HomeMy WebLinkAboutDevelopment Corpoartation
Augusta Richmond GA
DOCUMENT NAME: \)e)Je\~ Lo\\XXMCD
DOCUMENT TYPE: {-t8)\U1\Cf\
YEAR: D \
BOX NUMBER: \ \
RLENUMBER:\~LA
NUMBER OF PAGES:
\5
BACKGROUND: The 30901 Development Corporation is dedicated to providing
quality service to all persons in an effort to empower them to build a
solid future for themselves and their families. According to 1990
Census Data, 43% of the area residents live in poverty, and 43% of
the houses in the area lacked adequate plumbing, kitchens or were
built before 1939. This project area meets' the needs that are
identified in the Consolidated Plan. The optimal end result is to
transform areas currently depicted as low income into bustling, safe
neighborhoods. The corporation currently offers housing and
counseling, family support services, full service medical clinic,
youth services and community health education. The corporatiop. is
hoping with this request to offer new housing and home-care support
as needed for our senior population in the community. Many oth~r
initiatives including education and entrepreneurship will be
developed and implemented by the Corporation to address various /'
needs of the 30901 Community. :/
,
I
- .
,--
TO:
FROM:
DA TE:
RE:
CAPTION:
j'J~~l~\
'~~'.:\'
~ "~I'
FE B 2 1 2001 '
AUGUSTA-RICHMOND eoo.my
AOMlNlSflWOR-'O ~
-
ItJi
l APPROVED
~ L-U () F e tIU0 ~//).I!p / , " . ~ '~~ J 1, I
l~~~"n~~l!}~A ITEM
(Assigned by Clerk of Commission-
?~
Honorable Bob Young, Mayor
Augusta-Richmond County Commissions
Henry Brigham, Chairman, Administrative Services Committee
Walter Hornsby, Acting County Administrator
Keven J. Mack, Housing and Neighborhood Development
February 19,2001
Adoption of a resolution of support, waiver of any applicable
development fees-tap fees, permit fees, inspection fees, etc., and
approve a $400,000 CBDG loan to 30901 Development Corporation
for the development of 48 independent living senior apartments.
(See attached letter from Capital Development Group dated 1-11-01)
Approve resolution of support and request of a $400,000 loan from
2002 CBDG Funds to be allocated to 30901 Development
Corporation for the development of 48 independent living senior
apartments.
. -
AGENDA ITEM
Augusta-Richmond County Commissioners
Walter Hornsby, Acting Administrator
February 19,2001
Page 2
ANALYSIS:
A development team consisting of 30901 Development
Corporation, Capital Development Group, Regency Development
Associates (a wholly owned subsidiary of Sun Trust Bank) and Sun
Trust Bank proposes to build a senior housing development. The
property will be owned by a Georgia limited partnership, with 30901
Development Corporation as the 51 % managing general partner.
The partnership will apply to the Georgia Department of Community
Affairs (GDCA) in April 2001 for an allocation of federal and state
low-income housing tax credits (LIHTC). This competitive process,
in order to be successful, requires Augusta-Richmond County's
support and fmancial assistance to assure the application get the
maximum points possible.
The development plan consist of demolition of existing structures
within the block bounded by Linden Street, Poplar Street, Hunter
Street and Roulette Lane, and new construction of a two-story,
interior corridor, elevator serviced apartment building containing 32
one bedroom, and 16 two bedroom apartments. All apartments will
be restricted to low to moderate-income senior households, 62 years
of age or older.
FINANCIAL
IMPACT:
The allocation of these funds to 30901 Development Corporation
will help leverage $3,500,000 in tax credit dollars.
Commitment ofa $400,000.00 CDBG loan for 24 Months at 0%
interest then converting to a Permanent Loan for 28 years at 1 %.
; -
AGENDA ITEM
Augusta-Richmond County Commissioners
Walter Hornsby, Acting Administrator
February 19,2001
Page 3
AL TERNATIVES: Deny the request and hinder the progress Qfthe project and
prolong the development of a critical component of the 30901' s
master plan which is vitally important to meeting the affordable
housing needs of senior household within this Augusta community.
RECOMMENDA TIONS: Approve the request recommended by the
Citizens Advisory Committee, in meeting held on February 26,
2001, to set aside $400,000.00 in CBDG Funds from 2002
allocation, waive applicable development fees and the adoption a
resolution of support from the }:30ard of Commission.
Finance:
~ / ~V()c7J
County Administrator:
Funds would be available in the following accounts:
2002 CBDG Funds
$400,000.00 I
..
i '
. .
