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Denver 9/27 Chris Parr

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Presentation from Partners in Innovation Policy Forum in Denver, CO on September 27, 2010.

Presentation from Partners in Innovation Policy Forum in Denver, CO on September 27, 2010.


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  • Needed a total of $27.5 million in PAB to meet 50% test. CFFP Bond/PAB - $14,600,000Size dictated by perm financing gapConstruction Loan/PAB - $12,750,000 Construction loan sized to fill approximately 55%EPC Lease Finance/PAB - $4,000,000Size dictated by energy savings capacityHad the option to not use Bond Cap on this, but would have then needed to increase the construction loan and thus construction interestDHA Purchase Loan - $11,150,000Needed to bridge equity installmentsHad agreed to late timing of equity before fully comprehending the structure of the purchase of the buildingsDHA Program Funds Loan - $3,600,000Indirectly linked to sale proceedsCould not use the full proceeds at sale anyway as we needed to have PAB funding for the 4% LIHTCPaul will discuss these last two more in a minute
  • Objectives under each element.The HDMT includes over 130 indicators.
  • Transcript

    • 1. Financing Affordable and Workforce Housing
      Partners in Innovation
      National Symposium
      September 27, 2010
      Chris Parr
      Director of Development
      Denver Housing Authority
    • 2. DHA Approach to Mixed-Income HousingHousing Today
    • 3. Financing Options/Tools
      Low-Income Housing Tax Credits
      New Market Tax Credits
      Regional Transportation District Bond Project
      Tax Increment Financing
      Energy Tax-Credits
      Improvement Districts
      Denver Better Bonds
      Property Tax Exemption
      Urban Land Conservancy
      TOD Fund
      HUD
      DOT
      EPA
      City Skyline Fund
      HOME/CDBG (City/State)
      Inclusionary Zoning
      CHFA TOD Incentive Scoring
      CFFP/EPC
      Department of Health
      Foundations
      Everything
    • 4. Financing Options/Tools
      Low-Income Housing Tax Credits
      New Market Tax Credits
      Regional Transportation District Bond Project
      Tax Increment Financing
      Energy Tax-Credits
      Improvement Districts
      Denver Better Bonds
      Property Tax Exemption
      Urban Land Conservancy
      TOD Fund
      HUD
      DOT
      EPA
      City Skyline Fund
      HOME/CDBG (City/State)
      Inclusionary Zoning
      CHFA TOD Incentive Scoring
      CFFP/EPC
      Department of Health
      Foundations
      Everything
      -DHA Redevelopments
      -Denver Local Innovation
      -Livability Principles
      Grants
      Foundations
    • 5. Three TowersIntegration of Capital Fund Financing Program, LIHTC, and Energy Performance Contracting
    • 6. Three Towers
    • 7. Park Avenue Redevelopment Block 5B
      Park Avenue Phase 5 Estimates
      90 Units
      LEED NC
      LEED ND
      Green Communities
      Code Const Cost 15,200,000
      Pilot Savings (620,000)
      Bldg w/ Pilot 14,580,000
      Green Premiums 877,000
      Rebates (418,520)
      Grants (162,000)
      Prem less Reb/Gr 296,480
      Bldg w/ Pilot plus Green Prem
      14,876,480
      Avg Payback 7 years
    • 8. Park Avenue Solar Analysis
      100 kW System – Goal: Cover Significant Building Electrical Demand
      Total System Value $616,000
      Solar Rebate ($198,720) Considerations: - Need 12-14,000 sf mounting space
      Initial Capital Requirement $417,603 - Other Building Systems
      Federal Investment Tax Credit ($184,800)
      Final Capital Requirement $232,803 Payback Year 7
    • 9. South Lincoln Redevelopment
    • 10.
    • 11. 1099 Osage: Phase I of the South Lincoln Redevelopment
      Funding Sources:
      CFRC (Stimulus)
      Low Income Housing Tax Credit Equity
      DHA Developer Fee
      Denver Better Bonds
      Denver Skyline Funds
      Denver HOME
      Denver CDBG
      Denver Land
      RTD Station Participation/Bike Share
      Xcel Rebate Program
      “Green” Efforts/Funding
      Tracking LEED Platinum,
      Enterprise Green Communities,
      Offsetting 50% of wastewater, energy, and water consumption
      Photovoltaic/Geothermal (Energy Tax Credits)
      EPA Study Grant
      Greywater Pilot
      Smoke Free Housing study
    • 12. Stormwater Approach
      Storm Water Quality Legend
      Storm Water Detention
      Water Quality Gardens
      Savings Est.: $3,000,000
      MITHUN
      SOUTH LINCOLN REDEVELOPMENT MASTERPLAN
    • 13. Urban Land ConservancyTransit Oriented Development Line of Credit Summary of Terms and Conditions
    • 14.
    • 15. Bringing it TogetherLivability Principles HUD/DOT/EPA
      Provide More Transit Choices
      Promote Equitable, Affordable Housing
      Enhance Economic Competitiveness
      Support Existing Communities
      Coordinate and Leverage Federal Policies and Investment
      Value Communities and Neighborhoods
      Incorporate at the Site Level
      Interagency Collaborative
      EPA Grant
      Incorporate at the Area Level
      Incorporate at the Corridor Level
    • 16. Going Further What is Sustainable?
      Sustainable = + + + +
      Green
      The greatest way to go Green is to be SUSTAINABLE
    • 17. Denver HDMT
      Elements and Objectives
    • 18. Grants/Foundations - Chasing It in New Ways
      Grants
      DOT Tiger II Planning
      HUD Community Challenge
      HUD HOPE VI
      HUD Choice Neighborhoods
      HUD Healthy Homes
      USDA Hunger Free Com
      EPA Design Assist
      Governor’s Energy Office
      Department of Health
      Public Works Coupling
      Geothermal/Solar/Wind/Greywater
      Local Utility Incentives
      Foundations
      Ford
      DHA/City/ ULC/Enterprise/Non-Profits
      MacArthur
      DHA/City/ULC/Enterprise/Others
      Local
      Colorado Health Foundation
      Health Organizations