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Renaissance Housing Development Corporation August – 2015 Colorado Coalition for the Homeless

August 25, 2015

Renaissance Housing Development Corporation August – 2015

Colorado Coalition for the Homeless

John Parvensky,  Darrell Brown, Benjamin Kuruvila, Alan Robinson, Christopher Moe, Grant Muller, Norm Haglund, Tom Jones, John Pappaas, Kuhl Brown, Don Hartman

Stout Street Development

1 year the property has been open.  Leans Dave Arkell leading the consolidated arbitration schedule.  Greeleif arbitrator   scheduling order.  MAY, 2016 first hearing. sub contractors 9 sets oflawyers   time intensive. worth taking another try to use mediation sooner resolution,  Meeting for mediation may be possible  agree other parties that they’re sharing responsibility.  2.7 million down to 1.5 million 65K  was proposed  constrained by their insurance carrier.  sad commentary  

liens have been reduced in eskrow account $300,000 + 1/2 million in reserves. Stout Street Center is doing well enough.  How does the permanent financing has to increase there was none in this case.  Bank as lender has no exposure  Tax credit financers are at risk,  loss of 15 million  US BANK is at risk.  

Construction punch list items warranty majority have been addressed  Lingering issues.  largest items that have to be completed  1 year warranty walk through document items that have not been resolved. Specific list – water leak trickling into the building from alley way drainages that are located in the wall.  They did some pressure tests hydrologic tests third party consultant fix will be completed  could have to tear out the alley  break room for the health center. They’ve replaced  ceiling tiles in the basement area.  Yet to identify and prepare could mean taking out concrete.  

Beetle Kill  PINE wood  not fully dried out made the issue WORSE finishes were not done with care sanding before they applied finishing.  Sanded didn’t do sanding  they used paint brush  instead of wiping with cloth.  appearance is unacceptable.  Pretty hefty expense if we have to accomplish this.

 

Multi-Family Affordable Housing Event in October.  Looks great comment

Property management has come on board December 28  OPENING

MID DECEMBER first floor first including community space  openingevent will be possible.

parking lot finished by December that will be done by October  opening before the holidays.

bifurcated fundingcontract to sell condo on the 4th floor to PAB limited partnership Private Activity Bond   Division of Housing of Colorado.

Condo Conversion  final approval once approved and recorded 4th floor will be offered  2.5 million equtiy  bond in place for a year and will be backed by a risk shareloan by Depart of Urban Development.  No equity of limited partnership will reimburse the LOW INCOME HOSUNG  TAX CREDITS  LHTC  we are using the same structure at the downtown Renaissance Housing Project.   

1 condominium that is divided into 28 units  management will allocate costs for running the building on a percentage basis.  A little more complex.

this will bring in more equity

 

 

 

North Colorado Station

US BANK HAS Backed the project

 

Prospective Properties

2075 Broadway

tax credit has been approved for construction

29 parking space on Broadway main entrance  community space on first floor  community room computer lab outdoor court yard.  6 story building.  TAX CREDIT AWARD  50 section 8 vouchers from state and another 50 vouchers from City.  Colorado Housing  17 year loan refinance the building after that time making a recommendation in October. Million dollar home loan will need to go before City Council. Architect is beginning the design contriction permit need waiver from the zoning commission for 11 spaces for  everyone to have a place for vehicles  99% don’t have vehicles.  

rezoning is taking place at Arapahoe Square.  Public Councilman Brooks Curtis Park Neighborhood Association.  Ball Park Neighborhood Association.

 

They can oppose the parking which is the only basis of rezoning hearing.

 

Bill sits on the Arapahoe Square Redeveloping Planning Board.  restricting parking to 1,500 ft away.  We have the places for people to have spaces for 11 vehicles. There is noise abatement an environmental scan  67.5  we won on the outdoor patio which came in at 42 decibals.  Enterprise  review systems access control make some plans  architect review first floor.  rubber stamp  greater decibal level  green development  sound insulated material  continuous approved  blow in celluose Foam board on the exterior.

sound consultant look at the design. noise issue River Front  most people have their windows open.

 

old carson printing building concrete structure trying to sell it off for 20 years planning to sell it for a restaurant use  2.1 million dollars for it.  Large amount of work ADA accessibility issues.  BUY parcel  buying the other piece is cost prohibitive

Buckley Annex Lowry Redevelopment  Air Force Administration for LRA Lowry Redevelopment Administration.  They created a consortium.  LOT assigned for homeless people 23 units 60 for affordable Consortium decided who would be the developer.  

we put in an appliaction VHA community chose VOA for developing the site

 

total 5.7 million dollars for the year.

first consolidated list of expenses on all property

maintenance expenses

Utilities

5.1 million  637K for the properties doing a little better for the full year

before replacment reserves

principal  is out

depreciation is not included

 

PROPERTIES ARE PAID FOR but not SERVICES

Tenant Service fees will pay for counseling and 

pays down accrued interest

 

Resolution of City of Denver CHDO

HOME GRANTS

Resolution State of Colorado CHDO

received funding from both entitiies

need resolutions authorizing the submission of the applications:

whereas approved application to the Divison of  Housing  authorizing JP as representative  and BILL WINDSOR is Vice President  

2 properties owned by coalition  1437  Garfield heart of Capitol Hill Duplex that we owned for over twenty years.   purchased for 60K  significant appreciation for  2 and 3 bedroom unit problems arise 

targted have more difficulties we can’t manage the properties.  essentially cash flowing we have to subsidize them   selling would make sense

1200 Yosemite donated to us in Aurora. Not the easiest to maintain convert to cash better leverage 60 day notice help them find other places to live.  

paying off the Kresge Loan programing investment   3 year loan is due to in 2016. 3 million would these two properties net worth about a million dollars.

tough to find other housing cannot subsidizing others it is not our responsibility to house people at the higher rent.

second peice Grant Miller would represent the properties,  he would have to deal with that commission.

2 other properties that we own Lincoln Glenarm  2000 block of Glenarm  two traditional arms lincoln glenarm partnership 26 years ago difficult to manage tax credit compliance.  dispose of these properties 35 land use restriction affordable housing low-income household  Housing Authority we could sell the property without restrictions could be sold at the restricted value. Neighborhood group better maintenance and on site management.  additional sites in other areas.  tough to manage these properties. Not being served by the Coalition  Lincoln Glenarm partnership  application process through a qualified contract after a year we could sell the property.  Coalition limited partner  sole member RHDC owns 1%.   25 more years exist on property.

 

need appraisal  15 years of investment  restricted value price they would have to find a buyer.  minus $6,000 for this year someone else could manage the property at a lower case. There is a fair amount of deferred maintenance.  

we waive our rights to do this for new properties. put in application to get a qualified contract.  

 

 

 

 

 

 

 

getting priced out of neighborhood

 

coming in now the land prices are prohibitive

 

 

 

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