HomeMy WebLinkAboutR-1993-010 Housing•
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RESOLUTION NO. R-93 1 0
A RESOLUTION
authonzing and directing the City Manager of the
City of Yakima to file an application with the State
of Washington Department of Community
Development for funding New Construction
Program.
WHEREAS, the City of Yakima contemplates a New Construciton Program
for which funding is available from the State of Washington Department of
Community Development, and
WHEREAS, the City Council of the City of Yakima deems it to be in the
best interest 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 of 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.
ADOP 1 ED BY THE CITY COUNCIL this
1993
ATTEST
City Clerk
C,T4 day of .
)eg&t_4-76/1
Mayor
City of Yakima
Office of Housing and
Neighborhood
Conservation
New Construction
Pre- Application
112 South 8th Street
Yakima, WA 98901
(509) 575-6101
February, 1993
EOUAI MOUSING
OPPORTUNITY
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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 Housing and Nghborhood Conservation Contact: Dixie Kracht Block Grant Manager
Applicant:
Address:
112 South Rth Street Address:
112 South 8th Street
Yakima, Washington Yakima„ Washington 98901
Telephone: (509) 575-6101
Tax I.D. #: 91-6001293
Type of Applicant:
Project Category:
Property Status:
Telephone:
Project Name:
Local Government
Public Housing Authority
Nonprofit Organization
Tribal Housing Organization
Rental Housing
Owner -Occupied
Homeless Shelter
Other (describe)
Privately Owned
Publicly Owned
Vacant Structure
Vacant Property
Project Location/Address:
Target Area. East of 16th Avenue, within City Limits
Target Population Income Level:
Number of Units.
At or below 80% of Median 20
At or below 50% of Median 20
At or below 30% of Median
No income
Other (describe)
Total Units
(509) 575-6101
New Co'struction
Acquisition
Rehabilitation
New Construction
Project Legislative District:
Special Needs Population:
Very low income
Length of Commitment to Serve Target Population:
Proposed Project Budget: Proposed Funding Sources & Programs:
HAP/AHP/HOME $ 500,000 1
Other State $ 0 2.
Federal $ 0 3
Local Public $ 0 4
Applicant $ 20,000 5
Pnvate $ 500.000 6
Total $ 1,080,000 Total
30
Years
14
• Approval Authp,t'ized Officals
Signature - 3C� �\
Name R.A. Zais
93-5-g 93/0
Page 1 of 4
Title
Date
City Manager
/aa /Q3
• Describe your project, detailing the use of, and need for, HTF dollars.
Please be as specific as possible with regard to housing and service needs,
necessity of state funding and projected cost determinants.
This project will financially assist private developers in reducing capital construciton costs
of larger units for affordable rent to families at 80% or below federal medina income levels
with a minimum of 20 units reserved for very low income families. 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 owenr to purchase the development site.
The private lender will finance 50% of the capital consturction costs, and the project will
finance the 50% Only units that house families at 50% median income will be subsidized,
but mixed usuage will be encouraged. The Office of Housing and Neighborhood Conser-
vation (OHNC) will prepare and package the loans, monitor construciton and asist 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.
The program wuld use $500,000 in subsidy to match the $500,000 in private financing to
develop a minimum of 40 three bedroom units. This match and site control makes the
established rent strudctrue affordable to families that are below 80% of the federal median
income. These rents are well below the Yakima Housing Authority's determine fiar market
rents and utility costs. OHNC has made the annual commitment to monitor the project for
compliance throughout ther term of the mortgage. Each development will have encumbered
titles for balloon repayment, upon non compliance.
The program will enable the private market to establsih forty units of mixed income
affordable rental units at a cost of approximately $25,000 per unit.
This program will encourage the partnership between public and private markets outlined
in the federal regulations accompanying the HOME funding resources. The encouragement
of private market rehabilitation rental units serves the long term purpose of maintenance and
administration that burdens the nonprofit sector.
• Provide the projected schedule for your project's implementation, includ-
ing funding commitments, construction schedule, and projected comple-
tion date.
Date Activity
Apnl 1993
May 1993
June thru July 1993
August 1993
August thru December 1993
January 1994
State contract signed
Investors selected.
Loans packaged and sent to lender
Construction starts
Construction in progress
Occupancy prescreened and established
Page 2 of 4
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HOUSING ASSISTANCE PROGRAM/AFFORDABLE HOUSING PROGRAM/HOME PROGRAM
Sources and Uses Statement
Fund Sources:
State HTF Program
Other State $
Federal
$
$
Local Government
Applicant
Private
Subtotals
Committed
N/A
$ 500,00
500,00
TOTAL PROJECT COST:
Conditional Proposed
$ N/A $ 500,000
$ 20,000 $
$ 60,000 $
$96,000 $ 500,000
$ 1,080,000
Uses of Financing:
Acquisition $ 40,000
Pre -Development $ 10,000
New Construction $1,000,000
Rehabilitation $ -0-
Project Management $ 20,000
Development Costs $ 10,000
Services* $ -0-
Operating Support $ -0-
Other Monitor $ 16,000
TOTAL PROJECT COST : $1,050,000
* Please explain with detail the uses, terms and conditons of conditional commitments.
Page 3 of 4
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WASHINGTON STATE
HOUSING ASSISTANCE PROGRAM/AFFORDABLE HOUSING PROGRAM/BOM/PROGRAM
Housing Operating Budget
Name of Project: New Construction (Non Applicable)
Residential Income
Unit Type/Number/Rent x 12
Gross Potential Income
Less Vacancy Rate_ %)
Other Revenue (Describe)
Effective Gross Income
II. O er�ating Expenses
Insurance
Heat
Electnc
Water and Sewer
Garbage Removal
Repairs
Maintenance
Replacement Reserve
Operating Reserve
Management
Services
Other
Total Operating Co ts,
Real Estate Taxes
Net Operating Income
Debt Service ( % on
for years)
• V Cash Flow Per Year
Year 1
Year 5 Year 14
Please attach a page of assumptions which support the budget
Page 4 of 4