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Columbia Parc at the Bayou District Columbia Parc at the Bayou District New Orleans, Louisiana New Orleans, Louisiana Presentation to NCAHMA Conference Presentation to NCAHMA Conference April 8, 2010 April 8, 2010 Columbia Parc at the Bayou

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SLIDE 1

Columbia Parc at the Bayou District Columbia Parc at the Bayou District

New Orleans, Louisiana New Orleans, Louisiana

Presentation to NCAHMA Conference Presentation to NCAHMA Conference April 8, 2010 April 8, 2010

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SLIDE 2

Columbia Parc at the Bayou Columbia Parc at the Bayou District District

New Orleans, LA New Orleans, LA

Bayou District Bayou District Development Development Location Location

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SLIDE 3

Prior Site Conditions: Prior Site Conditions:

  • Former St Bernard Public Housing dominated

Former St Bernard Public Housing dominated neighborhood neighborhood

  • Over 1400 units on 51 acre site; dense, concentrated

Over 1400 units on 51 acre site; dense, concentrated public housing, built in 1940s public housing, built in 1940s

  • Area severely flooded in August 2005

Area severely flooded in August 2005 – – Hurricane Hurricane Katrina; buildings badly damaged, contaminated Katrina; buildings badly damaged, contaminated

  • City and HANO decided upon demolition /

City and HANO decided upon demolition / redevelopment in 2007; units demolished in 2008. redevelopment in 2007; units demolished in 2008.

1940 construction 1940 construction

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SLIDE 4

Overall Bayou District Overall Bayou District Master Plan and Vision Master Plan and Vision

  • Total on

Total on-

  • site and off

site and off-

  • site build

site build-

  • ut of up to 1,300 mixed
  • ut of up to 1,300 mixed-
  • income

income housing units housing units – – rental and for rental and for-

  • sale

sale

  • (3)

Schools (3) Schools-

  • Early

Learning Early Learning Center, K Center, K-

  • 8 public charter grade

8 public charter grade school, and College Prep High school, and College Prep High School School

  • YMCA Recreational Facility

YMCA Recreational Facility

  • Neighborhood retail/commercial

Neighborhood retail/commercial

  • Re

Re-

  • built Golf Courses, practice

built Golf Courses, practice facility, youth golf program facility, youth golf program – – City City Park Park

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SLIDE 5

Phase I I

block (a)

Phase I Phase I

Retail & Commercial

Columbia Parc at Columbia Parc at the Bayou District the Bayou District

St Bernard Redevelopment St Bernard Redevelopment ON ON-

  • SI TE DEVELOPMENT

SI TE DEVELOPMENT

Phase I I I Senior Housing

Field & Garden

K-8 Charter School

Future YMCA

Early Learning Center

Community Leasing / Offices Future K-8 School EduCare Early Learning

Phase I I

block (b)

Commercial

The Housing Authority

  • f New Orleans
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SLIDE 6

COLUMBI A PARC AT THE BAYOU DI STRI CT COLUMBI A PARC AT THE BAYOU DI STRI CT Phase I Construction Phase I Construction

Aerial Perspective Aerial Perspective -

  • looking North

looking North – – Feb 2, 2010 Feb 2, 2010

I I -

  • 610

610 St Bernard St Bernard Avenue Avenue Phase I Phase I construction construction Phase II Phase II Future phases Future phases

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SLIDE 7

COLUMBI A PARC AT THE BAYOU DI STRI CT COLUMBI A PARC AT THE BAYOU DI STRI CT -

  • PHASE I

PHASE I Phase I Construction: Phase I Construction:

  • Ten (10) new city blocks, infrastructure
  • 466 mixed-income townhomes and apartments
  • Unit mix: 1/3-market; 1/3 PHA; 1/3

affordable at 60% AMI

  • 26 permanent supportive housing

units; 47 fully handicap equipped units

  • New Community Center, Offices, and

Community Amenities block

Construction Progress: Construction Progress:

  • Infrastructure/Streets – 95% complete
  • Vertical construction – 70% complete
  • First blocks completed – move-ins underway
  • Construction continues through late 2010
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SLIDE 8

Design Elements: Design Elements: COLUMBI A PARC AT THE BAYOU DI STRI CT COLUMBI A PARC AT THE BAYOU DI STRI CT -

