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Home My WebLink AboutOHT - 1590 Chimacum Commons $375,000 Application to 1590 Development Funds for Chimacum Commons www.olympichousingtrust.org/chimacumcommons Prepared October 2025 Name of Project or Program or Program: Chimacum Commons Requested total amount for this application: $375,000 Area of the County to be served: Jefferson Name of Applicant/Agency: Olympic Housing Trust Federal Tax ID #: 61-1497176 Contact Person: Kellen Lynch Title: Director of Development and Communications Address: PO Box 1537 City: Port Townsend State: WA Zip: 98368 Phone Number: 206-384-2135 Fax Number: E-mail: kellen@olympichousingtrust.org CERTIFICATION by Authorized Agency Representative (Board President, CEO, or another person authorized to bind the agency in a contract). Name of Authorized Agency Representative (print):_Kathy Morgan _ Title: __Executive Director_________________________ · Applicant certifies that these funds will be used as described in this application unless a change has been mutually agreed upon between Contractor and Jefferson County Board of County Commissioners. Substantive amendment requests will also require the approval of the Housing Fund Board (“HFB”). · Applicant certifies that the information in this application is true and correct. · Applicant certifies that it has no outstanding obligations to the County with respect to housing funds. ____________________________________________________ Signature of Authorized Agency Representative 10/15/2025 Date PROJECT DESCRIPTION · Name of Project or Program: Chimacum Commons Amount requested: $375,000 · Provide a brief description of the Project or Program: (LIMIT 200 WORDS) Chimacum Commons is a collaborative project developed by Olympic Housing Trust and sponsored by Jefferson Land Trust. The goal is to provide stable, affordable homes affordable to our local workforce and to target market towards local farm and food system workers. Located in the heart of Chimacum, Phase I includes 16 single-room rental units with shared kitchens and gathering spaces designed for simple, healthy living. The rentals will serve households earning as low as 30% AMI with most within the target market however earn 50% AMI and below. The homes are built with durable, energy-efficient materials and meet Evergreen Sustainable Development Standards. The goal is to offer long-term affordability and a modest, grounded living arrangement for people who help sustain the region’s food economy. Chimacum Commons is a step toward providing working people dignified housing rooted in the community they serve and strengthening local resilience through housing stability. · Specify the Project or Program goals and expected outcomes. Specify the measures of success by which the Project or Program will be assessed. (LIMIT 300 WORDS) The goal of Chimacum Commons is to create stable, dignified affordable rental housing local eligible households, including local farm and food system workers who are essential to the region’s agricultural identity and economy but often struggle to find adequate year-round housing. By offering reliable, affordable homes close to local services and employers, the project helps retain the local workforce, reduces commuting costs and emissions, and contributes to a stronger local food system. Expected outcomes include: ● Sixteen new affordable rental units available to individuals earning below 30%–50% of area median income ● Year-round housing stability for workers who have historically faced unsafe and insecure housing options. ● Reduced transportation burden for tenants who live closer to their places of work. ● A replicable model for small-scale, community-based workforce housing in rural Jefferson County. Measures of success will include full occupancy by local workers, tenant retention rates over time, the percentage of income spent on housing and transportation, and overall tenant satisfaction. Longer-term success will be reflected in stronger ties between local farms, businesses, and housing stability, helping sustain the rural economy and community. · Specify the number of units of housing to be created or number of individuals who will be served by the Project or Program. 