1. Affordable Housing In the Upper Valley:
At the Crossroads
Meadowlark Update 2013
What it will take to make it happen
Upper Valley MEND and the
SHARE Community Land Trust

2. UV MEND
and
Affordable
Housing in the
Upper Valley
Alpine Heights
10 homes, 2001
Aldea Village
10 Homes, 2006
Cornerstone Adult Family Home
Six resident units + Manager apartment: 2011
Assumed asset management responsibilities for eight
homes in 2011 when local Habitat chapter closed

3. Keeping Leavenworth Livable for Working Families
“These working families are critically important to the
success of any community, as they are the lifeblood of our
workforce. There is no question that affordable housing is
important in any community, but it has never been more
important to Leavenworth than right now.”
- Leavenworth Mayor Cheri Farivar

4. Change in Population, Housing Units, and Housing Unit Status:
Cities in Chelan County, 2000-2010

5. Change in Population, Housing Units, and Housing Unit Status:
School Districts in Chelan County, 2000-2010

6. Home Sales in the Upper Valley
On 11/17/12, there were 173
Residential Properties Listed for Sale
in Leavenworth, Peshastin, Dryden,
Lake Wenatchee, and Steven’s Pass
Single Family Median List Prices (152)
• $397,000 in Leavenworth
(Range: $89,000-$2.0m)
• $349,000 in Peshastin/Dryden
(Range: $125,000-$1.1m)
Condo Median List Prices (21)
• $299,900
(Range: $119,000-349,000)
Properties $250,000 or less (43)
• 34 Single Family
• 8 3-Bedroom (7 are in Plain)
• 9 2-Bedroom
• 17 1 or No Bedrooms (1 room cabins)
• 9 Condos, Median $165,900

7. Meadowlark
Site Plan

8. Meadowlark Site Plan and Home Types

9. Revenue from Home Sales
Numbers Taken from the Meadowlark Pro Forma

10. 97% OF MEND’S MEADOWLARK COSTS ARE COMMITTED – WE HAVE 3% TO GO
MEADOWLARK PROJECT COST & COMMITTED REVENUES:
PROJECT COST:
Land and Predevelopment $1,074,801
Site Development $2,766,882
Construction (@ $95-100 s/f) $8,808,349
Interest Reserve $375,000
Selling Costs $331,300
TOTAL PROJECT COST $13,356,332
COMMITTED REVENUES:
Community Support to Date $542,102
City of Leavenworth $234,000
County of Chelan $20,000
SHOP (HUD) $450,000
Habitat for Humanity $450,000
Affordable Home Sales $5,200,000
Near Market Home Sales $6,065,000
TOTAL COMMITTED REVENUES $12,961,102
UNFUNDED GAP $395,230

11. Opportunities...
POTENTIAL SOURCES OF ADDITIONAL REVENUES: 90% likelihood 70% likelihood 50% likelihood Totals
Critical Community Capital Raise $150,000 $150,000
CDBG (community development block grant) $750,000 $750,000
City of Leavenworth 20-60 Fund $20,000 $20,000
Chelan County 20-60 Fund $70,000 $70,000
Other grants, foundations & corporate giving $100,000 $100,000 $200,000
HTF (Housing Trust Fund) $500,000 $500,000
Additional Community Capital Raise $175,000 $175,000 $350,000
Site Plan Change adding 5 more lots (net value) $250,000 $250,000
Potential Reductions in Costs:
Save $5 per square foot on building cost $335,000 $335,000
Save another $5 per square foot $335,000 $335,000
Save 25% of the contingency $195,000 $195,000
Save another 25% of the contingency $195,000 $195,000
Rayfield donation of work $100,000 $100,000 $200,000
TOTAL POTENTIAL ADDITIONAL REVENUES $340,000 $2,305,000 $705,000 $3,550,000
ADDITIONAL REVENUE USE:
Cover gap $340,000 $205,230 $545,230
Bring down affordable house prices $2,099,770 $705,000 $2,804,770
Reduction per affordable house $69,992 $23,500 $93,492
... and Risks
Project Management Partner with large contractor
Construction Cost 15% contingency on infrastructure, 15% on homes
Absorption/Price Points Flexible build out (4-5 years)
Project Financing Will know soon enough to secure bank back-up

12. Economic Impact of Meadowlark
The investment of public funds for Meadowlark’s infrastructure will leverage a multi-year, public,
private, non-profit effort for 100 residences, the majority of which are affordable housing, with
over $21,000,000 in value of direct construction and investment.
The estimated local impact from construction of 100 homes include the private and public
benefits of:
• $21.1 million in local income
• $2.2 million in taxes and other revenue for local governments
• 324 local jobs
After construction, the annually-recurring impacts include:
• $3.1 million in local income
• $743,000 in taxes and other revenue for local governments
• 53 local jobs.
These recurring benefits come from new home-occupiers paying taxes and becoming consumers
in the local economy year after year. Other ongoing impacts include the effect of increased
property taxes, based on the difference between the value of raw land and the value of a
completed housing unit on a finished lot.
Source: The Local Impact of Home Building in a Typical Metro Area: Income, Jobs, and Taxes Generated: June, 2009, available at
http://www.nahb.org/generic.aspx?sectionID=784&genericContentID=35601

13. Economic Impact of Meadowlark
51 Homes, 6 Lots
• $13,000,000 in economic activity through the local market.
• Generating:
Excise tax on $11.2m sales $56,000
Sales tax on $11.5m construction $207,000
Hookups/Permits $624,000
Property Tax (Annual 3X) $265,200
TOTAL $1,152,200

14. Go-Forward Timeline
ITEM STATUS NOTES
Site Planning and Engineering 60%
Planned Development Preliminary 80% In negotiations with city on
Approval ‘application complete’.
CDBG Application 1/31/2013 Successfully submitted.
Final Site Engineering 2/1/2013 -
5/1/2013
Construction Financing 2/1/2013 – Working on ‘socially responsible’
5/30/2013 investment pool.
Final Contractor Bids/Selection 5/1/2013 – Infrastructure only.
7/1/2013
Infrastructure Construction Begins 8/1/2013
Final Contractor Bids/Selection 9/1/2013 – Home builder(s).
11/1/2013
Phase I Home Permits 1/1/2014
Home Construction Begins 7/1/2014

15. Providing affordable homes for our families and
employees is critical to our community.
The MEND Board believes we should move forward, provided that we raise $150,000
of our $540,000 capital drive in order to finish pre-development.
The Board mandated on November 22 to make the decision whether or not to go
forward by the end of December, dependent upon raising the $150,000. The reason
for this mandate is to protect the financial integrity of all other MEND ministries.
AND NOW FOR THE RESULTS
 As of December 31st we exceeded our goal of $150,000 in donations.
See attached list of donors
 Forty community leaders & donors we presented to unanimously
recommended to proceed with Meadowlark, building homes and
community.
Part of our mission is to make sure the community is with us, as it has been for all
of our MEND ministries. We have and are now continuing to reach out to the
community to ensure the necessary moral support and financial backing for
Meadowlark.