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Home My WebLink About09-17-2015 Housing and Community Development CommissionAgenda Housing & Community Development Commission Dale Helling Conference Room, City Hall Thursday, September 17, 2015 6:30 P.M. Call meeting to order 2. Approval of the June 18, 2015 minutes 3. Public comment of items not on the agenda 4. Staff/commission comment 5. Nominate and elect officers 6. Public meeting & approval of the FY15 Consolidated Annual Performance & Evaluation Report (CAPER) — online at www.icgov.org/actionp/an 7. Tentative schedule of project monitoring visits in FY16 8. Discussion and recommendation regarding Walden Ridge proposal by Southgate Development Services (i) Southgate Development Services requests to pay off their CDBG loan for the Wetherby Condos South L.L.C. project and have these funds applied to the rehabilitation of units on Sylvan Glen Court (Walden Ridge Townhomes) and requests City support for a Iowa Workforce Housing Credit application. 9. Adjournment MINUTES PRELIMINARY HOUSING AND COMMUNITY DEVELOPMENT COMMISSION JUNE 18, 2015 — 6:30 PM HELLING CONFERENCE ROOM, CITY HALL MEMBERS PRESENT: Peter Byler, Michelle Bacon Curry, Dorothy Persson, Christine Ralston, Rachel Zimmermann Smith, Angel Taylor MEMBERS ABSENT: Andrew Chappell, Jim Jacobson, Bob Lamkins STAFF PRESENT: Marcia Bollinger, Tracy Hightshoe OTHERS PRESENT: Karen DeGroot, Becci Reedus, Beth Ritter Ruback, Crissy Canganelli, Mark Sertterh RECOMMENDATIONS TO CITY COUNCIL: By a vote of 6-0 the Commission recommends approval of Amendment #2 to the Annual Action Plan with the following limitation: $93,750 HOME to The Housing Fellowship to acquire one property at 1896 N. Dubuque Road. Balance of $56,250 to be placed into a competitive application process. CALL TO ORDER: Zimmermann Smith called the meeting to order at 6:30 PM. CONSIDER A RECOMMENDATION TO CITY COUNCIL ON AMENDMENT #2 OF THE FY2015 ANNUAL ACTION PLAN: Hightshoe explained the need for Amendment #2 to the FY15 Annual Action Plan. For HOME, grantees have two years to commit HOME funds to eligible projects or the funds get returned to HUD and no longer available for local use. Last year $200,000 was allocated to The Housing Fellowship but they were unable to locate land for a LIHTC project. These funds need to be reallocated. Additionally any HOME program income the City receives is added to the HOME commitment calculation. Hightshoe mentioned that the City had all the HOME commitments in place this year, but then Regency Place, a LIHTC project on Scott Boulevard, recently changed ownership. The LLC stayed the same, but the ownership on top of the LLC changed and during that ownership change they paid off the City's loan early, an amount of $90,000. Then a few weeks ago, Extend the Dream Foundation sold their property and paid back their CDBG loan ($122,000) because they will no longer offer micro -enterprise services at that site. The CDGB funds are not within a time limit situation but there was $50,000 of HOME money from the three residential units on that property that was also repaid to the City at the closing. The City needs to commit over $200,000 to HOME projects by July 31 or the funds will be recaptured by HUD and not available for local use. Due to time constraints, staff spoke to The Housing Fellowship (THF) to see if they could acquire up to two properties in areas with little affordable rental housing opportunities within approximately a month. The Housing Fellowship identified 1896 North Dubuque Road and signed purchase agreement on that property to use for affordable rental housing. There was a second property on the west side, but that fell through just earlier today. Hightshoe said $93,000 of the $140,000 available could be committed to the 1896 North Dubuque Road project. Also Mayor Youth Employment Program, who identified sites with accepted purchase offers, was September 15, 2015 Page 3 listed as a CDBG project and nowwill receive HOME funds; CHARM Homes, LLC will receive the CDBG funds. That should take care of