16 - 20 individuals estimated to be served by Phase I Phase II will add 12 more bedrooms and in total the project will serve approximately 30 individuals with stable housing, rental and homeownership. Threshold Requirements: · Identify the specific eligible use(s) under 5386 and/or 1590 for which the Project or Program qualifies, as listed on pages two through four of the RFP. If you are submitting for both operating and development funds, please submit separate budgets for each. OHT is applying for 1590 Development Funds to pursue the following eligible uses: 1. Development: Constructing affordable housing 2. Eligible households (those earning under 60% AMI) 3. Special populations such as veterans, persons with disabilities and persons with mental illness · Provide a brief description of recent, relevant and successful experiences in delivering similar programs and/or projects. OHT has successfully funded and is now under construction with the Dundee Hill Community Homes project in Port Townsend. OHT is also stewarding four scatter site homeownership units in Clallam County. Jefferson Land Trust and OHT have been engaged on Chimacum Commons since 2023 and have successfully secured pre-development funding through the Department of Commerce CBOS grant. This has greatly reduced the front-end burden on OHT to fundraise for pre- development costs and has expedited the development process. · Briefly describe how the project aligns with the priorities and objectives of the Five-Year Homeless Housing Plan and the community outreach conducted for the project or program. (LIMIT 400 WORDS) The project provides 16 deeply affordable rental homes for eligible households who are at high risk of housing instability due to seasonal income, limited rental options, and rising costs. ● Prevent episodes of homelessness wherever possible. – Chimacum Commons provides year-round, affordable homes for people who might otherwise face overcrowding, displacement, or homelessness during the off-season. ● House everyone in a stable setting that meets their needs. – The project offers long-term rentals with shared community spaces designed for comfort, dignity, and connection, ensuring tenants can remain safely housed. ● Increase the local affordable housing supply. – Adds 16 permanently affordable units to Jefferson County’s rural core, expanding access for households earning below 60% of area median income. ● Address housing cost burden and stabilize the local workforce. – By reducing rent and transportation costs, the project allows local workers to live near their jobs, improving financial and housing stability. ● Input was gathered from local farmers, food businesses, and community members through meetings, surveys, and public discussions. Submission Requirements (a) Approach – Completeness of Proposal and Readiness (5 Points) § Is the Project or Program ready to use the funding now or are there actions to be taken before the Project or Program can begin? If so, what are those actions? As the developer, Olympic Housing Trust (OHT) is advancing Chimacum Commons towards Phase I construction readiness. Phase I will focus solely on affordable rentals and Phase II will focus on homeownership. OHT holds site control through a lease arrangement and partnership with Jefferson Land Trust with site ownership to be donated after full funding. OHT has completed preliminary land use approvals with Jefferson County DCD, and has construction documents engineered and prepared to 70% completion. The building methodology chosen for Phase I —stabilized rammed earth (SRE)—is approved for use in Jefferson County and under the International Building Code. Utilizing SRE for the rentals will benefit the project with improved fire resistance, lower vulnerability to mold and moisture issues, and exceptional durability in the rental to serve local food system workers well into the future. OHT will leverage the volunteer interest to significantly reduce construction costs by hundreds of thousands of dollars. Land use permit applications will be submitted in Q4 2025. A capital campaign will be conducted throughout 2026 to complete local match and gap funding. Construction is anticipated to begin in early 2027, pending final financing through the Department of Commerce Housing Trust Fund Multifamily program. The 1590 funds would be used to advance predevelopment and local match activities that position the project for construction readiness. These funds will be used to pay for construction activities to build these permanently affordable