RFP Affordable Housing Development City of Bend 1475 NE Forbes Rd Housing Works Proposal: Forbes Road Apartments
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1 Housing Works Proposal: Forbes Road Development RFP Affordable Housing Development City of Bend 1475 NE Forbes Rd Housing Works Proposal: Forbes Road Apartments Table of Contents Section A Offering Price and Financing... 1 Section B Description of Project... 1 Section C Drawings and Site Plans for Proposed Project... 2 Section D Composition of Development Team... 2 Section E Schedule... 5 Appendices Appendix A Pro Forma... A-1 Appendix B Architectural drawings and site plans... B-1 Appendix C - Housing Works portfolio... C-1 RFP Affordable Housing Development Submittal
2 Housing Works Proposal: Forbes Road Development Section A Offering Price and Financing Offering Price Housing Works will pay the estimated $2,000 price for the titling of the property at closing. Financing Appendix A contains the proforma for a 4% LIHTC transaction. Key funding sources will be: Tax Credit Equity: $1.167M Conventional Bank Loan: $750K City of Bend SDC Exemption $140K City of Bend AHF Funds $800K COHC Grant $750K Housing Works Loan: $175K Deferred Developer Fee: $150K Sale of Commercial Space $600K Total Sources: $4.532M Section B Description of Project Forbes Road will offer a total of 24 one-bedroom units to households earning 60% or below AMI. The project will target several populations that are in critical need of homes: 10 units will serve households that are receiving treatment for substance abuse from Pfeifer and Associates. 10 units will serve households with HUD-recognized disabilities due to HIV through the Oregon Housing Opportunities in Partnership Program (OHOP). 4 units will serve survivors of domestic violence through Saving Grace. The ground floor will include two commercial spaces totaling over 5,000 square feet to be sold. The commercial space of the development will be sold as two separate spaces of 2,326 sq. ft. and 2,702 sq. ft. respectively. A resident entrance will lead into a lobby with an elevator. A separate commercial entrance will lead into another lobby with public restrooms and separate interior entrances to the commercial spaces. The development will include new building technologies that increase indoor air quality and lower utility bills. Finishes will be similar to those of the Daggett Townhomes development that Housing Works is developing in east Bend. RFP Affordable Housing Development Submittal Page 1
3 Butler Market Apartments Housing Works Incomes and rents at Forbes Road will be restricted to 60% AMI or below for 30 years through a land use covenant with the following structure: BR/BA # of Units Size (sq. ft.) Rent 1/ $582 1/ $582 1/ $582 Unit and Onsite Amenities Forbes Road will offer a host of amenities that are designed specifically for supportive housing. In-unit washers and dryers, disposals and dishwashers are included in all units. Package terminal heat pumps as the source of heating/cooling are very economical to operate and desirable for Central Oregon households on hot summer days and cold winter nights. These energy efficient units will have lower utilities than competing properties, offering additional savings in addition to unit rents that are substantially below market. Section C Drawings and Site Plans for Proposed Project Site plan and architectural drawings are included in Appendix B. Section D Composition of Development Team Developer Qualifications and Mission Statement Housing Works, the developer of the proposed project, is the leading affordable housing provider in the Central Oregon region, serving Crook, Deschutes and Jefferson counties. Housing Works is the local Housing Authority and was formed by the three counties to serve the housing needs of Central Oregon residents. Since its inception in 1977, Housing Works has provided housing services to thousands of low-income families in an effort to move them above the poverty line. Housing Works follows the mission, Fostering Dignity through Housing, through an emphasis on providing a variety of housing programs and related services to workforce and low-income households. Currently, Housing Works serves approximately 1,750 households through affordable housing partnerships, grant funding and Federal contracts. Housing Works has been developing affordable housing since 1984 and today is working hard to increase the stock of affordable housing that is desperately needed in the region. Innovative private/public partnerships have made it possible for the Housing Works team to vigorously pursue and leverage local, state and federal resources to provide a dedicated supply of affordable housing in addition to resident programs and opportunities for the communities of Central Oregon. Housing Works collaborates with a network of non-profit and for-profit entities throughout Central Oregon to provide a range of resident services at its properties. These