committing all the needed available HOME funds by the deadline. So therefore, amendment # 2 is that The Housing Fellowship is awarded $150,000 to purchase two properties, one already identified at 1896 North Dubuque Road property and then continue to look for a second property. Community Mental Health Center recently paid back $125,000 of CDBG funds they received in 2012 as they sold their building and relocating. Due to the CDBG rule for reversion of assets, if the property is sold before five years, the funds must be repaid as the site is no longer providing the required services. Therefore there is about $250,000 of CDBG funds that will need to be allocated. The application process for those funds will reopen soon and therefore there will be a mid -year funding round. Byler asked if the remaining HOME $47,000 could be put in the mid -year funding allocation, and the Commission just vote tonight to approve The Housing Fellowship to purchase the one identified unit. Persson asked if the whole amount could be put into the mid -year funding allocation, but Hightshoe said the majority has to be committed or returned to HUD. Zimmermann Smith questioned why only The Housing Fellowship was contacted regarding these additional funds. Hightshoe explained that due to time constraints, there was not enough time to have an open allocation round. An entity had about a month to find a property and staff needs about a month to go through the environmental review process and amendment process once a site had been identified and an accepted purchase offer obtained. THE is one of only two Community Housing Development Organizations (CHDOs) in Iowa City. HACAP is the other CH DO, but typically relies on additional funding for support services for their transitional housing units. The City had no funds available for support services, so THE was a reasonable choice. CHDOs must verify their capacity to administer HOME funds annually and are a "preferred" entity under the HOME program. HOME rules require 15% of the annual entitlement award be awarded to eligible CHDOs. Thus due to tight time constraints and limited CHDOs in Iowa City, THE was contacted. Zimmermann Smith commented that perhaps the Commission should have been consulted and this not just been a City Staff decision. Byler also commented that perhaps notice could have been posted and shared with other organizations so that they might be able to apply for these funds. Hightshoe did note that staff looked at the City's highest needs, which is affordable rental housing and there was no time for an open round. Entities could not just apply for a project; they had to have an accepted purchase offer due to the tight time schedule. Persson noted a couple concerns. First she feels this group would not have been able to respond quickly and second there is no need to create a new non-profit if an existing non-profit can do the work. So when looking at who to allocate the money to, it needs to be given to an organization with a record of being able to put it to the best use. She acknowledges that City Staff acted the best they could with the time they had. Byler moved to approve Amendment #2 to the FY15 Annual Action Plan with the following limitation: $93,750 HOME to The Housing Fellowship to acquire one property at 1896 N. Dubuque Road. Balance of $56,250 to be placed into a competitive application process. September 15, 2015 Page 4 Taylor seconded the motion. A vote was taken and the motion carried 6-0. DISCUSS AND CONSIDER APPROVAL OF FUNDING PRIORITIES FOR FY2017 AID TO AGENCIES APPLICATIONS: At the April meeting, you requested guidance on funding priorities for future Aid to Agencies applications and allocation of funds. Since then a committee comprised of five city staff drafted priorities based on projects that meet critical need (priories listed on June 16, 2015 memo). The priorities are based on project type, not organizations applying. One organization can have several projects of different priorities. The Commission may: 1) approve the priorities as presented, 2) approve revised