HomeMy WebLinkAboutAgreement A-24-022 Certification and Indemnification Agreement.pdf Agreement No. 24-022
Certification Regarding Non-Application of Relocation Benefits and
Indemnification Agreement
The Villages at Paragon (FKA Plaza Terrace)
Certification Regarding Non-Application of Relocation Benefits
This document is used by the Sponsor(s) of a housing project to show and certify that no
relocation plan was necessary for the project. The certification is regarding a certain project
known as The Villages at Paragon (FKA Plaza Terrace) on real property located at 4041
Plaza Drive West, Fresno, CA 93702, and described in Exhibit A attached hereto (the
"Project").
This Certification is made by Housing Authority of the City of Fresno, California, a
public body, corporate and politic, and County of Fresno, a political subdivision of the
State of California (collectively the "Sponsor"), for the benefit of the Department of
Housing and Community Development, a public agency of the State of California, its
successors and assigns (the "Department"), and is dated as of
September 25, 2023, for reference purposes. The Sponsor, through its
organizational structure, controls The Villages at Paragon, LP, a California
limited partnership (the "Borrower"), which owns the aforementioned Project.
In conducting its due diligence, the Department requested that the Sponsor provide
any and all information relating to potential project relocation issues, under applicable
relocation law, as defined herein. In response, Sponsor provided the Department
the following information and documents supporting its position that a relocation plan
is not required pursuant to relocation law. The documents listed below are incorporated
by reference as Exhibit B:
1. Letter from the Sponsor dated September 13, 2023.
• "Please accept this letter as formal certification from the
Housing Authority of the City of Freson, CA that the Villages
at Paragon (FKA Plaza Terrace) was currently vacant from
any tenants at the time of closing. No relocation occurred or
was planned at any time."
2. Appraisal prepared by James G. Palmer Appraisals, Inc., dated
January 24, 2018.
• "The project is an older residential development that was
constructed in the 1970's. It is in average condition. A public
agency owns the property. It is currently vacant and being
planned for renovation and reconfiguration." (Page 3 of the
Report)
Page 1 of 8
Template Date: October 18, 2022
Date: September 25, 2023, Revised 10/30/2023 & 12/14/2023 - Signature Block
Project: The Villages at Paragon (FKA Plaza Terrace)
Address: 4041 Plaza Drive West, Fresno, CA 93702
HCD Program Awards: 18-NPLH-12658
Type of Construction: Vacant Building
• "The project consists of a vacant multifamily housing
development. Based on the current condition of the project
as well as its age and amenities, a basic rental rate of
$700/month has been concluded after reviewing
comparable properties in the area. An additional $15 ger
unit is added for laundry income. (Page 5 of the Report)
3. Letter from Baker Manock & Jenson, PC law office on behalf of the
Sponsor to the Department dated January 25, 2019.
• "This firm serves as legal counsel for the Housing Authority
of the City of Fresno ("Housing Authority"), which intends to
develop and rehabilitate 28 living units in an existing
complex in the City of Fresno, which will also feature
community and office spaces (hereinafter, the "Project").
The Project will consist of replacement and/or repairing of
floors, windows, paint, appliances, and HVAC systems. The
Project will be located on what is now an approximately .75-
acre lot located at 4041 Plaza Drive West, Fresno,
California 93702."
The Project is 28 unit Acquisition/Rehabilitation project with 25 one-bedroom and one two-
bedroom units serving households with incomes ranging from 20 - 60 percent of Area
Median Income (AMI), and 1 one-bedroom manager's unit. Of the total units, 12 one-
bedroom and one two-bedroom units will be reserved for NPLH qualified households with
AMI's from 20 percent to 30 percent AMI. Each unit will have air conditioning, range,
disposal, dishwasher, walk-in closet curtains/blinds, and storage area. On-site amenities
include laundry rooms, a community room, a community kitchen and picnic/ BBQ area. Off-
site amenities, located within two miles of the project include public transportation, schools,
grocery stores, recreational parks, medical services, employment and banking.
The Sponsor was awarded $3,616,466.00 No Place Like Home (NPLH) Program funds. All
Department funding, including but not limited to those funds that are described above and
any and all other HCD funding (loans or grants) that may not have been awarded or
identified at the time of the execution of this document is collectively referred to as
"Department Funding." The Sponsor fully warrants and represents, as detailed here, that
the Project is not subject to Relocation Law as described below.
Sponsor acknowledges the following:
Relocation as a body of law is detailed under the Uniform Relocation Assistance and Real
Property Acquisition Policies Act of 1970 ("Federal Relocation Law"); California
Government Code 7260 et seq, and the Relocation Regulations (Title 25 of the California
Page 2 of 8
Template Date: October 18, 2022
Date: September 25, 2023, Revised 10/30/2023 & 12/14/2023-Signature Block
Project: The Villages at Paragon (FKA Plaza Terrace)
Address: 4041 Plaza Drive West, Fresno, CA 93702
HCD Program Awards: 18-NPLH-12658
Type of Construction: Vacant Building
Code of Regulations Section 6000 et seq) ("State Relocation Law"). Collectively "Federal
Relocation Law"and "State Relocation Law"are referred to hereinafter as "Relocation Law".
Sponsor acknowledges that Federal and State Relocation Assistance laws provide uniform,
fair and equitable treatment for persons whose real property is acquired or who are
displaced as a result of government or government-assisted programs or projects. Tenant
occupants who are displaced as a result of the acquisition may be eligible for all applicable
relocation benefits. A tenant-occupant who moves as a result of a voluntary acquisition for
a government-assisted project may be eligible for relocation assistance as a displaced
person. Such displaced persons may include not only current lawful occupants, but also
former tenants required to move for any reason other than an eviction for cause in
accordance with applicable Relocation Law.
Sponsor has not used the services of a recognized relocation specialist in determining that
relocation assistance is not applicable.
Representations
The Sponsor has represented to the Department the following: (a) that the new
construction of the Project will not result in temporary or permanent relocation of any tenant
or owner-occupant; (b) the Project construction work will be done on a vacant building and
therefore no relocation will be required.
The Sponsor has also represented to the Department the following: (a) the vacant land
was not intentionally created to be vacant so as to circumvent relocation law; (b) there was
no owner-occupant or tenant or mobile home or business (which at minimum includes a
parking business, billboards and other forms of outdoor advertising displays) or, farm
previously on the vacant land; (c) no person or entity was required to move personal
property from vacant land; (d) no advertising signs were lost in creation of the vacant land
and (e)there was no `displaced person' pursuant to Government Code 7260(b), (c) and (d);
whereby a "displaced person" is a person who is entitled to relocation assistance when he
or she must move from real property, or move personal property from real property, as a
direct result of a notice of intent to acquire, or acquisition of real property for a program or
project by a public entity, or acquisition by any person having an agreement with or acting
on behalf of a public entity; (f) no prior lease (on the vacant land) was intentionally not
renewed to create the vacant land; (g) no person's property was acquired in connection
with a state or federally funded project; and (h) no person's property was displaced in
connection with a state or federally funded project.
The Sponsor fully warrants and represents, and the Department relies upon Sponsor's
representation as detailed herein, that the Project is not subject to Relocation Law. This
Page 3 of 8
Template Date: October 18, 2022
Date: September 25, 2023, Revised 10/30/2023 & 12/14/2023-Signature Block
Project: The Villages at Paragon (FKA Plaza Terrace)
Address: 4041 Plaza Drive West, Fresno, CA 93702
HCD Program Awards: 18-NPLH-12658
Type of Construction: Vacant Building
Certification Regarding Non-Application of Relocation Benefits and Indemnification
Agreement encumbers all Department Funding.
Certification
Sponsor certifies the vacant land contains only an empty building which was not vacated
for the Project (i.e. previous tenants were not displaced for the Project).
Sponsor certifies no previous occupants were displaced from their homes, businesses, or
farms for the Department's Project as a result or an owner refusing to renew a lease, i.e.
the property was not vacated for the Project.
Sponsor certifies that as a result of construction of the Project, no housing, business nor
farm will be affected, no personal property was required to be moved, and no households
will have to be displaced.
The undersigned, the Sponsor, do hereby certify as follows:
1. The foregoing is true and correct;
2. The Sponsor is duly authorized to execute, in its name, all documents and certifications
required by the Department in order for it to carry out any construction of the Project and
Sponsor will comply with Relocation Law requirements;
3. That the Department would not approve the construction of the Development without
this certification; and
4. It is understood that if relocation benefits are found to be applicable then the Sponsor
shall prepare a relocation plan and shall be solely responsible for providing the assistance
and benefits as applicable and required under the Uniform Relocation Assistance and
Real Property Acquisition Policies Act of 1970, as amended (California Government Code
7260 et seq), and the Relocation Guidelines (Title 25 of the California Code of Regulations
Section 6000 et seq); and Sponsor shall indemnify and hold harmless the Department
from any liabilities or claims for relocation-related costs; (see below Indemnity
Agreement.).
Page 4 of 8
Template Date: October 18, 2022
Date: September 25, 2023, Revised 10/30/2023 & 12/14/2023-Signature Block
Project: The Villages at Paragon (FKA Plaza Terrace)
Address: 4041 Plaza Drive West, Fresno, CA 93702
HCD Program Awards: 18-NPLH-12658
Type of Construction: Vacant Building
I certify under penalty of perjury under the laws of the State of California that the foregoing
is true and correct.
SPONSOR:
Housing Authority of the City of Fresno,
a California public body, corporate and politic
By: / " � Date: /Z �/�Zz3
Michael Duarte
Chief Real Estate Officer
AND
County of Fresno, a California Govemment County
By.
Nathan Magsig Date:
Chairman of the Board of Supervisors of
Fresno County
ATTEST:
BERNICE E.SEIDEL
Clerk of the Board of Supervisors
County of Fresno,State of California
ByA��� J � Deputy
[Remainder of the page left blank. Indemnification Agreement follows on the next
page of this Certification].
Page 5 of 8
Template Date: October 18, 2022
Date: September 25, 2023, Revised 10/30/2023 & 12/14/2023-Signature Block
Project: The Villages at Paragon (FKA Plaza Terrace)
Address: 4041 Plaza Drive West, Fresno, CA 93702
HCD Program Awards: 18-NPLH-12658
Type of Construction:Vacant Building
Indemnification Agreement
The purpose of the Indemnification Agreement is to allow the Department to be held
harmless in connection with any and all potential legal costs and liabilities in conjunction
with accepting certification from the Sponsor that permanent or temporary relocation was
not necessary under Relocation Law. As part of the construction of the Project, on
agrees to defend, indemnify, release and hold harmless the Department, its agents,
officers, attorneys, employees, committees, successors and assignees from any and all
claims, liabilities, damages, losses, attorney fees, expenses, costs, actions, or proceedings
threatened, asserted, or brought against any of the foregoing individuals or entities related
to or arising from Relocation Law with respect to the Project. This indemnification shall
include, but not be limited to, all damages, liabilities, claims, costs, expenses, attorney fees
or expert witness fees that may be asserted by any person or entity, including the Sponsor,
except loss or liability suffered by the Department caused solely by the Department's sole
negligence or willful misconduct. If, for any reason any portion of this Indemnification
Agreement is held to be void or unenforceable by a court of competent jurisdiction, the
remainder of the agreement shall remain in full force and effect. The obligations of the
Sponsor under this Indemnification Agreement shall be absolute and unconditional and
shall survive the construction of the Project and all Department funding.
NOTE: The purpose of the Indemnification Agreement is to allow the Department to be held
harmless in connection with any and all potential legal costs and liabilities in conjunction
with accepting certification from Sponsor that no relocation plan was necessary.
SPONSOR:
Housing Authority of the City of Fresno, California,
a California public body, corporate and politic
el
By: %� Date: fz,/i'9 Z 3
Y _ _
Michael Duarte
Chief Real Estate Officer
AND
County of Fresno, a California Government County
By: Date: 119/Z 4
Nathan Magsig ATTEST:
Chairman of the Board of Supervisors BERNICE E.SEIDEL
of Fresno County Clerk of the Board of Supervisors
County of Fresno,State of California
Page 6 of 8 ByJ"r,*a ILL Deputy
Template Date: October 18, 2022
Date: September 25, 2023, Revised 10/30/2023& 12/14/2023-Signature Block
Project: The Villages at Paragon (FKA Plaza Terrace)
Address:4041 Plaza Drive West, Fresno, CA 93702
HCD Program Awards: 18-NPLH-12658
Type of Construction: Vacant Building
Exhibit A
Legal Description of the Property
The land described herein is situated in the State of California, County of Fresno, City
of Fresno, described as follows:
Lots 120 through 128, inclusive of Belmont Center, according to the Map thereof
recorded in Book 13 Pages 11 and 12 of Plats, Records of said County.
