HomeMy WebLinkAboutE.1. Hoover Way Subdivision Impact Fee RequestMEMORANDUM
TO: COMMUNITY AFFORDABLE HOUSING ADVISORY BOARD
FROM: ADDI JADIN, ASSOCIATE PLANNER
SUBJECT: HOOVER WAY MAJOR SUBDIVISION PRELIMINARY PLAT
APPLICATION NO. 17117
DATE: JUNE 7, 2017
Project Description: A Subdivision Preliminary Plat application to create a Major Subdivision with 28 affordable housing lots including 24 townhouse lots and 4 single-household lots, 2 common open space lots, and related street improvements. The application is utilizing the following Article 43 incentives: impact fee subsidy, reduction in parkland, reduced minimum lot sizes, concurrent infrastructure housing construction, expedited review for affordable housing, and reduced parking requirements. The application, including the Hoover Way Affordable Housing Plan (AHP) is currently under review by the Design Review Committee. If the AHP is approved and incentives used, a condition of approval will be imposed that requires recordation of the AHP.
More information regarding the project is provided in the attached documents.
Project Location: Property addressed at Sartain Street and Hoover Way, E /12, W 1/2 , SE ¼, SW ¼, Section 35, Township 1 South, Range 5 East, P.M.M City of Bozeman, Gallatin County, Montana.
Impact Fee Subsidy Request: Applicants are requesting the full subsidization of impact fees for the project. The total estimated request is $161,385.96. Please see attached Hoover Way Impact Fee Estimate.
Recommended Motion: Having considering the request and relevant information, we recommend approval of the impact fee subsidy requested for the Hoover Way Major Subdivision if it is determined that the AHP meets the requirements of the City of Bozeman Affordable Housing Ordinance.
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Relevant Citations from Bozeman Municipal Code: 1)Section 38.43.110. – Incentives available for affordable housing. Developers may applyfor incentives in conjunction with a development application by submitting an affordablehousing plan pursuant to Section 38.43.080. When the development includes Lower-pricedhomes affordable to households with an income of 70% or 80% AMI, the applicant mayapply for full or partial subsidization of impact fees, paid from municipal funds if suchfunds are available; such subsidization must be secured with a lien instrument due uponsale, transfer or non-rate/term refinance of the home.
Please see attached City of Bozeman Community Affordable Housing Fund spreadsheet andpage 2 of the Hoover Way Affordable Housing Plan for anticipated pricing of affordablehomes.2)Section 38.43.050. – Pricing of affordable homes. The city will calculate on an annualbasis the maximum sales price a developer may charge for each category of affordablehome included in a developer’s affordable housing plan.
Attachments: Hoover Way Preliminary Plat and Subdivision Narrative
Hoover Way Affordable Housing Plan and Site Plan Hoover Way Impact Fee Estimate City of Bozeman Community Affordable Housing Fund
CC: file
Hoover Way Major Subdivision
March 2017
Section 1 – Introduction and Project Narrative
Project Narrative
The application proposes to subdivide one lot to create 24 townhouse lots, four single‐household
lots for a total of 28 residential lots as well as street right of way and two common open space
lots. The project is proposed to be completed in one phase. The property is 2.72 acres (118,545
SF), zoned R‐3 (residential medium density district). The intent of the layout and design is to
reflect current neighborhood character while providing the maximum high quality affordable
housing. This is a truly unique project in that all 28 units (100 percent of the project) will be
affordable in perpetuity as part of a Community Land Trust, meeting City of Bozeman affordability
requirements. The property owner and applicant, HRDC, is a local non‐profit group with a proven
record of providing affordable housing to the City of Bozeman residents.
The Hoover Way Subdivision of 28 affordable housing lots intent is to assist in accomplishing the
goals and objectives of the City of Bozeman growth policy, including Goal H‐3– Encourage an
adequate supply of affordable housing and land for affordable housing.
