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HomeMy WebLinkAbout03-12-14 HRDC West Edge Phase 3 CAHAB review BUILDING A BETTER COMMUNITY January 28, 2014 rn Mayor Jeff Krauss o Bozeman City Commissioners v PO Box 1230 t Bozeman, MT 59771 a► L ( � Dear Mayor Krauss and City Commissioners: The Human Resource Development Council wishes to thank the City of Bozeman for their support of our cWest Edge development.We are pleased to report that the project has provided 55 affordable homeownership units. Phase 1 consists of 24 units, 1 of which was sold privately before the HRDC r became involved in the development,with the remaining 23 occupied by renters. At this time, 19 units have been sold to qualifying households,and 4 units are occupied by renters;as these renters leave,the units will be sold. Phase 2 consists of 36 units,all of which have been sold to qualifying buyers. Of the 55 units sold in Phases 1 and 2: • Median Household income: 57%of Area Median income by household size;approximately $27,700 in household income • Average 1n mortgage:$65,210 • Average 1st mortgage payment(Principle, Interest,Taxes, Insurance and HOA dues):$625 • Average 2"d mortgage (deferred, no payment):$36,784 • 44 units were sold to households of 1 person, 7 were sold to households of 2,and 4 were sold to households of 3 or more. • Purchasers of 49 units had one or more adults working full-time.Seven units were purchased by households headed by elderly or disabled members working part-time or not employed. Now, in support of the City's housing plan,we are completing the third and final phase of our successful West Edge condominiums with 24 units slated for completion in July 2014. Based on estimated prices and available financing we project that 16 of these units will be sold to households with incomes less than approximately$28,000(for a household of 1)and$41,000(for household of 4), representing incomes of less than 60%of the Area Median Income by household size.The City's Affordable Housing plan allows for a request of$10,000 per ownership unit to be provided to households earning less than 60%AMI for down-payment assistance to create additional affordability.At this time,we request the reservation of$160,000($10,000 per unit)to be provided in the form of subordinate financing to eligible households. As always,we thank the Commission for their support of the HRDC and leadership for providing affordable homgo nership i our community. p: 406.587.4486 e: hello@thehrdc.org I Sin r I I a: 32 South Tracy Bozeman, Montana 59715 leffr y Presi HRDC 1 BUILDING A BETTER COMMUNITY City of Bozeman Affordable Housing Support Application Project Name: West Edge Condominiums, Phase 3 Developer(s): Human Resource Development Council of District IX, Inc. Non-profit partner(if applicable): HRDC Project Address: 210 South Cottonwood Road, Bozeman, MT Number of Buildings: 3 total, 1 in this request Number of Units: 84 total, 24 in this request Affordability Period: 30 years, with recapture of funds before that time period Type of request(grant, loan, grant sponsorship, or support letter): grant to provide down-payment assistance loans to qualifying households Please provide responses to the following questions as an attachment to this form. 1) Provide a brief description of the proposed project. Include information regarding project location, number of units,type of units, development/unit amenities and any other information you would like the city to consider. 2) Describe how the proposed project meets or exceeds the Green Building standards outlined in Appendix C of the City of Bozeman Affordable Housing Action Plan. 3) Explain how the proposed project is in support of the City of Bozeman's Affordable Housing plan and serves a target income group identified by the plan. 4) How will your firm ensure that the long-term management of the project will 1) provide adequate funding for project sustainability, and 2) be responsive to the needs of low-income residents? If your project is an ownership project, explain how your firm will support homeowners to promote long-term success. Attachments(for all support requests): • Narrative responses • Site plan • For each unit type: proposed rent,#of bedrooms,#of bathrooms, rent level (AMI targets) • Market Study • Project financial data—sources and uses; 10 year operating budget (rental projects); if supportive services are identified as crucial to the project, the operating budget must include forecasted revenue and expenditures for these services • List of development team, including relevant experience in developing/owning similar projects. Please attach resumes for key staff and firm principals. If the project is requesting financial assistance,please answer the following: Amount of financial assistance requested:$160,000.00 Number of units for which assistance is requested: 16 Please provide responses to the following narrative questions as an attachment to your request. 