Office of Affordable Housing
Georgia Department of Community Affairs
60 Executive Park South, N.E.
Atlanta, Georgia 30329-2231
RE: 30901 Development Corporation
Independent Living Senior Apartments
30901 Development Corporation
Augusta, Georgia 30901
Dear Sir or Madame:
The development team consisting of 30901 Development Corporation, Capital Development
Group, Regency Development Associates, Inc. (a wholly owned subsidiary of Sun Trust
Bank) and Sun Trust Bank, plan to develop the referenced project. The partnership has
notified the Mayor and Augusta-Richmond County Commission of its intention to develop and
apply to the Georgia Department of Community Affairs for Low Income Housing Tax Credits
and financing with Community Development Block Grant funds for the development of 48
units affordable to low income residents.
The purpose of this letter is to convey our understanding of the details of this project, as
stipulated in the State of Georgia's 2002 Qualified Allocation Plan. The details are as
follows:
Proiect Name:
Developer:
Senior Apartments
30901 Development Corporation
1446 Linden Street
Augusta, Georgia 30901
48-Unit Independent Living Senior Apartments
New Construction
Description:
The Augusta-Richmond County Commissioner certified as the body constituting the
government of this jurisdiction as specified in the attached copy of the charter of the
governmental body. In this capacity the Augusta-Richmond County Commission supports
the proposed development as presented, as evidenced by the attached resolution of support.
Sincerely,
Honorable Bob Young
Mayor
Attachments:
Copy of Charter Provision pertaining to Mayor and/or Commission
Copy of Resolution
~".
.~
~.........m.,.',..,...
. ' .
'~".,\l \-
.- , ~
'I
CAPITOL
DEVELOPMENT GROUP
January 11, 2001
Mr. Keven 1. Mack
Director
Augusta Housing and Neighborhood Development Department
One 10th Street
Suite 430
Augusta, GA 30901
_.". _....r
Re: Beulah Grove Baptist Church/30901 Development Corporation
Dear Keven:
It was a pleasure meeting you last week to discuss the development of a 48-unit,
independent living senior rental apartment community within the Beulah Grove Baptist
Church's campus. The development plan consists of demolition of existing structures
within the block bounded by Linden Street, Poplar Street, Hunter Street and Roulette
Lane, and new construction of a two-story, interior corridor, elevator serviced apartment
building containing 32 one bedroom, and 16 two bedroom apartments, All apartments
will be restdcted to low- to moderate-income senior households, 62 years of age or older.
This proposed senior housing development is a critical component of the Church's master
plan and vitally important to meeting the affordable housing needs of senior households
within this Augusta community, The development proforma is attached for your review
and consideration.
~
'.~The development team will consist of30901 Development Corporation, Capitol
~velppment Group, Regency Development Associates, Inc. (a wholly owned subsidiary
of~st Bank) and SunTrust Bank. The property will be owned by a Georgia limited
partn~, ~ 30901 Development Corporation as the 51 % managing general partner.
The'part~~r~hiP~~apPlY to the Georgia Department of Community Affairs (GDCA) in
Apn1 20 or an ~~iO. n of federal and state low-income housing tax credits (LlliTC).
As you are aware, ~ . . d' I ful
C r f on is Chyery competItIve process an essentIa to our success
LIB! app Ica I f the 2~ ugusta support and financial assistance. Attached are the
apphcable Pdafigesnocial assistan lifted Allocation Plan (QAP) that describe government
support an na
ph 404,622.1448
fx 404.622,1457
1261 Glenwood Ave,
Atlanta, GA 30316
---..... '
r '
~ "-' . .1....
~ . - ..
"
On behalf of the development team, I respectfully request the opportunity to make a
fonnal presentation to the Citizens Advisory Committee and the Board of Commissioners
to make the following requests. These requests are absolutely necessary for a successful
LIHTC application, but more importantly, vital to the success and financial feasibility of
this development.
1. Adoption of a resolution of support from the Board of Commissioners, A
sample resolution of support that meets GDCA criteria is attached for your
reVIew,
2. Commitment of a $400,000 CDBG loan to reduce project development
costs. The requested tenns of the CDBG loan are 24 months at 0%
interest then converting to a Permanent Loan for 28 years at 1 %. A
sample letter for a similar project evidencing a funding commitment from
the City of Savannah is attached for your review,
3, Request waiver of any applicable development fees - tap fees, permit fees,
inspection fees, etc,
With a fonnal presentation to the Citizens Advisory Committee and Board of
Commissioners outlining the experience of the development team, the development plan
and the affordability of the apartments, I am confident City Council will support this
important and much needed project.