Project Statistics
2781 Sartain Street
Property Owner and Applicant is a local non‐profit, HRDC
Lot size: 2.7214 Acres (118,545 SF)
R‐3 Zoning
28 Affordable Housing Lots‐ 25 Townhouse lots & 4 Single‐household lots
2 lots common open space lots for underground stormwater management
Estimated net density‐ 15.67 units/acre
60’ Right‐of‐Way for Hoover Way and Georgia Marie Lane
Boulevard plantings along public open space parcel
Parkland provided previously through the Baxter Square Subdivision
One Subdivision Variance Request
Please refer to the attached application packet for additional details.
Figure 1‐ Hoover Way Property
Hoover Way Major Subdivision
March 2017
Property History & Existing Conditions
The Hoover Way Subdivision is situated within the previous boundaries for the Baxter Square
Subdivision located in the E ½ of the SW ¼ of Section 35, Township 1 South, Range 5 East, Gallatin
County, Montana. The property is currently undeveloped. The surrounding area is zoned R‐3 to
the south/east (Baxter Square Subdivision), R‐4 to the north and county property zoned AS to the
west. Approximately 18.12 acres of property located north of Baxter Lane and west of Thomas
Drive in Bozeman were developed as part of the Baxter Square Subdivision and Planned Unit
Development (PUD) approved in 2003, which included the developed Baxter Square Phase 1 and
Phase 2. The Bozeman City Commission approved Baxter Square Planned Unit Development to be
developed in four phases with a total of 116 dwelling units. The Hoover Way property was
originally designed and platted specifically for the implementation of Baxter Square PUD Phase 4.
Baxter Square PUD has since expired.
A wetland delineation on the property was completed in July 2003 with the original subdivision
and PUD, identifying existing wetlands on the subject property. An updated wetland delineation
is scheduled to be performed Spring 2017 and completed prior to final plat. Impacts to the existing
wetlands will require 404 permitting. The property owner/applicant is working with Vaughn
Environmental Services on the completion of the wetland delineation and permitting for the
project. For a detailed discussion on the wetland and watercourse issues, please see Letter from
Vaughn Environmental Services.
Affordable Housing
The subdivision is proposing to utilize Section 38, Article 43, BMC Affordable Housing. The
Affordable Housing Plan can be found in Section III, which outlines the project’s compliance with
Article 43, BMC. Hoover Way’s 28 lots and subsequent dwelling units will be affordable in
perpetuity as part of a Community Land Trust.
The project is utilizing the following Article 43 incentives: impact fee subsidy, reduction in
parkland, reduced minimum lot sizes, concurrent infrastructure housing construction, expedited
review for affordable housing, and reduced parking requirements.
The property owner and applicant, HRDC, is a local non‐profit group with a proven record of
providing affordable housing to the City of Bozeman residents. HRDC is a private, non‐profit
community action agency, dedicated to strengthening community and advancing the quality of
people’s lives. HRDC provides over 40 services across seven strategic areas, including affordable
housing. Our organization is committed to providing innovative housing solutions across all levels
of the housing continuum, from homelessness to homeownership that ensure that every member
of our community can afford a place to call home. Previous affordable housing efforts have ranged
from the opening of the community’s Warming Center, providing 40 beds of emergency shelter,
to the development of West Edge Condominiums, which provided 84 units of affordable
homeownership housing.
Despite these achievements, affordable housing remains a critical need in the Bozeman
community. The proposed project expands upon the success of West Edge to provide an
affordable homeownership opportunity to 28 households. As the homes will be developed on
townhome and single‐household lots, HRDC proposes placing the lots in a Community Land Trust
Hoover Way Major Subdivision
March 2017
to guarantee affordability in perpetuity. HRDC has over 20 years of experience in land trust
stewardship, having developed Montana’s first community land trust, the West Babcock homes.
Utilizing the land trust concept will allow HRDC to achieve deeper affordability levels. In addition
to the pricing structure, HRDC has the capacity to provide down‐payment assistance in the form
of silent second mortgages to qualified households. The project will also have owner occupancy
requirements and resale restrictions to ensure that the homes remain a community asset in
perpetuity.
Parkland Dedication Requirements
The Baxter Square open space and park is directly adjacent to the Hoover Way residential
project, providing residents with recreational opportunities right out their front doors. The
Hoover Way Subdivision is utilizing the existing Baxter Square excess parkland credit to satisfy
its parkland requirement. A maintenance agreement will be put in place prior to final plat to
assist in the maintenance and upkeep of the Baxter Square Park.
