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EXHIBIT C <br /> Project Budget <br /> The Arc Orange Apartments-Project Budget <br /> 25-Apr-13 <br /> Uses of Funds Sources of Funds <br /> General Contractor's Costs 890,179 HUD 811 Capital Advance= 940,900 <br /> Includes: Bond Premium 7,000 <br /> Water/Sewer Tap Fees 28,300 Orange County HOME Funds = 150,000 <br /> Other Fees by Owner(Topo, Soils Tests, Phase I...) 23,200 <br /> Architect's Fee-Design 60,000 Total Sources = 1,090,900 <br /> Architect's Fee-Supervisory 20,000 <br /> Total for All Improvements 993,379 <br /> Construction Time 6-8 months <br /> Insurance 3,000 <br /> Contingency 19,866 <br /> Organization 2,000 <br /> Title and Recording 2,500 <br /> Cost Certification Audit Fee 2,500 <br /> Legal 8,000 <br /> Developer's Fee(see breakdown below) 59,723 <br /> Total Estimated Development Cost 1,090,968 <br /> The Arc Orange Apartments <br /> HUD Project No. 053-HD252 <br /> USE OF DEVELOPER'S FEE <br /> Appraisal 1,200 <br /> Housing Consultant 35,000 <br /> Min. Capital Investment 4,705 <br /> Working Capital Escrow 18,818 <br /> Total 59,723 <br /> Source of Funds <br /> Orange County HOME Funds $150,000 <br /> Owner may not request disbursement of funds under this Agreement until the funds are needed for payment of <br /> eligible costs. The amount of each request must be limited to eligible costs as determined by the County's Housing, <br /> Human Rights and Community Development Department("OCHHRCD"). <br /> Funds may be shifted between line items of the Project without prior approval of the County only to the extent of <br /> "Minor Adjustments," defined as actions which do not result in a change in the Project and so long as such Minor <br /> Adjustments do not exceed ten percent(10%) of the line item total from which the funds are being removed or to <br /> which the funds are being added,there is no increase to the above budget, and there are only minor changes to the <br /> Plans and Specifications. <br />