HomeMy Public PortalAbout23-C-B-1e Affordability TCAC scoring - 1 -
Truckee Development Associates, LLC
1201 Pine Street, Suite 151
Oakland, California 94607
t: 510 547 2122 f: 510 547 2125
Exhibit C-B-1e: Affordability – TCAC score
RE: HCD Prop 1c IIG 2013
August 5, 2013
Mr. Eugene Lee,
Truckee Development Associates is working with a team that has extensive experience in
applying for and successfully receiving full points in TCAC scoring and allocations. Our project,
as currently designed, scores 148 out of 148 possible points which will result in successful
allocation in early 2014. The project scores a full 52/52 possible points for affordability because
it scores 50/50 for addressing the needs of the lowest income households, and 2/2 for including
10% of affordable units at 30% of AMI.
A.Cost Efficiency, Credit Reduction, & Public Funds
A(1)Cost Efficiency
A(2)Credit Reduction
A(3)Public Funds
B.General Partner & Management Company Experience
A(1)General Partner Experience
A(2)Management Company Experience
C.Housing Needs
D.Site & Service Amenities
D(1)Site Amenities
D(2)Service Amenities
E.Sustainable Building Methods
F.Lowest Income & 10% of Units Restricted @ 30% AMI
F(1)Lowest Income
F(2)10% of Units Restricted @ 30% AMI
G.Readiness to Proceed
H.Miscellaneous Federal and State Policies
*Negative Points (if any, please enter amount:)
148.0
9
20
20
10
9
10
25
0
52
2
20
2
10
52
50
10
10
18
50
10
2
20
52
2
NO MAX
20
2
20
3
10
15
9
6
10
6
3
2528
200
0
MAXIMUM
POINTS
20
20
20
TOTAL
POINTS
Total Possible Points: 148, Minimum Points Required: 123
VI. POINTS SYSTEM - SECTION 2: POINTS SYSTEM SUMMARY
APPLICANT
POINTS
*Negative points given to general partners, co-developers, management agents, consultants, or any member or agent of th
Development Team may remain in effect for up to two calendar years, but in no event shall be in effect for less than one
funding round. Furthermore, negative points may be assigned to one or more Development Team members, but do not
necessarily apply to the entire Team. Negative points assigned by the Executive Director may be appealed to the
Committee under appeal procedures enumerated in the regulations.
(Do Not Submit An Application If You Do Not Have The Minimum Points Required)
Total Points:
June 6, 2013 Version 43 Points System 8/8/2013
F. Lowest Income
F(1) Lowest Income Restriction for All Units
The “Percent of Area Median Income” category may be used only once. For instance, 50% of Income Targeted Units to Total Tax
Credit Units at 50% of Area Median Income (AMI) cannot be used twice for 100% at 50% and receive 50 points, nor can 50% of
Income Targeted Units to Total Tax Credit Units at 50% of Area Median Income for 25 points and 40% of Income Targeted Units
to Total Units at 50% of Area Median Income be used for an additional 20 points. However, the “Percent of Income Targeted Units”
may be used multiple times. For example, 50% of Targeted Units at 50% of Area Median Income for 25 points may be combined
with another 50% of Targeted Units at 45% of Area Median Income to achieve the maximum points. All projects must score at least
45 points in this category to be eligible for 9% Tax Credit.
*Only projects competing in the Rural Set-aside may use the 55% AMI column and selected targeting in the 50% AMI column.
**60% AMI is included as a place-holder and will not receive any additional points.
Total Points Requested:
*IF 60% AMI UNITS ARE LESS THAN 10% OF TOTAL UNITS, LEAVE CELL E628 BLANK.