priorities, or 3) not approve any priorities. If approved, the priorities would be provided to applicants of Aid to Agencies funding for the coming cycle that starts this summer. Byler noted he does like the idea of having priorities. Bacon Curry commented on making sure certain demographics were given the same priority as others, especially those that have no other funding sources. Byler asked about homeless services. Hightshoe said there is not a specific category for 'homeless,' the "other public services" category is used. Byler moved to approve the priorities as outlined by staff with the other public services limited to only homeless services. Persson seconded the motion. A vote was taken and the motion carried 6-0 APPROVAL OF APRIL 16, 2015 MINUTES: Bacon Curry moved to approve the minutes of April 16, 2015. Byler seconded the motion. A vote was taken and the motion carried 6-0. PUBLIC COMMENT OF ITEMS NOT ON THE AGENDA: None. ORGANIZATION OVERVIEW AND PROJECT UPDATE (PLAYGROUND) FROM ARC OF SOUTHEAST IOWA: Karen DeGroot, Executive Director of Johnson County Crisis Center updated the Commission on the project. The playground is not only used by the kids at ARC but also neighborhood kids. She also commented on the services ARC offers. Respite Care offers families relief from the daily care of their family member with a disability, Supported Community Living program allows individuals with disabilities to work toward specific goals with the help of skilled professionals, and the Summer Camps are at full capacity. September 15, 2015 Page 5 ORGANIZATION OVERVIEW AND PROJECT UPDATE (RAPID REHOUSING) FROM SHELTER HOUSE: Crissy Canganelli, and Mark Sertterh updated the Commission on the Rapid Rehousing project. Sertterh said the project offers housing assistance to homeless by paying for rental deposits and six months' rent. Additionally they counsel the folks for the six months so that they can continue to be successful in the future. They have currently assisted six applicants. Canganelli added that this project has allowed their organization to make and maintain relationships with landlords and other agencies to continue to build on this program. She noted the sustainability of the housing is very important to this program and they work with the renters to make sure they can sustain a budget and continue to live in the apartment after the six months of assistance. Canganelli also shared some of the other project updates from Shelter House, she said they are right on target with number of people served and assisted. STAFF/COMMISSION COMMENT: The Commission discussed a celebration or press release to recognize the landlords and other members of the community that help assist with agencies and their projects. ADJOURNMENT: Taylor moved to adjourn. Persson seconded the motion. A vote was taken and motion carried 6-0. HOUSING AND COMMUNITY DEVELOPMENT COMMISSION ATTENDANCE RECORD NAME TERM EXP. 11/20/14 1/15/15 2/19/15 3/12/15 4/16/15 6/18/15 9/17/15 BACON CURRY, MICHELLE 9/1/2016 O/E X X X O/E X BYLER, PETER 9/1/2017 X X X X X X CHAPPELL, ANDREW 9/1/2015 O/E X X X O/E O/E JACOBSON, JIM 9/1/2017 X X X X X O/E LAMKINS, BOB 9/1/2016 --- --- X X X O/E PERSSON, DOTTIE 9/1/2016 X X X X X X RALSTON, CHRISTINE 9/1/2015 X O/E X X O/E X TAYLOR, ANGEL 9/1/2017 X O/E X O X X ZIMMERMANN SMITH, RACHEL 9/1/2015 X X X X X X Key: X = Present O = Absent O/E = Absent/Excused = Vacant � r -`= CITY OF IOWA CITY "TY�F'�wA"TV MEMORANDUM Date: September 10, 2015 To: Housing and Community Development Commission From: Community Development Staff Re: September 17 Meeting The following is a short description of the September agenda items. If you have any questions about the agenda, or if you are unable to attend the meeting, please contact Kris Ackerson at 356-5247 or Kristopher-Ackerson@Iowa-City.org. Nomination & Election of Officers Every September, the commission nominates and elects a chair and vice chair. The commission will nominate and vote for these two positions at this meeting. Public Hearing & Approval of the FY15 Consolidated Annual