APN: 454-295-09-T
Page 7 of 8
Template Date: October 18, 2022
Date: September 25, 2023, Revised 10/30/2023 & 12/14/2023-Signature Block
Project: The Villages at Paragon (FKA Plaza Terrace)
Address: 4041 Plaza Drive West, Fresno, CA 93702
HCD Program Awards: 18-NPLH-12658
Type of Construction: Vacant Building
Exhibit B
Consists of the following documents:
1. Letter from the Sponsor dated September 13, 2023.
• "Please accept this letter as formal certification from the
Housing Authority of the City of Freson, CA that the Villages
at Paragon (FKA Plaza Terrace) was currently vacant from
any tenants at the time of closing. No relocation occurred or
was planned at any time."
2. Appraisal prepared by James G. Palmer Appraisals, Inc., dated
January 24, 2018.
• "The project is an older residential development that was
constructed in the 1970's. It is in average condition. A public
agency owns the property. It is currently vacant and being
planned for renovation and reconfiguration." (Page 3 of the
Report)
• "The project consists of a vacant multifamily housing
development. Based on the current condition of the project
as well as its age and amenities, a basic rental rate of
$700/month has been concluded after reviewing
comparable properties in the area. An additional $15 ger
unit is added for laundry income. (Page 5 of the Report)
3. Letter from Baker Manock & Jenson, PC law office on behalf of the
Sponsor to the Department dated January 25, 2019.
• "This firm serves as legal counsel for the Housing Authority
of the City of Fresno ("Housing Authority"), which intends to
develop and rehabilitate 28 living units in an existing
complex in the City of Fresno, which will also feature
community and office spaces (hereinafter, the "Project").
The Project will consist of replacement and/or repairing of
floors, windows, paint, appliances, and HVAC systems. The
Project will be located on what is now an approximately .75-
acre lot located at 4041 Plaza Drive West, Fresno,
California 93702."
Page 8 of 8
Template Date: October 18, 2022
Date: September 25, 2023, Revised 10/30/2023 & 12/14/2023-Signature Block
Project: The Villages at Paragon (FKA Plaza Terrace)
Address: 4041 Plaza Drive West, Fresno, CA 93702
HCD Program Awards: 18-NPLH-12658
Type of Construction: Vacant Building
FRESNOVIBRANT
HH1111TOUSINGHOITIES
USING RIA
NGp6ED
1331 Fulton Street September 13, 2023
Fresno,California 93721
(559)443-8400 The Villages at Paragon, LP
TTY(800)735-2929 c/o Housing Authority of the City of Freson, California
www.fresnohousing.org 1331 Fulton Street
Fresno, CA 93721
RE: The Villages at Paragon (FKA Plaza Terrace) No Place Like Home
(NPLH) Funding
Dear HCD Staff,
Please accept this letter as formal certification from the Housing Authority
of the City of Freson, CA that the Villages at Paragon (FKA Plaza Terrace)
was currently vacant from any tenants at the time of closing. No relocation
occurred or was planned at any time.
If you need further clarification, please contact Sevag Jierian at (559) 240-
9881 or via email at
HOUSING AUTHORITY OF THE CITY OF FRESNO, CALIFORNIA
Tff-n e. 1i)Z Ut a�ma
By: Tyrone Roderick Williams, CEO/Executive Director
Plaza Terrace
TAB 8
REHABILITATION
Plaza Terrace
TAB 8
Appraisal
Appraisal. Reg. §§ 10322(h)(9) and (26)(A)
James G.Palmer Appraisals,Inc.
He#9150
APPRAISAL OF REAL PROPERTY
t r �
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022 ^ �,
s'
LOCATED AT
4041 Plaza Dr W
Fresno,CA 93702
Lots 120-128 Inclusive,Belmont Center,Plat Book 2,Page 13
FOR
1331 Fulton Street
Fresno,CA 93721
OPINION OF VALUE
1,700,000
AS OF
01/24/2018
TABLE OF CONTENTS
Tableof Contents/Cover Page.................................................................................................................................................................... 1
Letterof Transmittal.................................................................................................................................................................................. 2
USPAPIdentification................................................................................................................................................................................. 3
EIRREA/USPAP Addendum........................................................................................................................................................................4
71 A.......................................................................................................................................................................................................... 5
Multi-Purpose Supplemental Addendum..................................................................................................................................................... 13
SubjectPhotos......................................................................................................................................................................................... 16
SubjectPhotos...............................................................................................................................:......................................................... 17
BuildingPlans-Page 1............................................................................................................................................................................. 18
BuildingPlans-Page 2............................................................................................................................................................................. 19
BuildingPlans-Page 3............................................................................................................................................................................. 20
BuildingPlans-Page 4............................................................................................................................................................................. 21
BuildingPlans-Page 5............................................................................................................................................................................. 22
BuildingPlans-Page 6............................................................................................................................................................................. 23
BuildingPlans-Page 7............................................................................................................................................................................. 24
BuildingPlans-Page 8............................................................................................................................................................................. 25
BuildingPlans-Page 9............................................................................................................................................................................. 26
BuildingPlans-Page 10........................................................................................................................................................................... 27
AssessmentData......................................................................................................................................................................................28
SoilsData-Page 1................................................................................................................................................................................... 29
SoilsData-Page 2................................................................................................................................................................................... 30
PlatMap................................................................................................................................................................................................... 31
AerialMap................................................................................................................................................................................................ 32
ComparablePhotos 1-3............................................................................................................................................................................ 33
RentalsPhotos 1-3................................................................................................................................................................................... 34
ComparableMarket Data........................................................................................................................................................................... 35
Environmental Addendum-Appraiser........................................................................................................................................................ 36
Statementof Limiting Conditions............................................................................................................................................................... 38
Form TCGV-"TOTAL"appraisal software by a la mode,Inc.-1-800-ALAMODE
01/28/2019
Ms.Christina Husbands
Fresno Housing Authority
1331 Fulton Street
Fresno,CA 93721
Re: Property: 4041 Plaza Dr W
Fresno,CA 93702
Client: Fresno Housing Authority
File No.: 9150
Opinion of Value:$ 1,700,000
Effective Date: 01/24/2018
In accordance with your request,we have appraised the above referenced property. The report of that appraisal is attached.The
purpose of the appraisal is to develop an opinion of market value for the property described in this appraisal report,as improved,in
unencumbered fee simple title of ownership.
This report is based on a physical analysis of the site and improvements,a locational analysis of the neighborhood and city,and an
economic analysis of the market for properties such as the subject. The appraisal was developed and the report was prepared in
accordance with the Uniform Standards of Professional Appraisal Practice.The opinion of value reported above is as of the stated
effective date and is contingent upon the certification and limiting conditions attached.The concluded value of the property is
$1,700,000,which is split between$100,000 for the land and the remainder($1,600,000)for the buildings equating to$53,333.33
per unit based on 30 units.It is my understanding that you as the applicant will be demolishing one of the buildings that has 2 units.
Based on the$53,333.33 per unit,this building has a contributory value to the project of$106,667.
It has been a pleasure to assist you. Please do not hesitate to contact me or any of my staff if we can be of additional service to
you.
Sincerely,
S
Gregg J. almer
License or Certification#:AG002880
State:CA Expires:4/24/2020
gregg@jgpinc.com
Client Fresno Housing Authority File No.9150
Property Address 4041 Plaza Dr W
City Fresno County Fresno State CA Zip Code 937o2
Owner Fresno Housing Authorit
APPRAISAL AND REPORT IDENTIFICATION
This Report is nne of the following types:
® Appraisal Report (A written report prepared under Standards Rule 2-2(a) ,pursuant to the Scope of Work,as disclosed elsewhere in this report.)
❑ Restricted (A written report prepared under Standards Rule 2-2(b) pursuant to the Scope of Work,as disclosed elsewhere in this report,
Appraisal Report restricted to the stated intended use by the specified client or Intended user.) —
Comments on Standards Rule 2-3
1 certify that,to the best of my knowledge and belief:
-The statements of fact contained in this report are true and correct.
-The reported analyses,opinions,and conclusions are limited only by the reported assumptions and limiting conditions and are my personal,impartial,and unbiased professional
analyses,opinions,and conclusions.
Unless otherwise indicated,I have no present or prospective interest in the property that is the subject of this report and no personal interest with respect to the parties involved.
Unless otherwise indicated,I have performed no services,as an appraiser or in any other capacity,regarding the property that is the subject of this report within the three-year
period Immediately preceding acceptance of this assignment.
I have no bias with respect to the property that is the subject of this report or the parties involved with this assignment.
My engagement in this assignment was not contingent upon developing or reporting predetermined results.
My compensation for completing this assignment Is not contingent upon the development or reporting of a predetermined value or direction In value that favors the cause of the
client,the amount of the value opinion,the attainment of a stipulated result,or the occurrence of a subsequent event directly related to the intended use of this appraisal.
-My analyses,opinions,and conclusions were developed,and this report has been prepared,in conformity with the Uniform Standards of Professional Appraisal Practice that
were in effect at the time this report was prepared.
Unless otherwise indicated,I have made a personal inspection of the property that is the subject of this report.
Unless otherwise indicated,no one provided significant real property appraisal assistance to the person(s)signing this certification(if there are exceptions,the name of each
individual providing significant real property appraisal assistance is stated elsewhere in this report).
Reasonable Exposure Time (USPAP defines Exposure Time as the estimated length of time that the property interest being
appraised would have been offered on the market prior to the hypothetical consummation of a sale at market value on the effective date of the appraisal.)
My Opinion of Reasonable Exposure Time for the subject property at the market value stated in this report is:
6 Months or less.
Comments on Appraisal and Report Identification
Note any USPAP-related issues requiring disclosure and any state mandated requirements:
APPRAISER: A SUPERVISORY or CO-APPRAISER(if applicable):
Signature: \ Signature:
Name: Grego Palmer Name:
MAI
State Certification#: AGO02880 State Certification#:
or State License#: or State License#:
State: CA Expiration Date of Certification or License: 04/24/2020 State: _ Expiration Date of Certification or License:
Date of Signature and Report: o3/o1/2o19 Date of Signature:
Effective Date of Appraisal: 01/2412 0 1 9
Inspection of Subject: ❑ None Interior and Exterior ® Exterior-Only Inspection of Subject: ❑ None ❑ Interior and Exterior ❑ Exterior-Only
Date of Inspection(if applicable): 0 1/2 41201 9 Date of Inspection(if applicable):
Form ID14E-"TOTAL"appraisal software by a la mode,inc.-1-800-ALAMODE
James G.Palmer Appraisals,Inc.
FIRREA/ USPAP ADDENDUM
Client Fresno Housing Authority Flick. 9150
Property Address 4041 Plaza Dr W
city Fresno County Fresno State CA Zip Code 93702
Owner Fresno Housing Authorit
Purpose
The Purpose of the appraisal is to provide a market valuation of the property that will be used by the client in the underwriting rocess for the submission of a
tax credit application.
Scope of Work
The scope of the appraisal includes a Physical inspection of the exterior of the sub'ect.Data sources used include local public records websites for the City of
Fresno Costar,the local multiple rating service and Parcel Quest.Sales used in the appraisal were verified from the MILS service as well as throw h NDC
Data.If necessary,they are verified with a third party which may include the buyer,seller or broker involved in the sale.It is also noted that information was
rovided b the client Fresno Housin Autho t .These data were relied upon and used in the re oration of this a raisal and the o iniona contained herein.
While assumed reliable and accurate the data provided cannot be guaranteed by James G.Palmer Appraisals Inc.or GreggJ.Palmer MAI.
Intended Use/Intended User
Intended Use: Asset evaluation for underwdting and tax credit application submission.
Intended Users: Fresno Housing Authority and or assignees.
History of Property
Current listing information: According to the local MILS the property is not presently listed for sale.
