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HomeMy WebLinkAboutA5. GMD Development1 Commission Memorandum REPORT TO: Honorable Mayor and City Commission FROM: Wendy Thomas, Community Development Director SUBJECT: GMD Development LLC and Homeword request for financial support from the City Affordable Housing Fund for the construction of up to 136 units of affordable rentals on property located between North 12th and 14th Avenues, South of Oak Street and North of Manzanita Drive MEETING DATE: May 11, 2015 RECOMMENDATION: Authorize the use of Affordable Housing Funds supporting the GMD Development’s application to the Montana Board of Housing for low income housing tax credits for up to 136 units of rental units affordable to household earning 60% or less of Area Median Income (AMI). BACKGROUND: GMD Development, LLC has submitted a request for the City’s financial support of the group’s proposed project and application to the Montana Board of Housing for low income housing tax credits. GMD is proposing the construction of an affordable apartment complex, with a minimum of 110 units and up to 136 units. The units will be leased to households earning 60% or less of area median household income. The Community Housing Advisory Board (CAHAB) reviewed this item at their April 8, 2015 meeting and voted 4-3 to recommend to the City Commission that up to $50,000 be allocated from the Affordable Housing Fund to support the project. The developer requested $200,000 in financial support. CAHAB expressed concern that the proposed units would be serving an income range that is higher than the income range previously used as a benchmark for support, ie 40% or below of AMI. CAHAB noted that the Affordable Housing Action Plan 2012-2016, Strategy 1.4 (provided below) recommends that City funds be used to pay impact fees for units serving those earning 30% to 40% AMI. In addition, Appendix B of the Plan offers guidance on City financial support for affordable housing. The sub-sections within the apprendix are unclear, however, one statement sets the maximum subsidy per unit at $20,000. The Plan recommends a consideration be made for units serving lower income households, but the City Commission has not adopted, as recommended in the Plan, a formal policy that outlines what projects will be given financial support from the Affordable Housing Fund. In addition, the Plan recommends that the Green Building standards outlined in Appendix C be required of applicants requesting funds. CAHAB struggled with making a recommendation for funding, in part, based on past practice that only units serving the lower income households were eligible for City funds. 341 2 The Plan states that an evaluation criteria be used to determine if an application should be supported. In 2014, the City Commission approved the application and scoring sheet that was recommended for use by CAHAB. You will find the scoring sheet as part of the enclosed application from GMD Development, Inc. The draft minutes of the April 2015 CAHAB meeting are attached for your reference. Based on the Action Plan, the community goal between 2012 and 2016 is to create 200 multi-family units using LIHTC to make rents affordable to households earning between 30 and 60% AMI. Until this year, the community had been unsuccessful in securing approval from the Montana Board of Housing for use of tax credits in Bozeman. Summit Housing is currently in the process of securing development approval for a LIHTC project that will provide 48 units of affordable rentals. The GMD request will create between 110 and 136 additional units of affordable rentals. Allowing the community to largely fulfill our ambitious, but needed, goal to create a measurable amount of affordable rentals. UNRESOLVED ISSUES: CAHAB recommended $50,000 be allocated to support the GMD Tax Credit development. The developer is requesting approval of $200,000. Staff recommends supporting the project at the full funding request of $200,000 with half of the funds coming from FY 15 budget and half from the FY 16 budget. This level of support can only be made if the City Commission approves setting aside sufficient mils to support affordable housing. ALTERNATIVES: 1) Authorize the use of Affordable Housing Funds to support GMD request; 2) Do not authorize the use of Affordable Housing Funds to support the GMD request; or 3) As determined by the Commission. . FISCAL EFFECTS: The Affordable Housing Fund is attached for your reference. CAHAB recommends an allocation of $50,000 for the project. Staff is recommending support in the amount of $100,000 in FY 15 and $100,000 in FY 16. Attachments: Application Packet from GMD April 8, 2015 CAHAB Meeting Minutes, Draft 342 3 Affordable Housing Action Plan 2012- 2016 Montana Board of Housing Letter to GMD Affordable Housing Fund Balance Sheet Report compiled on: May 2, 2015 343 344 345 346 347 City of Bozeman Application for City Support of Affordable Housing Activities Evaluation Criteria: 1.) Market Data: Please see full Market Study dated March 2015 prepared by Property Dynamics for greater discussion. Excerpts provided below.  Indicated market demand for 420 additional rental units for 1-5 person households at 60% AMI.  Renters in the Bozeman area currently have very few options.  Vacancy rates at market rate apartments are at 1%.  Vacancy rates at tax credit properties are at 0%.  Wait list for section 8 vouchers increased 12% in one year.  Rents have increased 16-22% since 2010, and 8-12% since July 2014.  Population of Bozeman has increased nearly 7% in three years.  Employment growth in Bozeman is at 4% from 2014 to 2015.  Unemployment in Bozeman is at 3.1%.  Strong economic climate for Bozeman and population growth place further strain on the housing market.  Rents at the proposed project will target households at or below 60% of the Area Median Income (AMI) and as scheduled are 16-22% below market rate rents.  A survey of the market indicated 1,209 eligible households. 2.) Project financial data: Please see attached sources and uses, unit mix, and 10-year operating data. 3.) Capacity of Project or Program Team: Please see attached resumes from GMD Development, Homeword, and Intrinsik for greater discussion. The proposed project will be sponsored in partnership between GMD Development LLC, a Seattle based affordable housing developer and advocate, and Homeword, a 501(c)(3) not-for- profit, mission based, housing provider located in Missoula, Montana. With more than 20 years of experience developing, renovating, and preserving affordable housing, GMD Development and Homeword have a long history of successful collaboration on other projects throughout Montana. The project Architect will be Intrinsik, a full service design firm based in Bozeman, Montana providing professional Architecture and Planning services throughout the region. Intrinsik has a great deal of experience with multi-family housing and is a strong proponent of the need to develop more sustainable, quality affordable housing options for the community. Project Development Team  Project Developer / Sponsor: GMD Development  Project Non-profit Co-Developer / Sponsor: Homeword  Project Architect: Intrinsik  General Contractor: TBD 348 City of Bozeman Application for City Support of Affordable Housing Activities (Continued) 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. (Please see attached narrative for greater discussion).  The proposed Oak Meadows Affordable Housing Project is located just off Oak Street at the NE corner of Manzanita Drive and North 15th Avenue.  The proposed project is in the very early stages of feasibility and no design work has been done. However, preliminary feasibility suggests a site plan of 110 to 136 units.  The proposed development will include a combination of 1 bed 1 bath, 2 bed 1 bath, 2 bed 2 bath, and 3 bed 2 bath units in several different building types.  Three bedroom units will be designed as town homes with attached garages.  Renewable energy systems, such as solar-thermal hot water will be incorporated to offset utility costs for the residents and the common area operations.  Common area amenities will include community garden, outdoor gathering spaces, indoor community room with kitchen, and on-site leasing office.  The proposed project will be financed primarily with tax exempt bonds and Low Income Housing Tax Credits.  The proposed project is in need of additional sources of funding to make it feasible. 2.) Describe how the project meets or exceeds the Green Building standards outlined in Appendix C of the City of Bozeman Affordable Housing Action Plan. The proposed development will meet and in some cases exceed all of the criteria identified in the Green Building Standards outlined in Appendix C of the City of Bozeman Affordable Housing Action Plan. The three categories described in the Green Building Standards are noted below together with the measures to be included in the proposed development plan in order to address. 1.) Reduce energy Consumption by installing only EnergyStar appliances and equipment. The proposed development will be designed to include only EnergyStar appliances and equipment. 2.) Conserve water and reduce energy consumption from water and space heating by installing only the following: Showerheads – 3.0gpm or less Kitchen and Bathroom faucets – 2.75gpm or less Toilets – 1.6gpm or less Insulation of all hot water supply and heating pipes to an R-3 value or higher Seal all exposed hot air duct joint and add insulating wraps with an R-3 value or higher. The proposed development will be designed to include all of the above. 3.) Assure good indoor air quality by incorporating the following measures: 349  Provide local mechanical exhaust ventilation to the outdoors in each bathroom and kitchen. (All bath fans to be EnergyStar).  Conventional clothes dryers shall be vented to the outdoors. 3.) Explain how the proposed project is in support of the City of Bozeman’s Affordable Housing Action Plan and serves a target income group identified by the plan.  The City of Bozeman Affordable Housing Action Plan identifies a need for 240 affordable rental units. The proposed project would provide 110 to 136 affordable housing rental units.  The City of Bozeman Affordable Housing Action Plan encourages the use of Federal Low Income Housing Tax Credits. The proposed project would leverage local resources by combining together with tax exempt bonds and 4% low income housing tax credits.  The City of Bozeman Affordable Housing Action Plan identifies a goal to provide access to decent and affordable housing. The proposed project would provide 110 to 136 brand new affordable housing rental units with modern systems.  The City of Bozeman Affordable Housing Action Plan cites a lack of affordability with 49% of renters paying more than 30% of their incomes for housing. The proposed project would provide 110 to 136 brand new affordable housing rental units with rents at or below 60% AMI. In addition, tax credit rents at 60% AMI for the proposed are currently 18-26% below market.  The City of Bozeman Affordable Housing Action Plan cites no affordable subsidized rental housing developed since 2005. The proposed project would provide 110 to 136 brand new affordable housing rental units with rents at or below 60% AMI.  The City of Bozeman Affordable Housing Action Plan Strategies outlined in Part II of the plan section 1.4 States a goal to produce 200 multi-family units using federal LIHTC and other subsidies to make rents affordable to households with incomes from 30%-60% AMI. The City will encourage and support projects that meet the City’s criteria for quality and affordability. The proposed project would provide 110 to 136 brand new affordable housing rental units with rents at or below 60% AMI.  The City of Bozeman Affordable Housing Action Plan Encourages energy efficient residential construction. The proposed project would provide 110 to 136 brand new affordable housing rental units utilizing modern construction materials and methods as well as energy efficient systems, fixtures, and appliances. 350 4.) How will your firm ensure that the long-term management of the project will 1.) provide adequate finding for project sustainability, and 2.) be responsive to the needs of low-income residents?  The primary source of funding for the proposed project will come from an issuance of tax exempt bonds and the 4% Federal Low Income Housing Tax Credit this lower cost debt together with other subsidies will enable the project to maintain rent levels at and below 60% of AMI which are currently forecasted to be 18-26% below market, according to recent market data.  Having developed and owned nearly 6,000 affordable housing units in 40 properties, we are very familiar with the needs of affordable housing communities. We take very seriously our commitment to provide clean, safe, high-quality affordable housing and together with the help and support of CAHAB and the City of Bozeman we hope to have an opportunity to develop one of our projects in the City of Bozeman. 