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<br />TABLE C:
<br />CURRENT HOUSING FUND LOANS
<br />
<br />TVDe of Loan/Lease Amount Payments
<br />Second mortgages (e.g., Bernal $1,009,000 Approx. $75,000 per year starting in 2006; gradually
<br />homes) increasino to aoorox. $300,000+ oer vear bv 2010
<br />Down Payment Assistance program $100,000 CurrenUy 3 loans issued; approx. $2,000 per year per loan
<br />loans from loan oavments startino in vear one
<br />The Promenade - Loan I $339,940 Pav in full 7/112008
<br />The Promenade - Loan II $738,062 $14,761 oer vear beainnina October 2009
<br />The Gardens at Ironwood $205,000 Pav in full bv 2019
<br />Assisted Living Loans $2,490,000 Estimated amount of $249,000 annually beginning 2010
<br />based on available cash flow
<br />Total Loans $4,882,002
<br />
<br />In addition to the above, the fund will receive ground lease payments from The Promenade of
<br />approximately $220,000/annually for the next 45 years. The actual payment amount may vary
<br />based on project revenues.
<br />
<br />Based on the above revenue information, potential fund scenario from all sources, excluding
<br />interest earnings to the fund, is as follows:
<br />
<br />TABLE D:
<br />LOWER INCOME HOUSING FUND
<br />PROJECTION FOR REVENUE BASED ON "REALISTIC" FEE AND LOAN PAYMENTS
<br />
<br />Source: 2006 2007 2008 2009 2010 5-Year Total:
<br />Beginning Balance: $7,400,000 $0 $0 $0 $0 $7,400,000
<br />Residential: $1,695,710 $1,620,549 $1,447,436 $855,772 $643,375 $6,262,842
<br />Commercial/Office/ $357,787 $368,815 $33,316 $274,467 $285,445 $1,319,830
<br />Industrial:
<br />Loan/Lease $295,000 $295,000 $395,000 $495,000 $575,000 $2,055,000
<br />Payments
<br />TOTAL $9,848,497 $2,284,364 $1,875,752 $1,625,239 $1,503,820 17,037,672
<br />
<br />Regardless of the amount of future fee revenue, staff believes that it is important for the City to
<br />carefully plan for the future use of the UHF in a conservative manner that maximizes uses
<br />consistent with Housing Element goals and policies. Of particular interest is leveraging the
<br />funding in a way that facilitates the acquisition of low and very low income units as projected in
<br />the RHND. The Table below illustrates the number of units required to meet the current
<br />RHND that will run to 2008.
<br />
<br />SR:06:ll6
<br />Page 5
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