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HomeMy WebLinkAboutMINUTES - 04081994 - 1.1 REVISED t o r Contra TO: REDEVELOPMENT AGENCY .0/1 r (,nc+a FROM: Phil Batchelor �.�lJur Executive Director r C U*,. „y DATE: April 8, 1994 SUBJECT: Golden Oak Senior Housing Project - Oakley SPECIFIC REQUEST(S) OR RECOMMENDATIONS(S) & BACKGROUND AND JUSTIFICATION RECOMMENDATIONS COMMIT additional Oakley Redevelopment Housing Set-Aside funds in an amount up to $441, 653 (thereby making the total $780,000) to Ecumenical Association for Housing (EAH) for Golden Oak Senior Housing as provided for in Exhibit A hereto: AUTHORIZE the Deputy Director Redevelopment to develop and execute a Loan Agreement with EAH; and DIRECT Redevelopment Staff to correspond with EAH regarding submittal of an application for County Community Development Block Grand funds (CDBG) for supplemental financing. FISCAL IMPACT None to the General Fund. The additional monies will come from the Oakley Redevelopment Project Area Housing Set-Aside funds for Fiscal Years 1994-95 and 1995-96 . An amount equivalent to the request of $441, 653 is expected to be generated from the Oakley Housing Set-Aside fund to finance the senior housing project. The intent of EAH to apply for CDBG funds is to achieve greater financial leverage by reducing the Agency' s commitment. CONTINUED ON ATTACHMENT: X YES SIGNATURE: �® ��ifitc-QJ `7" _ RECOMMENDATION OF EXECUTIVE DIRECTOR RECO E ATION OF GENCY COMMIT E APPROVE OTHER SIGNATURE(S) : ACTION OF AGENCY ON April 8 , 1994 APPROVED AS RECOMMENDED x OTHER VOTE OF COMMISSIONERS I HEREBY CERTIFY THAT THIS IS A x UNANIMOUS (ABSENT TRUE AND CORRECT COPY OF AN AYES: 0ES: ACTION TAKEN AND ENTERED ON THE ABSENT: ABSTAIN: MINUTES OF THE REDEVELOPMENT AGENCY ON THE DATE SHOWN. Contact: Jim Kennedy 646-4076 ATTESTED April 8 , 1994 cc: Community Development PHIL BATCHELOR, Auditor-Controller AGFINCY S C ETARY Ecumenical Association for Housing fl OMAC BY a , DEPUTY BACKGROUND/REASONS FOR RECOMMENDATIONS The Oakley Municipal Advisory Committee (OMAC) has considered and recommended the above action. Ecumenical Association for Housing (EAH) , a non-profit housing developer, proposes to construct and manage a 50 unit housing project for low-and-moderate income senior citizens in Oakley. County Redevelopment funds ($338, 347) and HOME money ( $325, 000) totalling $663, 347 have been allocated for land acquisition, Predevelopment and construction costs . To further assist with the financing of this project, it is anticipated that EAH will apply for Low Income Housing Tax Credits . This application must be submitted to the state by April 15, 1994 . Exhibit A provides additional information. a:\ed1\eaha11oc.bo attachment CONTRA COSTA COUNTY REDEVELOPMENT AGENCY DATE: March 25, 1994 TO: OMAC Members FROM: Elizabeth Dunn `� Redevelopment Planner SUBJECT: Request for Additional Redevelopment Funds for Senior Housing Project I. RECOMMENDATION 1. Recommend to the Governing Board of the Redevelopment Agency (Board of Supervisors) that: a. The Redevelopment Agency commit additional Housing Set-Aside Funds in an amount totaling $441,653 (thereby making the total commitment $780,000); b. That the additional commitment of Housing Set-Aside Funds come from the 1994-95 and 1995-96 Fiscal Years first, preserving the existing Housing Set-Aside balance of $86,052 for other uses; C. The funds be provided on a deferred loan basis; d. An agreement with EAH affecting these business terms be entered into. 2. Request EAH to submit an application for Community Development Block Grant (CDBG) Housing Development Assistance Funds (HDAF) in an appropriate amount. Any amount so secured would reduce the Redevelopment Agency's commitment on a dollar-for-dollar basis. II. PROJECT BACKGROUND The proposal to establish senior housing in Oakley is in response to Supervisor Torlakson's direction to build this housing. Citizens for Affordable Senior Housing (CASH) , a community group, was formed to support this type of housing. An initial allocation of redevelopment funds was authorized in June 1993. A General Plan Amendment and Rezoning actions have occurred and been approved. Should Ecumenical Association for Housing, the non-profit housing developer, be awarded tax credits, it is anticipated that the Final Development Plan will be submitted in June 1994. The location for this proposed 50 unit development is at the intersection of Kelsey Lane and Oakley Road, between Live Oak Avenue and Empire Avenue in Oakley (Exhibit A) . OXiIBIT A OA LEY SENIOR HOUSING-_ NORTH = I"= 600' I e —�-- aat■..s. I ----•-•-- - -- o- • 1 � �u Mi r 4 � meas.u ter" se ' ' 4iMR�w u �, S I rwwr - -__ SITE it A.P.N.:037-390-101 eras o 7 s.. r i -- -------- ---- -- ---------- ----------- - � 4 E ---------------------------- 1 �. cc LOCATION MAP 2 ' III. PLAN OF FINANCE A. SOURCES OF FINANCING Financing of the senior housing project is dependent upon three sources: Low Income Housing Tax Credits, a private mortgage and County/Redevelopment loans of various types. The County, through the federal HOME program, has allocated $325,000 to the project. These