351 City of Bozeman Application for City Support of Affordable Housing Activities (Continued) 1.) Explain how this request meets a critical housing need for the City of Bozeman. According to recent market data (see attached market study dated March 2015 prepared by Property Dynamics) there is an indicated demand of 420 additional rental units for 1-5 person households earning 60% of the current area median income (AMI). Current AMI for Gallatin County is $68,600. The vacancy rate for City of Bozeman apartment product is at 1% and the vacancy rate for tax credit properties in Bozeman is at 0%. Vacancy rates this low further indicate strong demand for more rental product. In addition limited housing supply continues to drive up the cost of rents - out of reach for most renters earning service-industry or other working-class wage. In the last year alone (February 2014 to February 2015) rental rates have increased 8-12%. The proposed project, targeting wage earners at or below 60% AMI, would bring to market brand new, affordable housing product for 110 to 136 households with rent levels below market by 18 to 26%. 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 date of award. There are several critical factors that make the proposed project feasible today, however, they are time sensitive which could render the project unfeasible in the near future.  The proposed project relies on a renewable energy tax credit providing more than $700,000 in tax credit equity that will expire at the end of 2016. For this reason construction must begin in the fall of 2015 in order to secure that funding resource. The expedited timing associated with expiring tax credit limits our ability to pursue other sources of funding such as HOME and CDBG which take a much longer time to secure and would put at risk the renewable tax credit.  Real Estate Tax Exemption – Montana currently recognizes real estate tax abatement for affordable housing properties where fifty percent of the project is set aside for households at or below 50% of the AMI. At this time we intend to work with the State of Montana and the assessor’s office to incorporate a real estate tax exemption. The real estate taxes for the proposed project are estimated to be around $90,000 annually.  As the project developer and sponsor we will need to invest more than 60% of our developer fee to make the project feasible. This investment is estimated to be approximately $1,349,240. 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? The proposed project will have a long-term affordability restriction for a minimum of 40 years. We are proposing the $200,000 requested from the City of Bozeman be provided in the form of a grant. 352 353 City of Bozeman Oak Meadows Affordable Housing Development Site Project Source and Use Sources Perm Loan 10,334,142 Tax Credit Equity (LIHTC)6,723,000 Renewable Energy Tax Credit 717,876 Developer Note (60% of Developer Fee)1,349,240 City of Bozeman Grant 200,000 Total Sources 19,324,258 Uses Land Acquisition 1,150,000 Construction Hard Cost 13,378,271 Construction Soft Cost 1,245,514 Third Party Reports 34,000 Lender Financing Costs 225,012 Bond Cost of Issuance 63,585 Construction Period Interest 209,731 Soft Costs 271,541 Reserves 518,230 Developer Fee ($879,133 non-deferred)2,228,373 Total Uses 19,324,257 354 City of Bozeman Oak Meadows Affordable Housing Residential Development Site Unit Mix Unit Type SF 60% AMI QTY 60% AMI Rent 1 Bed 1 Bath 550 36 691 2 Bed 1 Bath 700 34 829 2 Bed 2 Bath 800 34 829 3 Bed 2 Bath 1,200 32 941 Total Units 136 355 4 Lease Up - Year 8 Stabilized Year Stabilized Year Lease up 4 mo Per Unit Total Stabilized 4 mo.2 3 4 5 6 7 INCOME 2015 2016 2017 2018 2019 2020 2021 2022 Gross Potential Rental Income $8,903 $1,210,848 $403,616 $1,210,848 $1,222,956 $1,235,186 $1,247,538 $1,260,013 $1,272,613 $1,285,340 Other Income (Residential)$44 $6,000 $2,000 $6,000 $6,060 $6,121 $6,182 $6,244 $6,306 $6,369 Gross Potential Income (Residential)$8,947 $1,216,848 $405,616 $1,216,848 $1,229,016 $1,241,307 $1,253,720 $1,266,257 $1,278,919 $1,291,709 Vacancy (Residential) @ 5.00%($445)($60,542)$0 $0 ($61,148)($61,759)($62,377)($63,001)($63,631)($64,267) Vacancy (Other Income Res.) @ 0.00%$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Gross Commercial Income $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Vacancy (Commercial) @ 10.00%$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Subsidy Income $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Construction Vacancy 20.00%$0 $0 ($80,723)($242,170)$0 $0 $0 $0 $0 $0 Operating Reserve Draws $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Effective Gross Income $8,502 $1,156,306 $324,893 $974,678 $1,167,869 $1,179,547 $1,191,343 $1,203,256 $1,215,289 $1,227,442 EXPENSES Management Fee 4.0%$340 $46,252 $16,225 $38,987 $46,715 $47,182 $47,654 $48,130 $48,612 $49,098 Payroll & Benefits $750 $102,000 $34,000 $102,000 $105,060 $108,212 $111,458 $114,802 $118,246 $121,793 Office & Administration $331 $45,000 $15,000 $45,000 $46,350 $47,741 $49,173 $50,648 $52,167 $53,732 Marketing/Advertising $74 $10,000 $3,333 $10,000 $10,300 $10,609 $10,927 $11,255 $11,593 $11,941 Utilities $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Water/Sewer $206 $28,000 $9,333 $28,000 $28,840 $29,705 $30,596 $31,514 $32,460 $33,433 Garbage $176 $24,000 $8,000 $24,000 $24,720 $25,462 $26,225 $27,012 $27,823 $28,657 Gas $37 $5,000 $1,667 $5,000 $5,150 $5,305 $5,464 $5,628 $5,796 $5,970 Electricity $74 $10,000 $3,333 $10,000 $10,300 $10,609 $10,927 $11,255 $11,593 $11,941 Maintenance $665 $90,400 $30,133 $90,400 $93,112 $95,905 $98,783 $101,746 $104,798 $107,942 Insurance $263 $35,775 $11,925 $35,775 $36,848 $37,954 $39,092 $40,265 $41,473 $42,717 Real Property Taxes $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Reserved $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Reserved $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Replacement Reserves $300 $40,800 $13,600 $40,800 $40,800 $40,800 $40,800 $40,800 $40,800 $40,800 Total Expenses $3,215 $437,227 $146,550 $429,962 $448,195 $459,483 $471,099 $483,055 $495,360 $508,025 Net Operating Income $5,287 $719,078 $178,343 $544,716 $719,674 $720,065 $720,243 $720,201 $719,928 $719,417 Debt Service (Hard)Stabilized DSC 1.20 $199,744 $599,232 $599,232 $599,232 $599,232 $599,232 $599,232 $599,232 Net Cash Flow Required DSC $1 ($21,401)($54,516)$120,442 $120,833 $121,011 $120,969 $120,696 $120,185 Debt Service Coverage Ratio (Hard)0.89 0.91 1.20 1.20 1.20 1.20 1.20 1.20 OPERATING PROFORMA Bozeman 4% Bozeman , Montana 356 Year 9 - Year 17 8 9 10 11 12 13 14 15 16 INCOME 2023 2024 2025 2026 2027 2028 2029 2030 2031 TOTAL Gross Potential Rental Income $1,298,193 $1,311,175 $1,324,287 $1,337,529 $1,350,905 $1,364,414 $1,378,058 $1,391,839 $1,405,757 $21,300,267 Other Income (Residential)$6,433 $6,497 $6,562 $6,628 $6,694 $6,761 $6,829 $6,897 $6,966 105,547 Gross Potential Income (Residential)$1,304,626 $1,317,672 1,330,849 1,344,157 1,357,599 1,371,175 1,384,887 1,398,735 1,412,723 21,405,814 Vacancy (Residential) @ ($64,910)($65,559)($66,214)($66,876)($67,545)($68,221)($68,903)($69,592)($70,288)(984,290) Vacancy (Other Income Res.) @ $0 $0 0 0 0 0 0 0 0 0 Gross Commercial Income $0 $0 0 0 0 0 0 0 0 0 Vacancy (Commercial) @ $0 $0 0 0 0 0 0 0 0 0 Subsidy Income $0 $0 0 0 0 0 0 0 0 0 Vacancy (Subsidy) @ $0 $0 0 0 0 0 0 0 0 (322,893) Operating Reserve Draws $0 $0 0 0 0 0 0 0 0 0 Effective Gross Income $1,239,716 $1,252,113 $1,264,634 $1,277,281 $1,290,054 $1,302,954 $1,315,984 $1,329,143 $1,342,435 $20,098,631 Inc/Exp EXPENSES Management Fee $49,589 $50,085 $50,585 $51,091 $51,602 $52,118 $52,639 $53,166 $53,697 $807,174 Payroll & Benefits $125,447 $129,211 $133,087 $137,079 $141,192 $145,428 $149,790 $154,284 $158,913 2,090,002 Office & Administration $55,344 $57,005 $58,715 $60,476 $62,291 $64,159 $66,084 $68,067 $70,109 922,060 Marketing/Advertising $12,299 $12,668 $13,048 $13,439 $13,842 $14,258 $14,685 $15,126 $15,580 204,902 Utilities $0 $0 $0 $0 $0 $0 $0 $0 $0 0 Water/Sewer $34,436 $35,470 $36,534 $37,630 $38,759 $39,921 $41,119 $42,353 $43,623 573,726 Garbage $29,517 $30,402 $31,315 $32,254 $33,222 $34,218 $35,245 $36,302 $37,391 491,765 Gas $6,149 $6,334 $6,524 $6,720 $6,921 $7,129 $7,343 $7,563 $7,790 102,451 Electricity $12,299 $12,668 $13,048 $13,439 $13,842 $14,258 $14,685 $15,126 $15,580 204,902 Maintenance $111,181 $114,516 $117,951 $121,490 $125,135 $128,889 $132,755 $136,738 $140,840 1,852,315 Insurance $43,999 $45,319 $46,678 $48,079 $49,521 $51,007 $52,537 $54,113 $55,736 733,037 Real Property Taxes $0 $0 $0 $0 $0 $0 $0 $0 $0 0 Reserved $0 $0 $0 $0 $0 $0 $0 $0 $0 0 Reserved $0 $0 $0 $0 $0 $0 $0 $0 $0 0 Replacement Reserves $40,800 $40,800 40,800 40,800 40,800 40,800 40,800 40,800 40,800 $666,400 Total Expenses $521,060 $534,476 $548,284 $562,497 $577,126 $592,184 $607,683 $623,637 $640,059 $8,648,735 Net Operating Income $718,656 $717,638 $716,350 $714,784 $712,927 $710,770 $708,300 $705,507 $702,376 $11,449,896 Debt Service (Hard)$599,232 $599,232 $599,232 $599,232 $599,232 $599,232 $599,232 $599,232 $599,232 9,787,456 Net Cash Flow $119,424 $118,406 $117,118 $115,552 $113,695 $111,538 $109,069 $106,275 $103,144 $1,662,440 Debt Service Coverage Ratio (Hard) Break-Even Occupancy 1.20 1.20 1.20 1.19 1.19 1.19 1.18 1.18 1.17 1.17 357 OAK MEADOWS DEVELOPMENT Bozeman, Montana Executive Summary BOZEMAN AFFORDABILITY Home to Montana State University, the town of Bozeman is a progressive community offering an appealing way of life for every age and social demo- graphic – if you can afford it. Unfortunately the cost of housing in Bozeman remains out of reach for many, and the programs that have previously been adopted to address the lack of affordable housing, or even attainable, work- force housing, consistently focus on home-ownership - which may not be the right product for a young family just starting out, or a senior citizen with rising medical costs. The lack of affordable housing options in a community the size of Bozeman continues to strain growth and impose long commutes on lower wage earners, or worse – eventual relocation to more affordable communities outside of Bozeman altogether. BACK TO BASICS For any community, affordable housing options means a healthy supply of both for-rent and for-sale product to serve a variety of income levels. While the Low Income Housing Tax Credit (LIHTC) targets households earning 60% of the Area Median Income (AMI) or less, most sources of competitively awarded grant funding such as HOME, CDBG or oth- ers, tend to focus on households earning even less than 50% AMI, and with rising development costs it is harder and harder to make a project work with a simple model of debt and equity. Bozeman has been forward thinking in rec- ognizing the need to bring product to market to serve a large part of the working class population in the 60% to 80% AMI, however the programs introduced have not produced the housing stock the City so desperately needs. DEVELOPMENT VISION Centrally located off of Oak Street and North 14th Avenue, the proposed Oak Meadows Residential Development (OMRD) is well located to jobs, schools, businesses, parks, transit and other services and amenities that make for a desirable place to live. The proposed OMRD will consist of approximately 110 to 136 resi- dential units, on 4.45 acres, on six parcels: four parcels that front Manzanita Drive to the south, one parcel that fronts North 14th to the west, and one parcel that fronts North 12th avenue to the east. The northern most boundaries exist immediately adjacent to a commercially zoned property creating a transitional buffer be- tween the speed of traffic on Oak and the proposed OMRD. Long- term affordability will be the priority for the OMRD and the project Sponsor will enter into a regulatory agreement guaranteeing an extended affordability commitment for a minimum of 40 years. The 110 to136 units will be a combination of 1, 2, and 3 bedroom units, in approximately ten separate buildings organized around a central open space. Paths and walkways throughout the site will encourage connectivity through the site and beyond. The architectural character will be contem- porary, mountain vernacular, with rich earth-tone colors as well as stone and metal accent materials. 