  • Re-connect to neighborhood on historic

street grid

  • Engage homes with public streets,

pedestrian realm; private interior courtyards

  • Attention to architectural detail to

create individual homes

  • Designs respect Louisiana Pattern Book
  • Design and finishes built to market rate

standards for mixed-income success

  • Sustainability: LEED Silver

construction; lowered operating costs

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SLIDE 9

Columbia Parc Columbia Parc – – Phase I Phase I 466 units mixed 466 units mixed-

  • income housing and community facilities

income housing and community facilities

Permanent Financing Sources: Permanent Financing Sources:

  • Acquisition

Acquisition – – Ground Lease Ground Lease – – Housing Authority of New Orleans Housing Authority of New Orleans

  • Low I ncome Housing Tax Credit Equity (AEGON USA)

Low I ncome Housing Tax Credit Equity (AEGON USA) $65.0 MM $65.0 MM

  • First Mortgage (Freddie Mac/ MMA Financial)

First Mortgage (Freddie Mac/ MMA Financial) $ 4.2 MM $ 4.2 MM

  • Second Mortgage

Second Mortgage -

  • LRA

LRA -

  • OCD Flexible CDBG

OCD Flexible CDBG $ 27.0 MM $ 27.0 MM

  • Third Mortgage

Third Mortgage -

  • HANO Development Loan

HANO Development Loan $ 15.5 MM $ 15.5 MM

  • St. Bernard Redevelopment, LLC Note
  • St. Bernard Redevelopment, LLC Note

$ 0.1 MM $ 0.1 MM

  • Deferred Developer Fee Note

Deferred Developer Fee Note $ 1.0 MM $ 1.0 MM Total Sources: Total Sources: $112.7MM $112.7MM Construction / Bridge Financing through Regions Bank Construction / Bridge Financing through Regions Bank Developer Legal Counsel Developer Legal Counsel – – Elkins, PLC Elkins, PLC

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SLIDE 10

Columbia Parc Columbia Parc – – Phase I Phase I -

  • 466 units mixed

466 units mixed-

  • income housing and community facilities

income housing and community facilities

Public Public – – Private Partnership Financing Private Partnership Financing Key Partners who made it happen Key Partners who made it happen: : PUBLI C PUBLI C

  • Louisiana Housing Finance Agency (LHFA)

Louisiana Housing Finance Agency (LHFA)

  • Louisiana Office of Community Development (OCD)

Louisiana Office of Community Development (OCD)

  • Housing Authority of New Orleans

Housing Authority of New Orleans

  • US Department of Housing & Urban Development (HUD)

US Department of Housing & Urban Development (HUD)

  • City of New Orleans via I ndustrial Development Board

City of New Orleans via I ndustrial Development Board

PRI VATE PRI VATE

  • AEGON USA Realty

AEGON USA Realty – – LI HTC equity LI HTC equity

  • RegionsBank

RegionsBank

  • MMA Financial

MMA Financial

  • Freddie Mac

Freddie Mac

Private funding Private funding – – 61% ; Public Funding 39% 61% ; Public Funding 39%

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SLIDE 11

Phase I Closing Phase I Closing – – December 2008 December 2008

FI NANCI NG CHALLENGES: FI NANCI NG CHALLENGES:

  • SI ZE

SI ZE

  • STRUCTURE

STRUCTURE

  • I NSURANCE

I NSURANCE

  • TI MI NG (3Q

TI MI NG (3Q-

  • 4Q 2008)

4Q 2008)

  • GO

GO-

  • ZONE TI MELI NES

ZONE TI MELI NES

  • UNDER

UNDER-

  • WRI TI NG

WRI TI NG

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SLIDE 12

I nitial Outreach & Advertising: I nitial Outreach & Advertising:

  • Leasing office opened July 2009 for supportive

services, leasing,

  • General advertising campaign underway –

including website, social media, billboard, affinity groups

  • Other outreach events, meetings, tours, events

such as public art competition

`

COLUMBI A PARC AT THE BAYOU DI STRI CT COLUMBI A PARC AT THE BAYOU DI STRI CT -

  • PHASE I

PHASE I

www.columbiaparc.com www.columbiaparc.com

Market Response : Market Response :

  • Nearly 300 returning families on site-based waiting list for PHA units
  • > 350 approved applications for market rate and tax credit units (to date)
  • Police, fire, teachers, nurses, university, hospitality industry and other workforce groups

targeted

  • Move-ins underway – blocks leased ahead of delivery
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SLIDE 13

