
building is less cost efficient than a more typical rectangular building, and four-story
construction is more expensive than two- and three-story construction.
d.The Master Developer is making a significant contribution to the financial structure of
the affordable housing project by contributing the project site no cost (appraised value
$8,750,000), constructing off-site improvements (estimated at $150,000), funding
remedial grading/site stabilization ($300,000), and providing a residual receipts loan
($2,650,000).
e.The City has indicated that its financial subsidy for the project must be equal to or less
than the total contribution provided by the Master Developer, not including the value
of donated land. BRIDGE therefore requests a financial contribution from the City
of $3,100,000, which is equal to the total Master Developer contributions noted
above of $2,650,000 + $300,000 + $150,000 = $3,100,000.
f.Each project is unique, and BRIDGE believes the subsidy request for the Aviara
project is reasonable given the public benefits provided by the overall unit count,
affordability level, population served (families and workforce), and resident services.
Additional observations regarding the subsidy level follow:
•Inclusionary projects that are part of a larger for-sale single family or townhome
master development are likely in a better financial position to subsidize the
affordable component of the project as compared to a for-rent master
development.
•If the inclusionary project is senior housing, the units are typically studio or 1BR
units, so the total building area and project cost is lower than for a
family/workforce project that has studio, 1BR, 2BR, and 3BR units and therefore
a much larger building area to construct and finance.
•Lastly, projects within larger master developments can often generate additional
tax credit equity from infrastructure work required for the masterplan that is
allocated to the affordable project and included in the project’s tax-credit basis.
•All of these factors can lead to a lower required public subsidy in comparison to
the Aviara affordable project.
Proposed Financial Structure
a. The following permanent financing sources are anticipated for the affordable housing
component of the project.
Master Developer land contribution of the East Site
Residual Receipts Loan in the amount of $3,100,000 from the City of Carlsbad
(“City Loan”). The City Loan would have an interest rate of 3%, a term of 55
years, and a requirement that the balance of the City Loan be paid off at the
expiration of the term.
Total Master Developer Loan and Off-site Improvements Contribution of
$3,100,000, comprised of these amounts:
o Residual Receipts Loan in the amount of $2,650,000
o Contribution for remedial grading/site stabilization of $300,000
o Contribution for off-site improvements estimated at $150,000
The off-site improvements amount of $150,000 is a preliminary estimate and
will be refined up or down based on final engineering drawings. The cash
Aug. 31, 2021 Item #9 Page 15 of 87
August 4, 2021
Mr. David de Cordova
p. 4 of 4
amount would be adjusted accordingly so the total dev contribution remains at
$3,100,000.
4% Federal Tax Credit Equity in the amount of $13,653,125.
4% State Tax Credit Equity in the amount of $1,730,318
Permanent bond loan in the amount of $7,036,300 (with CMFA as the assumed
bond issuer).
BRIDGE Housing GP Equity and Deferred Developer Fee in the amount of
$2,305,599.
A proforma reflecting this information is attached as Exhibit B.
Our understanding is that the County of San Diego will be issuing a NOFA for HOME
funds in the near future. If the project meets the NOFA requirements, we will apply for
these funds with the intent of replacing some or all of the State Tax Credit equity
included in the current financial structure. This change will improve the project’s
competitiveness for a tax-exempt bond allocation.
b. Residual payments – The City Loan will be repaid with annual residual receipts
payments to the City. Residual receipts from the project cash flow (if available) would
be split between the parties as proposed below.
Entity Distribution of Residual Receipts:
City of Carlsbad 50% of Residual Receipts per year
BRIDGE Housing (or affiliate) 25% of Residual Receipts per year
Master Developer 25% of Residual Receipts per year
Application form – a completed Housing Trust Fund Financial Assistance Application form is
attached as Exhibit C.
BRIDGE has fully repaid the City’s loan for BRIDGE’s Villa Loma and Poinsettia Station projects
both well in advance of their 55-year loan term. Our history of performance in Carlsbad on these
prior loans has increased the City’s current Housing Trust Fund balance, and allowed the City to
recycle these funds into other worthy projects. We fully expect to do the same on the Aviara
Apartments project.
We greatly appreciate the City’s consideration of this funding request. We look forward to
working with the City and the Master Developer to successfully deliver this 70-unit affordable
housing project to the local community.
Please feel free to reach out to us with any questions you have.
Respectfully Submitted,
Brad Wiblin Jeff Williams
Executive Vice President Senior Project Manager
Aug. 31, 2021 Item #9 Page 16 of 87
Exhibit A - Site Plan, Renderings, Floor Plans
Aug. 31, 2021 Item #9 Page 17 of 87
ATRIUMLEASING OFFICE /RESIDENTSERVICESMULTI-PURPOSEROOMCOURTYARDRETAINING WALL WITHSAFETY BARRIER ABOVERETAINING WALLWITH SAFETYBARRIER ABOVESTAIR RISERELEV.METERSMETERS(10) CARPORTS(8) CARPORTS(5) CARPORTS12'x28'LOADINGZONESITE ACCESSIBLEPEDESTRIAN PATH15'-0"FRONTSETBACK(9) CARPORTSPLAZANotes:1.Refer to Civil Engineer'sPlans for Grading andDrainage Information.2.Refer to LandscapeArchitect's Plans for OutdoorRecreation and SidewalkInformation.3.Refer to Fire PreventionPlans for more information.RETAINING WALLREFER TO GRADINGPLAN FOR MOREINFORMATION.VEHICLE GATEMAILSTOR.KIT.M.F.S.STOR.23'-0"TO WALL ABOVE25'-11" CLEAR ATGROUND LEVELFLOORABOVE2'-11"AVIARA PARKWAYFIRE HYDRANTFIRE HYDRANT24'-0"25'-2" CLEAR ATGROUND LEVEL22'-3" CLEARTO WALL ABOVE1295 SF1372 SFGUESTGUEST18'-0"SETBACK(ACTUAL)20'-0"20'-0"20'-0"17'-6"2'-6"24'-0"(105) TOTAL GROUND FLOOR SPACES:(2) ACCESSIBLE SPACES 9' x 18'(103) STANDARD SPACES 8'-6" x 20'-0"WITH (11*) TOTAL EV CAPABLE SPACES = EV CHARGERS9'-0"GUEST44' SETBACK48'-3" SETBACK8'-4"S.B.21'-10"CLEAR TO SKYAT NORTH SIDE3RD/4TH FLOORBALCONIES21'-1" CLEARTO SKY AT2ND/3RD/4THFLR.BALCONYTRASHSTAIRACCESS(FIRE)30'-3 1/2" TYP.20'-1 1/2" TYP.EQ.EQ.EQ.EQ.EQ.20'-3" TYP.20'-3" TYP.EV CAPABLE*EV CAPABLE*EV CAPABLE**EVSE INSTALLED*EV CAPABLE*ACCESSIBLEEV CAPABLE*EVSE INSTALLED*EVSE INSTALLED*EVSE INSTALLED*EVSE INSTALLED*EVSE INSTALLEDPROPOSEDTRANSFORMERRIDESHARESPACEBIKEA3.0 GROUND FLOOR PLAN / SITE PLAN4-STORY WOOD FRAMED SLAB ON GRADE - EAST PARCELCARLSBAD, CA #160809Aviara ApartmentsArchitecture + Planning888.456.5849ktgy.comCONCEPTUAL DESIGNJANUARY 24, 2020619.231.6300bridgehousing.com949.537.3834shapartments.comCT 2018-0002/ SDP 2018-0002/ CDP 2018-0005/ HDP 2018-0001/ HMP 2018-0001/ EIR 2018-00010816 32Aug. 31, 2021Item #9 Page 18 of 87
2C1B3A2A1B2A1A1A2BS1AL.S1BS1A2B1A1A2A3A1B2CE.2A1B392 SQ. FT.STOR.231 SQ. FT.S1BDASHED LINE INDICATES FLUSH BALCONY ATSECOND FLOOR (NORTH SIDE ONLY)22 UNITS @ 2ND FLOOR22 UNITS @3RD FLOOR15'-0"FRONTSETBACK(BIKESTORAGEAT R3)2C1B3A2A1B1A2BS1AL.S1BS1A2B3B2A3A1B2CE.1B392 SQ. FT.STOR.231 SQ. FT.S1B18 UNITS @4TH FLOOR15'-0"FRONTSETBACKUNITSBELOWUNITSBELOWA3.1FLOOR PLAN - UPPER LEVELS 4-STORY WOOD FRAMED SLAB ON GRADE - EAST PARCELCARLSBAD, CA #160809Aviara ApartmentsArchitecture + Planning888.456.5849ktgy.comCONCEPTUAL DESIGNJANUARY 24, 2020619.231.6300bridgehousing.com949.537.3834shapartments.comCT 2018-0002/ SDP 2018-0002/ CDP 2018-0005/ HDP 2018-0001/ HMP 2018-0001/ EIR 2018-0001R4 LEVELR2 & R3 LEVELS0 8 1632Aug. 31, 2021Item #9 Page 19 of 87
TRASHENCLOSUREROOF3:12 PITCHEDCARPORT ROOFSOLAR PVPANELS3:12 PITCHEDCARPORT ROOF4:12 PITCHEDROOFFLATROOFFLATROOF4:12 PITCHEDROOFTRELLIS4:12 PITCHEDROOFFLATROOFFLATROOF4:12 PITCHEDROOFNOTE:ROOF MOUNTED EQUIPMENTSHALL COMPLY WITH BUILDINGDEPARTMENT POLICY 80-6.OPENTO BELOWOPENTO BELOWPITCHEDROOFMECHANICAL (TYP.)SOLAR PVPANELSSOLARCOLLECTORS(213 TOTAL) 385WSOLAR PV MODULE(21 TOTAL) SUN EARTH TRB-404'X10' SOLAR COLLECTORS W/(1) 1450 GALLON SOLAR TANK(60"DX130"L)~15,000 LBA WATER WEIGHTA3.2FLOOR PLAN - ROOF LEVEL 4-STORY WOOD FRAMED SLAB ON GRADE - EAST PARCELCARLSBAD, CA #160809Aviara ApartmentsArchitecture + Planning888.456.5849ktgy.comCONCEPTUAL DESIGNJANUARY 24, 2020619.231.6300bridgehousing.com949.537.3834shapartments.comCT 2018-0002/ SDP 2018-0002/ CDP 2018-0005/ HDP 2018-0001/ HMP 2018-0001/ EIR 2018-0001ROOF LEVEL0816 32Aug. 31, 2021Item #9 Page 20 of 87
A1.0CONCEPTUAL PERSPECTIVESEAST PARCELCARLSBAD, CA #160809Aviara ApartmentsArchitecture + Planning888.456.5849ktgy.comCONCEPTUAL DESIGNJANUARY 24, 2020619.231.6300bridgehousing.com949.537.3834shapartments.comCT 2018-0002/ SDP 2018-0002/ CDP 2018-0005/ HDP 2018-0001/ HMP 2018-0001/ EIR 2018-0001Aug. 31, 2021Item #9 Page 21 of 87
A1.1CONCEPTUAL PERSPECTIVESEAST PARCELCARLSBAD, CA #160809Aviara ApartmentsArchitecture + Planning888.456.5849ktgy.comCONCEPTUAL DESIGNJANUARY 24, 2020619.231.6300bridgehousing.com949.537.3834shapartments.comCT 2018-0002/ SDP 2018-0002/ CDP 2018-0005/ HDP 2018-0001/ HMP 2018-0001/ EIR 2018-0001Aug. 31, 2021Item #9 Page 22 of 87
A1.2CONCEPTUAL PERSPECTIVESEAST PARCELCARLSBAD, CA #160809Aviara ApartmentsArchitecture + Planning888.456.5849ktgy.comCONCEPTUAL DESIGNJANUARY 24, 2020619.231.6300bridgehousing.com949.537.3834shapartments.comCT 2018-0002/ SDP 2018-0002/ CDP 2018-0005/ HDP 2018-0001/ HMP 2018-0001/ EIR 2018-0001Aug. 31, 2021Item #9 Page 23 of 87
A1.3CONCEPTUAL PERSPECTIVESEAST PARCELCARLSBAD, CA #160809Aviara ApartmentsArchitecture + Planning888.456.5849ktgy.comCONCEPTUAL DESIGNJANUARY 24, 2020619.231.6300bridgehousing.com949.537.3834shapartments.comCT 2018-0002/ SDP 2018-0002/ CDP 2018-0005/ HDP 2018-0001/ HMP 2018-0001/ EIR 2018-0001Aug. 31, 2021Item #9 Page 24 of 87
A1.4CONCEPTUAL PERSPECTIVESEAST PARCELCARLSBAD, CA #160809Aviara ApartmentsArchitecture + Planning888.456.5849ktgy.comCONCEPTUAL DESIGNJANUARY 24, 2020619.231.6300bridgehousing.com949.537.3834shapartments.comCT 2018-0002/ SDP 2018-0002/ CDP 2018-0005/ HDP 2018-0001/ HMP 2018-0001/ EIR 2018-0001Aug. 31, 2021Item #9 Page 25 of 87
2.SOUTH ELEVATION+/-37'-8"10'-3"10'-3"+/-48'-7"+/-50'-11"+/-55'-5"FIN. GRADE+/- 97.1'GRADE ATLAUREL TREE LN.+/-37'-8"10'-3"10'-3"1.NORTH ELEVATION+/-48'-7"+/-50'-11"+/-55'-5"FIN. GRADE+/- 97.1'+/-42'-6"A2.0NORTH & SOUTH ELEVATIONSEAST PARCELCARLSBAD, CA #160809Aviara ApartmentsArchitecture + Planning888.456.5849ktgy.comCONCEPTUAL DESIGNJANUARY 24, 2020619.231.6300bridgehousing.com949.537.3834shapartments.comCT 2018-0002/ SDP 2018-0002/ CDP 2018-0005/ HDP 2018-0001/ HMP 2018-0001/ EIR 2018-000108 16 24Material Legend1. Concrete S-Tile Roofing2. Stucco3. Garage Doors4. Masonry Veneer5. Siding6. Wood Trellis7. Metal Railing with Mesh Infill8. Single Hung Vinyl Windows9. Stucco Trim10. Wood Corbel11. Metal Surround Bay Window12. --13. Metal Decorative Element14. Flat Metal Canopy15. Solar PanelsAug. 31, 2021Item #9 Page 26 of 87
6.NORTH COURTYARD ELEVATION+/-45'-4"10'-3"10'-3"+/-35'-10"+/-48'-7"FIN. GRADE+/- 97.1'3.EAST ELEVATION10'-3"10'-3"+/-50'-11"5. WEST ELEVATION (NORTH WING)+/-37'-8"10'-3"10'-3"+/-35'-10"GRADE ATAVIARA PKWY4. WEST ELEVATION (SOUTH WING)+/-37'-8"10'-3"10'-3"+/-35'-10"GRADE ATAVIARA PKWY.7.SOUTH COURTYARD ELEVATION+/-45'-4"10'-3"10'-3"+/-35'-10"+/-48'-7"+/-55'-5"FIN. GRADE+/- 97.1'A2.1EAST, WEST, & COURTYARD ELEVATIONSEAST PARCELCARLSBAD, CA #160809Aviara ApartmentsArchitecture + Planning888.456.5849ktgy.comCONCEPTUAL DESIGNJANUARY 24, 2020619.231.6300bridgehousing.com949.537.3834shapartments.comCT 2018-0002/ SDP 2018-0002/ CDP 2018-0005/ HDP 2018-0001/ HMP 2018-0001/ EIR 2018-0001Material Legend1. Concrete S-Tile Roofing2. Stucco3. Garage Doors4. Masonry Veneer5. Siding6. Wood Trellis7. Metal Railing with Mesh Infill8. Single Hung Vinyl Windows9. Stucco Trim10. Wood Corbel11. Metal Surround Bay Window12. --13. Metal Decorative Element14. Flat Metal Canopy15. Solar Panels08 16 24Aug. 31, 2021Item #9 Page 27 of 87
TRASH ENCLOSURE - SIDE ELEVATION±7'-0"TRASH ENCLOSURE - FRONT ELEVATION±9'-0"CARPORT - FRONT ELEVATION±9'-0"CARPORT - FRONT ELEVATION±12'-0"±12'-0"TRASH ENCLOSURE - PLAN(MODIFIED PER STANDARD GS-16 TYPE B,TRASH BINS ARE 4 C.Y. WITH 6' length, 4'-2" width, 4' height)±11'-0"6'-0"MIN.19'-8"3'-1"3'-1"1'-3"14'-2"15'-5"±7'-0"±11'-0"A2.2CARPORT AND TRASH ENCLOSURE DETAILSEAST PARCELCARLSBAD, CA #160809Aviara ApartmentsArchitecture + Planning888.456.5849ktgy.comCONCEPTUAL DESIGNJANUARY 24, 2020619.231.6300bridgehousing.com949.537.3834shapartments.comCT 2018-0002/ SDP 2018-0002/ CDP 2018-0005/ HDP 2018-0001/ HMP 2018-0001/ EIR 2018-0001NTSMaterial Legend1. Concrete S-Tile Roofing2. Stucco3. Garage Doors4. Masonry Veneer5. Siding6. Wood Trellis7. Metal Railing with Mesh Infill8. Single Hung Vinyl Windows9. Stucco Trim10. Wood Corbel11. Metal Surround Bay Window12. --13. Metal Decorative Element14. Flat Metal Canopy15. Solar PanelsAug. 31, 2021Item #9 Page 28 of 87
Exhibit B - Project Proforma
Aug. 31, 2021 Item #9 Page 29 of 87
California Housing Partnership Corporation
Aviara Apartments
Prepared For:BRIDGE Housing
Prepared By:California Housing Partnership Corporation
Version:1.05 City
Revised:
Notes:2021 CDLAC/TCAC Application Round 3
TABLE OF CONTENTS
Sources of Funds…………………………………..……..1 Threshold Basis Limits……………………...……………7
Uses of Funds…………………………………...……….1a 15-Year Cash Flow……………………...……………8
Unit Mix & Rental Income…………………………………..2 Outstanding Debt & Reserves……………………...……………8a
Rent Comparison Table………..……………………………………..2a Schedule of Deductions……………………...……………9
Tax Credit Calculation…………………………………..3 Analysis of Taxable Income……………………...……………10
Base Year Income & Expense…………………………………..4 Capital Account & Exit Tax Liability……………………...……………11
Mortgage Calculation & Bond Ratios…………………………………..4a Investment Summary……………………...……………12
Lease-up/Placed-in-Service Schedule…………………………………..5 Net Quarterly Benefits……………………...……………13
Net Syndication Proceeds…………………………………..6
SOURCES OF FUNDS PAGE 1
0 0.00%
PERMANENT TOTAL OID AMORT
AMOUNT INT COST INT RATE TERM (Yr)COMMENTS
Tax-Exempt Permanent Loan 7,036,300 4.50%35 17 Year Term / 35 Year Amortization
City of Carlsbad Loan 3,100,000 3.00%1.79%55
Master Developer Loan 3,100,000 3.00%1.79%55
Deferred Developer Fee 900,000 0.00%
Capital Contributions Fixed Credit Rate:4.00%
General Partner (Developer Fee)1,405,599 Certificated State Credit Pricing (Gross):$0.850
Limited Partner (Federal + State)15,383,444 15,187,944 net equity Federal Credit Pricing (Gross):$0.900
Federal Credit Equity:13,653,125
TOTAL SOURCES 30,925,343 30,729,843 net sources State Credit Equity:1,730,318
Surplus/(Shortfall)(0)
CONSTRUCTION
AMOUNT INT RATE TERM (Mo.)