358 OAK MEADOWS DEVELOPMENT Bozeman, Montana Executive Summary FINANCING The proposed residential development will serve the popula- tion at or below 60% AMI for Gallatin County, which is $68,600 pursuant to the HUD 2015 published data. The proposed proj- ect will be financed primarily from an issuance of tax exempt bonds and 4% tax credit equity (LIHTC), as well as Sponsor equity, local grants, and other sources. In addition the project Sponsor will pursue various energy tax credits and incentives to subsidize the cost of solar thermal, and photo-voltaic installa- tions that will further off-set cost of utilities for residents of the PROJECT SPONSOR The OMRD will be co-sponsored by GMD Development and HOMEWORD. Both GMD and HOMEWORD (Sponsors) are veterans in affordable housing having developed numerous projects serving low-income populations in Montana as well as other parts of the Western United States. The project Sponsors will work closely with local government to ensure that the community is well informed and the project well-received. DEVELOPMENT TEAM The design and development team is made up of local talent experienced with multi-family projects, as well as, the City of Bozeman planning and approval process. Appropriate steps will be taken at every level of development to ensure that the project is designed in a manner that is appropriate to the context and will provide a long-term, afford- able and sustainable housing option for the community. Long-term management of the property operations will be performed by Real Estate Management Specialists, Inc. (REMS) based in Kalispell, Montana. REMS manages several other properties for the project Sponsors in Montana and has a long standing record of success regarding compliance and operations for tax credit and affordable properties. SOURCES AND USES One of the primary reasons Bozeman, and other similar communities, lack new, affordable housing product remains the shear cost associated with such a development. There is a direct correlation between the amount of debt which can be borrowed and the rents at a property. Keeping properties affordable means keeping rents low, this in turn limits the amount of debt that may be borrowed to finance the project, this in turns presents a financial gap for the de- veloper, often rendering the project unfeasible and rather than invest resources, time and energy pursuing alternate sources of funding, many developers simply abandon the notion of “affordable” housing and pursue more straight- forward market-rate opportunities. As seasoned affordable housing developers, we are familiar with the challenges of pursuing alternate sources of financing and we recognize the need to partner with local governments and non-profit organizations in order to bring an affordable housing project from concept to fruition. The total project development costs for the proposed proj- ect are estimated to be approximately $21 million and we are currently seeking alternate financing sources to cover a gap of approximately $975,000. The City of Bozeman devel- opment impact fees represent approximately $475,000 of the total development cost. For this reason we are appeal- ing to the Community Affordable Housing Advisory Board (CAHAB) and the City of Bozeman to consider contributing a grant of $200,000 that would help make the project feasible. In exchange for such we are prepared, as outlined above, to provide a truly affordable housing asset for the community that will provide long-term affordability for more than100 households. Thank you for your consideration. GMD Development and Homeword 359 OAK MEADOWS DEVELOPMENT Bozeman, Montana Executive Summary North 15th AvenueNorth 12th AvenueOak Street Manzanita Drive 360 Community Affordable Housing Advisory Board City of Bozeman Community Affordable Housing Advisory Board (CAHAB) Agenda April 8, 2015 8:00 am – 9:00 am City Commission Room, City Hall, 121 North Rouse A. Call to Order 08:02:26 AM City Commission Room, City Hall B. Changes to Agenda 08:02:40 AM 08:02:47 AM Anders inquired whether the affordable housing item could be made into an action item—Chair Brian indicated it could not be done, Wendy confirmed. C. Approval of Minutes, March 18, 2015 08:03:32 AM 08:03:37 AM David motioned, seconded by Kevin. D. Public Comment — please limit your comments to 3 minutes or less 08:03:54 AM 08:04:04 AM Leif Sundeen, 5 E Lamme Street, described loving his home, described being 60-plus days into a discussion with the building community, which has set up a task force to allow a solution to affordable housing without necessitating inclusionary zoning. As an attendee of these meetings, Leif Sundeen is optimistic that the building community is working towards a solution and that their work is providing a direction that is fair and equitable, concerned that City Staff resources were limited and prevented their attendance at most of these meetings, expressed that City Planning Group was understaffed and that if the issue were truly important we would need to put real staff behind it and that Wendy needs support. Leif Sundeen felt that there is a de facto exclusionary zoning process that prevents builders from working in Bozeman, expressed concern that our Unified Development Code needed real money to be updated in support of affordable housing. Leif Sundeen felt that the building community was prepared to present something to the City Commission and he would like them to have a mechanism to be added to the City’s agenda. 08:09:01 AM Susan Below, 885 Brookdale Drive, suggested that Board should consider that buildings consume most of the energy in the US, 22% residential, 18% commercial, that Climate Action Plan shows over 70% of our greenhouse gases are directly related to building sector, 34% residential and 38% commercial. Susan Below cited Bozeman Chronicle article suggesting residential would catch up, suggested that residential energy use is 48% accounted for by space heating and cooling, described that Bozeman addresses affordable housing energy use via Appendix C. Susan Below felt the guidelines were good for EnergyStar appliances and equipment, that in her opinion it could be more stringent for water fixtures, and that it leaves building envelope to current building code IECC2012. Argued that this wasn’t good enough for Bozeman, that the City has two climate action plans and that affordable housing isn’t exclusive to purchasing a home but includes residing in a home. Cited Affordable Housing Action Plan, “solution should include diverse approaches and mechanisms”, asked that improvement of code be a consideration or improvement of the program for the affordable housing network. Brought up Enterprise Green Communities criteria for affordable housing, that it suggests the Northwest Energystar program should provide guidelines for the energy portion of that. Introduced a table she had created comparing IECC2012 with Energystar to the National Affordable Housing Networks program in terms of the R-value and type of construction, pointed out that looking at 2012 Northwest Energystar offers a much more robust guideline. Expressed that the average American pays close to $2000 per year in energy bills but that the NAHN program cuts that to half or less, recommended Googling program. Described Mountain Horizon Solar Subdivision project in Whitehall, unit sale price ranges, floor plans; recommended touring the project. 361 08:14:38 AM Kevin requested copy of table provided by Susan Below—distributed to all members by Wendy. E. Action Items 08:15:23 AM • GMD Development Request for Funding Support for 130 unit LIHTC development 08:16:08 AM Greg Dunfield, GMD Development of Seattle, WA, presented proposal. Expressed that the 4% Bond Program, using debt leverage to create feasibility, is under-utilized in the area but would be a good match for Bozeman. Described maximizing energy tax credits with solar systems, that credits expire at 2016 and project must be underway by this fall. Described total development costs of $20 million; 110-134 units; 1-, 2-, and 3- bedroom units with attached garages targeted at people at 50-60% of area median income. Described equity shortfall of $600,000 and expressed hope that CAHAB may step up 08:20:57 AM Kevin sought clarification that the proposed units would be primarily rental—Greg Dunfield explained that they would be exclusively rental to qualify for various funding. Kevin felt that the suggestion of the City was to focus on units at 30% of AMI, asked whether these could be added to project—Greg Dunfield expressed that 30% units don’t cover their costs, would have to be subsidized by other units in the development, that these are more commonly associated with projects using a 9% tax- credit program, that adding these units would hurt proposed model substantially but that they could consider them in light of the benefits they would provide to the City. 08:22:45 AM Anders discussed exceeding the Green Building standard, sought clarification of intentions, whether project would be commissioned—Greg Dunfield indicated project would be commissioned, that to complete application process they are committed to portions of the Green Building standard. 08:23:41 AM Rebecca Ralston, GMD Development, referenced narrative attachment describing complete application, described Appendix C of the Affordable Housing Action Plan and intent to meet or exceed three primary criteria outlined: first, all EnergyStar appliances. 08:25:14 AM Kevin asked if developer will Blowerdoor test units to Commission that they are meeting the State code—Rebecca Ralston indicated that this requirement does not exist in Appendix C, that they will meet the goals in Appendix C, that commissioning would not be considered. 08:26:32 AM Kevin sought clarification on shortfall—Greg Dunfield described $200,000 request and a deferred developer fee, that current gap was between$600,000 and $700,000, described property tax exemption available for tax credit financing but that they could benefit the community with a tax payment by targeting higher-income units, expressed that gap beyond the present request is between $300,000 and $500,000. Kevin inquired as to contingency plan—Greg Dunfield indicated that they are moving aggressively to prevent failure. 08:28:32 AM Ann noted the project was dependent upon funding from several sources, wanted to know how confident developer was that these would fall into place—Greg Dunfield indicated that most of the developer’s deals are likewise dependent, that some credits were automatic, that they were only asking for 2, 3, or 4% of the development costs and that the rest could come from outside the community. Ann clarified that request was for $200,000—Greg confirmed. 08:30:18 AM Mary described Stoneridge project that Board had recommended on basis of 40% units and that they were being asked to recommend 60% units, that Board would have to say no based on previous decisions or come up with a new matrix to scale recommendations. 08:31:18 AM Kevin supported Mary’s comments, added that funds were limited and that although project has merit it doesn’t address the truly challenged part of Bozeman’s community, the 30-40% AMI—Rebecca Ralston referenced the Affordable Housing Action Plan’s criteria showing that a solicited RFP request can come up or that an unsolicited request can be made, reminded Board of more powerful 9% tax credit and that other resources are available to target the 40% and below, mentioned market 362 study provided in proposal showing strong demand at 60% and below, described that 42 affordable housing units had been created by action plan but that goal was 240 by 2016 and that these units would apply towards that goal. 08:34:04 AM Carson asked how much came out of the affordable housing fund for the Stoneridge project—Mary indicated that CAHAB voted to approve $27,000 in total, for payment of impact fees. Carson clarified that $27,000 was allocated to the 42-unit project by the City—Mary confirmed. Carson asked how much was available in the Affordable Housing Fund—Chair responded that funds could vary but were approximately $228,000. Carson asked what next year’s budget would look like for the fund— Mary indicated that the Board recommended $3,000,000 be set aside but that the City Commission would decide, that the set-asides this year included $50,000 for assessment of Affordable Housing Inclusionary program and this will be less this year, included $160,000 for down-payment assistance for West Edge condominiums. 08:36:56 AM Brian clarified that Warwath would not be paid any more, that fund might better be accounted for at $275,000. 08:37:26 AM Kevin pointed out a recommendation by Warwath to provide impact fee mitigation for his proposed single-family units and that this could present another demand on the fund. 08:38:04 AM Carson asked Heather what the timing would be for the payment and whether the decision could be put off until June. 08:38:55 AM Heather McMilen, Homeward, described very difficult equation for distribution of modest fund, indicated that 9% tax credit projects by Homeword were done with deed restrictions of 60, 50, and 40, and that some were restricted to 30, described a deal with $5 million in equity with $100,000 in debt compared to a 4% deal with half the equity and five times the debt, that 60% units are necessary to generate enough income, expressed that non-competitive 4% credit had not been attempted before and that rents well exceed 60% AMI and therefore a spectrum of the population is underserved. 