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Planning Commission <br />Meeting Minutes <br />January 8, 2015 <br />Page 9 of 23 <br />Authority. It is an investment vehicle that provides private equity into an affordable <br />housing project. Currently, a portion of our project is pursuing a State Low Income <br />Housing Tax Credit for 120 units of affordable housing on this site. The 121 unit project <br />is expected to cost approximately $36 million, so the project will be requesting <br />approximately $1.8 million in annual allocation which equals approximately $10.5 million <br />in total tax credit allocation over the statutory six year period. It is about $8.8 million in <br />present value. The total cost of the project is about $36 million; the present value is $8.8 <br />million. Total annual allocation is $1,736,000 with an estimated allocation of $10 million. <br />The Low Income Tax Credit is one mechanism that BCHA use to leverage private equity <br />into the project. We can borrow less, have a lower mortgage, and spend more money <br />on the actual project itself. <br />• Schedule: BCHA is working aggressively with City Staff be - - they want to finance <br />this project by applying for low income tax credits as wel - ate Disaster Relief Funds <br />by February to May 2015. BCHA wants to start infras ° 'n summer 2015, and try to <br />begin construction in the third or fourth quarter of 2 <br />Commission Questions of Applicant: <br />Moline asks at what point does BCHA make deci <br />and how many will not be? <br />Boyd answers the best solution by using Low Inc <br />The goal to make all of the units affordable to resid <br />or below. Both senior designated prop: y as well as <br />bout how many unit •e affordable <br />Brauneis asks about Housing Authorit <br />Boyd answers projects are built for the I <br />Boulder County will be invested and sign <br />property with funders. Th- f -manag <br />services. There is facil nt as w <br />100% are aff ble homes. <br />0% of the area median income <br />on- senior). <br />le in the <br />Prope <br />ement of the property. <br />re not built and then sold. <br />nt that restricts the <br />gers who provide resident <br />raparoun. ° ervices for clients. <br />ite? <br />t are there during regular business hours. <br />school programs. There is interaction with <br />Brauneis asks if ther <br />Boyd says propert <br />There is evening fin <br />different staff and grou <br />s living <br />ve on sit <br />d some <br />Tengler <br />Boyd <br />affo <br />tool to <br />to reque <br />the model. <br />can provide s <br />a local business <br />the fiscal analysis. Do you agree with those numbers? <br />roject to come in positive. The value of providing <br />ne for a family is not reflected in the fiscal model. One <br />ing w > e lowest rent possible but building the highest quality is <br />operty tax. The use tax and property tax are not showing up in <br />e to request it, but it helps to keep operating costs low so they <br />aintained building. The Arts Underground is a 501(c)(3) and is <br />panding and it is exempt from property tax. BCHA has had two <br />well- attended com eetings where affordable housing is needed for seniors as well as <br />people earning 30% o e area median income which is $80,000 for a two - person household. <br />BCHA will be borrowing "real" debt at a local bank which generate costs not accounted for in the <br />fiscal model. <br />Tengler asks about the senior housing and what its characteristics are. <br />Boyd says senior housing is not skilled nursing. They are independent seniors, typically 55 and <br />older. Some will be two bedroom units with live -in aide. <br />Tengler asks if there will be concierge service to help with emergencies or rides? <br />Boyd says she does not know. <br />Tengler asks what is the anticipated number of senior units and affordable units? <br />she does <br />e housing and <br />ide affordable <br />