Pdor sale: Please refer to the complete sales history attached to the appraisal.
Exposure Time/Marketing Time
The exposure time is 6 months or less.No estimate of marketin time is iven.
Personal(non-realty)Transfers
There are no items of personal PropertV that are included in the valuation of the property.
Additional Comments
None
Certification Supplement
1. This appraisal assignment was not based on a requested minimum valuation,a specific valuation,or an approval of a loan.
2. My compensation is not contingent upon the reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value
estimate,the attainment of a stipulated result orihe occurrence of a subsequent event.
\`\ Supervisory
Appraiser: Gregg Palmer v Appraiser:
Signed Date: 03/01/2019 Signed Date:
Cediflcation or License#: AGO02880 Certification or License#:
Certification or License State: CA Expires: 04/24/2020 Certification or License State: Expires:
Effective Date of Appraisal: 01/24/2019 Inspection of Subject: ❑Did Not ❑Exterior Only ❑Interior and Exterior
Form FUA_LG2-"TOTAL"appraisal software by a la mode,inc.-1-800-ALAMODE
James G.Palmer Appraisals,Inc.
Appraisal Report
Freddie Residential Income Property
Mac
PROPERTY IDENTIFICATION File No. 9150
Borrower/Client Fresno Housing Authority Map Reference 23420
Property Address 4041 Plaza Dr W Census Tract No. 0025.02
City Fresno County Fresno State CA Zip Code 93702
Legal Description Lots 120-128 Inclusive Belmont Center Plat Book 2 Page 13
Current Sale Price(if applicable) $ 0 Date of Sale 0112019 Loan Requested$ 0
Terms of Sale Not Applicable
Property Rights Appraised ®Fee ❑ Leasehold(attach completed Ground Lease Analysis Freddie Mac Form 461)
Lender Lender's Address
Instructions to Appraiser:The purpose of this Appraisal is to estimate the current Market Value of the Subject Property.The definition of Market
Value is the highest price in terms of money which a property will bring in a competitive and open market under all conditions requisite to afair sale,
w
the buyer and seller,each acting prudently,knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is the
o consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby:(1)buyer and seller are
w typically motivated; (2)both parties are well informed or well advised,and each acting in what he considers his own best interest; (3)a reasonable
J time is allowed for exposure in the open market;(4)payment is made in cash or its equivalent; (5)financing,if any,is on terms generally available in
m
the community at the specified date and typical for the property type in its locale; (6)the price represents a normal consideration for the property sold
o unaffected by special financing amounts and/or terms,services,fees,costs,or credits incurred in the transaction. ("Real Estate Appraisal
W Terminology,,,published 1975)
J
a
:�Ej Note: Freddie Mac does not considerthe racial composition of a neighborhood to be a relevant factor and it must not be considered In the appraisal.
0
c w Other Information: NIA
m Appraisal Requested From Fresno Housing Authority Date 01/02/2019 By:Ms.Christina Husbands
0
ATTACHMENTS
If this Appraisal is made for Freddle Mac,attach items 1,2,5,6,and 7.Attach additional items and check box if considered appropriate for this Appraisal.
1.®Descriptive photographs of subject property 8.®Map(s)
2.®Descriptive photographs of street scene 9.❑Plot plan or survey
3.®Photographs of Comparables 10.❑Qualifications of Appraiser
4.®Aerial Photograph 11.❑Ground Lease Analysis Freddie Mac Form 461(required if leasehold
interest appraised)
5.❑Sketch or floor plan of typical units 12.❑Summary of reciprocal agreements with other owners for use of parking,
6.®Owner's current certified rent roll if existing or, driveways,recreational facilities,private streets(required if applicable)
pro forma if proposed or incomplete 13.❑
7.❑Owner's income and expense statement (year) 14.❑
or pro forma income and expense statement 15.❑
SUMMARY OF SALIENT FEATURES
TOTAL NUMBER OF APARTMENT UNITS 30
CONSTRUCTION: ®Existing Property,Approximate Year Built 197o ❑Proposed Construction ❑ Under Construction
DATE OF APPRAISED VALUE 0 1/2 41201 8
ESTIMATED MARKET VALUE(Unfurnished) (SEE PAGE 8 FOR CONDITIONS AND REQUIREMENTS) $ 1.70a 000
Value:Per Unit $ 56,666.67 ,Per Room $ 14,167.00 ,Per Sq.Ft.of Building Area $ 70.73
GROSS ANNUAL INCOME MULTIPLIER 7.75
OVERALL CAPITALIZATION RATE 6.25 %
FORECASTED GROSS ANNUAL ECONOMIC INCOME $ 257,400.00
VACANCIES: Actual No.Vacant 30 Percentage of Total Units 100.00 %
Projected Percentage of Forecasted Gross Annual Economic Income 5 % $ 12 870.00
FORECASTED ANNUAL EXPENSE AND REPLACEMENT RESERVES (54.3827 %of Forecasted Gross Annual Economic Income) $ 139,981.00
FORECASTED NET ANNUAL INCOME FROM REAL PROPERTY $ 104,549.00
PARKING RATIO 1.o spaces/units
SUMMARY OF NEIGHBORHOOD AND PROPERTY
Neighborhood Good I Aver. Fair Poor Property Good Aver. I Fair Poor
Employment Stability of Immediate Location ❑ I ® ❑ ❑ Architectural Attractiveness ❑ I ® I ❑ ❑
Convenience to Employment Centers ❑ I X ❑ ❑ Landscaping ❑ 1 ❑ 1 ® ❑
Protection from Detrimental Conditions ❑ 1 ® ❑ ❑ Quality of Construction(Materials&Finish) ❑ I ® I ❑ ❑
Adequacy of Shopping Facilities ❑ I ❑ ® ❑ Condition of Exterior ❑ 1 ® 1 ❑ ❑
Adequacy of Public Transportation ❑ I ® ❑ ❑ Condition of Interior ❑ I ® 1 ❑ ❑
Adequacy of Utilities ® ❑ 1 ❑ 1 ❑ Room Size and Layout ❑ I ® I ❑ ❑
Police and Fire Protection ® ❑ 1 ❑ 1 ❑ Closets and Storage ❑ ® ❑ ❑
Recreational Facilities ❑ ❑ ® ❑ Light and Ventilation ❑ ® ❑ ❑
Property Compatibility ❑ ® I ❑ ❑ Overall Livability ❑ ® ❑ ❑
General Appearance of Properties ❑ ® I ❑ ❑ Compatibility to Neighborhood ❑ ® ❑ ❑
Appeal to Market ❑ ® I ❑ I ❑ Overall Appeal and Marketability ❑ ® ❑ ❑
Freddie Mac Form 71A(04/2004),Page 1 of 8
Form 71 At-"TOTAL"appraisal software by a la mode,inc.-1-800-ALAMODE
AREA DATA
The ®City ❑ County ❑ Area population is approximately 540000
Population: ®Increasing 1.0o %per year ❑Stable ❑Decreasing %per year
Describe the economic base which contributes a major influence on the stability of real estate The primary economic influence in the area is agriculture.
Discuss employment stability Employment in the City has been improving since 2n17.At present the unemployment rate is approximately 5%citywide.The
unemployment rate has varied from 5%to 6%over the past 12 months.
Rent Control: ❑ Yes ®No Comment There is no rent control.
Are local Government Agencies discouraging apartment development? ❑Yes ®No Comment
General comments,if applicable The city has grown at a rate of approximately 1%over the past 5 years,There are no major changes expected in the coming
months or foreseeable future.
NEIGHBORHOOD AND MARKETING AREA
Type:®Urban ❑ Suburban ❑ Rural Properly values: ❑ Increasing ® Stable ❑ Declining
Present Land Use: Built up % Single Family 70 % Condominiums % Apartments 20 % Commercial 10 % Industrial
Change in Present Land Use: ®Not Likely ❑Likely or ❑Taking Place From to
Comment,if applicable There are no foreseeable changes expected in the neighborhood.
Describe overall property appeal and maintenance level Properties in the area typically vary from fair to average.There are of course exceptions that exceed the
minimum and maximum.
Describe any incompatible land uses(if none,so state) There are no incomparable land uses in the area.
Single Family: Price range$ 125,000 to$ 250,000 Predominant$ 160,000 Age 10 yrs. to 90 yrs. Predominant 50 yrs.
Apartments: Predominant Range in Immediate Area(excluding extremes) WALK-UP ELEVATOR
Number of Units In Each Building_____ ----------------- 10-100 Units NIA Units
Age --------------------------------------------------------------- 20-50 Years N/A Years
Height(number of stories)-------------------------------------------- 1-2 Stories N/A Stones
Condition ____________________________________________ Average N/A
Rental Range by Unit Type:
UnitTypes: 1bd ------------------------- $ 500 $ 700
2bd $ 600 $ 800
3bd ----------------------- $ 700 $ 900
4bd ------------------------- $ 900 $ 1,500
Comment on any unusual aspects of the above ranges NIA
Est.neighborhood apartment vacancy rate 5 % ❑Decreasing®Stable ❑Increasing. Rent Levels are ❑Increasing ®Stable ❑Decreasing
Describe the unittype(s)by number of bedrooms and rental range that are in the greatest tenant demand Two and Three bedroom units are in greatest demand in
the neighborhood.
Describe the unittype(s)by number of bedrooms and rental range that are in oversupply There appear to be no units in oversupply in the market
Describe the potential for additional units in area considering land availability,zoning,utilities,etc. There appear to be no units that are in undersupply in the
market.
Describe the unsatisfied demand for additional units in area by type and rental Not Applicable
Is population of relevant market area of insufficient size,diversity and financial ability to support subject property and its amenities? No If yes,specify.
Access or convenience _
Item Distance Subject Propery Good Aver. Fair Poor
Public Transportation 1/4 Mile ❑ ® ❑ ❑
Employment Centers 1/2 Mile ❑ ® ❑ ❑
Shopping Facilities 1/2 Mile El ® ❑ ❑
Grammar Schools 1/2 Mile ❑ ® ❑ ❑
Freeway Access 1 Mile ❑ ® ❑ ❑
Describe any probable changes in the economic base of neighborhood which would either favorably or adversely affect apartment rentals (e.g.
employment centers,zoning) Market conditions are considered stable.Property values have been experiencing improvement in recent months.Supply and
demand are considered in balance.Financing is primarily FHA conventional or cash.Concessions are present but not prevalent.
General comments Including either favorable or unfavorable elements not mentioned(e.g.public parks,view,noise,parking congestion) The property is located in
central sector of the community and is within a neighborhood primarily developed to residential and commercial uses.There are some scattered commercial
uses throughout.The neighborhood is considered an older area and there are no new developments occurring.
Freddie Mac Form 71A(04/2004),Page 2 of 8
Form 71A1-"TOTAL"appraisal software by a la mode,inc.-1-800-ALAMODE
SITE
Dimensions Irregular Area 29,620 SF Sq.Ft.or Acres
Zoning(classification,uses,and densities permitted) RS-5(Medium density residential)
Present improvements ®do ❑do not conform to zoning regulations.
Highest and Best Use: ®Present use ❑Other(specify)
Site improvements: ®Public Water ❑Private Well ®Public Sewer ❑Septic Tank ®Storm Sewer ®Sidewalk
®Curbs ®Gutters ❑Alley ®Street Lights ®Electricity ®Gas
❑Underground Electricity and Telephone ❑
Access By: ®Public Street ❑Private Road Street Surface: Asphalt
Maintained By: ®Municipality ❑Private Association(attach summary of Association documents
Ingress and egress(adequacy and safety) Typical for the area. Lot sketch showing lot dimensions,distance to nearest comer
and the location of any nearby detrimental conditions.
O -
Topography,view amenity,lot drainage,flood condition,slopes,etc. The property is within a
residential neighborhood.The site is typical for the area with respect to topography,drainage -='�"r- —-------------- �
etc. „F 7k I I.