Tax-Exempt Construction Loan 16,099,000 4.00%24 CDLAC 55% Bond Allocation Limit:16,099,194
Taxable Construction Loan 3,514,985 4.10%CDLAC Tiebreaker:$232,239
City of Carlsbad Loan 3,100,000 3.00%24 State Credit Request/Unit:29,081
Master Developer Loan 3,100,000 3.00%24
Costs Deferred Until Conversion 2,473,014Deferred Developer Fee 900,000
Capital Contributions General Partner (Developer Fee)0 0.00%
Limited Partner (Federal + State)1,738,344 1,542,844 net equity
TOTAL SOURCES 30,925,343 30,729,843 net sources
Surplus/(Shortfall)0
COSTS DEFERRED UNTIL CONVERSION DEVELOPER FEE PAY-IN SCHEDULE
Transition Reserve 0 Construction Closing 600,000
Operating Reserve (4 months)319,415 Temporary CofO 200,000
Replacement Reserve 0
Permanent Loan Fees/Expenses 0
Legal - Permanent Closing 0 Perm Conversion/Stabilization 600,000
Title/Recording/Escrow - Permanent 15,000 Perm Conversion/Stabilization 1,405,599 Fee contributed as GP Equity
Audit/Cost Certification 33,000 Form 8609 100,000
Developer Fee 2,105,599 Deferred Fee paid from Cash Flow 900,000
TOTAL 2,473,014 TOTAL 3,805,599
Tax-Exempt Taxable Tax-Exempt ACTUAL
INTEREST RATE STACK Construction Construction Permanent
Index (LIBOR Floor / 10 Year Treasury)0.500%0.500%1.750%1.750%
Bank spread 2.500%2.600%2.250%2.250%
Cushion 1.000%1.000%0.500%0.500%
TOTAL 4.000%4.100%4.500%4.50%
6.50%
August 4, 2021
Aug. 31, 2021 Item #9 Page 30 of 87
California Housing Partnership Corporation
Aviara Apartments PAGE 1-A
Uses of Funds Version:
Revised:
100.00%
100%DEPRECIABLE TAX CREDIT ELIGIBLE
TOTAL NON- CONST/
TOTAL RESIDENTIAL DEPREC RESIDENTIAL NON-RES EXPENSE AMORTIZE REHAB ACQUIS.
ACQUISITION COSTS
Acquisition Legal/Title/Closing 95,000 95,000 95,000 0
GENERAL DEVELOPMENT COSTS
Residential Construction 15,507,447 15,507,447 0 15,507,447 0 0 15,507,447
Offsite Work (non-basis)150,000 150,000 150,000 0 0
Site Improvements/Landscape 300,000 300,000 300,000 0 0 0
Contractor General Requirements 759,404 759,404 0 759,404 0 759,404
Contractor Overhead & Profit 952,114 952,114 0 952,114 0 952,114
Contractor Bond/Insurance 396,424 396,424 396,424 0 396,424
Construction Contingency & Escalation 1,771,117 1,771,117 0 1,771,117 0 1,771,117
Local Permits/Fees/Utility Fees 397,500 397,500 397,500 0 397,500
Local Impact Fees 1,650,000 1,650,000 1,650,000 0 1,650,000
Environmental Audit 0 0 0 0 0
Security (during construction)0 0 0 0 0
Architecture 1,307,670 1,307,670 1,307,670 0 1,307,670
Survey/Civil/Geotech Engineers 635,000 635,000 635,000 0 635,000
Appraisal 15,000 15,000 0 15,000 0 0 15,000
Market Study 15,000 15,000 0 0 15,000 0
Predevelopment Loan Interest/Expenses 18,000 18,000 0 18,000 0 18,000
Construction Period Interest (Tax-Exempt Bond)772,752 772,752 579,564 0 193,188 579,564
Construction Period Interest (Taxable Bond)172,937 172,937 129,703 0 43,234 129,703
Title/Recording/Escrow - Acquisition 0 0 0 0 0 0 0
Title/Recording/Escrow - Construction 30,000 30,000 30,000 0 30,000 0
Title/Recording/Escrow - Permanent 15,000 15,000 15,000
Real Estate Taxes During Construction 46,200 46,200 46,200 0 0 46,200 0
Insurance During Construction 494,426 494,426 494,426 0 0 494,426 0
Soft Cost Contingency 238,989 238,989 238,989 0 238,989
TCAC Application/Allocation/Monitoring Fee 45,462 45,462 45,462
Sponsor Legal: Acquisition 0 0 0 0 0 0
Construction Closing 60,000 60,000 60,000 0 60,000 0
Permanent Period 15,000 15,000 15,000
Organization of Partnership 7,500 7,500 7,500
Syndication 50,000 50,000 50,000
Investor Legal/Fees 40,000 40,000 40,000
Syndication Consulting 65,000 65,000 65,000 0 0
Audit/Cost Certification 33,000 33,000 0 33,000 0 0
Furnishings 125,000 125,000 125,000 0 125,000
Operating Reserve (4 months)319,415 319,415 319,415
Marketing/Lease-Up 157,500 157,500 157,500
Developer Fee 3,805,599 3,805,599 0 3,805,599 0 3,805,599 0
FINANCING/BOND ISSUANCE COSTS
Permanent Lender Counsel 10,000 10,000 10,000 0
Construction Lender Counsel 50,000 50,000 50,000 50,000
Bond/Issuer Counsel 60,000 60,000 60,000
Construction Lender Expenses/Inspections 50,000 50,000 50,000 50,000 0
Construction Loan Fees (Tax-Exempt/Taxable)147,105 147,105 147,105 147,105
Permanent Loan fees 70,363 70,363 70,363
Trustee Fee 5,000 5,000 5,000
Trustee Counsel 2,500 2,500 2,500
CDLAC Fees 5,635 5,635 5,635
Issuer Fee (CMFA)30,186 30,186 30,186
Prepaid Annual Issuer Fee (CMFA)16,099 16,099 16,099
CDIAC Fees 5,000 5,000 5,000
Local Lender Expenses/Fees 10,000 10,000 10,000 0 10,000
Subtotal - Costs of Issuance 461,887 461,887 0 257,105 0 0 204,782 257,105 0
TOTAL DEVELOPMENT COSTS 30,925,343 30,925,343 1,019,415 29,176,262 0 426,922 302,744 29,176,262 0
Total Development Cost Per Unit 441,791
Syndication Costs 195,500
Total Development Costs Net of Syndication Costs 30,729,843
TCAC DEVELOPER FEE CALCULATION (4% New Construction)
Construction Acquisition Total
Eligible Basis 25,370,663 0 25,370,663
Maximum Potential TCAC Fee (per basis)3,805,599 0 3,805,599
Ratio 100.00%0.00%100.00%
MAXIMUM FEE IN ELIGIBLE BASIS & COSTS 3,805,599 0 3,805,599
Fee Paid From Development Sources 2,500,000
Fee Contributed as GP Equity and/or Deferred Fee Paid from Cash Flow 1,305,599
City/County/Private Funding Developer Fee Limits
Maximum Fee Paid From Development Sources 1,500,000
Deferred Fee Paid from Cash Flow 900,000
GP Equity 1,405,599
Total Developer Fee 3,805,599
1.05 City
August 4, 2021
Aug. 31, 2021 Item #9 Page 31 of 87
California Housing Partnership Corporation
Aviara Apartments PAGE 2
Unit Mix & Rental Income Version:
2020 TCAC Rent Limits Revised:
UTILITY
UNIT MIX ALLOWANCES
0 BR 14 11
Average Affordability:55.94%1 BR 23 14
2 BR 26 19
3 BR 7 21
RESIDENTIAL INCOME
TCAC AMI Level:30%Percentage of Targeted Units:10.1%
% MEDIAN PER-UNIT PER-UNIT TOTAL TOTAL
PER UNIT TOTAL INCOME MONTHLY MONTHLY MONTHLY ANNUAL
UNIT TYPE NUMBER SQ FT SQ FT AFFORDABLE GROSS RENT NET RENT NET RENT NET RENT
0 BR 2 450 900 30.0%606 595 1,190 14,280
1 BR 2 560 1,120 30.0%649 635 1,270 15,240
2 BR 2 900 1,800 30.0%780 761 1,522 18,264
3 BR 1 1,100 1,100 30.0%901 880 880 10,560
TOTAL 7 4,920 4,862 58,344
TCAC AMI Level:50%Percentage of Targeted Units:10.1%
% MEDIAN PER-UNIT PER-UNIT TOTAL TOTAL
PER UNIT TOTAL INCOME MONTHLY MONTHLY MONTHLY ANNUAL
UNIT TYPE NUMBER SQ FT SQ FT AFFORDABLE GROSS RENT NET RENT NET RENT NET RENT
0 BR 2 450 900 50.0%1,011 1,000 2,000 24,000
1 BR 2 560 1,120 50.0%1,083 1,069 2,138 25,656
2 BR 2 900 1,800 50.0%1,300 1,281 2,562 30,744
3 BR 1 1,100 1,100 50.0%1,501 1,480 1,480 17,760
TOTAL 7 4,920 8,180 98,160
TCAC AMI Level:60%Percentage of Targeted Units:79.7%
% MEDIAN PER-UNIT PER-UNIT TOTAL TOTAL
PER UNIT TOTAL INCOME MONTHLY MONTHLY MONTHLY ANNUAL
UNIT TYPE NUMBER SQ FT SQ FT AFFORDABLE GROSS RENT NET RENT NET RENT NET RENT
0 BR 10 450 4,500 60.0%1,213 1,202 12,020 144,240
1 BR 19 560 10,640 60.0%1,299 1,285 24,415 292,980
2 BR 22 900 19,800 60.0%1,560 1,541 33,902 406,824
3 BR 4 1,100 4,400 57.7%1,733 1,712 6,848 82,176
TOTAL 55 39,340 77,185 926,220
MANAGER UNITS
% MEDIAN PER-UNIT PER-UNIT TOTAL TOTAL
PER UNIT TOTAL INCOME MONTHLY MONTHLY MONTHLY ANNUAL
UNIT TYPE NUMBER SQ FT SQ FT AFFORDABLE GROSS RENT NET RENT NET RENT NET RENT
3 BR 1 1,100 1,100 0.0%0 0 0 0
TOTAL 1 1,100 0 0
RENTAL SUBSIDY PREMIUM (annual subsidy income less total annual base rents)0 0
TOTAL - BASE RENT PLUS RENTAL SUBSIDY PREMIUM 90,227 1,082,724
TOTAL RESIDENTIAL INCOME TOTAL TOTAL TOTAL
UNITS MONTHLY (Net)ANNUAL
70 90,227 1,082,724
TOTAL SQ FT - TAX CREDIT ELIGIBLE 49,180
TOTAL SQ FT - NON-TAX CREDIT ELIGIBLE 0
TOTAL RENTABLE SQ FT 49,180
MISCELLANEOUS INCOME PER-UNIT TOTAL TOTAL
MONTHLY MONTHLY ANNUAL
Laundry/Vending 12.00 840 10,080
1.05 City
August 4, 2021
Aug. 31, 2021 Item #9 Page 32 of 87
California Housing Partnership Corporation
Aviara Apartments PAGE 3
Tax Credit Calculation Version:
Revised:
FEDERAL CALIFORNIA
CONST/CONST/
ACQUIS REHAB TOTAL ACQUIS REHAB TOTAL
TOTAL ELIGIBLE COSTS 0 29,176,262 29,176,262 0 29,176,262 29,176,262
ELIGIBLE BASIS 0 29,176,262 29,176,262 0 29,176,262 29,176,262
THRESHOLD BASIS LIMIT 34,168,245
REQUESTED ELIGIBLE BASIS 0 29,176,262 29,176,262 0 29,176,262 29,176,262
LESS: Voluntary Reduction for Tiebreaker 0 (22,390,700)
TOTAL REQUESTED UNADJUSTED ELIGIBLE BASIS 0 29,176,262 6,785,562
HIGH COST ADJUSTMENT (Y/N)Y 100.0%130.0%100.0%100.0%
ADJUSTED ELIGIBLE BASIS 0 37,929,141 37,929,141 0 6,785,562 6,785,562
APPLICABLE FRACTION*100.0%100.0%100.0%100.0%
QUALIFIED CREDIT BASIS 0 37,929,141 37,929,141 0 6,785,562 6,785,562
LESS: Credit Reduction for Leveraging 0.00%0 0 0
ADJUSTED QUALIFIED CREDIT BASIS 0 37,929,141 37,929,141
CREDIT RATE Federal Annual/Yr 1-3 State 4.00%4.00%4.00%9.00%
Year 4 - State 1.00%3.00%
MAXIMUM CREDIT AMOUNT PER COSTS
Federal Annual/Yr 1-3 State 0 1,517,166 1,517,166 0 1,832,102 1,832,102
Year 4 - State 0 203,567 203,567
Total 0 2,035,669 2,035,669
ACTUAL TCAC CREDIT RESERVATION
Federal Annual/Total State N/A N/A N/A N/A N/A N/A
MAXIMUM ALLOWABLE CREDITS (Lesser of above)
Federal Annual/Total State 0 1,517,166 1,517,166 2,035,669
MAXIMUM ALLOWABLE - TEN YEAR TOTAL 15,171,656 2,035,669Lesser of Above $0
CDLAC TIEBREAKER
Bond and State Credit Request $18,134,669
Statewide Basis Delta*-0.658%
Highest / High Resource Area Multiplier 0%
Homeless Project Multiplier 0%
Maximum of Multiplier 0%
Adjusted Bond and State Credit Request $18,253,976
Total Adjustment Adjusted
Unit Type Units Factor Units
Studio/SRO 14 0.90 12.60
1-Bedroom 23 1.00 23.00
2-Bedroom 26 1.25 32.50
3-Bedroom 7 1.50 10.50
4-Bedroom or larger 0 1.75 0.00
70 78.60
Tie Breaker Self-Score $232,238.88
STATEWIDE BASIS DELTA FOR CDLAC TIE BREAKER
Project County 2-Bedroom Basis Limit $362,400
2-Bedroom Basis Limit (all counties)$364,800
STATEWIDE BASIS DELTA (maximum 30%)-0.658%
1.05 City
August 4, 2021
Aug. 31, 2021 Item #9 Page 33 of 87
California Housing Partnership CorporationAviara ApartmentsPAGE 855-Year Cash FlowVersion:Revised:ASSUMPTIONS: Rent Increase:2.50%Perm Loan - % Debt Service Year 1100.0%HCD Transition Reserve Expenses Increase:3.50%Percent Q.O. In Lease-Up Year100.0%Total Real Estate Tax Increase:2.00%Perm Loan - % Debt Service Year 2100.0%0 Reserve Increase:0.00%Y1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 2022202420252026202720282029203020312032203320342035203620372038GROSS POTENTIAL INCOME - RESIDENTIAL1,082,724 1,082,724 1,109,792 1,137,537 1,165,975 1,195,125 1,225,003 1,255,628 1,287,019 1,319,194 1,352,174 1,385,978 1,420,628 1,456,143 1,492,547 1,529,861 Misc. Income10,080 10,080 10,332 10,590 10,855 11,126 11,405 11,690 11,982 12,282 12,589 12,903 13,226 13,556 13,895 14,243 Vacancy Loss - Residential 5.0%(54,640)(56,006)(57,406)(58,842)(60,313)(61,820)(63,366)(64,950)(66,574)(68,238)(69,944)(71,693)(73,485)(75,322)(77,205)GROSS EFFECTIVE INCOME1,038,164 1,064,118 1,090,721 1,117,989 1,145,939 1,174,587 1,203,952 1,234,051 1,264,902 1,296,524 1,328,937 1,362,161 1,396,215 1,431,120 1,466,898 Operating Expenses (excl. reserves & taxes)524,150 524,150 542,495 561,483 581,134 601,474 622,526 644,314 666,865 690,205 714,363 739,365 765,243 792,027 819,748 848,439 Real Estate Taxes3,000 3,000 3,060 3,121 3,184 3,247 3,312 3,378 3,446 3,515 3,585 3,657 3,730 3,805 3,881 3,958 TOTAL OPERATING EXPENSES527,150 545,555 564,604 584,318 604,721 625,838 647,693 670,311 693,720 717,948 743,022 768,973 795,831 823,628 852,397 NET OPERATING INCOME511,014 518,563 526,117 533,671 541,217 548,749 556,259 563,739 571,181 578,576 585,915 593,188 600,384 607,492 614,501 REPLACEMENT RESERVE31,500 31,500 31,500 31,500 31,500 31,500 31,500 31,500 31,500 31,500 31,500 