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Villa Santa Fe Santa Barbara, CA

Villa Santa Fe Santa Barbara, CA. LIHTC PILOT SAMPLE TRANSACTION. Transaction Overview. 167 Elderly Age Restricted Units, Age 62+ 106 Units (63%) of 15YR S8 Project Based Vouchers ; Units restricted at 50% & 60% of AMI Two separate locations (106 & 61 Units) ~ 8 miles apart

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Villa Santa Fe Santa Barbara, CA

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  1. Villa Santa FeSanta Barbara, CA LIHTC PILOT SAMPLE TRANSACTION

  2. Transaction Overview • 167 Elderly Age Restricted Units, Age 62+ • 106 Units (63%) of 15YR S8 Project Based Vouchers; Units restricted at 50% & 60% of AMI • Two separate locations (106 & 61 Units) ~ 8 miles apart • $18.0 Million FHA Insured Mortgage • 4% LIHTCs & TEBs • $5.6 Million of Repairs or $33,605 p/unit • 3.15% Interest Rate • 35 Year Fully Amortizing Loan • ~ 55% LTV

  3. Waivers Approved by HUD • Waiver of IPA or CPA reviewed financials at project level, since the Sponsor’s financials were Audited • Modification of Ground Lease Addendum, eliminating HUD purchase option, mutually aligned interests, e.g. Affordable Housing Goals • Waiver of 20% Repair Escrow, large contingency & PP&B • Waiver of Real Estate Taxes, e.g. Ground Lease & LIHTCs

  4. Deal Specific Challenges • Scattered Sites • Abandoned Oil Wells • Technically did not meet all the requirements of one of LIHTC Pilot Criterion, but met portions, e.g. S8, Affordable, New LIHTC Reservation, previously a 221(d)(3) • Deduction of Land Value due to Ground Lease, a market value “balancing act” • Historical NOI lower than Underwritten NOI, due to recent increase in the S8 Rent

  5. Timing • Application Submittal – 12/14/2012 • Firm Commitment Issuance – 03/12/2013 • Closing – 06/10/2013* • Delays were due to a change in the LIHTC Investor post commitment issuance and an significant increases in the total transaction costs.

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