HomeMy WebLinkAboutR-1992-D6168 Housing / State / Single Family RehabRESOLUTION
6168
A RESOLUTION authorizing and directing the City Manager of the City of
Yakima to file an application with the Washington State
Department of Community Development for funding for an
Owner -Occupied Rehabilitation Program.
WHEREAS, the City of Yakima contemplates an Owner -Occupied
Rehabilitation Program for which funding is available from the Washington State
Department of Community Development, and
WHEREAS, the City Council of the City of Yakima deems it to be in the best
interests of the City that an application be filed for funding for the purpose
mentioned above, now, therefore,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF YAKIMA:
R.A. Zais, Jr., City Manager of the City of Yakima, is hereby authorized and
directed to execute and file the attached application documents, including all
understandings and assurances contained therein, with the Washington State
Department of Community Development for funding for the purpose mentioned
above; and he further is hereby designated as the official representative of the
City to act in connection with that grant request and to provide such additional
information as may be required.
ADOPTED BY THE CITY COUNCIL this day of
1992.
A EST.
City Clerk
Check here if McKinney
WASHINGTON STATE Check here if LIHTC
HOUSING ASSISTANCE PROGRAM/AFFORDABLE HOUSING PROGRAM/HOME PROGRAM
PRE -APPLICATION
City of Yakima Office of
Applicant:Housing and Neighborhood ConservationContact• Dixie Kracht, Block Grant Manager
Address: 112 South 8th Street Address: 112 South 8th Street
Yakima, WA 98901 Yakima, WA 9R9(11
Telephone: (509) 575-6101
Tax W. #: 91-6001293
Type of Applicant:
Project Category:
Property Status:
Telephone: (509) 575-6101
Project Name• Owner -Occupied Rehabilitation
Local Government
Public Housing Authority
Nonprofit Organization
Tribal Housing Organization
Rental Housing Acquisition
Owner -Occupied _X_ Rehabilitation
Homeless Shelter New Construction
X
Other (describe)
Privately Owned X
Publicly Owned
Vacant Structure
Vacant Property
Project Location/Address:
Target Area:
East of 16th Avenue, within City Limits
Target Population Income Level:
# of Units:�r.
At or below 80% of Median 30
At or below 50% of Median
No income
Other (describe)
Total Units
X
Project Legislative District:
Special Needs Population:
Length of Commitment to Serve Target Population: 30 Years
Proposed Project Budget:
HAP/AHP/HOME $ 500,000
Other State $ -0-
Federal $ -0-
Local Public $ -0-
Applicant $ 29,000
Private $ 1,110.500
Total $ 1,610,500
Approval of Authorized Offical:
Signature Title City Manager
Name R.A. Zais, Jr.
Page 1 (0/0)
14
Date August 4. 1992
• Briefly describe your project, detailing the use of, and need for, HAP/AHP/
HOME dollars.
The owner -occupied rehabilitation project will offer homeownership opportunities and reha-
bilitation loans to low/moderate income first-time homebuyers at an affordable costs. This
program will rehabilitate 30 homes al: an approximate cost of $17,000 per unit.
Federal Horne Loan Bank will provide 20% of the cost for acquisition and closing fees. Yakima
Federal Savings and Loan will provide the remaining funds for acquisition. State of
Washington (HOME) dollars will provide rehabilitation monies, and the Office of Housing and
Neighborhood Conservation (OHNC) will provide administration and soft costs for each
project. The OHNC will prescreen each applicant family, provide counseling on housing
affordability and package the loan for Yakima Federal Savings and Loan. Upon acceptance, the
subsidy will. be determined and the title company will close the loan. OHNC will inspect,
prepare specifications and drawings, bid the project and monitor construction.
The proposed applicant family will be responsible for 1% of the home purchase price and the
first year of homeowners insurance. The seller of the property will pay 2% of the selling price
to the OHNC for administration. Title companies will close all loans al: no cost.
The monthly payment amount of the first mortgage, including property taxes and insurance, will
be determined at 29% of the families' income and repaid to Yakima Federal Savings and Loan.
The amount of rehabilitation as a second mortgage will be determined on applicant's monthly
affordability and repaid to OHNC.
The program will secure $500,000 from the state and will repay the amount at a level of $25,000
per year for 20 years starting at year-end 1994. Any other revenue will be :retained by the OHNC
to provide assistance to other owner -occupied applicants.
This program will rehabilitate 30 homes for families that have received assistance through the
first time home buyer's program.
• Provide the projected schedule for your project's implementation.
Dalt As�iritr
January thru October 1992 Home purchases set up and closed for applicant
families.
November thru December 1992 State contract signed, applicant families start reha-
bilitation verification process.
January thru December 1992 Rehabilitation started and completed on 30 homes,
approximately three to four per month.
* Home maintenance and financial responsibility workshops will be held on a quarterly basis with
families that have completed housing rehabilitation thoughout 1993.
Page 2 (0/0)
HOUSING ASSISTANCE PROGRAM/AFFORDABLE HOUSING PROGRAM/HOME PROGRAM
Sources and Uses Statement
Fund Sources:
State HAP/AHP/ $
HOME Program
Other State
Committed
Conditional
$
Tentative
$ 500,000
$ $ $
$ $ $
Federal
CDBG $ 29,000 $ $
Local Government $ $ $
Applicant $ $ $
Private $ 1,081,500 $ $
Subtotals $ 1,110,500 $ -0- $ 500,000
TOTAL PROJECT COST : $ 1,610,500
Uses of Financing:
Acquisition $ 1,050,000
Pre -Development $ 10,500
New Construction $ -0-
Rehabilitation $ 500,000
Project Management $ 21,000
Development Costs $ 29,E
Services $ -0-
Operating $ -0-
Other $
TOTAL PROJECT COST : $ 1,610,500
Page 3 (0/0)
WASHINGTON STATE
HODS ING ASSISTANCE PROGRAM/AFFORDABLE RODSING PROGRAM/HOMPROGRAM
]HousinOperating Budget
Name of Organization:___ Owner-Occupied (Non Applicable)
Year 1 Year S
Residential Income
Unit Type/Number/Rent x 12
Gross Potential Income
Less Vacancy Rate (_.%)
Other Revenue (Describe)
Effective Gross Income
Operating Exoensta
Insurance
Heat
Electric
Water and Sewer
Garbage Removal
Repairs
Maintenance
Replacement Reserve
Operating Reserve
Management
Services
Other
Total O eA rating Costs
Real Estate Tam
Net Operating Income
Debt Service ( %
for vears)
Cash Flow Per Year
Page 4 (O/O)
Year 10