31,500 31,500 31,500 31,500 31,500 NET INCOME AVAILABLE FOR DEBT SERVICE479,514 487,063 494,617 502,171 509,717 517,249 524,759 532,239 539,681 547,076 554,415 561,688 568,884 575,992 583,001 Tax-Exempt Permanent LoanPrincipal Balance7,036,3006,951,6046,863,0166,770,3596,673,4466,572,0806,466,0576,355,1646,239,1776,117,8605,990,9715,858,2535,719,4375,574,2445,422,3815,263,542Interest Payment314,901311,010306,940302,684298,231293,575288,704283,610278,281272,708266,879260,782254,404247,734240,758Principal Payment84,69688,58792,65796,914101,366106,023110,893115,988121,316126,889132,719138,816145,193151,863158,840TOTAL DEBT SERVICE399,597399,597399,597399,597399,597399,597399,597399,597399,597399,597399,597399,597399,597399,597399,597NET CASH FLOW 79,917 87,465 95,020 102,574 110,120 117,652 125,162 132,642 140,084 147,479 154,818 162,090 169,286 176,395 183,404 Debt Service Coverage Ratio1.2001.2191.2381.2571.2761.2941.3131.3321.3511.3691.3871.4061.4241.4411.459FAILFAILFAILDISTRIBUTION OF CASH FLOWLP Investor Services Fee - Current7,500 7,500 7,725 7,957 8,195 8,441 8,695 8,955 9,224 9,501 9,786 10,079 10,382 10,693 11,014 11,344 LP Investor Services Fee - Deferred0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Deferred Developer Fee0.00%900,000 72,417 79,740 87,063 94,378 101,679 108,957 116,207 123,418 116,141 0 0 0 0 0 0 GP Partnership Management Fee - Current30,000 0 0 0 0 0 0 0 0 14,442 39,143 40,317 41,527 42,773 44,056 45,378 GP Partnership Management Fee - Deferred0 0 0 0 0 0 0 0 0 98,550 104,421 87,360 0 0 0 City of Carlsbad Loan3,100,000 50.00%0 0 0 0 0 0 0 0 0 0 0 11,411 57,910 60,662 63,341 Master Developer Loan3,100,000 25.00%0 0 0 0 0 0 0 0 0 0 0 5,706 28,955 30,331 31,670 Developer Distribution100.00%25.00%0 0 0 0 0 0 0 0 0 0 0 5,706 28,955 30,331 31,670 General Partner0.01%0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Limited Partner99.99%0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1.05 CityAugust 4, 2021Aug. 31, 2021Item #9 Page 34 of 87
California Housing Partnership CorporationAviara Apartments55-Year Cash FlowASSUMPTIONS: Rent Increase:2.50%Perm Loan - % Debt Service Year 1 Expenses Increase:3.50%Percent Q.O. In Lease-Up Year Real Estate Tax Increase:2.00%Perm Loan - % Debt Service Year 2 Reserve Increase:0.00%2022GROSS POTENTIAL INCOME - RESIDENTIAL1,082,724 Misc. Income10,080 Vacancy Loss - Residential 5.0%GROSS EFFECTIVE INCOMEOperating Expenses (excl. reserves & taxes)524,150 Real Estate Taxes3,000 TOTAL OPERATING EXPENSESNET OPERATING INCOMEREPLACEMENT RESERVE31,500 NET INCOME AVAILABLE FOR DEBT SERVICETax-Exempt Permanent LoanPrincipal Balance7,036,300Interest PaymentPrincipal PaymentTOTAL DEBT SERVICENET CASH FLOW Debt Service Coverage RatioDISTRIBUTION OF CASH FLOWLP Investor Services Fee - Current7,500 LP Investor Services Fee - DeferredDeferred Developer Fee0.00%900,000 GP Partnership Management Fee - Current30,000 GP Partnership Management Fee - DeferredCity of Carlsbad Loan3,100,000 50.00%Master Developer Loan3,100,000 25.00%Developer Distribution100.00%25.00%General Partner0.01%Limited Partner99.99%HCD Transition Reserve16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 2039204020412042204320442045204620472048204920502051205220531,568,107 1,607,310 1,647,493 1,688,680 1,730,897 1,774,169 1,818,524 1,863,987 1,910,586 1,958,351 2,007,310 2,057,493 2,108,930 2,161,653 2,215,694 14,599 14,964 15,338 15,721 16,114 16,517 16,930 17,353 17,787 18,232 18,688 19,155 19,634 20,125 20,628 (79,135)(81,114)(83,142)(85,220)(87,351)(89,534)(91,773)(94,067)(96,419)(98,829)(101,300)(103,832)(106,428)(109,089)(111,816)1,503,571 1,541,160 1,579,689 1,619,181 1,659,661 1,701,152 1,743,681 1,787,273 1,831,955 1,877,754 1,924,698 1,972,815 2,022,135 2,072,689 2,124,506 878,134 908,869 940,679 973,603 1,007,679 1,042,948 1,079,451 1,117,232 1,156,335 1,196,807 1,238,695 1,282,049 1,326,921 1,373,363 1,421,431 4,038 4,118 4,201 4,285 4,370 4,458 4,547 4,638 4,731 4,825 4,922 5,020 5,121 5,223 5,328 882,172 912,987 944,880 977,888 1,012,049 1,047,406 1,083,998 1,121,870 1,161,066 1,201,632 1,243,617 1,287,069 1,332,042 1,378,586 1,426,758 621,399 628,173 634,809 641,294 647,611 653,747 659,683 665,403 670,889 676,122 681,081 685,746 690,094 694,103 697,748 31,500 31,500 31,500 31,500 31,500 31,500 31,500 31,500 31,500 31,500 31,500 31,500 31,500 31,500 31,500 589,899 596,673 603,309 609,794 616,111 622,247 628,183 633,903 639,389 644,622 649,581 654,246 658,594 662,603 666,248 5,097,4054,923,6364,741,8844,551,7834,352,9484,144,9793,927,4563,699,9403,461,9723,213,0722,952,7372,680,4422,395,6392,097,7511,786,179233,461225,828217,845209,496200,763191,628182,074172,081161,629150,697139,262127,303114,793101,71088,025166,137173,769181,752190,101198,835207,969217,523227,516237,968248,900260,335272,295284,804297,888311,572399,597399,597399,597399,597399,597399,597399,597399,597399,597399,597399,597399,597399,597399,597399,597190,302 197,076 203,712 210,196 216,514 222,649 228,586 234,306 239,792 245,025 249,984 254,648 258,997 263,005 266,651 1.4761.4931.5101.5261.5421.5571.5721.5861.6001.6131.6261.6371.6481.6581.6670 0 0 0 0 0 0 0 0 0 0 0 0 0 0 95,151 98,538 101,856 105,098 108,257 111,325 114,293 117,153 119,896 122,512 124,992 127,324 129,498 131,503 133,325 47,575 49,269 50,928 52,549 54,129 55,662 57,146 58,577 59,948 61,256 62,496 63,662 64,749 65,751 66,663 47,575 49,269 50,928 52,549 54,129 55,662 57,146 58,577 59,948 61,256 62,496 63,662 64,749 65,751 66,663 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Aug. 31, 2021Item #9 Page 35 of 87
California Housing Partnership CorporationAviara Apartments55-Year Cash Flow ASSUMPTIONS: Rent Increase:2.50%Perm Loan - % Debt Service Year 1 Expenses Increase:3.50%Percent Q.O. In Lease-Up Year Real Estate Tax Increase:2.00%Perm Loan - % Debt Service Year 2 Reserve Increase:0.00% 2022GROSS POTENTIAL INCOME - RESIDENTIAL1,082,724 Misc. Income10,080 Vacancy Loss - Residential 5.0%GROSS EFFECTIVE INCOME Operating Expenses (excl. reserves & taxes)524,150 Real Estate Taxes 3,000 TOTAL OPERATING EXPENSES NET OPERATING INCOMEREPLACEMENT RESERVE31,500 NET INCOME AVAILABLE FOR DEBT SERVICE Tax-Exempt Permanent LoanPrincipal Balance7,036,300Interest PaymentPrincipal PaymentTOTAL DEBT SERVICENET CASH FLOW Debt Service Coverage RatioDISTRIBUTION OF CASH FLOWLP Investor Services Fee - Current7,500 LP Investor Services Fee - DeferredDeferred Developer Fee0.00%900,000 GP Partnership Management Fee - Current30,000 GP Partnership Management Fee - DeferredCity of Carlsbad Loan3,100,000 50.00%Master Developer Loan3,100,000 25.00%Developer Distribution100.00%25.00%General Partner0.01%Limited Partner99.99%31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 2054205520562057205820592060206120622063206420652066206720682,271,087 2,327,864 2,386,061 2,445,712 2,506,855 2,569,526 2,633,764 2,699,608 2,767,099 2,836,276 2,907,183 2,979,863 3,054,359 3,130,718 3,208,986 21,143 21,672 22,214 22,769 23,338 23,922 24,520 25,133 25,761 26,405 27,065 27,742 28,436 29,147 29,875 (114,612)(117,477)(120,414)(123,424)(126,510)(129,672)(132,914)(136,237)(139,643)(143,134)(146,712)(150,380)(154,140)(157,993)(161,943)2,177,619 2,232,059 2,287,861 2,345,057 2,403,684 2,463,776 2,525,370 2,588,504 2,653,217 2,719,547 2,787,536 2,857,224 2,928,655 3,001,871 3,076,918 1,471,181 1,522,672 1,575,966 1,631,125 1,688,214 1,747,301 1,808,457 1,871,753 1,937,264 2,005,069 2,075,246 2,147,880 2,223,055 2,300,862 2,381,392 5,434 5,543 5,654 5,767 5,882 6,000 6,120 6,242 6,367 6,494 6,624 6,757 6,892 7,030 7,170 1,476,615 1,528,215 1,581,619 1,636,891 1,694,096 1,753,301 1,814,577 1,877,995 1,943,631 2,011,563 2,081,870 2,154,636 2,229,947 2,307,892 2,388,563 701,004 703,844 706,241 708,166 709,588 710,475 710,793 710,509 709,586 707,985 705,666 702,588 698,708 693,980 688,356 31,500 31,500 31,500 31,500 31,500 31,500 31,500 31,500 31,500 31,500 31,500 31,500 31,500 31,500 31,500 669,504 672,344 674,741 676,666 678,088 678,975 679,293 679,009 678,086 676,485 674,166 671,088 667,208 662,480 656,856 1,460,2931,119,436762,919390,025073,71158,74043,08126,7039,572325,886340,857356,516372,894390,025399,597399,597399,597399,597399,597269,907 272,747 275,144 277,069 278,490 678,975 679,293 679,009 678,086 676,485 674,166 671,088 667,208 662,480 656,856 1.6751.6831.6891.6931.6970 0 0 0 0 0 0 0 0 0 0 0 0 0 0 134,953 136,374 137,572 138,534 139,245 339,487 339,647 339,505 339,043 338,242 337,083 335,544 333,604 331,240 328,428 67,477 68,187 68,786 69,267 69,623 169,744 169,823 169,752 169,521 169,121 168,541 167,772 166,802 165,620 164,214 67,477 68,187 68,786 69,267 69,623 169,744 169,823 169,752 169,521 169,121 168,541 167,772 166,802 165,620 164,214 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Aug. 31, 2021Item #9 Page 36 of 87
California Housing Partnership CorporationAviara Apartments55-Year Cash FlowASSUMPTIONS: Rent Increase:2.50%Perm Loan - % Debt Service Year 1 Expenses Increase:3.50%Percent Q.O. In Lease-Up Year Real Estate Tax Increase:2.00%Perm Loan - % Debt Service Year 2 Reserve Increase:0.00%2022GROSS POTENTIAL INCOME - RESIDENTIAL1,082,724 Misc. Income10,080 Vacancy Loss - Residential 5.0%GROSS EFFECTIVE INCOMEOperating Expenses (excl. reserves & taxes)524,150 Real Estate Taxes3,000 TOTAL OPERATING EXPENSESNET OPERATING INCOMEREPLACEMENT RESERVE31,500 NET INCOME AVAILABLE FOR DEBT SERVICETax-Exempt Permanent LoanPrincipal Balance7,036,300Interest PaymentPrincipal PaymentTOTAL DEBT SERVICENET CASH FLOW Debt Service Coverage RatioDISTRIBUTION OF CASH FLOWLP Investor Services Fee - Current7,500 LP Investor Services Fee - DeferredDeferred Developer Fee0.00%900,000 GP Partnership Management Fee - Current30,000 GP Partnership Management Fee - DeferredCity of Carlsbad Loan3,100,000 50.00%Master Developer Loan3,100,000 25.00%Developer Distribution100.00%25.00%General Partner0.01%Limited Partner99.99%46 47 48 49 50 51 52 53 54 55 20692070207120722073207420752076207720783,289,211 3,371,441 3,455,727 3,542,120 3,630,673 3,721,440 3,814,476 3,909,838 4,007,584 4,107,774 30,622 31,388 32,172 32,977 33,801 34,646 35,512 36,400 37,310 38,243 (165,992)(170,141)(174,395)(178,755)(183,224)(187,804)(192,499)(197,312)(202,245)(207,301)3,153,841 3,232,687 3,313,504 3,396,342 3,481,251 3,568,282 3,657,489 3,748,926 3,842,649 3,938,716 2,464,741 2,551,007 2,640,292 2,732,703 2,828,347 2,927,339 3,029,796 3,135,839 3,245,594 3,359,189 7,314 7,460 7,609 7,761 7,916 8,075 8,236 8,401 8,569 8,740 2,472,055 2,558,467 2,647,901 2,740,464 2,836,264 2,935,414 3,038,033 3,144,240 3,254,163 3,367,930 681,786 674,220 665,603 655,878 644,987 632,868 619,456 604,686 588,487 570,786 31,500 31,500 31,500 31,500 31,500 31,500 31,500 31,500 31,500 31,500 650,286 642,720 634,103 624,378 613,487 601,368 587,956 573,186 556,987 539,286 650,286 642,720 634,103 624,378 613,487 601,368 587,956 573,186 556,987 539,286 0 0 0 0 0 0 0 0 0 0 325,143 321,360 317,051 312,189 306,743 300,684 293,978 286,593 278,493 269,643 162,572 160,680 158,526 156,095 153,372 150,342 146,989 143,296 139,247 134,821 162,572 160,680 158,526 156,095 153,372 150,342 146,989 143,296 139,247 134,821 0 0 0 0 0 0 0 0 0 0 Aug. 31, 2021Item #9 Page 37 of 87
Exhibit C - Housing Trust Fund Financial Assistance Application
Aug. 31, 2021 Item #9 Page 38 of 87
HOUSING TRUST FUND
FINANCIAL ASSISTANCE APPLICATION
Community Development
Housing Services 1200 Carlsbad Village Drive ° Carlsbad, CA 92008 ° 760-434-2810 t
Please provide all known information as requested. Check all boxes that apply.