monies, however, are to be used exclusively for land acquisition and cannot be used for construction costs. In June 1993, the Redevelopment Agency committed $338,347 to EAH for Golden Oak Senior Manor. These funds have been used for predevelopment activities and may be used for construction purposes. If this request to allocate an additional $441,653 to the project is approved by OMAC, the total allocation of Redevelopment Agency money becomes $780,000. These County (HOME and redevelopment) contributions will augment a conventional first mortgage loan in the amount of $920,000. The tax credit allocation comprises the bulk of the financing, with an expectation that approximately $2,338,764 will be awarded to EAH. The total development cost for this project is $4,638,362, as shown in the pro forma (Exhibit B) . Upon OMAC's recommendation of this supplemental amount, a request to the Board of Supervisors will be made to authorize the Deputy Director of the Redevelopment Agency to enter into a Development Loan Agreement for the total of $780,000. SOURCES OF FINANCING HOME: $325,000 Redevelopment Agency: Current commitment: $338,347 Additional request: $441,653 Conventional Loan: $920,000 Tax Credits: $2,338,764 TOTAL $4,638,764 B. REASONS FOR THE ADDITIONAL REQUEST 1. Inability to guarantee project based Section 8 vouchers. It was hoped that project based Section 8 housing could be acquired through the Housing Authority. Such assistance could guarantee the monthly rent and subsidy and thereby enhance the project's financial feasibility by providing a constant revenue source. Project based vouchers, however, cannot be expected at this time. The Housing Authority would have to apply to the U. S. Department of Housing and Urban Development (HUD) in order to enact such a program. Even if granted, the authority by HUD, there is no guarantee the Housing Authority would allocate to this project. While this may be a possibility for future projects, it does not appear that this method can be employed prior to EAH's submittal of the tax credit application to the state by April 15, 1994. 3 2. Inability to charge higher rents on the 50% area median income for one- bedroom units. EAH has market studies which indicate that charging rents at higher than $461 for the one-bedroom units at 50%of the area median income would jeopardize the viability of the project. The market study states that charging higher rents would cause the project to have difficulty in renting the units and therefore result in revenue loss. Should the future market demand allow for an increase in the rents charged for these units, EAH has indicated they would pursue this increase. 3. Ranking of Tax Credit Applications Ecumenical Association for Housing (EAH) intends to submit an application for tax credits for the proposed Golden Oak Senior Housing project to the California Tax Credit Allocation Committee (CTCAC) by April 15, 1994. This application allows EAH to compete for investor tax credits which would be used to construct a 50 unit low- and-moderate income senior housing project. Development proposals compete for the maximum of 100 points. A perfect score of 100 points ensures that the proposal will receive the amount of tax credits requested. Recent changes to the application process affect the financing of EAH's proposal. Twenty points (out of 100) will be applied towards development proposals that have 20 percent of the total development costs committed by local funding sources. As total development costs for this project are $4,638,764, a minimum of $927,753 of the funding must be committed by local entities for the tax credit application to receive all 20 points. This allocation of 20 points is an all-or-nothing situation: either a proposal receives all 20 points or it gets none of it. Last year, all projects that received 100 points received tax credit allocations. Generally, proposals that received less than a perfect score were not awarded a tax credit allocation. A copy of the Point System used by CTCAC is enclosed as Exhibit C. C. REQUEST TO CDBG FOR HDAF FUNDS The staff recommends that EAH be directed to apply for Housing Development Assistance Funds (HDAF) which are monies available through the County's Community Development Block Grant (CDBG) program. This HDAF application will be reviewed and recommended for allocation by the review committee during the 1994- 95 Federal Program year (April to March) . The Board of Supervisors must approve this allocation. The review and approval process may take approximately four months. Should EAH apply for CDBG funds in April 1994, it could be expected that an approval may be rendered in August 1994. Should EAH be awarded HDAF monies, this amount would be reduced from the Redevelopment Agency's committment to EAH. 4 IV. REDEVELOPMENT AGENCY TAX INCREMENT PROJECTIONS An amount of$86,052 is currently available as unallocated Housing Set-Aside Funds. The current 1993-94 tax increment projections for Oakley is $971,000 of which $194,000 is Housing Set-Aside money. Tax increment projections, done in 1992, forecast a 5 percent increase per year in tax