F(2) Lowest Income for 10% of Total Restricted Units at 30% AMI
A project that agrees to have at least 10% of its units available for tenants with incomes no greater than 30% AMI and
agrees to restrict the rents on those units accordingly can receive two additional points. The 30% AMI units must be spread
across the various bedroom sizes, starting with the largest bedroom count units (e.g. four bedroom units) and working down
to the smaller bedroom count units, assuring that at least 10% of the larger units are proposed at 30% AMI. So long as the
project meets the 10% standard as a whole, the 10% standard need not be met among all of the smaller units. TCAC may
12.5
Percent of Income
Targeted Units to
Total Tax Credit Units
(exclusive of mgr.’s
units)
15
2 Points
26.67
0.00
50
0
20
0
50 Points
25
45
**60%
Maximum 52 Points
50.00
15
Percent of
Area Median Income (AMI)
17.5
0
0
50%
0
20
27.5
42.5
25
37.5
50
0
0
0
0.00
0.00
Consolidate your units before entering your information into the table
Do not enter any non-qualifying units into the table
0
7.5
12.5
10
0
25%0
0
15
Number of Targeted
Tax Credit Units
10
22.5
25
17.5
11.6740
30
35
45
50
0.00
50%
22.5
45%
25
0
27.5
27.5
30
0
25
6016
11.677
7
55-Rural only
50-Rural only
60
7.5
20
35
40%
45
40
30
17.5
15
30%1522.5
20
5
15
10%
12.5
30
Percent of
Area Median Income
(AMI)
(30%- 55%)*
15%
Percentage of Units
to Total Units
(before rounding
down)
2.5
Percent of Income
Targeted Units to
Total Tax Credit Units
(exclusive of mgr.’s
units)12.5
35%
40%
17.5
10
100
75%
*55%
25*
22.5*32.5
10
12.5
17.5
10
0
7.5
42.5
30%
20%
30
5
35%
42.5
30
32.5
47.5
4037.5
45
45%
1517.5
10
0
25
27.5
2022.5
0
Points Earned
0
0
0
55%
60%
65%
70%
0
0
0
3532.5
3540
35
37.5
32.5
47.55080%
June 6, 2013 Version 40 Points System 8/12/2013
correct applicant errors in carrying out this largest-to-smallest unit protocol.
Lowest Income for 10% of Total Restricted Units at 30% AMI Points:
Total Points for Lowest Income:
G. Readiness to Proceed
20 points will be available to projects that meet ALL of the following and are able to begin construction within 180 days of the Credit
Reservation, as evidenced by submission within that time of: executed construction contract, breakdown of construction lender
approved construction costs, recorded deeds of trust for all construction financing, a limited partnership agreement executed by
the general partner and the investor providing the equity, payment of all construction lender fees, issuance of building permits
(a grading permit does not meet this requirement) and notice to proceed delivered to the contractor. If no construction lender is
involved, evidence must be submitted within 180 days after the Reservation is made that the equity partner has been admitted
to the ownership entity and that an initial disbursement of funds has occurred. Failure to meet this timeline will result in rescission
of the Credit Reservation. In addition to the above, all applicants receiving any readiness points under this subsection must
provide an executed Letter of Intent (LOI) from the project's equity partner within 90 days of the credit reservation.
The LOI must include those features called for in the CTCAC application (See Appendix for requirements).
Readiness to ProceedMaximum 20 Points
(i)Enforceable commitment for all construction financing, as evidenced by executed 5 points
commitment and payment of commitment fees.
(ii)Evidence, as verified by the appropriate officials, of site plan approval and that all 5 points
land use environmental review clearance (CEQA and NEPA) necessary to begin
construction are either finally approved or unnecessary.
(iii)All necessary public approvals except building permits.5 points
(iv)Design review approval.5 points
In the event that one or more of the above criteria have NOT been met, 5 points may be awarded for each one that has been met, up to a
maximum of 15 points. In such cases, the 180-day requirements shall not apply to projects that do not obtain the maximum points in this
category. The 90-day requirements apply to all projects requesting any points under this category.
Total Points for Readiness to Proceed:
0.0000
00
Number of
Targeted Tax
Credit Units @
30% AMI
00
Total Number of
Tax Credit Units
per Bedroom Size
Percentage of
Units to Total
Units (by
bedroom size)
0.2000
20
-
0.1000
20.1000
5 BR
4 BR
2
2 BR
Yes
7Total:60
2
52
Yes
Yes
Bedroom
Selection
Yes
0.0000
3 BR
5
15
20
20.1333
1
1 BR20
SRO
June 6, 2013 Version 41 Points System 8/12/2013