PROJECT INFORMATION
Project Name:
Address:
Zip Code:
Type of project: New Construction Acquisition Conversion
(check all that apply) Preservation Rehabilitation
Target population to be served:
Provide on a separate sheet or cover letter: a summary narrative of the project, any entitlements
received from the city, the amount of financial assistance being requested, and description of the
public benefits that would result from the assistance.
APPLICANT INFORMATION
Legal Name:
Address:
City: State: Zip:
Telephone: Fax:
Legal Status of Applicant:
Individual General partnership Limited liability corporation
Non-profit corporation Limited partnership CHDO
For-profit corporation Joint venture Other:
Contact Person:
Title:
Address:
City: State: Zip:
Telephone: Fax:
Email:
CO-APPLICANT (IF APPLICABLE)
Legal Name:
Address:
City:State: Zip:
Telephone:Fax:
Email:
Legal Status of Applicant:
Individual General partnership Limited liability corporation
Non-profit corporation Limited partnership CHDO
For-profit corporation Joint venture Other:
Contact Person:
Title:
Address:
City:State: Zip:
Telephone:Fax:
Email:
Aviara Apartments East - Affordable
BRIDGE Housing Corporation
600 California Street, Suite 900
San Francisco CA 94108
Jeff Williams
Senior Project Manager
600 California Street, Suite 900
San Francisco CA 94108
415 989 1111
619 814 1281
jwilliams@bridgehousing.com
NE corner of Aviara Parkway and Laurel Tree Lane
92011
Low-, Very-Low, and Extremely-Low income individuals and households
Aug. 31, 2021 Item #9 Page 39 of 87
Community Development
Housing Services 1200 Carlsbad Village Drive ° Carlsbad, CA 92008 ° 760-434-2810 t
SOURCES & USES OF FUNDS
ACQUISITION FUNDING (List all sources of funding)
Name of Lender/Source Amount Term in
Months
Interest
Rate
Per Unit
Cost
Committed
Yes No
TOTAL
CONSTRUCTION PERIOD FUNDING (List all sources of funding)
Name of Lender/Source
Contact Person and
Phone Number
Amount Term in
Months
Interest
Rate
Per Unit
Cost
Committed
Yes No
TOTAL
PERMANENT FUNDING (List all sources of funding, including amount requested from City of
Carlsbad)
Name of Lender/Source
Contact Person and
Phone Number
Amount Term in
Months
Interest
Rate
Per Unit
Cost
Committed
Yes No
TOTAL
N/A
See attached sheet
See attached sheet
Aug. 31, 2021 Item #9 Page 40 of 87
AVIARA APARTMENTS EAST ‐ 70 UNITS AFFORDABLE
CONSTRUCTION PERIOD FUNDING
Name of Lender/Source Amount
Term in
Months
Interest
Rate Per Unit Committed?
Constr. Loan (tax exempt and taxable)19,613,985$ 30 4.0%, 4.1%280,200$ No
City of Carlsbad Loan 3,100,000$ 660 3.0%44,286$ No
Master Developer Loan/Contribution 3,100,000$ 660 3.0%44,286$ Yes
Deferred developer fee 900,000$ N/A N/A 12,857$ Yes
Costs deferred until completion 2,473,014$ N/A N/A 35,329$ Yes
Tax Credit Equity (Federal + State)1,738,344$ N/A N/A 24,833$ No
TOTAL 30,925,343$ 441,791$
PERMANENT PERIOD FUNDING
Name of Lender/Source Amount
Term in
Months
Interest
Rate Per Unit Cost Committed?
Permanent Loan (tax exempt)7,036,300$ 420 4.5%100,519$ No
City of Carlsbad Loan 3,100,000$ 660 3.0%44,286$ No
Master Developer Loan/Contribution 3,100,000$ 660 3.0%44,286$ Yes
Deferred Developer Fee 900,000$ N/A N/A 12,857$ Yes
GP Equity ‐ Dev. Fee 1,405,599$ N/A N/A 20,080$ Yes
Federal Tax Credit Equity 13,653,126$ N/A N/A 195,045$ No
State Tax Credit Equity 1,730,318$ N/A N/A 24,719$ No
TOTAL 30,925,343$ 441,791$
USES OF FUNDS
Uses of Funds Amount Per Unit Cost
Percentage
of total
Land Acquisition Cost 95,000$ 1,357$ 0.3%Acquisition title, legal
Total Hard Costs (construction)18,065,389$ 258,077$ 58.4%
Construction Interest & Fees 1,407,576$ 20,108$ 4.6%Incl. bond issuance costs
Construction Contingency 1,771,117$ 25,302$ 5.7%
Architectural & Engineering Fees 1,942,670$ 27,752$ 6.3%
Permit/Impact Fees 2,047,500$ 29,250$ 6.6%
Soft Costs/Other 1,471,077$ 21,015$ 4.8%
Reserves (operating & other)319,415$ 4,563$ 1.0%Operating reserve
Developer Fee ($1.5M cash fee + $2.3M GP Equity/Deferred)3,805,599$ 54,366$ 12.3%Net fee $1.5M
TOTAL USES OF FUNDS 30,925,343$ 441,791$ 100%
Aug. 31, 2021 Item #9 Page 41 of 87
Community Development
Housing Services 1200 Carlsbad Village Drive ° Carlsbad, CA 92008 ° 760-434-2810 t
USES OF FUNDS
Uses of Funds Amount Per Unit Cost Percentage of total
Land Acquisition Cost
Total Hard Costs (construction)
Construction Interest & Fees
Construction Contingency
Architectural & Engineering Fees
Soft Costs/Other
Reserves (operating & other)
Developer Fee
TOTAL USES OF FUND $0 $0 $0
NOTE: A current development proforma shall be attached to this application. The above sources
and uses of funds must agree with the information shown in the attached development proforma.
PREVAILING WAGE REQUIREMENTS – Check if either of the following wage requirements were
included in the Total Development Cost of your project:
Davis-Bacon Wages State Prevailing Wages
SITE INFORMATION
Current Owner/Seller Information:
Email:
Contact Person:
Site Control:
Deed Option to Purchase Other:
Lot Size: sq. ft. acres
APN:
If ownership of the property has not yet transferred to applicant, what is the expected date for
transfer of ownership? __________________
Legal Description:
_______________________________________________________________________________
_______________________________________________________________________________
_______________________________________________________________________________
_______________________________________________________________________________
_______________________________________________________________________________
Prior use of property:
_______________________________________________________________________________
_______________________________________________________________________________
Name:
Address:
City: State: Zip:
Telephone: Fax:
Executed PSA
Vacant land
See attached sheet
3000 Executive Parkway, Suite 450
San Ramon CA 94583
(925) 244-7505
Doug McDonald, COO
dmcdonald@shhousinggroup.com
SummerHill Apartment Communities Investments, LLC (this entity is in contract to buy the site from current owner)
May 1, 2022 (closing to occur at construction financing closing; bldg. permit ready to issue)
2.2
TBD - final map in process. East parcel will be created via final map and conveyed to BRIDGE Housing per executed PSA.
APN for entire Aviara Apartments site: 212-040-56 (West and East). Parcel for Aviara Apartments East site does not yet exist; final map in process
At the time of this writing, Wermers/R&V is under contract to
purchase the project from SummerHill Apartment Communities.
Aug. 31, 2021 Item #9 Page 42 of 87
Current Number of occupied units on the property: _____
Number of potential households to relocate: ______
EXISTING or PROPOSED STRUCTURE INFORMATION
Existing Building
(if applicable)
Proposed Configuration
(after Rehab or New Construction)
Units
Bedrooms
Buildings
Stories
Parking spaces
Residential sq. ft.
Common area sq. ft.
Parking sq. ft.
Commercial sq. ft.
Total building sq. ft.
Community Services sq. ft.
UNIT MIX
Unit Mix Existing Unit Mix Proposed Unit Mix (after rehab or construction)
0 bedroom/SRO
1 bedroom
2 bedrooms
3 bedrooms
4 bedrooms
TOTAL UNITS
Unit Type % of AMI (insert % of the area median income)
Proposed Rent(based on 2020 TCAC
rents)
Total # of Units
0 bedroom/SRO
1 bedroom
2 bedrooms
3 bedrooms
4 bedrooms
TOTAL UNITS
Add additional rows if necessary.
0
0
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
70
1
4
N/A
N/A, typ
7
110 (studios counted as one bedroom)
105
14
23
26
70
30% AMI
50% AMI
60% AMI
30% AMI
50% AMI
60% AMI
30% AMI
50% AMI
60% AMI
30% AMI
50% AMI
60% AMI
2
2
10
2
2
19
2
2
22
1
1
4
3BR Manager unit 1
70
$596
$1,000
$1,202
$636
$1,069
$1,286
$761
$1,281
$1,541
$845
$1,480
$1,712
-
78,000 sf
8,200 sf
1,300 sf (incl above)
22,300 (common areas, circulation, walls)
47,500 sf (NRSF)
Aug. 31, 2021 Item #9 Page 43 of 87
Community Development
Housing Services 1200 Carlsbad Village Drive ° Carlsbad, CA 92008 ° 760-434-2810 t
ANTICIPATED PROJECT TIMELINE
Activity
Estimated
Start Date
Estimated
Completion Date
Site Acquisition
Environmental Clearance – CEQA
Environmental Clearance – NEPA (if applicable)
Application for Land Use Permit/Entitlements
Submission of plans to Building Department
Application for Construction Financing
Application for Permanent Conventional Financing
Application for Tax Exempt Bonds
Application for Other Loans/Grants:
Application for Other Loans/Grants:
Application for Other Loans/Grants:
Application for Other Loans/Grants:
Application for Other Loans/Grants:
Application for Low-Income Housing Tax Credits (4% or 9%)
Receipt of Construction Bids
Commencement of Construction
Completion of Construction
100% Lease-up
Receipt of Permanent Financing
5/1/22
12/15/20
5/15/22
Nov. 2018
12/15/20
12/15/21 (award)
City of Carlsbad 4/13/21
11/30/21
9/9/21 (application)
8/1/21
8/1/21 9/9/21
9/9/21
Jan. 2018
7/1/21
11/1/23
3/1/24
7/1/24
4/1/22
12/15/21 (award)9/9/21 (application)
N/A
Aug. 31, 2021 Item #9 Page 44 of 87
Community Development
Housing Services 1200 Carlsbad Village Drive ° Carlsbad, CA 92008 ° 760-434-2810 t
CITY OF CARLSBAD
Housing Trust Fund Application
Development Team Members
Provide the name, address, contact person, telephone number, fax number, and e-mail address for all
members of the development team. In addition, describe the development team’s experience in real
estate development and/or management and ownership. Development team must include team
members with a successful record of accomplishment in developing at least one affordable rental
housing project of the type and scale proposed.
Name of Developer Address Address City State, Zip
Primary Contact Person/Title Phone FAX E-Mail Other names under which you have done
business.
Experience List of other affordable housing developments that you have developed
Name of Co-Developer Address Address City State, Zip
Primary Contact Person/Title Phone FAX E-Mail Other names under
which you have done
business.
Experience List of other affordable housing developments that you have developed
Name of General
Contractor
Address Address City State, Zip
Primary Contact Person/Title Phone FAX E-Mail Other names under
which you have done
business.
Experience List of other affordable housing developments that you have developed
Name of Architectural
Firm
Address Address City State, Zip
TBD
N/A
BRIDGE Housing Corporation 600 California St. Suite 900 San Francisco CA, 94108
Jeff Williams (619) 814-1281
jwilliams@bridgehousing.com
17911 Von Karman Ave. Suite 200 CA, 92614IrvineKTGY Inc.
BRIDGE developed the Villa Loma and Poinsettia Station projects in Carlsbad. BRIDGE has completed over 100 affordable housing
developments in CA, WA, OR. A list of projects completed in the past five years is provided along with cut sheets on San Diego County and Riverside County projects. All of these projects utilized 4% tax credits and bonds, or 9% tax credits, plus other subsidies.
Aug. 31, 2021 Item #9 Page 45 of 87
Community Development
Housing Services 1200 Carlsbad Village Drive ° Carlsbad, CA 92008 ° 760-434-2810 t
Primary Contact Person/Title Phone FAX E-Mail Other names under which you have done
business.
Experience List of other affordable housing developments that you have developed
Name of Property
Mgmt Co
Address Address City State, Zip
Primary Contact Person/Title Phone FAX E-Mail Other names under
which you have done
business.
Experience List of other affordable housing developments that you have developed
Name of Legal Counsel Address Address City State, Zip
Primary Contact Person/Title Phone FAX E-Mail Other names under
which you have done business.
Experience List of other affordable housing developments that you have developed
Name of Tax Credit
Syndicator
Address Address City State, Zip
Primary Contact Person/Title Phone FAX E-Mail Other names under
which you have done
business.
Experience List of other affordable housing developments that you have developed
BRIDGE Property Management Company
TBD
600 California St. Suite 900 San Francisco CA, 94108
Susan Johnson 415 989 1111 sjohnson@bridgehousing.com
Kyle Millar, Assoc. Principal (949) 851-2133 kmillar@ktgy.com
KTGY has designed several of BRIDGE's completed projects and is currently working with BRIDGE on projects in both Northern and
Southern California.
BPMC currently manages or asset manages 109 of BRIDGE's developments with over 11,000 units. A list of San Diego County projects managed by BPMC is shown in the attached document. All of these projects were developed
by BRIDGE Housing.