Performance Evaluation Report (CAPER) The CAPER is a HUD required document that the City must submit to HUD within 90 days of the end of the plan year. The report describes the federally funded activities undertaken by the City and its partners, and the accomplishments for federal fiscal year 2014 (City FY15). A draft of the CAPER is online at www.icgov.org/actionpIan for your review and comment. At this meeting, we will be asking HCDC to approve the document for submission to HUD. Tentative schedule of project monitoring visits in FY16 Staff will invite entities to HCDC meetings to discuss the status of their projects: November 19 o The Housing Fellowship • FY15 Acquisitions on Dubuque Road and Abbey Lane • FY15 Rehab of Keokuk Court and Hawaii Court • FY16 CHDO Operating o Systems Unlimited • FY16 Acquisition of three SRO units o Mayor's Youth • FY16 Acquisitions on Shamrock Drive and Elmridge Avenue February 18 o Habitat for Humanity • FY15 Property acquisition and construction for two homes on Prairie Du Chien Road o CHARM Homes • FY16 Acquisition of eight single -room -occupancy (SRO) units o Shelter House 0 FY15 Rapid Rehousing Program September 15, 2015 Page 8 March 17 o Neighborhood Centers of Johnson County • FY16 Daycare operations (Aid to Agencies) • FY16 Broadway Neighborhood Center Rehab o Domestic Violence Intervention Program • FY16 Shelter operations (Aid to Agencies) • FY16 Facility rehab o Crisis Center • FY16 Emergency Assistance Program Discussion and recommendation regarding Walden Ridge proposal by Southgate Development Services Southgate Development Services requests to pay off their CDBG loan for the Wetherby Condos South L.L.C. project and have these funds applied to the rehabilitation of units on Sylvan Glen Court (Walden Ridge Townhomes) and requests City support for a Iowa Workforce Housing Credit application. See proposal attached for reference. SouthGate C O M P A N I E S DEVELOPMENT• CONSTRUCTION HOMES •PROPERTY MANAGEMENT September 11, 2015 Kris Ackerson, Community Development Planner City of Iowa City 410 E. Washington Street Iowa City, IA 52240 Re: Walden Ridge Rehabilitation of Existing Multi -family housing — Housing and Community Development Commission Dear Kris, As you know, SouthGate applied for and received CDBG funds in 2012 for the Rehabilitation of the Orchard Place condos at 1956-1960 Broadway Street in Iowa City. Bilam Properties LLC (a SouthGate Companies entity) is the current owner of 47 units in Walden Ridge Townhomes and under contract to acquire 6 more units for a total of 53 units. We believe the public -private partnership between SouthGate Companies and the City of Iowa City on Orchard Place is a success we can both celebrate. As of this letter, we have only 1 vacancy of the 108 units in this project. Furthermore, City staff has shared with us the study of service calls by the Iowa City Police Department and how it has been dramatically reduced between 2010 and 2015. This is a story that we would like to repeat at Walden Ridge on the west side of Iowa City. Unfortunately, some of the service calls have concentrated in this area as well as Pheasant Ridge to the north. There have been serious violent crime calls at Pheasant Ridge with shootings and drug -related incidents going on there, as reported by the media SouthGate's desire is to prevent Walden Ridge from becoming like the former Broadway Condos or a current Pheasant Ridge. Bilam Properties LLC would like to apply for a $600,000 grant to help fund acquisitions of the 6 units as well as provide funding for rehabilitation. This would include new cabinets, flooring, appliances, light factures, and the like. Our estimate is $20,000 per unit. 8 of the units have already been rehabbed. Total rehab cost is projected to be $900,000. Our experience indicates we are able to attract a higher quality resident when the units are rehabbed. We are requesting a grant due to the higher cost relative to value or acquisition cost. The Walden Ridge Townhomes are worth approximately $70,000 each so putting $20,000 into them is a significant expense. In addition to this request, the Walden Ridge Homeowners Associated Board voted, in early 2015, to approve a long-term budget including $500,000 over 5 years to replace facades, fix landscaping, fix sidewalks and steps, and repair retaining walls and decks. I have attached a summary of sources and uses of funds for the project as well as a pro -forma cash flow projection indicating the project will work at normal market rents and vacancies, historical operating expenses, and a 15-year term on conventional bank financing. 