Gallatin County / Big Sky Affordable Housing

Transcription

1 / Big Sky Affordable Housing PRELIMINARY ARCHITECTURAL REPORT (DRAFT) - PRESENTATION TO THE PUBLIC Warren Miller Performing Arts Center - Big Sky, MT GALLATIN COUNTY

2 because it is more financially feasible for the development community to build for-sale units affordable to this range and because ownership is more feasible for the households, they are generally the target for ownership housing policies. Figure 1 Workforce Housing Spectrum Workforce Housing Needs / Big Sky Affordable Housing Presentation PROBLEM DEFINITION Workforce Housing Spectrum of Need Part-Time & Seasonal Workforce (e.g. Lift Operators, etc.) Service Workforce (e.g. Waiters, Maids, etc.) Community Workforce (e.g. Teachers, Fireman, Police, etc.) < 50% AMI Income: $30,000 or less Rent: $700/month or less 50 to 100% AMI Income: $30,000 - $60,000 Rent: $700 - $1,450/month 100 to 140% AMI Inc: $60,000 - $80,000 Home Price: $180K to $260K Employee Housing (Dormitory/Lodge Units) Rental Ownership (Townhome/Duplex) Private Housing Solution Community Housing Solution * Excerpt from Big Sky Housing Development Plan (7/1/2014) by Economic & Planning Systems, Inc Prepared for Big Sky Chamber of Commerce Economic & Planning Systems, Inc. 3 Revised Draft Report page 2

3 / Big Sky Affordable Housing Presentation PROBLEM DEFINITION Workforce Housing Need Big Sky Housing Needs & Targets Conditions 83% of 2,300 workers commute in In-commuting growing 8% / year Community Housing Policy Target 60% of workforce lives locally Less 370 existing Big Sky resident workers 1,010 new workers living locally 670 occupied housing units 50% of in-commuters live locally 950 new workers living locally 630 occupied housing units Spectrum of Need 67% of wage earners under $25,000 (employer survey) 82% of wage earners under $40,000 (U.S. Census LEHD) Balance of rental and ownership housing Workforce Housing Housing Need * Excerpted from Big Sky Housing Development Plan (7/1/2014) by Economic & Planning Systems, Inc Prepared for Big Sky Chamber of Commerce Big Sky Housing Plan 9 page 3

4 / Big Sky Affordable Housing Presentation PROBLEM DEFINITION Workforce Housing Housing Need EPS Report Spectrum of Need and Associated Funding Sources Ownership *( units) target % AMI CDBG/HOME FUNDED units >80% AMI units <80% AMI units <60% AMI OTHER FUNDING units >80% AMI units 60-80% AMI POSSIBLE CDBG/HOME FUNDING Long-term Rental ( units)* target % AMI * Recommendations from Big Sky Housing Development Plan Final Report by Economic & Planning Systems, Inc. dated July 1, 2014, see Appendix A. Notes from HRDC, see Appendix. Numbers adjusted by HRDC for specifics of this project. page 4

5 Big Sky Zoning District To Bozeman 53 minutes To Belgrade 56 minutes / Big Sky Affordable Housing Presentation ALTERNATIVE ANALYSIS Site Selection Process Location Map To Big Sky Resort 10 minutes Big Sky Madison County Montana Wyoming To West Yellowstone 1 hour 2 minutes page 5

6 /Big Sky Affordable Housing Preliminary Site Search April 29, 2015 Response Map Big Sky Region Map / Big Sky Affordable Housing Presentation ALTERNATIVE ANALYSIS Site Selection RFI Responses Page 8 page 6