TBD
Aug. 31, 2021 Item #9 Page 46 of 87
Community Development
Housing Services 1200 Carlsbad Village Drive ° Carlsbad, CA 92008 ° 760-434-2810 t
Other Development
Team Member
Address Address City State, Zip
Primary Contact Person/Title Phone FAX E-Mail Other names
under which you
have done business.
Experience List of other affordable housing developments that you have developed
Name of Service
Provider
Address Address City State, Zip
Primary Contact Person/Title Phone FAX E-Mail Other names
under which you
have done business.
Experience List of other affordable housing developments that you have developed
A service provider hasn't been formally selected for the Aviara project. BRIDGE has engaged local service providers to provide BRIDGE intends to engage resident service coordination and adult education on several projects in the San Diego area.
a qualified service provider for the Aviara project.
Aug. 31, 2021 Item #9 Page 47 of 87
Community Development
Housing Services 1200 Carlsbad Village Drive ° Carlsbad, CA 92008 ° 760-434-2810 t
CITY OF CARLSBAD
HOUSING TRUST FUND APPLICATION
Borrower/Applicant/Developer
Disclosure Statement
For the purpose of this form Borrower shall mean:
Any person or entity having 10% or more ownership interest in the development project;
the General Partners or Principals of the development; and, if applicable,
any non-profit entity associated with the development.
The Borrower(s) shall provide the following information. Use a separate sheet of paper, if
necessary. A response to each question is required. If an item is not applicable, type N/A.
Name of Primary Borrower Address Address City State, Zip
Primary Contact Person Phone FAX E-Mail Other names under
which you have done business.
Taxpayer Identification Number Borrower’s Organization Check One
Corporation – Attach Articles of Incorporation
Non-Profit – Attach Articles of Incorporation and verification of 501 C(3) status.
Partnership – Attach Partnership Agreement General Partnership - General Partnership Agreement
Limited Partnership - Attach Certificate of Limited Partnership
A business association or a joint venture
Co-Borrower Address Address City State, Zip
Primary Contact Person Phone FAX E-Mail Other names under
which you have done business.
Taxpayer Identification Number Borrower’s Organization Check One
Corporation – Attach Articles of Incorporation
Non-Profit – Attach Articles of Incorporation and verification of 501 C(3) status.
Partnership – Attach Partnership Agreement General Partnership - General Partnership Agreement
Limited Partnership - Attach Certificate of Limited Partnership
A business association or a joint venture
Jeff Williams
BRIDGE Housing Corporation 600 California St. Suite 900 San Francisco CA, 94108
619 814 1281 jwilliams@bridgehousing.com
Aug. 31, 2021 Item #9 Page 48 of 87
Community Development
Housing Services 1200 Carlsbad Village Drive ° Carlsbad, CA 92008 ° 760-434-2810 t
Provide names, addresses, business addresses, telephone numbers, title of position (if any) and
nature and extent of the interest of the current officers, principal members, shareholders, and
investors of the applicant entity.
Name Address Phone Fax
E-Mail Title of Position Nature of Interest Extent of Interest
Name Address Phone Fax
E-Mail Title of Position Nature of Interest Extent of Interest
Name Address Phone Fax
E-Mail Title of Position Nature of Interest Extent of Interest
Name Address Phone Fax
E-Mail Title of Position Nature of Interest Extent of Interest
Name Address Phone Fax
E-Mail Title of Position Nature of Interest Extent of Interest
Add additional pages if necessary.
N/A - officers of BRIDGE Housing Corporation do not have an ownership interest in the company
Aug. 31, 2021 Item #9 Page 49 of 87
Community Development
Housing Services 1200 Carlsbad Village Drive ° Carlsbad, CA 92008 ° 760-434-2810 t
Has the Borrower had any professional license suspended, revoked, lapsed and/or terminated for
any reason? If yes, please explain.
YES NO EXPLANATION
Has the Applicant filed for bankruptcy, either voluntarily or involuntarily, within the past 10 years?
If yes, please explain and state the case number and the case name and whether the case was
dismissed, discharged, or is current.
YES NO EXPLANATION
Has the Applicant defaulted on a financial obligation? If yes, please explain.
YES NO EXPLANATION
Is there, or has there ever been, a settlement and/or judgment filed or a case pending against the
Applicant? If yes, please explain.
YES NO EXPLANATION
Has a lien ever been filed against real property owned by the Applicant as a result of a judgment
or failure to pay taxes, etc? If yes, please explain.
YES NO EXPLANATION
Has the Applicant been convicted of any felony or any crime other than minor traffic violations
and/or placed on probation, fined or given a suspended sentence in court within the past 10 years?
If yes, please explain.
YES NO EXPLANATION
Has the Applicant or any of its partners or principals ever been cited and/or convicted of a
misdemeanor, including but not limited to a conviction under local health, fire, environmental
and/or building and safety laws, relating to the ownership and/or management of real property? If
yes, please explain.
YES NO EXPLANATION
Does the Applicant – Contractor/Builder have an ownership/investor interest in the development?
If yes, please explain.
YES NO EXPLANATION
X
X
X
X
X
N/A - contractor not yet selected
X
X In its almost 40-year history as an affordable housing developer, BRIDGE has been and is from time to time subject tocivil litigation in the ordinary course of its business, most of which has been covered by insurance. No judgement has ever been entered against BRIDGE nor has BRIDGE suffered a claim which had a material adverse effect on its business.
BRIDGE does not have any pending litigation that could have an adverse material effect on its business or assets.
Aug. 31, 2021 Item #9 Page 50 of 87
Community Development
Housing Services 1200 Carlsbad Village Drive ° Carlsbad, CA 92008 ° 760-434-2810 t
Does the Applicant have any employees or relatives who have close associations with current or
former employees of the City of Carlsbad to which the accompanying proposal is being made? If
yes, state names, dates of employment, and interest.
YES NO EXPLANATION
Does the Applicant employ any current or former employee(s) of the City of Carlsbad? Does the
Applicant employ relatives of employees of the City of Carlsbad? If yes, state names, dates of
employment, and interest.
YES NO EXPLANATION
Are there any City of Carlsbad employees (current or former) who have a financial interest in this
project? If yes, state names, dates of employment, and interest.
YES NO EXPLANATION
Has the contractor or builder, within the last 10 years, ever failed to qualify as a responsible
bidder, refused to enter into a contract after an award has been made, or failed to complete a
construction or development contract? If yes, please explain.
YES NO EXPLANATION
Is the proposed Applicant – Contractor/Builder currently involved in any construction-related
litigation? If yes, please explain.
YES NO EXPLANATION
Has the Applicant – Contractor/Builder ever been disqualified, removed from, or otherwise
prevented from bidding on or completing a federal, state, or local government project because of a
violation of law or a safety regulation? If so, please explain the circumstances in detail.
YES NO EXPLANATION
Within the last five years, has the Applicant – Contractor/Builder been the subject of a complaint
filed with the Contractor’s State License Board (CSLB)? Within the last five years, has the
Applicant – Contractor/Builder had a revocation or suspension of a Contractor’s License? If yes,
please explain.
YES NO EXPLANATION
Has the Applicant failed to comply with Davis-Bacon or State Prevailing Wage requirements on any
previous development projects? If yes, please explain.
YES NO EXPLANATION
X
X
X
X
N/A - contractor not yet selected
N/A - contractor not yet selected
N/A - contractor not yet selected
N/A - contractor not yet selected
Aug. 31, 2021 Item #9 Page 51 of 87
Community Development
Housing Services 1200 Carlsbad Village Drive ° Carlsbad, CA 92008 ° 760-434-2810 t
Has the Applicant been the subject of an investigation of Fair Housing and Employment Practices or
been in violation of affordability clauses in recorded regulatory agreements of the County or any
other federal, state, or local housing agency? If yes, explain the nature of the complaint and the
outcome.
YES NO EXPLANATION
X BRIDGE Housing Corporation, like any large employer, has occasionally been subject to a very small number of claimsfor employment discrimination made to the Department of Fair Employment and Housing. Most were dismissed with no findings. On 2 or 3 rare occasions there were settlements, all nominal.
BRIDGE does not have any pending fair housing/employment complaints that could have an adverse material effect on its business or assets.
Aug. 31, 2021 Item #9 Page 52 of 87
Community Development
Housing Services 1200 Carlsbad Village Drive ° Carlsbad, CA 92008 ° 760-434-2810 t
City of Carlsbad
Housing Trust Fund
Applicant Certification
Applicant warrants and certifies that it will not during the term of the project, loan,
contract, development and/or rendition of services discriminate against any employee,
person, or applicant for employment because of race, age, sexual orientation, marital
status, color, religion, sex, handicap, or national origin. The Applicant will take affirmative
action to ensure persons who are employed are treated during employment, without
regard to their race, age, sexual orientation, marital status, color, religion, sex, handicap
or national origin. Such action shall include, but not be limited to the following:
employment, upgrading, promotion or termination; rates of pay or other forms of
compensation; and selection for training, including apprenticeship. The Applicant agrees
to post in conspicuous places, available to employees and applicants for employment,
notices regarding fair employment practices setting forth the provisions of this
nondiscrimination clause.
Applicant warrants and certifies that no member, commissioner, council-person, officer, or
employee of the City of Carlsbad, no member of the governing body of the locality in
which the City of Carlsbad was activated, and no other public official of such locality or
localities who exercises any functions or responsibilities with respect to the assignment of
work, has during his or her tenure, or will for one (1) year thereafter, have any interest,
direct or indirect, in this PROJECT or the loan proceeds thereof.
Print Name
Date Title
Co-Borrower Signature Print Name
Date Title
Borrower Signature
August 2, 2021
Brad Wiblin
Executive Vice President
Aug. 31, 2021 Item #9 Page 53 of 87
Community Development
Housing Services 1200 Carlsbad Village Drive ° Carlsbad, CA 92008 ° 760-434-2810 t
CITY OF CARLSBAD
HOUSING TRUST FUND LOAN APPLICATION
AUTHORIZATION
To Verify Applicant’s Creditworthiness
PRIVACY NOTIFICATION. The information requested in this Application and Certification Statement
is to be used by the City of Carlsbad to assess the applicant’s creditworthiness. Information
provided that is contained in public records cannot be withheld from disclosure under the California
Public Records Act Gov. Code Sections 6250 and 6254. All other information may be required to be
disclosed outside the agency by state and/or federal law.
All information requested on this form, is mandatory. Failure to provide such
information may result in disqualification of the application or a withdrawal of City of
Carlsbad’s commitment.
CRIMINAL PENALTIES. Any person who shall knowingly make or cause to be made in writing,
either directly or indirectly, any false statement, with the intent that it shall be relied upon, for the
purpose of procuring the loan secured by real property, shall be guilty of a criminal offense,
punishable by a fine not exceeding ten thousand dollars ($10,000.00), or by imprisonment in a
county jail not exceeding six months, or by both the fine and imprisonment. California Penal Code
sections 532(a) and 532(f).
CONTINUING OBLIGATION. The applicant has a continuing obligation to provide the City of
Carlsbad with current and accurate information. Applicant must provide to City of Carlsbad all
requested information, with an Applicant’s Certification Statement for any individual or entity that
City of Carlsbad, in its sole discretion, believes is necessary to evaluate the application (reasonably
related to the applicant).
By signing below, authorization is hereby provided to the City of Carlsbad to verify any and all
information provided in the proposal, including, but not limited to, the organization’s credit rating,
status and payment history of real estate loans and performance on contracts with third parties.
The City of Carlsbad is further authorized to utilize photocopies of this authorization to obtain third
party contractual and credit references and status of the organization’s obligations. I understand
that the confidentiality of the information I have furnished will be preserved except where
disclosure of this information is required by applicable law.
CERTIFICATION/AUTHORIZATION. I, the undersigned, certify that the information provided to the
City of Carlsbad in this application is true and correct as of the date set forth below. My signature
on this application package is an acknowledgment that any false or misleading statements of the
information contained, may result in civil liability and liability for monetary damages to the lender,
its agents, successors, and assigns, insurers, and any other person who may suffer any loss due to
reliance upon any false or misleading statements which I have made on this Applicant Disclosure
Statement.
Borrower Signature Print Name
Date Title
Co-Borrower Signature Print Name
Date Title
Brad Wiblin
Executive Vice PresidentAugust 2, 2021
Aug. 31, 2021 Item #9 Page 54 of 87
Community Development
Housing Services 1200 Carlsbad Village Drive ° Carlsbad, CA 92008 ° 760-434-2810 t
CITY OF CARLSBAD
HOUSING TRUST FUND APPLICATION
CONSENT TO PUBLIC DISCLOSURE BY APPLICANT
By providing the “Personal Information,” (if any) as defined in Section 1798.3(a) of the Civil Code of the
State of California (to the extent that it is applicable, if at all), requested herein and by seeking a loan
from, or a contract with, the sale of real estate to, the right to develop from and/or any and all other
entitlements from the City of Carlsbad, the applicant consents to the disclosure of any and all “Personal
Information” and of any and all other information contained in this Applicant Disclosure Statement.
Applicant specifically, knowingly and intentionally waives any and all privileges and rights that may exist
under State and/or Federal Law relating to the public Applicant, by executing this disclosure statement
and providing the information requested, consents to its disclosure pursuant to the provisions of the
Information Practices Act of 1977, Civil Code Section 1798.24. Applicant is aware that a disclosure of
information contained herein will be made at a public meeting or meetings of the City of Carlsbad at
such times as the meetings may be scheduled. Applicant hereby consents to the disclosure of said
“Personal Information,” if any, more than thirty (30) days from the date of this statement at the duly
scheduled meeting(s) of City of Carlsbad. Applicant acknowledges that public disclosure of the
information contained herein may be made pursuant to the provisions of the Civil Code Section
1798.24(d).
Applicant represents and warrants to City of Carlsbad that by providing the information requested herein
and waiving any and all privileges available under the Evidence Code of the State of California, State and
Federal Law, (to the extent of this disclosure that the information being submitted herein), the
information constitutes a “Public Record” subject to disclosure to members of the public in accordance
with the provisions of California Government Section 6250 et seq.
Applicant specifically waives, by the production of the information disclosed herein, any and all rights
that Applicant may have with respect to the information under the provisions of Government Code
Section 6254 including its applicable subparagraphs, to the extent of the disclosure herein, as well as all
rights of privacy, if any, under the State and Federal Law.
APPLICANT
Borrower Signature Print Name
Date Title
Co-Borrower Signature Print Name
Date Title
Executed this 2nd day of August, 2021, at San Diego County, California.
August 2, 2021 Executive Vice President
Brad Wiblin
Aug. 31, 2021 Item #9 Page 55 of 87
2UJDQL]DWLRQDO'RFXPHQWV
Aug. 31, 2021 Item #9 Page 56 of 87
Aug. 31, 2021 Item #9 Page 57 of 87
-~( >•( _,_,, JOC( UR,( Ui
ARTICLES OF INCORPORATION
OF
BAY AREA REGIONAL HOUSING INVESTMENT
AND DEVELOPMENT GROUP
I
1112986 ? ? A y
FI t ED
In the •trice of tfie Secr-'Jtary af 6to le
ef tho Stat• ol Nifonila ·
JUN 1 i982
The name of this corporation is Bay Area Regional
Housing Investment and Development Group.
II
(a) This corporation is a nonprofit public benefit
corporation and is not organized for the private gain of any
person. It is organized under the Nonprofit Public Benefit
Corpration Law for charitable purposes.
(b) The specific purpose of this corporation is to
provide assistance in the procuring of low and moderate cost
housing within the San Francisco Bay area.
III
The name and address in the State of California of
this corporation's initial agent for service of process is
Alan L. Stein, 110 Cherry Street, San Francisco1 CA 94118.
IV
(a) This corporation is organized and operated
exclusively for educational and charitable purposes within
the meaning of Section 50l(c)(3) of the Internal Revenue Code.
(b) Notwithstanding any other provision of these
articles, the corporation shall not carry on any other
activities not permitted to be ~Rrried on (i) by a
corporation exempt £rom federal income tax under Section
501 ( c) ( 3) of the I1'.lternal Revenue Code or (ii) by a
corporation contributions to which are deductible under
Section 170(c)(2) C>f the Internal Revenue Code.
