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HomeMy WebLinkAboutF. Blvds Darlinton presentation 9.9.20Boulevards Apartments and Darlinton Manor Preservation The Boulevards 6 West Babcock 41 units (39 subsidized S8MR) 3 studio, 36 one bedroom, 2 two bedroom Darlinton Manor 606 North 5th 100 units (85 subsidized PBS8) 32 Studio, 68 one bedroom •Both buildings are elderly/disabled designated •Very low, often fixed incomes •Boulevards: 41 units (39 with current subsidy) •Darlinton: 100 units (85 with current subsidy) •Acquisition rehab process would add 17 subsidized units •Subsidies ensure that residents pay 30% of income toward rent Current Residents Where does preservation fit in? Darlinton/Blvds Arrowleaf/Perennial Willow Springs Warming Center About 38% of Bozeman’s low-income renters earn below 30% of AMI Bozeman Housing Needs Scope of work -Boulevards •Electrical rewiring/systems upgrades •Sprinkler system install •New elevator •Windows •Roof •Accessibility upgrades •Units •Appliances •Cabinets•Flooring•Fixtures Scope of work -Darlinton •Windows •Roof •Accessibility upgrades •Units •Appliances •Cabinets •Flooring •Fixtures Budget Uses Acquisition 12,500,000 Rehabilitation 7,484,750 Furnishings 245,217 Contingency 741,000 Relocation 775,500 Architect and Engineering 381,000 Construction Financing Fees and Interest 2,186,511 Permanent Financing Costs 318,177 Legal 130,000 Reserves 760,776 LIHTC Syndication Costs 462,679 Permitting 61,304 Developer Fee 3,478,213 TOTAL USES 29,525,127 Construction Sources Construction Loan 21,000,000 LIHTC Equity 1,845,233 Developer Note 2,568,948 Housing Trust Fund 1,000,000 City of Bozeman 500,000 Deferred Developer Fee 2,610,946 TOTAL CONSTRUCTION SOURCES 29,525,127 Permanent Sources Permanent Loan 16,277,508 LIHTC Equity 7,380,932 Developer Note 2,568,948 Housing Trust Fund 1,000,000 City of Bozeman 500,000 Rehab NOI 571,852 Deferred Developer Fee 1,225,887 TOTAL PERMANENT SOURCES 29,525,127 Milestone Date Acquire Boulevards Jul-19 Extend Boulevards subsidy contract Oct-19 Acquire Interest in Darlinton Jul-20 Submit Tax Credit and Bond Applications Aug-20 HTF, City Funds, Risk Share Loan Submit Application for HTF Sep-20 Submit Application for City Funds Aug-20 Request to MBOH for Risk Share Loans Sep-20 Order Third Party Reports June - August 2020 Design and Engineering June - August 2020 Scope Finalization Aug-20 Plan Check Submission Sep-20 Permit Nov-20 Select Contractor Sep-20 Finalize Schedule of Values Oct-20 Finalize Construction Contract Oct-20 Finance and Legal Select Investor and Lender Aug-20 Due Diligence/Underwriting Aug-Oct 2020 LIHTC Partnership, Loan, Bond and HUD docs complete Oct-20 HUD Process Submit Applications for MUTM and RAD Aug-20 Complete HUD Legal Review Sep-20 Receive HUD Approval Oct-20 Close on the Financing and LIHTC Nov-Dec-20 Issue Notice to Proceed Dec-20 Construction Mobilization Dec-20 Begin Unit Renovations/Relocation Jan-21 Construction Completion Mar-22 Blvd/Darlinton Schedule Schedule Questions? Thank you!