755 MORMON TREK BLVD I PO BOX 1907 1 IOWA CITY, IA 52244-1907 1319 3374195 1 SOUTHGATECO.COM In addition, I've attached the draft of our Workforce Housing Tax Credit Application. We would like to have your support via a Letter of Support for our application. Let me know what questions you may have. Sincer C//��%�� Je Wa ilove Chief Operating Officer Proposed Rehabilitation Project - 53 Walden Ridge Townhomes Sources of Funds $ 600,000 CDBG Grant $ 54,000 Workforce Housing Tax Credits Sales $ 343,750 Workforce Housing Tax Credits Inv TC $ 2,439,750 Conventional Bank Loan $ 3,437,500 Total Uses of Funds $ 2,537,500 Purchase Units/Refinance Debt $ 900,000 Rehab 45 units at $20k/unit $ 3,437,500 Total Walden Ridge Townhomes - 53 units 9/3/2015 Income: Expenses: Rent Income Other Rental Income Tenant Reimb & Other Misc Gross Rental Income Less: Vacancy Net Rental Income Managment Fee Accounting Fees RE Taxes Repairs & Maintenance Insurance Utilities HOA Dues Capitalized Expenditures Misc Total Expenses Net Operating Income 12131/2011 12/31/2012 9/30/2013 12/31/2014 12/31/2016 12 months 12 months 12 months 15 months 12 months Company-pmpamd Gompaery-prepared Reviewed Reviewed comPany.pnqMred Actual* Actual* Actual** Actual" Pro -forma Comments 455,501.00 483,718.00 491,529.00 464,300.00 9,028.00 6,246.00 24,500.00 23,664.00 20,371.00 26,010.00 1,200.00 1,200.00 85,632.00 85,201.00 80,083.00 100,886.00 98,834.00 105,233.00 63,441.00 80,824.00 393.00 1,289.00 7,110.00 8,257.00 3,252.00 18,313.00 115,890.00 57,067.00 95,880.00 119,850.00 46,706.00 256,006.00 634,680.00 Asking Rents - not increased for post -rehab 30,781.98 1,200.00 91,012.05 15,900.00 1,465.96 16,520.66 124,020.00 79,466.00 (46,855.00) 197 485.00 56 832 00 304,738.95 Loan Payments - 231,540 00 Assume Loan of $2,440k; 5.00%; 15-year amortization Excess Cash Flow Debt Service Coverage 73,198.95 1.32 3% Using Market vacancy 5% 1702.1 Used 2012 Used Prior Year as 12 months + 6 new w $300/unit/yr est replcmt reserves post -rehab Used 2012 + 6 new units Used Prior Year as 12 months New fees - $195/unit/month Non -Recurring Used 2012 *These years include pooling with Landweber's 4 units. **These years include only the 47 units we currently own (the pro -forma includes the 6 units we are under contract to purchase). Valuation Estimated Value at cap rate of: 7.00% $ 4,353,414 7.25% $ 4,203,296 7,50% $ 4,063,186 Per unit avg: $ 82,139.88 $ 79,307.47 $ 76,663.89 Application 95226 - Workforce Housing Tax Incentive Program 134822 - Walden Ridge Townhomes Workforce Housing Tax Credits Status: Editing Submitted Date: Applicant Information Project Officer Organization Information AnA User Id JWADDILOVE@IOWAID Org Organization Southgate Development Services, LLC First Name' J Jerry Waddilove Name:* Organization Firs[ Name Middle Name last Name Title: Type:* For -Profit— Privately Held Email:* jwaddilove@southgateco.com Tax ID: Address:* 755 Monson Trek Blvd DUNS: Organization Website: www.southgateco.com city Iowa City Iowa 52246 Address: 755 Mormon Trek Blvd City State/Pmvinae Postal Code/Zip Phone:* 319-621-0412 Phone Ex. Iowa City Iowa 52246 Program AreaWforce Housing Tax Credits City Stare/Pmvinae Postal Code/Zip sn Of Interest* 9 Phone: 319-337-4195 Fax: Ext. Fax: Cover Sheet -General Information Authorized Official Name* Jerry Waddilove Title* Chief Operating Officer Organization* SouthGate Companies Ilrarr areas individual, plea'eprwiderour First and Last Name. Address* 755 Mormon Trek Blvd City/Stateow Iowa City Iowa 52246 CM State Zip