(c) No 11ubstantial part of the activities of this
corpoz-ation shall c:onsist of carry:l .. ng on propaganda, or
otherwi Be attempting to influence l•!gi slation, and the
corporation shall not participate o~ intervene in any
Aug. 31, 2021 Item #9 Page 58 of 87
political campaign (including the publishin~ or distribution
of statements) on behalf of any candidate for public office.
V
(a) The property of this corporation is
irrevocably dedicated to educational and charitable purposes
and no part of the net income or assets of this corporation
shall ever inure to the benefit of any director, officer or
member thereof or to the benefit of any private person.
(b) Upon the dissolution or winding up of the
corporation, its assets remaining after payment, or provision
for payment, 0£ all debts and liabilities of this corporation
shall be distributed to a nonprofit fund, foundation or
corporation which is organized and operated exclusively for
educational and charitable purposes and which bas established
its tax exempt status under Section 50l(c)i3.) of the· Internal
Revenue Code. , -;) \ ~
Dated: May 28, 1982. L) .. il.!,__,e,1.., ; ,) ~.:,___,/
Alan L. Stein, Incorporator
I hereby declare that I am the pereon uho executed
the foregoing Articles of Incorporation, and that this
instrument is my act and deed.
Alan L. Stein
2
Aug. 31, 2021 Item #9 Page 59 of 87
Name cnangea co: HAX AREA RESIDENTIAL INVESTMENT AND DEVELOPMENT GROUPe
1285324 ..
CERTIFICATE OF AMENDMENT OF ARTICLES OF INCORPORATION
OF
BAY AREA REGIONAL HOUSING INVESTMENT &
DEVELOPMENT GROUP
I. DONALD TERNER AND RI~HARD M. HOLLIDAY certify that:
1, They are the President and Secretary, respecti ve.ly, o.(,. Bay .
-~! ilio~iil~9,~t~~!Fo4¥ lf'9~of ~-;;•i·! f T6·~•~ .... ~~~~~~qJ?m~n ~--· Gi.Qµp' a
2. Article I of the Articles of Incorporation of this
corporation is amended to read as follows:
I. The ·name of this corporation is Bay Area Residential-
Investment and Development Group.
3. The foregoing amendment of the Articles of , Incorporation
has been duly approved by the Board of Directors of this
corporation.
4. The corporation has no members.
etary
The undersigned declare under penalty of perjury that the
matters set forth in the foregoing certificate are true of
their own knowledge.
Executed at ~n Francisco, 1983.
I st
I•
RI
,1 7
Aug. 31, 2021 Item #9 Page 60 of 87
NCID: BRIOOE HOOSING CORPOAATIOO .. , ~
¥i•o,~( ~ ___........_~ "1"' .t.,; ¥~(
CERTIFICATE OF AMENDMENT OciF ARTICLES OF INCO~RP:::;OR,;,..,.A_..TI~ON 1//t,;l/r ~ ~~
BAY AREA RESIGENT!Al INVESTMENT1-DEVELOPMENT GROUP ~
I. Donald Tern~r and Angelo Siracusa certify that: A310781
1. They are the President and the Secretary, respectively, of Bay
Area Residential In~es.tmeo.t~.Oev.elopment Gro~p, a California nonprofit ·-· ·
corporation.
2. Article I of the Articles of Incorporation of this Corporation
is amended to read as follo s:
The name of this corporation is BRIDGE Housing Corporation
3. The foregoing amendment of the Articles of Incorporation had
been duly approved by the Board of Directors of this Corporation.
4. The corporat i en has no members.
We further declare under penalty of perjury under the laws of the
state of California that the matters set forth in this Certificate are true
and correct of our own knowiedge.
Dated January .!L, 1986
Aug. 31, 2021 Item #9 Page 61 of 87
•
CERTIFICATE OF AMENDMENT
OF ARTICLES OF INCORPORATION
OF BRIDGE HOUSING CORPORATION
I, Donald Terner and Angelo Siracusa certify that:
1. They are the President and the secretary,
respectively, of BRIDGE Housing Cg,gprotign,. o California
nonprofit public benefit corporation.
2 . Article II(b) of the Articles of Incorporation of
this Corpcration is deleted and restated in its entirety to
read as follows:
A324929
{b) The specific purposes of this corporation are to
provide a•aistance in the providing of low·-and
moderate-income housing within the San Francisco Bay
Area, and to provide housing to meet the specialized
needs of senior citizens, including their physical,
health care, and financial security, needs.
3. The foregoing amendment of the Articles of
Incorporation has been duly approved by the Board of Directors
of this Corporation.
4. The corporation
t
Aug. 31, 2021 Item #9 Page 62 of 87
..
DECLARATION
Each of the undersigned declares under penalty of perjury
that the atatements contained in the foregoing Certificate of
Amendment of Article■ of Incorporation are ru of hi• own
knowledge and that this declaration wa ec t. don
Noye,aher 21 , 1986 at San Francisco, al
ent
t046/Al4416
Aug. 31, 2021 Item #9 Page 63 of 87
CERTIFICATE OF AMENDMENT OF ARTICLES
OF INCORPORATION
OF
BRIDGE HOUSING CORPORATION
I. Donald Terner and Angelo J. Siracusa certify that:
1. They are the President and the Secretary,
respectively, of Bridge Housing Corporation, a California
nonprofit public benefit corporation.
2. Artic le V of the Articles of Incorporation of this
Corporation is amended to read a s follows:
(a) The property of this corporation is irrevocably
dedicated to charitable purposes and no part of the
net income or assets of ~his corporation shall ever
inure to the bene fit of any director, officer or
member thereof or to the benefit of any private
person .
(b) Upon dissolution or winding up of the corporation,
its assets remaining after payment, or provision for
payment, of all debts and liabilities of this
corporation shall be distributed to a nonprofit fund,
foundation or corporation which is organized and
operated exclusively for charitable purposes· ··and .
which has established its tax exempt status under
section SOl(c) (3} of the Internal Revenue Code.
3. The foregoing amendment of the Articles of
Incorporation has been approved by the Board of Directo~s of
this Corporation.
4. The Corporation has no members.
-1-
Aug. 31, 2021 Item #9 Page 64 of 87
We further declare under penalty of perjury under the
laws of the State of California that the matters set forth in
this Certificate are true and correct of knowledgE!.
Dated: October 27 ---------
09/16/87
ffB002/B14414
, 1987.
--
-2-
Aug. 31, 2021 Item #9 Page 65 of 87
tl.0102009
!//::L7g'4>
CERTIFICATE OF AMENDMENT
t=ILEO
,n the office of the Sec:retary of Sf8t, 0 1 offflASfRtpllf~ .d/
APR O .l 2010
... ..:
OF ARTICLES OF INCORPORATION
OF BRIDGE HOUSING CORPORATION
Cynthia A. Parker and Susan M. Johnson certify that:
1. They are the President and the Secretary, respectively, of BRIDGE
Housing Corporation, a California nonprofit public benefit corporation.
2. Article II(b) of the Articles of 1ncorporation of the Corporation is deleted
and restated in its entirety to read as follows:
a. The specific purposes of this corporation are to:
i. provide housing affordable to low and moderate income
households;
ii. provide housing and services to meet the specialized needs of
senior citizens, including their physical, health care, and
financial securi.zy needs~
iii. work with local governments to develop mixed use projects to
support and enhance economic development and community
development goals;
iv.assist BRIDGE residents with special needs such as, but not
limited to, childcare, financial management, mentoring and
education, educational scholarships and awards, job training and
other social and supportive services.
3. The foregoing amendment oftbe Articles of Incorporation has been duly
approved by the Board of Directors of this Corporation. ·
4. The Corporation has no members.
We further declare under penalty of perjury W1der the laws of the State of California that the
matters set forth in this certificate are true anc~ correct of our own knowledge.
Dale: :> / 3 f/ 2<? I 0
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Aug. 31, 2021 Item #9 Page 66 of 87
Internal Revenue Servi-;e
District Director
-PO BOX 36001 STOP SF-4-4-(6
·-····;:-;~Jr SAN~ FRANC! sea/ CA •• 94102
Date: NAY 13, 1988
BRIDGE HOUSING CORPORATION
150 CALIFORNIA STREET SUITE 200
SAN FRANCISCO, CA 9•111
Dear App I i cant:
Department of the Treasury
Eqp1oyer Identit.icatlon Numberz
94-2827909
Case Nuqber:
958092017
Contact Person:
DANIEL STEVENS
Contact Telephone Nuqber:
(415) 556-0319
Our Letter Dated:
Jan. 20, 1983
Caveat Applies:
Ves
This qodifieg our letter of the above date in Hhlch Me 9tated that you
Mould be treated as an organization Hhich is not a private foundation until
the e~piration of your advance ruling period.
Based on the infor~ation you subqitted, He have deterqined that you are
not .t private foundation Hithin the 11eaning of section 509(a) of the Internal
Revenue Code, because you are an organization of the type described in section
509(.tl (1) and L70(b) (1) (A) (vi). Your exe11pt status under section SOl(c) (3) of
the code jg 9till in effect.
Grantors and contributors q~y rely on this deternination until the
I'nternal Revenue Service publishes a notice to the contrar·y. HoHevar, a
grantor or a contributor nay not rely on this deter~ination if he or ghe Ha9
in part responsible for, or Mas a~are of, the act or failure to act that
resulted in your fogs of section 509Ca) (1) status, or acquired knoHledge
that the Internal Revenue Service l1ad given notice that you Hould be re~oved
fro~ claggif'fc:ation·-ag a section 509(a) Cl) organization. -· ---------------
Becauge this letter could help resolve any questions about your private
foundation gtatus, please keep it in your pernanent records.
[f thP. heading of this letter indicates tha.t a caveat applies, the caveat
beloH or on the encfogure is an integral part of this letter.
Jf you have any questions, please contact the pergon Mhose na~a and
telephone nunber are shoMn above.
Sincerely yourg,
Frederick C. Nielsen
District Director
Letter 1050CCG)
Aug. 31, 2021 Item #9 Page 67 of 87
STATE OF CALIFORNIA
FRANCHISE TAX BOARD
9750 BUSINESS PARK DRIVE, SUITE 214
SACRAMENTO, CALIFORNIA 95827-1702
11a:rch 1 0, 1987
B:ridge Housing Co:rporation
150 Califo:rnia St., Ste. 201
San Francisco, CA 94111
Purpose Charitable
Fo:rm of Organization Corporation
Accounting Period Ending: June 30
Organization Humber : 1112986
In :reply :refe:r to
344:RTF:E0:11S:dh
This lette:r confirms your previous exemption from state franchise and
income tax under Section 23701d, Revenue and Taxation Code. In
confi:rming your exempt status, we have made no examination 0£ your
current activities. I£ the organization has changed its operation,
character, or purpose since exemption was originally granted, that
change must be reported immediately to this office.
You are still required to file Form 199 (Exempt Organization Annual
Information Return) or Form 199B (Exempt Organization Annual
Info:rmation Statement) on or before the 15th day 0£ the 5th month (4
1/2 months) after the close of your accounting period. See annual
instructions with forms £or requirements.
You are not required to file state franchise or income tax returns
unless you have income subject to the unrelated business income tax
unde:r Section 23731 of the Code. In this event, you are required to
file Form 109 (Exempt Organization Business Income Tax Return> by the
15th day 0£ the 5th month (4 1/2 months) after the close 0£ your
annual accounting period.
Contributions made to you are deductible by donors as provided by
Sections 17214 through 17216.2 and 24357 through 24359 of the Code,
unless you:r purpose is testing for Public Safety.
Exempts and Special Tax Unit
Telephone (800) 852-7050
FTB 4204-ATS (REV. 10-81/06-86)
BUILDING SUSTAINING LEADING
BRIDGE Housing strengthens communities and improves the lives of its residents,
beginning—but not ending—with affordable housing.
About BRIDGE Housing
Since 1983, BRIDGE has been a mission-driven
nonprofit that operates like a business. We pay
close attention to the double-bottom line of
financial and social return on investment, always
in pursuit of quality, quantity, affordability.
x Participated in the development of more
than 18,000 homes and apartments in
California, Oregon and Washington, with total
development cost of over $3 billion
x Approximately 12,300 apartments under
property and/or asset management
x $3.8 billion in total development cost
currently under construction and in pipeline
x Consistently ranked among the top affordable
housing developers in the nation, according
to Affordable Housing Finance
x Successful track record of partnerships
with all levels of government, market-rate
developers and other nonprofits
x 350+ resident programs at 80+ properties
x A+ rating from Standard & Poor’s, first
nonprofit developer of its kind to be rated
x Recipient of more than 180 local, national and
international awards, including five ULI Global
Awards for Excellence
x Headquartered in San Francisco, with offices
in Los Angeles, San Diego, Orange County,
Portland and Seattle
05/2020
www.bridgehousing.com
EXHIBIT 5
Aug. 31, 2021 Item #9 Page 68 of 87
~sing BRIDGt.
BRIDGE Housing ‐ Projects Completed in the Past 5 yearsProjectCity State # unitsConstruction Type Project TypeCompletion DateLa FenixSan FranciscoCA 157 New Construction Family/Supportive Jun‐21MonteVistaMilpitasCA 306RehabFamily Mar‐21Coronado Springs TowerSeattleWA 184RehabFamily Mar‐21Avanza 490San FranciscoCA 81 New Construction Family Apr‐21MontaraSan MateoCA 68 New Construction Family/Supportive Nov‐20Coronado Springs Cottages SeattleWA 148RehabFamily Aug‐20One Church San FranciscoCA 93Rehab Family/Supportive Jul‐20SongbirdPortlandOR 61 New Construction Family/Supportive May‐20The Vera PortlandOR 203 New Construction Family/Supportive Mar‐201101 ConnecticutSan FranciscoCA 72 New Construction Family Jan‐20Transbay 9San FranciscoCA 109 New Construction Family Nov‐19La VeredaSan LeandroCA 85 New Construction Senior Dec‐19Westview Village Phase IVenturaCA 131 New Construction Family Aug‐19Alemany, BernalSan FranciscoCA 150Acq/Rehab SeniorJun‐19Cedar Grove at Jordan Downs Los AngelesCA 115 New Construction Family May‐19Cornelius PlaceCorneliusOR 45 New Construction SeniorFeb‐193850 18th St, MissionSan FranciscoCA 107Acq/Rehab SeniorJun‐18Mission DoloresSan FranciscoCA 91Acq/Rehab SeniorJun‐18Ivy at College Park IIChinoCA 200New ConstructionFamilyNov‐17Madera Vista 3TemeculaCA30New ConstructionFamilyNov‐17Marea AltaSan LeandroCA 115New ConstructionFamilyOct‐17462 Duboce, MissionSan FranciscoCA 42Acq/Rehab SeniorOct‐17Holly Courts, BernalSan FranciscoCA 118Acq/Rehab FamilyOct‐1725 Sanchez, MissionSan FranciscoCA 90Acq/Rehab SeniorSep‐17255 Woodside, MissionSan FranciscoCA 109Acq/Rehab SeniorAug‐17Woodland ParkHillsboroOR 111Acq/Rehab Family/SeniorApr‐17OceanviewPacificaCA 100Acq/Rehab SeniorDec‐16Heritage SquarePasadenaCA 70New ConstructionSeniorOct‐16The AbigailPortlandOR155New ConstructionFamily / MixedJun‐16Mural ApartmentsOaklandCA 90New ConstructionFamilyMay‐16AveVistaOaklandCA 68New ConstructionFamilyMay‐16Sierra Vista ApartmentsSacramentoCA 78Acq/Rehab SeniorApr‐16Sutterview ApartmentsSacramentoCA 76Acq/Rehab SeniorApr‐16Aug. 31, 2021Item #9 Page 69 of 87
BUILDING SUSTAINING LEADING
BRIDGE HOUSING/SOUTHERN CALIFORNIA DEVELOPMENTS
Completed Properties City Completed Type Units
San Paulo Irvine 1993 Mixed Income/Family 382
Villa Loma Carlsbad 1995 Family 344
Santa Alicia Irvine 1996 Family 84
Poinsettia Station Carlsbad 2000 Family 92
Terra Cotta San Marcos 2000 Family 168
Torrey Del Mar San Diego 2002 Family 112
Dove Canyon San Diego 2004 Family 120
Copper Creek San Marcos 2004 Family 204
Laguna Canyon Irvine 2005 Family 120
Windrow Irvine 2006 Family 96
Sage Canyon San Marcos 2006 Family 72
Woodbury Walk Irvine 2007 Family 150
Madera Vista Phase I Temecula 2011 Family 20
Pottery Court Lake Elsinore 2012 Family 113
Ivy at College Park Chino 2014 Family 135
Sage Park Los Angeles 2014 Family 90
Paseo at COMM22 San Diego 2014 Family/Supportive 130
Victoria at COMM22 San Diego 2014 Senior 70
Madera Vista Phase II Temecula 2014 Family/Senior 60
Celadon at 9th & Broadway San Diego 2015 Family/Supportive 250
Heritage Square Senior Pasadena 2016 Senior 70
Ivy II at College Park Chino 2017 Family 200
Madera Vista Phase III Temecula 2017 Family 30
Westview Village - Phase 1A Ventura 2019 Family/FPH 131
Cedar Grove at Jordan Downs Los Angeles 2019 Family/FPH 115
TOTAL 3,358
In Construction
Jordan Downs Phase 2 (Area H) Los Angeles Family/FPH/Mixed Income 80
TOTAL 80
Predevelopment
Aviara/Laurel Tree Carlsbad Family 70
Anaheim and Walnut Long Beach Family 88
Jordan Downs Phases 3-7 Los Angeles Family/FPH/Mixed Income 505
Los Lirios Los Angeles Family 64
Vermont Manchester Los Angeles Family/Senior/Supportive 180
COMM22 Warehouse/Addition San Diego Family 70
1501 6th Avenue San Diego Family/Senior 120
Cedar and Kettner San Diego Senior 64
Westview Village Phases 2-3 Ventura Family/Senior/FPH 155
Heritage Square South (Phase 2) Pasadena Senior/Supportive 70
Tranquility at Post 310* San Diego Veterans 43
HHH Innovation Los Angeles Supportive 140
TOTAL 1,569
GRAND TOTAL 5,007
*Development Manager Role
FPH: Former Public Housing
Aug. 31, 2021 Item #9 Page 70 of 87
~
BR I DG E7ousing
BUILDING SUSTAINING LEADING
Located in a redeveloping urban area of San Diego on a former parking lot,
Celadon at 9th & Broadway brings 250 affordable rental apartments and embraces
a multigenerational population with services and ground-floor retail.