Parkland Summary:
Existing Baxter Square Parkland (Credit) = 24,393.6 (0.56 acres)
Parkland Chart from Baxter Square Phase 3 Final Plat, Page 2
Required Hoover Way Parkland before Affordable Housing Incentive = 28,070 SF (0.644 Acres)
Parkland Calculations:
12 units per acre (max parkland density) x 1.79 acres (net acres) = 21.48 units
21.48 units x 0.03 acres = 28,070 SF (0.644 Acres)
Affordable Housing Incentive = 7,740 SF
The affordable housing parkland incentives allows a 1:1 square foot reduction in the amount of
parkland dedication required per square foot of lot size for lower homes up to 10% of total units.
Lot area for 10% of 28 lots = 3 lots
3 lots = 7,740 SF of lot area to be deducted from the total parkland requirement
Incentive Calculations:
Required parkland 28,070 – AF Incentive 7,740 = 20,330 SF Required Parkland
Final parkland requirements can be satisfied by the existing Baxter Square Parkland Credit and
no additional parkland is required for the Hoover Way Project.
Hoover Way Major Subdivision
March 2017
Subdivision Variance Request
The HRDC is requesting a variance from Section 38.24.060.B.4‐ Level of service standards to allow the Hoover Way
Subdivision to put into action one of the City’s highest priorities, affordable housing. This is a unique project in that
it is 100 percent affordable in perpetuity as part of a Community Land Trust. The variance specifically requests to
defer the construction of the Davis Lane and Baxter Lane intersection improvements until such time when the
adequate right‐of‐way is inevitably obtained and final design is completed by Public Works.
The City’s most current data from the City of Bozeman Transportation Master Plan, Existing and Projected
Conditions Technical Memorandum (May 23, 2016) indicates that the intersection of Davis Lane and Baxter Lane
currently operates with a Level of Service (LOS) F. The intersection is scheduled for construction in FY 2020 in the
City’s Transportation Capital Improvement Plan (CIP). Without the variance, the project could not receive final plat
approval until the intersection of Baxter Lane and Davis Lane was upgraded, significantly delaying and potentially
preventing the creation of 28 affordable homes in perpetuity within the City. For additional background, the
Intersection Level of Service Waiver that was approved by the Commission in the Fall of 2016 is not an option in
this instance because the right‐of‐way is not yet secured due to external circumstances.
The following is the response to the variance criteria per Section 38.35.070‐ Subdivision Variance:
1.The granting of the variance will not be detrimental to the public health, safety, or general
welfare, or be injurious to other adjoining properties;
Delaying the construction of Davis Lane and Baxter Lane intersection improvements will not be
detrimental to the public health, safety, or general welfare, or be injurious to other adjoining
properties. In fact, more affordable housing options will promote public health, safety and general
welfare. The City Commission’s findings within the affordable housing ordinance include an
understanding that “a lack of affordable housing affects the ability of many residents to find housing
which is adequate for their basic housing needs. A lack of adequate housing affects health, social
stability, and other issues which can have negative and intergenerational effects”. As stated in the
growth policy: “Income levels are not keeping up with the cost of housing in the City, and this is
having a serious impact on the quality of life of many of many of the City’s residents” (Bozeman
Community Plan, Page F‐10).
The Hoover Way subdivision proposes to create a residential lot affordable housing project. The
application proposes to subdivide one existing lot to create a total of 25 townhouse lots, three
remaining residential lots. The subdivision will be held by a land trust, supplying affordable housing
lots to Bozeman residents in perpetuity.
When completed, the Hoover Way project will add a minor amount of new vehicular trips into the
City’s transportation system, resulting in a negligible impact on the wait time at the Davis/Baxter
intersection. The proposed 24 townhouse lots and four R‐3 lots should result in a maximum of 28
total dwelling units. Assuming 25 total townhouse units, the peak afternoon hour results in 16
generated trips (ITE Trip Generation Rates – 9th Edition), which is well below the 100 peak hour trip
threshold as typically required for a traffic engineering study by the ITE Manual.
