HomeMy WebLinkAbout013 Affordable Housing Plan
North 3rd Apartments Executive Summary Property Description The North 3rd Apartments project is located at North 3rd & Peach in Bozeman, MT. The property is planned to have 216 affordable housing units consisting of 80 one-bedroom units, 84 two-bedroom units, 48 three-bedroom units and 4 four-bedroom units. Property amenities include a clubhouse/community room with a workout facility, playground, picnic area and an on-site
manager. Unit amenities include blinds, central heating and air conditioning, walk-in closets and in-unit washer/dryer connections. Kitchen appliances include a garbage disposal, oven/stove, refrigerator, and dishwasher. There will be 341 uncovered parking spaces provided on the site. North 3rd apartments in currently in Site Plan Approval with the goal of submitting for full
building permits on 3/29/23. Permit delivery is estimated to occur on 6/12/23 with construction
starting in Q3 of 2023. Construction is estimated to take 615 calendar days with buildings being delivered in the Summer of 2025. DevCo will seek a new issuance of tax-exempt bonds and 4% LIHTCs through the Montana
Board of Housing and will extend the affordability commitments. All units at the project are
planned to be set at 60% of AMI in Gallatin County.
DevCo Mission Statement
DevCo Preservation uses its extensive experience in the management, construction and financing of affordable housing to revitalize existing properties and build long lasting communities. By planning extensive renovations and making long-term affordability commitments DevCo
Preservation provides quality, affordable housing in growing markets where it is needed most.
Affordable Housing Plan 1. The proposed development shall have 216 affordable homes set at 60% of AMI for
Gallatin County. 2. See elections in chart below. 3. There will be 80 one-bedroom units, 84 two-bedroom units, 48 three-bedroom units and 4 four-bedroom units all designated as affordable housing.
4. All homes at the project will be rental housing.
5. All units will be affordable. See Site Plan for building locations. 6. All units will be set at 60% of AMI for Gallatin County. 7. The requested incentive for the project will be a reduction in the parking ratio to one stall per dwelling unit per 3d. of Deep Incentives.
8. The units shall remain affordable for a minimum period of 30 years. A restrictive
covenant will be recorded that demonstrates this commitment to affordability. 9. Does not apply. The project does not include phased construction. 10. Does not apply. The project does not include phased construction. 11. Project will include 100% affordable homes at 60% of AMI for a period of 30+ years.
12. Does not apply. All units will be affordable at the project.
13. Does not apply. The project does not include phased construction.