Celadon at 9th & Broadway, San Diego, CA
Affordable Units / Total Units: 250 / 250
Original Project Value: $74,300,000
Of Celadon’s 250 units, 25 are reserved for youth aging out of foster care and adults
under the Mental Health Services Act (MHSA) program and 63 apartments serve frail
seniors under the Program of All-Inclusive Care for the Elderly (PACE). Residents have
access to a community room, laundry facilities and numerous outdoor spaces, including
a resident garden. The property also features a supportive services office and meeting
room. Celadon, which is LEED Gold certified, has an eco-roof with drought tolerant
planting, a photovoltaic system to cover a portion of the house electric loads, and highly
efficient mechanical systems.
Architect: SVA Architects with Studio E Architects
General Contractor: Turner Construction Company
Financial Partners: US Bank, US Bank CDC, City of San Diego, California Department
of Housing and Community Development, California Housing Finance Agency/County of
San Diego BHS, and the San Diego Housing Commission
Aug. 31, 2021 Item #9 Page 71 of 87
. '
BR I DG E1ousing
BUILDING SUSTAINING LEADING
Heritage Square Senior Apartments provides 70 affordable apartment homes in
Northwest Pasadena.
Heritage Square Senior Apartments, Pasadena, CA
Affordable Units / Total Units: 70 / 70
Total Development Cost: $23,400,000
100% Project Based Section 8 (residents pay 30% of their income)
Heritage Square Senior Apartments serves seniors age 55+ who
can live independently and whose income is up to 30-50% of
Area Median Income. Amenities include a community room with
a full kitchen, a fitness room, a library and reading room, and an
outdoor courtyard for casual and organized social gatherings.
Under its Local Benefits Plan, developer BRIDGE Housing hired
20% of the construction workforce from Pasadena, procured 81%
of construction supplies from companies located in Pasadena, and
awarded 39% of subcontracting opportunities to local companies.
Architect: KTGY Architects, Inc., Steinberg Architects
Contractor: Dreyfuss Construction, Inc.
Financial Partners: City of Pasadena, Wells Fargo, California
Community Reinvestment Corporation, California Tax Credit
Allocation Committee, Huntington Hospital
Aug. 31, 2021 Item #9 Page 72 of 87
~
BRI DG~ousing
BUILDING SUSTAINING LEADING
Madera Vista was originally a partially constructed, foreclosed property in Temecula
when BRIDGE took on this phased development.
Madera Vista, Temecula, CA
Affordable Units / Total Units: 110 / 110
Original Project Value: $32,005,000
Madera Vista is a three-phase, intergenerational, mixed-income
property located in Temecula. Phase One comprises 20 affordable
apartments for households earning up to 80% of the area median
income and Phases Two and Three offer 70 affordable apartments for
households earning 30-60% of the area median income, as well as 20
units designed specifically for seniors. Seven apartments are set aside
for Project-Based Section 8 vouchers and filled on a referral basis from
the Housing Authority of the County of Riverside.
Madera Vista is located close to transit and amenities including two
grocery stores, a hardware store, banks and other retail shops, along
with several nearby large parks.
Architects: Phase I: Irwin Pancake; Phases II & III: KTGY Group, Inc.
General Contractors: Phase I & II: Wermers Multifamily; Phase III:
Sun Country Builders
Financial Partners: All Phases: City of Temecula; Phase II: Wells
Fargo, California Community Reinvestment Corporation; Phase III:
County of Riverside Economic Development Agency, Housing Authority
of the County of Riverside, Citibank, National Equity Fund, California
Debt Limit Allocation Committee; Phases II & III: California Tax Credit
Allocation Committee
Aug. 31, 2021 Item #9 Page 73 of 87
---.....
BR I DG E1ousing
BUILDING SUSTAINING LEADING
Co-developed by BRIDGE and MAAC, in partnership with San Diego Unified School
District, Paseo at COMM22 provides 130 affordable apartment homes for families.
Paseo at COMM22, San Diego, CA
Affordable Units / Total Units: 130 / 130
Original Project Value: $55,300,000 (Infrastructure and Family Housing phases)
Located within a four-acre, former SDUSD maintenance facility site, Paseo at
COMM22 is part of a transit-oriented, master-planned community in the Logan Heights
neighborhood of San Diego that also includes Victoria at COMM22, a 70-unit
affordable housing property for seniors. Consisting of one-, two- and three-bedroom
apartments, the community also includes 13 one-bedrooms of supportive housing that
are filled on a referral basis. Amenities include onsite laundry, interior light wells for
fresh air and light, a community room, a conference room, an arts and crafts room, an
outdoor courtyard for residents, and an open plaza between buildings with public art.
The development also includes ground floor retail/commercial space with a 2,300 sf
community medical clinic and a 10,500 sf school operated by the County. Paseo at
COMM22 is certified as LEED for Homes – Platinum.
Architect: MVE + Partners
Contractors: Cannon Constructors (Housing), Hazard Construction (Infrastructure)
Financial Partners: San Diego Unified School District, City of San Diego/Civic
San Diego, San Diego Housing Commission, California Department of Housing and
Community Development, California Housing Finance Agency, County of San Diego
Behavioral Health Services, California Pollution Control Finance Authority, SANDAG,
Bank of America Merrill Lynch
Aug. 31, 2021 Item #9 Page 74 of 87
~-BRIDGE ousmg
BUILDING SUSTAINING LEADING
Part of an intergenerational, master-planned, mixed-use development, Victoria at
COMM22 provides 70 affordable apartment homes for seniors.
Victoria at COMM22, San Diego, CA
Affordable Units / Total Units: 70 / 70
Original Project Value: $26,900,000 (Infrastructure and Senior Housing phases)
Co-developed by BRIDGE Housing and MAAC, in partnership with the San Diego
Unified School District (SDUSD), Victoria at COMM22 is located within a four-acre,
former SDUSD maintenance facility site that also includes Paseo at COMM22, a
130-unit affordable housing property for families.
Amenities include a community room, on-site laundry, outdoor courtyard and a
library. Several units at Victoria are equipped with special features for people with
mobility, hearing, and/or visual impairments. Meal delivery, exercise programs,
and social/community building activities are also available. Also included in
Victoria at COMM22, along 22nd Street is a 4,500 square foot space for a day
care facility. Victoria at COMM22 is certified as LEED for Homes – Platinum.
Architect: MVE + Partners
Contractors: Cannon Constructors (Housing), Hazard Construction (Infrastructure)
Financial Partners: San Diego Unified School District, U.S. Department
of Housing and Urban Development, California Department of Housing and
Community Development, San Diego Housing Commission, California Pollution
Control Finance Authority, SANDAG, Bank of America Merrill Lynch
Aug. 31, 2021 Item #9 Page 75 of 87
~sing BRIDGE
-
Iii 111 1 .•
I ~-·-.:-.-I ·•· ~ ;
;~
: i .---l■ l . :
' :
BRIDGE Property Management Company - Additional Experience Information
Aug. 31, 2021 Item #9 Page 76 of 87
BUILDING SUSTAINING LEADING
In 1988, BRIDGE launched an in-house property management company to maintain
high-quality standards and community responsiveness in our award-winning
developments.
BRIDGE Property Management Company (BPMC)
To the benefit of our residents, partners and partners, we are careful stewards of the operational, physical and financial health
of our properties. Today BPMC manages approximately 9,000 rental apartments in more than 90 developments. BPMC also
manages 61,000+ square feet of commercial space within our buildings, including projects with community-serving uses such
as childcare centers and health clinics. Property management revenues in excess of costs are reinvested to support resident and
community services, and to create new affordable housing opportunities.
Among the responsibilities of our dedicated, professional team:
•Leasing activities, including applicant screening and initial income certification
•Rent collection
•Annual income recertifications for existing residents
•Maintenance of apartments and common areas
•Collaboration with service providers to support residents’ housing retention
•Community activities and resident relations
BPMC has a proven track record of managing properties with complex regulatory requirements, including set-asides for special
populations, a range of rental tiers and layered subsidy programs such as low income housing tax credits, tax exempt bonds,
HOME, CDBG, HOPWA, Section 8, Federal Home Loan Bank Affordable Housing Program, MHP, RHCP and other sources.
Aug. 31, 2021 Item #9 Page 77 of 87
~
BR I DGE7ousing
ProjectUnit CountBHC OwnershipCeladon at 9th & Broadway 4% (JY0348)121 OwnerCeladon at 9th & Broadway 9% (JY0313)129 OwnerCopper Creek 4% (JY0226)156 OwnerCopper Creek 9% (JY0264)48 OwnerDove Canyon (JY0241)120 OwnerPaseo at COMM22 (JY0343)130 OwnerPoinsettia Station (JY0215)92 OwnerSage Canyon (JY0267)72 OwnerTerra Cotta (JY0184)168 OwnerTorrey del Mar (JY0217)112 OwnerVictoria at COMM22 (JY0344)70 OwnerVilla Loma Apartments (JY0339)344 Owner6421 Tobria Terrace Carlsbad San Diego BRIDGE Property Management Company690 Beardsley Street San Diego San Diego BRIDGE Property Management Company13875 Carmel Valley Rd San Diego San Diego BRIDGE Property Management Company523 Rush Drive San Marcos San Diego BRIDGE Property Management Company1020 Stephanie Court San Marcos San Diego BRIDGE Property Management Company6811 Embarcadero Lane Carlsbad San Diego BRIDGE Property Management Company2225 and 2325 Commercial Street San Diego San Diego BRIDGE Property Management Company16507 Dove Canyon Rd San Diego San Diego BRIDGE Property Management Company1730 Elfin Forest Rd San Marcos San Diego BRIDGE Property Management Company1730 Elfin Forest Rd San Marcos San Diego BRIDGE Property Management Company929 9th Avenue San Diego San Diego BRIDGE Property Management Company929 9th Avenue San Diego San Diego BRIDGE Property Management CompanyProperty ManagerAddress City CountyBPMC Managed Projects in San Diego CountyAug. 31, 2021Item #9 Page 78 of 87
90 {cityof Carlsbad Policy No.
Date Issued:
Effective Date:
Resolution No.
Cancellation Date:
12-08-2020
12-08-2020
2020-233
Council Policy Statement
Category: AFFORDABLE HOUSING
Specific Subject: Administration of the Housing Trust Fund
PURPOSE:
Supersedes No. N/A
Pursuant to Carlsbad Municipal Code (CMC} Sections 21.85.llO(D) and 21.85.120, all fees collected under
the lnclusionary Housing Ordinance shall be deposited into a Housing Trust Fund and expended for the
affordable housing needs of lower-income households, consistent with the General Plan Housing Element
and the CMC.
21.85.110 In-lieu fees. (D) All in-lieu fees collected hereunder shall be deposited in a
housing trust fund. Said fund shall be administered by the city and shall be used only for
the purpose of providing funding assistance for the provision of affordable housing and
reasonable costs of administration consistent with the policies and programs contained
in the housing element of the general plan.
21.85.120 Collection of fees. All fees collected under this chapter shall be deposited into
a housing trust fund and shall be expended only for the affordable housing needs of
lower-income households, and reasonable costs of administration consistent with the
purpose of this chapter.
Funding from the fund, which should be leveraged to the extent feasible with state, federal and private
sector subsidy capital, is intended to aid in the production, acquisition, rehabilitation and preservation of
housing affordable to extremely low-, very low-and low-income households, and those experiencing
homelessness.
BACKGROUND:
The city's lnclusionary Housing Ordinance was established in April 1993 and requires that all residential
developments greater than six units restrict 15 percent of the total number of homes in a project as
affordable to lower income households. This obligation is fulfilled through construction of a variety of
rental or ownership units, both on-and off-site. Some developments have the option to satisfy a portion or
all of their affordable housing obligation through payment of inclusionary housing in-lieu fees or by
purchasing affordable housing credits, when available.
For the city to receive and use these fee payments, an implementation mechanism was needed to ensure
that the funds collected were applied appropriately. As a result, the Housing Trust Fund was established to
confirm that fees collected were applied only towards the affordable housing needs of lower income
households, and for reasonable costs of administration consistent with the purposes of the General Plan
Housing Element and lnclusionary Housing Ordinance (Carlsbad Municipal Code Sections 21.85.110 and
21.85.120). The Housing Trust Fund receives revenue from other sources, including interest from loans,
housing credit purchases, housing impact fees, and interest earned on the fund balance.
Page 1 of 5
EXHIBIT 6
Aug. 31, 2021 Item #9 Page 79 of 87
Policy No. 90
Over the past 20-years, the Housing Trust Fund has been used to support a variety of affordable housing
development and services for lower income and homeless individuals and families. As a local fund, the City
Council determines how Housing Trust Fund money can be spent, provided expenditures are consistent
with the purposes of the lnclusionary Housing Ordinance and the policies and programs in the General Plan
Housing Element.
POLICY:
It is the policy of the City Council that the Housing Trust Fund shall be administered as follows. It is the
expectation of the City Council that contractors and vendors who receive monies from the HTF shall also
comply with these policies, as appropriate.
