Laserfiche WebLink
1 <br />rn <br />0 <br />w <br />L <br />0 <br />0. <br />0 <br />m <br />to <br />E <br />L <br />w <br />a <br />c <br />0 <br />U <br />m <br />-a <br />0 <br />■ <br />■ <br />■ <br />■ <br />Site Challenges: <br />The units are older and may need some rehabilitation, includ- <br />ing accessibility improvements. Tenants would either need to <br />move when their leases are expired. <br />Site Opportunities: <br />There is shopping, transportation, services and other amenities <br />within walking distance of the buildings. <br />Site Transit and Service Access: <br />The site is very walkable and close to many bus stops. <br />Other Considerations: <br />A complete physical needs assessment of any older property <br />would need to be completed to ensure that rehabilitation costs <br />were not prohibitive to making this a financially feasible project. <br />Development Potential Proforma: <br />Acquisition and Rehabilitation of 18 units = $3,552,500 <br />Potential Sources of Funding <br />This project example can use a mix of financing and equity <br />resources, such as Low Income Housing Tax Credits (4% po- <br />tentially, though this is a small project which may be too small <br />to use this resource), HOME funding and City of Longmont <br />federal Funding, Boulder County Worthy Cause funding, and <br />funding through the Metro Denver Homeless Initiative for <br />acquisition or for rental subsidies. Other potential sources are <br />the Colorado Division of Housing National Housing Trust, <br />Housing Development Grant funds, and Section 811 project <br />based rental assistance vouchers if some tenants had identified <br />disabilities, or Division of Housing/Longmont Housing Au- <br />thority project based vouchers. <br />Boulder County Permanent Supportive Housing Study <br />Potential Development Site Analysis <br />Redevelopment Site and New Construction <br />Site Size <br />2.38 acres <br />Site Zoning <br />MF Boulder County <br />Proposed Height Restriction <br />50' Height Restriction — FM Zone Boulder County <br />Proposed Density <br />24 Units/10 units to the acre <br />Number and Types of Units <br />24 one bedroom or studio units/1 or 2 story flats <br />H + T Index/Walkability Score/Transit Score <br />Walk Score: 17 (car -dependent), Transit Score 37 (some transit nearby), <br />Bike Score 80 (very bikable) <br />Transportation Cost H + T Index = 19% (Boulder County 19%, City 19%) <br />Nearby Amenities <br />Parks, grocery, shopping <br />Site Assessor's Value/Sales Price <br />Sales Price $1,750,000, $735,294 per acre <br />Site Current Conditions: <br />This site has a one story building on it that has most recently been used by by a nonprofit organization. The existing building <br />could be converted to a residential use, or could be torn down and approximately 24 units could be constructed on the site. The <br />site currently has access to Left Hand Water District water and has a septic system. To develop residential units, the parcel <br />would need to tie into City municipal sewer systems. <br />VI <br />rn <br />1/1 <br />0 <br />0 <br />.> <br />4- <br />L <br />0 <br />0. <br />a <br />4- <br />0 <br />ra <br />E <br />L <br />0 <br />a <br />4- <br />c <br />0 <br />U <br />0 <br />0 <br />m <br />■ <br />■ <br />■ <br />■ <br />31 <br />38 39 <br />