Transit-Oriented Development: A Public / Private Effort May 19, 2011 NALHFA Cynthia A. Parker,...
-
Upload
reyna-askin -
Category
Documents
-
view
217 -
download
4
Transcript of Transit-Oriented Development: A Public / Private Effort May 19, 2011 NALHFA Cynthia A. Parker,...
Transit-Oriented Development: A Public/Private EffortMay 19, 2011NALHFA
Cynthia A. Parker, President & CEOBRIDGE Housing Corporation
Overview: Affordable Housing
Challenges
• Market Has No Incentive to Create
• High Construction Costs
• Land Cost/Availability
• Community Opposition
• Public Benefit Add-Ons
• Complicated Financing Structures
• Need for Gap Financing to Produce at Scale
Transit-Oriented Development: Public/Private Opportunities
State of California and Redevelopment Agencies
Public and Private Developers Surplus Land
Disposition/Redevelopment Opportunities
Financial Resources
• Pass Through Federal Funds
• RDA Tax Incentives and Other Resources ($1billion annually)
• State TOD Funds (Prop 1C Funds
Transit-Oriented Development: Local Jurisdictions
Proper Zoning & General Plan Designations
Inclusionary Ordinances Funding Resources Encourage Partnerships (for profit, non
profit) Surplus Land
Transit-Oriented Development: Other Players
Public Agencies
• Financing: MTC, Housing Authorities, etc
• Surplus Land/Intensified Uses: School Districts, Transit Agencies, County Agencies
Community Based Organizations
• Churches
• Non-Profit Agencies
Transit-Oriented Development: Financial Markets
Public Finance Options Banking Equity Investment: Socially Responsible
Screen Foundations
• PRI’s
• Grants
• Research and Development
Transit-Oriented Development: First Take
One Church Street
Development Approach
Transit-Oriented Development
• First Residential Development on BART Property with Strobridge Court
• 25 Transit-Oriented Developments Linked to BART, Commuter Rail, Light Rail, and Local Transit Systems
• Regularly Awarded Grants to Incorporate Transit Linkages into New Developments
Transit-Oriented Development: Case Study
One Church Street• 93-Units of Multifamily Affordable Apartments: One-
Bedroom: 30, Two-Bedroom: 35, Three-Bedroom: 28
• Directly Adjacent to Public Transportation
• On-site Child Care
• Community Room
• Computer Learning Center
• Ground-Level Retail Shop
• Significant Community Involvement throughout the Development Process
Transit-Oriented Development: Case Study
One Church Street
Transit-Oriented Development: Case Study
One Church Street
Financing Source Amount Financing Use Amount
HOPWA Loan $ 1,781,581 Acquisition $ 6,394,344
HOME Loan $ 7,772,302 Construction Costs $15,850,000
Tax Exempt BofA Loans $ 8,269,313 Contingency $ -
Tax Credit Investor Equity $ 7,894,889 Soft Costs $ 986,107
Developer Equity & Loan $ 300,000 Other Costs $ 3,049,298
AHP Grant $ 777,000 Administrative Fee $ 340,000
MTC Grant $ 424,664 Developer Fee $ 600,000
Total Sources $27,219,749 Total Costs $27,219,749
Irvington Village
Irvington Village
Pension Fund Investment Rezone Due to State Fair Share
Requirements Inclusionary Zoning City Funded NIMBY Issues State GO Bond Funding Mixed Income Master Plan/Joint Planning
Effort
Irvington Village
Irvington Village
Mission Walk
Mission Walk
330 & 335 Berry Street
CALTRAIN
Mission Walk
• 131 below market rate condominiums (includes 14 townhomes) on two sites (1.32 acres combined)
• Part of 2,900 units (655 affordable) to be developed in Mission Bay Redevelopment Area
• 1 – 3 Bedrooms; 606 – 1300 SF. Average Price of $235,906
• 114 parking spaces (incl. one car share space)
• SFRA contributed land and $35 million in construction financing that will convert to homeowner loans
• Will be LEED certified
• Approximately $63 million total development costs
Mission Walk
Large Scale Redevelopment – Intense Planning Process/Negotiation with Land Owner
Predesignation of land uses Local Agency Selection of Developer Local Agency Financial Participation State Financial Participation Foundation Participation – Second
mortgage program
Mission Walk: Sources and Uses of Funds
Sources Permanent Per Unit (131)
SFRA Funds $35,136,117 $268,215
BEGIN (HCD) $3,930,000 $30,000
BRIDGE MAP $1,637,500 $12,500
Sales Proceeds $22,774,261 $173,849
Total Sources $63,477,878 $484,564
Uses Permanent Per Unit (131)
Land & Acquisition $0 $0
Construction $51,482,470 $392,996
Indirect & Financing $9,303,908 $71,022
Contingency & Reserves $1,151,500 $8,790
Developer & Admin Fee $1,650,000 $12,595
Total Uses $63,477,878 $484,564
*Construction cost savings of $2MM or more will be returned to the SFRA at the end of the project.