08:41:39 AM Greg Dunfield described movement on all fronts and deep commitment to project by developer, expressed that $200,000 request was justifiable but that they didn’t intend to prevent other projects from being completed for lack of funding but that they needed some local assistance to begin the project. 08:43:12 AM Anders asked how much had been contributed per-door for the 30% Summit project— Mary indicated $666—Anders commented that they might contribute less per-door for the 60% project. 08:43:45 AM Mary computed that at $222 per door they would be funding just over $30,000 but that they needed to discuss what the Board’s policies should be and whether they should support only 40% units or perhaps tier their support. 08:44:21 AM Kevin responded that a 40%-exclusive policy was too rigid and that the Board had to consider whether an investment was good and evaluate each on its merits. 08:45:41 AM Carson clarified that he did not intend to table the decision until June but that a tiered recommendation might be made, if only symbolically, before a formal policy review was conducted, that waiting for a policy review might take six months. 08:46:55 AM Kevin motioned that, “we support this project at $100,000 out of Affordable Housing funds.” Seconded by Melvin. 08:47:24 AM Ann appreciated the developer’s efforts and expressed hopes that they could show some support to the opportunity, but noted that the $200,000 request was a lot relative to the size of the fund, felt that $100,000 may be reasonable but didn’t know if it would be adequate. 08:48:14 AM Brian thought that a policy was in place regarding 60% units—Rebecca Ralston pointed out that the Action Plan’s part 2 section 1.4 states a goal of “…200 multi-family units using federal, LYTEC, and other subsidies to make rents affordable to households with incomes from 30-60% AMI. The city will encourage the support of projects that meet the city’s criteria for quality and affordable.” 363 08:49:01 AM Mary indicated that the policy by precedent of this group has been to support 40% projects and that a larger project would require a reevaluation of how to reach the stated goal, that the motion for $100,000 was too large a commitment from the fund because of other upcoming projects and Home or CDBG projects that are yet unknown. 08:49:55 AM Anders expressed that the project would be useful but that the opportunity costs were significant, felt hesitant to allocate funds without knowing the costs of fully subsidizing the Warwath projected creation of affordable homes. 08:50:39 AM Ann mentioned a line-item for 60% projects, described that with this in the budget and application they will see proposals like this one come forward and that some consideration needs to be made for them because they are responding to the Board’s specific request. 08:51:19 AM Kevin agreed that the project fills a need, indicated the $100,000 figure was arbitrary and intended to show support for the project even though his inclination was to serve lower-income families, that some other amount could be proposed to encourage the developer to continue the effort with other resources. 08:52:45 AM Carson noted that the task at hand to divide an unknown quantity was regrettably impossible, thanked Board for working with difficult level of ambiguity. 08:54:06 AM Brian clarified that applicant can speak directly to Commission if they were unsatisfied with Board’s recommendation—Carson confirmed and indicated they probably would. 08:54:19 AM Anders asked for reiteration of cost-per-door for Stoneridge project—Mary indicated $666. Anders performed back-of-the-envelope calculations and imagined a situation where 120 units received 60% of this, came to $60,000—Mary suggested a three-tier policy. Anders suggested $50,000 would be an appropriate amount to offer—Mary stressed that this would be setting a precedent. 08:55:18 AM Anders moved to amend the motion to $50,000, seconded by Melvin. 08:55:29 AM Brian and Kevin agreed that amendment was friendly, accepted without a vote. 08:56:11 AM Wendy encouraged the Board to remember that Summit relied upon a different financing mechanism and went before the Board for six consecutive years before being approved, expressed belief that the goal in the Action Plan was very ambitious and that this deal would get them very close to the goal, and that there is a requirement for the property to be located in a qualifying census track of which there are very few. Wendy agreed that precedent was important but indicated that there were many factors to consider. 08:58:30 AM Brian indicated that if the presentation offered a month ago had offered dollar amounts he would have had a better perspective going into the meeting. Four in favor to three opposed…vote taken by hand with no video reference. 08:59:27 AM Mary motioned that on the basis of their recommendation to recommend a letter of support. Seconded by Melvin. Vote unanimously in favor. F. Non-Action Items 08:59:54 AM • Update on City Commission initiative on affordable housing 09:00:05 AM Wendy indicated that she, Daniel Warwath, representatives of GAR, SWMBIA, and some non-profit affordable housing providers met on February 27th to discuss goals and funding 364 recommendations and had a candid discussion, will follow up with a report to the Commission scheduled for May 4th. Had discussed moving to a five-year rolling average rather than the average of the last year to account for cyclical changes to the housing market. Funding recommendation was for a payment of impact fees and building permit fees, which works out to about $400,000 a year. Commission had asked them to look at incentives and code revisions to the UDC, Wendy had been in contact with property owners for two sites who are working to provide a cost analysis of the recommendations in the Warwaff report. Budget recommendation created by CAHAB will be going to the City Commission on May 4th as part of the larger affordable housing discussion—although in the past HRDC staff has made this presentation but Wendy will be making it in their absence this year, felt that a representative from CAHAB would be helpful. G. FYI/Discussion 09:03:46 AM • Montana Housing Conference, http://www.nwmt.org/housing-conference 09:03:51 AM Wendy indicated that link was provided because the conference will be held in Bozeman this year between June 9th and 11th. Jeff was honored that Bozeman will be hosting, recommended it be well-attended. 09:05:06 AM Carson asked what registration fee would be—Jeff indicated it was $225 but if that presents a barrier it can be overcome. H. Adjourn 09:05:59 AM Community Affordable Housing Advisory Board meetings are open to all members of the public. If you have a disability that requires assistance, please contact our ADA Coordinator, James Goehrung, at 582- 3232 (TDD 582-2301) 365 366 actual projected BALANCE 04/07/2015 change 06/30/2015 ** BALANCE - BEGINNING 347,769$ beginning balance:347,769$ PLUS: REVENUES property taxes 49,201$ 39,861$ 89,062$ interest income 1,967$ 1,967$ loan repayments P&I 7,306$ 7,306$ one-time from Big Box 56,248$ 56,248$ ** TOTAL REVENUES 114,723$ 39,861$ 154,583$ LESS: EXPENDITURES West Edge (110,000)$ (50,000)$ (160,000)$ Road To Home (40,000)$ (40,000)$ Rental Housing Survey (5,671)$ (5,671)$ Misc Supplies & Advertising (252)$ (252)$ Werwatch Affordable Housing Study (18,000)$ (26,329)$ (44,329)$ Workforce Housing Administrator (24,269)$ (24,269)$ ** TOTAL EXPENDITURES (173,923)$ (100,598)$ (274,521)$ ** BALANCE - CURRENT 288,568$ (60,737)$ 227,831$ - 227,831$ ADD BACK ??Werwatch Affordable Housing Study 26,329$ 254,160$ ADD BACK ??Workforce Housing Administrator 24,269$ 278,429$ 367 © GMD DEVELOPMENT, All Rights Reserved 2015 GMD DEVELOPMENT STRATEGIC PARTNERSHIPS SENSE OF COMMUNITY GEOGRAPHIC FOCUS SUSTAINABLE MODEL FOR DEVELOPMENT GMD Development is a privately held real estate company specializing in the development and preservation of affordable housing. Utilizing a broad range of financial products, including bonds and tax credits, GMD Development has particular expertise structuring complex, multi-family transactions that often involve multiple sources of debt and equity. Whenever appropriate, GMD Development will partner with non-profits, local governments, and / or community based organizations in an effort to bring forward the best possible project for the community. With financial resources in short supply, it is often through strategic partnerships that the greatest opportunities are discovered. GMD Development recognizes the importance of creating a sense of community at each and every property in order to foster a lasting environment where residents want and choose to stay. Therefore, common spaces and amenities, as well as social services provided through partnerships, are often an integral part of the initial programming. Located in Seattle, WA, GMD Development has focused its development strategy in the Western US including, AK, CA, ID, MT, OR and WA. While the demand for affordable housing remains strong throughout the country, GMD Development targets markets with the greatest disparity between working class incomes and affordability. Sustainable communities begin with sustainable housing. Whether new construction or preservation, GMD Development incorporates environmentally conscious materials and methods of construction, including low energy consuming fixtures, and renewable resources wherever possible. For GMD Development, sustainability is about the wise use of economic capital and informed decision making when selecting building systems, products, and finishes. 368 © GMD DEVELOPMENT, All Rights Reserved 2015 HISTORY AND EXPERIENCE MARKET ADVANTAGE GOING FORWARD GMD Development was founded in 2011 by Gregory M. Dunfield after 17 years of experience in the affordable housing industry, working with some of the nation’s most recognized leaders, first in a corporate environment, then as a Partner, and ultimately as Principal and Owner. Together with a team of experts and a portfolio of successful projects, GMD Development and its affiliates have developed nearly 6,000 units, in 64 projects, in 12 states. Working with sophisticated, proprietary financial modeling tools, GMD Development’s core strength remains the ability to identify and structure complex, multi-family transactions that provide a measurable and beneficial social impact for communities as well as stable returns for lenders and investors. GMD Development is a highly professional group of individuals who all have a particular skill and experience within the world of real estate development and affordable housing. The company is small, and will remain so in an effort to better respond to market dynamics. We have found that being small and agile, while creating lasting partnerships, allows us to better leverage our resources as well as make unencumbered decisions regarding future opportunities. Utilizing the expertise and pragmatic principles upon which the company was founded, GMD Development continues to build and preserve quality affordable housing throughout the Western region, strengthening neighborhoods by creating clean, safe, affordable housing. GMD Development is committed to providing the best possible affordable housing solution for the environment in which it is being developed. As such, we must be a responsible owner, a pro-active business partner, and a community advocate. We continue to explore new opportunities for creative development, including alternative sources of energy, innovative financing products, and new models to provide work-force housing. We are a team of thoughtful, resourceful, solutions oriented individuals with high standards of achievement. GMD DEVELOPMENT 520 Pike Street, Suite 1010 Seattle, WA 98101 369 © GMD DEVELOPMENT, All Rights Reserved 2015 GMD LEADERSHIP AND PERSONNEL Gregory M. Dunfield, President and Owner Greg Dunfield is President and Owner of GMD Development. Beginning his real estate career in resort brokerage and management over 23 years ago he found his niche in 1994 with the young Low Income Housing Tax Credit program as a development associate with the direct corporate investor, PacificCorp, a large northwest utility. By 1999 Greg was a Partner at Pacific Housing Advisors, (later becoming Vitus Development). Greg has a strong track record of working with community stakeholders and continues that work with GMD Development, the company he founded in 2011. Greg graduated from the University of Western Ontario with a BA Honors degree in the Real Estate Development Program and also attended the REDP program at Columbia University in New York City. Emily Breidenbach Emily Breidenbach brings a broad range of experience to