COLONIAL VILLAGE WEST HOME CHDO REQUEST Allocate up to $73,180 in - - PowerPoint PPT Presentation

COLONIAL VILLAGE WEST HOME CHDO REQUEST

Allocate up to $73,180 in 2015 HOME CHDO funds to assist with renovating Colonial Village West Apartments

• Phase I is roof replacement only
• CHDO funds must be allocated by August 31, 2017 or

recaptured by HUD

• Additional funds will be requested in the fall to complete a

full renovation

CHDO COMMUNITY HOUSING DEVELOPMENT ORGANIZATION

• A special type of nonprofit created by the HOME program
• Requirements for history of community service and

community representation on a Board of Directors

• Certified annually by funding jurisdictions
• 15% of annual HOME funding must be awarded to CHDO’s

for Affordable Housing Development

• Arlington CHDO’s: AHC, Inc. & APAH
• Retroactive rule change impacts commitment timelines

COLONIAL VILLAGE WEST

HISTORIC PRESERVATION OF GARDEN APARTMENTS

• 100% affordable 70-unit property
• 8 attached two-story buildings built in 1938
• 1 three-story building
• Listed on the Historic Register and located in a locally

designated historic district

• Consistent with 1993 Courthouse Sector Plan to preserve

historic character of the neighborhood

• Serves long-term resident families in a mix of 1, 2, and 3-

bedroom units restricted at 60% AMI

COLONIAL VILLAGE WEST APARTMENTS

2111 N. KEY BOULEVARD

RENOVATIONS FOR COLONIAL VILLAGE WEST

BACKGROUND AND SCOPE

• AHC purchased the property in 1982 and completed a moderate

renovation in 2002 using the 4% Low-income Housing Tax Credit program

• Units have Section 8 project-based vouchers with resident

incomes restricted at 60% AMI

• Phase I renovation – roof replacement
• Phase II renovation – update all major mechanical, electrical,

and plumbing systems; upgrade interior finishes; install new energy efficient windows

• No tenants will be permanently displaced

IMPACT OF RENOVATIONS ON HISTORIC PROPERTY

• Federal funds require an analysis of the impact of any work on

historic properties and a plan to mitigate any adverse impact to the historic character of the subject property

• The analysis must be submitted to the state SHPO, which has 30

days to review and respond

• Roof replacement clearly has no adverse impact
• Phase II renovation – more complex scope will require more time

for analysis and review

Flat roof not visible from the ground

UNIT MIX

1 1 br br 2 2 br br 3 3 br br Tot

• tal

al 35 15 20 70 1 “Low HOME” Unit 70 Project-based Housing Choice Vouchers

PROJECT FINANCING

SOURCES CES OF FUNDS NDS Per Un Unit HOME CHDO Funds

$ 73,180 $ 1,045

AHC Sponsor Loan

118,744 1,696

Tot

• tal

al

$ 191, 1,92 924 $ 2,742

USES ES OF FUNDS NDS Roof Replacement

$ 174,476 $ 2,493

Contingency

17,448 249

Tot

• tal

al

$ 191, 1,92 924 $ 2,742

AFF FFORDAB ABLE LE HOUSING ING MASTER R PLAN

Addresses multiple Affordable Housing Master Plan goals

• Prevents the loss of expiring CAF’s
• Preserves an historic property
• Geographic diversity – North Arlington location
• Serves Very Low Income households
• Family-sized units
• Metro accessible
• Sustainable, energy efficient features

NEXT STEPS

PROJEC ECT T TIMELINE LINE

May 2017 Submit Historic determination info to State SHPO June 2017 Present to CDCAC Present to Housing Commission July 2017 County Board allocates funds August 2017 Closing on funds; entered in HUD IDIS Fall 2017 Process for Phase II Renovation Design and Funding Winter 2018 Close on financing and start construction Summer 2019 Project completion

RECOM OMME MENDED DED ACTION ON TO COUNTY Y BOARD RD

Allocate $73,180 of federal HOME Investment Partnerships Program (HOME) funds to support AHC, Inc., with financing the preservation and renovation of Colonial Village West Apartments, a 70-unit affordable housing complex. The financing assistance will be in the form of a grant.