Orange County Housing Trust Inc

THE CORPORATION'S PURPOSE IS TO FINANCE ORGANIZATIONS WHO CREATE WORK FORCE AND AFFORDABLE HOUSING OPTIONS FOR VERY LOW- TO MODERATE-INCOME INDIVIDUALS AND FAMILIES AND SPECIAL NEEDS POPULATIONS IN ORANGE COUNTY, CALIFORNIA, TO BE A RESOURCE FOR INDIVIDUALS AND ENTITIES INVOLVED IN THE CREATION OF AFFORDABLE AND WORK FORCE HOUSING AND TO CARRY ON OTHER CHARITABLE AND EDUCATIONAL ACTIVITIES ASSOCIATED WITH THESE PURPOSES.

NWOC APPROVED ONE NEW LOAN TO FACILITATE THE CONSTRUCTION OF NEW AFFORDABLE HOUSINGUNITS IN ANAHEIM, CA AS FOLLOWS;THE SALVATION ARMY IS DEVELOPING A 5.5 ACRE PORTION OF ITS 10.28 ACRE PROPERTY ON 1340 S. LEWIS STREET IN ANAHEIM AS THE CENTER OF HOPE, A THREE COMPONENT (325BED SHELTER; 72 UNIT PERMANENT SUPPORTIVE HOUSING APARTMENTS; AND A COMMUNITY CENTER AND CAMPUS AMENITIES) DEVELOPMENT TO ADDRESS THE NEEDS OF THOUSANDS OFSINGLE ADULTS EACH YEAR WHO FIND THEMSELVES HOMELESS IN ANAHEIM. THE SECURITY FOR THE LOAN WILL BE THE PERMANENT SUPPORTIVE HOUSING (PSH) COMPONENT OF THECENTER OF HOPE, CURRENTLY IN PRE-DEVELOPMENT AS A 72-UNIT PROJECT TO INCLUDE 70 STUDIO UNITS TARGETING HOMELESS MEN AND WOMEN REFERRED DIRECTLY BY THEORANGE COUNTY COORDINATED ENTRY SYSTEM (OC CES), AND 2 ONE- BEDROOM MANAGERS UNITS.PROJECT FINANCING: THE OVERALL DEVELOPMENT COSTS OF THE PSH, INCLUSIVE OF INCLUSIVE OF 72 APARTMENTS AND ASSOCIATED PROGRAM, ADMINISTRATIVE, AND ANCILLARY SPACES, AREPROJECTED AT $34,493,882, THE MAJORITY OF WHICH WILL BE FUNDED THROUGH PUBLIC AND QUASI-PUBLIC SOURCES. THE BELOW TABLES INDICATE THE PARTICIPANTS IN THE DEVELOPMENTOF THIS PROJECT. OUR LOAN WILL BE A RESIDUAL RECEIPTS LOAN FOR $2 MILLION AT 3.0% PER ANNUM FOR 55 YEARS. ANY ACCRUED UNPAID INTEREST WILL BE PAID AT MATURITY OF THE 55 YEAR LOAN OR UPON REFINANCE OF THE PROPERTY. THE BORROWING ENTITY WILL BE THE SALVATION ARMY WESTERN REGION TERRITORY.