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HomeMy WebLinkAbout02/21/2024 - Meeting Materials MEETING OF THE REDEVELOPMENT AGENCY FINANCE COMMITTEE Wednesday February 21, 2024 2:00 p.m. 451 S State Street Room 118 Salt Lake City, UT 84111 The Redevelopment Agency (RDA) Finance Committee meeting will be a hybrid meeting which enables people to join remotely or in-person to listen to the meeting and participate during public comment items. To access and participate in the electronic meeting please visit https://us02web.zoom.us/m/87093887988?pwd=Wmovdl VN bUhEQUVESVZGWEZpVmN4dz09Meeting Password: 509222 Agenda 1. Roll Call 2. Approval of the minutes NONE 3. Business A. Selection of Chair/Vice Chair for Calendar Year 2024—Acting Chair Danny Walz Committee Members will nominate and elect a member to be Chair and elect a member to be Vice-Chair of the RDA Finance Committee for 2024. B. Notice of Funding Availability(NOFA)for Affordable Housing- Kate Werrett; Project Manager,Austin Taylor; Project Manager, Lucas Goodrich; Project Coordinator, and Marcus Lee; Project Coordinator. The Committee will review funding recommendations for the FY23-24 Competitive Affordable Housing Funds Notice of Funding Availability through the Housing Development Loan Program(HDLP). 4. Adjournment People with disabilities may make requests for reasonable accommodation no later than 48 hours in advance in order to attend this Redevelopment Agency Finance Committee. Accommodations may include alternate formats, interpreters, and other auxiliary aids. This is an accessible facility. For questions, requests, or additional information, please contact the RDA at 801-535-7240. 0 SLCRDA RDA FINANCE COMMITTEE MEMORANDUM NOTICE OF FUNDING AVAILABILITY (NOFA)FOR AFFORDABLE HOUSING: FY2023-2024 Annual Affordable Housing Funds—Housing Development Loan Program Funding Recommendations Meeting Wednesday, February 21, 2024: 2:00 PM—4:00 PM, Zoom Link(password: 509222) DATE: February 13, 2023 TO: RDA Finance Committee 1. Redevelopment Advisory Committee: Amy Rowland 2. Redevelopment Advisory Committee: Baxter Reecer 3. Economic Development: Peter Makowski 4. Finance: Mary Beth Thompson 5. Redevelopment Agency: Danny Walz 6. Community and Neighborhoods: Blake Thomas 7. Housing Stability: Tony Milner FROM: Kate Werrett, Project Manager Austin Taylor, Project Manager Lucas Goodrich, Project Coordinator Marcus Lee, Project Coordinator RE: Finance Committee—Funding Recommendations for the FY23-24 Competitive Affordable Housing Funds Notice of Funding Availability through the Housing Development Loan Program(HDLP). OVERVIEW: The Redevelopment Agency of Salt Lake City ("RDA") recently issued a Notice of Funding Availability ("NOFA") to solicit applications for approximately $13.76 million available through the Housing Development Loan Program ("HDLP"). After the release of the NOFA, an additional $1,665,000 became available for the RDA Board of Directors ("Board") to potentially include in the HDLP funding offering. The Board will determine if these additional funds will be incorporated into this round of HDLP applications at an upcoming Board Meeting. Through the HDLP,the RDA intends to commit low-cost financial assistance to projects to incentivize the development and preservation of affordable housing within the city limits. The program provides flexibility to accommodate a wide range of projects that may be dependent upon a myriad of underwriting standards by outside lenders. The RDA Board adopted a policy for FY2023-2024 that required all projects applying for funding through the HDLP to include either deeply affordable housing units or affordable family-sized units in this competitive NOFA. Funds Availability $13.76 million is available for affordable housing developments which meet the Threshold Requirements of the HDLP program. This is the first year federal Department of Housing and Urban Development("HUD") funds from the City's Housing Stability Division have been incorporated into the competitive NOFA through the HDLP. Furthermore, funds from previous HDLP allocations that 1 0 SLCRDA did not meet their funding conditions may be available to include as an additional funding source.RDA Staff is recommending the Board consider the additional $1,665,000 in funding for these application requests. The Board will consider this during an upcoming RDA Board Meeting. The HDLP Competitive Funds come from five different categories as described below: COMPETITIVE FUNDS CATEGORY AMOUNT* RDA Housing Development Loan Program $4,241,714 HOME Program Income** $6,939,710 HOME ARP Development** $1,501,608 HOME Development Fund** $726,291 HOME Community Housing Development Organization Funds** $351,841 TOTAL: $13,761,164 *Note:Amounts are approximate. Total available funds may change after this document has been published. **Note:See Attachment F for additional information on federal requirements associated with these funds. All HDLP loans will be available to selected projects for acquisition,construction and/or development uses. The RDA recognizes that the construction sources and uses for projects may not be the same as the permanent sources and uses and that the amount of debt the HDLP loans are subordinated to may vary depending on the status of the projects. Guiding Policy In February of 2021, the RDA Board of Directors ("Board") adopted the Housing Allocation Funds Policy("Policy"),which establishes policies for allocating and directing resources for the development and preservation of housing by various funding sources. Highlights of the Policy include: • Housing Funds:The Policy establishes four housing funds based on fund source.The revenues, expenditures, interest, and payments for each fund source shall be separately accounted for to ensure the RDA control and oversight to comply with statutory requirements. • Annual Budgeting Process: The policy provides that on an annual basis,the RDA shall present for the Board's consideration a Housing Development Funding Strategy that projects revenues for the upcoming fiscal year and proposes funding priorities and allocations. This will allow the RDA to be flexible to address current needs,leverage current opportunities,coordinate with other city resources, and allow funding priorities to align with evolving plans and policies. In March 2021, the Board adopted the Housing Development Loan Program Policy, which provides low-cost financial assistance to incentivize the development and preservation of affordable housing within Salt Lake City municipal boundaries. The HDLP provides a centralized application, underwriting, and approval process regardless of the fund source. The HDLP policy includes: • Funding allocations and priorities determined on an annual basis. • The transparent administration of funds through a Notice of Funding Availability (NOFA) process. Revenue from various funds may be combined into a consolidated NOFA or a NOFA may be issued for a specific funding source. NOFAs may be offered on an annual basis or multiple times per year and can be competitive or open-ended depending on availability of funds,priorities, and demand. • A standardized process for approving applications and a uniform set of underwriting policies. In April 2023, the Board adopted the FY2023-2024 Annual Housing Funding Priorities. These 2 0 SLCRDA priorities included Threshold Requirements for the Housing Development Loan Program, which include: • Deeply Affordable Housing: o Policy Objective: Expand the availability of units for extremely low-income households, thereby providing housing options for individuals or families that are homeless or at risk of homelessness. o HDLP Implementation: All projects must include either family-sized units and/or deeply affordable units. To meet the RDA's deeply affordable threshold, at least 10% of the total residential units shall be income and rent restricted to households earning 40% of the area median income ("AMI") and below as established by the U.S. Department of Housing and Urban Development ("HUD"). These units will be rent and income deed restricted. • Family Housing: o Policy Objective: Provide opportunities for families to enjoy the many benefits of urban living by encouraging the development of housing that is more conducive to larger household sizes. o HDLP Implementation: All projects must include either family-sized units and/ deeply affordable units. For a development to qualify for these funds, a minimum of 10%of the total residential units shall have three or more bedrooms and shall be income and rent restricted to those earning 60%AMI and below,with AMI limits as established by HUD. Review and Approval Process Pursuant to the Policy, the RDA Finance Committee ("Committee") is charged with reviewing submitted applications and providing a funding recommendation that will be forwarded to the RDA Board of Directors ("Board"). The Board will make the final determination of funding allocations, after which the RDA will issue a conditional commitment letter to those applications that are selected for funding. The conditional commitment letter between the RDA and the applicant will contain the covenants,terms,and conditions upon which the RDA will provide financial assistance to the proposed project once financial, legal, regulatory, and design approvals are obtained. 3 0 SLCRDA Summary of Applications An overview of submitted applications in the order received is as follows: FUNDING REQUEST PROJECT DEVELOPER PREVIOUS HDLP CURRENT COMMITMENTS REQUEST 1.Norbridge Court Artspace - $895,000 2.Bumper House SMH Builders - $3,000,000 3.New City Plaza Apartments Housing Connect - $895,000 4. 515 Tower-Conversion Phase I Perpetual Housing Fund - $2,650,000 5.2nd South Apartments Hermes Affordable Services,LLC - $3,000,000 6. The Catherine Phase 1 22 Communities - $2,524,802 7. The Catherine Phase 2 22 Communities - $1,569,441 1`a,.d r_,-; r Fisher-Ce . r;o - $40 0W 8. Citizens West 4 Developed.By Women. &Ivan Carroll - $400,000 9.Fairmont Heights I Lincoln Avenue Capital - $3,200,000 10.Project Open 3 Perpetual Housing Fund - $710,000 11.Pharos Apartments Housing Authority of Salt Lake City - 1 $880,000 12.Book Cliffs Lodge** Housing Authority of Salt Lake City $1,000,000 $740,000 Palmer!'court Redd el,,,.mtm* Cl,olter the rSomel 13.Liberty Corner Cowboy Partners - $4,500,000 14. 9Ten West Great Lakes Capital - $2,000,000 15.Alliance House 1805 Rebuild Alliance House&Cowboy Partners - $500,000 TOTAL FUNDING REQUEST: $31,264,243 TOTAL ELIGIBLE FUNDING REQUEST: $27,464,243 AVAILABLE FUNDING: $13,761,164*** *During the Threshold Review, this application was determined to be ineligible. **This project has received other HDLP loan commitment(s) in a previous year. To streamline the administration of these loans, the loans will be consolidated if approved by the Board. ***Funds from previous HDLP applications may be available to include as an additional funding source. The Board will consider this during an upcoming RDA Board Meeting. This may provide an additional$1,665,000 in funding. Please refer to Attachment A:Applications Overview for a summary of all applications and Attachment B: Project Summary Sheets for an overview of salient information for each application. Please note that the application stated above that was withdrawn is not included in the Attachments. 