rental units. Securing these funds now will help maintain project momentum and demonstrate local investment, a key factor in leveraging state and private housing resources. The full development team and contractors are established and ready to mobilize with full project funding. § Will the requested funds fully fund the Project or Program? If not, how does the organization intend to fill the gap? The requested $375,000 in 1590 funds will support construction costs for the 16-unit Phase I development of Chimacum Commons. These funds will not fully fund the project but will help close a remaining gap between committed and anticipated sources. The current cost estimate reflects the high-performance stabilized rammed earth (SRE) building envelope and efficient mechanical systems, which ensure long-term affordability through low operating and maintenance costs. The remaining financing will be covered through a combination of state Housing Trust Fund (HTF) resource, local and foundation contributions. § Could the Project or Program be scaled (include the per unit cost of the Project or Program)? Phase I includes 16 permanently affordable rental units with total development costs, excluding significant anticipated volunteer labor and donated materials, at a total estimated value of $4.5 million. With all development costs included (construction, roads, septic, architecture, permits, etc) the per unit price is approximately $283,000. For construction alone, the cost is closer to $130,000 per unit, once again excluding volunteer labor and donated materials which will be central to this project. The project could be scaled down or phased out more than currently planned, however the site infrastructure and shared systems are designed for the full 16-unit buildout. The requested 1590 funds represent roughly $25,000 per unit in local support. § Have additional funds been requested or will be requested. Identify the sources for those requests and the status of the requests. The project has applied to the Washington State Housing Trust Fund Multifamily Program for a fully deferred loan. Additional requests are being made to Commerce’s EPIC Clean Energy Grant and to local donors and foundations to further reduce permanent debt and long-term operating costs. Local support through 1590 funds will demonstrate community commitment and strengthen the project’s competitiveness for state-level funding. (b) Impact (10 Points) · How would the project contribute to positive movement in Commerce’s Homeless System Performance Measure, including total project entries, length of time homeless, exits to permanent housing, returns to homelessness, and system prioritization. (current link) Chimacum Commons Phase I will provide 16 new permanently affordable rental units targeted to local farm and food system workers (most of whom earn under 50% AMI) and other low-wage residents who are at risk of homelessness due to Jefferson County’s high housing costs and low rental availability. By providing stable, affordable housing, the project will help reduce the number of people entering homelessness, shorten the length of time people experience housing instability, and prevent returns to homelessness. Though not designed as a homeless shelter, the project aligns with system goals by creating permanent, deeply affordable units that relieve pressure on the county’s emergency and transitional housing resources. · What other funds, donors, or community support are involved with the project? Will these funds leverage other funds? Identify other sources of funds that would be leveraged with the requested funds and/or how these funds will be used to leverage other funds. Chimacum Common’s predevelopment costs have already been greatly covered by the Commerce Capacity Building Outreach and Support program that was secured by OHT and Jefferson Land Trust in 2024. The project will require funding from the Washington State Housing Trust Fund Multifamily Program (applying October 2025) and Commerce’s EPIC Clean Energy Grant (November 2026), along with anticipated support from local donors and foundations. The 1590 funds will provide an essential local match that strengthens the project’s competitiveness for state and federal resources. · How many new units will be brought online. How many existing units will be preserved? What services will be funded and how is sustainability achieved? Phase