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<br />LOUISVILLE HOUSING AUTHORITY <br /> <br />DEVELOPMENT PLANS <br /> <br />Working with Council, the Louisville Housing Authority plans to acquire and/or build 45 <br />units of affordable housing within the next three years. We chose this level of activity to <br />capitalize on the success of Lydia Morgan by building another, similar 30-unit property <br />and to in-fill other, smaller sites as they become available. <br /> <br />Potential projects include working with Habitat for Humanity to build a duplex on the <br />South Boulder Road site, working with for-profit developers to generate affordable units <br />in their projects or directly developing properties if suitable sites are found, possibly in <br />the revitalization area. <br /> <br />Our development process is easy to understand but difficult to execute. Our reason for <br />being of course is to provide affordable housing to Louisville's residents that need it. <br />Unlike for-profit developers, this causes our rental rates to be the primary driver of our <br />activities. Because building costs are relatively fixed, land costs and the amount of <br />equity and/or charitable donations we can raise are crucial to providing affordable rents <br />to our customers. <br /> <br />Our general step-by-step process follows. We encourage input from City Council and <br />staff at any step. <br /> <br />1. Develop rough annual operating costs per unit. <br />2. Develop rough estimated construction costs per unit. <br /> <br />Completed <br /> <br />3. Refine annual operating costs per unit with Boulder County Housing Authority. <br />4. Refine estimated constructions costs per unit with Boulder County Housing <br />Authority based on their experiences with building Avalon Project in Lafayette. <br />5. Develop workable prices we can pay for land based on per unit operating and <br />construction costs. <br /> <br />Steps six through nine are generally worked at the same time, with varying levels <br />of intensity: <br /> <br />6. Search for land in this defined range with brokers, landowners and others. <br />7. Broadly develop financing plans, including sources and amounts of equity, grants <br />and debt. <br />8. Develop conceptual space planning and design. <br />9. Municipal inputs on conceptual designs. <br />10. As the search for land, financing plans and conceptual designs come together, <br />they are each refined to fit what the markets for land and financing are providing <br />at the time. <br /> <br />4 <br />