The intersection of Davis Lane and Baxter Lane currently operates with a Level of Service (LOS) F,
which is considered “failing” by the City of Bozeman. According to the Bozeman Transportation
Master Plan, intersection performance is evaluated in terms of vehicle delay. The amount of vehicle
delay experienced at an intersection correlates to measure called level of service (LOS). Therefore,
while the intersection is currently at a level of service F, the project will have a negligible effect of the
intersection’s wait time.
Hoover Way Major Subdivision
March 2017
The variance specifically requests to defer the construction of the Davis Lane and Baxter Lane
intersection improvements until such time as the adequate right‐of‐way is obtained and final design
is completed by Public Works. If the City had the right‐of‐way, this project would be eligible for the
level of service waiver since it meets the majority of the waiver criteria. The intersection
improvement project is funded and scheduled for construction within three years (FY 2020) in the
City’s Transportation Capital Improvement Plan (CIP).
The LOS waiver code section outlines the ability to request a variance if a waiver cannot be granted,
stating the following: “If the review authority does not grant a waiver from the level of service
standard under section 38.24.060.B.4, a subdivider or other site developer may request a variance
from the requirements of this section. If a variance is granted from the requirements of this section,
the variance applies only to the specific development proposal for which it was granted and shall not
be considered evidence for any other development proposal.”
2.Because of the particular physical surroundings, shape or topographical conditions of the
specific property involved, an undue hardship to the owner would result if strict
interpretation of this chapter is enforced;
The City is in the process, but has not yet acquired sufficient physical right‐of‐way to complete the
Baxter/Davis intersection improvements. A signal is proposed to be constructed to improve the
intersection to an acceptable level of service and is scheduled for construction in FY 2020 in the City’s
Transportation Capital Improvement Plan (CIP). The City is currently in litigation regarding the ROW
with adjacent property owners. This legal issue creates a governmental action outside of the
applicant’s control, and as such would constitute an undue hardship.
3.The variance will not cause a substantial increase in public costs; and
The City of Bozeman has identified and scheduled the intersection for improvements while seeking to
acquire the needed ROW. The funding for those improvements is identified and in place in the
Transportation Capital Improvement Plan. Therefore, by allowing the affordable housing project to
move forward and delay the requirement for improvements, the variance will not cause an increase
in public costs.
Indirectly, more affordable housing will, in theory, allow more residents to live closer to work. As
stated in the growth policy: “…the transportation impacts of workers commuting into the City from
outlying areas are exasperating traffic conditions” (Bozeman Community Plan, Page F16). Thereby
reducing these additional trips from residents who would otherwise be living outside of the city
limits, there will be less impact on the transportation system as a whole.
4.The variance will not, in any manner, place the subdivision in nonconformance with any
other provisions of this chapter or with the city's growth policy.
All other requirements will be met by the subdivision. The variance does not change any of the basic
standards for land development. The granting of the variance will be in the spirit and conformance with
the City’s growth policy by encouraging the development of affordable housing within the City. The
variance is in compliance with the City’s growth policy since the request is only to delay the requirement
of improvements until such time the ROW can be acquired by the City.
The growth policy supports and encourages this variance request with the following goals and objectives:
Hoover Way Major Subdivision
March 2017
Goal H‐3– Encourage an adequate supply of affordable housing and land for affordable housing.
(page 6‐4)
Objective 3.1 – Encourage the provision of affordable housing.
Objective 3.2 – Encourage the preservation and rehabilitation of the existing housing
stock to protect the health, safety, and welfare of Bozeman residents.
Objective 3.3. – Promote the development of a wide variety of housing types, designs,
and costs to meet the wide range of residential needs of Bozeman residents.