It is our goal to make a presentation to the Citizens Advisory Committee in early
February and be on the Board of Commissioner's agenda in March. The LlliTC
application deadline is April 16, 2001. I will call you to discuss this time frame and any
additional information you may require.
Keven, thank you for your support and guidance as we work to bring high quality
affordable senior housing to the Beulah Grove Community.
Attachments
cc: Reginal Barner
30901 Elderly Deal Augusta, GA
STABILIZED OPERATING:
Augusta
FAMILY
Unit 1/1
Unit 1/1
Unit 1/1
Unit 1/1
Unit 2/1
Unit 2/1
Unit 2/1
Unit 2/1
1/15/01
Utility
Gross
Gross
Income
51,948
10,104
39,120
35,700
33,516
6,048
22,920
18,180
Total
48
737,50
Other Income:
Percentage Low Income 38
Percentage at Mkt 10
Percentage at .Sec 8 15
percentage at 50% 20
Units
Total1br 32
Total2br 16
Total3br
Total4br
48
79.17%
20.83%
31.25%
41.67%
% Mix
67%
33%
0%
0%
100%
Operating Expenses .
Net Operating Income
217.536
~.:; ~;..";; ."'.~:' f:tJ
'A~.~:'~"'j~,~' ;.
221,887
-15,532
206,355
-153,600 .
52,755
Vacancy Rate
~'i~~~~q
~~tif~~
Blended CDBG and Conventional.xls, Development Budget1/15/01, 1 0:51 AM
"
30901 E/derly Dea/
SOURCES AND USES/ELIGIBLE BASIS CALCULATION:
Sources:
Total Unit
First Mortgage
9.00% Tax Credit equity (8.42%)
State Credit
CDBG Funds
Deferred Dev, Fees
Total Sources
Uses:
ActualCon5DvcUonCo~
Furnishings
Rehab Units
Demolition
Site Work (new)
Rehab Common Areas
General Requirements (on site) 6%
Builders OH & Profit 8%
Mobilization & Bond 0%
Contingency 2%
Total
Financial Cost
Perm Loan Fee
Con Interest
Constr Loan Qrig Fee
Bridge Interest
Brige Orig Fee
SunTrust Reserve
Rent up Reserve
ODR
1.0%
1.00%
Total
General Development Co~
Accounting
Appraisal/Market Study
Architect/Engineeri ng/Survey
Architect Supervision
Builders Risk Insurance
DCA Reservation
DCA Application Fee
DCA Compliance Fee
1.00%
$ 0.780
$ 0.25
1.00%
Total
~
2.208,000
~
48,660
2,868.780
o
4,560
63,198
10,533
o
o
20,453
84,583
183,326
:it:t:;,'\.;"4~18'1' ,"
.~~\?:~ xl~~;!/:2
';)."""~-I"...l.,' ,
Y, ,,~,,~.!. "1'~,'O 0,0'
.:...~~~.~~t~ ~1'''':'t!~_'-:,. ;
:':~"l';;:~.!~\12.tx>6
"~,,,,j;,~'loi '
~.;: "::i. '.~~~~lU'___
~~~;.?:~~W~ - 21,199
't;,f;<6'9.,~j 6,000
, :.- 6OO~,-,-j 22,800
456,000
2,361,979
757,044
400,000
(1 )
3,975.022
Acq./4%
25,000
2,208,000
50.000
200,000
144,480
192,640
o
48,660
2.868,780
o
41,079
10,533
o
NA
NA
NA
NA
51.611
6,000
o
50.000
12,000
24,000
21.199
6,000
NA
9,500 11.47%
49,208 59.42%
15,772 19,05%
8,333 10,06%
o 0,00%
o 0,00%
o 0,00%
o 0,00%
82,813 100%
Tot Dev Budget Permissable:
Difference
Historic
L1HTC/9%
25,000
o
o
o
o
o
o
25,000
NA
NA
NA
NA
NA
NA
o
o
o
o
NA
NA
NA
NA
NA
o
o
o
o
o
NA
Cash Fee
498.917
3,816.000
-159,021,6
Carryover Per Unit
521,
46.000
1.042
4,167
o
3,010
4,013
o
1,014
59,766
95
1.317
o
o
o
o
o
1,762
3,174
167
o
1,042
250
sod
i
442
12~
475
o
Blended CDBG and Conventional.xls, Development Budgel,1/15/01, 1 0:51 AM
Impact Fees 0 0 0
Inspection Fees 12,000 0 250
Insurance 12.000 0 250
Legal Fees 35,000 25,550 0 729
Market Study 0 0 0 0
Marketing Advertising 0 0 NA 521
Property Taxes 9.000 0 375
Environmental 6,000 0 125
Survey 3.500 2.500 125
Title Insurance 6,000 0 208
Temp Relocation 6,000 0 125
0 0 0
0 0 0
Total 273,999 199,249 2,500 5,708
Project Costs 3.326,106 3.119,641 27,500 68,648
Other Development Costs
Dev Admin/OH 99,783 99,783 1.375 2,079.
