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GMHF developers panel

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IMPACT 20/20 Housing Summit
November 16, 2016

Published in: Government & Nonprofit
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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 whanson@gmhf.com Hal Clapp Program & Loan Officer 651-221-1997 x103 hclapp@gmhf.com Find GMHF online at www.gmhf.com

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