Easements or encroachments on site and off site(if any) None known. I �
� )
Is the property located within a HUD Identified Special Flood Hazard Area? No
Favorable or unfavorable conditions not mentioned above including any nonconforming use(s)
of present improvements. None
DESCRIPTION OF IMPROVEMENTS
ITEM DESCRIPTION Construction: X Existing Approx.Year Built 1970
Foundation Concrete ❑Proposed ❑Under Construction
Basic Structural Wood Frame Type Project: ®Walk-Up ❑Elevator ❑Row or Townhouse
System
Exterior Walls Wood&Stucco ❑Other (Specify)
Roof Covering Composition No.of Bldgs. 5 No.of Stories 2 No.of Units 30
Interior Walls Sheetrock Gross Bldg.Area 24,036 Sq.Ft. Density 44.12 Units Per Acre
Floor Covering Resilient OVERALL IMPROVEMENT RATING
Calling Heights or Units Finished Floor to Finished Ceiling is 6 R. Good Aver. Fair Poor
Bath Floor and Walls Resilient/Sheetrock Architectural Attractiveness __________________ ❑ ® ❑ ❑
Insulation Code date of construction Quality of Construction______________________ ❑ ® ❑ ❑
Soundproofing Unknown ❑ ® ❑ ❑Condition of Exterior_________________________
Heating System, Central Condition of Interior _________________________ ❑ ® ❑ ❑
Central Rooms Size and Unit Layout _________________ ❑ ® ❑ ❑
or Individual&Fuel Kitchen Facilities ___________________________ ❑ ® ❑ ❑
Air Conditioning Central ❑ ® El ElSystem,Central or Closets and Storage ________________________
Individual&Fuel Soundproofing Adequacy ____________________ ❑ ® ❑ ❑
Hot Water Heaters Gas Insulation Adequacy_________________________ ❑ ® ❑ ❑
Built-In Kitchen R/0 H&F Disp, Electrical Service Adequacy _________________ ❑ ® ❑ ❑
Appliances Comment on items rated fair or poor and items not covered above. The project is
Elevator No.0 Not Applicable an older residential development that was constructed in the 1970's.It is in
Plumbing Fixtures Typical/Bathrooms&Kitchens average condition.A public agency owns the property.It is currently vacant and
Security Features None being planned for renovation and reconfiguration.
Effective Age 3o Years. Est.Remaining Economic Life 20 Yrs.
PARKING: Total Spaces 30 In Buildings 0 In Garage(separate) 0 In Carport 30 Open(on-site) 0
Parking Ratio 1.0 Space(s)/Unit. Discuss parking adequacy and convenience to apartment units The parking is currently below the
minimum standards for the development.
Driveways,curbing,sidewalks,lighting(adequacy and condition) Typical for the project.Fair to average condition.
Describe recreational facilities None
Describe basement,lobby,garage,laundry,and other building items not described above Onsite laundry facility.
Comment if any of the above items or other building items are inadequate or are in below average condition While livable the property is in need of renovation.
Recommended observable repairs:(List repairs,painting,termite treatment,etc.,you recommend be made to the improvements to make the property
readily marketable;if none,so state). The project is a typical 1970s constructed apartment complex.
General comments if applicable: The Fresno Housing Authority owns the property and the project has served as affordable emergency housing.The property is
unoccupied at the present time and is in need of renovation.The overall quality and condition are fair to average.All of the units have two bedrooms and a
single bath.There are no amenities.
Freddie Mac Form 71 A(04/2004),Page 3 of 8
Form 71A1-"TOTAL"appraisal software by a la mode,Inc.-1-800-ALAMODE
COSTAPPROACH
LAND VALUE ESTIMATE: Include comparable land data if available and appro)rlate for this appraisal)
ITEM COMPARABLE NO.1 COMPARABLE NO.2 COMPARABLE NO.3
Address or Location Shaw&3rd 4960 E.Tulare Street 1685 S.Bethel Avenue
Biola California 93606 Fresno California 93727 Sanger,California 93657
Proximity to Subject 15 Miles 10 Miles 10 Miles
Zoning R-2 RS-5 R-1
Dimensions or Size 43,575 88,780 245 796
Shape Rectangular Irregular Multi le
TopoQraphy Level&Above Street Level&Above Street Level&Above Street
Utilities All All All =
Location Corner Interior Interior
Price $160 o00 $180 000 $400 000
Sale--Listing--Offer Sale#89268 Sale#143108 Sale#1665 -
Date of Sale 7/2017 11/2017 02/2015
Price Per Sq.Ft.or Unit $3.67 $2.03 $1.63
Similar area and location.West of the In city of Fresno.Limited demand in Vacant parcel mapped for 14 lots.
Fresno City limits. neighborhood. Purchased for church development.
Comparison
to Subject
Indicated Per Sq.Ft.or Per $3.50 $3.00 $3.00
Unit Value of Subject
Comments and Reconciliation: Although the cost approach is excluded a land valuation is necessaryfor the assi nment.Three recent land sales
have been included. A unit value of$3.40/SF has been concluded for the subject.Hence the following:
29,620 SF $3.40/SF=$100 708
ESTIMATED LAND VALUE: $ 3.4 per SF or $ 100,000
IMPROVEMENTS--ESTIMATED REPRODUCTION COST NEW
Source of Cost Data: (Optional) Sq.Ft. @ $ $
Sq.Ft. @ $ $
Sq.Ft. @ $ $
Sq.Ft. @ $ $
Sq.Ft. @ $ $
Carports Sq.R. @ $ $
Garage Sq.Ft. @ $ $
Porches,Patios,Balconies,Stairs,Etc. $
Fences,Walls $
Paving,Walks and Lighting $
Landscaping $
Recreational Facilities $
Total Estimated Reproduction Cost New of Improvements $
Less Total Depreciation $
Depreciated Value of the Improvements $
Add Estimated Land Value $ 100,000
Indicated Value by the Cost Approach (IN FEE SIMPLE)P $ 100,000
Rounded to ------------------------------------------------- $ -
Comments,including explanation of depreciation:
P If property involves leased land,show calculations forfee interest.
Deduct Value of Fee Interest $
Indicated Value of Leasehold Interest by the Cost Approach $
Freddie Mac Form 71 A(04/2004),Page 4 of 8
Form 71Al-"TOTAL"appraisal software by a la mode,inc.-1-800-ALAMODE
COMPARABLE RENTAL DATA
Comparables selected are the most recent rentals,similar and proximate,known to the undersigned,that a tenant of subject property would have given
consideration to renting.
ITEM COMPARABLE NO.1 COMPARABLE NO.2 COMPARABLE NO.3
Address or location 920 W Griffith Way 3880 N Fruit Ave 853 E Hedges Ave
Fresno CA 93705 Fresno CA 93705 Fresno CA 93728
Proximity to Subject 4.56 miles NW 4.19 miles NW 2.46 miles W
Map Code
Date of Rental Survey 01/2019 01/2019 01/2019
Brief No.Units:200 No.Vac.: 10 Yr.Blt.:1974 No.Units: 124 No.Vac.: 5 Yr.Bit.:1986 No.Units: 4 No.Vac.: 0 Yr.Bit.:1950
Description Older 200 unit proiect built in the 1960's. Medium size project built in 1980's Older 4 plex in similar area.
of Property
Improvements
Quality&Condition Quality Avoi Condition Ava Quality Ava Condition Ava Quality Ava Condition Av =_
Unit Rm. Size Monthly Rent Unit Rm. Size Unit Rm.
Count Count Monthly Rent Count Size Monthly Rent
Tot BR B Sq.Ft $ persq. Tot. BR B Sq.Ft. $ per sq. Tot. BR B Sq.Ft $ persq.
ft. ft. ft.
Individual 3 1 1 633 880 1.390 3 1 1 665 715 1.080 1 1 1 500 600 1.200
Unit 4 2 1 796 975 1.22¢ 4 2 1 860 795 0.920 ¢
Breakdown ¢ 4 2 2 1020 9b0 0.880 ¢ -
¢ ¢ ¢
¢ ¢ ¢
¢ ¢ ¢
¢ ¢ ¢
¢ ¢ ¢
Utilities,furniture Rent includes water,sewer and garbage. Rent includes water,sewer and garbage. Smaller older four lex in similar area.
and amenities Unfurnished. Unfumished. Studio apartment.
included in rent
This is an older development located in a Newer ro'ect in su edor condition. Inferior in quality and condition.
Comparison similar area.The property was renovated Modest amenities.Gated development.
to Subject in 2007.Superior development in Quality,
condition and amenities.
General comments(including any rental concessions)if applicable: The projects are all in similar locations.The subject has all two bedroom units having
approximately 655 SF each.A basic rental rate of$675 per month is projected based on its age and quality and condition.
MONTHLY RENT SCHEDULE--SUBJECT PROPERTY
Rental schedule is shown by type of units. Scheduled rents are actual rentals for an existing property,or projected rents for a proposed or incomplete
building.Economic rents are forecasted rents to indicate the fair market rental the subject units would command if available for rent on the open market.
Unit Rm.Count Sq.Ft. No. SCHEDULED RENTS ECONOMIC RENTS
No.of Total Area Units Per Unit Total Per Unit Total Per
Units Tot.BR B Rooms Per Unit Vacant Unfurn. Furn. Rents Unfurn. Furn. Rents Sq.Ft.or Room
304 2 1 120 655 30$ $ $ $ 700 $ $ 21 000 1.07¢$ 175
30 E TOTAL4 120 30 21 000
OTHER MONTHLY INCOME
Parking ------------------------------------------ $ --------------------$
Laundry Income ___________________$ --------------------$ 450
Commercial Space---------------------------------------------- $ ------------------ $
$ -$
$ $
Total Gross Monthly Income-----------------------------------------------$ --------------------$ 21,450
Total Gross Annual Income _______ _________ _________ ________________$ ___---__ __________$ 257,400
Utilities Included in Scheduled(actual)Rents: ®Water ❑Gas ❑Heat ❑Electric ❑Air Conditioning ® Sewer/Garbage
Utilities Included in Economic Rents: ®Water ❑Gas ❑Heat ❑Electric ❑Air Conditioning ® Sewer/Garbage
If proposed project or project under construction,the rent up time necessary,after completion,to lease 80'Y of the units at the projected economic rents is
estimated to be months.
Comments(including any rental concessions in scheduled rents,or anticipated in economic rents; if none,so state). The project consists of a vacant multifamily
housing development.Based on the current condition of the project as well as its age and amenities a basic rental rate of$700/month has been concluded
after reviewing comparable properties in the area.An additional$15 per unit is added for laundry income.
Freddie Mac Form 71 A(04/2004),Page 5 of 8
Form 71 Al-"TOTAL"appraisal software by a la mode,Inc.-1-800-ALAMODE
MARKETAPPROACH
The market data selected are the most recent sales of properties,similar and proximate to subject,known to the appraiser,that a buyer of subject property
would have given consideration to purchasing. In the absence of actual sales,listings of comparable properties may be used but an explanation must be
included in the"Comments"section below.
ITEM SUBJECT COMPARABLE N0.1 COMPARABLE NO.2 COMPARABLE NO.3
Address 4041 Plaza Dr W 4880 E University Ave 3998 E Saginaw Way 3935 N Effie St
Fresno Fresno CA 93703 Fresno CA 93726 Fresno CA 93726
Proximity to Subject 1.71 miles NE 2.57 miles N 3.16 miles NW
Map Code 23420
Lot Size 29,620 SF 27,878 SF 31,363 SF 37,897 SF
No,Units: 30 No.Vac.: 30 No,Units: 16 No.Vac.: 0 No.Units: 22 No.Vac.: 0 No.Units: 42 No.Vac.: O
Brief Description Year Built: 1970 Year Built: 1970 Year Built: 1972 Year Built: 1962
of Building Wood&stucco construction. Tvoical wood frame and wood Typical wood frame and wood Typical wood frame and wood
Improvements Basic finishes and interiors, walk up. walk up. walk up.
