1. Housing & Economic Development Committee May 5, 2009
Lincoln Terrace Apartments Reconstruction of 72-unit apartment community
Housing & Economic Development Committee
May 5, 2009

2. Overview Project Overview Project Details HOME Funds Loan Terms
Next Steps
Questions

3. Project Overview Council District: 7 Project Site: 4717 Horne Street
Type of Property: Multi-Family Rental
Project Description: Demolition and Reconstruction of 72-unit apartment community
Owner: Fort Worth Housing Authority Limited Partnership
HOME Funds Requested:
$480,000.00

4. Project Overview

5. Project Overview

6. Project Overview

7. Project Details
Project Description: Multifamily Demolition & Reconstruction Project
Configuration: Current and Proposed
1-BR 20
2-BR 38
3-BR 14
72 units

8. Project Details Income Eligibility Rental Rates < 60% AMFI 72
1-BR $285-$627
2-BR $343-$772
3-BR $397-$893

9. HOME Construction Costs
Project Development Cost: $8,766,000
HTF Loan Amount: $480,000
Leverage 1 to 18.26

10. Construction Loan Terms
Rate: %
Source of Funds: HOME
Term: 36 month or commencement of permanent financing simple interest paid annually
Contingencies
TDHCA tax credit allocation

11. Timeline August 2009, Tax Credit Award February 2010, Loan closings
March 2010, Start of Construction
March 2011, Leasing begins
March 2012, Permanent Loan Closing, repayment of HOME loan

12. Next Steps
M&C Approving the allocation of $480,000 in HOME funds to the Lincoln Terrace Apartments Project

13. Questions?