Telephone Number* 319621-0412 E-Mail* jaddilove@southgateco.com Fiscal Officer/Agent Please enter the-Fisscal Officer' for your Organization. If you are an Individual, please provide your First and Last Name. Name* Jerry Waddilove Title Organization SouthGate Companies Address 755 Mormon Trek Blvd city/State/Zip Iowa City Iowa 52246 CM State np Telephone Number 319-621-0412 E-Mail jaddilove@southgateco.Com County(ies) Participating, Involved, or Affected by this Johnson County Proposal* Congressional District(s) Involved or Affected by this 2nd - Rep David Loebsack (D) P Congressional Map repose Iowa Senate District(s) 3739, 43 Involved or Affected by this , Proposal* Districtmap Iowa House District(s) Involved or Affected by this 74, 77, 85, 86 Proposal* District Map Applicant Information Applicant Name: (legal entity Bilam Properties LLC appWng for award)* Contact Information Elected Official Jerry Waddilove Salutation Contact First Name Contact last Name Chief Operating Officer Contact Title 755 Mormon Trek Blvd Address Iowa City Iowa 52246 C,ILY State 4p Code 319-621-0412 jaddilove@southgateco.com Phone E-mail LLC Entity Type IA Iowa Secretary, of state businea number Federal Taxpayer in number City or County Salutation First Name last Name Suffix Tide Local Sponsor/Contact Project Information Project name or alias: Project Address Address Address 2 Iowa Chy stare Phone Salumtlon First Name TMIP address Address 2 Zip +4 Fax E-mail la3 Name City shah, ZIP +4 Phone Fax E-mail Walden Ridge Townhomes Various 2400 Shady Glen Ct Address Iowa City Iowa 52246 CO state ZIP Cade Is the project seeking Low Income Housing Tax Credits No (UHTC)? suffix If yes, please indicate the amount of LIHTC eligible $0.00 basis: Eligible projects under the Workforce Housing Tax Incentive Program must fall into one of four categories. Category of proposed project: Rehabilitation, repair, or redevelopment dilapidated units pment of � dated dwelling Has the IEDA designated the community where the project will take place as a Yes distressed workforce housing community? Please provide a brief The Walden Ridge Townhomes project is a collection of 25 4-plex townhome residential description of the proposed units in Iowa City, Iowa of which we will own 47 units. The townhomes have various housing development project: addresses on Shady Glen Ct, Sylvan Glen Ct, Mossy Glen Ct, Clearwater Ct, and (500 character limit) Bittersweet Ct. The townhomes are within one mile of Kum & Go, Faraway Grocery, University of Iowa Community Credit Union, Hartig Drug, and various retail. A bus stop for the Iowa City Area Transit system is adjacent to the project. Describe why assistance The townhomes were built in the early 1980's and served as rental units since that time. through the Workforce Housing Tax Credit program The units have deteriorated due to deferred maintenance on the interior by various owners is needed for the project to and on the exteriors due to age. proceed. (500 character limit) This housing stock is starting to show negative trends of calls for service to Iowa City Police. We would like to prevent the housing stock from becoming like another we redeveloped on the Southeast side of Iowa City. Describe why the current Due to high demand from Iowa students for rental units as well as population growth, housing market is not housing costs are one of the highest in Iowa. Real median housing values increased meeting the community's between 2000 and 2012 while real median income decreased. The number and percentage housing needs? of families in poverty increased from 2000 to 2012. Food re (500 character limit) P P/servi ng jobs and office support jobs comprise over 25°k. Research has indicated a healthy market is one with about 12 affordable units per 1000, whereas Iowa City market has about 3. When completed and available for occupancy, will the units meet the United Statos Department of Housing and Urban Development's housing quality standards and all applicable safety standards? Yes Does the project include local matching funds for the project in