4 0 SLCRDA Standards of Review As per the HDLP Guidelines, applications that meet all the Threshold Requirements will be evaluated based on the following: I. Alignment with project priorities II. Content and quality of the project narrative III. Qualifications and experience of the applicant and development team IV. Content, effectiveness, and appropriateness of the budget, sources and uses, operating proforma, and related assumptions V. The readiness of the project to proceed to construction VI. Any and all content regarding building and site design Once applications have been reviewed and ranked by the Committee, they will be forwarded to the Legislative Body for their approval. ATTACHMENTS: A. Applications Overview B. Map of Development Locations C. Project Summary Sheets D. Ineligible Projects Summary E. Project Priorities and Interest Rate Reductions F. HOME Funds Requirements 5 Application# 1 x 3 # 5 6 ) 8 9 18 11 12 13 14 15 New Oly Plan 515 Tower- 2nd South The—herine The Uth-hra, Alliance Houae IM5 Project Norbridge Uurt Bumper House Apartments —nano.Ph—I ApartmenH Ph.- Phase2 Citizen.Wert• Fairmont Height.I Pod—Op—3 Pharos Apartment. Book CUM ledge liberty-- 9Ten Wert Rebuild Perpetual Housing Hermes Affordable Developed.By Women.& Lincoln Avenue Perpe—I Housing Housing Authority of Housing Authority of Alliance House& Developer Artspace SMH Builders Housing Connect Fund Services,LLC 22 Communities 22 Communities Ivan Unroll Communities Fund Salt Lake City Salt Lake City Cowboy Partners Great Lakes Capital Cowboy Partners TOTAL II :.. - II II II S 1881 - - 1881 W N Tianapi, 515 W 300 N 2557 8 1100 E 529 W.II N 915 W 200 N 1159 8 W T—ple RDA loan Request •I. III III III iii 9 iii iii .IIIII IIIII i0 ::I III . ii�I III �, ... . IIIII I II1111 1111111 II1111 Financial Metrics i �������� I I�, I I I I��� ',•I III �_ Threshold Requirements Funnily Seo!Madrid.or Deeply Housing Unit Details Ibd Priorities&Interest Rate Reductions Priorities:The four Funding Pnouties determined by the FY2022-2023 Annual Housing Funding Pdonties include:Family Housing,Target Populations,Homeownoahip,and Missing Middla/Unique Housing Type.These Funding Pdontias ueorwo a weighted ranking of 3 points each as compared to otherpdonties which ueorwo I ranking point each ferinclusion in pmjacts. Interest Rate Reductions:Purports receive a 05%interest to reduction for each included pnonty Sustainability allows fora 1%or 2%reduction.The maximum reduction per development application is 2%Aaghits,Au.and Urban Dreign Target Populdate, Hoarromenatup Contrail Vitality SLGRDAATTACHMENT OF DEVELOPMENT 1 1 of 700 N Iwo 03 - - - _ . . _ - r. - - _ - - - ( •• 11th Ave me w •M N y Asl 'to- t { IF1 _ m Aaa a 4u I : « 11 ,1133 3rdAve'J N North Temple St s 2nd Ay e _ o d ■ South Temple Stcc s m om .a!Q 1�[ 11=0 S 100 _ 1-80 WB Fwy -— 111L I � a I' EB F Y 200 S ' yL 1/J a 1M t 1"• v . d Sol @to 1-15 N8►lamp � ¢�'"- .'�1 � Ie - •0 S .•.;1•i 16 - A n ..c. 1 N N fA I At W. u -: LeW= W: o H c a E ■ 500 S o O�� 500 S W ` a 500 8 cfi:" Ih J� !. 3a 1 a r Eligible •• • 0 1 `sSLCRDAATTACHMENT B:MAP OF DEVELOPMENT 1 1 of NEW �_ _� •1 I-15 NB 900 S Off •amp � �^� _ � 1 � - HOUSE ft _ _ -- - - - - BOOK CLIFFS LODGE 1300 S 1 1300 S Lu all; Lu N LL 10 1700 S o n rn o T !. 1 3 ■�.� - - a = _ ' � ��" ' _ � ' - 2100 S� � .I r � !ri. .1 •i.� �. i - a � �, .■ Ramp - •' ' :,t r �• _� ►-15 SB SR 201 WB •. ■ 1. r �� r 8P Im LL wpm ■ ° i' 1 - I Eligible •• • 0 0 SLCRDA ATTACHMENT C: PROJECT SUMMARY SHEETS 9 HOUSING DEVELOPMENT PROJECT NAME: 1 - Norbridge Court LOAN PROGRAM ADDRESS: 511 W 200 S OVERVIEW HOUSING UNITS - • •- Artspace •• •. - - ' - •- HDLP Loan —Competitive ' - •- Rehabilitation Studio - - - - - • Mixed Use 1 Bed - - - - - 2 Bed 59 - 7 21 31 RDA FUNDING REQUEST 3 Bed 3 - 1 1 1 • : ' $895,000 4 Bed - - - - - • • - $18,774,027 •. • • 4 8% Total 62 - 8 22 32 PROPOSED TERMS CONSTRUCTION DEBT AHEAD OF RDA . 1.0% . • 30 Yr, 30 Senior Debt $12,993,686 MERWR Hard PERMANENT SOURCES Subordinate to permanent debt HDLP THRESHOLDS AND PRIORITIES LIHTC Equity $12,508,749 66.6% Senior Debt $3,550,000 18.9% • • -- • Deeply Affordable Units RDA Loan $895,000 4.8% • _ Owner Equity $808,279 4.3/° • - Condition of Approval Grants $500,000 2.7% �'. No Utility Rebates $475,000 2.5% Target Populations, Deferred Fee $36,999 0.2% • Transportation Total $18,774,027 100% j Opportunities, USES Neighborhood Safety, Architecture & UrbanCost Design, Commercial Hard Costs $14,081,396 75.0% Vitality, Public Art Soft Costs $1,157,601 6.2% Developer Fee $1,573,813 8.4% TIMELINE Financing $1,048,625 5.6% • Winter 2024 Contingency $648,775 3.5% • •, • - Summer 2026 Reserves $248,818 1.3% Public Art $15,000 0.1% LOW-INCOME HOUSING TAX CREDIT Total $18,774,027 100% Applying -. Yes Yes, 9% Credits Tax Reserved 10 HOUSING DEVELOPMENT PROJECT NAME: 1 - Norbridge Court LOAN PROGRAM ADDRESS: 511 W 200 S PROJECT SUMMARY From Developer. "Norbridge Court is a four-story, mixed-used building with street level commercial space and 3 exclusively residential floors above. By resyndicating the LIHTC, the existing substandard housing will be substantially rehabilitated to update and completely renovate all 62 residential units and common areas. The original building was completed in 2001 and has many deficiencies that will be addressed through the rehab. Major items include replacing all appliances, updating lighting and electrical, replacing windows, and installing a highly efficient mechanical system. The rehab will also add washers/dryers to each unit, secure indoor bike storage, and provide a furnished exercise room and a computer room with free internet for tenants. The project is transit-oriented, located directly adjacent to UTA's Trax Blue line, on a bus stop on 200 South, Utah's busiest transit street, and a block from UTA's Central Station. The building will incorporate highly efficient design measures and will include a solar array of around 350kW with the goal of net zero. All residential units in the project will remain affordable and rent restricted." DEVELOPER SUMMARY From Developer. "Norbridge Court will be owned by Bridge Projects, LLC, the current owner of the building of which Artspace is the sole managing member. Established in 1980, Artspace has developed 7 mixed-use projects in the RDA's Granary and Depot District project areas. Artspace's portfolio includes 278 residential units affordable for households earning between 34-80%of AM and over 125,000 SF of commercial space occupied by artists, nonprofits, and local small businesses. Artspace's projects include 3 historic preservation projects, 2 low-income housing tax credit projects, 2 net zero energy buildings including Utah's first net zero multi-family building with onsite solar production, and the first Gold LEED certified mixed-use building in Utah. Artspace has the demonstrated ability to maintain long-term viability and compliance of affordable housing projects. As a 501(c)3 nonprofit, we do not sell our buildings and ensure they remain affordable for the community. Artspace's President, Jessica Norie, has been the President of Artspace since 2001 and will be Principal of this project. She has 27 years of experience developing mixed-use and affordable housing projects." 11 HOUSING DEVELOPMENT PROJECT NAME: 1 - Norbridge Court LOAN PROGRAM ADDRESS: 511 W 200 S SITE MAP •` - W 8 - JR\ PROJECT RENDERINGS lot I 12 HOUSING DEVELOPMENT PROJECT NAME: 1 - Norbridge Court LOAN PROGRAM ADDRESS: 511 W 200 S Y Y Y Y r.r 7 7 I I I I I I • ••]W Sf •t�W � ' � b I i I I I I I I I - I I I I I � - I I I �--h -- -- -- ---- — — — — D I ] I I ^ I 8 5 4 I I I I I D I I I -- --- - �, - - ------------ I I • ----- - J I I I _—_—_—_—_ _ _ _ _ I I I I I 1 k - e y I I I I b 70 9 N ® FIRST FLOOR �1 13 HOUSING DEVELOPMENT PROJECT NAME: 2 - Bumper House LOAN PROGRAM ADDRESS: 269 W. Brooklyn Avenue OVERVIEW HOUSING UNITS 9i1i • •- SMH Builders •• •. - - • - •- HDLP Loan —Competitive ' • - •- New Construction Studio 182 - - 158 24 • Industrial 1 Bed 18 - 18 2 Bed 37 - 37 - - - - RDA FUNDING REQUEST 3 Bed - - - - • $3,000,000 4 Bed - - - - • .11 • - $60,701,174 .4 xki- 4 9% Total 237 - 55 158 24 PROPOSED TERMS CONSTRUCTION DEBT AHEAD OF RDA . 1.5% • • • 17 Yr, 40 Senior Debt $43,280,077 •. Hard PERMANENT SOURCES • Subordinate to permanent debt Source Amount %of Total HDLP THRESHOLDS AND PRIORITIES Senior Debt $27,300,000 45.0% LIHTC Equity $24,187,374 39.8% • • -- • Deeply Affordable Units OWHLF $4,000,000 6.6% RDA Loan $3,000,000 4.9/° State Tax Credit $1,629,800 2.7% '. Yes Deferred Fee $508,000 0.8% • Transportation Utility Rebates $76,000 0.1% Opportunities, Total $60,701,174 100% Neighborhood Safety, USES Public Art Use Amount %of Cost TIMELINE Acquisition $6,400,000 10.5% • June 2024 Hard Costs $42,491,254 70.0% • •, - June 2026 Developer Fee $4,451,563 7.3% Financing $5,765,834 9.5% LOW-INCOME HOUSING TAX CREDIT Reserves $1,592,523 2.6% Total $60,701,174 100% - Yes • Yes, 4% 14 HOUSING DEVELOPMENT PROJECT NAME: 2 - Bumper House LOAN PROGRAM ADDRESS: 269 W. Brooklyn Avenue PROJECT SUMMARY From Developer: "Bumper House is a proposed 237-unit family LIHTC project that will be restricted to households earning 40 and 60 percent of the Area Median Income (AMI) or less. Upon completion of construction, the project will consist of 182 studio units, 18 one-bedroom units, and 37 two-bedroom units contained within one, eight-story, elevator serviced, mid-rise residential building. The site currently consists of vacant, undeveloped land. The project consists of a three-level concrete podium with lobby, support spaces and enclosed parking on level 1, residential units and parking on level 2 and residential units and a landscaped courtyard on level 3. There are 5 levels of residential units above the podium. The developed roof offers outdoor recreation and gardening. The residential units feature large areas of glass opening onto balconies and mountain views, high-end finishes including stained concrete flooring, European style cabinets, quartz stone counters, LED lighting, wardrobe systems with interchangeable storage components and stainless-steel appliances including a dishwasher, microwave/fan, oven, and refrigerator. Refer to renderings and photos section for examples of typical residential units, Attachment 2.A. and I.G. Project Amenities. Community amenity spaces include a 700 SF community clubhouse with kitchenette, 400 SF exercise room, 1,000 SF outdoor seating area, secure bike storage in the garage, and a 1,500 SF rooftop recreation area and communal garden with raised beds. Other amenities include EV charging station, central laundry rooms on every residential level, on-site management, and common area Wi-Fi." DEVELOPER SUMMARY From Developer: "George Hauser and Jesse Curtis are owners of the property at 269 W. Brooklyn in Salt Lake City, they own 62% and 38% respectively. Frederick H. Olsen has been engaged to provide low-income housing tax credit advisory services for the applicants. George Hauser, SMH Builders, Inc., President George F. Hauser has over 35 years of experience in the real estate industry. Mr. Hauser is a licensed Utah General Contractor and California General Contractor and Real Estate Broker. He is a Licensed Architect in Utah, California and New York and certified by the National Council of Architectural Registration Boards (NCARB). In 1988 he formed Hauser Architects and, subsequently, SMH Builders, a licensed Utah and California General Contractor, which designs, entitles, finances and constructs his real estate development projects. Jesse Curtis, JCI, President Jesse Curtis is a real estate developer with 15 years of extensive real estate experience. Jesse has devoted the past 10 years to multi-family&commercial development in Salt Lake and Davis counties. He has over 1,000+ multi- family units under construction or in planning and architectural phases. He sits on 3 advisory and consulting boards for other local businesses or developers." 