7 / Big Sky Affordable Housing Presentation ALTERNATIVE ANALYSIS /Big Sky Affordable Housing Preliminary Site Search April 29, 2015 Site Selection Matrix Site Selection Process Selection Matrix Criteria Weight 1-3 (1=least important, 3=crucial) Site Weighted Property Ranking (Higher Number is Better, Maximum of 80) Property Name/Location Legal Description of Property Property Zoning / Public Support Price/ Acre Acres Usable for Development Public Water Service Public Sewer Service Total Size of the Property Availabile for Sale / Negotiation Street Infrastructure on the Property Access to Gallatin Rd/HWY 191 or Lone Mtn Trail/Hwy 64 or Ousel Falls Road Access to the Skyline Bus System A 58 Meadow Village Center Meadow Village Center Condo Minor Sub 91b Lot 1a-1 Unit Lot B Gallatin Rd Big Sky Mt S32, T06 S, R04 E, C.O.S. 2333, Parcel B C Center Lane Big Sky Meadow Village Center Condo S36 T06 S R03e Unit 1c Minor Sub 91c Lot 1a-1 Sw4 Sec D 73 Tract 2 of Sweetgrass Hills Tract 2 of Sweetgrass Hills_Plat H-36_Section 36, T6S, R3E E 64 Spruce Cone Lots Lots 5 & 6 Block 1 - West Fork Meadows F 52 Madison County Mountain Village G 41 TBD Gallatin Road, Mile Marker 66 S29, T04 S, R04 E, C.O.S H McBride Ln Big Sky, Mt S02, T07 S, R03 E, C.O.S. 214, TR in NE quadrant page 7

8 / Big Sky Affordable Housing Presentation ALTERNATIVE ANALYSIS Selected Site Local Map Site D /Big Sky Affordable Housing Preliminary Site Search April 29, 2015 Response Map Big Sky Region Map Big Sky page 8

9 / Big Sky Affordable Housing Presentation ALTERNATIVE ANALYSIS OPTION A 18 attached condos - 2 stacked units - 3 stories total 46 parking spaces (16 on-street, 30 on-site) Options A, B, C & D Planning Concepts & Site Layout OPTION B 18 attached townhomes - 2 stories total 46 parking spaces (16 on-street, 30 on-site) OPTION C 6 attached condos - 2 stories total 6 detached SFH - w/ 45 x 80 lots 31 parking spaces (13 on-street, 18 on-site) OPTION D 10 detached SFH - w/ 45 x 80 lots 30 parking spaces (10 on-street, 20 on-site) page 9

10 Option Unit Costs Comparisons Option A: Option B: Option C: Option D: 18 Condos 18 Townhomes 6 Condos 10 Single Household & 6 Single Household 18 Total Units 18 Total Units 12 Total Units 10 Total Units / Big Sky Affordable Housing Presentation ALTERNATIVE ANALYSIS Comparison Unit Costs 2-Story Condo 3bd/2.5ba 2-Story Townhome 3bd/2.5ba 2-Story Condo 3bd/2.5ba 9 $343,327 each 18 $359,571 each 6 $374,306 each Land Cost $34,167 Land Cost $34,167 Land Cost $51,250 Site Costs $41,995 Site Costs $47,290 Site Costs $41,995 Bldg Cost $198,500 Bldg Cost $206,200 Bldg Cost $206,200 Garage/Carport - Garage/Carport - Garage/Carport - Soft Costs $68,665 Soft Costs $71,914 Soft Costs $74,861 1-Story Condo 2bd/1ba 2-Story Single Fam. 2bd/1.5ba 2-Story Single Fam. 2bd/1.5ba 9 $263,952 each 3 $384,931 each 4 $397,744 each Land Cost $34,167 Land Cost $51,250 Land Cost $61,500 Site Costs $41,995 Site Costs $69,895 Site Costs $69,895 Bldg Cost $135,000 Bldg Cost $186,800 Bldg Cost $186,800 Garage/Carport - Garage/Carport - Garage/Carport - Soft Costs $52,790 Soft Costs $76,986 Soft Costs $79,549 2-Story Single Fam. 3bd/2.5ba 2-Story Single Fam. 3bd/2.5ba 3 $435,556 each 6 $448,369 each Land Cost $51,250 Land Cost $61,500 Site Costs $69,895 Site Costs $69,895 Bldg Cost $227,300 Bldg Cost $227,300 Garage/Carport - Garage/Carport - Soft Costs $87,111 Soft Costs $89,674 Option A Total Cost $5,465,513 Option B Total Cost $6,472,275 Option C Total Cost $4,707,300 Option D Total Cost $4,281,188 page 10