I will create 16 new permanently affordable rental units. No existing units will be preserved as part of this phase. The project focuses on stable, high-quality housing with shared amenities and community design features that support informal resident connection and mutual support, rather than formal service provision. Sustainability is achieved through durable building methods (stabilized rammed earth), low energy use, and minimal maintenance costs—ensuring long-term affordability for tenants and operational stability for the owner. · How many individuals will be served by these funds? The 16 units are expected to serve approximately 16 - 20 individuals at full occupancy, depending on household size. These residents will primarily include Jefferson County workers earning between 30% and 50% of Area Median Income (AMI) . · Will these funds serve any special populations such as youth or domestic violence survivors? OHT will target market towards local food and farm system workers. Other low-income residents can also apply for the rentals. The rentals will be open and accessible to all income eligible households including special populations. · How does this project serve marginalized populations and address risk of harm and barriers to housing stability? In Jefferson County where low-income workers, such as seasonal and permanent farm workers, face near zero vacancy and high competition for often inadequate rentals, Chimacum Commons addresses systemic barriers for local renters by creating permanently affordable rental housing. · What is your plan for continuous improvement in order to serve historically underserved populations? Olympic Housing Trust and Jefferson Land Trust will continue to meaningfully engage local employers, the food system workforce, service providers and community-based organizations to understand housing needs and barriers. Lessons from tenant experiences, partner feedback, and occupancy outcomes will inform adjustments to future leasing, outreach, and project design. OHT is committed to maintaining equitable access, improving communication channels for underrepresented applicants, and ensuring its housing remains inclusive and responsive to evolving community needs. (c) Budget – A Feasible Financial Plan (5 Points) Identify whether you are a 501(c) (3), for-profit, PHA or government agency. Please provide the following if applicable: OHT is a non-profit 501(c) (3) · Program or Project Budget which includes a complete breakdown of all funding sources already received or committed for this Program or Project CAPITAL BUDGET FOR REAL ESTATE DEVELOPMENT USES Financing Categories Estimate Basis of Estimate Total Acquisition Costs $0.00 Land donation from Jefferson Land Trust Construction $3,197,694 Pricing includes all construction, site work, infrastructure, sales tax w/o volunteer discount Construction Fees $348,000 GC overhead and profit Financing Fees and Charges $47,000 Housing Trust Fund MF deferred loan program Guarantees and Reserves $248,200 7% contingency fund Developers Fee $379,000 10% of hard costs Soft Costs $266,804 Architecture, staff project management, engineering, etc Other Dev Costs $50,802 Insurance, audit, permitting, etc Subtotal $4,537,500 TOTAL $4,537,500 SOURCES Financing Categories Estimator Indicate if Committed or Application has been made. If not made indicate date application is to be submitted Private Loan $3,300,000 Commerce HTF MF deferred loan - applied October 2025 Jefferson County Funds $375,000 1590 Application (2026 funds) Public Sources (State or Federal Funds) $197,500 Awarded Commerce CBOS grant to Jefferson Land Trust for project predevelopment Commerce EPIC Clean Energy Grant $120,000 Applying November 2026 Foundations $75,000 Bank foundations (WaFd, First Fed, etc) - applying Q2 2026 Donations $470,000 2026 capital campaign Low Income Housing Tax Credits (indicate 9% or 4%) $0.00 Historic Tax Credits $0.00 New Market Tax Credits $0.00 Gap (if any) $0.00 TOTAL $4,537,500 Please include any budget narrative that is descriptive or helpful to explain any part of your proposed expenditures in your budget(s). · Current operating budget for the organization requesting the funding · Operating Pro Forma for ten years. 