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A3 successful rural affordable housing development   tom collishaw
A3 successful rural affordable housing development   tom collishaw
A3 successful rural affordable housing development   tom collishaw
A3 successful rural affordable housing development   tom collishaw
A3 successful rural affordable housing development   tom collishaw
A3 successful rural affordable housing development   tom collishaw
A3 successful rural affordable housing development   tom collishaw
A3 successful rural affordable housing development   tom collishaw
A3 successful rural affordable housing development   tom collishaw
A3 successful rural affordable housing development   tom collishaw
A3 successful rural affordable housing development   tom collishaw
A3 successful rural affordable housing development   tom collishaw
A3 successful rural affordable housing development   tom collishaw
A3 successful rural affordable housing development   tom collishaw
A3 successful rural affordable housing development   tom collishaw
A3 successful rural affordable housing development   tom collishaw
A3 successful rural affordable housing development   tom collishaw
A3 successful rural affordable housing development   tom collishaw
A3 successful rural affordable housing development   tom collishaw
A3 successful rural affordable housing development   tom collishaw
A3 successful rural affordable housing development   tom collishaw
A3 successful rural affordable housing development   tom collishaw
A3 successful rural affordable housing development   tom collishaw
A3 successful rural affordable housing development   tom collishaw
A3 successful rural affordable housing development   tom collishaw
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A3 successful rural affordable housing development tom collishaw

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  • 1. Best laid plans Horrid tales of affordable housing developmentNational Rural Housing Conference 2012
  • 2. 2003 - It sounded good at the timeO Plentiful resourcesO USDA self-help program running strong, with administrative and mortgage fundingO Secondary financing availableO Rental housing LIHTC accessibleO Good market outside urbanized area with high farmworker needs
  • 3. Parksdale due diligenceO Sewer and water – commitment letter!O ZoningO EnvironmentalO Eligibility for fundingO Competitive status of areaO MarketO Government requirementsO Offsite requirements
  • 4. What can go wrong?O Structuring the purchase (when possible option)O When elephants fight (city v. county)O A recession? Nah, can’t happen.O The American Dream on hiatus
  • 5. Deal breakersO InfrastructureO Rights to develop / entitlementsO Funding contingenciesO Can you land bank?
  • 6. TimelineO Option to Purchase agreement signed – April, 2004O Purchased – June, 2005O HAC land bank loan - 2005O Design – proposed map September, 2006O Entitlements approved – February, 2007
  • 7. The ProjectO 126 Single family homes in three phasesO 96 Multifamily rental units in two phasesO Neighborhood parkO Shared costs through assessment districtO New water well for communityO New sewer lift station
  • 8. Promises, promisesIf you wish to be a success in theworld, promise everything, deliver nothing.Napoleon Bonaparte
  • 9. Some stuff worksO Rental housing development – better than hoped forO First project funded – HOME 2008, LIHTC 2009, placed in service 2010O Second project funded – HOME 2010, LIHTC 2011, placed in service 2012
  • 10. Parksdale Village I
  • 11. Community Room
  • 12. Some stuff doesn’t workO Single family first phase – 49 lotsO First self-help group started June, 2010O Second group started October, 2010O Third truncated group started December, 2011O Currently 23 lots remaining, no new builders approved
  • 13. What Happened?O Peak of real estate value in California – 2006O By 2008, real estate values down at least 30% from peakO By 2010, at least 50% down
  • 14. How bad can it get?O Sewer lift station nightmareO AppraisalsO Loss of subsidies (eg. School fees)O New requirements, new costs (sprinklers, Energy Star)
  • 15. What have we learned?O Smaller projectsO Promises from local jurisdictions often mean less than intendedO Beef up your kneepads
  • 16. Parksdale Village II
  • 17. The future, brightlyO Allocating costs to future phasesO Building when conditions dictateO Watch for RD eligibility
  • 18. Why we persevere

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