QualftV Average Average Average Average
Condition Fair/Average Average Average Fair
Recreational Facilities None None None None
Pool None None None None
Parkin Carport 1/Unit Open 1/Unit Carports Carports
Tenant Appeal Average Average Average Average
No.of UNIT ROOM COUNT No.of UNIT ROOM COUNT No.of UNIT ROOM COUNT No.of UNIT ROOM COUNT
Units Tot. I BR T b Units Tot. I BR I b Units Tot. BR b Units Tot. I BR I b
30 4 2 1 16 4 2 2 11 3 11 1 16 3 1 1
Unit 11 4 12 1 25 4 2 1
Breakdown 1 5 3 1
Util.Paid by Owner Water/Sewer/Trash Water/Sewer/Trash Water/Sewer/Trash Water/Sewer/Trash
Data Source Inspection Costar Costar Costar
Price 0 Unf. F 1,150,06i) Unf.0 F $ 1,600,000 Unf.F1 F $ 2,450,000 Unf. F
Sale--Listln --Offer N/A Sale/#154875 Sale/#94376 Sale/#50468
Date of Sale 01/2019 12/2018 08/2018 04/2018
Cash or Cash Equivalent All cash transaction $480 000 ON with balance Cash to seller
Terms financed through Citizens
(Including conditions Business Bank at market
of sale and terms.
financing terms)
Complete as many of the following as possible using data effective at the time of sale
Gross Annual Income $257 400 $121 728 $178 200 $324,000
Gross Ann.Inc.Mult.(1) 9.45 8.98 7.56
Net Annual Income $ $73370 $80000 $209,965
Expense Percentage (2) % 38 % 54 % 35 %
Overall Cap.Rate (3) 6.38 % 5.00 % 8.57 %
Price Per Unit $ $71 875 $72 727 $58 333
Price Per Room $ $17 969 $20,779 $16 013
Price Gross Bldg.Area $ s ,ft.bid .area $ 56.17 s .ft.bldg.area 96.71 s .ft.bldg.area $ 80.92 /s .ft.bldg.area
Smaller walk up project in Smaller walk-up built in the Slightly larger walk up in
Fresno.Built in 1970. 1970s. central Fresno.Minimal
amenities.One two and three
COMMENTS bedroom units.
Similar location and quality. Superior location and appeal. Similar proiect havinq similar
COMPARISON Condition is superior. location.
TO SUBJECT
VALUE Indicated Gross Income Multiplier 7.75 X Gross Annual Economic Income$ 257,400 $ 1,994,850
INDICATORS Indicated Value Per Unit $ 60,000.00 X 30 Units------------- -------_-$ 1,800,000
FOR THE Indicated Value Per Room $ 17,000,00 X 120 Rooms----------------------------------$ 2040000
SUBJECT Indicated Value Per Sq.R.of Gross Bldg.Area $ 70 X 24,036 Sq.Ft.Bldg.Area -----$ 1,682,520
PROPERTY Indicated Overall Capitalization Rate _-_____ _____________ _-_-----__-_______________- 6.25%
(1) Sale Price-Gross Annual Income (2)Total Annual Expenses-Total Gross Annual Income (3) Net Annual Income-Price
RECONCILIATION: In this instance greatest emphasis is placed on the price per unit and price per square foot methods.
INDICATED VALUE BY MARKET APPROACH _____ ____ _______________$ 1,750000
Roundedto -------------------------------------------------- ---------------$ 1,750,000
Freddie Mac Form 71 A(04/2004),Page 6 of 8
Form 71 Al-"TOTAL'appraisal software by a la mode,inc.-1-800-ALAMODE
ANNUAL EXPENSE ANALYSIS
ITEM ❑ACTUAL (yr.) APPRAISER'S APPRAISER'S CALCULATIONS OR COMMENTS
[]PROPOSED FORECAST
FIXED EXPENSES:
Actual ❑Est.Total Assessed Value $ o
1. Real Estate Taxes ------------------- %of Value Tax Rate Per$100 $ 1.2
$ $ 0 No taxis applicable.Public a enc owned.
2. Other Taxes or Assessments - 0 Welfare Exemption-Tax Exempt
3. Insurance------------------------------------- 10,800 $30/Unit per month
4. Licenses - -------------------- N/A
5. Unsubordinated Ground Rent ------------------- N/A
OPERATIONAL EXPENSES:
6. Fuel------- --------$ $ N/A
7. Gas------- ------------------- 1,800 $5/Unit per month
8. Electricity ------------------------------------- 1,800 $5/Unit permonth
9.Water&Sewer - --------- 7,200 $20/Unit per month
10,Trash Removal --------------------- 7,200 $20/Unit per month
11. Pest Control ------ 1,800 $5/Unit per month
12. Building Maintenance&Repairs ------- 36,000 $100/Unit per month
13. Interior&Exterior Decorating ------ 10,800 $30/Unit per month
14. Cleaning Expenses ---------------------------- 3,600 $1o/Unit per month
15. Supplies ------------------- 3,600 $10/Unit per month
16, Elevator Maintenance--------------------------- N/A
17. Pool Maintenance - ------------------- N/A
18. Parking Area Maint.&Snow Removal ------------ N/A
19. Gardening ------------------ 4,800 $400 per month
20. Nonresident Management ------------ 9,781 4%of EGI
21. Resident Manager's Salary (No. ) 9,000 $25/Unit per month PT
22. Resident Manager's Apt.Allowance 8,400 $700/Month
23. Custodian's Salary (No. ) NIA
24.Custodian's Apt.Allowance -------------------- N/A
25. Engineer's Salary (No. ) ------------- N/A
26. Elevator Operator's Salary (No. ) N/A
27.Telephone Operator's Salary (No. ) N/A
28. Security Personnel's Salary (No. ) N/A
29. Other Salaries (No. )----------------- NIA
30. Payroll Taxes - ----------- 5,400 $15/Unit
31.Advertising -------------------- 1,800 $5/Unit permonth
32.Telephone -- ------------------- 1,800 $5/Unit permonth
33. Legal&Audit ------------------- 5,400 $15/Unit per month
34. Leased Furniture -------------------------------
35-
36.
REPLACEMENT RESERVES:
37. Carpeting&Drapes ---------------------------- $ $
38. Ranges&Refrigerators
39. Dishwashers&Disposals ----------------------
40. Individual Heating&AC Units -------------------
41. Lump Sum----------------------------------- 9000 $300 perunit
42.----------------------------------------------
TOTAL EXPENSES&REPLACEMENT RESERVES $ $ 139,981
Comments(identify items by number): No taxes are included.The property is tax exempt as it is owned by a public agency,receives a welfare exemption
and there are no assessed values or taxes.Expenses are based on market expectations.The property is vacant and owned by a public agency.There are
no historical income and expense records.
INCOME APPROACH
Total Gross Annual Economic Income(See Rent Schedule) -___ _________________________ $ 257,400
Less Forecasted Vacancy and Collection Loss ----------------------------------------------------------------- (5%) $( 12870)
Effective Gross Annual income _-______ ____________ $ 244,530
--- --------- --------- --------- --------- ----------
________
Less Forecasted Annual Expenses and Replacement Reserves ( 54.38 %of Total Gross Annual Economic Income)---------------- $( 139,981)
Net Annual Income from Total Property _________________________ $ 104,549
--------------------------------
Less Return on and Recapture of Depreciated Value of Furnishings is 0 @ 0 %j ------------------------------ $( )
Net Annual Income from Real Property _____ _______________________________________ $ 104,549
Detail clearly method and mathematics of capitalizing Net Annual Income from Real Property A capitalization rate of 6.25%has been selected.
$104549/6.25%=$1 672 784
INDICATED VALUE BY INCOME APPROACH -------------- ---------------------
________________________ $ 1,672,784
Roundedt0 _--_-_-________ $ 1,673000
Freddie Mac Form 71 A(04/2004),Page 7 of 8
Form 71 Al-"TOTAL"appraisal software by a la mode,Inc.-1-800-ALAMODE
RECONCILIATION AND VALUE CONCLUSION
Indicated Value by the Cost Approach ------------$
Indicated Value by the Market Approach $1,750 000
Indicated Value by the Income Approach --------- $1,673,000
FINAL RECONCILIATION In the final opinion of value equal emphasis is placed on both methods of valuation Market rents were used in the analysis.Market
expenses were used as the project is owned by a public agency and previously operated as an affordable housing complex in bulk with several other projects.
There were no historical operatinq records.
CONDITIONS AND REQUIREMENTS OF APPRAISAL(include required repairs,replacements,painting,termite inspections,etc.):
There are nospecial conditions.
VALUATION: This Appraisal Is based upon the definition of Market Value,the Certification,the Contingent and Limiting Conditions,and the requirements that
are stated in this report.
As a result of my investigation and analysis,my estimate of Market Value of the subject property as of 01124/2 is_-_-__
$ 1,700,000
Date0 310 1/2 01 9 Appraiser Il
Gregg Palmer
If Applicable,complete the following
Date Appraiser
Date ❑Supervising or ❑Review Appraiser
❑Did ❑Did not physically inspect property.
CERTIFICATION: The Appraiser certifies and agrees that
1.The Appraiser has no present or contemplated future interest in the property appraised and neither the employment to make this Appraisal,nor the
compensation for It,is contingent upon the appraised value of the property,
2.The Appraiser has no personal Interest in or bias with respect to the subject matter of the appraisal report or the participants to the sale. The"Estimate
of Market Value"in the appraisal report is not based in whole or in part upon the race,color,or national origin of the prospective owners or occupants
of the property appraised,or upon the race,color or national origin of the present owners or occupants of the properties in the vicinity of the property
appraised,
3.The Appraiser has personally inspected the property,both inside and out,and has made an exterior inspection of all comparable sales listed herein. To
the best of the Appraiser's knowledge and belief,all statements and information in this report are true and correct,and the Appraiser has not knowingly
withheld any significant information.
4.All contingent and limiting conditions are contained herein(Imposed by the terms of the assignment or by the undersigned affecting the analyses,
opinions,and conclusions contained in this report).
5.This Appraisal Report has been made in conformity with and is subject to the requirements of the Code of Professional Ethics and Standards of
Professional Conduct of the appraisal organizations with which the Appraiser is affiliated.
6.All conclusions and opinions concerning the real estate that are set forth in the Appraisal Report were prepared by the Appraiser whose signature
appears above on this Appraisal Report,unless indicated as"Review Appraiser."No changes of any Item of the Appraisal Report shall be made by
anyone other than the Appraiser,and the Appraiser shall have no responsibility for any such unauthorized change,
CONTINGENT AND LIMITING CONDITIONS: The certification of the Appraiser appearing in the Appraisal Report is subject to the following conditions and
to such other specific and limiting conditions as are set forth by the Appraiser in the report,
1.The Appraiser assumes no responsibility for matters of a legal nature affecting the property appraised or the title thereto,nor does the Appraiser
render any opinion as to the title,which is assumed to be good and marketable, The property is appraised as though under responsible ownership.
2.Any sketch in this report may show approximate dimensions and is included to assist the reader in visualizing the property.The Appraiser has made no
survey of the property.
3.The Appraiser is not required to give testimony or appear in court because of having made this Appraisal with reference to the property in question,
unless arrangements have been previously made therefor.
4.The distribution of the total valuation in this report between land and improvements applies only under the existing program of utilization.The separate
valuations for land and building must not be used in conjunction with any other Appraisal and are invalid if so used.
5.The Appraiser assumes that there are no hidden or unapparent conditions of the property,subsoil,or structures which would render it more or less
valuable, The Appraiser assumes no responsibility for such conditions or for engineering which might be required to discover such factors.
6.Information,estimates,and opinions furnished to the Appraiser,and contained in this report,were obtained from sources considered reliable and
believed to be true and correct.However,no responsibility for accuracy of such items furnished the Appraiser can be assumed by the Appraiser.
7.Disclosure of the contents of this Appraisal Report is governed by the By-laws and Regulations of the professional appraiser organizations with which
the Appraiser is affiliated.
8.Neither all nor any part of the contents of this report,or copy thereof(including conclusions as to property value,the identity of the Appraiser,
professional designations,reference to any professional appraisal organizations,or the firm with which the Appraiser is connected)shall be used for
any purposes by anyone but the client shown on Page 1 of this report,the mortgagee or its successors and assigns,mortgage insurers,consultants,
professional appraisal organizations,any state or federally approved financial institution,any department agency,or instrumentality of the United States
or of any State or of the District of Columbia,without the previous written consent of the Appraiser;nor shall it be conveyed by anyone to the public
through advertising,public relations,news,sales,or other media,without the written consent and approval of the Appraiser.
9.On all Appraisals involving proposed construction,the Appraisal Report and value conclusion are contingent upon completion of the proposed improve-
ments in accordance with the plans and specifications prepared by
with a last revision date of which have been initialed and dated by the Appraiser.
Freddie Mac Form 71 A(04/2004),Page 8 of 8
Form 71 Al-"TOTAL"appraisal software by a la mode,inc.-1-800-ALAMODE
James G.Palmer Appraisals,Inc.