BLOCKOPEN SPACE (SF)LOTS (SF)TOTAL (SF)
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Hoover Way Affordable Housing Plan
Development Name: Hoover Way Major Subdivision
Project Location: Sartain Street and Hoover Way
Legal Description: E1/2, W1/2, SW ¼, SW ¼, Section 35, T.1S, R5E, of PMM
Current Zoning: R-3
Current Use: Vacant
Community Plan Designation: Residential
Property Owner and Applicant:
Human Resources Development Council of District IX
32 S Tracy Ave., Bozeman, MT 59715
Contact: Heather Grenier, President/CEO
406-585-4840
hgrenier@hrdc9.org
Introduction:
HRDC seeks the use of affordable housing incentives for the Hoover Way development. The
development is 100% affordable. Phase 1 of the development will consist of 24 townhomes, with a mix
of 2 and 3 bedroom homes provided. Additionally, the development has space to for a second
development phase which HRDC anticipates will provide 4 units through the city’s cottage housing
ordinance.
HRDC intends to place the subject property into their Community Land Trust in order to provide
permanently affordable homes.
1.Number of affordable homes proposed in each affordable home category and number of market-
rate homes
Hoover Way Subdivision Project
Townhouses – Phase 1 Phase 2 (estimate) Total
Total number of homes
for development 24 4 28
Total Number of market-
rate homes 0 0 0
Total Number of
affordable homes*** 24 4 28
** HRDC anticipates that Phase 2 will be developed utilizing the City’s cottage ordinance, and will likely
consist of 4 units. As these units will be smaller than the minimum square footages required by the
affordable housing ordinance, they are not included in the affordable housing plan pending a decision by
the City regarding minimum home sizes allowed in affordable housing units. It is the developer’s intent
to make these homes perpetually affordable by inclusion in a community land trust (CLT).
2.The number of bedrooms in each affordable home
Hoover Way Subdivision Project- Home Type and bedroom mix of Lower-Priced Homes
Townhouses – Phase 1 Phase 2 (estimate) Total
Studio and/or 1 bedroom
homes 0 2 2
2 bedroom homes 11 2 13
3 bedroom homes 13 0 13
Total Units 24 4 28
3.Anticipated Pricing and deed restrictions
HRDC will follow the pricing requirements of the Neighborhood Stabilization program (NSP), which
require that all homes be sold for appraised value. As the home’s affordability will be preserved in
perpetuity via a Community Land Trust (CLT), the home’s purchase price will only reflect the appraised
value of the home itself, not the value of the lot and infrastructure improvements. NSP further allows
for up to 50% of the home’s price to be subsidized via a deferred second mortgage. Through this
combination of the CLT and project down-payment assistance, 100% of the homes in the development
will be permanently affordable and necessitate buyers to take on mortgages far below the maximum
prices outlined in the City’s affordable housing ordinance. An anticipated pricing and down-payment
schedule is included below. All homes will have deed restrictions limiting appreciation utilizing a formula
that allows for a reasonable return while preserving affordability.
Sample pricing schedule (for discussion purposes only – actual prices will be determined via appraisal)
Appraised value: $220,000
Less site value: ($35,000)
Appraised value of home and improvements: $185,000 = Sales price to the buyer
Down payment assistance $30,000 (Can be up to 50% of sales price, $30,000
represents a likely average)
First mortgage to purchaser $155,000
Please note that this example, for the purposes of simplicity, does not take into account any down-
payment funds contributed by the buyer (NSP requires a minimum of $1,500), nor does it take into
account any closing costs.
4.Location of affordable homes in the development (lots in the plat or units within a site plan);
The entire project is considered affordable. Please see attached exhibit.
5.Timing of delivery of the affordable homes in relation to the market-rate homes in the development;
The entire project is considered affordable; therefore, no market-rate homes will be provided.
6.Marketing plan describing how affordable homes will be offered to the public;
HRDC will market the homes in the same manner as our previous affordable housing developments.
Our most valuable marketing tool is our homeownership education program, The Road to Home.
Through RTH, HRDC meets with hundreds of households seeking affordable homeownership
options. In previous developments, HRDC has contracted with a realtor to list the properties via
MLS. In the event that HRDC elects not to list the properties via MLS, HRDC will provide a 2.5% fee
to the purchaser’s agent to encourage realtor participation. As the purchasing structure is different
than the standard process, HRDC will produce a FAQ sheet to help buyers and their representatives
understand the unique financing and ownership structure for the Community Land Trust.