Mission Walk
North Beach Place
North Beach Place
Underutilized Housing Authority Land
Local Monies
Partnership• For-Profits• Non-Profits• Housing Authority• Redevelopment Agency• Mayor’s Office of Housing• Service Providers
North Beach Place
North Beach Place
North Beach: Sources and Uses
Total Project Public Housing MOH Units Commercial
SOURCES OF FUNDS
Tax Credit Equity 48,005,000 37,344,748 10,660,252 0
Residential Mortgage 13,292,515 4,548,848 8,743,667 0
Section 8 Mortgage 6,339,453 4,823,991 1,515,462 0
HOPE VI Loan 13,861,721 13,861,721 0 0
City of San Francisco MOH Loan 8,449,366 0 8,449,366 0
AHP Loan 1,000,000 671,554 328,446 0
Reimbursements 250,000 250,000 0
GP Capital 100 100 0
Commercial Loan 4,335,000 0 0 4,335,000
Additional HOPE VI Grant 3,020,000 3,020,000 0 0
Total Sources of Funds 98,553,155 64,270,862 29,947,293 4,335,000
North Beach: Sources and Uses
Total Project Public Housing MOH Units Commercial
USES OF FUNDS
Prepaid Land Lease 3,274,138 2,198,761 1,075,377 0
Demolition 2,520,000 2,520,000 0 0
Construction & Site Work 69,149,844 44,954,554 21,986,507 2,208,783
Architecture & Engineering 5,357,937 3,393,397 1,659,652 304,888
Furnishings & Equipment 1,401,968 941,498 460,470 0
Municipal Fees & Permits 923,410 597,871 292,408 33,131
Construction Loan Interest & Fees 5,667,507 3,593,774 1,757,653 316,080
Permanent Loan Fees & Costs 629,789 354,640 173,449 101,700
Taxes, Insurance, Escrow 1,533,422 954,571 466,865 111,986
Legal, Misc 498,157 302,305 147,852 48,000
Marketing and Lease Up 1,279,171 629,153 307,708 342,310
ACC Initial Operating Period Deficit 185,832 185,832 0 0
Reserves 2,197,923 1,354,085 743,686 100,152
Syndication and TCAC Costs 423,867 284,650 139,217 0
Construction Management 682,220 458,148 224,072 0
Developer Administration & Fees 2,827,970 1,547,625 512,375 767,970
Total Uses of Funds 98,553,155 64,270,862 29,947,293 4,335,000
MacArthur Transit Village
Project Summary:
• 7.76 acres
• 516 Market Rate Homes
• 108 Affordable Homes
• 42,500 sf Commercial/ Retail
• 5,000 sf Child Care Facility
• 400+ stall parking garage
MacArthur BART Transit Village
MacArthur BART Transit Village
Market Rate + Retail
Affordable Garage Infrastructure
SourcesConstruction Loan $169,371,000 $0 $0 $0Permanent Mortgage $0 $1,285,000 $0 $0Investor Equity $59,990,000 $18,098,000 $6,531,000 $0
City RDA $8,140,000 $17,178,000 $0 $10,500,000 Proposition 1C $0 $4,014,000 $18,418,000 $14,849,000 Federal Funds $0 $135,000 $0 $1,313,000
Total Sources $237,501,000 $40,710,000 $24,949,000 $26,662,000
Uses Acquisition $20,440,000 $1,520,000 $4,700,000 $10,500,000
Construction $140,953,000 $30,860,000 $16,992,000 $13,075,000Indirects $37,610,000 $3,740,000 $987,000 $1,099,000Finance $17,104,000 $2,500,000 $0 $0Contingency $12,707,000 $490,000 $1,500,000 $1,352,000Organizational $8,687,000 $1,600,000 $770,000 $636,000
Total Uses $237,501,000 $40,710,000 $24,949,000 $26,662,000
MacArthur BART Transit Village
MacArthur BART Transit Village
COMM 22
COMM 22
Partnering with two local nonprofits
First large-scale, mixed-use, transit-oriented development in So Cal
Redevelopment of school district maintenance facility; vacant for 20 years
Multiphased project:• Family Rental - 130 units + retail• Senior Rental - 70 units + daycare• Live/work lofts + retail - 38 units + retail• For-sale rowhomes - 17 units
COMM 22
COMM 22: Sources and Uses
COMM 22