MULTI-PURPOSE SUPPLEMENTAL ADDENDUM
9150
Client Fresno Housing Authorit
Property Address 4041 Plaza Dr W
City Fresno County Fresno State CA Zip Code 93702
Owner Fresno Housing Authority
This Multi-Purpose Supplemental Addendum for Federally Related Transactions was designed to provide the appraiser with a convenient way to comply with
the current appraisal standards and requirements of the Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of Currency (OCC), the
Office of Thrift Supervision (OTS), the Resolution Trust Corporation (RTC), and the Federal Reserve.
This Multi-Purpose Supplemental Addendum is for use with any appraisal. Only those sections
and statements which have been marked by the appraiser apply to the property being appraised.
® PURPOSE,INTENDED USE&INTENDED USER(S) OF APPRAISAL
®The purpose of the appraisal is to estimate the market value as defined herein,or ❑
®Intended use of the appraisal report: To assist the client in the underwriting process for a tax credit application.
•Intended user(s)of the appraisal report(by name or type): Fresno Housing Authority and or assignees.
O This is a federally related transaction.
® EXTENT OF APPRAISAL PROCESS
•The appraisal is based on the information gathered by the appraiser from public records,other identified sources,inspection of the subject property and
neighborhood,and selection of comparable sales within the subject market area.The original source of the comparables Is shown In the Data Source section
of the market grid along with the source of confirmation,if available.The original source is presented first.The sources and data are considered reliable.
When conflicting information was provided,the source deemed most reliable has been used. Data believed to be unreliable was not included in the report nor
used as a basis for the value conclusion.
O The Reproduction/Replacement Cost is based on:
supplemented by the appraiser's knowledge of the local market.
O Physical depreciation is based on the estimated effective age of the subject property.Functional and/or external depreciation,if present,is specifically
addressed in the appraisal report or other addenda.In estimating the site value,the appraiser has relied on personal knowledge of the local market.This
knowledge is based on prior and/or current analysis of site sales and/or abstraction of site values from sales of improved properties.
O The subject property is located In an area of primarily owner-occupied single family residences and the Income Approach is not considered to be applicable.
Forthis reason,the Income Approach was not used.
O The Estimated Market Rent and Gross Rent Multiplier utilized in the Income Approach are based on the appraiser's knowledge of the subject market area.
The rental knowledge is based on prfor and/or current rental rate surveys of residential properties.The Gross Rent Multiplier is based on poor and/or current
analysis of prices and market rates for residential properties.
O For income producing properties,actual rents,vacancies and expenses have been reported and analyzed.They have been used to project future rents,
vacancies and expenses.
O Actual rents and market vacancy and expense have been used.
® FEMA FLOOD HAZARD DATA ® Flood map is attached
®Subject property is not located In a FEMA Special Flood Hazard Area.
O Subject property is_located in a FEMA Special Flood Hazard Area.
Zone FEMA Map/Panel# Map Date Name of Community
X500 06019CI570H 2/18/2009 Fresno
O The community dnes not participate in the National Flood Insurance Program.
O The community doers artn Ieloatr.in the National Flood Insurance Program.
O It is covered by a regular program.
O It is covered by an emergency program,
Analysis/Comments:
® CURRENT SALES CONTRACT
®The subject property is currently not under contract.
O The contract and/or escrow instructions were not available for review.The unavailability of the contract is explained later in the addenda section.
O The contract and/or escrow instructions were reviewed.The following summarizes the contract:
Contract Date Amendment Date Contract Price Seller Ownerof Record
Fresno Housing Authorit
O The contract Indicated that personal property was not included in the sale.
O The contract indicated that personal property was included.It consisted of
Estimated contributory value Is$
O Personal property was not included in the final value estimate.
O Personal property was included in the final value estimate.
O The contract indicated no financing concessions or other incentives.
O The contract indicated the following concessinns or incentives:
O If concessions or incentives exist,the comparables were checked for similar concessions and appropriate adjustments were made,if applicable,so
that the final value conclusion is in compliance with the Market Value defined herein.
Analysis/Comments:
Page 1 of 3
Form MPA4-"TOTAL"appraisal software by a la mode,Inc.-1.800-ALAMODE
® MARKET OVERVIEW Include an explanation of current market conditions and trends.
•<12 Months is considered a reasonable exposure time forthe subject property at a value range of$ 1,500,000 to$ 1,700,000
Analysis/Comments:
O is estimated to be the marketing time for the subject property,
Analysis/Comments:
O Marketing Factors: The appraisal assumes that the property would be listed with a local reputable company who specializes in small
residential income properties.
® SUBJECT PROPERTY OFFERING INFORMATION
According to the Fresno MLS the subject property:
®has not been offered for sale in the past: ❑30 days ®1 year ❑ 3 years.
O is currently offered for sale for$
O was offered for sale within the past: ❑30 days ❑1 year ❑ 3 years for$
O Offering information was considered in the final reconciliation of value.
O Offering information was not considered in the final reconciliation of value.
O Offering information was flat available.The reasons for unavailability and the steps taken by the appraiser are explained later in this addendum.
Analysis/Comments:
® SALE/TRANSFER HISTORY&ANALYSIS OF SUBJECT PROPERTY
According to the following data source(s): Fresno MLS
the subject property:
•Has not transferred ❑ in the past one year. ® in the past three years. ❑ In the past five years.
O Has transferred ❑ in the past one year. ❑ in the past three years. ❑ in the past five years.
O All prior sales or transfers occurring in the past 3 years prior to the Effective Date of Appraisal are listed below.
Date of Sale/Transfer Price of Sale/Transfer Seller Buyer Data Source(s) Effective Date of Data Sources
Subject Sale/Transfer History Analysis/Comments:
® SALE/TRANSFER HISTORY&ANALYSIS OF COMPARABLE SALES
According to the following data source(s): NDC Data
all prior sales or transfers occurring in the past 1 year prior to the most recent date of sale or transfer are listed below.
PRIOR SALE/TRANSFER# COMPARABLE#1 COMPARABLE#2 COMPARABLE#3
Date of Sale or Transfer
Price of Sale or Transfer
Seller
Buyer
Data Source(s) NDC Data NDC Data NDC Data
Effective Date of Data Source(s) 0112019 01/2019 0112019
PRIOR SALE/TRANSFER# COMPARABLE# COMPARABLE# COMPARABLE#
Date of Sale or Transfer
Price of Sale or Transfer
Seller
Buyer
Data Source(s)
Effective Date of Data Source(s)
Comparables Sale/Transfer History Analysis/Comments: Other than those sales reported the comparables have not been involved in any other
sales transactions over the past 12 months.
Page 2 of 3
Form MPA4-"TOTAL"appraisal software by a Is made,!no.-1-800-ALAMODE
® ADDITIONAL CERTIFICATIONS
The Appraiser certifies and agrees that:
(1) The analyses,opinions and conclusions were developed,and this report was prepared,In conformity with the Uniform Standards of Professional Appraisal Practice
("USPAP").
(2) Their compensation is not contingent upon the reporting of predetermined value or direction in value that favors the cause of the client,the amount of the value
estimate,the attainment of a stipulated result,or the occurrence of a subsequent event.
(3) This appraisal assignment was not based on a requested minimum valuation,a specific valuation,or the approval of a loan.
® ENVIRONMENTAL LIMITING CONDITIONS
The appraiser's opinion of value is based on the assumption that the property is not negatively affected by the existence of hazardous substances or detrimental
environmental conditions unless otherwise stated in this report, The appraiser is not an expert in the identification of hazardous substances or detrimental environmental
conditions.The appraiser's routine inspection of and Inquiries about the subject property did not develop any information that indicated any apparent significant
hazardous substances or detrimental environmental conditions which would affect the property negatively unless otherwise stated in this report. It is possible that tests
and Inspections made by a qualified hazardous substance and environmental expert would reveal the existence of hazardous substances or detrimental environmental
conditions on or around the property that would negatively affect its value.
® HIGHEST&BEST USE ANALYSIS
Analysis/Comments: The current use is a representation of the highest and best use as vacant and improved.
O As Vacant:
O As Improved:
® EFFECTIVE DATE OF APPRAISAL (if not current,see comments).
This appraisal report reflects the following value: ® Current ❑ Retrospective ❑ Prospective
Effective Date of the Appraisal: 01/24/2018
Comments on the Effective Date
❑ ADDITIONAL COMMENTS
® APPRAISER'S SIQ#ATUR SE/CERTIFICATION
Appraiser's Signature Inspection Date 01/24/2018 Signed Date 0 310 1/201 9
Appraiser's Name Gregg Palmlar Phone# 559.226.5020
State CA ❑License or ®Certification# AGO02880 Exp.04/24/2020 Tax ID#
❑Appraiser is certified under the following CE program(s).
® CO—SIGNING APPRAISER'S CERTIFICATION
O The co-signing appraiser has personally inspected the subject property,both inside and out,and has made an exterior inspection of all comparable sales
listed in the report.The report was prepared by the appraiser under direct supervision of the co-signing appraiser.The co-signing appraiser accepts
responsibility forlhe contents of the report including the value conclusions and the limiting conditions,and confirms that the certifications apply
fully to the co-signing appraiser.
O The co-signing appraiser has not personally inspected the interior of the subject property and:
O has not inspected the exterior of the subject property and all comparable sales listed in the report.
O has Inspected the exterior of the subject property and all comparable sales listed in the report.
O The report was prepared by the appraiser under direct supervision of the co-signing appraiser.The co-signing appraiser accepts responsibility for the
contents of the report,including the value conclusions and the limiting conditions,and confirms that the certifications apply fully to the co-signing
appraiser with the exception of the certification regarding physical inspections.The above describes the level of inspection performed by the
co-signing appraiser.
O The co-signing appraiser's level of inspection,involvement in the appraisal process and certification are covered elsewhere in the addenda section
of this appraisal.
® CO-SIGNING APPRAISER'S SIGNATURE&LICENSE/CERTIFICATION
Co-Signing
Appraiser's Signature Inspection Date 04/16/2014 Signed Date
Co-Signing Appraiser's Name Phone#
State ❑License or ❑Certification# Exp. Tax ID#
❑Co-Signing Appraiser is certified under the following GE program(s):
Page 3 of 3
Form MPA4-"TOTAL"appraisal software by a la mode,Inc.-1.800-ALAMODE
Subject Photo Page
Client Fresno Housing Authority
Property Address 4041 Plaza Dr W
City Fresno County Fresno State CA Zip Code 93702
Owner Fresno Housing Authority
Subject
4041 Plaza Dr W
Sales Price 0
Gross Building Area _
Age 120
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Subject Photo Page
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��S' Fresno County Fresno State CA Zip Code 93702
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Subject
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Sales Price 0
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Age 1970
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Assessment Data
DETAIL REPORT Property Address: FRESNOCA93702
Ownership
Parcel#(APN): 454-295-09T
Parcel Status:
Owner Name: FRESNO CITY HOUSING AUTHORITY
Mailing Addr:
Legal Description:
Assessment
Total Value: Use Code: Use Type:
Land Value: Tax Rate Area: 005-912 Zoning:
Impr Value: Year Assd: Census Tract: 25.02/3
Other Value: Property Tax: Price/SgFt:
%Improved: 0% DelinquentYr:
Exempt Amt: HO Exempt: N
Sale History
Sale1 Sale2 Sale3 Transfer
Recording date:
Recording Doc:
Doc type:
Transfer Amount:
Seller(Grantor): -
Property Characteristics
Bedrooms: Fireplace: Units:
Baths(Full): A/C: Stories:
Baths(Half): Heating: Quality:
Total Rooms: Pool: Building Class:
Bldg/Liv Area: Park Type: Condition:
Lot Acres: Q680 Spaces: Site influence:
Lot SgFt: 29,620 Garage SgFt: Timber Preserve:
Year Built: Bsmt SgFt: N/A Ag Preserve:
Effective Year:
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Soils Data - Page 2
SOILS REPORT FRESNO CA 93702 '<
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Symbol Name Slope Irr,Cap, Non-Irr. Stone Acres Parcel%
Grade Class Cap.Class Index
OGtA Greenfield sandy loam,0to 3percents lopes 2 1 4 90 .776 100.00
Total Acres: .776
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Form SCNLGL-"TOTAL"appraisal software by a la mode,Inc.-1-800-ALAMODE
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Aerial Map
Client Fresno Housing Authority
Property Address 4041 Plaza Dr W
City Fresno County Fresno State CA Zip Code 93702
Owner Fresno Housing Authority
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Comparable Photo Page
Client Fresno Housing Authority
Property Address 4041 Plaza Dr W
coy Fresno County Fresno State CA Zip Code 93702
Owner Fresno Housing Authorit
Comparable 1
4880 E University Ave
�, 1r Prox.to Subject 1.71 miles NE
Sale Price 1,150,000
Gross Living Area
v Total Rooms 64
t E Total Bedrooms 32
Total Bathrooms 32
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Location Fresno
View Average -
�` Site 9,426 Sq.Ft.
