Best laid plans Horrid tales of affordable housing            developmentNational Rural Housing Conference                ...
2003 - It sounded good at the             timeO Plentiful resourcesO USDA self-help program running  strong, with administ...
Parksdale due diligenceO Sewer and water – commitment letter!O ZoningO EnvironmentalO Eligibility for fundingO Competitive...
What can go wrong?O Structuring the purchase (when possible  option)O When elephants fight (city v. county)O A recession? ...
Deal breakersO InfrastructureO Rights to develop / entitlementsO Funding contingenciesO Can you land bank?
TimelineO Option to Purchase agreement signed –    April, 2004O   Purchased – June, 2005O   HAC land bank loan - 2005O   D...
The ProjectO 126 Single family homes in three phasesO 96 Multifamily rental units in two phasesO Neighborhood parkO Shared...
Promises, promisesIf you wish to be a success in theworld, promise everything, deliver nothing.Napoleon Bonaparte
Some stuff worksO Rental housing development – better than  hoped forO First project funded – HOME 2008, LIHTC  2009, plac...
Parksdale Village I
Community Room
Some stuff doesn’t workO Single family first phase – 49 lotsO First self-help group started June, 2010O Second group start...
What Happened?O Peak of real estate value in California –  2006O By 2008, real estate values down at least  30% from peakO...
How bad can it get?O Sewer lift station nightmareO AppraisalsO Loss of subsidies (eg. School fees)O New requirements, new ...
What have we learned?O Smaller projectsO Promises from local jurisdictions often  mean less than intendedO Beef up your kn...
Parksdale Village II
The future, brightlyO Allocating costs to future phasesO Building when conditions dictateO Watch for RD eligibility
Why we persevere
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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A3 successful rural affordable housing development tom collishaw

  1. 1. Best laid plans Horrid tales of affordable housing developmentNational Rural Housing Conference 2012
  2. 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. 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. 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. 5. Deal breakersO InfrastructureO Rights to develop / entitlementsO Funding contingenciesO Can you land bank?
  6. 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. 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. 8. Promises, promisesIf you wish to be a success in theworld, promise everything, deliver nothing.Napoleon Bonaparte
  9. 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. 10. Parksdale Village I
  11. 11. Community Room
  12. 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. 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. 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. 15. What have we learned?O Smaller projectsO Promises from local jurisdictions often mean less than intendedO Beef up your kneepads
  16. 16. Parksdale Village II
  17. 17. The future, brightlyO Allocating costs to future phasesO Building when conditions dictateO Watch for RD eligibility
  18. 18. Why we persevere

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