increment revenue for Fiscal Years 1994-95 through 2000-01. The 5 percent increase is a reasonably conservative approach. Actual tax increment increases for Fiscal Years 1992-93 to 1993-94 have been around a 35 percent increase per year. Using a conservative 5 percent growth yields sufficient revenue in the Housing Set-Aside in Fiscal Year 1994-95 and 1995-96 in addition to the unallocated amount of $86,052. Exhibit D illustrates the accrued Housing Set-Aside monies for Fiscal Years 1994-95 through 2000-01. a:\edl\omacrept.eah attachments 3-25-94 ETmWBIT B Page 1 - • Ci -1. �L7 0"es ea•n { "tt -i �CY SS d >'ri r�Gr a t7 O to-a ar�'II b d>t7 a7 W > rte- r' n e r, GI0 ��AP � o �b'�.'s� mtamooW, g!a•m3�s„n� mp•�a�-'�o 131yo�_ aa0ys ;3«e3i�x .0 roa it�«�3o �•a �o'art it JL4, . A¢mOOQ w OA�' a �3c7'II.a.il9ym7:LQ Sr�Y�rt� t OB�S"�pfc. p4, V �A'f's'¢ 1iIIs � { 5. 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However, unless requesting state tax credits, a project financed at least - 50%with the proceeds of tax-exempt bonds subject to the private activity bond volume cap is not required to achieve a minimum score. ? ~ Projects can attain up to 80 points by meeting the requirements of three primary selection criteria. Then, Yff if an applicant chooses.to seek an additional 20 points(for a total of 100 points), the project must meet additional threshold requirements within a targeted project category -large family, senior, SRO, other special needs, at-risk, or acquisition/rehabilitation. Up to 20 points are available within any one of the six targeted project categories. Non-targeted projects can earn an additional 10 points for income targeting and amenities. The selection criteria help TCAC select the projects which meet the State's highest priorities for affordable housing. The criteria ensure that selected projects meet preferences under both federal and state law. Further, these criteria provide a "level playing field" for experienced development teams willing to provide certain types of housing and who demonstrate a commitment to keep costs docs-n and a readiness to.proceed. Basic Points If an application meets eligibility and basic threshold requirements and has commitments for all proposed subordinate or additional financing (soft seconds) and rental subsidies, it can attain a basic score of up to 80 points(25 point minimum). Applications with proposed but uncommitted soft seconds or rental subsidies will be penalized as their feasibility is not as certain as those needing and having commitments for such funding. Basic points are achieved by assessing to what degree project characteristics meet the federal and state preferences for awarding credits. Points will be awarded on a sliding.scale where applicable. 1. Federal Preference for Serving Residents with the Lowest Incomes Applicants may select either the 40/60 or 20/50 minimum federal set-aside requirement. Applicants selecting the 20/50 set-aside will be awarded 35 points. Applicants choosing the 40/60 requirement must further agree to restrict at least 20% of the targeted units to families with incomes at or below 50% of median income. Rents charged to occupants of such units cannot exceed the allowable federal credit rent at the 50% level. This restriction applies for the length of the extended use period. Amended and Adopted7anuary 14, 1994 23 EKRIBIT C Page 2 Ids Applicants can earn 35 points in this category. 2. Federal Preference.for Serving Qualified Residents for the Longest Period One point will be given for.each year beyond the state mandated 30 years by which the compliance period is extended, up to 55 years. A maximum of 25 points is available in this category. �3. Financial Contributions to Project's Affordability(formerly Local Participation/Owner Equity) Projects with local funds will earn 20 points if at least 20% of total residential costs are funded by local funds. One point will be awarded for each percentage of total residential cost funded by local contributions up to a maximum of 20 points in the Basic Points category. Local funds must be long term and must be committed to the project. "Local" funds include local HOME funds whether allocated by a particular locality or by a state agency on behalf of non-entitlement cities, counties and towns. The donation'of land or waiver of fees provided by a public agency will be considered part of its financial contribution so long as the value is quantified and verified by the local agency. If the contribution is a loan, the financing rate must be below-market or no hiszher than the applicable federal rate with deferred payments and it must be long term. Alternatively,, Projects with a net equity factor(as further defined in regulation) of at least .43) and up to .52 will earn points as shown below in this Basic Point Category. The factor will be evaluated at least annually and adjusted to reflect current market conditions. To earn points, the owner's equity must constitute at least 30% of total residential costs. Points will be awarded as follow: 0 .43 factor earns I point o .44 factor earns 2 points 0 .45 factor earns 3 points o .46 factor