Successfully reported this slideshow.
We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. You can change your ad preferences anytime.

GMHF developers panel


Published on

IMPACT 20/20 Housing Summit
November 16, 2016

Published in: Government & Nonprofit
  • Be the first to comment

  • Be the first to like this

GMHF developers panel

  1. 1. Main Street, Mixed-use development Funding Source Amount GMHF 1st Mortgage $260,000 Owner funds $3,172 DEED Commercial (grant) $72,000 DEED Residential (grant) $48,450 City of Warroad Port Authority (Grant) $13,500 Total Sources of Funds $410,622 • 3 units of Workforce Housing • 1 unit leased by Marvin Windows for their employees • Head Start Program relocated as commercial tenant anchor • Also received $4,000 in annual tax rebate from City of Warroad
  2. 2. Main Street, Mixed-use development Funding Source Amount Bank Financing $75,000 DEED Small Cities Residential (grant) $78,290 DEED Residential (grant) $48,450 City of Spring Valley (1% loan) $10,000 GMHF Loan (2% 5-year) $44,000 Total Sources of Funds $229,290 • Renovated 4 vacant apartments and brought them back into service • Spring Valley EDA development
  3. 3. Funding Source Amount GMHF Permanent Loan $1,500,000 USDA Permanent Loan $1,500,000 MN Housing Finance Gap Loan $2,300,000 Total Permanent Sources of Funds $5,300,000 • Preservation of 98 units of multifamily rental housing • Included $2.35M in GMHF Predevelopment & Construction loans • Developed by Southwest MN Housing Partnership
  4. 4. Adaptive Reuse of 7 units of Workforce Housing by Developer Scott Johnson Funding Source Amount GMHF 1st Mortgage (7-year term, 30-year amortization) $265,000 Owner funds $96,300 DEED Small Cities Residential (grant) $126,000 Total Sources of Funds $487,300
  5. 5. 42 units of new Workforce Housing by Developer Harold Jesh Funding Source Amount GMHF Financed TIF Note (7-year term, 25 year amortization) $460,000 Investor Funds $540,000 Bank Note $2,500,000 Total Sources of Funds $3,500,000
  6. 6. • GMHF Technical Assistance provided • 29 units of new single- family housing • Designed with Building Better Neighborhoods plans Funding Source Amount Total Development Costs Per Home $160,000 Affordability Gap Deferred Loan – Minnesota Housing ($21,700) City Downpayment Assistance ($10,000) Employer Contribution ($4,000) Resulting 1st Mortgage $124,300
  7. 7. Funding Source Amount Tax Credit Proceeds $5,223,000 GMHF Deferred Loan $180,000 Red Lake Housing Authority (cash flow note) $536,535 Total Sources of Funds $5,939,535 30 single-family homes built with Tax Credits in Phase I on Red Lake Nation
  8. 8. Funding Source Amount MN Housing Finance (Bond/Tax Credit) $4,170,000 Federal Home Loan Bank $500,000 GMHF Deferred Loan $200,000 Total Sources of Funds $4,870,000 24 units of permanent supportive housing for individuals exiting prison and homeless veterans, located next to Workforce Development Center
  9. 9. Funding Source Amount MN Housing 1st Mortgage $615,000 MN Housing EDHC Deferred Loans $2,503,140 MN Housing FFCC $400,000 GMHF Deferred Gap Loan $200,000 Tax Credit Equity Investment $1,466,763 Energy Rebates $1,000 Total Development Cost $5,185,903 A 24 units affordable housing community in Perham under development by D.W. Jones
  10. 10. Warren Hanson President & CEO 651-221-1997 x107 Hal Clapp Program & Loan Officer 651-221-1997 x103 Find GMHF online at