Returning Resident Outreach: Returning Resident Outreach:

  • Extensive multi-channel outreach /

contact / advertising

  • Initial returning families wait list

completed; nearly 300 returning families certified by HANO

Returning Resident Priority Returning Resident Priority

  • Elderly (62+ )
  • Persons with disabilities
  • Priority by move-in date

Community Supportive Community Supportive Services: Services:

  • Kingsley House of New Orleans

providing supportive services to families for readiness to return www.stbernardnow.com www.stbernardnow.com

COLUMBI A PARC AT THE BAYOU DI STRI CT COLUMBI A PARC AT THE BAYOU DI STRI CT -

  • PHASE I

PHASE I

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SLIDE 14

COLUMBI A PARC AT THE BAYOU DI STRI CT COLUMBI A PARC AT THE BAYOU DI STRI CT -

  • PHASE I

PHASE I

Market Response : Market Response :

What We are Seeing What We are Seeing – – I nitial Lease I nitial Lease-

  • up I ndicators:

up I ndicators:

  • DEMAND ACROSS ALL MARKET TYPES
  • THE MARKET RATE RENTER
  • CONTI NUI NG STRONG DEMAND FOR LI HTC UNI TS
  • SMALLER HOUSEHOLD SI ZES RETURNI NG
  • RESPONSE TO LOCATI ON, PRODUCT
  • RESPONSE TO MARKETI NG CAMPAI GN
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SLIDE 15

COLUMBI A PARC COLUMBI A PARC – – PHASE I I PHASE I I

Phase I I (a)

  • 49 mixed-income family units – 1/3 at

30% AMI and below, 1/3 at 60% AMI, and 1/3 Market Rate

  • Louisiana Housing Finance tax credit

allocation; HANO funding committed

  • Infrastructure work to start April 2010
  • Construction start date – August 2010

Phase I I (b) – funding pending

  • 49 mixed- income family units;
  • LHFA LIHTC application - 2010
  • 2011 construction anticipated

Two additional housing blocks Two additional housing blocks

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SLIDE 16

COLUMBI A PARC COLUMBI A PARC – – PHASE I I I PHASE I I I

Phase I I I Phase I I I – – Senior Housing Senior Housing

  • New housing specifically for low-

moderate income seniors

  • 125 units, new construction, elevator-

served, specialized senior amenities

  • Adjacent to future commercial /retail

development

  • Project-based rental assistance
  • 2010 design & funding applications;

2011 construction start

Columbia Heritage Senior Columbia Heritage Senior Columbia Senior @ MLK Village Columbia Senior @ MLK Village

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SLIDE 17

BAYOU DI STRI CT BAYOU DI STRI CT – – EDUCATI ON CAMPUS EDUCATI ON CAMPUS

New State New State-

  • of
  • f-
  • the

the-

  • art Educational Facilities

art Educational Facilities in the heart of the new community in the heart of the new community

  • EduCare of New Orleans – 191 students Early Learning Facility; Funding

in place – 4Q 2010 construction start

  • New K-8 Charter School – partnership with Akili Academy; New facility to

be constructed on-site - 2012

  • Edible Schoolyard / Community Garden –and Play-field / green space –

late 2010 / 2011

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SLIDE 18

BAYOU DI STRI CT BAYOU DI STRI CT -

  • RETAI L &

RETAI L & COMMERCI AL DEVELOPMENT COMMERCI AL DEVELOPMENT

Retail / Commercial Blocks Retail / Commercial Blocks

  • Location with new rooftops, major thoroughfare

frontage, interstate 610 direct access

  • Neighborhood scale retail
  • Small grocery/pharmacy, medical satellite clinic,
  • ther neighborhood services
  • Initial planning and market study underway
  • 2011 – 2013 development
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SLIDE 19

Phase I I

block (a)

Phase I Phase I

Retail & Commercial

Columbia Parc at Columbia Parc at the Bayou District the Bayou District

St Bernard Redevelopment St Bernard Redevelopment ON ON-

  • SI TE DEVELOPMENT

SI TE DEVELOPMENT

Phase I I I Senior Housing

Field & Garden

K-8 Charter School

Future YMCA

Early Learning Center

Community Leasing / Offices Future K-8 School EduCare Early Learning

Phase I I

block (b)

Commercial