Committee Meeting Thursday, October 1, 2020 Welcome! Online Meeting - - PowerPoint PPT Presentation

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Committee Meeting Thursday, October 1, 2020 Welcome! Online Meeting - - PowerPoint PPT Presentation

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Bond Oversight Committee Meeting Thursday, October 1, 2020 Welcome! Online Meeting Protocols and Tips 1. Be patient and respectful. 2. Check speakers and microphone work properly. 3. Mute your microphone/phone when not speaking. 4. Introduce

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Bond Oversight Committee Meeting

Thursday, October 1, 2020

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Welcome! Online Meeting Protocols and Tips

  • 1. Be patient and respectful.
  • 2. Check speakers and microphone work properly.
  • 3. Mute your microphone/phone when not speaking.
  • 4. Introduce yourself before speaking.
  • 5. The chat will be open for Public Testimony.*

*This public meeting will be recorded, including the chat.

Bond Oversight Committee Meeting | 10/01/2020 | Portland's Housing Bond

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Agenda

TOPIC LEAD TIME

Welcome, Roll Call, Minutes

  • Dr. Steven Holt

9:30 - 9:40 Public Testimony (2 minutes per person)

  • Dr. Steven Holt

9:40 – 9:45 Portland’s Housing Bond Updates:

  • Year in Review
  • Project Progress Dashboard
  • Expenditure Report

PHB Staff 9:45 - 10:00 Project Updates Project Team Staff 10:00 - 10:40 Closing Remarks Mayor Wheeler 10:40 – 11:00

Bond Oversight Committee Meeting | 10/01/2020 | Portland's Housing Bond

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Public Testimony

Bond Oversight Committee Meeting | 10/01/2020 | Portland's Housing Bond

Two minutes per person. Submit your testimony via the Chat feature.

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Portland's Housing Bond Updates

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Bond Oversight Committee Meeting | 10/01/2020| Portland's Housing Bond

September 2019 Bond Goals Met and Exceeded!

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Progress in 2020

Bond Oversight Committee Meeting | 10/01/2020 | Portland's Housing Bond

Exceeded Goals (again)

20 40 60 80 100 120 140 160 180 200

TOTAL UNITS 30% AMI UNITS PSH UNITS FAMILY-SIZE UNITS 124 13 8 70 22 31

Goals Exceeded-2019 Goals Exceeded-2020

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Exceeding Goals!!

Bond Oversight Committee Meeting | 10/01/2020 | Portland's Housing Bond

Progress in 2020

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Progress in 2020

Bond Oversight Committee Meeting | 10/01/2020 | Portland's Housing Bond

Program and Process Achievements

Equity in Contracting

Template Documents

Audits

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Bond Oversight Committee Meeting | 10/01/2020 | Portland's Housing Bond

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Bond Projects Dashboard Report

Bond Oversight Committee Meeting | 10/01/2020 | Portland's Housing Bond

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Looking Ahead . . . Next 6 months

Bond Oversight Committee Meeting | 10/01/2020 | Portland's Housing Bond

Project Closings and Construction Starts

115th at Division Cathedral Village Las Adelitas Hayu Tilixam Westwind Stark Street Anna Mann House Susan Emmons

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Expenditure Report highlights

Bond Oversight Committee Meeting | 10/01/2020 | Portland's Housing Bond

Bond funds

  • Expended

20.1%

  • Committed

57.6%

  • Reserved

5.8%

  • Remaining

9.4%

  • Interest/Credits

0.2%

  • Program Delivery 7.0%

Bond Project Expended Program Delivery Bond Commitments Bond Funds Remaining Net Interest and Credits Bond Project Reserves

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Bond Project Team Updates

Cathedral Village and Las Adelitas

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Cathedral Cathedral Village Village Apartme Apartment nts

8614 N. Crawford St. Portland, OR 97203

  • St. John’s Neighborhood, North Portland

Related Northwest & Catholic Charities as Cathedral Village Partners LP

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  • Catholic Charities (CC)
  • VIBE PDX
  • Quantum Management

Services (Quantum)

