Developer’s Perspective

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Presentation transcript:

Developer’s Perspective Housing Production Developer’s Perspective Jennifer Cloud Acquisitions Manager Steele Properties LLC jcloud@steelellc.com 303-226-9120

Burlington, CO

Preservation Benefits of Preservation: Essential Programs: Improve existing housing stock Reduce occurrence of market conversion (loss of affordable units) Minimal development/city fees Lower hard cost Minimal lease up risk Property income during construction PBS8 allows lower income targeting/strong underwriting Essential Programs: 9% LIHTC 4% LIHTC/Tax Exempt Bonds Gap/soft funding PBS8/PBV Tax Exemption

Greeley, CO

New Construction Benefits of New Construction: Essential Programs: Increase housing availability for growing population Apply modern, energy efficient building practices Essential Programs: 9% LIHTC 4% LIHTC/Tax Exempt Bonds State LIHTC Gap/soft funding PBV Tax Exemption Local government contribution/permit and impact fee waiver

Last Thoughts… State LIHTC renewal is essential to affordable housing preservation and production in the region Local government financial participation will help leverage state and federal investment (and is sometimes necessary) Local housing authorities can partner with private developers/owners to increase housing production and preserve existing stock