1) Explain how this request meets a critical housing need for the City of Bozeman. 2) Please list the other subsidies the project has applied for, the amount requested from those sources, if the funds have been awarded, or the anticipated award date. 3) Explain how your firm will ensure that funding provided by the City will be used to promote long-term affordability. For instance,will your project have an affordability period, resale, or recapture provisions? Is your firm proposing a loan or grant of assistance? Narrative responses for City of Bozeman Affordable Housing Application Applicant: HRDC IX, Inc. Project: West Edge Condominiums Phase 3 March 2014 1) Provide a brief description of the proposed project. Include information regarding project location, number of units, type of units, development/unit amenities and any other information you would like the city to consider. The West Edge Condominiums have been a development project of the HRDC since 2009,when we received a grant from the Montana Department of Commerce to purchase 23 condominiums and land for future phases as part of the Neighborhood Stabilization Program. We completed the purchase of the first building (23 units) in 2010 and began selling units to low and moderate income households. Phase 2, consisting of 36 units, was completed in 2011. Per our grant agreement,the HRDC commenced the design process for Phase 3 upon the completion of sales of Phases 1 and 2. Phase 3, located at 210 Cottonwood Road at the corners of Fallon and Cottonwood will provide 24 units, completing the development with a total of 84 units.The Phase 3 building will consist of 12 two-bedroom units and 12 three-bedroom units.The three story building has an elevator, and all units are adaptable for handicap-accessibility. West Edge presents a unique opportunity for low-income households to purchase in Bozeman.The units are offered at appraised value, however; our grant funding allows us to subsidize up to 50%of the purchase price. The subsidy is held as a deferred, 0%mortgage that is repaid when the household sells the property or it is no longer owner-occupied. In our Phase 1 and 2 buildings,the subsidy allowed households to purchase with first mortgages as low as$48,000.Additionally, we partnered with local banks, credit unions and the Montana Board of Housing to provide mortgages that did not carry private mortgage insurance requirements,further saving households on their monthly housing costs. For Phases 1 and 2,the average housing payment(principal, interest, taxes, insurance and HOA dues)was$625 per month. For households in the City's targeted homeownership bracket of 60%AMI and less,the average payment was$590/month. This represents an affordable payment(using 30%of income)for a one-income household earning $11.35/hour, or$23,608 annually, directly impacting a segment of the workforce that Bozeman hopes to assist. While pricing for Phase 3 is not finalized, we anticipate that we will be able to provide units ranging from $115,000 to$130,000, depending on unit size,with subsidies up to 50%of those prices. 2) Describe how the proposed project meets or exceeds the Green Building standards outlined in Appendix C of the City of Bozeman Affordable Housing Action Plan. With West Edge,the HRDC wants to provide a product that is not only initially affordable, but is also affordable and sustainable in the long-term.To that end, we have incorporated energy efficient building practices, materials and products in the construction of the buildings as outlined in Appendix C. Exterior building materials were selected for their durability, saving the HOA from costly maintenance. Interior features were chosen with the same eye for efficiency and durability with the goals of reducing energy and water consumption and assuring good indoor air quality. Specific guidelines are addressed below: 1. Reduce energy consumption by installing only EnergyStar appliances and equipment.These are to include: • Kitchen stoves and refrigerators Range—GE JB25ODFBB Electric Range, not Energy star rated.There is no