Quality Average
s Age 1970
Comparable 2
3998 E Saginaw Way
Prox.to Subject 2.57 miles N
Sale Price 1,600,000
1 Gross Living Area
Total Rooms 77
r� Total Bedrooms 33
Total Bathrooms 22
Location Similar
View Average
Site 8,712 SF
4 s
Quality Average
Age 1972
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Comparable 3
ths; 3935 N Effie St
Prox.to Subject 3.16 miles NW
Sale Price 2,450,000
i
Gross Living Area
Total Roams 153
Total Bedrooms 69
Total Bathrooms 42
Location Similar
View Average
Site 8,712 SF
Quality Average
__. ... Age 1962
Form PICHUR-"TOTAL"appraisal software by a la made,inc.-1.800-ALAMODE
Rental Photo Page
Client Fresno Housing Authorit
Property Address 4041 Plaza Dr W
City Fresno County Fresno State CA Zip Code 93702
Owner Fresno Housing Authority
Rental '1
920 W Griffith Way
Proximity to Subj. 4.56 miles NW
GBA 15,500
Age/Year Built 1974
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3880 N Fruit Ave
[ PrOXlmlty t0 Subj. 4.19 miles NW
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Age/Year Built 1986
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853 E Hedges Ave
Proximity to Subj. 2.46 miles W
GBA 40,384
Age/Year Built 1950
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Property Address 4041 Plaza Dr W
City Fresno County Fresno State CA Zip Code 93702
Owner Fresno Housing Authority
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Form MARLOC-"TOTAL"appraisal software by a la made,inc.-1-800-ALAMODE
ENVIRONMENTAL ADDENDUM
APPARENT*HAZARDOUS SUBSTANCES AND/OR DETRIMENTAL ENVIRONMENTAL CONDITIONS
File#9150
Client Fresno Housing Authorit
Property Address 4041 Plaza Dr W
City Fresno County Fresno State CA Zip Code 93702
Owner Fresno Housing Authority
*Apparent is defined as that which is visible,obvious,evident or manifest to the appraiser,
This Environmental Addendum is for use with any real estate appraisal. Only the statements which have been marked by the appraiser apply to the Subject prope ty.
This addendum reports the results of the appraiser's routine viewing of and inquiries about the subject property and'its surrounding area. It also states what assumptions
were made about any observed evidence of any hazardous substances and/or detrimental environmental conditions. The appraiser Is not an expert environmental inspector
and therefore might be unaware of existing hazardous substances and/or detrimental environmental conditions which may have a negative effect on the safety or value of the
property. It is possible that tests and inspections made by a qualified environmental inspector would reveal the existence of hazardous materials and/or detrimental
environmental conditions on or around the property that would negatively affect As safety and value.
DRINKING WATER
® Drinking water is supplied to the subject from a municipal water supply which is considered safe.However,the only way to be absolutely certain that the water meets
published standards is to have A tested at all discharge points,
❑ Drinking water is supplied by a well or other non-municipal source.It is recommended that tests be made to be certain that the property is supplied with adequate
drinking water.
® Lead can get into drinking water from its source,the pipes,at all discharge points,plumbing fixtures and/or appliances.The only way to be certain that water does
not contain an unacceptable lead level is to have it tested at all discharge points.
® The opinion of value is based on the assumption that there is an adequate supply of safe,lead-free drinking water.
Comments:
SEWER SYSTEM
® Sewage is removed from the property by a municipal sewer system.
❑ Sewage is disposed of by a septic system or other sanitary on-site waste disposal system.The only way to determine that the disposal system is adequate and in good
good working condition is to have it inspected by a qualified inspector.
® The opinion of value is based on the assumption that the sewage is disposed of by a municipal sewer or an adequate properly permitted alternate
treatment system in good condition.
Comments:
SOIL CONTAMINANTS
® There are no apparent signs of soil contaminants on or near the subject property(except as stated in Comments,below). It is possible that research,Inspection and
testing by a qualified environmental inspector would reveal existing and/or potential hazardous substances and/or detrimental environmental conditions on or around
the property that would negatively affect its safety and value.
® The opinion of value is based on the assumption that the subject property is free of soil contaminants.
Comments:
ASBESTOS
® All or part of the improvements were constructed before 1979 when asbestos was a common building material.The only way to be certain that the property is free of
friable and non-friable asbestos is to have it Inspected and tested by a qualified asbestos inspector.
❑ The improvements were constructed after 1979.No apparent friable asbestos was observed(except as stated in Comments,below).
® The opinion of value is based on the assumption that there is no uncontained friable asbestos or other hazardous asbestos material on the property.
Comments:
PCBs POLYCHLORINATEDIBIPHENYLS
® There were no apparent leaking fluorescent light ballasts,capacitors or transformers anywhere on or nearby the property(except as stated in Comments,below).
® There was no apparent visible or documented evidence known to the appraiser of soil or groundwater contamination from PCBs anywhere on the property(except as reported in Comments below).
® The opinion of value is based on the assumption that there are no uncontained PCBs on or nearby the property.
Comments:
RADON
® The appraiser is not aware of any radon tests made on the subject property within the past 12 months(except as stated in Comments,below).
® The appraiser is not aware of any indication that the local water supplies have been found to have elevated levels of radon or radium.
® The appraiser is not aware of any nearby properties(except as stated in Comments,below)that were or currently are used for uranium,thorium or radium extraction
or phosphate processing.
® The opinion of value is based on the assumption that the Radon level is at or below EPA recommended levels.
Comments:
Form 691`2-"TOTAL"appraisal software by a la mode,inc.-1-800-ALAMODE
USTs`UNDERGROUND STORAGE TANKS
® There is no apparent visible or documented evidence known to the appraiser of any USTs on the property nor any known historical use of the property that would
likely have had USTs.
® There are no apparent petroleum storage and/or delivery facilities(including gasoline stations or chemical manufacturing plants)located on adjacent properties(except
as reported in Comments below).
❑ There are apparent signs of USTs existing now or In the past on the subject property.It is recommended that an inspection by a qualified UST inspector be obtained to
determine the location of any USTs together with their condition and proper registration if they are active;and If they are inactive,to determine whether they were
deactivated in accordance with sound industry practices.
® The opinion of value Is based on the assumption that any functioning USTs are not leaking and are properly registered and that any abandoned USTs are
free from contamination and were properly drained,filled and sealed.
Comments:
NEARBY HAZARDOUS WASTE SITES
® There are no apparent hazardous waste sites on the subject property or nearby the subject property(except as stated in Comments,below).Hazardous Waste Site
search by a trained environmental engineer may determine that there is one or more hazardous waste sites on or in the area of the subject property.
® The opinion of value is based on the assumption that there are no hazardous waste sites on or nearby the subject property that negatively affect the
value or safety of the property.
Comments:
UREA FORMALDEHYDE INSULATION"UFFI
® All or part of the improvements were constructed before 1982 when urea foam insulation was a common building material.The only way to be certain that the
property is free of urea formaldehyde is to have it inspected by a qualified urea formaldehyde inspector.
❑ The improvements were constructed after 1982.No apparent urea formaldehyde materials were observed(except as stated in Comments,below).
® The opinion of value is based on the assumption that there Is no significant UFFI insulation or other urea formaldehyde material on the property.
Comments:
LEAD BASED PAINT
® All or part of the improvements were constructed before 1978 when lead based paint was a common building material.There is no apparent visible or known
documented evidence of peeling or flaking Lead Paint on the floors,walls or ceilings(except as stated in Comments,below).The only way to be certain that
the property is free of surface or subsurface lead based paint is to have it inspected by a qualified Inspector.
❑ The improvements were constructed after 1978,No apparent Lead Paint was observed(except as stated in Comments,below).
® The opinion of value is based on the assumption that there Is no flaking or peeling Lead Paint on the property.
Comments:
AIR POLLUTION
® There are no apparent signs of air pollution at the time of the appraiser's viewing of the subject property,nor were any reported(except as reported in Comments,
below).The only way to be certain that the air is free of pollution is to have it tested.
® The opinion of value is based on the assumption that the property Is free of air pollution.
Comments:
WETLANDS/FLOOD PLAINS
® The site does not contain any apparent wetlands/flood plains(except as stated in Comments,below).The only way to be certain that the site is free of wetlands/
flood plains is to have it inspected by a qualified environmental professional.
® The opinion of value is based on the assumption that there are no Wetlands/Flood Plains on the property(except as stated in Comments,below).
Comments:
MISCELLANEOUS ENVIRONMENTAL HAZARDS
❑ There are no other apparent hazardous substances and/or detrimental environmental conditions on or In the area of the site except as indicated below:
❑ Excess noise
❑ Radiation and/or electromagnetic radiation
❑ Light pollution
❑Waste heat
❑ Acid mine drainage
❑ Agricultural pollution
❑ Geological hazards
❑ Nearby hazardous property
❑ Infectious medical wastes
❑ Pesticides
❑ Other(chemical storage,drums,pipelines,etc.)
❑ The opinion of value Is based on the assumption that,except as reported above,there are no other environmental hazards that would negatively affect the value of
the subject property.
When any of the environmental assumptions made in this addendum are not correct,the opinion of value In this appraisal may be affected.
03/10
Form 691`2-"TOTAL"appraisal software by a la made,Inc.-1-800-ALAMODE
DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competitive and open market under all conditions
requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this
definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: (1) buyer and seller are
typically motivated; (2) both parties are well informed or well advised, and each acting in what he considers his own best interest; (3) a reasonable time is allowed
for exposure in the open market; (4) payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and (5)the price
represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions* granted by anyone associated with
the sale.
*Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments are necessary for those costs which are normally paid by sellers as a result of tradition or law In a market area; these costs are readily identifiable
since the seller pays these casts in virtually all sales transactions. Special or creative financing adjustments can be made to the
comparable property by comparisons to financing terms offered by a third party institutional lender that is not already involved in the
property or transaction. Any adjustment should not he calculated on a mechanical dollar for dollar cost of the financing or concession
but the dollar amount of any adjustment should approximate the market's reaction to the financing or concessions based an the
appraiser's judgement.
STATEMENT OF LIMITING CONDITIONS AND APPRAISER'S CERTIFICATION
CONTINGENT AND LIMITING CONDITIONS: The appraiser's certification that appears in the appraisal report is subject to the following
conditions:
1. The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the ffile to it. The appraiser assumes that
the title is good and marketable and, therefore, will not render any opinions about the title. The property is appraised on the basis of it being under responsible
ownership.
2. The appraiser has provided a sketch In the appraisal report to show approximate dimensions of the improvements and the sketch is included only to assist
the reader of the report in visualizing the property and understanding the appraiser's determination of its size.
3. The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency (or other data sources) and has noted
in the appraisal report whether the subject site is located in an identified Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes
no guarantees,express or implied,regarding this determination.
4. The appraiser will not give testimony or appear In court because he or she made an appraisal of the property in question, unless specific arrangements to do
so have been made beforehand.
5. The appraiser has estimated the value of the land in the cost approach at its highest and best use and the improvements at their contributory value. These
separate valuations of the land and improvements must not be used in conjunction with any other appraisal and are invalid if they are so used,
6. The appraiser has noted in the appraisal report any adverse conditions (such as, needed repairs, depreciation, the presence of hazardous wastes, toxic
substances, etc.) observed during the inspection of the subject property or that he or she became aware of during the normal research involved in performing
the appraisal. Unless otherwise stated in the appraisal report, the appraiser has no knowledge of any hidden or unapparent conditions of the property or
adverse environmental conditions (including the presence of hazardous wastes, toxic substances, etc.) that would make the property more or less valuable, and
has assumed that there are no such conditions and makes no guarantees or warranties, express or implied, regarding the condition of the property. The
appraiser will not be responsible for any such conditions that do exist or for any engineering or testing that might be required to discover whether such
conditions exist. Because the appraiser is not an expert in the field of environmental hazards, the appraisal report must not be considered as an
environmental assessment of the property.
