A Case for Additional Tools (Patrick Costigan) - ULI fall meeting - 102711
A Case forAdditional ToolsPresented by:Preston PrinceCEO/Executive DirectorFresno Housing Authority
Worse than Appalachia Fresno Bee – July 16, 2008Valley congressional district ranks lastnationwide on studys scorecard of well-being.
What is F-HA going to do about it? • Repositioning of our Existing Portfolio • Acquisition/Rehabilitation of Preservation Properties • Invest in Special Needs Housing • Partnerships with City/County and other jurisdictions
What is F-HA going to do about it?• New Construction of Work Force Housing• Re-Allocation of Existing Program Funds• New Policy Initiatives• Not Just Housing – Community Building and other Linkages
Goals of Repositioning• Address Long-Term Capital Needs• Long-Term Affordability• Supportive Services/Community Building• Special Needs Populations• Economic Development• Impact Health, Wealth & Education of our Community
Goals of Repositioning• Targeted City/County Goal or Neighborhood• Income Diversification• Options/Choices for our Residents
Funston Place and Funston Terrace •200 units of Officer’s Barracks for Hammer Field •26.5 acres •Built in 1940’s and 1950’s •Deteriorating infrastructure led to physical distress certification •Demo completed in 2007
Financing Plan for Parc Grove Commons• Preliminary Plan 2005• Disposition 2006• Demolition 2007• 2008: F-HA received an allocation of 4% bond financing and MHP bond financing that provided an $8.2 million permanent loan for the project• Economic downturn affected the investor/lender market• 40 families returned
Parc Grove Commons DevelopmentPermanent Financing SourcesWachovia Affordable HousingCommunity Development Corp $23,460,403CA Community Reinvestment Corp $2,900,000Fresno Housing Authority (includesCFRC, CFRG, RHF) $5,517,580City of Fresno (HOME) $2,000,000Housing Relinquished Fund Corp $3,007,435City of Fresno RDA $500,000Total Development Costs $37,384,418
Project Description 215 units universal design elements green building features 6,710 sf community building with:classroom facility, computer room, offices, fitness center, pool, basketball courts, picnic areas, courtyards
Project Description 4,000 people on waiting list First Family moved in: April 2011 Grand Opening: April 2011 Fully leased: September 2011 Returning Families: 40
Parc Grove Commons DevelopmentPermanent Financing SourcesWachovia Affordable HousingCommunity Development Corp $23,460,403CA Community Reinvestment Corp 2,900,000Fresno Housing Authority (includesCFRC, CFRG, RHF) 5,517,580City of Fresno (HOME) 2,000,000Housing Relinquished Fund Corp 3,007,435City of Fresno RDA 500,000Total Development Costs $37,384,418
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