ENERGY STAR label for any residential ovens, ranges, or microwave ovens at this time. Refer to: http://www.energVstar.gov/index.cfm?c=products.pr mw ovens ranges; Refrigerator—GE GSH25JGDBB, Energy star rated, 25.3 cu.ft. • Dishwashers. Dishwasher—GE GLDA690PBB, Energy star rated. • Clothes washers and dryers. GE GFWH1200DWW Frontload clothes washer, ENERGY STAR qualified and CEE Tier III; GE GFDN120EDWW Electric Clothes Dryer—Not Energy star rated.This product was selected for ADA compliance required by grant. . • HVAC systems. Carrier 59TP5A condensing forced air furnace, Energy Star 4.0, 95+AFUE • New light fixtures should be installed with compact florescent or other high-efficiency bulbs. All light fixtures are specified to be supplied with compact fluorescent or LED bulbs. • Water heaters should be well-insulated to reduce heat loss. Rheem 83VR66-2 Water Heater, 92% energy factor, thermal blankets supplied. 2. Conserve water and reduce energy consumption from water and space heating by installing only the following: • Showerheads — 3.0 gpm (gallons per minute) or less.Showerhead -American Standard T420.502, 2.0 GPM flow rate • Kitchen and bathroom faucets —2.75 gpm or less. Lavatory faucet—American Standard 2275.500, 1.5 GPM flow rate; Kitchen faucet-American Standard 4101.301, 2.2 GPM flow rate • Toilets—1.6 gallon per flush or less.Toilet—American Standard 211BA.104, 1.28 gpf • Insulation of all hot water supply and heating pipes to an R-3 value or higher. Hot water supply lines will be insulated to R-3; No circulating hot water systems are specified. • Seal all exposed hot air duct joints and add insulating wraps with an R-3 value or higher. Hot air duct joints are to be sealed with Hardcast water-based elastomeric sealant.All ductwork exists within the building thermal envelope.All ductwork to be insulated with 1 1/2" this fiberglass insulation board thermal conductivity 0.32 = R 3.125. 3. Assure good indoor air quality by incorporating the following measures: • Provide local mechanical exhaust ventilation to the outdoors in each bathroom and kitchen. In addition, all bathroom ventilation fans shall be ENERGY STAR qualified unless multiple bathrooms are exhausted with a multi-port fan. Bath fan vented to outdoors w/Panasonic FV-08VFL3, Energy Star, 2 zones; intermittent fan controller to comply with ASHRAE 62.2;fresh air supply via motorized louvered duct to furnace return-air plenum; listed and Labeled ductless range hood specified per IRC M1503.1 • Conventional clothes dryers shall be vented to the outdoors. Electric condensing dryers are not vented and shall be plumbed to a drain according to the manufacturer's instructions. Clothes dryers are specified to be vented outdoors. 3) Explain how the proposed project is in support of the City of Bozeman's Affordable Housing plan and serves a target income group identified by the plan. The proposed project is in support of Strategy 1.1 of the City's Affordable Housing plan, which reads: 1.1. Build affordable, income-restricted for-sale housing(nonprofits) Goal: Over five years, build 25 newly constructed, energy efficient affordable homes,targeting households with incomes from 40%to 80%of area median income (AMI). Implementers: HRDC and possibly Habitat for Humanity The West Edge Condominiums are income restricted to households earning less than 120%Area Median Income (AMI) by family size as outlined below. Household Size 1 2 3 4 5 6 Maximum Income 1 59,760 68,280 76,800 85,320 92,160 99,000 Obviously,the income limits are much higher than the incomes of households targeted by the development. Sales from Phases 1 and 2 resulted in median household income of 57%of AMI, or about$27,700 in annual household income. Thirty-one households earned less than 60%AMI by household size. Our grant requires that 8 of the 24 units in Phase 3 be sold to households earning less than 50%AMI.We anticipate, based off earlier sales that an additional 8 units will sell to households earning less than 60%AMI, with remaining units selling to households earning between 60 and 100%AMI. We will not have final pricing until we have received an appraisal near our completion date. Our grant requires that the homes are sold at appraised value,with a maximum subsidy of 50%of the purchase price.At this time, we anticipate that two-bedrooms will sell for$115,000, and three-bedrooms will sell for$130,000. With our estimated pricing structure and financing available through our partner lenders and the Montana Board of Housing (MBOH), Phase 3 can serve households earning as little as$20,800 per year, or a full-time employee earning$10/hour.This represents a household of 1 earning 42%AMI, or 36%for a household of 2. Not every household will qualify for the maximum subsidy, however; the maximum loan to value for the first mortgages is typically limited to 80%of the appraised value, as such;first mortgages will, at a maximum reach $104,000, affordable to households earning$30,000/year(50%AMI for a household of 1,44%AMI for a household of 2).We are proud to provide a market-based product that, paired with a subsidy, can meet the City's identified needs. 