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Renaissance Housing Corporation Board Meeting February on the cusp of March – Leadership in Housing

February 24, 2016

Renaissance Housing Corporation Board Meeting  February On the Cusp of March  –  Leadership in Creating Housing in Colorado

 

This is the edge of nowhere for many who have no chance and who will never be able to be stable safe and sound.  There is simply too little housing to meet the needs of the people who struggle to survive.  There are over 1,000 people daily without a safe place to lie down and stay every day.  Many people remain in limbo traveling throughout the night and finmding an uneasy place to rest, change their clothing and take care in basic daily living skills.

 

Palante!  

minutes:    

North Colorado Station

Harvey sung  from Ft. Lyon   19 in a recovery wing recovery support  –  Temporary certificate of occupancy –   final certificate 

no stairs or railings at the front of building.  added additional door for handicapped access.  Several doors exist.  ADA compliant.

29  targeted for families.  25  social impact bond SIB,  funding available at end of the week.  Additional 40 housed in scattered sites.  25 VASH vouchers.  Coordinating with the service staff on site.

People will move in by end of the Month  of March.  Completely occupied already.

Harrison 19 units on Harrison who will be housed on first floor.  AA recovery peer support  self-governance.  STUDIOS  1 space efficiencies.

1 more closing financially  after 90 days pay off construction loan replaced by private activity bond risk share loans  (2)  by mid-summer

3 case managers +  one Veterans  case manager

simpler   cooling and heating system  packaged units as in hotels  energy efficient  quieter,  VRF systen traditional  packaged three system for hallways.   central heating system.

no packaged roof top.    increased energy efficiency.  next building higher R value tighter and more efficient.

cost of WIFI   high side:    fiber optics coming into the building extreme connection speed  century Link will be a suppler of the Internet

SUN metering”  Model and see whether efficiences are being caught.

chosen  all units external subsidies  –  utility costs are in the rent  everything will be included PTAC

get behind on utility bills  because of 15 or 20 dollar bill then there is a burden for the property.

meeting of this board at the site.  furniture will be out there.

 

 

Downtown Lofts

Renaissance Downtown Lofts  Federal Home Loan Bank of San Francisco  –  $1,000,050.  Federal Home Load Bank regulatory  FDIC  member banks arer aligned with one of those systems  affordable housing system  regional entities, Menbers are a part of different regions. It has been around for over twenty years.  Commercial Federal savings.  Different ways that banks have treated diverse funding for affordable  Housing they have more money than any other board.  

MOST of these will be 1 bedroom  units $8.6 million  serving 25  people housed at Downtown Lofts  there will be 25 units in scattered sites.  completed in 18 months. DHA  50 project based vouchers and DHA another 50 vouchers.

working poor instead of chronic homeless  Brooks believes  1 Lincoln Park   some residents are supportive others are not.

.

can’t do the project without their money and always that we have the money no matter what

Application is due in March  –  APRIL at latest  ground breaking

construct of the podium through the first floor

second application will be for the additional floors

still don’t have clarity in two phases.

WELLLS AFARGO HAS BEEN TURNED LOOSE    Financing sign. 

financing partners:  US BANK 49% participation   AND WELLS FARGO  equity  controlled construction   without enhanced equity  there will be no property to construct.  significant risks separating out the equity in the construction.  US  BANK went back one more time

syndicate the loan:  structure for both parties  sell off a portion of the construction will be born by US BANK.  US BANK asked   to ,55 based origination points above the liability.  ,01%  difficult to justify to pay more  procurement policy  OMB    

The Merchant of Venice would be in AWE  for a pound of flesh

$195  a square foot  pricing is similar between the Colorado Station and Downtown Lofts

Prospective Properties

financing is coming together  LTHC side of this –  

Garfield duplex on the market  and i person is around the corner  functionally obsolete  HUGE LOT  zoned friendly

tax credit  property  1993  7 units scattered site on Glenarm and three houses on  ___________.

CHFA   release them from the land use from CHFA  allow us to do this as a contract sale  CHFA markets property for a year.  

someone in the year could bid on the property.  and then CHFA will allow the property to be used for something else.   2017  will be bale to invest in something else.  MARCH 22 at North Colorado Station at 4 p.m.    Contacting Toni to coordinate this  there.

 

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