Developer Profit 399,133 399,133 4,125 8,315
Total 498,916 498,916 5,500 10,394
Acq. of Existing Projects
Existing Bldgs Owned NA NA 0
Existing Bldgs to be Acq. 0 NA NA 0
Developer Profit 0 0
Other 0 0 0
Total 0 0 0 0
Land Cost
Land OWned NA NA NA 0
Land to be Acq. NA NA NA 3,125
Land Lease Costs NA NA NA 0
Total 150.000 0 0 0 3.125
- -.......... "\ ......~. . ~ .. .,
TOTAL USES: -~,975,O~' . 3,618,557 33,000 82,813
79%
Blended CDBG and Conventional.xls, Development Budget.1 /15/01,10:51 AM
"
CREDIT CALCULATION:
48 Units
Acquisition
Total Credits
Qualified Census Tract
RATE
e:;\~;~~,;~~~~J
tYJf:OCS$~i~'~P%j
ADJ>BASIS
3,724,098
o
ANNUAL
302,848
o
o
10 YEAR
3,028,480
o
3.028,480
3,028,480
o
2,361 ,979l:'EQ;~)
757,044 $ 0,25
REQUEST
302.848
o
302,848
Total
Blended CDBG and Conventional.xls, Development Budget,1 /15/01,1 0:51 AM
Federal Equi'
State Equity
30901 Elderly Deal
Source and Application of Funds
Total Units
48
PERMANENT
Source of Funds
Amount Per Unit
Fed Equity $ 2,475,191 $ 51,566
Bonds $ 315,000 $ 6,563
State Equity $ 793,330 $ 16,528
City Money $ 400,000 $ 8,333
$ $
$ $
Deferred Fees $ 32,421 $ 675
Total Sources of Funds $ 4,015,942 $ 83,665
Application of Funds
Project Costs $ 3,361,689 $ 70,035
Developers Fees $ 504,253 $ 10,505
Building and Land Costs $ 150,000 $ 3,125
Total Application of Funds $ 4,015,942 $ 83,665
Cash Available (Short fall) for Project Fundin $
CONSTRUCTION
Source of Funds
Amount Per Unit
Bonds $ 315,000 $ 6,563
FHFC Bonds $
Fed Equiyt 90% $ 2,227,672 $ 46,410
State Equity 90% $ 713,997 $ 14,875
0 $ $
City $ $ 400,000 $ 8,333
0 $ $
Deferred Fees $ 504,253 $ 10,505
Operating Cashflow $ $
Total Sources of Funds $ 4,160,922 $ 86,686
Application of Funds
Project Costs $ 3,361,689 $ 70,035
Developers Fees $ 504,253 $ 10,505
Building and Land Costs $ 150.000 $ 3,125
Total Application of Funds $ 4,015,942 $ 83,665
Cash Available (Short fall) for Project Fundin $ 144,981
Blended CDBG and Conventional.xls, S&A Perm Constr, 1/15/01
n n ON O(~ Z ~~~~C~~~m mr O~Z <m~ ~~ -~
Qr~o~~ ~ ~~ ~- m (l)~(l)~~~~o.X ~(l) ~O ~X(l) ~S ~O
(l)~~roc~ ~ 00. O~ --; ~0~-=~~3~ (l)~ ~~O O~~ ~~ <~