11 Option Total Costs Comparisons Option A: Option B: Option C: Option D: 18 Condos 18 Townhomes 6 Condos 10 Single Household & 6 Single Household 18 Total Units 18 Total Units 12 Total Units 10 Total Units / Big Sky Affordable Housing Presentation ALTERNATIVE ANALYSIS Comparison Total Costs Land Cost $615,000 Land Cost $615,000 Land Cost $615,000 Land Cost $615,000 Site Costs $755,910 Site Costs $851,220 Site Costs $671,340 Site Costs $698,950 Bldg Cost $3,001,500 Bldg Cost $3,711,600 Bldg Cost $2,479,500 Bldg Cost $2,111,000 Garage/Carport - Garage/Carport - Garage/Carport - Garage/Carport - Soft Costs $1,093,103 Soft Costs $1,294,455 Soft Costs $941,460 Soft Costs $856,238 Option A Total Cost $5,465,513 Option B Total Cost $6,472,275 Option C Total Cost $4,707,300 Option D Total Cost $4,281,188 page 11

12 / Big Sky Affordable Housing Presentation PREFERRED ALTERNATIVE Concept Details Preferred Option Net Parcel Size acres 40 Road ROW -.51 acres Existing Property Line Temp Turnaround Easement.17 acres 18 attached condos w/ footprint - 2 stories total Planning Concept Possible Relaxations Required: Road ROW Width Park Second Access 46 parking spaces (16 on-street, 18 on-site covered, 12 on-site open) Front Setback Preferred Alternative Planning Configuration Proposed Lot Line Remainder Parcel Existing 60 Access Easement Future Street Connection Easement Tennis Courts Athletic Fields Scale in Feet page 12

13 / Big Sky Affordable Housing Presentation PREFERRED ALTERNATIVE Preferred Alternative: 18 Condos - Unit Cost Breakdown 17 units total 2-Story Condo 3bd/2.5ba Land Cost Site Costs Bldg Cost Garage/Carport Soft Costs Cost per Unit 1 unit total Cost per Unit 17 $359,442 each 1-Story ADA Condo 3bd/2.5ba 1 $370,317 each $34,167 $42,887 $197,000 $13,500 $71,888 Land Cost Site Costs Bldg Cost Garage/Carport Soft Costs Preferred Option Site Layout $34,167 $42,887 $205,700 $13,500 $74,063 Remainder Parcel Total Cost $6,480, Temporary Turnaround Easement 18 covered parking spots open parking spots Wide Road (16 parking spaces on one side) Scale in Feet page 13

14 / Big Sky Affordable Housing Presentation PREFERRED ALTERNATIVE Preferred Option 6 Units le tt d i L o oa t ss te R e c o Ac Coy Carport (18 spaces) 6 Units Pa (12 rkin Sp g L ac ot es ) Pr op os ed Ro a 3 Bed/2.5 bath unit (1,341 gsf, footprint) Deck Conceptualization ne d ed s po Living Room o Pr Mech 3 7 Kitchen 13 9 Li t Lo o s t ad s e o cc te R A re o tu Coy u F tle Lit 1/2 Bath 3 8 Bedroom 9 9 Bedroom 10 9 Dining 12 9 Ex ist in gp *the above image does not represent design intent ro p er ty Lin e up Main Level Plan (637 sf) Garden/ Landscape Bath 8 5 Bath 10 5 down Laundry Entry 7 5 Master Bedroom Closet Upper Level Plan (704 sf) page 14

