Finance Tool for Townhome and Condo Association Improvements.
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1 Community Development Department Housing Improvement Area Finance Tool for Townhome and Condo Association Improvements. A Housing Improvement Areas (HIA) is a defined area within a city where housing improvements are made and the cost of the improvements are paid in whole or in part from fees imposed on the properties within the area. Basically, the Association borrows low interest money from the City; Permanent, common area improvements are completed; and Unit owners repay the loan through fees imposed on their properties, and collected with property tax payments. This tool can assist with the preservation of the city s existing housing stock. Townhouses and condominiums were constructed primarily in the 1970 s and 80 s, and comprise 12% of the City s housing stock. The City s Comprehensive Plan notes that there is a concern that maintenance may be underfunded for some townhouse associations and maintenance issues may arise in the future. As most of the buildings are going on 30 years, deferred maintenance issues are becoming a concern. Highlights of the HIA Associations must initiate the request. Improvements must be common area improvements. This is last resort financing, used when associations have no other viable options for raising money for improvements. Over 50% of the owners must sign a petition requesting the City Council to conduct a public hearing to consider implementing the housing improvement area. A veto period exists where 35% of the owners can stop the process. The average market value for units must be at or less than the value of homes in the first time homebuyer programs, in 2008, this is $269,000. If your Association is interested in learning more about this finance tool, please review the application procedure and policy and call Kathy Larsen, Housing Programs Coordinator at
2 APPLICATION PROCEDURES FOR ESTABLISHING A HOUSING IMPROVEMENT AREA 1. Meet with appropriate City staff to discuss the scope of the project, member participation, time schedule and other information as may be necessary. 2 Complete Preliminary Application for the Establishment of a Housing Improvement Area. This form should be submitted to the Housing Programs Coordinator along with the other required documents. 3. The request shall be reviewed by City staff on a preliminary basis as to the feasibility of the project. 4. Staff will prepare a report for the City Council and the applicant which will include a financial and legal analysis of the project. 5. If the proposal receives a favorable review by City Council, the association must then submit the required petitions (minimum of 50% of owners must sign petition form.) At the time the petitions are received, the City must have the final Association Financial Plan which identifies how both maintenance and operation of the common elements will be paid for and a long-range plan to conduct and finance capital improvements. 6. Upon receipt of an adequate number of valid petitions, the City will have prepared the Plan for the HIA and the proposed Development Agreement. 7. City will schedule public hearings on the creation of the district and the setting of the fees (two separate public hearings may be required.) 8. City Council will approve or deny the creation of the HIA and the associated fees. If approved, the Development Agreement will be executed subject to the successful passage of the veto period. (If 35% or more of the owners file a written objection within the veto period, the City cannot provide financing through a Housing Improvement Area.) 9. It is understood that City Staff or City Council may from time to time determine that a different process which is outlined is more appropriate, given the circumstances of each individual request.
3 CITY OF ST. LOUIS PARK PRELIMINARY APPLICATION HOUSING IMPROVEMENT AREA FINANCING Legal Name of Association Mailing Address Name of Contact Person: Phone: Name of Management Firm/Agent (if different than contact person) Phone Legal Description of the Project Site: REQUESTED INFORMATION Addendum shall be attached hereto addressing in detail the following: 1. Give a general description of the project. 2. Explain how the project will meet the goals of the City council as identified in Section 3.01 of the HIA Policy. 3. Provide a proposed timeline for the project including the dates of membership meetings to discuss a project, submittal of required petitions, public hearings, construction start, submission of first draw request and project completion. 4. List of improvements and estimated project budget. 5. Explain why Housing Improvement Area financing is necessary to undertake the project. Attach any documentation regarding efforts to secure private financing. 6. Explain the process used to determine the scope of the proposed project and the desire for HIA financing among the association members. Provide any documentation regarding owner meetings discussing project.
4 Attach a copy of the following: Association Bylaws Audited financial statements for the last two years Association Financial Plan which identifies how both maintenance and operation of the common elements will be paid for and a long-range plan to conduct and finance capital improvements. What is the proposed term of the HIA? Years. How do you propose the fee to be charged to the affected property owners? Equally among all properties Other: for example-based on unit size, percent interest in association or value. Please identify: Amount of loan anticipated: $ Are there any properties within the HIA which should be exempt from the fee? No Yes Explain REQUIREMENTS FOR HOUSING IMPROVEMENT AREA (HIA) FINANCING To apply for HIA financing, the owners within the association must agree to the following: 1. Must use City's choice of Bond Counsel and Financial Advisor(s). 2. Disbursements of bond/loan proceeds must be made through an escrow agent to be selected by the. 3. Payment of an administrative fee to the City of one half percent of the bond issue (if City issues bonds) or flat fee of $5,000, which ever is greater. 4. City staff or its agents will review the performance and level of outstanding debt of previous HIAs before recommending the approval of additional HIA debt. 5. The bond (s) shall be for an issue not less than $250,000, other City sources may be used, and the City determines if bonds are to be used.
5 By signing this application hereby agree to the following: 1. I have read and will abide by all the requirements of the City for taxable bond financing. I will also commit all contractors, subcontractors, and any other major contributors to the project to all segments applicable to them. 2. The above information is true and correct. 3. The Association will pay all costs involved in the legal and fiscal review of this project. These costs include the Bond Counsel, Financial Advisor and City Attorney, and all costs involved in the issuance of the bonds to finance the project. 4. I understand that the City reserves the right to deny final approval, regardless of preliminary approval of the application. Signature of Representative Date
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