~_.~~~~ ~ ~ 0 ~~-a~aW5'm a~ ~~O ~~- ~~. m~
ro~~~~~ ~ 0 ~ 0 O~m(l)~=~_.Z ~'< -C~ O~~ 3= ~
~o.~~c 0 ~ ~ ro~~~ ~ro~~ (l)~ ~-m ~(l)(l) (l)~ ~m
-~~o.~~ ~ ~ ~ m~ ~~~~ m~~m ~Q 8~ ~--;o.~ ~ ~~
~~ 0 ~ ~ w~roo w~~ ~ 3 =~ ~ oro
~~3:o~_ ~ ~ (l) ~o.~(l) 3~0 ~g ro~ oro _~
~~~ro~ 0 (l) --; ~ ~ ~~~ c~ ro ~~ 0
~~~~ro~ 3 Z ~~~~ o~O ~ ~ ~o. ~o
~~~o~g 0 Q ~~~~ ~(l)3 ~ ~ g ~ro
ro~~~ ~ (l)- lll'O - ro ~
3 (l) ~ -. (D - ~;::;: ~ Ul ro 0 ~ -
(D ::;; ~ g CiJ ~ ro ~ ~, ~ '#- m ~ 8
;;.rolD~ c: 0 ~ ~ ~ x (l) 3
~ro~ g ~!:; ~ 16 (l)
ro ro VI m Q) -::I
ro :J ::I en en
~ 0 ro
~ (l)
(l)
(l)
.'" -<
~ ~
o m
o ~
1m
::>
~~ 00 ~
~~ 0 w ~
~ ~ ::.S! -::::
00 0 Ng"'_OlO1OlUlNW
g~8g:g:~u;g
~ ~~~~~~~~~ ~~~~~
..... r;:;
~~ ~~ ~- ~~ ~ ~ ~
~~A ~~ ~ w~ ~~ ~ ~ ~~w~~~ o~ ~ -
~~~,~~ ~ o~ o~ ~ ~~~~~~~E~ ~~,~~ ~op
w.....w ~o m W ~ Ul OOUlOOON.....O UlW UlW 808
~~~ ~o ~ ~ ~ oomOOOA~O ~~ ~m ~#~ ~
~ ~~~~~~~~~ ~~~~~
..... ~
~~ ~~ ~ ~ ~ N
~~~ ~~ ~ ~~ ~~ ~ ~ NNWN~~ ~~ N
~N~ ~o ..... w~ 0..... N ~mm~~Nmo~ OUl~"'" ~
~.....w ~o - 0- m~ - --------- -- -- ...."'~
~~~'~6 ~ e s ~ ~g~~~~~~~ ~~'e~ ~~~
~~N ~o ~ ~ N OONONm.....~N NW ~~ ~~~ ~
~ ~~~~~~~~~ ~~~~~
~
..... N
~~ ~~ ~_ N? ~ ~
~~~ ~~ = ~~ g~ ~ ~mo~~~~o~ ~~ '"
~~~I~~ ~ A ~ W wmOAo~~~N ~w ~~~
Ul.....~ mo W W ~ N ~owmoo~~~ NN 888
.....~w 00 Ul ~ N OO~N~owm-..j _m~ ~~~ ~
~ ~~~~~~~~~
..... r;:;
~~ ~~ ~_ N~ ~ N
t~t ~~ ~ ~~ ~~ ~ m~o~~~~~~ A~ ~
~~~,~~ ~ ~ s 8 ~g~~~g~~~ ~~ ~~~
~mm mo Ul ~ N WOUlUl~W.....~Ul ~..... **~ ~
~ ~~~~~~~~~
..... r;:;
~~~ ~~ ~_ N~ ~ N N
~~~ ~~ ~ N~ o~ ~ ~ ~NNWW~~ N~ W ~
ow..... mo ..... ~Ul ~~ ..... .....mo~mUl..........~ W~ ~Ul
t~E'~~ 0 ~ S ~ ~~~~j~~~~ ~~,~~ ~~~
~N~ 00 ~ ~ ..... WO~NW~~W~ UlN m~ **~ ~
~ ~~~~~~~~~ ~~~~~
~
..... N
p~~ ~ ~- ~~ ~ ~
~~~ ~ 0 N~ 6~ ~ ~mo~~~~=~ ~~ m
~~~ 9 ~ ~~ ~~ N ~m~~m~~wm ~~ ~~~
~ow 0 0 W ~ m WO~No~.....~m O~ 888
~m~ 0 m ~ ~ mOUlwUlmm.....~ ~-..j ~** ~
~ ~~~~~~~~~ ~~~~~
~
..... N
p~~ ~ ~- ~~ ~ ~ ~
~~~ ~ 0 ~~ 2~ ~ ~~~~~~~~~ ~~ ~t ~
6~~' ~ ~ ~ S -~ ~-g-N~R;~~id"ci; ~~,~~ b~~
WN..... 0 ~ ~ Ul ~of~w~.....o~ mN 0..... ~~~ ~
~ ~~~~~~~~~ ~~~~~
~~~ ~ ~- ~~ ~ ~ ~
~e~ ~ m ~~ 6~ ~ ~m=~~~~N~ ~~ ~~ m
'-J0'1~ 0 . J::a._ QA. .--.-.-.. .... ~t.lN
. .. , ~ ~ ~ W ~m~Ul~W~~~ O~, m~ ...