15 HOUSING DEVELOPMENT PROJECT NAME: 2 - Bumper House LOAN PROGRAM ADDRESS: 269 W. Brooklyn Avenue SITE MAP k 3 1 1IF3�r� PROJECT RENDERINGS 04/ 1 i, e Ir � / a �, • _. 16 HOUSING 1EVELOPMENT PROJECT LOAN PROGRAM ADDRESS: Brooklyn _r- r :e - r Via. HOUSING DEVELOPMENT PROJECT NAME: 3 - New City Plaza Apartments LOAN PROGRAM ADDRESS: 1966 S 200 E OVERVIEW HOUSING UNITS - - • •- Housing Connect : -• •• • . jj7 - •. - •.HDLP Loan —CompetitiveRehabilitation Studio - - - - - • Multifamily Housing 1 Bed 298 - - 75 223 2 Bed 1 - - - - RDA FUNDING REQUEST 3 Bed - - - - - • : ' $895,000 4 Bed - - - - - • • - $89,615,717 ' 1.0% 1 Total 299 - - - - •. • • PROPOSED TERMS CONSTRUCTION DEBT AHEAD OF RDA . 2.5% • • 40 Yr, 40 Senior Debt $45,683,393 •. Cash Flow PERMANENT SOURCES • Subordinate to permanent debt Source Amount %of Total HDLP THRESHOLDS AND PRIORITIES Senior Debt $25,700,000 28.7% LIHTC Equity $32,858,269 36.7% • -- • Deeply Affordable Units Developer Financing $19,983,393 22.3% Deferred Fee $3,828,231 4.3/° • - Condition of Approval SLC HOME Funds $2,000,000 2.2% No SLCO ARPA Funds $1,400,000 1.6% ,Target Populations, Cash Flow Prior to ' g p $1,325,849 1.5% Commercial Vitality, Conversion Historic OWHLF $1,000,000 1.1% Preservation/Adaptive RDA Loan $895,000 1.0% Reuse State Tax Credit $500,000 0.6% Utility Rebates $95,485 0.1% TIMELINE Interest $29,490 0.0% • June 22, 2022 Total $89,615,717 100% • November 1, 2025 USES LOW-INCOME HOUSING TAX CREDIT Use Amountof • • _ Yes Acquisition $19,398,000 21.6% Hard Costs $54,876,793 61.2% • Yes, 4% Soft Costs $9,415,068 10.5% Developer Fee $4,202,211 4.7% Reserves $1,723,645 1.9% Total $89,615,717 100% 18 HOUSING DEVELOPMENT PROJECT NAME: 3 - New City Plaza Apartments LOAN PROGRAM ADDRESS: 1966 S 200 E PROJECT SUMMARY From Developer. "New City Plaza consists of two apartment towers at 1966 and 1992 South 200 East with construction of a new building connector between the two towers to connect them and to add a community space to provide services. The project consists of two (2) buildings; the first building is a seven (7) story structure. That building's features include a leasing office, community room, activities room, centralized laundry, and maintenance shop. The second residential building is a sixteen (16) story structure. This building's features include a leasing office, community room, activity room, laundry, and maintenance shop. The proposed project will continue to operate as senior and non-elderly disabled housing for individuals whose rents are between 37%and 59%of the area median income (AMI). As the two towers were built in 1973 and 1974, the Developer will work with SLC Benchmarking Staff to ensure Energy requirements are met to perform better than 90%of other 50-year-old high-rise buildings. In addition, New City Plaza Partners worked with (Cast to establish the anticipated energy rebates from Rocky Mountain Power and Dominion Energy. Please see Exhibit G for additional information. DEVELOPER SUMMARY From Developer. "Housing Connect and its affiliate Housing Opportunities, Inc. Real Estate and Property Management Departments focuses on acquiring, developing, managing, and owning multifamily housing developments that provide those we serve with affordable housing options that allow tenants to pay no more than 30%of their income towards rents; allowing them to meet their financial obligations and to strive towards self-sufficiency. As a housing developer, we equally understand that housing (brick&stick) is only one component of building a strong community. Housing Connect and its affiliate organizations support a total of 4,981 housing units under 28 different housing programs. Housing Connect owns 524 units in the Public Housing/RAD program. The organization has a proven track record in planning and developing Section 42 Low-Income Housing Tax Credit projects to provide PSH and workforce housing to Salt Lake City and County. Housing Connect can demonstrate extensive experience, capacity, and a strong commitment to developing and long-term managing extremely-low and low-income housing projects. Please see Exhibit H for additional information." 19 HOUSING DEVELOPMENT PROJECT NAME: 3 - New City Plaza Apartments LOAN PROGRAM ADDRESS: 1966 S 200 E SITE MAP I � i w i�f 9 d r ! I • :C H. Y' 1 s� PROJECT RENDERINGS C3 p 0 n I I o o ° I I I I I 1 -0 eunlnoA I � - 14 � - la,a.aee rxau.AC o � I ,aa z 80MME � ! I 20 HOUSING DEVELOPMENT PROJECT NAME: 3 - New City Plaza Apartments LOAN PROGRAM ADDRESS: 1966 S 200 E j, No F s: n yy r l�� I I�-✓�.r � �iJ�:" IIII I I�.L lid .. !I R, ' _e 21 HOUSING DEVELOPMENT PROJECT NAME: 4- 515 Tower- Conversion Phase I LOAN PROGRAM ADDRESS: 515E 100 S OVERVIEW HOUSING UNITS - - • •- Perpetual Housing Fund of Utah : -• •• LLC Count • - •- HDLP Loan —Competitive Studio 40 - 25 15 ' - •- Adaptive Reuse 1 Bed 8 - 6 2 • Office 2 Bed - - - - 3 Bed 32 - 30 2 RDA FUNDING REQUEST 4 Bed 16 - 15 1 • 1 . ' - • $2,650,000 Total 96 - 76 20 • ' • - $39,030,425 ' •. 6.8% CONSTRUCTION DEBT AHEAD OF RDA PROPOSED TERMS Senior Debt $16,960,000 2.0% • 15 Yr, 15 Yr PERMANENT SOURCES •. Cash Flow . • • • Subordinate to permanent debt Senior Debt $6,508,958 16.7% RDA Loan $2,650,000 6.8% HDLP THRESHOLDS AND PRIORITIES OWHLF $1,0001,000 2.6% • Family-Sized Units& Utility Rebates $76,800 0.2% • -- • Deeply Affordable Units LIHTC Equity $27,696,083 71% • • • • - SLCO ARPA Grant $598,584 1.5% • - Yes Deferred Feel $500,000 1.3% '. Yes Total $39,030,425 100% • Family Housing, Target Populations, Expand USES Opportunity, Historic Amount •• of Cost Preservation/Adaptive Acquisition $16,000,000 41.0% Reuse, Transportation Hard Costs $15,466,320 39.6% Opportunities, Commercial Soft Costs $1,097,907 2.8% Vitality Developer Fee $2,249,922 5.8% TIMELINE Financing Expense $1,921,418 4.9% Contingency $1,686,134 4.3% • May 1, 2024 Reserves $608,724 1.6% go• December 31, 2024 Total $39,030,425 100% LOW-INCOME HOUSING TAX CREDIT 601 Yes • -• Yes, 9% 1 The Developer is committing an additional$625,000 of developer fee from the project to create an equity line of credit so that residents can access their equity prior to a refinance or sale event,for a total of$1,125,000 deferred developer fee. 22 HOUSING DEVELOPMENT PROJECT NAME: 4- 515 Tower-Conversion Phase I LOAN PROGRAM ADDRESS: 515 E 100 S RDA APPLICATION NOTES The RDA, through the City's American Rescue Act Plan (ARPA) funds, allocated $10 million to the Perpetual Housing Fund of Utah, LLC to purchase this property for an affordable housing development with a tenant wealth building program. This$10 million will be used for the purchase of the property that would then allow PHF to develop additional projects that carry out their goals to provide 1,000 affordable homes that will help families and individuals build wealth. This is a unique model in which the developer will be contributing their own profits, which they will share with the tenants of the building. This development also applied for funding through the competitive HDLP, which will be in front of the RDA Finance Committee at a future date. The 515 Tower needs a total of $2,650,000 and if the full amount is received through the high opportunity area funding, they will not need to request funds through the competitive HDLP process. PROJECT SUMMARY From Developer. "515 Conversion Phase I a mixed-income, sustainable, adaptive-reuse project located on the East side of Salt Lake City. The project is part of multi-phase, mixed-use project on the site and will be a beacon of affordable housing in the rapidly unattainable east side of Salt Lake City. The overall project is planned to include a mixed-income daycare, local retailers, and impact-focused commercial and co-working space. This project is being developed by Perpetual Housing Fund and all 96 units in this phase will feature a shared-equity model -sharing 75%of the phase's profits and appreciation with the residents living here. 515 will incorporate an array of amenities that will benefit the lives of its residents including a fitness center, a clubhouse, a Greenbike station on site (with annual passes included at no charge), indoor bike storage, a bike-repair station, and shared outdoor space. Located within walking distance of the project is an elementary school, a core bus route, and a public park. The project will also be fully electric, contributing to better air-quality in the area and improving the health and wellbeing of its tenants. The units will also be built within the criteria for Enterprise Green Communities 2020." DEVELOPER SUMMARY From Developer: "The project is being developed by Perpetual Housing Fund with Giv Communities as a development consultant. The team has successfully developed or consulted on over a thousand affordable housing units utilizing the Low- Income Housing Tax Credit, OWHLF, and SLC loan programs along the Wasatch Front. Recent affordable housing projects by the development team include: Exchange - Salt Lake City Project Open Phases 1 and 2 -Salt Lake City Citizens West Phase I -Salt Lake City Denver Street Apartments-Salt Lake City Pamela's Place-Salt Lake City Imagine Jefferson -Ogden Startup Crossing- Provo Harris Village Shelter and Permanent Supportive Housing—Tooele" 23 HOUSING DEVELOPMENT PROJECT NAME: 4- 515 Tower- Conversion Phase I LOAN PROGRAM ADDRESS: 515E 100 S SITE MAP � r PROJECT RENDERINGS Iy ,moo—,:. . ;•�-� _ �`- L4� s_'��`f - —ter� `; — 24 HOUSING DEVELOPMENT PROJECT NAME: 4- 515 Tower- Conversion Phase I LOAN PROGRAM ADDRESS: 515E 100 S 515 Tower -0-01 Impact Office and Phase 2 Rsiden hiline Addition afw��17=71_61 PHF rol \Nq\\11� _ \ Conversion 96 units Future law ChildcareMixed-income PBF Phase 2 12 Units Playground (Floor 3) impact Food,Office, and Building Amer (Floors 1-2) �--III-I I.II I■II■'� 25 HOUSING DEVELOPMENT PROJECT NAME: 5-2"d South Apartments LOAN PROGRAM ADDRESS: 934-948 W 200 S OVERVIEW HOUSING UNITS - - • •- Hermes Affordable Services, •• 1171-610%- - •LLCHDLP Loan —Competitive Studio 36 - - 28 8 • - •- New Construction 1 Bed 37 - - 31 6 • 3 Single Family Homes& 1 2 Bed 16 11 - 14 1 Duplex 3 Bed 16 - - 15 1 RDA FUNDING REQUEST 4 Bed - - - - - • _• ' -• - $3,000,000 Total 105 1 - 88 16 • MOV160igial m6i 1 $37,177,859 8 1% CONSTRUCTION DEBT AHEAD OF RDA PROPOSED TERMS �Se­niorebt , $27,479,842 fti2.0% PERMANENT SOURCES 30 Yr, 30 YrCash Flow Source Amount •' of Total bordinate to permanent debt Senior Debt $11,160,000 30.0% Senior Debt $1,250,000 3.4/° HDLP THRESHOLDS AND PRIORITIES RDA Loan $3,000,000 8.1% OWHLF HOME $2,000,000 5.4% Family-Sized Units& LIHTC Equity $15,772,525 42.4% Deeply Affordable Units State Tax Credit •_ _ $2,899,710 7.8% Equity • Yes '. Yes Deferred Fee $853,659 2.3% ' Family Housing, Target Solar Equity $166,965 0.4% Populations, Rocky Mtn Rebates $75,000 0.2% Transportation Total $37,177,859 100% Opportunities, Public Art USES TIMELINE Amountof Cost 111ft7saMMM # a IOctober 2024 Land $3,120,100 8.67/. • • - June 2026 Hard Costs $22,162,722 59.6% Soft Costs $1,699,723 4.6% LOW-INCOME HOUSING TAX CREDIT Developer Fee $3,232,424 8.7% Yes Financing Expense $4,482,474 12.1% Contingency $2,074,923 5.6% • -• No, 4% Reserves $315,493 0.8% Total $37,177,859 100% 1 One 2-bedroom unit will be the property manager's residence and included as part of their compensation,therefore only 104 units will be rented at the respective AMIs to the public. 