Presentation on theme: "2014 MAHRA SPRING CONFERENCE Development Efforts for Small & Mid-Sized PHAs Case Study: Howard County Housing Commission."— Presentation transcript:
2014 MAHRA SPRING CONFERENCE Development Efforts for Small & Mid-Sized PHAs Case Study: Howard County Housing Commission
I. A Brief History of Commission Development Projects II. Development Strategies: A. Partnership Rental Housing Program Projects 1. Morningside Park 2. Stoney Run B. Ground Leases 1. Colonial Landing 2. Port Capital 3. Patuxent Square C. New Construction/Redevelopment 1. Ellicott Gardens 2. Monarch Mills 3. Burgess Mill D. Acquisitions 1. Columbia Landing 2. Verona at Oakland Mills
Assets199120062014 PH units50 Other affordable units 0225701 Market units00730 Total Assets ($) $7,000,000$32,818,370$149,558,082 HCHC Assets 1991-2014
Income Distribution CategoryTotal Units 30% Units (Section 8) 50% Units (PRHP) 60% Units (LIHTC) MIHU Units (60% HoCo) Market Rate Units #%#%#%#%#% Family1,30315512%20516%12410%1108%70954% Senior17853%14783%53%00%2112% TOTAL1,48116011%35224%1299%1107%73049%
PARTNERSHIP RENTAL HOUSING PROGRAM Borrowers = Local governments and PHAs $75,000/unit for construction, acquisition and/or rehab Must contribute the land or land value 50% of Statewide median = $44,200, $995/month No repayment !
Morningside Park 60-unit affordable senior project built in 1996
Morningside Park Developed by Bozzuto as fee developer in 1996 $2,400,000 PRHP + $600,000 HOME loan + $850,000 County grant Renovated in 2012 with EDI Grant + RFR
Stoney Run 20 scattered-site rental townhomes within a for-sale subdivision 3-bedroom, 1.5 bath Developed as turn-key by Enterprise Homes in 1998 $1,080,000 PRHP + $1,250,000 County grant
GROUND LEASES PHA purchases land and ground leases to developer for 65+ years Occupancy restrictions contained in lease Ground rent at fixed amount, cash flow, or $1 Monitor annually
Park View at Colonial Landing 100-unit senior LIHTC project developed by Shelter Group in 1996 Land purchased by HCHC for $500,000 using grant of County GO bond funds Ground leased to LIHTC partnership HCHC receives annual lease payments of $40,000 from net cash flow with unpaid amounts deferred until sale After 40 years, restrictions end and rent becomes 10% of FMV of land After 40 years, LP has option to purchase the land; HCHC has option to purchase the building
G ROUND L EASE PROPERTIES P ORT C APITAL V ILLAGE 7141 Beverly Drive, Elkridge, MD 21075 P ATUXENT SQUARE 9900 Washington Boulevard Laurel, MD 20723 Constructed in 2007 Port Capital offers spacious two and three bedroom affordable complete with gourmet kitchens, central air and wall to wall carpeting. Located just minutes from Baltimore and convenient to I-95 to Washington DC, Port Capital Village offers discerning residents unparalleled comfort, convenience and affordability. Located along the Route 1 corridor, Patuxent Square Apartment Homes offer amazing luxury, care-free living, conveniently located within minutes of Route 32, I-95 and 295. Residents are an elevator ride away from an on-site nail salon, doctor's office and daycare. The community offers electronically controlled building access, a fitness center and ample free parking.
Port Capitol Village 84-unit LIHTC project built in 2007
Port Capitol Village Land purchased by HCHC for $2 million using: – Transfer of 41 MIHUs valued at $1 million – $300,000 Community Legacy grant – $200,000 HOME grant – $500,000 HCHC funds Ground leased to LIHTC partnership HCHC receives 25% of net cash flow under LPA