Ul~~ 0 ~ W ~ W oow.....~~.....m..... W~ m~ 288
O~~ 0 ~ ~ Ul Now~mNNOO ~..... ~o ~~* ~
~ ~~~~~~~~~ ~~~~~
";;:J
~~~ ~ ~_ ~~ ~ ~ N
~g~ ~ m ~~ ~~ ~ ~m=~~~~~~ ~~ Ul~ ~
~~~I 9 ~ A ~ ~ om~~~~~ON ~~ o~ ~~~
.....w~ 0 ~ W ~ m .....O~O~NUl~~ ~m m~ 888 ~
~~m 0 Ul ~ ~ UlONNWWWO..... ~~ ~~ ~~~ ~
CD
CD
~
0.
ro
0.
o
o
CD
Q
~
~
0.
o
o
~
<
CD
~
5'
~
Q)
x
iil
.....
Ul
-<
ro
~
~
i3
0'
3
Q)
.....
-
.....
Ul
o
.....
() hi ON 01 z ::o-o::os:c-oS::l>m mr ocn- <m::o :l>cn -" c...l
GJC5'O~ cn:J cn- m ll>~ll>tll=,tlltllo.>< ~rn _('")Z tll )( ll> -0- c.no
CD =- ("') (tJ V> (")0. (")s: -l '2. {5 !!!. 3' ~ ~ :J 3 -0 ::r::r(") ('") -0 :J tll !!!. -<'"
~~~ro'~ ::r s: tll ll> - ll> 0 tll -, m ('") ~ ~~O tll ll>- ~ (ii' ll> ~
" 0 0 ('") ~ m ll> '" = (0 ::!, Z ~< :J:J-l 3 =-
ro -' -.. ~ 0 -cs: ('") '" ~ III
Q1a.!:!:(i;c (5 ;::l -0 ll>,<"':J pcll>"'cn ll> tll ~CDm '< ll> ll> ll> ('") "" m
:o,,~Q.~ :E (0 tll m 3 o;tll 3:;- ?;'hl :l>-l:J :J '" -00:
tll ::0 ll>tll_:J mll>tllm o 0. Cii "" ll>
~~3:i?G; "Tl :J:Jll>1;l 3:J='cn 3 ::0 =_a.
a (Q ll> :l> :J :J o ll> o ...
ll> _o.-l ,,_g cQ ll> ll> :E :J .... -
_~CU<V't,..,. ::! c
~!!:~~~5: :3 ::ortllpc -"Tl- tll :J tll 0. ""
Z ll> iii' ~::o ~ ll> 0 - ~ :J 3 0
~ ~.g3:c 0 GJ '" ~'" ll> ll> ll>::!; :;- &l III ll>
'0 CD;:;:: "0 cou,@ :;- III
::;) ro OJ ::r: ro Z ('") -
-i .., ~ 0 ~ <'< tll OJO 0 ('")
~ ;r,g; iii (") CD - ~. CD a-::::: m 3 0
0 :J (I) ::;) >< ll> 3
-roro 5' ~ ll>-o
"Tl :J :J s: ll>
ro ro V> ..... :::tl ('[)
m tll -:J
ro ;:;. :J '" '"
" &l ll>
ro
ro
'" -<
'", (l)
8 ~
~ ~~~~~~~~~ ~~~~~
Ol~~ N N
U,"01"01 .....~ .....01 ..... N N
01 ~-~ (0:"'" ~ ~(O~~~~~~o; ~~ 01 0
WNO 0 Ol to 0>0l 01 co
0>0> to 0 "01 O1~ -~ 0, w -W ".I>. --.J 0, -~ --.J Olu,. -I\.> -to ..., '" '"
j-,.,'-.Ji:.n 6 ~ 0> ..... ~ ~ ~
W W ~ I\.> 0>0~""'~01\.>0>0l .....0> o -.J ~
-.JO-.J 0 0> !E 01 0>0"'" 01 0> COO>l\.>lD (,) I\.> 00> ex>
~ ~~~~~~~~~ ~~~~~
-.J ~..... N N
-OJ '0 "(,) U, ~~ ~ 01 I\.> I\.>
, ~ to:..... ~ 0 ....ww~w............ 0> :::
(,) 0 (,) 0 -.J .....01 ex> (')COI\.>I\.>01~-.J(,)lD c.n 01
co " (,)./>.