7.Plan for construction of affordable homes in phased developments.
Phase 1 will consist of 24 townhomes, to be completed by June 2018. Phase 2 is anticipated to be
developed with the City’s cottage housing ordinance, and will consist of 4 units. Phase 2’s
construction date remains to be determined.
8.Any other information that is reasonably necessary to evaluate the compliance of the affordable
housing plan with the requirements of this article.
As noted, the use of Neighborhood Stabilization funds to purchase the property, which will be
committed to a CLT provides HRDC the opportunity to create a development that exceeds the City’s
affordable housing ordinance by providing 100% affordability in perpetuity. By taking land and site
development costs out of the sales price, and offering deep down-payment assistance, the project is
able to serve households typically struggling to rent in Bozeman. The permanent deed restriction
ensures that the project remains a contributing factor to Bozeman’s affordable housing stock in
perpetuity.
9.The project is utilizing the following Article 43 incentives: impact fee subsidy, reduction in parkland,
reduced minimum lot sizes, concurrent infrastructure housing construction, expedited review for
affordable housing, and reduced parking requirements.
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WATERSTORMPONDBAXTER LANE SUBDIVISION No. 1BLOCK 1
BAXTER SQUARE SUBDIVISION PHASES 1 AND 2
BAXTER SQUARE SUBDIVISION
BLOCK 2
PHASES 1 AND 2
17 Fm 724
Janice E. Lewis
Ronald K. Lewis
PUBLIC PARK 1
Larilyn L. MillerH. Gwendolyn Swanby93 Fm 3646
LOT 5
17 Fm 724
Janice E. Lewis
Ronald K. Lewis
17 Fm 724
Janice E. Lewis
Ronald K. Lewis
17 Fm 724
Janice E. Lewis
Ronald K. Lewis
COS NO. 1827
TRACT C-1
203 Fm 3322
P. Andrew Van Orden
P. Andrew Van Orden
159 Fm 1588
Elizabeth Hager
Debbie L. Van Orden
75 Fm 656
LOT 3
LOT 2
Bruce W. Campbell
LOT 1
Richard L. Miller
34 Fm 1576Larilyn L. Miller
LOT 4
AS Zoning
N LINE OF SE 1/4, SW 1/4, SEC. 35
330.89(R)
15' Utility Easement
2 BEDROOM UNIT
3 BEDROOM UNIT
LEGEND
X10
X14
TOTAL UNITS = 24
SARTAIN STHOOVER WAYGEORGIA MARIE LANE
(60' R.O.W.)(60' R.O.W.) STORMWATER LOT STORMWATER LOTLINE TYPE LEGEND
PROPERTY LINE
SETBACK LINE
Hoover Way Subdivision Conceptual Layout March 14, 2017
N 1" = 80'-0"A1-1
1 SITE PLAN
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Hoover Way Affordable Housing Project
Impact Fee Estimate before AF Incentives
4.21.2017
Lot Lot Area Livable Area Total IF Fire/EMS WastewateTrans Water
Block 1
Lot 1 3985 1500 6,380.78$
Lot 2 2811 1500 6,149.30$
Lot 3 3330 1500 6,251.63$
Lot 4 3036 1500 6,193.67$
Lot 5 3035 1513 6,193.47$ 228.48 858.46 3447.31 1659.22
Lot 6 2003 1321 5,003.16$ 178.33 631.86 2932.39 1261.03
Lot 7 2003 1321 5,003.16$ 178.33 631.86 2932.39 1261.03
Lot 8 2961 1513 6,178.88$
Lot 9 3032 1513 6,192.88$