26 HOUSING DEVELOPMENT PROJECT NAME: 5 - 2nd South Apartments LOAN PROGRAM ADDRESS: 934-948 W 200 S PROJECT SUMMARY From Developer. "2nd Street Apartments will appeal to a wide variety of households and provide larger units that are mostly missing in the Fairpark Neighborhood. While most of the new affordable and market rate housing in the Fairpark Neighborhood is providing studio and one-bedroom apartments, 2nd South will also provide two-and three- bedroom homes. In addition to the variety of apartment sizes, we will appeal to even more households with rents from 40%of area median income to 60%of AMI. Located in the Fairpark neighborhood, 2nd South will provide much needed affordable housing in this quickly transforming part of Salt Lake City. The site is only 1.3 miles from the heart of downtown and 2 miles from the international airport. The Jackson/Euclid TRAX StaDon is only a half mile north of the site while multiple bus stops are a third of a mile to the south along 400S/Poplar Grove Blvd S. Parks and the Folsom Trail are located nearby." DEVELOPER SUMMARY From Developer. "EXECUTIVE TEAM Charles A. Schmid Chief Executive Officer Charles has been with Chelsea since 1986 and serves as President of Chelsea's affiliated general contractor, Emmerson Construction. He applies experience with real estate finance, development, and management to facilitate the needs of both companies. Charles, a licensed general contractor, has supervised the construction of more than 8,000 units throughout California and Arizona. With a degree from UC San Diego, he has a thorough understanding of the life cycle of apartment development, from feasibility analysis through lease-up. Cheri Hoffman President Cheri has been part of the Chelsea development team since 1994 and has participated in the development of close to 100 affordable apartment communities, involving over$2 billion in financing. She is an authority in financial modeling incorporating tax credits and tax-exempt bonds, and has extensive experience securing multiple forms of local, state, federal and private funding sources. She is involved throughout the development process, from early feasibility analysis to lease up and stabilization. Cheri received her degree in Accounting from California State University in Fullerton and continued her education with finance studies at California Polytechnic University in Pomona. Eric Paul Chief Financial Officer Eric has over 20 years of experience in a variety of areas of the real estate industry including real estate investment and development, finance, construction, and asset management. He oversees financial planning and analysis, financial reporting, treasury, tax strategy and risk management for Chelsea Investment Corporation, Emmerson Construction, CIC Management and affiliates. Eric began his professional career at Ernst&Young and most recently served as Finance Director for Southwest Value Partners. Eric graduated with honors from San Jose State University where he earned a Bachelor's in Business Administration; he also holds a Master's in Accounting from the University of Virginia. Eric is a Certified Public Accountant and real estate broker. 27 HOUSING DEVELOPMENT PROJECT NAME: 5 - 2nd South Apartments LOAN PROGRAM ADDRESS: 934-948 W 200 S Jim Andersen Chief Financial Officer Jim serves as the CFO of Chelsea Investment Corporation. He has over 30 years of experience in a variety of roles in the Real Estate industry. Proficient in both Financial Management and Development, Jim has served as a Development Partner and executive for Legacy Partners, Del Mar Development, Trammell Crow Company, and NMS Properties. In his career, he has sourced, entitled, financed and/or completed several thousand units in California. In addition, Jimwas Chief Financial Officer for Bay Apartment Communities(predecessor to Avalon Bay), and Trammell Crow Company. Jim is very active in the industry as a member of ULI and NMHC. He earned his CPA while at Peat Marwick and Company and graduated from Loyola Marymount University with a Bachelor of Science in Accounting. MANAGEMENT TEAM Heidi W. Mather Director of Development Heidi W. Mather has been a real estate professional for over 30 years. Early in her career, Heidi's responsibilities included land use planning for the city of San Diego and private sector entitlement processing. For the last 22 years she has focused on market-rate apartment development. Heidi has been responsible for the entire life cycle of a deal: due diligence, investment approvals, project design, consultant management, the entitlement and public approval process, permit processing, government and stakeholder interface, capitalization, and loan management. She has also acted as the Owner's Representative during the construction and lease-up phases and assisted with project disposition. Heidi has developed nearly 9,000 homes in California and Arizona represented by a variety of product types with an aggregate capitalization value in excess of$2.5 billion. With an Urban Studies and Planning degree from the University of California, San Diego, she has a deep understanding of the multi-family development process. Shannon Vanderhei Capital Transactions Manager Shannon Vanderhei has over 15 years of experience working for real estate development, syndication, lending, and property management companies. Her experience includes acquisitions, dispositions, financing, property management, asset management, construction, rehabilitation, and due diligence. Her role at Chelsea Investment Corporation includes financing and financial modeling of projects along with managing the closing and conversion transactions. Shannon earned a B.B.A. in Real Estate and Marketing from the University of Wisconsin at Milwaukee. Jeffrey A. Ryan Senior Development Manager Jeff has over 23 years of experience in affordable housing development and real estate, working with both non- profit and for-profit developers. He has managed a range of multifamily projects for large families, mixed-use, and special needs housing. His experience developing spans across multiple states. As Senior Development Executive, he leads each project from conception to completion, and his responsibilities include due diligence, entitlements, design team management, loan closing, and funding applications. Jeffrey earned his B.A. in Political Science and studied Urban Development Planning at Indiana University-Indianapolis." 28 HOUSING 1EVELOPMENT PROJECT ADDRESS:LOAN PROGRAM •4: W 200 SITE MAP Euclid Ave - .LAW 7 o 0 0 y I-15 S6 I-80 WB Ramp PROJECT 2ND SOUTH APARTMENTS 940 WEST 200 SOUTH SALT LAKE CITY, UT 84104 ,,-��_ III ■ 29 -'� _ 1111111 ; � � � s � i— _ _ �I1111■I 1 i= !� 1111111 - _ - -1111V■EI�. 1 1 = 1■11®11■� 1■■ � HOUSING DEVELOPMENT PROJECT NAME: 5-2"d South Apartments LOAN PROGRAM ADDRESS: 934-948 W 200 S s� 0 0 J 111 0 0 0 STUDIO 0 o STI- EE2 0 0 Ei l 0 0 _ P STUDIO vL-L-L-L_ o STUDIO 7 . J r l l 0 CD l 0 G C.J "'CCC LEVEL 1 FLOOR PLAN AREAS LEVEL 2 FLOOR PLAN AREAS ° ° n n ° n — L n n n e d DO - eo 00 pTT STUDIP ST' T STUDIO 3 m e il STUD T EI - L-C Ell T-1 STUDIO oo ✓� I o a-1 EEC 07-1 l �II���II�--�11 - l O� 2 Oo 8 00 e1 BEL! ¢ 03 LEVEL 9 FLOOR PLAN AREAS LLVLL 4 b F LOOR PLAN AREAS G1 LV_lW ... tab•.1'O 30 HOUSING DEVELOPMENT PROJECT NAME: 6-The Catherine Phase 1 LOAN PROGRAM ADDRESS: 1881 W North Temple OVERVIEW HOUSING UNITS - . •- 22 Communities •. - - ' - •- HDLP Loan —Competitive ' • - •- New Construction Studio 80 - - 80 - • Industrial 1 Bed 44 - - 44 - RDA FUNDING REQUEST 2 Bed 80 - - 80 - _ $2,524,802 3 Bed 2 - - 24 - $69,452,555 4 Bed - - - - - • - Total 228 - - 228 - . 3.6% PROPOSED TERMS CONSTRUCTION DEBT AHEAD OF RDA . 2.0% 16 Yr, 40 Senior Debt $52,189,043 •. Cash Flow PERMANENT SOURCES • Subordinate to permanent debt Source mArnount %of Total HDLP THRESHOLDS AND PRIORITIES Senior Debt $27,541,202 39.7% OWHLF $3,000,000 4.3% • • -- • Family-Sized Units SLC RDA $2,524,802 3.6% • _ LIHTC Equity $30,627,027 44.1/° • - Condition of Approval State Tax Credit $4,759,524 6.9% �'. Yes Equity • Transportation Deferred Fee $1,000,000 1.4% Opportunities, Architecture Total $69,452,555 100% & Urban Design, USES Commercial Vitality, Public Art UseAmount ' of Cost Acquisition $5,710,000 8.2% TIMELINE Hard Costs $43,906,872 63.2% • September 2024 Soft Costs $3,225,662 4.6% • July 2026 Developer Fee $5,636,749 8.1% Financing Expense $7,889,000 11.4% LOW-INCOME HOUSING TAX CREDIT Contingency $2,504,272 3.6% Reserves $580,000 0.8% Yes Total $69,452,555 100% No, 4% 31 HOUSING DEVELOPMENT PROJECT NAME: 6-The Catherine Phase 1 LOAN PROGRAM ADDRESS: 1881 W North Temple PROJECT SUMMARY From Developer. "This phase of the project will include 228 units, all of which will be restricted units. There will be 80 studio units, 44 one-bedroom units, 80 two-bedroom units, and 24 three-bedroom units. The units will be available to tenants living at 60%AMI or below. The project will provide eighteen (18) "Type A" units for persons with long-term mobility impairments." DEVELOPER SUMMARY From Developer. "Jake has over a decade of development, design, and project management experience with public, for-profit, and nonprofit entities. While at the Salt Lake City Housing and Neighborhood Development Department, Jake planned the disposition and redevelopment of city-owned assets and oversaw CDBG funded construction projects. Following that, Jake spearheaded the creation and early growth of CW Urban, a fast-growing Utah development company. He stayed on as the Director of Acquisition and Development, overseeing acquisitions, entitlements, and design for all infill and mixed-use developments. Next, Jake was the Director of Real Estate Development at Neighborhood Housing Solutions, a non-profit Real Estate Development company. He was responsible for all single-family subdivisions and multi-family tax credit developments. This work included the acquisition and initial concept planning for a 100-acre master-planned community in Smithfield Utah, and the development and management of a LIHTC multi-family portfolio. Most recently he was a managing member of Defy Co.labs where he was the Director of Development and Design and spearheaded a 140- unit LIHTC project called Colony B along with multiple other entitlement projects. Jake has been the development lead on over 20 development projects and underwritten hundreds more equating to over 1000 units over multiple Utah communities. Each project has had its unique challenges from environmental clean up to mechanical parking garages or unique entitlement processes. Jake has faced each challenge with creativity, passion and joy for the privilege to participate in the building of communities where people will live out their lives. Jake holds a bachelor's degree in Business Management, a master's degree in Real Estate Development, and an Urban Planning Certificate from the University of Utah." 32 HOUSING DEVELOPMENT PROJECT NAME: 6-The Catherine Phase 1 LOAN PROGRAM ADDRESS: 1881 W North Temple SITE MAP u J' 7g�5hk� f - a w PROJECT RENDERINGS 22 D E S I G N+L A B �riL� �I 1 u] l . I_ u A0.3 33 HOUSING DEVELOPMENT PROJECT NAME: 6-The Catherine Phase 1 LOAN PROGRAM ADDRESS: 1881 W North Temple BBB 9B BB 99 99 BA 9B 9899BBB9 69B99B99B B A9 EE 96 AA AA E9 ©L AL 09 A A aE dB L9 LB 99 PP B6' 6' BBBB9909 969699996 9 9A 6E 09 A9 99 EB A ; Ab pd A L9 LL ,9 gg R9 2P as Q B9B9B66B 96969A699 A 9B 6' J 96 A6 9E AB A6' LA Ed L 9 9E 9B BB dN 6B R9 66 2 69996A69 689986669 d 9A ALA B9 G9 B9 tIB 99 AA EA A 9 9a 96 dd L9 99 bA LA 2 �� 1�1 9 A 6A A 99 BA 89 A9 9a 9L' A B 9A d9 69 L'9 9a BB 99 B WE W34 HOUSING DEVELOPMENT PROJECT NAME: 7 -The Catherine Phase 2 LOAN PROGRAM ADDRESS: 1881 W North Temple OVERVIEW HOUSING UNITS - • •- 22 Communities •• •. - - • - •- HDLP Loan —Competitive • - •- New Construction Studio 45 - - 45 - • Industrial 1 Bed 30 - - 30 - - - RDA FUNDING REQUEST 2 Bed 45 45 - $1569441 3 Bed 24 - - 24 - • _ ' , , 4 Bed - - - - - • • - $45,194,612 3.5% Total 144 - - 144.4 xki- - PROPOSED TERMS CONSTRUCTION DEBT AHEAD OF RDA . 