1.Use of the Funds
a."Affordable housing" as used in this policy shall have the same meaning as in CMC Section
21.85.020(A).
b.Housing Trust Fund dollars may be used for new construction, acquisition and/or
rehabilitation, subsidy or other means to assist other governmental agencies, nonprofit groups
and private organizations or individuals in creating or maintaining affordable housing.
c.For new construction and acquisition/rehabilitation projects, Housing Trust Fund dollars are
intended to offer "gap" financing. The subsidy required should be the minimum amount
necessary to both ensure the feasibility of a project and the affordability of the units. Projects
are expected to support as much debt as feasible and to attract as much equity investment as
is typical for similar projects.
d.Low-interest loans are the generally preferred form for distributing housing trust fund dollars
for work in all stages of housing development. However, grants may also be considered.
e.Housing Trust Fund dollars may be used to provide new affordable rental or ownership housing
units.
f.Housing Trust Fund dollars shall not be used to satisfy a development's inclusionary housing
requirement but may be used to assist in exceeding the requirement by increasing the number
of affordable units and/or expanding affordability to very low-or extremely low-income
households, or to encourage a preferable product type.
g.Financial assistance requests will be evaluated by the Affordable Housing Policy Team and
presented to the Housing Commission for review and recommendation to the City Council. The
City Council is the final decision-maker for financial assistance requests.
h.Housing Trust Fund dollars may be used to cover reasonable administrative costs1 that are
necessary to administer the fund. The level of administrative expenses will be determined by
the City Council as part of the annual budget. However, administrative expenses shall not
exceed 5% of the available housing trust fund balance as of the end of the prior fiscal year.
1 Administrative costs include, but not limited to personnel expenses and maintenance and operational (M&O)
expenses that are specifically related to the administration of the HTF. Funds may also be used to supplement
administrative and operational support for other housing programs such as Section 8 and CDBG. Housing Trust Fund
dollars shall not be used for the following M&O costs: travel and training.
Page 2 of 5 Aug. 31, 2021 Item #9 Page 80 of 87
Policy No. 90
i.The annual budget process for the housing trust fund shall be guided by General Plan Housing
Element policies and programs, the lnclusionary Housing Ordinance, and the following general
affordable housing priorities, in descending order:
1.Construction of new affordable housing
2.Preservation of housing at-risk of conversion to market rate
3.Acquisition/rehabilitation of distressed/at-risk affordable housing
4.Rental assistance and homelessness programs2
5.Land acquisition for future affordable units
6.Conversion of market rate units to affordable housing
j.City HTF dollars must be expended within 24-months following fund commitment.
2.Housing Trust Fund Annual Report
a.Staff shall provide a Housing Trust Fund Annual Report to the City Council. The report shall
include the following:
1.Summary of the use of the funds consistent with this policy
2.Summary of the projects assisted with Housing Trust Fund dollars over the past year
3.Financial status of the Housing Trust Fund
4.A summary of administrative and non-project expenses made in the prior year
5.Review of prior year funding priorities and accomplishments
6.Summary of pending assistance requests and confirmation of upcoming year funding
priorities
7.Summary of denied assistance requests, if any, and brief statement of reasons for the
denial
b.The Housing Trust Fund Annual Report shall be reviewed by the Affordable Housing Policy
Team and the Housing Commission. The Housing Commission shall make a recommendation
to the City Council.
3.Affordable Housing Project Evaluation
a.In addition to the review requirements and evaluation criteria specified under CMC Sections
21.85.130, and 21.85.140 and City Council Policy 57 -Off-site and Combined lnclusionary
Housing Projects, projects that provide the following will be given additional consideration
when ranked against other projects.
1.Projects that provide the greatest benefit per dollar of funds spent towards the lowest
household income groups. Priority shall be given to projects that best assist the
following income categories, reflected in priority order.
•Extremely low-income households
•Very low-income households
•Low-income households
•Moderate-income households
2 "Rental assistance and homelessness programs" include, but not limited to programs and services that provide
short-term rental assistance, short-term shelters, food delivery, and social services to vulnerable populations.
Page 3 of 5 Aug. 31, 2021 Item #9 Page 81 of 87
2.Projects that demonstrate higher equity in the project.
3.Projects that demonstrate a lower loan-to-value ratio.
4.Projects that have other funding sources identified and committed.
Policy No. 90
5.Projects that benefit the highest percentage of lower income families, provide the
lowest affordability, include the greater percentage of affordable units or maintain
longer periods of affordability.
6.Projects that use Housing Trust Fund dollars as a match or to leverage other
conventual and below-market resources, including tax credits, state and federal
funding programs and other funding sources.
7.Projects proposed by an applicant with a successful history of project development
and/or property management, as appropriate.
4.Affordability Covenant and Form of Financial Assistance
a.Whenever Housing Trust Fund dollars are used for the creation, acquisition, and/or
rehabilitation of affordable housing, the city shall impose enforceable requirements on the
owner of the housing units that the units remain affordable for a period of not less than 55
years for rental units, or 30 years for ownership units, in accordance with CMC Chapter 21.85.
1.When Housing Trust Fund dollars are used to create affordable rental housing, long
term affordability shall be enforced by restricting rents that may be charged to
tenants.
2.When Housing Trust Fund dollars are used to create affordable ownership housing,
long-term affordability shall be enforced by imposing resale restrictions that maintain
an equitable balance between the interests of the owner-occupant and the city.
3.When Housing Trust Fund dollars are used to fund programs which are not described
above, the city shall develop appropriate mechanisms to ensure ongoing affordability.
b.The affordability restriction requirements described in this section shall be enforced by a
covenant running with the land.
c.The financial assistance structure may take several forms and is tailored to the financial needs
of the individual projects and is negotiated on an individual basis depending upon project cash
flow and the senior lender's underwriting guidelines. Example forms of assistance may include:
fixed interest rate loans, interest-only, deferred payment and/or residual receipts loans, land
acquisition and ground lease-back.
5.Administration
a.The annual Housing Trust Fund budget shall be administered by the Community Development
Director or designee, who shall have the authority to govern the fund consistent with housing
element policies and programs, CMC Chapter 21.85, and this policy.
b.Housing Trust Fund dollars are held in a separate account until disbursed consistent with this
policy.
Page 4 of 5 Aug. 31, 2021 Item #9 Page 82 of 87
Policy No. 90
c.The Community Development Director, in coordination with the Finance Director, shall ensure
that Housing Trust Fund dollars are awarded, encumbered or otherwise obligated for uses
consistent with General Plan Housing Element policies and programs, CMC Chapter 21.85, and
this policy, and in a manner consistent with the city's financial policies and ordinances.
6.Related Policies
a.City Council Policy No. 57 -Off-site and Combined lnclusionary Housing Projects
b.City Council Policy No. 73 -City Option to Purchase Resale Affordable Housing
Page 5 of 5 Aug. 31, 2021 Item #9 Page 83 of 87
EXHIBIT 7
City Council Policy No. 90 Analysis
Policy 90 General Guidelines Consistency statement
1b.
Housing Trust Fund dollars may be used for
new construction, acquisition and/or
rehabilitation, subsidy or other means to
assist other governmental agencies,
nonprofit groups and private organizations
or individuals in creating or maintaining
affordable housing (1b).
Consistent. The request is to financially assist
construction of an affordable apartment project
serving extremely low and lower-income
households.
1c.
For new construction and
acquisition/rehabilitation projects, Housing
Trust Fund dollars are intended to offer
“gap” financing. The subsidy required
should be the minimum amount necessary
to both ensure the feasibility of a project
and the affordability of the units. Projects
are expected to support as much debt as
feasible and to attract as much equity
investment as is typical for similar projects
(1c).
Consistent. The $3.1 million request represents
10% of the total project cost of $30,925,343. As a
percentage of total cost, the requested amount is
within the generally acceptable subsidy limit for
an inclusionary project. The city’s subsidy is
matched by the master developer contribution.
Other proposed funding sources include:
Tax credit equity $15,383,444 (50%)
Senior loan 7,036,300 (23%)
Master developer 3,100,000 (10%)
City of Carlsbad loan 3,100,000 (10%)
GP Equity (BRIDGE) 1,405,599 (5%)
Deferred developer fee 900,000 (3%)
Total: $30,925,343 (100%)
1d.
Low-interest loans are the generally
preferred form for distributing Housing
Trust Fund dollars for work in all stages of
housing development. However, grants may
also be considered (1d).
Consistent. The recommended form of assistance
is a 55-year residual receipts loan at 3% simple
interest per year. The loan would be secured by a
promissory note and deed of trust, and repaid in
annual installments from surplus cash generated
by operations. Any remaining balance would be
due at the end of the loan term, or (typically) the
city’s loan would be repaid through refinancing
during the life of the project.
These terms are consistent with past city
practice. See Exhibit 4 for a detailed cash flow
analysis.
1e.
Housing Trust Fund dollars may be used to
provide new affordable rental or ownership
housing units (1e).
Consistent. The subsidy would support creation
of new affordable rental apartment units for
individuals and families.
1f.
Housing Trust Fund dollars shall not be used
to satisfy a development’s inclusionary
housing requirement but may be used to
assist in exceeding the requirement by
Consistent. The Aviara Apartments project (east
and west sites) was proposed and approved to
set aside 25% of the units as affordable to
extremely low, low- and moderate-income
Aug. 31, 2021 Item #9 Page 84 of 87
increasing the number of affordable units
and/or expanding affordability to very low-
or extremely low-income households, or to
encourage a preferable product type (1f).
households. This exceeds the city’s 20%
inclusionary requirement for the site. The low-
income units would be restricted at 60% AMI and
below rather than the minimum city inclusionary
requirement of 80% AMI income level/70% AMI
rent level.
Additionally, the BRIDGE proposal exceeds the
approved project requirement (inclusionary and
density increase) by providing greater
affordability of seven units to 50% AMI, as
follows:
AMI Level 30% 50% 60%
As approved 7 0 62
Proposed 7 7 55
Difference 0 +7 -7
1g.
Financial assistance requests will be
evaluated by the Affordable Housing Policy
Team and presented to the Housing
Commission for review and
recommendation to the City Council. The
City Council is the final decision-maker for
financial assistance requests.
Consistent. The Affordable Housing Policy Team
(consisting of city department representatives
from community development, planning,
housing, finance and city attorney’s office)
reviewed the assistance request on July 28, 2021
and received a presentation by Summerhill and
BRIDGE representatives and discussed the
request and considered options. Subsequent
discussions took place between staff and the
development team to arrive at a supportable
subsidy request, which is reflected in this staff
report and attached materials.
1i.
The annual budget process for the Housing
Trust Fund shall be guided by General Plan
Housing Element policies and programs, the
Inclusionary Housing Ordinance, and the
following general affordable housing
priorities, in descending order:
1. Construction of new affordable
housing
2. Preservation of housing at-risk of
conversion to market rate
3. Acquisition/rehabilitation of
distressed/at-risk affordable housing
4. Rental assistance and homelessness
programs
5. Land acquisition for future affordable
units
Consistent. The project meets Priority 1,
construction of new affordable housing.
Aug. 31, 2021 Item #9 Page 85 of 87
6. Conversion of market rate units to
affordable housing
1j.
City Housing Trust Fund dollars must be
expended within 24-months following fund
commitment.
Consistent. If approved by City Council, the
financial assistance award will be assigned, but
not committed until all other project funding is
secured, estimated to occur within 24 months.
Once the developer secures all other financing,
the city loan will be executed, funds will be
committed and the project will expend funds
within 24 months.
3a. Project Evaluation Criteria
1.
Projects that provide the greatest benefit
per dollar of funds spent towards the
lowest household income groups. Priority
shall be given to projects that best assist
the following income categories, reflected
in priority order.
• Extremely low-income households
• Very low-income households
• Low-income households
• Moderate-income households
Seven units will serve extremely low-income
households and seven units will be affordable to
very low-income households. The remaining 55
units will serve low-income households at a rent
level lower than required by the inclusionary
housing ordinance (60% vs 70%).
2.
Projects that demonstrate higher equity in
the project.
The developer will seek $15.3 million in tax credit
equity (50% of project cost). Additionally, the
proposal includes a $3.1 million investment from
the master developer as a combination of
deferred loan, on-site grading and off-site
improvements, plus the additional contribution
of land.
3.
Projects that demonstrate a lower loan-to-
value ratio.
Hard loans account for approximately $7 million,
or 23% of the total permanent funding. The city’s
loan would represent 10% of total project costs.
4.
Projects that have other funding sources
identified and committed.
Identified funding sources include tax credits, and
a senior loan through tax exempt bonds.
Committed funding sources include master
developer contribution ($3,100,000), general
partner equity contribution ($1,405,599), and
deferred developer fee ($900,000). BRIDGE
intends to secure all funding by mid-2022. If
approved, release of the city’s financial assistance
will be contingent upon developer securing all
other needed funding for the project.
5.
Projects that benefit the highest percentage
of lower income families, provide the
lowest affordability, include the greater
percentage of affordable units or maintain
longer periods of affordability.
Twenty percent of the affordable units would
provide much-needed housing for extremely low
and very low-income households (seven units
each). The remaining 55 units would serve low-
income households at 60% AMI. All the
Aug. 31, 2021 Item #9 Page 86 of 87
affordable units would maintain their
affordability for 55 years.
6.
Projects that use Housing Trust Fund dollars
as a match or to leverage other
conventional and below-market resources,
including tax credits, state and federal
funding programs and other funding
sources.
The requested $3.1 million city contribution from
the Housing Trust Fund provides a 1:10
leveraging of other sources of funding. The city’s
loan provides a subsidy of $44,286/unit, and
represents 10% of the total project cost.
7.
Projects proposed by an applicant with a
successful history of project development
and/or property management, as
appropriate.
BRIDGE has extensive housing development and
property management experience in California,
Oregon and Washington, having participated in
the development of more than 18,000 homes and
apartments, and approximately 12,300
apartments under property and/or asset
management. BRIDGE has developed and
managed many family-type projects in Southern
California, including the Villa Loma and Poinsettia
Station communities in Carlsbad.
Many BRIDGE projects were financed in part
through low-income housing tax credits and tax-
exempt bonds.
See Exhibit 5 for more information.
Aug. 31, 2021 Item #9 Page 87 of 87
Aviara East ApartmentsCity Council Meeting – August 31, 2021
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Project OverviewInclusionary Housing Project Master Developer: SummerHill Apartment CommunitiesAffordable Developer: BRIDGE Housing CorporationProject Summary329 total units in two separate apartment communities West Site: 247 market rate units + 12 moderate income affordable unitsEast Site: 70 affordable unitsTotal affordable units: 82 (24.9% of total)
BRIDGE Housing CorporationNonprofit founded in 1983Mission: BRIDGE Housing strengthens communities and improves the lives of its residents, beginning—but not ending—with affordable housingStandard & Poor’s A+ Rating
BRIDGE Housing CorporationParticipated in the development of more than 18,000 homes and apartments in California, Oregon and Washington to dateApproximately 12,500 apartments currently under property and/or asset management20-year history in Carlsbad – Villa Loma (344 units), Poinsettia Station (90 units); both City loans have been fully repaid
BRIDGE Housing CorporationReal estate developmentProperty, asset and portfolio managementCommunity transformation at scaleResident programs and services
BRIDGE Housing Corporation
BRIDGE Housing Corporation
Project Overview – East Site - AffordableEast Site - 70 units – Affordable Family/Workforce Housing 70 units for family households and workforce at 30% to 60% AMIStudio, 1BR, 2BR, 3BR units1 manager’s unitBenefits of ProjectHigh quality housing on a well-located site zoned for this type of housing. Site is located near employment, schools, services.Helps meet City’s housing needs by providing 55 units for low-income (60% AMI); households, 7 units for very-low income (50% AMI) households, and 7 units for extremely-low income (30% AMI) householdsOn-site service coordination provided to residents
Project Status/TimelineEntitlements/CEQA: Planning Commission Approval December 2020Financing: City of Carlsbad loan, Master Developer loan/contribution, perm loan, and 4% tax credit equity. Application for 4% credits/TE bonds in September 2021. Design: Construction documents underway. Plan check submittal estimated Nov. 2021. Site Control: Closing on the affordable parcel - May 2022. Construction: Targeted to start in mid 2022 with completion in late 2023. With approval of City subsidy request, project can apply for tax credits and bonds and continue on path to construction in 2022
City Subsidy RequestCity of Carlsbad Loan: $3,100,000Equal to Master Developer Contribution55-year term, 3% interest, “soft loan”Master Developer Contributions:Land Contribution: $8,200,000Loan/Improvements: $3,100,000With approval of City subsidy, project can apply for tax credits and bonds and continue on path to construction in 2022
Questions?