an amount equal to at least $IpOOo par dwelling unit to be developed? Type of local match: Does the project involve rehabilitation, repair, redevelopment or preservation of a historic property as defined in Iowa Code Section 404A.1(2)? Proposed end date of project: Units Housing Activity Activity #1 Activity 42 Activity #3 Activity #4 Totals Yes Other Reimbursement No 08/01/2016 The pmpoeed pmje& MUS be completed within three (3) years fmm date Ne pmject's mghtemd by iEn0. Housing Activity Rehabilitation, repair, or redevelopment of dilapidated dwelling units WHTC-Budget Project Expenditures (RESIDENTIAL ONL V9 Expense Building Acquisition Land Acquisition Site Development (including demolition) Unit Type Unit # of Units in Ownership Project Multi - Family Rental 47 47 Expense Amount $2,537,500.00 $0.00 $0.00 Construction (materials only) $450,OOD.OD Construction (labor and $450,000.00 operations) Architect/Engineer Fees $0.00 Building Permits and Fees $0.00 Construction Loan Interest $0.00 Sub -Total $3,437,500.00 All Other Soft Costs $0.00 Total $3,437,500.00 Cash Sources (UP -FRONT FUNDS ONLY) Source Amount Status WHTC Equity Credit Equity Only) $397,750.00 for plied LIHTC Equity (Tax $0.00 Credit Equity Only) Historic Tax Credit Equity (State Tax $0.00 Credit Equity Only) Historic Tax Credit Equity (Federal Tax $0.00 Credit Equity Only) B rownfiel d/Grayfi eld Credit (Tax Credit $0.00 Equity Only) HOME (Loan) $0.00 HOME (Grant or Forgivable Loan) $0.00 FHLB Affordable Housing Program $0.00 (Loan) FHLB Affordable Housing Program (Grant or Forgivable $0.00 Loan) USDA-RD (Loan) $0.00 USDA-RD (Grant or Forgivable Loan) $0.00 Local Match (Loan) $0.00 Local Match (Grant or Forgivable Loan) $600,000.00 Applied for Local Match (Property Tax $0•00 Abatement or Refund) Local Match (In - kind) $0.00 Developer (Cash or $0.00 Equity) Private Lender $2,439,750.00 for (Loan) All Other Public $0.00 Sources (Loan) All Other Public Sources (Grant or $0.00 Forgivable Loan) Total $3,437,500.00 Estimated Amount of Assistance Source Workforce Housing Tax Credit' Sales Tax Refund (on materials only) Total Estimated Workforce Housing Incentives: Requested Award Option A Option B $283,750.00 $706,000.00 $27,000.00 $27,000.00 $310,750.00 $732,000.00 Cost per Unit NOTE. per unit cost cannot exceed $200,000 per unit or $250, 000 per unit if project InvnNes historic property as defined in Iowa Code Section 404A. 1(2). Sub -Total Residential $3,437,500.00 Costs (from above) Numberof 47 Units: Cost per $73,138.30 Unit: Is the applicant requesting a yes Sales Tax Refund for the project? If yes, Is the applicant requesting a Sales Tax Refund for the project in an amount No less than what is shownabove (Estimated amount}? If Yes, enter revised $54 000.00 amount requested Is the applicant requesting Workforce Yes Housing Tax Incentive Credits for the project? If yes, is the applicant requesting a Workforce Housing Tax Incentive for the project in No an amount less than what is shown above (Estimated amount}? If Yes, enter revised $343,750.00 amount requested Acknowledgement 1 understand amounts calculated are estimates based on initial application information provided to IEDA. Amounts of assistance estimated are maximum amounts and could be less depending on final protect costs. Award amounts under the Worxferce Housing Tax Incentive Program will not be inaeased should project costs increase. understand: Yes I understand compliance fees imposed in Iowa code Section 15.330(12) shalt apply to air Workforce Housing Tax Incentive Program agreements. Understand:' Yes Required Attachments Attachment Description Name Type Size Resolution in support of the housing project by the null community where the housing project will be located: Documentation of local match null to project: Documentation of all secured funding null sources for the project: Project map: null Affidavit stating the Business has not, within the last 5- years, violated state or federal environmental null and worker safety statues, rules, and regulations: Download a sample affidavit here