(,)0(,) 0 0, ./>. Ol ".I>. -"""o>"....J"I\.>".I>."cowenw (,) ..... ..., '" '"
<o~~ 6 (,) (,) ~ N ~g=~~:5~~~ O-.J is is is
Ol\.>-.J 0 ./>. !E ..... ./>.01 ./>.
~ ~ ~ Ol
~ ~~~~~~~~~
-.J(')~ N N
o-~ --- .....~ ~_U'l N N N
01 ' ..... ./>. 0 .....WWAW........... c.n -" -.J ;;;
c.n.....(,) 0 -.J .....01 ex> ..... -.J ex>lD(')(')O>(')lD./>.lD 0> co 010
-.J " co./>.
lDlDtO 0 '0 ./>. ~ 0, "to 0, "0 "N-c.n-""-O "N-lD c.n (,) , ".I>."./>. ..., '" '"
6t..>'-.J 0 01 (,) ./>. (,)0 COI\.>./>. Ol 0>0> (,) -.J ..... .....-.J is 8 is
OJ.....-.J 0 co !E 0> OO(')I\.>~ex>lDN(') 0>1\.> OlD ./>.
~ ~ ~ 0>
~ ~ ~~~~~~~~ ~~~~~
_0> N N N
.....~ ..... c.n N N I\.>
N -.JlD 01 :..,...... Co~ ~ ..... ......WW~A......N 0>..... -.J C;;
.....O>N 0 0> 01.01 O>./>. 0> ./>.CO(')./>.-.J~O./>.O .....lD c.n c.n
O(,)-.J 0 rv ./>. ~ "-../ -to ~"~-~~~~j~ --.....JO> I U,o, ..., '" '"
'-.J6i:J> 6 ..... (,) to ..... OlD ..... 0> is is is
o (,) 0> 0 ..... !E OJ 0 o CJ1CD OA................ 0>0l ex>'O> ./>.
~ ~ ~ ex>
~ ~ ~~~~~~~~ (II (II ~ ~ (II
,01 I\.> I\.> N
~~ ..... c.n N I\.>
N co> 01 ..... ..... CD:"'" ./>. N ......WWAA......f\.) ex> ~
Ol OllD 0 c.n (,)_01 N ./>. 01 ..... lD(,) 010>01"'" c.n..... c.n.....
01 co!=" !=> N ./>. ~ 0, '0 '"en -(X) tv ~ .(X) ~ ~ -...... 0,".1>. ...,"''''
01 .....(,) 0 0> (,) -.J 0> OCO~O>...../>.01./>. 1\.>0 is is is ./>.
0> -.JlD 0 0> !E (,) lD OOc.nlDOlOlN-.J 0l0> ~ ~ ;f. Ol
(II (II 6'J6'J(II6'J~6'J(II(II
./>. ..... I\.> .....N
.....~ ' c.n I\.> I\.>
rv w./>. U, , ..... -...I- ./>. I\.> .....(,)(,)./>../>......1\.) Ol <n
OJ (,)./>. 0 ./>. ~_c.n 0>..... ./>. -...I lD./>.O>lD-.JI\.>c.n..... c.n-...l
./>../>.
!=> c.nc.n 0 -I\.> ./>. .....~ "0> ".I>. "o>www".....o,o,"....J "-.J -0 ..., '" '"
(,) j-,.,6 0 ex> (,) 0> ..... OOO(,)lDlDOex> ~~ ~ is is
(,) ./>.ex> 0 0 !E -.J (,) 0-...11\.>1\.>(,).....0>..... ./>.
~~ Ol
.'
OJ
CD
:J
0.
ll>
C.
(")
o
OJ
GJ
tll
:J
0.
(")
o
:J
<
ll>
2-
5'
:J
!!!.
x
in
.....
01
-<
ll>
tll
~
-0
(3
0'
3
tll
.....
-
.....
01
o
.....
"
2001 Georgia
Qualirted Allocation Plan
DRAFT DRAFT' DRAFT
Projects designed for both low-income and market-rate tenants are eligible to receive points if 40%
to 80% of project units are designated for low-income and/or very low income tenants. Mixed
income projects must have at least a 20% differential between market-rate rents and subsidized
rents, with market-rate rents being the greater of the two.
E. Extended Use Period
This point is not available to projects requesting HOME funds.
1 point
The Code requires that all low-income units in a project receiving Credit remain rent-restricted and
income-restricted for the IS-year Compliance. Period and for 15 years after the close of the
Compliance Period. However, owners have an option to request DCA's assistance in procuring a
qualified contract for acquisition of the building(s) after the 14th year of the Compliance Period. If
DCA is unable to present such a contract within a one-year period, the owner may terminate the
extended use agreement. Owners willing to forgo this "cancellation option" for at least five years
after the c1o~e of the Compliance Period will be eligible for two points. Agreement to forgo this
option will be included in the Land Use Restrictive Covenants as part of the Tenns of Agreements.