4) How will your firm ensure that the long-term management of the project will 1)provide adequate funding for project sustainability, and 2)be responsive to the needs of low-income residents?If your project is an ownership project, explain how your firm will support homeowners to promote long-term success. The HRDC provides homebuyer's education and pre-purchase counseling to all purchasers at West Edge through their HUD-approved homeownership center The Road to Home.This education and counseling component helps prepare buyers for the realities of homeownership and to ensure that they have created a sustainable post-purchase budget. Buyers are income qualified and payments are based on the buyer allocating no more than 30%of their income to housing costs(principal, interest, taxes, insurance, and HOA dues). Indeed, the vast majority of West Edge homebuyers find they pay far less for housing than when they were renters. Once a household has purchased at West Edge,they become part of the Homeowner's Association (HOA).The HOA is managed by a professional property management team that provides assistance in maintaining the property and the development's finances.The HRDC ensured that the HOA had adequate funding by providing start-up reserves and creating a long-term improvements plan.While the HRDC does not have a controlling interest in the HOA or management of the property,we attend HOA meetings and remain informed of the activities at West Edge.The large sums held in second mortgages by the HRDC effectively bind us to the property and its long-term success. Supplemental narrative responses for financial assistance 1) Explain how this request meets a critical housing need for the City of Bozeman. At the time of its adoption in 2012, the City's Affordable Housing Needs Assessment and Plan concluded homebuyers with incomes at or below 50%of Area Median Income (AMI) experienced "significant affordability gaps" and would need subsidies and/or below-market home prices in order to enter the market. Since that time, the cost entry-level ownership housing has increased dramatically.The City's housing affordability report for the quarter ending December 31, 2013 stated: Condominiums and townhomes in Bozeman remain affordable for households earning 100%or more of AMI. Median prices in Bozeman increased in the last quarter of the year,pushing households of less than four making between 80 and 100 percent of AMI out of the affordability range to purchase a home. Quarterly data on median sales of single family residences indicates that this type of housing is no longer affordable to those making 100%of AMI. Market data provided by the Gallatin Association of Realtors showed that the median price for attached (co ndo/townhomes) homes increased from $150,975 in 2012 to$174,000 by year end 2013, representing a 15% increase.A current search on Gallatinrealtors.com yielded three properties selling for less than $140,000 in Bozeman. West Edge provides an affordable homeownership option, often to those that believed they would always need to rent due to their income.The City's 2012 needs assessment actually identified a more acute need for rental housing, as it is generally through rentals that households earning less than 50%can be served.The needs assessment identified the need for two and three-bedroom units renting at or below $600 and $670, respectively; rents well above the mortgages paid by West Edge owners. We acknowledge that for a variety of circumstances homeownership is not always an appropriate choice, however; for those households for whom income is the sole barrier, we believe that West Edge provides a unique opportunity to begin building equity and own a stake in their community. In this time of near-zero rental vacancies,the ability to purchase a home and stabilize housing costs is valuable to low and moderate income households. 