2.0% • • 16 Yr, 40 Senior Debt $37,095,412 NEFER Cash Flow PERMANENT SOURCES Subordinate to permanent debt HDLP THRESHOLDS AND PRIORITIES 6. Senior Debt $17,033,754 37.7% OWHLF $2,500,000 5.5% • • -- • Family Sized Units SLC RDA $1,569,441 3.5% • _ LIHTC Equity $20,011,725 44.3/° • - Condition of Approval State Tax Credit $3,079,692 6.8% I'. Yes Equity • Family Housing, Deferred Fee $1,000,000 2.2% Transportation Total $45,194,612 100% Opportunities, Commercial USES Vitality, Public Art Use Amount %of Cost TIMELINE Acquisition $3,600,000 8.0% • September 2024 Hard Costs $29,314,459 64.9% 110• •, 1181DA4141MJuly 2026 Soft Costs $2,169,453 4.8% Developer Fee $4,014,863 8.9% LOW-INCOME HOUSING TAX CREDIT Financing Expense $4,062,000 9.0% Contingency $1,733,837 3.8% • • Yes Reserves $300,000 0.7% • No, 4% Total $45,194,612 100% 35 HOUSING DEVELOPMENT PROJECT NAME: 7 -The Catherine Phase 2 LOAN PROGRAM ADDRESS: 1881 W North Temple PROJECT SUMMARY From Developer. "22 Communities LLC (22) (Applicant, Sponsor, Developer, Owner) and KTG Holdings, LLC (KTG) acting as the Sponsor, and Developer, Owner(collectively as "Parties") are pleased to apply for the April 2024 Private Activity Bond round for the new construction of The Catherine Phase 1. The Catherine will be a 2-phase 2-building 378 unit apartment project directly southeast of the 1940 W North Temple Trax station at 1881 W North Temple, Salt Lake City, Utah. Of the 378 units listed above,144 units will be a part of this Phase 2 Application and will be restricted to incomes at 60%of the Area Median Income (AMD. DEVELOPER SUMMARY From Developer. "Jake has over a decade of development, design, and project management experience with public, for-profit, and nonprofit entities. While at the Salt Lake City Housing and Neighborhood Development Department, Jake planned the disposition and redevelopment of city-owned assets and oversaw CDBG funded construction projects. Following that, Jake spearheaded the creation and early growth of CW Urban, a fast-growing Utah development company. He stayed on as the Director of Acquisition and Development, overseeing acquisitions, entitlements, and design for all infill and mixed-use developments. Next, Jake was the Director of Real Estate Development at Neighborhood Housing Solutions, a non-profit Real Estate Development company. He was responsible for all single-family subdivisions and multi-family tax credit developments. This work included the acquisition and initial concept planning for a 100-acre master-planned community in Smithfield Utah, and the development and management of a LIHTC multi-family portfolio. Most recently he was a managing member of Defy Co.labs where he was the Director of Development and Design and spearheaded a 140- unit LIHTC project called Colony B along with multiple other entitlement projects. Jake has been the development lead on over 20 development projects and underwritten hundreds more equating to over 1000 units over multiple Utah communities. Each project has had its unique challenges from environmental clean up to mechanical parking garages or unique entitlement processes. Jake has faced each challenge with creativity, passion and joy for the privilege to participate in the building of communities where people will live out their lives. Jake holds a bachelor's degree in Business Management, a master's degree in Real Estate Development, and an Urban Planning Certificate from the University of Utah." 36 HOUSING DEVELOPMENT PROJECT NAME: 7 -The Catherine Phase 2 LOAN PROGRAM ADDRESS: 1881 W North Temple SITE MAP 06 -= op I - k r PROJECT RENDERINGS 22 L�J^--�� �Iy� 1 n D E 6 1 Q N L A B Val E aj jL - D PO "�j T1 � . A0.3 37 HOUSING DEVELOPMENT PROJECT NAME: 7 -The Catherine Phase 2 LOAN PROGRAM ADDRESS: 1881 W North Temple BBBB9BBB B9BABAB9B8 BB8998o9 999BBE99E B AA EE AA EE IlE Ed Ed BE G3 A 6 aE dB Ba 9P ;B �E 56 6 B 9B to go B B EB EB BB BE A 9A EE EA EE E6 6B E i 66 Da = A E9 ! E dd 99 4 �a as a B 99 BB 66 6 BBB 9B BE 99 6' AA 6J E6 A A AE 8B A6 EA Eli 6 B 96 NF BR dd 6R a� 6� 6 BB E9 BB B E BB B9 96 9B BA AE BA BA AB t�B Af EA 6B 6 B A 9A A AB BE AB BA BE FE p a a6 dA 6® BB BB 8B BB L� 38 HOUSING DEVELOPMENT PROJECT NAME: 8 -Citizens West 4 LOAN PROGRAM ADDRESS: 515 W 300 N OVERVIEW HOUSING UNITS - • •- Developed. By Women. & 11410%- -0Ivan CarrollHDLP Loan —Competitive Studio 10 - - 5 ' - •- New Construction 1 Bed - - - - - • Office 2 Bed 16 1 - 12 3 RDA FUNDING REQUEST 3 Bed 20 - - 19 1 $400,000 4 Bed 6 1 - 4 1 • • Total 52 2 - 40 10 $25,514,260 ff�•. 1.6% CONSTRUCTION DEBT AHEAD OF RDA PROPOSED TERMS ' 1.0% I Senior Debt $9,715,984 • 15 Yr, 30 Yr PERMANENT SOURCES • Hard Source -wq Amount %of Total Subordinate to permanent debt • Senior Debt $3,591,261 14.1% HDLP THRESHOLDS AND PRIORITIES RDA Loan $400,000 1.6% Utility Rebates $15,600 0.1% • Family-Sized Units& LIHTC Equity $20,007,399 78.4% Deeply Affordable Units SLCO ARPA Grant $1,000,000 3.9% • - Yes Deferred Fee $500,000 2.0% '. Yes Total $25,514,260 100% • Family Housing, Target USES Populations, Transportation ' st Opportunities, Architecture Acquisition $2,420,000 9.5% & Urban Design, Hard Costs $17,298,836 67.8% Commercial Vitality, Public Soft Costs $726,690 2.8% Art Developer Fee $2,032,901 8.0% Financing Expense $1,689,432 6.6% TIMELINE Contingency $998,006 3.9% • October 1, 2024 Reserves $348,385 1.4% Ro• •• May 1, 2026 Total $25,514,260 100% LOW-INCOME HOUSING TAX CREDIT Yes • -• OR Yes, 9% 39 HOUSING DEVELOPMENT PROJECT NAME: 8-Citizens West 4 LOAN PROGRAM ADDRESS: 515 W 300 N PROJECT SUMMARY From Developer. "Citizens West 4 completes the Citizens West block, bringing sorely-needed affordable housing with retail and recreational amenities to a rapidly gentrifying part of SLC. This phase will provide homes for large-household, multi-generational, refugee, and un-housed populations that have a particularly difficult time finding suitable housing in our state. This transit-oriented project provides quick access to public transit, employment, and schools, and is a perfect location for affordable family housing. This phase will provide additional outdoor recreation amenities such as a sport court and gym while maintaining access to those already built by the previous phases of the overall project. Together with a local community serving non-profit, the project will build a public- facing plaza that connects the street outside to the recreational and outdoor uses on the site. The property will be fully-electric, utilizing high efficiency heat pump technology for space and water heating/cooling. International Rescue Committee (IRC)will provide access to services for the refugees and formerly homeless individuals living at the property." DEVELOPER SUMMARY From Developer: "The project team has successfully completed several 9%tax credit projects including Imagine Jefferson (phases 1 &2), North Sixth, Startup Crossing, Project Open (phases 1 &2), and Diamond Rail Apartments (OBA Citizens West phase 1 ). The owners and developers of the project have a track record of more than a decade in utilizing the LIHTC program to bring high-quality affordable housing to multiple communities, particularly on the west side of SLC. Now partnering with Developed. By Women., a non-profit focusing on elevating female decision-making and ownership in real estate, the team brings a well-rounded, experienced, and diverse background to the project. Evergreen Management Group(EMG)will do property management, having section 42 compliance experience for decades on numerous different properties across the state of Utah." 40 HOUSING DEVELOPMENT PROJECT NAME: 8 -Citizens West 4 LOAN PROGRAM ADDRESS: 515 W 300 N SITE MAP n IA \ 7 •YI r I PROJECT RENDERINGS .4 j I i 41 HOUSING 1EVELOPMENT PROJECT , LOAN PROGRAM ADDRESS: 00 1■1/r� � Northwest Corner Southeast Corner 42 �s s ` ,■■•1� tq \ 1 HOUSING DEVELOPMENT PROJECT NAME: 9 - Fairmont Heights I LOAN PROGRAM ADDRESS: 2257 S 1100 E OVERVIEW LOW-INCOME HOUSING TAX CREDIT - - • •- Lincoln Avenue Communities Applying for Tax Credits HDLP Loan —Competitive Yes, 9% • - •- New Construction Tax Credits - • No • Office ACQUISITION SOURCES RDA FUNDING REQUEST . . • : ' $3,200,000 RDA-HDLP • • - • $34,619,153 Competitive $3,200,000 45.1% • g.2% RDA High Opp Funds $2,700,000 38.1% HASLC Cash $800,000 11.3% PROPOSED TERMS LAC Cash $390,000 5.5% 1% Total $7,090,000 100% Acq: 2 Yr, Balloon or Conversion • Perm: 16 Yr, 40 Yr ACQUISITION USES •. Hard for construction to perm Source Amount '• of • • Subordinate to permanent debt Acquisition $7,000,000 98.7% Insurance $40,000 0.6% HDLP THRESHOLDS AND PRIORITIES Closing Costs 1 $50,000 1 0.7% 1 -• Total 1 $7,090,000 1 100% • -- • Deeply Affordable Units . . . . - CONSTRUCTION DEBT AHEAD OF RDA - Condition of Approval • �'. Yes Senior Debt $21,767,665 • Target Populations, Expand Opportunity, PERMANENT SOURCES Transportation Opportunities, Architecture Senior Debt $3,790,000 11.1% and Urban Design RDA Loan $3,200,000 9.2% Utility Rebates $142,500 .42% TIMELINE LIHTC Equity $26,147,384 76.9% • 1& May 1, 2F241 Deferred Fee $1,339,296 3.6% ILIfelffirjymOctober 2025 GP Capital Contribution $100 0.0% HOUSING UNITS Total $34,619,280 100% 7ed • 61- 41- 0' Cou 0'• •0'• PERMANENT USES Studio - - - - - Acquisition $3,900,000 11.3% 1 Bed 40 - 7 15 18 Hard Costs $23,888,751 69.0% 2 Bed 15 - 2 4 9 Soft Costs $898,000 2.6% 3 Bed - - - - - Developer Fee $3,113,699 9.0% 4 Bed - - - - - Financing Expense $2,456,398 7.1% Total 55 - 9 19 1 27 Contingency $0 0.0% Reserves $362,432 1.0% Total $34,619,280 100% 43 HOUSING DEVELOPMENT PROJECT NAME: 9- Fairmont Heights I LOAN PROGRAM ADDRESS: 2257 S 1100 E RDA APPLICATION NOTES This project also applied for$2,700,000 for their Fairmont Heights II project through the High Opportunity Area HDLP process. Both phases of the project will be located on the same parcel with Phase 1 being built first and Phase 2 to follow. The developer is seeking an acquisition to permanent financing loan, which means initial funds would be used to buy the property, but the developer would need to obtain tax credits, financing, and building approvals within 2 years. If successful, they would be able to convert their acquisition loan to a longer-term permanent financing loan. If they are not successful, they will be required to pay back the loan at the end of the acquisition loan term. This project is seeking funding from both sources of funds. PROJECT SUMMARY From Developer. "Fairmont Heights I has engaged the seasoned LIHTC architectural group of Encompass to design a high quality, cost effective mid rise building(1 building, 2 stories of structured parking and 5 stories of wood constructed units above the parking deck, serviced by an elevator) that blends well with the surrounding neighborhood, paying particular attention to the relationship of the ground floor space and the adjacent Fairmont Park. This site is an A+ location for an affordable site. The site presents an incredible opportunity to tie into the neighborhood fabric and locate housing near