  • Families
  • Communities of color
  • Immigrants and

refugees

  • Households

experiencing or at risk

  • f homelessness
  • Approx. 250-300

People Housed

Cathedral Village Apartments

Income Restrictions Studio/ SRO 1-Bdrm 2-Bdrm 3+Bdrm Total Family- size PSH

0-30% 11 15 8 3 37 11 8 31-60% 4 24 37 8 73 45

TOTAL 15 39 45 11 110 56 8

Unit Mix

Bond Oversight Committee Meeting | 10/01/2020 | Portland's Housing Bond

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Cathedral Village Apartments

Upcoming Milestones/Highlights

  • Plan Check Comment
  • Issue GMP Bid Set: Oct. 12, 2020
  • Construction start date: Jan. 2021
  • Completion end date: Jul. 2022
  • Equity Contracting (DMWESB-SDV): around 30% with current sub

assumptions and will update during upcoming bid

  • Service partnerships: Tentatively the following, with others to be

secured based on resident demographics and need. ▪ Providence ▪ Safe First Financial ▪ CCO Housing Transitions Program ▪ Immigration Legal Services ▪ Intercultural Counseling Center

Stage of Development: Pre-dev

Bond Oversight Committee Meeting | 10/01/2020 | Portland's Housing Bond

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Cathedral Village Apartments

Material Changes since Funding Award

The following were unknown at time of funding:

Pandemic

▪ Coordination ▪ Procurement challenges ▪ Logistics/schedule

PBOT

▪ Street improvements including a half cul-de-sac due to driveway entrance being moved developed after civil reviewed ▪ Driveway entrance was moved to Salem due to RR crossing which lengthened the building and decreased parking ▪ Second trash room added due to increase in length of building ▪ Fiber optic vault move

ODOT

▪ Railroad signage and fencing required ▪ Acoustical analysis and the extent of the RR noise ▪ Full brick cladding added to mitigate sound which lead us to follow the commercial track for Community Design Standards ▪ Dedicated outdoor air system (DOAS), natural gas powered

Stage of Development: Pre-dev

Bond Oversight Committee Meeting | 10/01/2020 | Portland's Housing Bond

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Cathedral Village Apartments

Material Changes since Funding Award

The following are added costs that were unknown at time of funding:

Stage of Development: Pre-dev

Cost Description $457,968 Lengthened building to accommodate program due to RR crossing, added partial cul-de-sac per PBOT requirements and ROW improvements. $528,983 Added full brick to building for acoustical massing because of RR noise requirement to meet St. Johns riverfront acoustical

  • requirements. Add is upcharge over a Hardie reveal siding

system. $38,432 Added property line fencing and landscape boulders along property adjacent to railroad. $41,802 Portland Fiber Optics relocated due to existing manhole proximity to PBOT requirements. $1,067,185 Total

Bond Oversight Committee Meeting | 10/01/2020 | Portland's Housing Bond

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Cathedral Village Apartments

Issues/Challenges

  • Escalation of lumber prices
  • COVID-19

▪ Compression of equity market ▪ Decrease in pricing ▪ Longer construction period timelines ▪ Greater contingency

  • Insurance
  • Premium increase
  • Greater fire security requirements

Stage of Development: Pre-dev

Bond Oversight Committee Meeting | 10/01/2020 | Portland's Housing Bond

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Total Project Costs

Portland Housing Bond $17,454,910 OMEP $50,000 LIHTC $8,727,211 DDF $2,343,000 Private Lender $6,900,000 GAP/Grants- Pending $457,053 Total $35,954,410

Portland’s Housing Bond funding = $17,454,910, leveraged 2 times

Bond Oversight Committee Meeting | 10/01/2020 | Portland's Housing Bond

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106Halsey/Gateway Park l 07/10/2019 l Portland Housing Bureau 5

Community Engagement

Highlight current outreach process to inform project design and marketing/ lease-up strategy:

Outreach has been ongoing and not specific to any one property or project Spring 2020: ▪ PSU Masters in Urban and Regional Planning Workshop ▪ APANO ▪ El Programa Hispano ▪ Familias en Accion Development of new partnerships ▪ VIBE PDX – afterschool youth music and arts program ▪ Portland based artists who will create murals along East entrance of Cathedral Village Apartments

Bond Oversight Comittee Meeting| 10/01/2020 | Portland’s Housing Bond Bond Oversight Committee Meeting | 10/01/2020 | Portland's Housing Bond

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106Halsey/Gateway Park l 07/10/2019 l Portland Housing Bureau 5

Community Engagement

Highlight current outreach process to inform project design and marketing/lease-up strategy:

  • Sought feedback from partners: CC, Resident Services Coordinators, CCO’s at Housing

Transitions Program (HTP), El Program Hispano, Quantum and VIBE PDX

  • Unit Amenities:
  • Incorporate bathtubs (varying sizes) in units

whenever possible

  • Multiple laundry rooms
  • Improved family-size units to accommodate two

twin/bunk beds and a queen-size bed in effort to address a variety of cultural norms

  • Space planning for community and teen room
  • Office and meeting spaces for PSH services in

addition to Resident Services space

Bond Oversight Committee Meeting| 10/01/2020 | Portland’s Housing Bond

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Las Las Adelita Adelitas

6734 NE Killingsworth Cully Neighborhood Portland OR Hacienda CDC

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Service Partners:

  • Cascadia Behavioral

Health

  • Familias en Acción

Priority Communities

  • Formerly Homeless,

Low Income, Latinx and BIPOC

  • Approx. 450 New

Residents Housed

Las Adelitas

Income Restriction Studio 1-Bdrm 2-Bdrm 3+Bdrm Total Family- size PSH

0-30% 15 29 7 4 55 11 18 31-60% 64* 22 86 86

TOTAL 15 29 71 26 141 97 18

Unit Mix

* Additional Manager Unit not included

Bond Oversight Committee Meeting | 10/01/2020 | Portland's Housing Bond

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Upcoming Milestones/Highlights

  • Bids Due Sept 30, 2020
  • Closing LIHTC Jan 14, 2021
  • Construction Jan 18, 2021 – August 31, 2022

Material Changes since Funding Award

  • Reduced PBVs by 2

Issues/Challenges – Pandemic Related

  • Supply Chain Disruption
  • Insurance, Lumber cost spikes
  • Lottery Bonds Un-Funded by COVID
  • Debt, Equity Markets very tight

Current Focus:

  • Permitting
  • Bidding
  • Closing

Las Adelitas

Bond Oversight Committee Meeting | 10/01/2020 | Portland's Housing Bond

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Total Project Sources:

Portland Housing Bonds SDC Waivers $17,350,050 $2,438,003 OHCS LIFT LIHTC 4% Tax Credits State Allocation $5,440,570 $16,568,439 $2,000,000 Metro: TOD Grant Energy Trust / Multi Fam Energy Program $500,000 $216,495 Perm Loan $8,200,000 Grants Hacienda CDC Deferred Developer Fee Sponsor Contribution $646,674 $2,400,000 $100,000 Total: $55,860,231

Portland’s Housing Bond funding leveraged 3.2 times

Bond Oversight Committee Meeting | 10/01/2020 | Portland's Housing Bond

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Community Engagement

Las Adelitas was a Partnership of 4 Community Organizations:

  • Hacienda CDC, Habitat for Humanity, Verde, and NAYA bought the Sugar

Shack, a former strip club, to redevelop the site as a community benefit

Bond Oversight Committee Meeting | 10/01/2020 | Portland's Housing Bond

  • Cully and prospective residents were deeply

involved in the design process from the uses to environmental features

  • JOHS, Cascadia and Familias en Acción

team up to provide PSH services

  • Fun Fact: There will be 10 EV charging

stations in the parking garage

Bond Oversight Committee Meeting | 10/01/2020 | Portland's Housing Bond

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Closing Remarks

Bond Oversight Committee Meeting | 10/01/2020 | Portland's Housing Bond

Next Meeting Date: February 4, 2021