2025 Operating Budget 01/01/25 - 12/31/25 FY 2025 Budget Revenue Earned Income Subtotal $73,410.00 Contributions Subtotal $135,960.00 Total Revenue $209,370.00 FY 2025 Budget Expenses Staff / Contractors Subtotal $156,106.31 Administration & Stewardship Subtotal $31,250.00 Total Expenses $187,356 FY 2025 Budget Revenue Over Expenses (Reserves)$22,014 Form 8D Operating Pro Forma CFA Forms Form 8D: Operating Pro Forma Pro Forma Date 10/10/2025 REVENUES Messages Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Residential Income Escalator Gross Tenant Paid Rental Income (Form 8A)2.00%($109,440) ($111,629) ($113,861) ($116,139) ($118,461) ($120,831) ($123,247) ($125,712) ($128,226) ($130,791) ($133,407) ($136,075) ($138,796) ($141,572) ($144,404) Gross Rental PHA/HUD/USDA Subsidy (Form 8B)2.00%($20,160) ($20,563) ($20,974) ($21,394) ($21,822) ($22,258) ($22,703) ($23,158) ($23,621) ($24,093) ($24,575) ($25,066) ($25,568) ($26,079) ($26,601) Gross Rental Subsidy Income (Form 8B)0.0%($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) Gross Annual Operating Subsidy Sources (Form 8B)($15,000) ($15,000) ($15,000) ($15,000) ($15,000) ($15,000) ($15,000) ($15,000) ($15,000) ($15,000) ($15,000) ($15,000) ($15,000) ($15,000) ($15,000) Other Sources: OHT Contribution 3.0%($15,000) ($15,450) ($15,914) ($16,391) ($16,883) ($17,389) ($17,911) ($18,448) ($19,002) ($19,572) ($20,159) ($20,764) ($21,386) ($22,028) ($22,689) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) Total Residential Income =($159,600) ($162,642) ($165,749) ($168,923) ($172,166) ($175,478) ($178,861) ($182,318) ($185,849) ($189,456) ($193,140) ($196,905) ($200,751) ($204,679) ($208,693) Total Non-Residential Income ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) TOTAL PROJECT INCOME =($159,600) ($162,642) ($165,749) ($168,923) ($172,166) ($175,478) ($178,861) ($182,318) ($185,849) ($189,456) ($193,140) ($196,905) ($200,751) ($204,679) ($208,693) Annual % Less Annual Residential Vacancy 5.0%($(7,980) ($(8,132) ($(8,287) ($(8,446) ($(8,608) ($(8,774) ($(8,943) ($(9,116) ($(9,292) ($(9,473) ($(9,657) ($(9,845) ($(10,038) ($(10,234) ($(10,435) Less Annual Non-Residential Vacancy ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) EFFECTIVE GROSS INCOME (EGI)=($151,620) ($154,510) ($157,462) ($160,477) ($163,558) ($166,704) ($169,918) ($173,202) ($176,556) ($179,983) ($183,483) ($187,060) ($190,713) ($194,445) ($198,259) OPERATING EXPENSES Operating Expenses- Escalator Expenses Per Unit (Y1) Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Management - On-site (Form 8C)3.0%($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) Management - Off-site (Form 8C)3.0%($919) ($14,700) ($15,141) ($15,595) ($16,063) ($16,545) ($17,041) ($17,553) ($18,079) ($18,622) ($19,180) ($19,756) ($20,348) ($20,959) ($21,587) ($22,235) Accounting 3.0%($313) ($5,000) ($5,150) ($5,305) ($5,464) ($5,628) ($5,796) ($5,970) ($6,149) ($6,334) ($6,524) ($6,720) ($6,921) ($7,129) ($7,343) ($7,563) Legal Services 3.0%($75) ($1,200) ($1,236) ($1,273) ($1,311) ($1,351) ($1,391) ($1,433) ($1,476) ($1,520) ($1,566) ($1,613) ($1,661) ($1,711) ($1,762) ($1,815) Insurance 3.0%($313) ($5,000) ($5,150) ($5,305) ($5,464) ($5,628) ($5,796) ($5,970) ($6,149) ($6,334) ($6,524) ($6,720) ($6,921) ($7,129) ($7,343) ($7,563) Real Estate Taxes 3.0%($31) ($500) ($515) ($530) ($546) ($563) ($580) ($597) ($615) ($633) ($652) ($672) ($692) ($713) ($734) ($756) Marketing 3.0%($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) Security 3.0%($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) Maintenance and janitorial 3.0%($375) ($6,000) ($6,180) ($6,365) ($6,556) ($6,753) ($6,956) ($7,164) ($7,379) ($7,601) ($7,829) ($8,063) ($8,305) ($8,555) ($8,811) ($9,076) Decorating/Turnover 3.0%($219) ($3,500) ($3,605) ($3,713) ($3,825) ($3,939) ($4,057) ($4,179) ($4,305) ($4,434) ($4,567) ($4,704) ($4,845) ($4,990) ($5,140) ($5,294) Contract Repairs 3.0%($469) ($7,500) ($7,725) ($7,957) ($8,195) ($8,441) ($8,695) ($8,955) ($9,224) ($9,501) ($9,786) ($10,079) ($10,382) ($10,693) ($11,014) ($11,344) Landscaping 3.0%($125) ($2,000) ($2,060) ($2,122) ($2,185) ($2,251) ($2,319) ($2,388) ($2,460) ($2,534) ($2,610) ($2,688) ($2,768) ($2,852) ($2,937) ($3,025) Pest Control 3.0%($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) Fire Safety 3.0%($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) Elevator 3.0%($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) Water & Sewer 3.0%($318) ($5,080) ($5,232) ($5,389) ($5,551) ($5,718) ($5,889) ($6,066) ($6,248) ($6,435) ($6,628) ($6,827) ($7,032) ($7,243) ($7,460) ($7,684) Garbage