2) Please list the other subsidies the project has applied for, the amount requested from those sources, if the funds have been awarded, or the anticipated award date. Per our grant agreement with the Montana Department of Commerce, all Neighborhood Stabilization Program (NSP) program income (proceeds from sales of phases 1 and 2) must be used to construct Phase 3. These proceeds will provide approximately$1.7 million to the project. Other sources of subsidy, such as the HOME program, cannot be used for this project as the HRDC is the developer/owner and we are prohibited from providing HOME down-payment assistance on units we own. 3) Explain how your firm will ensure that funding provided by the City will be used to promote long-term affordability. For instance, will your project have an affordability period, resale, or recapture provisions?Is your firm proposing a loan or grant of assistance? All down-payment assistance funds provided at West Edge are recaptured upon sale or if the home is no longer owner-occupied. Upon recapture of the funds,we recycle the funds to assist a new eligible household.The recapture provisions are not forgivable and do not expire.The HRDC proposes that the City provide the funds to the HRDC as a grant to their revolving loan fund, with the agreement that funds recaptured will be used for down-payment assistance for eligible households. Estimated Pricing and affordability West Edge Phase 3 Unit Type Estimated Price* 2 bedroom 115,000 3 bedroom 130,000 *Prices are determined upon final appraisal Affordability at various loan to values -2 bedrooms Loan to value 50% 60% 70% 80% Estimated purchase price 115,000.00 115,000.00 115,000.00 115,000.00 1st mortgage 57,500.00 69,000.00 80,500.00 92,000.00 Interest rate 5.50% 5.50% 5.50% 5.50% Principal and Interest on First mortgage 326.48 391.77 457.07 522.37 Estimated taxes 85.00 85.00 85.00 85.00 Estimated insurance 25.00 25.00 25.00 25.00 HOA dues 135.00 135.00 135.00 135.00 TOTAL PITI $ 571.48 $ 636.77 $ 702.07 $ 767.37 Monthly income needed to spend no more than 33% on housing (per City HO goals): $ 1,731.75 $ 1,929.62 $ 2,127.49 $ 2,325.35 Annual income $20,781.04 $23,155.43 $25,529.82 $27,904.21 Hourly income for full-time $ 9.99 $ 11.13 $ 12.27 $ 13.42 AMI for HH of 1 42% 46% 51% 56% AMI for HH of 2 37% 41% 45% 49% AMI for HH of 3 32% 36% 40% 44% Affordability at various loan to values -3 bedrooms Loan to value 50% 60% 70% 80% Estimated purchase price 130,000.00 130,000.00 130,000.00 130,000.00 1st mortgage 65,000.00 78,000.00 91,000.00 104,000.00 Interest rate 5.50% 5.50% 5.50% 5.50% Principal and Interest on First mortgage 369.06 442.88 516.69 590.50 Estimated taxes 95.00 95.00 95.00 95.00 Estimated insurance 25.00 25.00 25.00 25.00 HOA dues 135.00 135.00 135.00 135.00 TOTAL PITI $ 624.06 $ 697.88 $ 771.69 $ 845.50 Monthly income needed to spend no more than 33% on housing (per City HO goals): $ 1,891.10 $ 2,114.77 $ 2,338.45 $ 2,562.12 Annual income $22,693.19 $25,377.29 $28,061.38 $30,745.47 Hourly income for full-time $ 10.91 $ 12.20 $ 13.49 $ 14.78 AMI for HH of 1 46% 51% 56% 62% AMI for HH of 2 40% 45% 49% 54% AMI for HH of 3 35% 40% 44% 48% AMI for HH of 4 32% 36% 39% 43% Ami for HH of 5 30% 33% 37% 40% Doz. t • Commission Memorandum CO. REPORT TO: Honorable Mayor and City Commission FROM: Wendy Thomas,Director of Community Developmen SUBJECT: Quarterly Report on Housing Affordability MEETING DATE: March 3, 2014 AGENDA ITEM TYPE: Consent RECOMMENDATION: Accept this report providing an update on housing affordability for the quarter ending December 31, 2013. HOUSING AFFORDABILITY: Condominiums and townhomes in Bozeman remain affordable for households earning 100%or more of Area Median Income(AMI). Median prices in Bozeman increased in the last quarter of the year, pushing households of less than four making between 80 and 100 percent of AMI out of the affordability range to purchase a home. Quarterly data on median sales of single family residences indicates that this type of housing is no longer affordable to those making 100% of AMI. The impact of the Federal Reserve winding down its bond buying program has,to date, had little impact on mortgage interest rates which have remained relatively constant since the last quarter. The latest Fed meeting shows indications that they are discussing raising interest rates which may impact future quarterly data. National housing sales data shows that many of the hottest U.S. real estate markets started to cool. In Bozeman the data provided