transit, employment, recreation and services. Both phases are designed to mirror the surrounding neighborhood. The project transitions into the neighborhood using elements in both the contemporary form of the building and the materials that clad its skin. The space on the ground floor along Simpson Avenue and 1100 S will activate the building to the public and bring the design into the neighborhood. The pedestrian nature of the activities within and the rhythm of the living units help the project feel comfortable." DEVELOPER SUMMARY From Developer: "Fairmont Heights Apartments, LP is a Utah limited partnership that blends both local and national LIHTC development experience. Lincoln Avenue Capital ("LAC") is the project sponsor with national experience in the development and ownership of affordable housing. LAC was formed in 2016 and currently has a portfolio of over 22,000 units over 20 states across the country. LAC's extensive experience is specific to the development and acquisition of LIHTC multifamily projects across the US. This includes taking a project from the conceptual stage, through awarding of tax credits (for LIHTC projects), negotiating agreements with equity investors and lenders, construction, and final hand off to the property management company, Asset Living/Shelton Residential. LAC is responsible for the development of affordable multifamily, independent senior living, tax credit acquisition and rehabilitation. Please see attached 2022 Impact Report for more information on LAC." 44 HOUSING 1EVELOPMENT PROJECT LOAN PROGRAM ADDRESS: 2257 S 00 SITE MAP _y a PROJECT RENDERINGS i o; - - _INCOLN AVENUE " CAPITAL -r/ ,� ✓ 00 0 �r 00 cru III . IT �1 III 111 1 - ,usm ■n = 45 11111111 ICI a : � !!1 1,.1�• '11 ,1' P.. encompass ;nis r.ir wi �"""" PERSPECTIVE -- FAIRMO ' HEIGHTS Nn__ S,1ET Lf�KE CITY-UTAH °2024 ENCOMPASS DESIGN INC JANUARY 3RD,2024 HOUSING DEVELOPMENT PROJECT NAME: 9 - Fairmont Heights I LOAN PROGRAM ADDRESS: 2257 S 1100 E --�-r—, malls 4 imam - - Is ■■ ■ r 4% 46 HOUSING DEVELOPMENT PROJECT NAME: 10 - Project Open 3 LOAN PROGRAM ADDRESS: 529 W 400 N OVERVIEW HOUSING UNITS - - • •- Perpetual Housing Fund of Utah : - 11410%- -0•.LLCHDLP Loan —Competitive Studio - • - •- New Construction 1 Bed 4 - 4 - - • Vacant 2 Bed - - - - - RDA FUNDING REQUEST 3 Bed 12 - 12 - - acu $710,000 4 Bed 7 - 7 - - • Total 23 - 23 - - - $7,170,000 • 9.9% CONSTRUCTION DEBT AHEAD OF RDA PROPOSED TERMS ' 1.0% I Senior Debt $5,328,480 • 18-month PERMANENT SOURCES •. Balloon Repayment Source 8-1 %of Total Subordinate to permanent debt • Senior Debt $5,3287480 74.3% HDLP THRESHOLDS AND PRIORITIES RDA Loan $710,000 9.9% Utility Rebates $18,400 0.3% • • -- • Family-Sized Units SLCO ARPA Grant $813,120 11.3% Donated Fee $300,000 4.2% • - Yes Total $7,170,000 100% '. Yes USES • Family Housing, Hst omeownership, Missing ' ' Middle, Transportation Acquisition $483,000 6.7% Opportunities, Architecture Hard Costs $5,356,350 74.7% & Urban Design, Public Art Soft Costs $650,000 9.1% Developer Fee $300,000 4.2% TIMELINE Financing Expense $120,000 1.7% • July 1, 2024 Contingency $250,000 3.5% • May 1, 2025 Public Art $10,650 0.1% Total $7,170,000 100% LOW-INCOME HOUSING TAX CREDIT No • N/A 47 HOUSING DEVELOPMENT PROJECT NAME: 10- Project Open 3 LOAN PROGRAM ADDRESS: 529 W 400 N PROJECT SUMMARY From Developer. Project Open is a transit-oriented, carbon-neutral, mixed-income, development in Salt Lake City's rapidly gentrifying Guadalupe neighborhood. It serves as a diverse home to over 200 households that span across income, family size, and demographic spectrums. Phase 3 of the development looks to further this effort by developing homes for families at a price-point that is currently not available in Salt Lake City's market. According to Kern C. Gardner Institute, the mortgage payment in October 2022 for the median price single-family in the Wasatch Front Counties was$4,276/month. This is double the payment that is affordable to a family making 80% of AMI and double the payment amount that new three-bedroom condos in this proposal will provide. This project will provide 23 new condos and town homes that are affordable to individuals and families making 80%of AMI. The development team has discounted the land value and eliminated its fees to bring this product to market. We see this as a demonstration project, showing a path for new construction, for-sale, unsubsidized housing product that is actually affordable to those currently unable to afford a home. DEVELOPER SUMMARY From Developer. The project is being developed by the Perpetual Housing Fund. The team has successfully developed or consulted on over a thousand affordable housing units utilizing the Low-Income Housing Tax Credit, OWHLF, and SLC loan programs along the Wasatch Front. Recent affordable housing projects by the development team include: Exchange—Salt Lake City, Pamela's Place—Salt Lake City, Imagine Jefferson —Ogden, Startup Crossing— Provo, and Harris Village Shelter and Permanent Supportive Housing—Tooele. The development team also has experience developing for-sale attached housing across the Salt Lake Valley. SITE MAP n N sa sd��m��sw�r f 48 I HOUSING EVELOPMENT PROJECT1 Op- LOAN PROGRAM ADDRESS: • W 411 PROJECT Lis` Ir,� . = . ��■■�, I/Sae � ,— �lti'� � ■ 'I`';' �� � .� �v PERPETUAL ��Project Open 3: Rendering Ut HousING FUND �Y. 1 . In I . -7 LL UL PERPETUAL 49 �,�Project Open 3: Building Layout U HOUSING FUND HOUSING DEVELOPMENT PROJECT NAME: 11 - Pharos Apartments LOAN PROGRAM ADDRESS: 915 W 200 N OVERVIEW HOUSING UNITS � - - • •- Housing Authority of :�•. - .0•. -0•. Salt Lake City • - •- HDLP Loan —Competitive Studio - - - - - • - •- New Construction 1 Bed 34 - 10 19 5 • Vacant Single-Family Home 2 Bed - - - - - RDA FUNDING REQUEST 3 Bed - - - - - az • : ' $880,000 4 Bed - - - - • • - $10,327,863 Total 34 - 10 19 5 ' •. 8.5% CONSTRUCTION DEBT AHEAD OF RDA PROPOSED TERMS 2 5% I Senior Debt $6,403,275 • 15 Yr, 40 Yr PERMANENT SOURCES ' - •. Cash Flow Source _wq Amount of Total Subordinate to primary lender ' • Senior Debt $5,013,745 48.5% HDLP THRESHOLDS AND PRIORITIES RDA Loan $880,000 8.5% OWHLF $500,000 4.8% • • -- • Deeply Affordable Utility Rebates $21,500 0.2% _ Office of Homeless • Services Grant $2,000,000 19.4% • - Yes Deferred Fee $462,618 4.5% �'. Yes Target Populations, Owner Equity $1,450,000 14.0% • Transportation Total $10,327,863 100% Opportunities, USES Neighborhood Safety w Amount %of Cost TIMELINE Acquisition $1,400,000 13.6% • April 5, 2024 Hard Costs $6,737,937 65.2% • •• • June 1, 2025 Soft Costs $283,000 2.7% Developer Fee $929,570 9.0% LOW-INCOME HOUSING TAX CREDIT Financing Expense $168,742 1.6% No Contingency $393,215 3.8% Reserves $415,399 4.0% • N/A Total $10,327,863 100% 50 HOUSING DEVELOPMENT PROJECT NAME: 11 - Pharos Apartments LOAN PROGRAM ADDRESS: 915 W 200 N PROJECT SUMMARY From Developer. "The Housing Authority of Salt Lake City is proposing a new 34-unit apartment complex called Pharos Apartments. Pharos will have 33 resident units, one live-in managers unit and a dedicated service space/wellness room. Located just a few blocks from the Jackson/Euclid Trax station and adjacent to the Utah State Fairgrounds, this property is situated in a growth area that provides easy access to the Downtown corridor. Additionally, this property is just blocks away from a large Rocky Mountain Power property that is slated for significant retail and entertainment development. This unique location that is both transit oriented and in an opportunity zone, will provide residents the convenience of living in close proximity to services, shopping, recreation and employment. Five of the units at this unique property will be permanent supportive housing with appropriate direct services and service connections to support a McKinney—Vento homeless population that may have physical or mental challenges or have a dual-diagnosis. The property will also have 3 ADA units for any residents that may also have physical or mobility related challenges. Additionally, the property will serve additional low income and workforce tenants by providing units aimed at the 41-60%AMI population and some units aimed at 61-80%AMI tenants. The 450 square foot one-bedroom units will be perfectly suited to low and very low-income tenants in the 30-80% AMI range buy providing an excellent entry into the Salt Lake rental market in an up-and-coming neighborhood with convenient access to public transportation. The low rent threshold and priority population will allow the development to directly address several pressing community needs. All apartments will be well equipped with amenities such as air conditioning, energy star appliances, microwaves and vent hoods, self-cleaning ovens, garbage disposals, water saving fixtures, ample light and balconies that give each unit some private outdoor space. Efficient design, ample storage, durable and quality finishes and purposeful community spaces combine to make a welcoming and healing environment for residents calling the development home." DEVELOPER SUMMARY From Developer. "Housing Assistance Management Enterprise (NAME)will act as development consultant for the development of the proposed property. Over the last several years HAME has constructed and managed hundreds of LIHTC affordable housing units that vary in style, population served and location throughout Salt Lake City. Our familiarity and knowledge of the local building process will help facilitate the completion of this project. HAME is the nonprofit affiliate of the Housing Authority of Salt Lake City; an entity that is consistently cited as one of the most financially sound and well-managed public housing authorities in the U.S." 51 HOUSING 1EVELOPMENT PROJECTPharos LOAN PROGRAM IDD •0 SITE MAP TT N , -:.. :v •,;,;,,she: .��: �_;:,� .% -- r o U o c II ' rn - J � 4 r , r PROJECT RENDERINGS ®r 52 1� _ ATA M1111 11 MW Ms �� ,.05 ■ . wa�, II II ilk . ■ �_ illll I I ___ � _____�.� .�I . 