her role developing projects for GMD Development having worked with non-profits, for-profits, and market rate developers. Prior to joining the company in 2013, Emily worked for Farmworker Housing Development in OR, and prior to this she worked at Vitus Development in Seattle, WA. Emily has experience with both preservation and new construction projects. Emily completed coursework for a Master’s Degree in Urban Panning and holds a Bachelor’s Degree from the University of Washington. Steve Dymoke Steve Dymoke brings 19 years of experience in multifamily housing to his role developing projects for GMD Development. Steve joined the company in 2013 and has extensive experience in affordable housing, including low income housing tax credits, tax exempt bonds, HUD, FHLB and other grant funding. Prior to joining GMD, Steve was Vice President at Cascade Affordable Housing (affiliate of Pinnacle Management); and Vice Pres- ident at Security Properties. Steve holds a Bachelor’s Degree in Finance from St. Thomas University and a Master’s Degree in Real Estate from the University of Wisconsin, Madison. Mariia Derevianko Mariia Derevianko has been with GMD Development since 2013 and is responsible for the company accounting books and records, as well as general office management. Mariia works closely with third party accounting firms to coordinate audits and reconcile real- estate closings. Mariia holds a Bachelor of Arts degree with double majors in Literature and English from Drohobych Ivan Franko State Pedagogical University, Ukraine. In addition, Mariia received an Associate Degree in Business Administration and Accounting from Seattle Central Community College. Rebecca Ralston Rebecca Ralston brings 20 years of experience to her role developing projects for GMD Development. Prior to joining the company in 2014, Rebecca worked as an Associate Director with Vitus Development in Seattle, WA and prior to Vitus, Rebecca was a Partner with a privately held real-estate development company. With particular expertise in design and construction, Rebecca began her career in architecture prior to becoming a developer. Rebecca has been published in Affordable Housing Finance magazine and holds a Bachelor of Architecture from the University of Oregon School of Architecture. 370 Homeword Projects, Page 1 of 5 Our Mission Homeword is committed to providing safe, healthy affordable housing using sustainable methods and promoting strong communities through housing counseling and education for those most in need. Historically the demand for affordable housing Montana has exceeded the supply. Wages in the state are low while the cost of living remains high. With the ongoing economic uncertainty and continuing high levels of unemployment, renters and homeowners alike find themselves especially challenged by issues of housing affordability. Homeword recognizes these very real problems and seeks to address them with ecologically sound and socially responsible solutions. It all begins with our core belief – the simple notion that we cannot build for the future by destroying the environment today. We provide high-quality, sustainably built housing that our residents are proud to live in and that the community as a whole is proud to support. We also teach financial literacy, and provide homebuyer education and counseling as the first steps towards self- empowerment and self-sufficiency. This holistic approach continues to prove successful for us, our communities, and, most importantly, for those most in need. History Homeword began as a project of WORD (Women’s Opportunity and Resource Development, Inc.) in 1994, in response to the growing need for affordable housing in Montana. In 1998, Homeword became its own 501(c)3 with its own Board of Directors and is now regionally and nationally recognized for its sustainable affordable housing development and programming. Since 1995, we’ve developed 15 affordable housing projects totaling 329 units in Missoula, Billings, Anaconda, Great Falls, Butte and Lewistown. Since 1997, our HomeOwnership center (HOC) has served over 8,500 clients, with over one third of these households going forward to buy their first home. Our clients are as diverse as our state. We serve those working low-wage jobs, seniors on fixed incomes, individuals with disabilities, single parent households, domestic violence survivors, veterans, and formerly homeless people, to name just a few. We work statewide and are committed to bring our holistic approach to affordable housing to those communities most in need. Our Awards One of our most recent projects, Solstice, has received national recognition – most recently as the recipient of the 2011 Innovation Award from the Federal Reserve Bank of St. Louis. Our Equinox project was honored as the national winner of the 16th Annual Charles L. Edson Tax Credit Excellence Award in the Green Housing category. In 2007 Homeword was recognized for overall practices within our community by the Orton Family Foundation’s inaugural PLACEMATTERS Innovator in Place Award and the Sonoran Institute’s Building from the Best of the Northern Rockies Award. In 2006, Missoula’s Orchard Gardens development was awarded the Home Depot Foundation’s Award of Excellence for Affordable Housing Built Responsibly in Rental Housing. The organization is a two-time recipient of a local Historic Preservation Award and was featured in Center for Community Change’s annual report, where its approach was called “unique – women-oriented, innovative, environmentally sound and eminently replicable.” 371 Housing Developments Homeword Projects, Page 2 of 5 Our Projects *Updated September 2013 Housing Tax Credit Projects Soroptimist Village (2013): After 20 years of fundraising, Soroptimist International of Great Falls worked with Senator Mansfield to submit a HUD Section 202 loan to fund Soroptimist Village. This allowed them to build the 3-building, fifty-six (56) unit property in 1968. After 43 years of successful management and maintenance of this affordable property, Soroptimist Village contacted Homeword to help them rehabilitate the property. In 2012, Homeword and Soroptimist Village were awarded a LIHTC allocation for extensive rehab of this senior, affordable housing project. They received a supplemental tax credit award in 2013. Replacement of the roof has been completed and the remainder of the rehabilitation will start in the Fall of 2013, with completion scheduled for late Spring of 2014. Hillview Apartments (2013 – 2014): Constructed in 1970, the Havre property is made up of fifty-two (52) units in eight (8) two-story buildings. Its units are both flats and townhouse style. The 5 acre site also contains a children’s play area and laundry facilities. The rehab scope is significant for this property, including a new Community Building with a HeadStart classroom. Homeword and GMD Development were awarded 2013 tax credits from MBOH. Rehab on Hillview is expected to be completed in Fall of 2014. Cedar View & Glacier Ridge (2013): Cedar View and Glacier Ridge will be acquired by GMD and Homeword with the intention of improving management, and thus, cash flow. Cedar View, in Malta, was constructed in 1981. It contains thirty-two (32) units in eight (8) two-story buildings, all walk-up style. The 2.07 acre site also includes a laundry facility and children’s play structure. Glacier Ridge, in Cut Bank, was constructed in 1978. The property is made up of thirty-six (36) units in four (4) two-story buildings. All units are walk-up style. The 2.21 acre site also contains a manager’s office, laundry facility, and children’s play structure. After the properties stabilize, rehab will occur as needed for each. Cedar View will apply for a tax credit allocation in the Fall of 2013. Rainbow House Apartments (2012): Originally built in 1977, Homeword and GMD completed a remodel on this Great Falls property in December 2012. It contains forty (40) units in one building. The development serves low-income senior and disabled persons in four (4) studio units, thirty (30) one- bedroom units and six (6) two bedroom units. There is a small community room on the main floor and laundry facilities on each individual floor. The rehab scope included: new hot water boiler systems and power panels, heating and cooling systems throughout, kitchen and bathroom countertops, new appliances and carpet in some units, new siding, new windows and new roofing. The new solar array can generate up to 39kw. This rehab also resulted in implementation of “no smoking in building policy” and creation of two fully accessible units. Silverbow Village Apartments (2012): Originally built in 1981, Homeword and GMD completed a remodel on this Butte property in March 2013. It is comprised of sixty (60) units; twenty-four (24) two- bedroom and thirty-six (36) three-bedroom units in eight (8) two-story buildings. It is surrounded by residential and market-rate multifamily developments with easy access to commercial areas. All 372 Housing Developments Homeword Projects, Page 3 of 5 buildings are walk-up style. The site includes surface parking, a children’s play structure, a Community Building with a laundry facility and manager’s office that was expanded as part of the remodel. The remodel also included new cabinets, countertops, flooring, plumbing fixtures, thermostats for existing baseboard heating, appliances, siding and windows as well as partial new carpeting, new dumpster enclosures and the addition of dishwashers. Four (4) fully accessible units were created and a “no smoking in building policy” was implemented. The new solar array on 4 of the 8 buildings can generate up to 40.3 kw. Solstice (2011): Solstice is a mixed-use development including thirty-four (34) units of low-income housing combined with 16,000+ square feet of commercial located along the Clark Fork River in Missoula. It is the second phase of a re-development effort on a previous grey field site (the first phase was Equinox). Solstice houses 100% of households below 60% of the Area Median Income (AMI), with units targeted to 40%, 50% and 60% AMI. All units are designed to be accessible or adaptable. The overall building and site were designed to meet universal design principles, with the goal of providing accessibility for all. Solstice is a LEED Gold (Leadership in Energy and Environmental Design) certified building and is the location for Homeword’s Administrative offices and Regional HomeOwnership Center. Ouellette Place (2010): This Lewistown property has twenty-four (24) units of low-income housing located. It was developed in conjunction with the Lewistown Community Development Corporation and represents the first time Homeword worked with Greg Dunfield the Principal of GMD Developments. This project targets households earning between 40% and 60% of the Area Median Income. It includes both rehab and new construction, utilizes green building and energy efficiency principles and is the first “co-development” project undertaken by Homeword. Equinox (2009): Equinox has thirty-five (35) units of low-income housing along the beautiful Clark Fork River in Missoula. It houses 100% of households below 50% of the Area Median Income, with units targeted to 30%, 40% and 50% of the AMI. All units are designed to be accessible or adaptable. The overall building and site were designed to meet universal design principles, with the goal of providing accessibility for all. Southern Lights (2007): This property, located in the Southside neighborhood of Billings, has twenty (20) units of low-income housing. It is located close to the city center and other amenities. This project was designed to provide new low-income housing for families and individuals, while maintaining and respecting the intricate fabric of its community. Orchard Gardens (2005): This property has thirty-five (35) units of low-income rental housing on 4.6 acres in Missoula. It is designed to foster local food security with 2 acres of the property reserved for community gardens. It is complete with a community barn, orchards, and a bike trail that connects to the city’s trail system The Acme (2004): This historic preservation project has nineteen (19) units of low-income rental housing over commercial space in Billings. It uses energy-efficient design, sustainable building approaches and incorporates art into the design. 