by the Gallatin Association of Realtors (GAR) on single family,townhome and condominium sales over the last quarter indicated that the number of sales decreased but the median price increased. The number of sales for the quarter was impacted by the Federal Government shutdown in October,but the escalation in housing prices may have also had an impact on the number of sales. Report prepared February 13, 2014 71 2013-2014 max prices June 2013 Family size, Number of bedrooms 2,2BR 3,3 BR 4,3BR Unit type A, HH2 A, HH3 A, HH4 80%AMI(2013) 43,650 49,100 54,550 monthly income 3,638 4,092 4,546 30%(monthly payment PITI, MI, HOA) 1,091 1,228 1,364 less escrows for taxes and insurance (27%) -295 -331 -368 payment toward loan 797 896 996 interest rate 3.80% 3.80% 3.80% loan term 30 years 30 years 30 years present value (max mortgage-97%LTV) $170,963 $192,308 $213,654 Max Sales price $176,250 $198,256 $220,262 HH down-payment $5,288 $5,948 $6,608 Family size, Number of bedrooms 2,2BR 3,213111 4,3BR Unit type D, HH2 D, HH3 D, HH4 100%AMI 2013 54,600 61,400 68,200 monthly income 4,550 5,117 5,683 30%(monthly payment PITI, MI, HOA) 1,365 1,535 1,705 less escrows for taxes and insurance (27%) -369 -414 -460 payment toward loan 996 1,121 1,245 interest rate 3.80% 3.80% 3.80% loan term 30 years 30 years 30 years present value(max mortgage-97%LTV) $213,850 $240,483 $267,117 Max Sales price $220,464 $247,921 $275,378 HH down-payment $6,614 $7,438 $8,261 Assumptions: 1) Monthly payment is equal to 30%of gross monthly income 2) Escrows fortaxes, insurance, HOA dues and MI payments(if necessary)=27% 3) Interest rate=3%(MBOH bond rate as of May 16, 2013 plus 1/4 percent) 4) Loan term=30 years 5) Loan to value=97% 72 2013-2014 max prices October 2013 Family size, Number of bedrooms 2, 21311 3,3 BR 4, 31311 Unit type A, HH2 A, HH3 A, HH4 80%AMI (2013) 43,650 49,100 54,550 monthly income 3,638 4,092 4,546 30%(monthly payment PITI, MI, HOA) 1,091 1,228 1,364 less escrows for taxes and insurance(27%) -295 -331 -368 payment toward loan 797 896 996 interest rate 4.43% 4.43% 4.43% loan term 30 years 30 years 30 years present value (max mortgage-97% LTV) $158,519 $178,311 $198,103 Max Sales price $163,422 $183,826 $204,230 HH down-payment $4,903 $5,515 $6,127 Family size, Number of bedrooms 2, 21311 3, 21311 4, 3611 Unit type D, HH2 D, HH3 D, HH4 100%AMI 2013 54,600 61,400 68,200 monthly income 4,550 5,117 5,683 30%(monthly payment PITI, MI, HOA) 1,365 1,535 1,705 less escrows for taxes and insurance (27%) -369 -414 -460 payment toward loan 996 1,121 1,245 interest rate 4.43% 4.43% 4.43% loan term 30 years 30 years 30 years present value (max mortgage-97%LTV) $198,285 $222,980 $247,675 Max Sales price $204,417 $229,876 $255,335 HH down-payment $6,133 $6,896 $7,660 Assumptions: 1)Monthly payment is equal to 30%of gross monthly income 2) Escrows for taxes, insurance, HOA dues and MI payments(if necessary)=27% 3) Interest rate=4.83%(Consumer Money Rate, 10/22/2013,Wall Street Journal) 4) Loan term =30 years 73 2013-2014 max prices December 2013 Family size, Number of bedrooms 2,21311 3, 3 BR 4, 31311 Unit type A, HH2 A, HH3 A, HH4 80%AM1 (2013) 43,650 49,100 54,550 monthly income 3,638 4,092 4,546 30% (monthly payment PITI, MI, HOA) 1,091 1,228 1,364 less escrows for taxes and insurance (27%) -295 -331 -368 payment toward loan 797 896 996 interest rate 4.33% 4.33% 4.33% loan term 30 years 30 years 30 years present value (max mortgage-97%LTV) $160,402 $180,429 $200,457 Max Sales price $165,363 $186,010 $206,656 HH down-payment $4,961 $5,580 $6,200 Family size, Number of bedrooms 2, 21311 3, 21311 4,31313 Unit type D, HH2 D, HH3 D, HH4 100%AMI 2013 54,600 61,400 68,200 monthly income 4,550 5,117 5,683 30%(monthly payment PITI, MI, HOA) 1,365 1,535 1,705 less escrows for taxes and insurance (27%) -369 -414 -460 payment toward loan 996 1,121 1,245 interest rate 4.33% 4.33% 4.33% loan term 30 years 30 years 30 years present value(max mortgage-97%LTV) $200,640 $225,629 $250,617 Max Sales price $206,846 $232,607 $258,368 HH down-payment $6,205 $6,978 $7,751 Assumptions: 1) Monthly payment is equal to 30%of gross monthly income 2) Escrows for taxes, insurance, HOA dues and MI payments(if necessary)=27% 3) interest rate=4.33%(30 year Mortgage interest rate as reported on February 11,2014) 4) Loan term =30 years 74 m ao o ao In n o v- w w n r In ^ �-� N .~-i .N co to-i q p o 0 o o o o 0 o 00 r V1 V M N rl O CL g 1n _a a�,_ E `m ID g o S o 0 00 o 3 - - o 0 �) ~ �i a rn o N o o m m y c Y o = is r v N of o ld o 0 o v Io M o o y g rn r O Ol Ol r tD ul ✓1 r "6 I rl O .1 N m m F, D n w rl O N Ol+.