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LOAS to VIST.4 TERRACE HILLS PRESERVATIOS L.P. for the ACQUISITION and I EK4BILITATIOK of 262 UNITS of ENTAL HOCSIKG at 1606 DEL SLX BOULEV'ard

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LOAS to VIST.4 TERRACE HILLS PRESERVATIOS L.P. for the ACQUISITION and I EK4BILITATIOK of 262 UNITS of ENTAL HOCSIKG at 1606 DEL SLX BOULEV'ard ' REQUEST FOR HOUSING AUTHORITY ACTION *. CERliFICATE Nil..3Efi: I CrrY OF SA% ZEGO I i I I 2. FKM: i3RGlNATING DEFARTF.5.T: 15. DATE CITY ATTGRhEY I SXX DIEGO EOZSISG CO3~dISSIOX i 11 i2Q GO i SC'JJCC?: LOAS TO VIST.4 TERRACE HILLS PRESERVATIOS L.P. FOR THE ACQUISITION AND i EK4BILITATIOK OF 262 UNITS OF ENTAL HOCSIKG AT 1606 DEL SLX BOULEV'ARD. -. -..- : ri .- i I ! s 1.223.C3C ! THE CITl- OF S-AS DIEGO RESOLUTIOS KO. ADOPTED OX A RESOLUTIOX AUTHORIZIYG A LO-; OF CP TO S 1,200,GOO TO \-ISTA TERRACE HILLS PRESERVATIOX, L.P., FOR TIE ACQL3SIiIOK AKD REI-LAEIILITATIOS OF 262 LXTS OF REST'XL HOUSIXG FOR \-EXY Lon'- ASD LOIV-IXCOME, HOUSEHOLDS -AT 1606 DEL SUR EOULE\-'.+rn BE IT XESOLLTD, by &e Housing -k~lxri~-ofT5e City of Saii Diego, that 2 loan of xp n tG 5 1,200,000 to IkaTerrace Hills P~e~en.~tioz~L.P., fir rhe acquisition adreha5ilitarion of a ir, Hsusing Commission Repon HCX 00-1 11 , is qprm-td. I San Diego Commission ITEM 106 DATE: For the Housing Commission Agenda of November 17, 2000 REPORT NO.: HCR00-111 SUBJECT: Loan To The Related Companies, LLC and Wakeland Housing and Development Corp. for Vista Terrace (Council District 8) SUMMARY Issue: Should the Housing Commission recommend Housing Authority approval of a loan in the amount of one miilion two hundred thousand dollars ($1,20C,003) to The Related Companies, LLC and Wakeland Housing and Cevelopment Corp. (RelatedlWakeland) for the acquisition and rehabilitation of 262 units located at 1606 Del Sur Boulevard in San Ysidro? Recommendation: That the Housing Commission recommend Housing Authority approval of a loan io RelatediLVakeland upon the terms as outlined in this report in the amount of one million two hundred thousand dollars ($1,200,000) for the acquisition and rehabilitation of Vista Terrace. Fiscal Impact: Funding for this project has been allocated as follows: Certificate No.: 01-1 04 AmouEt: $1,200,300 Revenue Source: $1,000,030 HOME $ 200,000 HousIng Trust Fmd C ivis ic n : Housing Finance and Development Line Item: Loans Affordable Housing Impact: Cevelopmenr of this project will preserve 260 units of aif3rdab:e housing stock (208three-bedroom and 52 four-bedroom units! with 7 03'?O of the mits aCfordab!e to very !o\w and low-income households. PiopDsed rents range from 50% to 64% of median area inccme; occupancy of the unirs wii! be restricted 10 househclds earning a range of 50'5 io 64% of area median income. The units \;ill be affordable for a term of 55-years. T3e initial restricted renTs :.vill apesr as f~l!m-ts: For the Housing Commission Agenda of November 17,2000 Vista Terrace Page 2 Type ! Sq. Ft. i Number Restricted Rent (net of : Market 1 Savings Of j Utility ailowance) I i ! Units i I Rate : 3 bedroom @50% . 1,103 , 42 i $671 . 1,150 i $512 : 3 bedroom @ 52% 1,103 2i $698 11,150 $452 3 bedroom @62% 1,103 1 145 $837 11,150 . $313 4 bedroom @53% 1,247 . 11: $725 : 1,225 i $500 ; 4 bedroDm @54% 1,247 6. $778 1,225 Is447 ! I TOTAL 260 ! I I Community Planning Group: Re1ated;Wakeland presented the proposed deve!opment to the San Ysidro community group on October 17, 2000. Because tne project involves acquisition of an existing site, there was no formal action by the planning group. Questions aboc;t the planned improvements and fut'clre rent levels were asked by Board merbers. There were no statements in opposiiion to the proposal. Equal Opportunity Statement: RelatedlLVakeland is in compliance with the -. Housing Commission's Equal Opportunity Programs. Environmental Review: The City's Environmental Analysis section has reviewed the proposed project pursuant to tne National Environmental Policy Act !NEPA) ard the California Environmental Quality Act (CEQA) and has determined that it is "Exempt" under NEPA, per 24 CFR ?art 58, Section 58.34(a)(12),and categorically exempt under CEGA, per Sestion 15301 cf the CEQA Guidelines. HOME Program Compliance: Ar; acqGisltian-rehabilitation loan to a for-profit entity is an eligib!e activity Gnder the HOVE Program. The proposed rents are be!ow HOME gcidelines. Eleven units will be designated as HOME units. Future Related Action: The recommendation cf the Hodsing Cornmission will be schedu!ea for Fwsing Authcrity apgroval zt the next available meeting. BACKGROUND - . ' . For the Fousing Commission Agenda of November 17,2000 Vista Terrace Page 3 HUD's Section 236 program provided low interest financing in exchange for use agreements that limited rents to affordable levels for 40 yezrs. At year 20 the program permitted owners to prepay the remainder of the 40-year federally assisted mortgage after which the HUD restrictions no longer app!ied. These properties coclld then be