4 Butler Market Apartments Housing Works services are targeted to help provide needed assistance to families, but also to protect the assets and ensure viability of the properties well into the future. Today, Housing Works is an active developer and operator of affordable housing in Central Oregon, serving individuals and families earning 80% or less than Area Median Income, with an inventory of over 800 units and over 100 additional units in the development pipeline. Housing Works communities are located throughout Central Oregon, each offering unique amenities and opportunities to its residents. Housing Works continues to actively pursue development opportunities in the eight incorporated cities within the region. See Appendix C for Housing Works Current Portfolio. Housing Works development team and partners recently completed The Parks at Eastlake, a new 40-unit affordable apartment community in northeast Bend. We have also completed significant rehab work on 4 separate communities in the past 2 years: Healy Heights and Ariel Glen Apartments, each composed of 70 family units; Aspen Villas, a 40-unit family apartment complex in Redmond; and Reindeer Meadows, a 40-unit senior community also located in Redmond. We expect to begin work on a 48-unit affordable senior housing development in Redmond and 53 affordable townhomes next to Ensworth Elementary School in Bend in the summer of In the last 25 years, Housing Works has developed over 600 units of multifamily housing, including notable developments like Putnam Pointe, Eastlake Village, Tamarack Village, Ariel Glen and Summit Park Apartments. In addition to the development arm of the corporation, Housing Works also manages a contract with the U.S. Department of Housing and Urban Development (HUD) to provide the area s Housing Choice Voucher program. This program (also known as Section 8) provides housing rental assistance to 1,200 households. This annual rent subsidy program provides rental assistance payments for low-income and workforce families along with the elderly and disabled who are living in private market rental housing. Housing Works voucher program provides over $7 million in rental assistance each year to the region s landlords. Key Individuals and Resumes Tom Kemper, Executive Director: Mr. Kemper oversees the operations of Housing Works with expertise in finance, design, and construction. He has over 25 years of extensive experience in real estate investment, bond finance, and multifamily affordable developments and holds a Law degree and a LLM in Tax Law. Mr. Kemper has been involved in the development of over 10,000 apartment units. Keith Wooden, Director, Real Estate and Facilities: Mr. Wooden will be the project manager, with overall responsibility for the design and construction of the project. He has worked in the affordable housing industry for 19 years and has a wide array of experience serving as a Developer, Project Manager, Asset Manager, and Section 8 Administrator. He has completed several new construction and rehabilitation projects in recent years totaling nearly 420 units in 10 developments with over 100 more units currently in the pipeline. In August 2015, he completed the first multifamily Earth Advantage Platinum certified property in Central Oregon.
5 Butler Market Apartments Housing Works He has a Bachelor of Science degree in Biology from Oregon State University and a Masters in Teaching from Pacific University. Geoff Wall, Finance Director: Mr. Wall, a CPA (inactive status), will be responsible for the financial aspects of the project. He currently oversees all financial functions of Housing Works, its partnerships, and related entities. He received a Bachelor of Arts degree in Business Economics from University of California, Santa Barbara, with an emphasis in Accounting. He has over twenty years experience in finance including CFO for a number of organizations and has taught at the college level. Kelly Fisher, Project Development Manager: Ms. Fisher will be the assisting project manager. She has worked in the affordable housing industry for over 9 years and has run our Client Services Department and manages all single-family development. Ms. Fisher holds an Associate of Science degree in Business Administration. Codi Kramer, EPIC Property Management, LLC: EPIC currently manages the entire Housing Works portfolio of 800 units that encompass LIHTC, HOME, OAHTC, NSP, Bond, and RD 514/516 financing. The general manager of EPIC, Codi Kramer, has over 13 years of multifamily property management experience in both affordable and conventional communities. She has directed portfolios of 1,850 units in both Oregon and Washington. Codi is accredited through the Institute of Real Estate Management and has served on its board. Doug Circosta, Architect LLC: Doug has more than 30 years of experience and is experienced in a wide variety of architectural projects from concept to closeout in the role of Project Designer, Project Architect, and Project Manager. He is experienced in working with many city agencies relating to entitlements, design review, construction permits, variances, appeals, and city zoning codes. He is committed to the affordable housing goal that all people deserve quality housing they can afford and a place they can call their home. Rob Justus, HOME First Development: Home First Development has worked with nonprofits, government and private business for one purpose to help more Oregonians find safe and affordable housing. To do this, they apply a fresh lens to the development process, seeking ways to increase efficiency and reduce costs. As principals of Home First Development, Rob Justus and Dave Carboneau have overseen the development of more than 175 units of affordable housing throughout the greater Portland area, with more than 300 additional units in the development pipeline. On behalf of their clients, they manage all phases of the build, including pre-development, development and the post-development process. Don Silvey, Silco Commercial Construction: Silco Commercial Construction will be the contractor for Forbes Road. Established in 2004, Silco Commercial has built multiple successful projects throughout Oregon and Southwest Washington. They have completed renovations, restorations, multi-family residential, institutional, commercial, retail and industrial. Each of Silco Commercial's principals and managers bring 30 years of experience in commercial, industrial, institutional and residential construction.