+ 1n 1A VT V1 VT Vf v? 14 VT Vl IAA �- _ N V 2 Z. 0 to Sr+ N N N s O O C YO N yU O O ppppry���leq m m Ln c4 rn toC ' In F oc .Od V a0 r In O r O N vl vI 1ti to to Io pl V O Io LK ppp Cl N m N Ol w r ID oo O N Ol N® .-I "I VI 1n N ow L �� 1' p O Y W 1 ei m N m m m In O (n O IO t OD .^i N � N m m M 0 N y N O 0! 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We are a non-profit Community Action Agency (CAA)and Community Housing Development Organization (CHDO), dedicated to strengthening community and advancing the quality of people's lives. We work to achieve this by developing the resources (talent and capital)to help people of all ages and situations confront and overcome obstacles so they can improve their lives. We focus on seven strategic challenges and operate multiple programs to address these pressing human needs. We serve our community in the areas of Food and Nutrition; Housing and Homelessness; Child and Youth Development; Senior Empowerment; Community Transportation; Home Heating, Energy, and Safety; and Community and Economic Development. HRDC plays an integral role in the area's community development activities, administering and staffing the City's Community Affordable Housing Advisory Board, operating the County's only Community Development Corporation in a partnership with RURAL LISC(focused on building sustainable communities). HRDC serves as the Housing Authority for all communities, providing contract services to the communities of West Yellowstone, Big Sky,Three Forks, Livingston, White Sulphur Springs, and Bozeman to identify and address specific housing needs, primarily in the area of affordable and workforce housing. HRDC housing related projects HRDC has significant experience in project development and oversight including administration of the renovation of our existing building which involved a historic preservation component,total project cost of $1.2 Million.Additionally, HRDC has successfully managed and closed the following past HOME grants: (1992) Bozeman Land Trust, (1996)Colorado Apartments, (1997) Livingston Land Trust, (1999) Miles Building, (1999) Transitional Duplex, (2000) Sherwood Apartments, (2004) Habitat for Humanity. Furthermore, HRDC has been involved in the following housing-related projects: • 1991: Leased and then purchased two HUD repossessed houses • 1989: Built first three affordable homes • 1992: Built 20 homes in West Babcock Land Trust • 1995: Built West Babcock Apartments (24 Family Units) • 1996: Purchased and remodeled Colorado Apartments (8 elderly units) • 1997: Built 14 homes in Livingston Land Trust • 1998: Purchased Miles Building(39 units) • 1999: Built Transitional Housing Duplex • 2003: Received CDBG Grant and started the Homeownership Initiative (Road to Home) • 2004: Construction of Bridger Peaks with LIHTC Partner(60 elderly units) • 2004: HOME Grant to Partner with Habitat for Humanity to purchase 14 lots for home construction 2009: Neighborhood Stabilization Program Grant(administered via CDBG)to • 2004: HOME Grant to Partner with Habitat for Humanity to purchase 14 lots for home construction • 2009: Neighborhood Stabilization Program Grant (administered via CDBG)to acquire 24 condominiums and attached property for development. • 2010: Constructed 36 unit condominium development,West Edge Condos 0 2013: Began construction of Phase III West Edge Condominiums, an additional 24 unit structure Resource Property Management(RPM)was established in 1995 as a result of the HRDC addressing the need for affordable housing in Gallatin and Park Counties. RPM now manages over 300 rental units and office and educational facilities. HRDC's community development team is comprised of Heather Grenier,Chief Operations Officer; Martin Johnson, Project Manager; Tracy Menuez, Community Development; and Mary Martin, Director of Property and Assets. The team has a combined 58 years of experience in project and community development ranging from Historic Preservation to Land Trust Development to Affordable Housing Development to Home Ownership Development.The team has completed a total of over$20 million dollars in housing project developments. The HRDC is joined in the West Edge development effort by Intrinsik Architecture and Rotherham Construction. Both firms were involved in the construction of the Phase 2 West Edge building, and have a wealth of experience with multi-family residential construction projects.