373 Housing Developments Homeword Projects, Page 4 of 5 The Gold Dust (2003): This Missoula development has eighteen (18) units of low-income rental housing, complete with a 1,000 square foot community room, a workshop for residents, and rooftop gardens. It boasts sustainable building approaches and housed at the time of its construction the largest net metered photovoltaic system in Montana. Lenox Flats (2001): This historic preservation project has ten (10) units of affordable housing located above 2,400 square feet of commercial space in Missoula. It serves families below 41% of the Area Median Income and helped with the revitalization efforts of downtown Missoula. Fireweed Court (1998): This Missoula project has twelve (12) units of two (2) and three (3) bedroom town homes for low-income households. It uses resource and energy-efficient materials such as recycled pop-bottle carpeting and energy-efficient appliances. It is complete with a strawbale wall and mosaic that acts as a sound barrier to the homes while providing beautiful art for the site. Homeword received a Fannie Mae Award of Excellence, one of 20 in the nation, for Fireweed Court’s innovative planning and design. Other Projects Pheasant Home (2013): Pheasant Home is a sixteen (16) unit housing project located in Billings. Homeword will be the CHDO Developer and HAB Development Corporation will be the owner. Funds have been awarded via the City of Billings and the State of Montana HOME Investment Partnerships Programs. HAB will donate land, provide equity, and provide a permanent loan with reasonable terms to ensure the property cash flows appropriately for long term affordability. This project will augment an already successful neighborhood project, Whitetail Run. The amenities provided by Whitetail Run will be shared with Pheasant Home, including a community garden and park that includes basketball courts. Pheasant Home will be a successful part of the long term vision of this neighborhood. ADLC NSP Homes (2013): Like most neighborhoods in most communities, the residents of the historic Goosetown neighborhood in Anaconda are a mixture of couples and singles, young people and seniors, renters and homeowners. Likewise the properties are residential and commercial, well maintained and substandard, occupied and vacant, locally owned or owned by people outside of the county or state. Homeword received Neighborhood Stabilization Program funds partnering with Anaconda-Deer Lodge County in 2010 and now seven formerly foreclosed or abandoned homes have been or are being rehabilitated while others sit vacant and falling into disrepair. This project will be complete in the Fall of 2013, and three properties will be on the market to low income home buyers. 1805 Phillips Street (2013): This eight unit, two building complex located in Missoula was acquired by Homeword in 2013 and renovated with the use of City of Missoula HOME Investment Partnership Program and Missoula County Loan funds, and secured with an MBOH loan. The renovation included new windows, building envelope upgrades (additional insulation, caulking, weatherstripping, etc.), mildew remediation and new paint on the exteriors. This development was originally funded by Housing Tax Credits and had reached the end of its initial 15-year compliance period. Homeword acquired it to 374 Housing Developments Homeword Projects, Page 5 of 5 prevent the loss of these affordable homes that were in danger of being converted to market rate apartments. High Sierra Affordable Housing Venture (2001): This Billings project boasts eight (8) single-family homes sold to households with incomes at or below 60% of the Area Median Income. Homes were built with sustainable methods including stress skin panels, radiant floor heating, and energy-efficient appliances. Through a partnership with the regional Rural Collaborative, Homeword helped create a second mortgage pool for the low-income first time homebuyers. Strawbale Demonstration Homes (1997): These two (2) demonstration homes in Missoula were built by an all-woman construction crew and sold to single parent families earning less than 60% of the Area Median Income. This innovative project established western Montana’s first Community Land Trust and used the site for non-traditional job training for low-income women while creating affordable, energy- efficient and elegant homes. Emma Court Rent-to-Own (1996): Homeword’s first project, this Missoula property consisted of four (4) newly constructed townhouses in a twenty (20) unit mixed-income development. Modeling a rent-to- own program, Homeword has assisted over 20 low-income families as they worked towards self- sufficiency, found stable employment, and transitioned into stable rental housing or homeownership. \\Hwsrv\company\Administrative\Support Documents\Development Support\ShortDevelopmentList.doc 375 Project Development Homeword Staff Resumes and Brief Job Descriptions * Updated April 1, 2015 Executive Director, Andrea Davis - The Executive Director is responsible for overseeing all facets of the organization including development (organizational and project-based), fundraising, marketing, policy and collaboration, and personnel issues. Serving on all Homeword Board Committees, the ED is a key member of the Homeword Board Executive Committee. The ED reports directly to the Board of Directors and works closely with the Board to strategize for the organization. Andrea received her B.A. at the University of Montana in Organizational Communications with a minor in Environmental Studies. Andrea is a native of the Flathead Valley and has made Missoula her home since 1998. She has been working to secure affordable housing in Montana since 2001 when she started as Asset Manager & Community Builder with Homeword. Andrea then worked with the Missoula Housing Authority as the Director of Planning & Development. While there she led the development of five affordable housing projects ranging from housing for homeless veterans to new senior housing. Returning to Homeword as the Executive Director in October 2008, Andrea cherishes the ability to serve out her mission of helping to create a sustainably built environment in Montana by developing housing that people are proud to call home and enhances neighborhoods and communities, and by providing tools for people to be self-sufficient and achieve their potential. Andrea serves on the following Board of Directors: NeighborWorks Montana, Montana Non-Profit Association and the Missoula Urban Transportation District, and was recently appointed to the Federal Home Loan Bank of Seattle Advisory Council. While working at the Housing Authority and Homeword, Andrea worked on many projects with federal funding, including HOME Investment Partnership Program, Community Development Block Grants (CDBG), and HUD funding. At Homeword, Andrea has worked with HUD funding through Federal Appropriations, LIHTC and NSP. Andrea has worked on many projects where she had to learn and apply Federal regulations relevant to project development, including but not limited to Davis Bacon, Environmental Regulations, Procurement Requirements, and Relocation Regulations. Andrea works directly with Homeword’s legal counsels St. Peter Law Offices and Datsopoulos MacDonald and Lind PC, both of which firms are very experienced in federal and state regulations pertaining to development and federal funding sources. Housing Development Director, Heather McMilin - This position directs all aspects of the organization’s commercial and housing project development activities based on strategic 376 Homeword Development Team Staff Qualifications Page 2 of 7 plans and directs development, construction, and project management activities including site selection, acquisition, design, financing, city and neighborhood review, construction, and expenditures. The position also develops and/or reviews project budgets, lease-up or sales, and owner relations. The Housing Development Director plays a support role to the Executive Director on key development issues, collaborates with the Finance Director and Executive Director to ensure that project developments meet targets and goals and serves on the Board Housing Development Committee. This position supervises the Housing Project Managers. Heather has worked on many projects with federal funding, including HOME Investment Partnership Program, Community Development Block Grants (CDBG), HUD funding through Federal Appropriations, LIHTC and NSP. Heather has worked on many projects where she had to learn and apply Federal regulations relevant to project development, including but not limited to Davis Bacon, Environmental Regulations, Procurement Requirements, and Relocation Regulations. Heather works directly with Homeword’s legal counsels St. Peter Law Offices and Datsopoulos MacDonald and Lind PC, both of which firms are very experienced in federal and state regulations pertaining to development and federal funding sources. Having been part of the Homeword team for more than twelve years, Heather has many years of experience managing Real Estate Development. After graduating with a Master of Architecture degree and a Bachelor of Environmental Design from Montana State University, Heather moved to Missoula in 1998 where she worked with several different architectural firms and deepened her understanding of the need for more sustainable building practices in construction and development. Since joining the Homeword team early 2003, Heather has received extensive training and experience in affordable housing and gained additional expertise in sustainable design, including presenting several seminars on green building principles for affordable multi- family housing through the Housing Assistance Council. Heather is a Housing Credit Certified Professional (HCCP) and recently completed the HUD training “CHDO Workshop: Understanding the 2013 Final HOME Rule”. Finance Director, Matt Joseph, CPA - This position oversees all agency financial resources and budgets, regularly reports on current operations of both non-profit and limited– partnership activities of the organization, has an active role in the Asset Management function of Homeword’s properties, supervises the Finance Coordinator, Asset Manager, & Facilities Project Manager and is part of the Board Asset Management and Finance Committees. The Finance Director reports to the Executive Director. Matt is a licensed Certified Public Accountant (CPA) in Montana with a B.A. in Accounting from the University of Montana. After working in construction related fields for over 15 years as a CEO and Controller, Matt brings to Homeword a working knowledge of customer service in construction trades and leadership management. In past positions, Matt mentored staff who sought financial management of their own personal budgets. Homeword’s financial education and counseling tie into his personal beliefs of sharing 377 Homeword Development Team Staff Qualifications Page 3 of 7 knowledge and skills with those we serve so they can be their own best advocate, and has many years of experience in fiscal management of corporate and non-profit organizations. Matt currently serves on the Kilkenny Corporation (senior housing) Board of Directors. Matt passed the test for the HCCP training in 2013. Operations & Program Director, Kellie Battaglia – This position directs and manages Homeownership Center programs and oversees housing counseling, Homebuyer education, information technology and the operations and administrative functions of the organization. The Operations and Program Director ensures that program compliance and reporting requirements are met. The Operations and Program Director works closely with the Executive Director and provides staff support to the Board of Directors, also serving on the Board Fundraising and Outreach and Program Committees. This position reports to the Executive Director and supervises the Housing Services Coordinator, Financial Fitness Educator, Billings Housing Services Specialist, Administrative Specialist, and the Foreclosure Intake/Admin Specialist. Prior to moving to Missoula, Kellie worked for the City of Boulder, Colorado for more than ten years as the department administrator for the Department of Housing and Human Services (HHS), where she managed department operations, administration, technology and media communications, served on the HHS Leadership Team, worked closely with the Department Director, and was the department liaison to City Council and the City Manager’s Office. Kellie has a B.A. in Psychology with a double minor in History and Political Science from Metropolitan State College of Denver. In addition, Kellie is a HUD-Certified Housing Counselor and has taken Foreclosure Basics through NeighborWorks America. Housing Project Managers, Julie Stiteler and Ashley Grant - This position is responsible for carrying out all tasks associated with managing Homeword‘s commercial and residential development projects: administering contracts, procurement and proposal processes, coordinating and working with the public, the planning office, building departments, financial institutions, contractors, consultants and architects. This position assists the Housing Development Director in preparing due diligence documents and ensuring Homeword is on track with development project timelines and budgets, and also sits on the Board Housing Development Committee. This position reports to the Housing Development