15 / Big Sky Affordable Housing Presentation PREFERRED ALTERNATIVE Preferred Alternative: 18 Condos - Unit Cost Breakdown 17 units total Cost per Unit 1 unit total Cost per Unit 2-Story Condo 3bd/2.5ba 17 $359,442 each 1-Story ADA Condo 3bd/2.5ba 1 $370,317 each Land Cost $34,167 Land Cost $34,167 Site Costs $42,887 Site Costs $42,887 Bldg Cost $197,000 Bldg Cost $205,700 Garage/Carport $13,500 Garage/Carport $13,500 Soft Costs $71,888 Soft Costs $74,063 Preferred Option Unit Costs Preferred Alternative: 18 Condos - Total Cost Breakdown 18 units total Total Cost Land Cost $615,000 Site Costs $771,966 Bldg Cost $3,554,700 Garage/Carport $243,000 Soft Costs $1,296,167 Total Cost $6,480,833 page 15

16 Preferred Alternative: 18 Condos 18 Total Units Total Cost $6,480,833 / Big Sky Affordable Housing Presentation PREFERRED ALTERNATIVE Preferred Option Potential Revenue Preferred Alternative Potential Revenue Scenario #1: 77% of units (14) for homeownership for households earning less than 80% AMI; remaining at market rate Potential Revenue Sources Amount Assumptions Community $420, Maximum grant with reduced affordable units Federal Home Loan Bank -AHP $280, $20,000/unit HOME competitive grants $750, Maximum grant amount Affordable target sales 3bd/2.5ba $2,660, Max affordable sales price = $214,000; target $190,000 Market rate home sales 3bd/2.5ba $1,200, Based on current market comparable listings Shared infrastructure costs $77, % infrastructure costs Land donation $307, % of assumed land costs Private and community funding $786, TOTAL revenues $6,480, Expenses less revenue $0 Note: Grants are contingent upon successful application to funding sources. page 16

17 / Big Sky Affordable Housing Presentation PREFERRED ALTERNATIVE Potential Funding Sources Explained Potential Funding Sources Acronym Community Development Block Grant CDBG Uses and contingencies Land acquisition, infrastructure or construction; Competitive process to state, application likely due April 2016 (requires sponsorship by ); maximum grant amount is $450,000 or $30,000 per unit; only applicable to projects with at least 50% of units affordable to households earning less than 80% AMI (homeownership projects) or 60% (rental projects) Federal Home Loan Bank -AHP FHLB-AHP Land acquisition, infrastructure or construction; requires sponsorship by member bank, competitive application due in Spring 2016, only funds units affordable to households earning less than 80% AMI HOME competitive grants HOME Land acquisition, infrastructure or construction; Competitive process to state, application rolling (requires sponsorship by or Community Housing Development Organization); maximum grant amount is $750,000; only applicable to projects with at least 50% of units affordable to households earning less than 80% AMI (homeownership projects) or 60% (rental projects) HOME Down-payment assistance Private & Community Funding Affordable target sales Market rate home sales HOME DPA Provides down-payment assistance of no more than $30,000 per unit to households earning less than 80% AMI; can be accessed via HRDC; cannot be used on homeownership units constructed using HOME competitive funds Potential sources include: resort tax funds, private donations, grants, and foundation support Subsidized sales prices targeted to households at specific income levels; subsidy is secured via lien on property and/or Community Land trust Sales at market rate without restrictions; used to make project feasible; reduces subsidy amounts project can receive Housing Tax Credits LIHTC Provides project capital to rental housing developments serving households earning less than 60% AMI; competitive process via Montana Board of Housing; due Fall; adds development soft costs; approximately 25% of units will need to serve households earning less than 40% AMI for a competitive application Private financing Shared infrastructure costs Land donation Projects will require construction loan financing for at least a portion of costs; loan is taken out via unit sales (homeownership projects) or long-term financing (rental projects -paid back through rent revenues) Share infrastructure development costs with adjacent owner Seek price reduction or full donation of land value page 17

18 / Big Sky Affordable Housing Presentation Next Steps to complete the Report... - Design Team incorporates revisions to Report in response to Public Meeting questions, concerns & comments - Project Team presents Report to Commission on November 10, 2015 (9am) - Design Team finalizes report & submits to & Big Sky Chamber of Commerce (to be included as Appendix D in z Grant Application) page 18

19 / Big Sky Affordable Housing Presentation Thank You! page 19