converted to market rate rental housing potentially displacing numerws low-income tenants. These projects have been labeled "at-risk" because of the expiring federal assistance. In 1992, the owner of Vista Terrace could have prepaid the mortgage but instead took advantage of incentives offered by HUD. As a result, the regulatory agreement was amended and a HUD Contract for project-based Section 8 assistance was entered into. The amended regulatory agreement is set io expire in 201 2. The owneriseller of Vista Terrace is Vista Terrace Hills, a California Limited Partnership. Gersten Construction Company, a California Corporation, is its Gene:al Partner. The Loan Committee voted unanimously to recommend approval of tnis loan at its 0 October 31, 2000 meeting. DISCUSSION The Borrower The applicant Reiated is an affiliate of The Re!ated Companies, L.P., which is cne ci the largest developers and financers of multi-family housing in the country. Related s?ecializes in the development and management of housing throughout the State of Califorcia. Established in 1989, it has become one of the largest aevelopers of low income tax credit housing in the state, with development or approval of over 5,000 units throughout California. Its projects range from the redevelopment of obsolets pAlis housing sites in San Francisco and Los Angeles, an award-winning senior project of 100 units in La Mirada, to a cclmprehensive seighborhood revitalization project in Anaheim. LVakeland Hocsing and Development Cor?oration is a Califcrria 501 :cj (3) non-prof it corporsticn established in 1 998. Between its principals, Wakeland has extensive experience in aeve!cping sffordabla housjng vtith both for proii? and nonprofit corpcretiofis. iYskeland currently nas frxr new constrxricn projects underway in S2:n Diego, Carisbad, Poway and Narb?al City !912 ucizsj, and four acquisition ard 0 rehabilitation projects underway ir; v/hi& Wakeland wiil ser\.z 3s Fanaging Gecerai Fartnsr !1 I 128 Lirits!. !,'lakeland is also the ncnprofit partczr c.f Fairfield Residentia: For the Housing Commission Agenda of November 17,2000 Vista Terrace Page 4 in the preservation projects formerly known as Mt. Aguilar Apartments and Penasquitos Gardens iS1 6 units). The applicants' Statement for Public Disclosure and financial statements are included as Attachments 5 and 6. Staff has reviewed the credit report for Related, the financial guarantor for the proposed project. it is satisfactory and on 51s at the Housing Commission offices. Preservation of an At-Risk Affordable Housinq Proiect Affordable housing projects that are Et-risk of cmversion in San Diego Cour,ty have been identified in the City's Housing Element and are a high priority for preservation, with the highest priority given to projects with restrictions expiring in five years or less. Vista Terrace is one of those listed projects and while its amended regulatory agreement will expire in 12 years, it is a very large project and the ability to preserve it will get more difficult as the expiration date nears. To minimize the loss of at-risk affordable housing the City has developed and implemented a preservation program that encourages the collaboration of nonprofits, for-profits and local government acd identifies federal, state ana local fifiancial resources, inclcding local funds, bonds ar:d tax credits. The fifiancing structure proposed is in furtheracce of the City's objectives and will utilize California Hodsing Finance Agency (CHFA) bonds and 4% tax credits along with the Housing Commissicn loan. A tax credit limited psrtnership will be formed, Vista Terrace Hills Preservation, L.P., which will De the ownership entity. Related will serve as the Administrative General Partner and \;Vakeland as the Managing General Partner. Site LocationlDescriotion The development consists of 30 two- and ihree-story garden apartment buildings (262 units:) over approximately 11 acres. The unit mix consists cf 210 three- bedroom, two-bath units of which 140 are towdmuses, and 52 are four-bedroom two-bath units. On site are an aclministratim office, five lamcry rocms, a recreation building, tot lots and a baskexball coKrt. The develcpment is within excellent proximity to several supermarkets, a majcr shopping center and the San Diego Factcry Outlet Center. A ccvered bzs sto? is within 1GO yards of most Enits, viith a troiley station less than a miie arisy. Tha un'ts are 30 years olc and the buildings are !mcd-frame cmsmcticn, rJit3 stxco extericr walls and aspkalt ccmpcsltim skitqis rcois. An envirorxentai Fhase ! has Seen peiicrrned anb rke buildinss csx5iin nc ;ead-based Faint. ._. ’ F.or the ‘-lousing Commission Agenda of November 17,2000 Vista Terrace Page 5 Asbestos-containing materials were found but are not in a dangerous condition and car! be left in place and monitored. Rents for the units will be at very low- and low- income levels as definea by HUD, with the target rentai rates ranging from 50% tc 64% of median area income.
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