Lot 10 2004 1321 5,003.81$
Lot 11 2004 1321 5,003.81$
Lot 12 2960 1513 6,178.68$
Lot 13 2981 1513 6,182.82$
Lot 14 2005 1321 5,004.00$
Lot 15 2006 1321 5,004.20$
Lot 16 3008 1513 6,188.15$
Block 2
Lot 1 2907 1531 6,168.23$
Lot 2 2142 1321 5,031.02$
Lot 3 2614 1531 6,110.46$
Lot 4 2791 1531 6,145.36$
Lot 5 2142 1321 5,031.02$
Lot 6 2830 1531 6,153.05$
Block 3
Lot 1 2736 1531 6,134.52$
Lot 2 2139 1321 5,030.43$
Lot 3 2787 1531 6,144.57$
Lot 4 2787 1531 6,144.57$
Lot 5 2139 1321 5,030.43$
Lot 6 2814 1531 6,149.90$
TOTAL 161,385.96$
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COMMUNITY AFFORDABLE HOUSING FUNDGRAND2012 2013 2014 2015 2016 2017 TOTALSyear‐to‐date 2012 ‐ 2017FUND BALANCE ‐ BEGINNING 318,927$ 327,914$ 337,394$ 347,769$ 324,817$ 504,432$ PLUS: REVENUES# mills levied 0.50 0.50 0.50 1.00 3.00 3.00 value of 1 mill 82,062$ 83,226$ 85,637$ 87,894$ 86,564$ 89,758$ Property Tax Revenues 41,031$ 41,885$ 42,819$ 88,470$ 257,191$ 146,927$ 618,323$ Loan repayments (P&I) 5,000$ 5,000$ 5,000$ 9,796$ 10,167$ 7,251$ 42,214$ Fund Interest Income 2,956$ 2,596$ 2,555$ 2,958$ 3,452$ 443$ 14,959$ Big Box Fund transfer of housing portion 56,248$ 56,248$ misc ‐ appreciation recapture, donations, etc10,030$ ‐$ 10,030$ TOTAL REVENUES 48,987$ 49,481$ 50,374$ 157,472$ 280,840$ 154,621$ 741,774$ ‐ LESS: EXPENDITURESHRDC Road To Home (40,000)$ (40,000)$ (40,000)$ (40,000)$ (40,000)$ ‐$ (200,000)$ GMD/Larkspur Commons/Homeword Impact Fee grant(200,000)$ (200,000)$ Habitat For Humanity assistance: 4 lots‐$ Affordable Housing Study ‐ Werwath (24,500)$ (14,835)$ ‐$ (39,335)$ Owner Occupied Home Rehab ‐ HRDC‐$ Rental Housing Survey ‐ Open Window Consult. (5,671)$ (5,671)$ Public Notice ‐ newspaper publishing (85)$ (85)$ West Edge Condos down payment assistance (110,000)$ (110,000)$ HRDC administer RLF, staff support(14,400)$ ‐$ (14,400)$ Reach Inc Group Home support(31,990)$ (31,990)$ misc ‐ travel/training/supplies (167)$ (167)$ TOTAL EXPENDITURES (40,000)$ (40,000)$ (40,000)$ (180,423)$ (101,225)$ (200,000)$ (601,648)$ ‐ NET CHANGE IN FUND BALANCE 8,987$ 9,481$ 10,374$ (22,952)$ 179,615$ (45,379)$ 140,126$ FUND BALANCE ‐ ENDING 327,914$ 337,394$ 347,769$ 324,817$ 504,432$ 459,053$ 459,053$ 459,053$ POTENTIAL REMAINING OBLIGATIONS:CONTRACT WITH HRDC: ADMIN OF RLF LOANS + CAHAB ASSIST (14,400)$ FY17 ROAD TO HOME PROGRAM (40,000)$ ADMIN FOR AFFORDABLE HOUSING (8,000)$ AFFORDABLE HOUSING ACTION PLAN UPDATE (10,000)$ IMPACT FEES FOR HOME PURCHASE (100,000)$ IMPACT FEES FOR RENTAL HOUSING (40,000)$ PURCHASE PROPERTY FOR AFFORDABLE HOUSING (100K cut) ‐$ EMERGENCY SHELTER (25,000)$ DOWN PAYMENT ASSISTANCE (50,000)$ TOTAL POTENTIAL REMAINING OBLIGATIONS: (287,400)$ ADJUSTED FUND BALANCE IF ALL ABOVE PAID: 171,653$ ADD: ANTICIPATED REMAINING REVENUE (Tax, etc.) 129,446$ PROJECTED ENDING FUND BALANCE: 301,098$ Fiscal Year