earns 4 points o .47 factor earns 5 points o .48 factor earns 8 points o .49 factor earns I I points o .50 factor earns 14 points o .51 factor earns 17 points 0 .52 factor earns 20 points Amended and Adopted January 14, 1994 24 g` EXHIBIT C Page 3 Calculation of the equity factor may include an owner equity contribution. If the donation of land by the developer is included in equity, its value will be the lesser of the purchase price or y appraised value. Reservations and subsequent allocations will be based on the tax credit factor for ' which points are awarded. Staff may recommend denial of points in this category if, based on the characteristics of the project and financial statements of the applicant, it is not satisfied that the factor is likely to be achieved. If the project does not achieve the tax credit factor for which it was awarded points, the applicant will be required to make up the difference from its own `£ resources. ;x. A project cannot receive points under both the local financing and equity factor categories. A maximum of 20 points can be earned in this category. The total number of Basic Points which all projects can earn is summarized as follow Lowest Incomes Targeted 35 points maximum Longest Period of Affordability 25 points maximum Financial Contribution 20 points maximum TOTAL BASIC POINTS 80 POINTS MAXIMUM Deductions for Uncommitted Subsidies Projects with uncommitted soft seconds or rental subsidies may be deemed feasible, assuming all other measures of the project's feasibility are sound. However, up to 10 points will be deducted from applications in which soft seconds or rental subsidies are required for feasibility at the income levels being targeted but which are not committed at the time of application. For soft seconds, the number o_f points deducted depends upon the percentage of total proposed soft seconds that are uncommitted. For projects having 50% soft seconds fully committed plus 50% conditionally approved (as defined in regulation) -3 points For projects having just 50% soft seconds fully committed and for projects having 100% at least conditionally approved . -5 points For projects not meeting the above minimum percentage for committed or approved soft seconds and those in which rental subsidies are not 100% committed -10 points Amended and Adopted January 14, 1994 25 1 �5 v ' • EXHIBIT C Page 4 �o>�' OQ Senior Projects Because the need for senior housing for very low and low income seniors continues to go unmet in some areas, the tax credit program allows senior projects to be competitive where deeper income targeting and correspondingly lower rents are proposed and the market area shows a high demand. To earn points in the Senior Point Category, a project must first demonstrate that it meets these additional threshold requirements: 1. Demonstrated need for senior housing at the income targeted; 2. Senior units must be restricted to residents 62 years of age or older(at least one family member) or the tenant or co-tenant is disabled or handicapped; 3. The project must be located on a suitable site within reasonable walking distance of basic services; 4. Projects over two stories must have an elevator unless otherwise justified;.and 5. No more than 20% of the targeted units in the project are 2-bedroom units. (A waiver may be granted by TCAC for newly constructed projects in default or for rehabilitation projects.) One larger unit may be included for use as a manager's unit. Once a Senior project has met the additional thresholds, its project characteristics that will be scored are as follow: Additional Units Targeted up to 10 points (Additional 40% of units rented to seniors at 50% of median with rents at the targeted income level; 2.5 points for each 10% up to 40%) Deeper income targeting and lower rents 5 points (Half of the 50% units above rented to seniors at 40% of median with rents at the targeted income level. If points were not requested above but income targeting points were awarded in the Basic Points category, 5 points will be awarded if the 20% agreed to in Basic Points are further reduced to the 40% level.) Designated recreational/community area features up to 5 points TOTAL SENIOR POINTS 20 POINTS MAXRVfUM Amended and A4ped January 14, 1994 28 INCOME REVENUE PROJECTIONS EXHIBIT D: PROJECTION OF TAX INCREMENT REVENUE AT 5 PERCENT FISCAL GROSS TAX HOUSING DEBT NET ANNUAL YEAR INCREMENT SET- SERVICE TAX ASIDE INCREMENT 1994 971.000 194200 207000 569800 1995 1019550 203910 207000 608640 1996 1070527 214105 207000 649422 1997 1124053 224810 207000 692243 1998 1180255 236051 207000 737204 1999 1239267 247853 207000 784414 2000 1301230 260246 207000 833984 2001 1366291 273258 207000 886033 EXHIBIT D: PROJECTION OF TAX INCREMENT REVENUE AT 20 PERCENT FISCAL GROSS TAX HOUSING DEBT NET ANNUAL YEAR INCREMENT SET- SERVICE TAX ASIDE INCREMENT 1994 971,000 194200 207000 569800 1995 1165200 233040 207000 725160 1996 1398240 279648 207000 911592 1997 1677888 335577 207000 1135311 1998 2013465 402693 207000 1403772 1999 2416158 483231 207000 1725927 2000 2899389 579888 207000 2112501 2001 3479267 695853 207000 2576414