Meadowlark overview

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Meadowlark overview

  1. 1. Affordable Housing In the Upper Valley: At the CrossroadsMeadowlark Update 2013What it will take to make it happen Upper Valley MEND and the SHARE Community Land Trust
  2. 2. UV MEND and Affordable Housing in the Upper Valley Alpine Heights 10 homes, 2001 Aldea Village 10 Homes, 2006Cornerstone Adult Family HomeSix resident units + Manager apartment: 2011 Assumed asset management responsibilities for eight homes in 2011 when local Habitat chapter closed
  3. 3. Keeping Leavenworth Livable for Working Families“These working families are critically important to thesuccess of any community, as they are the lifeblood of ourworkforce. There is no question that affordable housing isimportant in any community, but it has never been moreimportant to Leavenworth than right now.”- Leavenworth Mayor Cheri Farivar
  4. 4. Change in Population, Housing Units, and Housing Unit Status: Cities in Chelan County, 2000-2010
  5. 5. Change in Population, Housing Units, and Housing Unit Status: School Districts in Chelan County, 2000-2010
  6. 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. 7. Meadowlark Site Plan
  8. 8. Meadowlark Site Plan and Home Types
  9. 9. Revenue from Home SalesNumbers Taken from the Meadowlark Pro Forma
  10. 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. 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. 12. Economic Impact of MeadowlarkThe 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, withover $21,000,000 in value of direct construction and investment.The estimated local impact from construction of 100 homes include the private and publicbenefits of:• $21.1 million in local income• $2.2 million in taxes and other revenue for local governments• 324 local jobsAfter 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 consumersin the local economy year after year. Other ongoing impacts include the effect of increasedproperty taxes, based on the difference between the value of raw land and the value of acompleted 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 athttp://www.nahb.org/generic.aspx?sectionID=784&genericContentID=35601
  13. 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. 14. Go-Forward TimelineITEM STATUS NOTESSite Planning and Engineering 60%Planned Development Preliminary 80% In negotiations with city onApproval ‘application complete’.CDBG Application 1/31/2013 Successfully submitted.Final Site Engineering 2/1/2013 - 5/1/2013Construction Financing 2/1/2013 – Working on ‘socially responsible’ 5/30/2013 investment pool.Final Contractor Bids/Selection 5/1/2013 – Infrastructure only. 7/1/2013Infrastructure Construction Begins 8/1/2013Final Contractor Bids/Selection 9/1/2013 – Home builder(s). 11/1/2013Phase I Home Permits 1/1/2014Home Construction Begins 7/1/2014
  15. 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.

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