Housing & Economic Development Committee May 5, 2009

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Presentation transcript:

Housing & Economic Development Committee May 5, 2009 Lincoln Terrace Apartments Reconstruction of 72-unit apartment community Housing & Economic Development Committee May 5, 2009

Overview Project Overview Project Details HOME Funds Loan Terms Next Steps Questions

Project Overview Council District: 7 Project Site: 4717 Horne Street Type of Property: Multi-Family Rental Project Description: Demolition and Reconstruction of 72-unit apartment community Owner: Fort Worth Housing Authority Limited Partnership HOME Funds Requested: $480,000.00

Project Overview

Project Overview

Project Overview

Project Details Project Description: Multifamily Demolition & Reconstruction Project Configuration: Current and Proposed 1-BR 20 2-BR 38 3-BR 14 72 units

Project Details Income Eligibility Rental Rates < 60% AMFI 72 1-BR $285-$627 2-BR $343-$772 3-BR $397-$893

HOME Construction Costs Project Development Cost: $8,766,000 HTF Loan Amount: $480,000 Leverage 1 to 18.26

Construction Loan Terms Rate: 4. 00% Source of Funds: HOME Term: 36 month or commencement of permanent financing simple interest paid annually Contingencies TDHCA tax credit allocation

Timeline August 2009, Tax Credit Award February 2010, Loan closings March 2010, Start of Construction March 2011, Leasing begins March 2012, Permanent Loan Closing, repayment of HOME loan

Next Steps M&C Approving the allocation of $480,000 in HOME funds to the Lincoln Terrace Apartments Project

Questions?