1. A Case for
Additional Tools
Presented by:
Preston Prince
CEO/Executive Director
Fresno Housing Authority

2. Worse than Appalachia
Fresno Bee – July 16, 2008
Valley congressional district ranks last
nationwide on study's scorecard of well-
being.

3. 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

4. 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

5. 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

6. Goals of Repositioning
• Targeted City/County Goal or Neighborhood
• Income Diversification
• Options/Choices for our Residents

7. 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

8. Old Funston:
“Not intended for family housing”

9. 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

10. Parc Grove Commons Development
Permanent Financing Sources
Wachovia Affordable Housing
Community Development Corp $23,460,403
CA Community Reinvestment Corp $2,900,000
Fresno Housing Authority (includes
CFRC, CFRG, RHF) $5,517,580
City of Fresno (HOME) $2,000,000
Housing Relinquished Fund Corp $3,007,435
City of Fresno RDA $500,000
Total Development Costs $37,384,418

11. The New Parc Grove Commons

14. 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

15. 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

16. Parc Grove Commons Development
Permanent Financing Sources
Wachovia Affordable Housing
Community Development Corp $23,460,403
CA Community Reinvestment Corp 2,900,000
Fresno Housing Authority (includes
CFRC, CFRG, RHF) 5,517,580
City of Fresno (HOME) 2,000,000
Housing Relinquished Fund Corp 3,007,435
City of Fresno RDA 500,000
Total Development Costs $37,384,418