7. The appraiser obtained the information, estimates, and opinions that were expressed in the appraisal report from sources that he or she considers to be
reliable and believes them to be true and correct. The appraiser does not assume responsibility for the accuracy of such items that were furnished by other
parties.
8. The appraiser will not disclose the contents of the appraisal report except as provided for in the Uniform Standards of Professional Appraisal Practice.
9. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to satisfactory completion, repairs, or
alterations on the assumption that completion of the improvements will be performed in a workmanlike manner.
10. The appraiser must provide his or her prior written consent before the lender/client specified in the appraisal report can distribute the appraisal report
(including conclusions about the property value, the appraiser's identity and professional designations, and references to any professional appraisal
organizations or the firm with which the appraiser is associated) to anyone other than the borrower; the mortgagee or its successors and assigns; the mortgage
insurer; consultants; professional appraisal organizations; any state or federally approved financial institution; or any department, agency, or instrumentality
of the United States or any state or the District of Columbia; except that the lender/client may distribute the property description section of the report only to data
collection or reporting service(s) without having to obtain the appraiser's prior written consent. The appraiser's written consent and approval must also
be obtained before the appraisal can be conveyed by anyone to the public through advertising, public relations, news, sales, or other media.
Freddie Mac Farm 439 6-93 Page 1 of 2 Fannie Mae Form 1004B 6-93
James G.Palmer Appraisals,Inc.
Form ACR-"TOTAL"appraisal software by a la mode,Inc.-1-800-ALAMODE
APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees that:
1. I have researched the subject market area and have selected a minimum of three recent sales of properties most similar and proximate to the subject property
for consideration in the sales comparison analysis and have made a dollar adjustment when appropriate to reflect the market reaction to those 'items of significant
variation. If a significant item in a comparable property is superior to, or more favorable than,the subject property, I have made a negative adjustment to reduce
the adjusted sales price of the comparable and, If a significant item in a comparable property is inferior to,or less favorable than the subject property, I have made
a positive adjustment to increase the adjusted sales price of the comparable.
2. 1 have taken into consideration the factors that have an impact on value in my development of the estimate of market value in the appraisal report. I have not
knowingly withheld any significant information from the appraisal report and I believe, to the best of my knowledge, that all statements and information in the
appraisal report are true and correct.
3. 1 stated in the appraisal report only my own personal, unbiased, and professional analysis, opinions, and conclusions, which are subject only to the contingent
and limiting conditions specified in this form.
4. 1 have no present or prospective Interest In the property that is the subject to this report, and I have no present or prospective personal interest or bias with
respect to the participants in the transaction. I did not base, either partially or completely, my analysis and/or the estimate of market value in the appraisal report
on the race, color, religion, sex, handicap, familial status, or national origin of either the prospective owners or occupants of the subject property or of the present
owners or occupants of the properties in the vicinity of the subject property.
5. 1 have no present or contemplated future interest in the subject property, and neither my current or future employment nor my compensation for performing this
appraisal is contingent on the appraised value of the property.
6. 1 was not required to report a predetermined value or direction in value that favors the cause of the client or any related parry,the amount of the value estimate,
the attainment of a specific result, or the occurrence of a subsequent event in order to receive my compensation and/or employment for performing the appraisal. I
did not base the appraisal report an a requested minimum valuation,a specific valuation,or the need to approve a specific mortgage loan.
7. 1 performed this appraisal in conformity with the Uniform Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal
Standards Board of The Appraisal Foundation and that were in place as of the effective date of this appraisal, with the exception of the departure provision of those
Standards,which does not apply. I acknowledge that an estimate of a reasonable time for exposure in the open market is a condition in the definition of market value
and the estimate I developed is consistent with the marketing time noted in the neighborhood section of this report, unless I have otherwise stated in the
reconciliation section.
8, 1 have personally inspected the interior and exterior areas of the subject property and the exterior of all properties listed as comparables in the appraisal report.
I further certify that I have noted any apparent or known adverse conditions in the subject improvements, on the subject site, or on any site within the immediate
vicinity of the subject property of which I am aware and have made adjustments for these adverse conditions in my analysis of the property value to the extent that
I had market evidence to support them. I have also commented about the effect of the adverse conditions on the marketability of the subject property.
9. 1 personally prepared all conclusions and opinions about the real estate that were set forth in the appraisal report. If I relied on significant professional
assistance from any individual or individuals in the performance of the appraisal or the preparation of the appraisal report, I have named such indivldual(s) and
disclosed the specific tasks performed by them in the reconciliation section of this appraisal report. I certify that any individual so named is qualified to perform
the tasks. I have not authorized anyone to make a change to any item in the report;therefore, if an unauthorized change is made to the appraisal report, I will take
no responsibility for ft.
SUPERVISORY APPRAISER'S CERTIFICATION: If a supervisory appraiser signed the appraisal report, he or she certifies and agrees that:
I directly supervise the appraiser who prepared the appraisal report, have reviewed the appraisal report, agree with the statements and conclusions of the appraiser,
agree to be bound by the appraiser's certifications numbered 4 through 7 above,and am taking full responsibility forthe appraisal and the appraisal report.
ADDRESS OF PROPERTY PRAISED: 4041 Plaza Dr W Fresno CA 93702
APPRAISER: SUPERVISORY APPRAISER(only if required):
Signature: Signature:
Name: Greqq Palmer Name:
Date Signed: 03/01/201 Date Signed:
State Certification#: AGO02880 State Certification#:
or State License#: or State License#:
State: CA State:
Expiration Date of Certification or License: 04/24/2020 Expiration Date of Certification or License:
❑Did ❑ Did Not Inspect Property
Freddie Mac Form 439 6-93 Page 2 of 2 Fannie Mae Form 1004B 6-93
Form ACR-"TOTAL"appraisal software by a la made,inc.-1-800-ALAMODE
I
Baker Manock
&Jensen PC
ATTORNEYS AT LAW
Kenneth J. Price
Attorney at Law
kprice t@bskennanock,com
Fig Garden Financial Center
5260 North Palm Avenue
Fourth Floor
January 25, 2019 Fresno,California 93704
Tel:559.432.5400
Fax;559.432.5620
wwwbakermanock.com
Mr. Ben Metcalf, Director
Department of Housing and Community
Development
2020 West El Camino Avenue
Suite 500
Sacramento, California 95833
Re: Plaza Terrace Housing Development- Fresno, CA
Article XXXIV Compliance
Dear Mr. Metcalf:
i
This firm serves as legal counsel for the Housing Authority of the City of Fresno
("Housing Authority"), which intends to develop and rehabilitate 28 living units in an existing
complex in the City of Fresno, which will also feature community and office spaces (hereinafter,
the "Project"). The Project will consist of replacement and/or repairing of floors,windows,
paint, appliances, and HVAC systems. The Project will be located on what is now an
approximately .75-acre lot located at 4041 Plaza Drive West, Fresno, California 93702, My
office has been asked to render a legal opinion on whether the Project is in compliance with
Article XXXIV of the California Constitution. As explained below, it is our opinion that the
City of Fresno possesses sufficient Article XXXIV authority to accommodate the Project.
The California Constitution
California Constitution,Article XXXIV ("Article XXXIV"), Section 1 states:
No low rent housing project shall hereafter be developed,
constructed, or acquired in any manner by a state public body until,
a majority of the qualified electors of the city, town or county, as
the case may be, in which it is proposed to develop, construct, or
1
2298021v1/18621.0001
Mr. Ben Metcalf
January 25, 2019
Page 2
acquire the same,voting upon such issue, approve such project by
voting in favor thereof at an election to be held for that purpose or
at any general or special election.
For the purposes of this Article the term "low rent housing project"
shall mean any development composed of urban or rural dwellings,
apartments or other living accommodations for persons of low
income, financed in whole or in part by the Federal Government or
a state public body or to which the Federal Government or a state
public body extends assistance by supplying all or part of the labor,
by guaranteeing the payment of liens, or otherwise. For the
purposes of this Article only there shall be excluded from the term
"low rent housing project" any such project where there shall be in
existence on the effective date hereof, a contract for financial
assistance between any state public body and the Federal
Government in respect to such project.
For the purposes of this Article only "persons of low income" shall
mean persons or families who lack the amount of income which is
necessary(as determined by the state public body developing,
constructing, or acquiring the housing project)to enable them,
without financial assistance,to live in decent, safe and sanitary
dwellings,without overcrowding.
For the purposes of this Article the term "state public body" shall
mean this State, or any city, city and county, county, district,
authority, agency, or any other subdivision or public body of this
State.
For the purposes of this Article the term "Federal Government"
shall mean the United States of America, or any agency or
instrumentality, corporate or otherwise, of the United States of
America.
In determining whether Article XXXIV is applicable in any given case, we must
examine the particular facts of each case to ascertain whether or not the project in question is in
fact a "low rent housing project" and, if so, whether it is in fact being "developed, constructed or
acquired in any manner by any state public body.il These factors contribute to the analysis of
whether or not Article XXXIV applies to a project. I am informed by the Housing Authority that
the Project will indeed constitute a"low rent housing project." Moreover, Housing Authority
164 Ops.Cal,Atty.Gen.622(1981).
2298021v1(18621,0001
i
i
Mr. Ben Metcalf
1
January 25, 2019
Page 3
intends, as the administrative general partner of a limited partnership and in its capacity as a
public body of the State of California, to be the principal developer of the Project.
Article XXXIVAuthority
According to a memorandum(the "Memorandum") dated July 1, 1985, by the
then California Business,Transportation, and Housing Authority,in 1972 and later in 1979,
voters in the City of Fresno, where the Project is located, approved 800 and 1,000 units
respectively,for a total of 1,800 units to be used for affordable housing. As of the date of the
Memorandum, 1,596 of the 1,800 units approved were available. Attached to this letter, as
Exhibit "A," is the Memorandum.
Attached to this letter, you will also find as Exhibit "B," an accounting provided
to me by the Housing Authority of low income housing units that would qualify under Article
XXXIV. This accounting indicates that,using even the most conservative estimate of Article
XXXIV authority with the Project factored into the total number,there are 646 qualifying low
income housing units in the City of Fresno of the 1,596 units, leaving a balance of 950
remaining.
As mentioned,the Project would add an additional 28 income-restricted units into
the City's inventory of low income housing units. If these units are counted towards that
inventory, there would be a balance of 922 units left within the City of Fresno of Article XXXIV 1
housing.' i
Conclusion
Based upon the foregoing and subject to the limitations, qualifications and
exceptions set forth herein, we conclude that,based upon the schedule attached to this letter, the 1
Project would not cause the City of Fresno to exceed its Article XXXIV authority.
This letter is rendered only to the Department of Housing and Community
Development in connection with outstanding funding applications for funding submitted by the
Housing Authority to develop the Project. This letter may not be relied upon by any other
person, firm, or corporation for any purpose without our prior written consent. The analysis
expressed herein may be affected by actions taken or events occurring after the date hereof. The
undersigned has not undertaken to determine or to inform any person whether any such
subsequent actions or events are taken or occur.
z The Housing Authority has informed this office that it is planning to submit applications,concurrently
with the submission of the application for the Project that is the subject of this letter, for funding for two additional
projects,one to include 42 units of additional low income housing and one to include 26 such units, which together
could total 68 units of additional low income units(the Blackstone&Barstow Project and the Econo Inn Project,
respectively).
2298021v1118621,0001
Mr. Ben Metcalf
January 25, 2019
Page 4
Please do not hesitate to contact Kenneth Price if you have any questions.
Sincerely,
` t et 1'. ce
BAKER MANOCK&JENSEN,PC
lcpt•ice hakermanock,com
Carl R.ReAtcrzo
BAKER MANOCK&JENSEN, PC
creflterzo@bakerthanack.coii
CWA/KJP:sdg
Attachments:
r Exhibit"A"
Exhibit"B"
cc Fresno Housing Authority
z_
1
1
2298021vi/18621.0001