51111111MI 0 NO IM I A sm, mini■ '� �i ■ 11 Mt I as I ME 111 H elm son Fm HOUSING DEVELOPMENT PROJECT NAME: 12 - Book Cliffs Lodge LOAN PROGRAM ADDRESS: 1159 S W Temple OVERVIEW HOUSING UNITS � - - • •- Housing Authority of au. - .0•. -0•. Salt Lake CityIV • - •- HDLP Loan —Competitive Studio - - - - - • - •- New Construction 1 Bed 55 6 20 20 9 • Vacant 2 Bed - - - - - RDA FUNDING REQUEST 3 Bed - - - - - 4 Bed - - - - - • _ $740,000 Total 55 6 20 20 9 •_ $1,000,000 ' $17,424,284 CONSTRUCTION DEBT AHEAD OF RDA • � 10% Senior Debt 1 $10,315,400 PROPOSED TERMS 2.5% PERMANENT SOURCES 15 Yr, 30 YrN&I Cash Flow 7RDA nior Debt $9,230,757 53.0% ubordinate to primary lender Loans $1,740,000 10.0% HLF $1,000,000 5.7% HDLP THRESHOLDS AND PRIORITIES Owner Equity $1,112,634 6.4% Utility Rebates $39,000 0.2% " • Deeply Affordable Federal Home $1,000,000 5.7% Loan Bank • Yes SLC Grant $3,000,000 17.2% '. Yes Deferred Fee $301,893 1.7% Target Populations, Total $17,424,284 100% Transportation USES Opportunities, Neighborhood Safety Cost Acquisition $1,700,000 9.6% TIMELINE Hard Costs $13,995,238 79.0% IF , • I April 15, 2024 Soft Costs $507,676 2.9% • • June 15, 2025 Developer Fee $701,893 4.0% Financing Expense $66,424 0.4% LOW-INCOME HOUSING TAX CREDIT Contingency $293,215 1.7% No Reserves $159,838 0.9% Total $17,424,284 100% • N/A 54 HOUSING DEVELOPMENT PROJECT NAME: 12 - Book Cliffs Lodge LOAN PROGRAM ADDRESS: 1159 S W Temple PROJECT SUMMARY From Developer. "The Housing Authority of Salt Lake City is proposing a new 55-unit apartment complex named Book Cliffs Lodge. Book Cliffs Lodge will feature one-bedroom units for low income individuals that live in an area of Salt Lake City that has experienced substantial growth in recent years. The unit mix at Book Cliffs Lodge will be composed of 55 standard one-bedroom units. The development will provide a mix of 30% up to 80%of AMI rents. The broad range of rent and income targeting will allow the development to address the community need. Additionally, through the tenant selection plan, the development is committed to setting aside 5 units for persons experiencing homelessness and 5 units for veterans. All apartments will be well equipped with amenities such as air conditioning, energy star appliances, microwaves and vent hoods, self-cleaning ovens, garbage disposals and water saving fixtures. The project is located at 1159 South West Temple in Salt Lake City, which will provide residents the convenience of living in close proximity to services, shopping, recreation and employment. The site is within an easy walk to public transportation, including the Ball Park Station TRAX line, which is 0.3 miles from the site. Additionally, the site has achieved a walk-score of 83, or "very walkable", which will allow residents to accomplish most errands by foot if they choose. Within a half mile radius of the site, there are many restaurants, parks, grocery stores, and numerous employment opportunities." DEVELOPER SUMMARY From Developer: "Housing Assistance Management Enterprise (HAME) will act as development consultant for the development of the proposed properties. As the landowner, HAME has/will executed a land lease option for the property and will oversee the entitlement process as well as provide local support. Over the last several years HAME has constructed and managed hundreds of LIHTC affordable housing units that vary in style, population served and location throughout Salt Lake City. Our familiarity and knowledge of the local building process will help facilitate the entitlement, permitting and plan review processes with the City. HAME is the nonprofit affiliate of the Housing Authority of Salt Lake City; an entity that is consistently cited as one of the most financially sound and well- managed public housing authorities in the U.S. Recently, HAME was awarded tax credits in partnership with Volunteers of America for a special needs renovation project in Salt Lake City." 55 I HOUSING EVELOPMENT PROJECT NAME: 12 - Book Cliffs Lodge LOAN PROGRAM ADD SITE A■ - t= q1 '1 _ Paxt Ave PROJECT RENDERINGS +r �m11■ '�'�lil�,�'�:■'�'h�11 n =�'I '�111■ �il■ ' ■_ ■ :�$ � �•� � iti9�' � �_ `.9 .. ■ II■I f�llu� � �H� � I$r!� � '�H3.".�':, �!$ � _' � i$i!.� , �i ` ■ I$11°i� , Hie! ' ■ i:='!i � I$E.'�>B.' 01 f$m n�!?a>�'�,,�i:_•Ei��9!a�: WEST EXTERIOR ELEVATION �. 1Fn 0 STUCCOIEIFS COLOR 2(OR)FIBER CEMENT BOARD 0 MGM PERFORMANCE GLAZW, 56 i ul HOUSING DEVELOPMENT PROJECT NAME: 12 - Book Cliffs Lodge LOAN PROGRAM ADDRESS: 1159 S W Temple 17 ,. 1 NNURMrRI !1Y -•I. - .,I'1 — _ oval nwr. uua+ ,x,e csR +o+.rN nwr. +Eva: +xmvv 1 ans N mwn ;J 11- IEVat YNIl9 rOTK M11dn GY a.n NGRE�wREO; .4A.M nwR. /IQIR'/MADE6{-n, ru.jlmYlnn.nusnq ova. uNrta IEvu, (ON.RINv.ow wnolcRmvom nxEss Row PAXTON mnuu u�cxcanRx IEVa. Nl Ulln 0..NF0 NAMER MLFE 1rtf iR.H.I(CvWN00.liE. aa.rn mwn .ENW.MNNIE EIt �k .wn method studio O It.)U R4NY5 v,r • • • • • 4.1e.Mi 57 HOUSING DEVELOPMENT PROJECT NAME: 13 - Liberty Corner LOAN PROGRAM ADDRESS: 1265 S 300 W OVERVIEW HOUSING UNITS - • •- Cowboy Partners •• •. - - ' - •- HDLP Loan —Competitive ' - •- New Construction Studio - - - - - • Commercial 1 Bed - - - - - 2 Bed 96 - 40 34 22 RDA FUNDING REQUEST 3 Bed 80 - 30 32 18 • _ ' $4,500,000 4 Bed 24 - 8 12 4 In, RINUNTRIMM $117,613,798 •. • • 3.8% 1 Total 200 - 78 78 44 PROPOSED TERMS CONSTRUCTION DEBT AHEAD OF RDA 2.0% • • 40 Yr, 40 Yr Senior Debt 1 $27,151,960 •. Cash Flow PERMANENT SOURCES • Subordinate to permanent debt Source Amount %of Total HDLP THRESHOLDS AND PRIORITIES Senior Debt $27,151,960 23.1% SLCO HTF $6,976,632 5.9% • Family-Sized Units & RDA Loan $4,500,000 3.8% Deeply Affordable Units OWHLF $2,000,000 1.7% • - Yes UCNS HOME $1,500,000 1.3% �'. Yes SLCO HOME $461,000 0.4% • Family Housing, Target LIHTC Equity $49,577,269 42.2% Populations, State Tax Credit $5,500,000 4.7% Transportation Owner Equity $8,907,464 7.6% Opportunities, Deferred Fee $11,039,473 9.4% Neighborhood Safety, Total $117,613,798 100% Architecture & Urban Design, Commercial Vitality USES Amount TIMELINE Acquisition $14,900,000 12.7% • June 12, 2023 Hard Costs $78,932,816 67.1% • •, • - June 11, 2026 Soft Costs $3,268,878 2.8% Developer Fee $11,039,473 9.4% LOW-INCOME HOUSING TAX CREDIT Financing Expense $4,637,368 3.9% Applying for Tax CreditsF� Contingency $3,981,412 3.4% Yes Reserves $853,852 0.7% CreditsTax -• Yes, 4% Total $117,613,798 100% 58 HOUSING DEVELOPMENT PROJECT NAME: 13 - Liberty Corner LOAN PROGRAM ADDRESS: 1265 S 300 W PROJECT SUMMARY From Developer. "Liberty Corner is a mixed-use development located on the Northeast corner of the 1300 South 300 West intersection. The community will feature 200 affordable units with the purpose of providing deeply targeted, family-sized units. The unit mix will feature a majority of 3-and 4- bedroom units along with 96 2-bedroom units. All units in the project will have at least 2 bedrooms. Liberty Corner is unique in that it not only provides family housing units in an urban setting, but includes deeply targeted affordable units, reaching to provide housing at 30%AMI. Liberty Corner is designed for the family. In addition to large, family-sized units, the community will feature indoor and outdoor amenities and spaces meant to serve a broad range of ages, interests, and needs. Liberty Corner will also be a sustainable community. The community will promote accessible and equitable transportation options as the Ballpark TRAX Station is within walking distance, at less than 1/3 of a mile away. In addition, the community will feature bicycle amenities to encourage alternative means of transportation. The community will be all electric and achieve Energy Star certification." DEVELOPER SUMMARY From Developer. "Cowboy Partners is a multifamily developer based out of Salt Lake City, Utah. Cowboy Partners was established in 2001, rebranded from a company that had been developing housing in the Salt Lake Valley since the 1960s. Cowboy Partners is a recognized leader in the development, construction, and management of affordable housing; the company has experience in developing luxury, market rate, mixed-income and affordable housing communities through its development of dozens of communities within Salt Lake and across the State of Utah. Cowboy Properties, the sister company to Cowboy Partners, operates as the property management company for these communities. Cowboy Properties has deep experience with multifamily property management, including affordable housing and compliance, as the sole operator of Cowboy communities for decades." 59 HOUSING DEVELOPMENT PROJECT NAME: 13 - Liberty Corner LOAN PROGRAM ADDRESS: 1265 S 300 W SITE MAP I ♦f-s • _ , Tyr.- , N PROJECT RENDERINGS wool 9 . 7, MEN �!T .61- - _f 60 HOUSING DEVELOPMENT PROJECT NAME: 13 - Liberty Corner LOAN PROGRAM ADDRESS: 1265 S 300 W =1 f l- T T_ I I T A ----- - —p - - - n _----_—_—_—_—_-----_---_—_—_---------_—_—_r4-- - — —JIYII L.01➢�,.� WEST c.c 2 06 10 I II I �wsct ---- -- — — — — — _— —_—_ — — — ---- -------- — —JC,tJWLl�irli?'C�� no -- — ----]F-11 ------------------------- SWTH 61 HOUSING DEVELOPMENT PROJECT NAME: 14-9Ten West LOAN PROGRAM ADDRESS: 910 W N Temple OVERVIEW HOUSING UNITS - • •- Great Lakes Capital •• •. - - ' - •- HDLP Loan —Competitive ' - •- New Construction Studio 165 - - 138 27 • Vacant Commercial 1 Bed 15 - 15 - - 2 Bed - - - - - RDA FUNDING REQUEST 3 Bed - - - - - • : ' $2,000,000 4 Bed - - - - - • • - $43,204,038 ' 4.6% 1 Total 180 - 15 138 27 •. • • PROPOSED TERMS CONSTRUCTION DEBT AHEAD OF RDA 2.0% • 16 Yr, 40 Yr Senior Debt $32,592,698 •. Cash Flow PERMANENT SOURCES • Subordinate to primary lender Source Amount %of Total HDLP THRESHOLDS AND PRIORITIES Senior Debt $16,268,000 37.7% RDA Loan $2,000,000 4.6% • • -- • Deeply Affordable OWHLF $1,903,121 4.4% • • • • _ SLCO Loan $1,091,590 2.5/° • - Yes Utility Rebates $90,000 0.2% �'. Yes LIHTC Equity $20,201,424 46.8% Target Populations, Deferred Fee $1,382,937 3.2% • Transportation 45L& ITC Equity $266,976 0.6% Opportunities, Total $43,204,038 1 100% 1 Neighborhood Safety, USES Commercial Vitality, Public Art w Amount • of ' Acquisition $3,735,000 8.6% TIMELINE Hard Costs $25,668,559 59.4% 1111%7sa"MMMMay 1, 2024 Soft Costs $1,593,701 3.7% • • - January 1, 2026 Developer Fee $3,296,715 7.6% Financing Expense $6,535,154 15.1% LOW-INCOME HOUSING TAX CREDIT Contingency $1,415,784 3.3% • • -• Reserves $959,125 2.2% Yes Total $43,204,038 100% • -• Yes, 4% 62 HOUSING DEVELOPMENT PROJECT NAME: 14-9Ten West LOAN PROGRAM ADDRESS: 910 W N Temple PROJECT SUMMARY From Developer: "9Ten West has been designed to be energy efficient, transit-oriented, decent, safe, affordable housing. The project is a single six story building(five stories of wood frame construction over one concrete podium). The podium contains 31 parking spaces (including ADA and EV chargers), building services, community room (aka clubhouse), gym, property leasing, maintenance, bathrooms, mailroom, and space for a community service facility to provide needed services to low-income neighborhood residents. Each of the five residential floors above the podium will contain 36 residential units (3 one-bedroom and 33 studio units, ranging in size from 250-611 square feet), a laundry room, mechanical rooms, and two elevators. The 2nd floor includes a large Xeriscaped plaza for resident gatherings and a pet relief area. The project has been designed to utilize non-combustible sources of energy and will include solar PV panels, will certify under ENERGY STAR and Enterprise Green Community Standards, and provide residents with needed deeply affordable units in a transit-oriented context." DEVELOPER SUMMARY From Developer: "Great Lakes Capital is a prominent Real Estate Development and Private Equity Firm with several core development types including Multifamily, Industrial, Mixed-Use, Flex, Office, Medical & Life Science, and Hotel Properties. With a core focus on the development of Multifamily, Industrial, and Mixed-Use properties, GLC has established itself as a leader in these high-growth segments. Since its inception in 2005, GLC has demonstrated excellence by successfully spearheading billions of dollars' worth of real estate projects. With a current development pipeline exceeding$923 million, GLC's commitment to innovation and expansion remains unwavering. Fueling its success are six principals with a cumulative experience of over 170 years, leveraging their expertise to navigate and execute commercial real estate investments. Having closed deals surpassing$7 billion, panning various property types, geographies, and economic cycles, GLC stands as a beacon of resilience and achievement in the dynamic world of real estate development." 63 HOUSING DEVELOPMENT PROJECT NAME: 14-9Ten West LOAN PROGRAM ADDRESS: 910 W N Temple SITE MAP SENSE PROJECT RENDERINGS - �.. AT r{ . NORTH c-AST 64 HOUSING DEVELOPMENT PROJECT NAME: 14-9Ten West LOAN PROGRAM ADDRESS: 910 W N Temple of r r "j7 i INoffm war ri WES � 4 i r r SOLTH 65 HOUSING DEVELOPMENT PROJECT NAME: 15 -Alliance House 1805 Rebuild LOAN PROGRAM ADDRESS: 1805 S Main OVERVIEW HOUSING UNITS � - • •- Alliance House& :�•. - .0• -0 Cowboy Partners • - •- HDLP Loan —Competitive Studio - - - - - • - •- New Construction 1 Bed 16 - - - 16 • Housing 2 Bed - - - - - RDA FUNDING REQUEST 3 BedaC - - - - - • : ' $500,000 4 Bed - - - - - • • - $6,017,619 Total 16 - - - 16 ' •. 