HomeMy WebLinkAboutF.1.e Staff memo to CAHAB - HRDC Willow Springs Ph II Funding Request 07-08-206/26/2020
Community Housing Advisory Board Memorandum
REPORT TO: Chair Thane and Board Members
FROM: Tanya Andreasen, Community Housing Program Manger
SUBJECT: Request from HRDC for $240,000 for the reimbursement of construction costs
associated with Phase II of the Willow Springs Townhomes.
MEETING DATE: July 8, 2020
AGENDA ITEM TYPE: Action
RECOMMENDATION: It is the recommendation of staff that the request should be funded
at the requested level of $240,000. The completion and approval of a grant agreement and
amended affordable housing plan will be needed before presentation to the City Commission.
This funding request aligns with the CAHAB approved Community Housing Fund Philosophy
(see Community Housing Fund Allocation Process and Priorities) as it will use the funds to
create more housing units in Bozeman, and provides a valuable return on the investment of these
funds as the homes are restricted by a ground lease and held in a Community Land Trust to
ensure long-term affordability.
Using CAHAB’s recommended Community Housing Fund Proposal Scoring Methodology,
CAHAB’s composite score was 49.94 points (38.3 average points for the first section, and 11.64
for the second). The total possible points for a funding request application with dwelling units in
the project is 42 points. The overall percentage score for this proposal from five CAHAB
members is 119%. Staff also scored the application, giving it 52 points (42 in the first section
and 10 in the second) and an overall score of 123.8%. CAHAB composite score and staff score
align closely, giving additional support to a positive staff recommendation for this funding
request.
SUGGESTED MOTION: Having reviewed and discussed the funding request from HRDC, I
move to recommend City Commission approval of an amount not to exceed $240,000.
ALTERNATIVES:
1. Approve the proposed motion
2. Approve the proposed motion with modifications as specified by the Board
3. Other action as determined appropriate by the Board
FISCAL EFFECTS: The fiscal year 2020 budgeted fund balance after all proposed and
recommended funding and expenditures remains at over $1,200,000 on the date this
memorandum was written. Fully funding this request would leave the fund with $995,505.