Removal 3.0%($125) ($2,000) ($2,060) ($2,122) ($2,185) ($2,251) ($2,319) ($2,388) ($2,460) ($2,534) ($2,610) ($2,688) ($2,768) ($2,852) ($2,937) ($3,025) Electric 3.0%($1,281) ($20,500) ($21,115) ($21,748) ($22,401) ($23,073) ($23,765) ($24,478) ($25,212) ($25,969) ($26,748) ($27,550) ($28,377) ($29,228) ($30,105) ($31,008) Oil/Gas/Other 3.0%($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) Telephone 3.0%($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) Other 3.0%($63) ($1,000) ($1,030) ($1,061) ($1,093) ($1,126) ($1,159) ($1,194) ($1,230) ($1,267) ($1,305) ($1,344) ($1,384) ($1,426) ($1,469) ($1,513) Total Residential Operating Expenses ($4,624) ($73,980) ($76,199) ($78,485) ($80,840) ($83,265) ($85,763) ($88,336) ($90,986) ($93,716) ($96,527) ($99,423) ($102,406) ($105,478) ($108,642) ($111,901) Form 8D: Operating Pro Forma, Page 2 Form 8D Operating Pro Forma CFA Forms OTHER EXPENSES Partnership and Asset Management Costs-Escalator Expenses Per Unit (Y1) Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 3.0%($-) ($- ) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) 3.0%($-) ($- ) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) Total Partnership and Management Costs ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) Replacement Reserve 3.0%($350) ($5,600.00) ($5,768) ($5,941) ($6,119) ($6,303) ($6,492) ($6,687) ($6,887) ($7,094) ($7,307) ($7,526) ($7,752) ($7,984) ($8,224) ($8,471) Operating Reserve 3.0%($419) ($6,700) ($6,901) ($7,108) ($7,321) ($7,541) ($7,767) ($8,000) ($8,240) ($8,487) ($8,742) ($9,004) ($9,274) ($9,553) ($9,839) ($10,134) Total Reserves ($12,300) ($12,669) ($13,049) ($13,441) ($13,844) ($14,259) ($14,687) ($15,127) ($15,581) ($16,049) ($16,530) ($17,026) ($17,537) ($18,063) ($18,605) Non-Residential Expenses 0.0%($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) TOTAL PROJECT EXPENSES =($86,280) ($88,868) ($91,534) ($94,280) ($97,109) ($100,022) ($103,023) ($106,114) ($109,297) ($112,576) ($115,953) ($119,432) ($123,015) ($126,705) ($130,506) NET OPERATING INCOME =($65,340) ($65,642) ($65,927) ($66,197) ($66,449) ($66,682) ($66,896) ($67,088) ($67,259) ($67,407) ($67,530) ($67,628) ($67,698) ($67,740) ($67,752) (EGI - Total Expenses) RESIDENT SERVICES Services Funding Subsidy (Form 8B)($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) Service Expenses (Form 8C)3.0%($- ) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) Subsidy Shortfall ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) Services Funding - from Cash Flow (Form 8C)($- ) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) DEBT SERVICE Funds Available for Debt Service ($65,340) ($65,642) ($65,927) ($66,197) ($66,449) ($66,682) ($66,896) ($67,088) ($67,259) ($67,407) ($67,530) ($67,628) ($67,698) ($67,740) ($67,752) Hard Debt Loan Amount Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 HTF MF Deferred Loan ($3,300,000) ($39,600) ($39,600) ($39,600) ($39,600) ($39,600) ($39,600) ($39,600) ($39,600) ($39,600) ($39,600) ($39,600) ($39,600) ($39,600) ($39,600) ($39,600) Lender 2 ($-) Lender 3 ($-) Total Hard Debt Service ($39,600) ($39,600) ($39,600) ($39,600) ($39,600) ($39,600) ($39,600) ($39,600) ($39,600) ($39,600) ($39,600) ($39,600) ($39,600) ($39,600) ($39,600) Hard Debt Coverage Ratio (1.65) (1.66) (1.66) (1.67) (1.68) (1.68) (1.69) (1.69) (1.70) (1.70) (1.71) (1.71) (1.71) (1.71) (1.71) Cash Flow ($25,740) ($26,042) ($26,327) ($26,597) ($26,849) ($27,082) ($27,296) ($27,488) ($27,659) ($27,807) ($27,930) ($28,028) ($28,098) ($28,140) ($28,152) Soft Debt Loan Amount Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Lender 4 ($-) Lender 5 ($-) Lender 6 ($-) Lender 7 ($-) Total Soft Debt Service ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) ($-) TOTAL DEBT SERVICE ($39,600) ($39,600) ($39,600) ($39,600) ($39,600) ($39,600) ($39,600) ($39,600) ($39,600) ($39,600) ($39,600) ($39,600) ($39,600) ($39,600) ($39,600) Overall Debt Coverage Ratio (1.65) (1.66) (1.66) (1.67) (1.68) (1.68) (1.69) (1.69) (1.70) (1.70) (1.71) (1.71) (1.71) (1.71) (1.71) Overall Cash Flow ($25,740) ($26,042) ($26,327) ($26,597) ($26,849) ($27,082) ($27,296) ($27,488) ($27,659) ($27,807) ($27,930) ($28,028) ($28,098) ($28,140) ($28,152) Additional Comments: OHT Contribution will be supplied annually through donations and off-site rental revenue