Agenda - 09-19-2017 - 6-a - Review of Affordable Housing Bond Scoring Criteria

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Attachment 3 9 ,,wiiwuw,wuA. NOR:R:H „A ROI NA 2016 Affordable Housing Bond Funds# RFP 5228 Project Selection Narrative 1. Habitat for Humanity 154.18 Project: Habitat for Humanity of Orange County-Hillsborough Total Cost of Project: $2,568,500 Request: $925,000 Recommended: $915,334 Percent of Project Cost Requested: 36% Cost of Housing: $100,000 to $120,000 depending on square footage Infrastructure development costs for twenty-four townhomes for seniors 55 and older who earn between 30% and 80% of AMI. Twelve (12) of the units will be marketed to persons between 31% and 50% of AMI, eight (8) units for persons with incomes between 51% and 60%, and the remaining four (4) units to persons between 60% and 80% of AMI. All the units are one floor, fully accessible, in four separate buildings. The units are a combinations of six (6) studios, six (6) one bedroom, and twelve (12) one bedroom with niche (to allow for overnight guests). The Town of Hillsborough has already awarded Habitat $125,000 for infrastructure construction. Habitat will also receive $5,000 per unit from the original Waterstone developer at the time each building permit is issued. County Bond funds will be structured as a zero-interest construction loan to Habitat. When the homes are sold, the loan will be converted to zero- interest deferred payment second mortgages for the buyer. Habitat has submitted an application to modify the original special use permit, the property will be donated to Habitat by the developer, infrastructure to be completed by September 2018, and completion of all homes by December 2019. 2. CASA 147.93 Project: Merritt Mill West- Carrboro Total Cost of Project: $2,213,450 Request: $746,500 Recommended: $736,833 Percent of Project Cost Requested: 33% Construction cost for sixteen (16) rental apartments for households with incomes under 50% of AMI; with a priority for persons who are homeless and or disabled. A portion of the sixteen units will be specifically reserved for veterans. Approximately twelve (12) apartments will house persons with incomes under 30% of AMI and the remaining units will house persons with incomes under 50% of AMI. The preliminary site plan includes 2 18-unit buildings of 1 bedroom, 2 bath apartments with parking. The plan also allows for construction of a 20-unit building at a later second phase of construction. The Town of Carrboro has already awarded CASA $357,208 for the land costs. CASA has already begun the conditional use permit process and expects to have it in early 2018 with completion of construction in 2019.