8.3% CONSTRUCTION DEBT AHEAD OF RDA PROPOSED TERMS ' 2 5% Senior Debt $0 • 40 Yr, 40 Yr PERMANENT SOURCES ' - •. Cash Flow Source Subordinate to permanent debt Amount �' � � • • OWHLF NHTF $1,000,000 16.6% HDLP THRESHOLDS AND PRIORITIES OWHLF HOME $631,864 10.5% SLC RDA $500,000 8.3% • • -- • Deeply Affordable SLCO HOME $499,848 8.3% _ Office of Homeless • Services Grant $2,000,000 33.2% • - Yes Yes SLCO HTF Grant $241,000 4.0% • Target Populations, Missing Donations $360,000 6.0% Middle, Neighborhood FDoeated Developer $784,907 13.0% Safety Total $6,017,619 100% TIMELINE August 12, 2024 USES • •, • - Spring 2026 ' ' ' Acquisition $0 0% LOW-INCOME HOUSING TAX CREDIT Hard Costs $4,059,282 67.5% Soft Costs $517,553 8.6% No Developer Fee $784,907 13% N/A Financing Expense $218,150 3.6% Contingency $437,727 7.3% Reserves $0 0% Total $6,017,619 100% 66 HOUSING DEVELOPMENT PROJECT NAME: 15 -Alliance House 1805 Rebuild LOAN PROGRAM ADDRESS: 1805 S Main PROJECT SUMMARY From Developer. "The housing is open to any person who is a member of Alliance House. Members living in the apartments pay 30% of income with a one-time allowance of$0 rent for up to six months for those coming out of homelessness or waiting to be approved for Social Security or other benefits. The building is an old motel that has exceeded its life expectancy. The Alliance House Board of Directors has approved a campaign to demolish the old building and construct a new 16 unit deeply affordable complex on the existing property. Cowboy Partners is providing the development management services on a pro bono basis for the rebuild of the property. THINK Architects has been engaged to develop the architectural drawings and Bonneville Builders has been retained as the contractor. The project has been approved by the city planning commission. The new facility will consist of 16 Deeply Affordable single occupancy units that will be 100%subsidized at 30%of income by Alliance House on a permanent basis. Eligibility for tenancy will be for those who are members of Alliance House. Membership is open to anyone in the community with a SPMI. All members living in the 1805 apartments receive intensive wrap around support services available every day at Alliance House including case management, vocational training, education support, social support. DEVELOPER SUMMARY From Developer: "Alliance House has owned this specific housing property since 1991. We have been the property managers the duration of this time. We also own a housing facility at 1736 South Main Street since 2014 that we manage. Members that live at the 1805 property pay 30%of their income. Members that live at the 1736 property can live there for up to 6 months rent free. After 6 months we ask for a good faith effort of$50 a month or 30%of income up to$200 monthly." 67 HOUSING DEVELOPMENT PROJECT NAME: 15 -Alliance House 1805 Rebuild LOAN PROGRAM ADDRESS: 1805 S Main SITE MAP ;o � N PROJECT RENDERINGS 00 Lill 68 }9 • • Y G 0 SLCRDA ATTACHMENT D: INELIGIBLE PROJECTS SUMMARY Ineligible Applications A B C D E Innovation Park at Project Name ILibertyWells Maven Flats Moda Griffin PalmerCourt Saltair Developer Ivory Innovations Rise Development J Fisher The Road Home Valley Behavioral Health Address 707 S 400 E 777 S 300 E 915 W North Temple 515 E 100 S 107 S 800 W ........... .............. HDLP Funding Request $ 1,800,000 $ 300,000 $ 400,000 $ 800,000 $ 500,000 ..................................................................................................................................................................................... ...............................-.............................................-.............................................................................. ........ .................................................................................. Total Project Cost $ 24,971,426 $ 3,000,000 $ 40,957,938 $ 60,000,000 $ 21,000,000 Ineligible Activities:; Did not meet Threshold Did not meet Threshold; Ineligible Activities: Ineligible Activities: Requested HDLP funds to; Requirements:did not Requirements:did not; Requested HDLP funds to be Requested HIDLP funds to be INELIGIBILITY REASON be used for"sleeping', include familyLsizgd and/or include family-sized and/or', used for"pre-construction used for"pre-construction second mortgages"� deeply affordable units deeply affordable units: design and softcosts" design and soft costs" 70 - SLCRDA ATTACHMENT E: PROJECT PRIORITIES AND INTEREST RATE REDUCTIONS Project priority criteria will be utilized to evaluate applications as well as provide for interest rate reductions. -- -------------------- -------- -- -------- • POLICY OBJECTIVE WEIGHT* RATE ----------------------------------- ---------------------- - REDUCTIONA Provide opportunities for families to enjoy the Project provides at least 15%***of the total units as many benefits of urban 1 Family Housing living by encouraging the n i bedroom units AND 3 X development of housing includes family-oriented that is more conducive to community amenities,as larger household sizesapproved by RDA Staff. Expand the availability of units for extremely low- Project sets aside at least 15%*** of the units for income households and special populations extremely low-income Target households(40%AMI or less) 2 thereby providing 3 X Populations and/or special populations in housing options for individuals or families partnership with a that are homeless or at governmental or nonprofit risk of homelessness entity Create opportunities for those who have historically rented in the Project is a for-sale product 3 Homeownership community to build that will be sold to income 3 X wealth and establish qualified individuals/families permanent roots through homeownership Projects are either a missing Promote an array of scale middle housing type(i.e. of project types to townhomes,courtyard Missing Middle diversify the City's apartments,small-scale 4 & Unique housing stock/forms and apartments)or a housing type 3 X Housing Types provide more affordable that is not commonly built: living options for tiny homes, modular homes, residents pre-fab homes, accessory dwelling units(ADUs) Achieve green building Projects must be built to Off- and energy conservation Site Net Zero or On-Site Net standards to lower Zero standard as described in 5 Sustainability 1 X*** housing expenses, the RDA's Sustainable conserve resources, and Development Policy promote resiliency Resolution. Promote a multimodal Projects must meet two of the transportation network Transportation and ensure convenient following: 6 • Includes a car sharing, bike 1 X Opportunities and equitable access to a variety of transportation sharing,or transit pass options program that is widely 71 0 SLC RDA --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- available to employees/ residents • Includes a commercial project that includes employee shower, locker, and bicycle facilities • Is located within 1/3 mile walking distance of a TRAX station or S-Line station • Implements reduced parking strategies without negatively impacting the neighborhood • Incorporates majority of parking within a primary structure to minimize the need for a surface parking lot Utilize the development Projects are located within an of housing to reduce the active RDA project area, refer number of vacant and to Attachment 8:RDA Project Neighborhood Area Map and incorporate 7 distressed buildings and 1 X Safety lots to reduce crime and documented Crime return land to a Prevention through productive use Environmental Design (CPTED) principals Provide for Projects are located within a Neighborhoods of High Opportunity Area,which Opportunity by is defined as an area that 8 Expand promoting the economic provides conditions that 1 X Opportunity diversity of the housing expand a person's likelihood stock within for social mobility as neighborhoods identified through an analysis of quality-of-life indicators. Encourage housing that is Buildings shall include an high-quality,enduring, active ground floor use, and that contributes to Architecture& significant ground floor glass, 9 neighborhood context 1 X Urban Design durable building materials and and livability through architectural and urban engaging building entrances as determined by RDA staff design best practices Projects are mixed-use and establish new services,or Foster a mix of land uses underrepresented business and unique neighborhood types in the neighborhood 10 Commercial business districts that that the local community 1 X Vitality adequately meet the local identifies as lacking and desired.These spaces shall be community's needs open to the public and shall not be spaces that are exclusive to the development 72 0 SLCRDA --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Project acknowledges a Encourage the neighborhood's history and Historic preservation and/or maintain its unique character 11 Preservation reuse of buildings to through preservation, 1 X /Adaptive Reuse preserve the character of rehabilitation,or repurposing neighborhoods of historic or underutilized structures Promote cultural expression and add to the Project contributes at least experience and value of 1.5%of the RDA contribution the built environment towards the installation of art 12 Public Art 1 X through art that is onsite or towards the RDA art publicly visible or fund as outlined in the RDA accessible for all to Art Policy experience *Note:NOFA Ranking Weight:Uses a number(the weight)between 1 and 3 to assess the importance of the funding priority, with 1 being of lower importance and 3 being of the highest importance. **Note:0.5%Interest Rate Reductions: While 12 interest rate reductions are available, interest rates can be reduced by a maximum of 2.0%.Please see Attachment B for applicable standard loan terms and conditions. ***Note: Between the two threshold requirements laid out in Section 3.7, if a project includes both family housing units and deeply affordable units in accordance with this section, the project may receive the interest rate reduction by meeting the second threshold requirement at a percentage of 10%instead of 15%. ****Note:Sustainability Interest Rate Reduction:As per the RDA's Sustainable Development Policy,projects built to an Off-Site Net Zero standard are eligible for a 1%interest rate reduction and projects built to an On-Site Net Zero standard are eligible for a 2%interest rate reduction. 73 0 SLCRDA ATTACHMENT F: HOME FUNDS REQUIREMENTS As part of the FY2023-2024 NOFA, Numerous HUD HOME funds are available. An overview of the HOME Program is available here: https://www.hudexchan eg info/programs/home/home-overview/and is located within 24 CFR 92.1 of the Code of Federal Regulations. Details on the different categories of funds are available here: FUNDS CATEGORY AMOUNT* ADDITIONAL DETAILS HOME Program Income" $6,939,710 24 CFR 92(F) hltps://www.hudexchange.info/programs/home/home-overview/ HOME ARP Development" $1,501,608 https://www.hudexchan eg info/programs/home-arp/overview/ 24 CFR 92.206(a):https://www.ecfr.gov/current/title-24/subtitle- HOME Development Fund" $726,291 Apart-92/subpart-E/subject-group-ECFRf448ea7bbd1b69a/section- 92.206 Additional Requirements are located here: HOME Community Housing • 24 CFR 92.208 Development Organization $351,841 . 24 CFR 92.300 Funds" . 24 CFR 92.301 74