Director. Julie graduated from Montana State University with a Bachelor of Architecture in 1984, and headed to Seattle, where she joined a large architectural firm, eventually becoming an Associate at the firm, managing several large multi-family and commercial projects. She then headed to the other “side of the counter”, joining the City of Seattle’s Department of Planning and Development where she became a Construction Plan Review Manager, reviewing plans for building code compliance , supervising a team of reviewers and permit technicians and assisting applicants in navigating the building permit process. Julie returned to Montana and joined Homeword as the Housing Project Manager in 2008. She has 378 Homeword Development Team Staff Qualifications Page 4 of 7 completed training on Affordable Housing Development provided by NeighborWorks, became a Certified Tax Credit Compliance Professional in the summer of 2009 and received a Master of Architecture from MSU-Bozeman in the spring of 2009. Julie is a certified HCCP and holds a Credit Certified Professional (C3P) certificate, and in 2012 completed the HUD training “Becoming a High Performing CHDO”. Through her career as a licensed architect and as a Homeword Housing Project Manager, Julie has gained many years of experience in managing projects with federal funding, including HOME Investment Partnership Program, Community Development Block Grants (CDBG), HUD funding through Federal Appropriations, LIHTC, NSP and a few RD projects. Julie has worked on many projects where she had to understand and apply Federal regulations relevant to project development, including but not limited to Davis Bacon, Environmental Regulations, Procurement Requirements, and Relocation Regulations. As an architect and project manager, Julie is very experience in the oversight of project design and construction. Ashley graduated from Purdue University with a Bachelor of Science in Construction Engineering and Management in 2005 and joined a large general contractor based out of Minneapolis, with a focus on the renewable energy industry. During her eight years of service, she managed the design and on-site construction of numerous utility-scale wind energy and solar projects throughout North America. Ashley moved to Missoula in 2008, and has since become a LEED Accredited Professional and a registered Professional Engineer. Ashley joined Homeword in 2013 as a Housing Project Manager. Ashley passed the HCCP exam in 2014. As a licensed engineer and a Homeword Housing Project Manager, Ashley has several years of experience in the oversight of project design and construction. She has built on that experience at Homeword, and is now familiar with projects using several types of federal funding, including HOME Investment Partnership Program, Community Development Block Grants (CDBG), LIHTC and NSP. Asset Manager, Jennifer Betz - The Asset Manager manages Homeword assets, including low-income rental properties, commercial properties for lease, single-family home sales and land trust properties. The Asset Manager oversees the third party property management consultants, develops strategic plans and goals for each Homeword development, manages cash flow of the developments, ensures compliance and works with tenants. The Asset Manager provides a direct link to Homeword tenants for community building activities that help develop support systems within each development to help conquer risk factors and foster positive outcomes in the lives of Homeword families. The Asset Manager reports to the Finance Director and is on the Board Asset Management Committee. Jennifer received a B.A. from the University of Montana with a double-major in Psychology and Communication Studies and returned to complete a B.A. in Elementary Education. In addition to teaching, she has worked in social services advocating for youth in foster care 379 Homeword Development Team Staff Qualifications Page 5 of 7 and adults with disabilities. She serves as Homeword’s representative as an affiliate member of the National Association of Residential Property Managers, is former licensed property manager and represents Homeword as an employer partner with Missoula in Motion who work to address transportation issues in Missoula. Since joining Homeword in 2006, Jennifer has completed compliance training for Low Income Housing Tax Credits, is a Certified Credit Compliance Professional, and has passed the HCCP training exam. In addition, Jennifer has received training from NeighborWorks in the area of non-profit housing management. Jennifer has been a licensed Property Manager and has worked on the initial lease up of several LIHTC/HOME projects while at Homeword. She is a valuable resource both to Homeword staff and to the professional third party property managers that Homeword engages to manage its many properties. Facilities Project Manager, Chris Moyles - This position is part of the asset management team, overseeing the property manager’s maintenance of Homeword’s properties and going beyond typical facilities management in analyzing and monitoring building performance. This includes troubleshooting building performance issues, managing the transition during the warranty period, monitoring energy consumption and production, and assessing on-going capital needs for Homeword’s many properties. In addition to daily coordination with the Asset Manager, the Facility Project Manager collaborates with the Housing Development Team on property development and reports to the Finance Director and sits on the Board Asset Management Committee. Prior to joining Homeword, Chris worked for 11 years at Fauquier Housing Corporation (FHC) – a 501c3 housing organization located in Virginia – as the Project Manager and then as the Executive Director. While at FHC, Chris performed weatherization and indoor plumbing repair for Low to Moderate Income (LMI) homeowners, built workforce housing, senior housing, and first time homebuyer units. After concluding his time at FHC, Chris went back to school focusing on a Green Building Practices Curriculum, obtained his Building Analyst Certification, Residential Building Envelope Professional Certification and Whole House Air Leakage Certification. He is currently preparing for his A.P. Certifications as a LEED Professional. Fundraising & Marketing Manager, Jessica Burson - The Fundraising & Marketing Manager provides integral support and coordination in the creation of effective marketing, communication, grant writing, fundraising, and coordinating events to promote and fulfill identified needs and on-going operations of Homeword and help develop gap funding for Homeword’s development projects. This position coordinates special events, publications, reports, appeals, brochures, newsletters and other communications materials. The Fundraising & Marketing Manager works with the Executive Director and Board Fundraising and Outreach Committee to develop a comprehensive fund development plan. This position reports to the Executive Director. 380 Homeword Development Team Staff Qualifications Page 6 of 7 Jessica has a degree in Communications from San Diego Christian College. She has over ten years of experience in relationship marketing and fundraising with organizations such as the US Grant Hotel, Noodles & Company, Habitat for Humanity and the Daly Hospital Foundation. Jessica joined Homeword as the Fundraising and Marketing Manager in 2013. Finance Coordinator, Stacey Miller - This position records the organization’s financial business transactions for multiple inter-related Homeword companies, assists cash flow planning, retains all accounting records (both hard copies and electronic) and performs related recordkeeping and reporting functions. The Finance Coordinator is an integral member of the development and asset management teams, tracking and documenting invoice payment and accounts receivable. The Finance Coordinator reports to the Finance Director. Stacey is a Missoula native as well as a Certified Public Accountant. She has worked as a CPA for over 25 years, specializing in business consulting, retirement plan administration and auditing non-profit entities’ compliance with government and grant requirements. Housing Services Specialist, Brendan Moles – This position provides housing and foreclosure prevention counseling and teaches homebuyer education classes. In addition, Brendan is HUD-certified in housing counseling, foreclosure intervention, loss mitigation and default counseling, and he is certified in Train the Trainer: Homebuyer Education Instruction. Brendan provides extensive one-on-one housing counseling and client case management, which includes intensive foreclosure intervention counseling. Brendan has over 17 years of professional experience in housing and rehabilitation counseling, and he is a HUD-certified Housing Counselor. He was hired by Homeword in May 2010. Brendan He has extensive training ranging from lead-based paint inspection/risk assessment, community lending, housing counseling certification, and construction and production management and holds a degree in Economics from Clemson University. This position reports to the Operations & Program Director. Foreclosure Intake/Admin Specialist, Jeannine Lovell – The responsibilities of this position include performing client intake, organizing client files for the Foreclosure Counselor, data entry and preparing the client for their Foreclosure/Mortgage Default/Delinquency counseling session while providing support to the Foreclosure Counselor. Additionally, this position provides administrative support for tasks that involve Solstice commercial tenants or the Solstice Conference Room, along with supporting all Homeword departments. This position reports to the Operations and Program Director. Jeannine grew up in Missoula and graduated from Montana State University. She spent 2 ½ years working as a Community Sales Coordinator for Quadrant Homes in Bonney Lake, Washington where she provided administrative support and coordinated the escrow process for the community’s new home sales. In 2010, Jeannine returned to Missoula and has experience as a legal assistant and paralegal working for a local bankruptcy law firm 381 Homeword Development Team Staff Qualifications Page 7 of 7 until she started with Homeword in July 2012. Jeannine is a certified HUD Housing Counselor and holds a certification in Financial Capabilities. Administrative Specialist, Holly Klier - Homeword’s Administrative Specialist is responsible for providing administrative support to the organization. This position also works closely with homeownership program staff on class registration, class and client file assembly, intake calls, filing, reporting through CounselorMax, the HUD-approved client management system, and website information updates. The Administrative Specialist also tracks program data, including in-kind volunteer donations and childcare expenses. This position also provides key support to development staff for organizing compliance documentation, assisting with special projects and general administrative support. This position reports to the Operations & Program Director. Holly has taken NeighborWorks Foreclosure Basics, Introduction to Homeownership Counseling, and Client Tracking and Management with CounselorMax. She has experience with database management, fundraising, marketing, website design software, and media and publication design. Holly attended the University of North Dakota and worked in public education for 16 years prior to joining Homeword in 2009. \\hw-server1\company shared files\administrative\staff files\staff bios and resumes\current bios\hw devt staffbios 04012015.docx 382 Experience Our team brings a great deal of experience in master planning, architecture, interior design, general contracng, construcon management and custom fabricaon. Our past and current projects vary greatly in scope and scale and have included offices, retail, restaurants, civic pro- jects, historic renovaons, single and mul-family residences, mixed use structures, adapve reuses, and master planning for communies for both public and private clients. Process We believe good design begins with listening. Understanding the needs, priories and chal- lenges of the project informs the design. By collaborang and responding with creave and innovave ideas gathered from all pares we believe results in the most successful projects. Processing this informaon and communicang the resulng ideas through clear and effecve communicaon throughout the project is the key to a successful project. LEED Experience: Energy efficient design and sustainability are a focus on all of our projects. Technologies, sys- tems and materials are constantly changing and improving. With five LEED-accredited Intrinsik staff members we make concerted efforts to stay informed of innovave means and methods and carefully pursue those opportunies that fit each project program and budget. Recently we teamed with Morrison and Maierle in the compleon of an Early Learning and Adult Educa- on Center in Helena, Montana which received LEED Planum cerficaon. Cost Esmates: We are knowledgeable about local project costs and are able to prepare phase cosng es- mates and have resources available if highly detailed project phase cosng is required. We un- derstand project delivery is an important consideraon and have delivered projects with tradi- onal design-bid-build and CM negoated methods. Each method is effecve and provide means to keep projects and budgets on track. Design Technology: Building Informaon Modeling technology is becoming the industry standard and is an effec- ve tool in the design process. We use Revit so1ware in our design process and for producing Construcon Documents and pair it with Sketch-Up and other programs for illustrang con- cepts and producing markeng renderings. Firm Profile Intrinsik is a full service Architecture firm based in Bozeman, Montana. Our talented and com- mi4ed group of people are focused on design and creang quality spaces for communies where people live, work, and play. Over the past 12 years we have grown from a small residen- al design-build firm into local and regionally recognized leader in design. We have disn- guished ourselves as a progressive studio delivering projects that are desirable and unique be- cause they reflect the spirit of our clients, their needs, and places. 