HomeMy WebLinkAboutR-1992-D6170 Housing / State / New Construction Rental•
RESOLUTION NO. L h v 1 7
A RESOLUTION authorizing and directing the City Manager of the City of
Yakima to file and 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 THECITYCOUNCIL i L36---1_,
COU C L this day of
1992.
ATTE5QhQ-vii �649-6e)(4--
City Clerk
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Mayor
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 9R901
Telephone: (509) 575-6101 Telephone: (509) 575-6101
Project Name: New ('nnstructinn
Tax I.D. #: 91-6001291
Type of Applicant:
Project Category:
Property Status:
Local Government
Public Housing Authority
Nonprofit Organization
Tribal Housing Organization
Rental Housing X Acquisition
Owner -Occupied Rehabilitation
Homeless Shelter New Construction _X__
X
Other (describe)
Privately Owned X
Publicly Owned
Vacant Structure X
Vacant Property
Project Location/Address:
Target Area:
East of 16th Avenue, within City Limits
Target Population Income Level:
# of Units:
At or below 80% of Median
At or below 50% of Median 15
No income
Other (describe)
Total Units
Project Legislative District:
Special Needs Population:
Large Family
Length of Commitment to Serve Target Population: 30 Years
Proposed Project Budget:
HAP/AHP/HOME $ 1,000,000
Other State $ -0-
Federal $ -0-
Local Public $ -0-
Applicant $ 46,000
Private $ 1.154.000
Total $ 2,200,000
Approval of Authorized Officals City Manager
Signature Title
Name R.A. Zais, Jr. Date August 4. 1992
Page 1 (N/C)
14
• Briefly describe your project, detailing the use of, and need for, HAP/AHP/
HOME dollars.
This project will financially assist private developers in reducing capital construction costs of
larger units for affordable rent to families at 50% of federal median income levels.
The project will accept proposals from developers on the current waiting list who have site
control and will build three bedroom units. The project will require the owner to purchase the
development site. The private lender will finance 50% of the capital construction costs, and the
project will finance the other 50%. Only units that house families at 50% median income will
be subsidized, but mixed usage will be encouraged.
The Office of Housing and Neighborhood Conservation (OHNC) will prepare and package the
loans, monitor construction and assist the investor in tenancy occupancy.
The investor will continue to rent to very low income families for the term of the loan. Annual
increases are allowed based on increases in median :income levels.
This project would use $1 million in subsidy to match the $1 million in private financing to
develop a minimum of 35 three bedroom units. This match and site control makes the
established rent structure affordable (30%) to families that are at 50% of the federal median
income. These rents are well below the Yakima Housing Authority's determined fair market
rents and utility costs.
The OHNC has made the annual commitment to monitor the project for compliance throughout
the term of the mortgage. Each development will have encumbered titles for balloon repayment,
upon non compliance.
• Provide the projected schedule for your project's implementation.
Datt &LIY&
November 1992
December 1992
January thru February 1993
April 1993
May thru November 1993
December 1993
State contract signed.
Investors selected.
Loan packages sent to lender.
Construction starts.
Construction in progress.
Occupancy prescreened and established.
Page 2 (N/C)
HOUSING ASSISTANCE PROGRAM/AFFORDABLE HOUSING PROGRAM/HOME PROGRAM
Sources and Uses Statement
Fund Sources:
Committed
State HAP/AHP/ $
HOME Program
Other State
$
Conditional
Tentative
$ 1,000,000
$ $ $
$ $ $
Federal
$ $ $
Local Government $ $ $
Applicant $ $ 46,000 $
Private $ 1,154,000 $ $
Subtotals $ 1,154,000 $ 46,000 $ 1,000,000
TOTAL PROJECT COST: $ 2,200,000
Uses of Financing:
Acquisition $ 144,000
Pre -Development $ 10,000
New Construction $ 2,000,000
Rehabilitation $ -0-
Project Management $ 20,000
Development Costs $ 10,000
Services $ -0-
Operating $ -0-
Other Monitor $ 16.000
TOTAL PROJECT COST : $ 2,200,000
Page 3 (N/C)
WASHINGTON STATE
HOUSING ASSISTANCE PROGRAM/AFFORDABLE HOUSING PROGRAM/HOMPROGRMM
Housin era g Judget
Name of Organization: s New Construction (Non Applicablec)
Year 1 Year 5
Residential Income
Unit Type/Number/Rent x 12
Gross Po come
Less Vacancy Rate (
Other Revenue (Describe)
Effective Gross Income
Operating Expenses
Insurance
Heat
Electric
Water and Sewer
Garbage Removal
Repairs
Maintenance
Replacement Reserve
Operating Reserve
Management
Services
Other
Total Operating Costs
Real Estate Taxg�
Net Operating Income
Debt Service ( % on
_ for vearsl
Cash Flow Per Year
Page 4 (N/C)
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