6 Butler Market Apartments Housing Works Section E Schedule Housing Works will make application to Oregon Housing and Community Services for 4% LIHTC funds that, in addition to the SDC exemption, AHF and additional grants will solve the funding gap and make this project economically viable using the proposed financing structure. The timeline of work is as follows: Forbes Road RFP Award July 2016 SDC exemption award July 2016 AHF award July % LIHTC Application August 2016 COHC Grant Application August % notification of funding October 2016 COHC Grant Notification October 2016 Plans complete February 2017 Entitlements/permit April 2017 Start construction May 2017 Complete construction January 2018 Project leased up March 2018
7 Housing Works Proposal: Forbes Road Development Appendix A Pro Forma
8 Butler Market Apartments Housing Works
9 Housing Works Proposal: Forbes Road Development
10 Butler Market Apartments Housing Works
11 Butler Market Apartments Housing Works
12 Butler Market Apartments Housing Works
13 Butler Market Apartments Housing Works
14 Butler Market Apartments Housing Works
15 Butler Market Apartments Housing Works
16 Housing Works Proposal: Forbes Road Development Appendix B Architectural drawings and site plans
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20 Appendix C Housing Works portfolio RFP Affordable Housing Development Submittal
21 Housing Works Proposal: Forbes Road Development Housing Works' Portfolio Borrower/ Comm'l S.F. Res. S.F. # UNITS Property Type Year built Year rehabbed Number of buildings Site area sq ft/acre Location (City/State) Building type COMERCIAL PORTFOLIO Housing Works - Office Building Redmond, Oregon 18, office ,424/.40 Commercial Retail Lava Condo, LLC Bend, Oregon AFFORDABLE PORTFOLIO Ariel South LP 1707 SE Tempest Dr., Bend, Oregon Eastlake Village LLC 675 NE Bellevue Dr.Bend, Oregon Families Forward - Gateway Commons 2445 SW Canal, Redmond, Oregon Larkspur Housing LLC - Ariel Glen 1700 SE Tempest Drive Bend, Oregon Paulina Peak Partners LLC - Aspen Villas 933 NW Canal Blvd. Redmond, Oregon Housing Works - Barbara's Place 1881 SW Timber Ave. Redmond, Oregon Housing Works - Brentwood Manor 1121 SW Kalama Ave., Redmond, Oregon Housing Works - Canyon East 280 NE Jefferson St., Madras, Oregon Housing Works - Centennial Point 410 SE 6th Street, Bend, Oregon Housing Works - Chennai Landing 645 SE Marshall Street, Madras, Oregon Housing Works - Emma's Place Quimby, Bend, Oregon Housing Works - Fairhaven Vista 933 NW Canal Blvd., Redmond, Oregon Larkspur Housing LLC - Healy Heights 1900 NE Bear Creek Rd., Bend Oregon Housing Works - Horizon House 1875 NE Purcell Blvd., Bend, Oregon Housing Works - Independence Place 1251 SW 27th Street, Redmond, Oregon 335 NE 8, retail / condo ,326/.26 low rise 0 91, workforce ,542/5.04 garden 0 36, workforce ,142/3.86 garden 0 11, other supportive ,612/2.70 garden 0 68, workforce ,823/4.22 garden/townhouse 0 37, workforce ,793/4.38 garden 0 5, ,750 8 homeless/ SPMI senior/ disabled ,988/.39 corridor ,117/.37 garden 0 24, farm worker ,715/1.83 garden/townhouse 0 4,472 4 homeless ,375/.33 garden 0 24, workforce ,319/3.24 garden 0 8, SPMI ,730/.43 corridor 0 27, workforce ,958/.55 townhouse 0 71, workforce ,614/11.24 garden/townhouse 0 14, transitional SPMI ,844/1.81 corridor 0 2,448 2 homeless ,405/.17 townhouse
22 Housing Works - Menta Park Madras, Oregon Housing Works - Prairie House 115 NW Deer Street, Prineville, Oregon Reindeer Housing LLC - Reindeer Meadows 1601 SW Reindeer Ave. Redmond, Oregon Housing Works - Summit Park 2017 NE Full Mood Dr., Bend, Oregon Lava Court LLC - Putnam Pointe 750 NW Lava Rd., Bend, Oregon Putnam Lofts LLC - Putnam Pointe 750 NW Lava Rd., Bend, Oregon Housing Works - Riverside Apartments 635 S Main St., Prineville, Oregon Housing Works - Tamarack Village 555 N Larch Street, Sisters, Oregon Paulina Peak Partners LLC - The Parks at Eastlake, 680 NE Bellevue Dr., Bend, Oregon Housing Works - Mahogany St (Tutor) 1014 NE Mahogany St., Prineville, Oregon Housing Works - HomeQuest (Tutor) 237 NE Jefferson St., Madras, Oregon 0 19, farm worker 1995 multiple scattered garden 0 7,617 8 SPMI ,038/.46 corridor 0 38, senior ,929/4.98 corridor 0 72, workforce ,800/5.0 garden 0 44, workforce ,326/.26 low rise 0 13, workforce ,178/.05 low rise 0 25, senior ,263/3.22 garden 0 44, workforce ,121/2.09 garden/townhouse 0 36, workforce ,998/2.64 garden 0 1,386 1 SFR ,534/.15 SFH 0 1,476 1 SFR ,943/.20 manufactured Housing Works - 24th Street (Tutor) 450 NW 24th Street, Redmond, Oregon Housing Works - Forest Court (Tutor) 3489 SW Forest Court, Redmond, Oregon Housing Works - 23rd Street (Tutor) 235 SW 23rd Street, Redmond, Oregon Housing Works - 27th Street (Tutor) 3120 SW 27th Street, Redmond, Oregon Housing Works - 25th Street (Tutor) 654 SW 25th Street, Redmond, Oregon ,529 1 SFR SFH 1,058 1 SFR SFH 1,180 1 SFR SFH 1,288 1 SFR SFH 1,370 1 SFR SFH (HomeQuest Ground Lease Homes) 0 various 9 SFR various SFH Total Units in Portfolio 798
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