383 Tad Tsukamoto, AIA, LEED AP Principal - Intrinsik Architecture, Inc. Tad’s professional experience over the past 20 years includes work on commercial, retail, lodging, institutional and residential projects. He is the managing Principal directing the growing business and striving to provide the highest level of quality, service and value for our clients. Tad is also an active project team member providing oversight and assistance in the technical development of projects. Tad hails from Hawaii but has called the Gallatin Valley home for over 36 years. He holds a Master of Architecture degree from Montana State University and currently serves on the Montana AIA Board of Directors. Experience Intrinsik Architecture 2004 - present Prugh & Leon Architects, P.C., Bozeman, MT 1992 - 2004 Relevant Projects: Reach North Tracy Transitional Living Facilities, Phase 1 & 2 Bozeman, Montana Multi-phase transitional living facility comprised of 5 residen- tial dwelling units integrated into a historic neighborhood. West Edge Condominiums, Phase 2 & 3, Bozeman, MT Multi-phase affordable housing project comprised of 36 and 24 unit condominiums. Butte Affordable Infill, Butte, MT 14 Residential projects funded through a Neighborhood Sta- bilization Grant consisting of both rehabilitation and new con- struction in historic uptown Butte. Stewart Homes Campus Master Plan, Helena, MT Master plan and extensive public outreach to transform 13.4 acre developed site for the Helena Housing Authority into mixed use and mixed income neighborhood. Whitehall Solar Site, Whitehall, MT Conceptual master planned affordable neighborhood empha- sizing sustainable building practices and utilizing renewable energy resources. This project utilized USDA Rural Develop- ment Funds. Education Montana State University School of Architecture , 1993 Masters of Architecture Professional Affiliations Montana AIA, Board of Directors American Institute of Architects, Member Leadership in Energy & Environmental Design (LEED) Accredited Architecture Intern Development Program, Mentor Civic Involvement Gallatin Valley Land Trust (GVLT) Member Rotary International Member Valley West Homeowner’s Association Board of Directors Rocky Mountain Elk Foundation, Member Project Role: Principal in Charge 384 Rob Pertzborn, AIA Principal - Intrinsik Architecture, Inc. As a registered Montana Architect and a practicing Plan- ner, Rob bridges the gap between buildings and neighbor- hoods. Rob has worked in design and planning for over 25 years and has a wide range of experience ranging from historic, civic and commercial renovations to land and mu- nicipal facilities planning to designing infill urban mixed use projects and multifamily residences. Rob specializes in big picture thinking and master planning to assure timely, quality and sustainable projects for the client, future residents and users, and the greater communi- ty. Rob is from Madison, Wisconsin and lived in the Twin Cities before settling in Bozeman in 1989. He holds a Mas- ter of Architecture degree from Montana State University. Experience Intrinsik Architecture 2004 - present Prugh & Lenon Architects, P.C., Bozeman 1990 - 2004 Inspec, Minneapolis, MN 1987 - 1989 Potter, Lawson & Pawlowsky Arch., Madison, WI 1985 - 1987 Relevant Projects: Valley West PUD Master Plan, Bozeman MT Planning and entitlements for multi-phased 309-acre residential pro- ject in northwest Bozeman. Loyal Garden Master Plan, Bozeman MT Planning and entitlements for multi-phased 75-acre residential project in northwest Bozeman. Cattail Creek Master Plan, Bozeman MT Planning and entitlements for multi-phased mixed use 170-acre pro- ject in northwest Bozeman. Bogert Park Master Plan, Bozeman MT Park master planning. City of Bozeman Facility Consulting, Bozeman MT Facility consulting and master planning. Hawthorne School Playground, Bozeman MT Master planning for new playground facilities at elementary school. Education Montana State University School of Architecture, 1993 Masters of Architecture University of Minnesota - Twin Cities, 1987 - 1989 University of Wisconsin - Madison, 1985 - 1987 Professional Affiliations American Institute of Architects (AIA) Civic Involvement Library Art Selection Committee Bozeman Amateur Hockey Association, Board of Directors Bozeman Historic Preservation Advisory Board, 1996 - 2000 Gallatin Valley Land Trust (GVLT) Member Project Role: Planning Director 385 Peter Andrews, AIA, LEED AP Architect - Intrinsik Architecture, Inc. Peter is a registered architect, LEED AP and Project Manager at Intrinsik. His unique journey to Architecture (beginning with a bachelor’s degree from Boston College, a volunteer year with the Jesuit Volunteer Corps, a fellowship with Architecture for Humanity all the way to receiving his Master of Architecture from Montana State University) contributes to our eclectic and multidisciplinary approach to design. His experience includes a wide variety of projects including single household residential projects, multi-family and commercial work. Experience Intrinsik Architecture, Project Manager, 2003 -present Montana State University, Great Falls College of Technology and Gallatin College, Adjunct 2008-2012 Architecture for Humanity, Fellow, 2005 Helena Food Share, Assistant Director, 1999-2000 Relevant Projects: Butte Affordable Infill, Butte, MT 14 Residential projects funded through a Neighborhood Stabilization Grant consisting of both rehabilitation and new construction in historic uptown Butte. Whitehall Solar Site, Whitehall, MT Conceptual master planned affordable neighborhood emphasizing sustainable building practices and utilizing renewable energy resources. This project utilized USDA Rural Development Funds. Valley West “Restricted Size Units” Development of multiple base models and plans for single family residences meeting the City of Bozeman 2007 provisions for moderate and low income housing. Loyal Garden “Restricted Size Units” Development of multiple base models and plans for single family residences meeting the City of Bozeman 2007 provisions for moderate and low income housing. Education Masters of Architecture, Montana State University, 2005 Bachelor of Arts, Environmental Design, Montana State University, 2004 Bachelor of Arts, Human Development, Boston College, 1999 Professional Affiliations American Institute of Architects, Member Leadership in Energy & Environmental Design (LEED) Accredited Civic Involvement Masterpiece Art Program Instructor - Present Continental Math League Tutor - Present Bozeman Blitzz Soccer Coach, 2013 — Present Bozeman School District—Boundary Realignment Committee Member – 2013 Big Brothers Big Sisters of Gallatin County, 2002 — 2012 Gallatin Valley Land Trust, Member, 2007 – Present Montana Chapter, U.S. Green Building Council, Member Habitat for Humanity, Lynchburg, VA. Past Volunteer Project Role: Project Manager 386 Susan Riggs, AICP Planner - Intrinsik Architecture, Inc. As a certified planner, Susan has comprehensive experience with urban design, site planning, master planning, land use regulations, design guidelines, covenants and public processes. Prior to joining the Intrinsik team, she worked for the City of Bozeman Community Development Department on a variety of current and long-range planning projects. With a degree in Urban & Environmental Planning from the University of Virginia, School of Architecture, Susan advocates for the Jeffersonian spirit of community and has served on the North Seventh Urban Renewal Board and the Gallatin County Planning Board. Education University of Virginia School of Architecture Bachelor of Urban & Environmental Planning, 2001 Professional Affiliations American Institute of Certified Planners (AICP) Certification #021407 American Planning Association (APA) Montana Association of Planners (MAP) Civic Involvement Gallatin County Planning Board , Past Member North 7th Avenue Urban Renewal Board, Past Member Project Role: Public Outreach | Planning | Permitting Experience Intrinsik Architecture, Inc: 2007 - present City of Bozeman Department of Community Development: 2001 - 2006 Relevant Projects: Stewart Homes Campus Master Plan, Helena, MT Master plan and extensive public outreach to transform 13.4 acre developed site for the Helena Housing Authority into mixed use and mixed income neighborhood. Technical Assistance Grants (TAGs), Downtown Bozeman MT Site and building feasibility studies for over 30 sites in Bozeman including a mix of residential, commercial and mixed use. Story Mill Affordable Housing Planning, Bozeman, MT Conceptual planning and feasibility study to create a sustainable and replicable mixed income pocket neighborhood that compli- ments the design of the new 55 acre Story Mill Community Park and respects the historical significance of the area. West Edge Condominiums, Phase 2 & 3, Bozeman, MT Site layout and entitlements for multi-phase affordable housing project comprised of 36 and 24 unit condominiums. Reach North Tracy Transitional Living Facilities, Phase 1 & 2 Bozeman, Montana Multi-phase transitional living facility comprised of 5 residential dwelling units integrated into a historic neighborhood. 387 Henri Foch, AIA, LEED AP Architect - Intrinsik Architecture, Inc. Henri is a registered Architect, LEED AP and Project Manager at Intrinsik. He graduated from Drury University in Springfield, Missouri with a Bachelor of Architecture. An initial venture in furniture making and residential design -build led Henri to Bozeman in 2002 where he soon connected with Intrinsik Architecture. Initially alternating between construction, steel fabrication, and architecture he now works on a broad range of architectural projects from residential to commercial. Henri places a strong emphasis on craft and quality through the design and detailing of our projects. Experience Intrinsik Architecture, Project Manager, 2002-present Gaskin Hill Norcross Architects, Intern Architect, 2000-2002 Henri Foch Building Workshop, Owner, 1998-2002 Drury University Student Lead Design Build Studio, Co-Founder, 1999 Butler Rosenbury and Partners Architects, Fellowship, 1999 JCCS Architects, Intern Architect, 1998 Relevant Projects: West Edge Condominiums, Phase 2 & 3, Bozeman, MT Multi-phase affordable housing project comprised of 36 and 24 unit condominiums. Reach North Tracy Transitional Living Facilities, Phase 1 & 2 Bozeman, Montana Multi-phase transitional living facility comprised of 5 residential dwelling units integrated into a historic neighborhood. Valley West “Restricted Size Units” Development of multiple base models and plans for single family residences meeting the City of Bozeman 2007 provisions for moderate and low income housing. Garden Gates, Bozeman MT Master planning and development of 24 single family residences with small footprints on undersized lots. Education Bachelor of Architecture, Cum Laude Drury University, 2000 Professional Affiliations American Institute of Architects, Member Leadership in Energy & Environmental Design (LEED) Accredited Civic Involvement Tao Sigma Delta, Honor Society in Architecture, Member Americorps, Montana Conservation Corps, 2002 Trout Unlimited, Member, 2005 – Present Hammons School of Architecture, lecture ‘The Tygart Gallery, An Approach to Design Build,’ 2000 ACSA Midwest Regional Conference, Presentation ‘Designing, Building, Learning,’ 1999 Gallatin Valley Land Trust (GVLT) Member Project Role: Architect 388