4. Government Support and Financial Assistance
13 points
A. Local Government Support
Three points will be awarded if Local Government adopts a resolution of support for the
proposed project. The resolution must clearly indicate that the Local Government understands
the nature of the proposed project by identifying at a minimum, the type of project, the number of
anticipated units, and the specific project location. Additionally, the resolution must clearly
express the Local Government's support of the proposed project, as opposed to merely
expressing indifference. If the Local Government is governed by only one elected official (as
specified in its Charter), a letter from the elected official outlining all the infonnation required in
the governing body resolution will be accepted in lieu of a resolution. An original letter in the
form provided by DCA, with an attached certified copy of the resolution (or letter if the
jurisdiction is governed by only one elected official in accordance with its Charter) must be
included in the Application.
B. Government Financial Assistance
Up to 10 points will be awarded if the respective Local Government reduces, project
development costs, if the jurisdiction in which the project is located funds the project with
HOME or CDBG funds, or if USDA funding is obtained. Local governments must reduce total
project development costs by:
· waiving water and sewer tap fees;
· waiving building permit fees;
· foregoing real property taxes during construction;
· contributing land for project development;
· providing below market rate construction and/or permanent financing;
· providing an abatement of real estate taxes;
· providing other project operational cost subsidies, and/or;
· making other financial contributions.
USDA, CDBG, and HOME funding must be obtained in the fonn of loans, rental assistance, or
both. Points under this scoring category will be calculated based on the percentage reduction in
total project development costs and/or project operating cost subsidies, as follows:
46
. .
.
.
200 1 Georgia
Qualified Allocation Plan
DRAFT DRAFT
DRAFT
3% total project development cost and/or annual operating cost reduction
7% total project development cost and/or annual operation cost reduction
USDA Fmancing
6 ;'pt,ints
10 pomts
IO'pomts
.': ..'1
Reductions in annual operating costs must occur in each of the fIrst 10 years of the peIiod of
affordability. Operating cost reductions for less than this 100year period of affordability will not
be eligible for points under this section. Documentation from the Loc3.I Government clearly
showing the types, amounts, and terms and conditions, along with a letter from the chief
executive officer of the Local Government certifying the Local Government's contribution to the
proposed project's development and/or operation must be included in the Application. PHA
assistance does not qualify for points in this section.
In the case of USDA funding, documentation in the form of a USDA "notification of award"
letter must be included in the Application. In the case of CDBG and HOME funds contributed
by a participating jurisdiction, a firm financing commitment must be included in the Application.
3. Proiect Characteristics
A. Neighborhood Redevelopment 12 points
Twelve points will be awarded to project proposals that specifically address neighborhood
revitalization as part of an organized community commitment. This commitment must be
reflected in the following ways:
· Project ownership must include a community-based non-profit organization, in existence ror
a minimum of 12 months prior to the Application Submission that can demonstrate ongoing
revitalization efforts in the community in which the project is proposed. The nonprofit must
materially participate within the meaning of Code Section 469(h) in the development and
ongoing management of the project.
· The nonprofit organization must have a Board of Directors that includes community leaders,
and must have bylaws that indicate that the nonprofit has as a primary objective the
revitalization of a defined community area that includes the location of the proposed project.
· The Application must include documentation that provides evidence' of revitalization
activities that have occurred in the targeted area or that are included in a formal plan adopted
by the non-profit organization's Board or by the respective Local Government.
· The Application must identify serious neighborhood challenges such as drug/gang related
activities and include a plan to address how such activities will be mitigated.
DCA will detennine in its sole and absolute discretion those Applications that qualify for
Neighborhood Redevelopment points. Applications that DCA detennines qualify as
Neighborhood Redevelopment projects may receive special consideration with regard to
undesirable characteristics. If the Application includes a plan, acceptable to DCA, for mitigating
existing undesirable characteristics associated with the project proposal, then points will not be ,
deducted for these undesirable characteristics under the Neighborhood Services sections of this
Appendix.
It should be noted that although a community-based non-profit entity (as defined in this section
above) is required for qualification under this section of the Plan, for-profit organizations will be
pennitted to partner with such nonprofit entities on Neighborhood Redevelopment projects if
they meet the partnership requirements as set forth in this Plan (Section 7, Financing Resources -
47