Housing Catalyst Development Committee

Nov

Housing Catalyst Development Committee

https://zoom.us/j/94196622009?pwd=NERXK0M2K2ZTUnppRnl5eTdaSTBRQT09

Meeting ID: 941 9662 2009 Passcode: 669553

Thursday, November 9 2023

1:00pm - 2:30pm MST

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Approval of Minutes from October 2, 2023 Meeting

5 mins

1:00 pm MST

2023-10-02 - Development Committee Minutes.pdf
Construction and Project Updates

1:05 pm
1. Impala Redevelopment
  
  5 mins
  
  1:05 pm
2. Public Housing Disposition
  
  5 mins
  
  1:10 pm
3. Budget Update and Funding Request
4. 2155 W. Plum Renovation
  
  15 mins
  
  1:15 pm
Adjourn

1:30 pm
1. Partnerships and Pipeline Updates
  
  45 mins
  
  1:30 pm
  1. Partnership Criteria Update

Approval of Minutes from October 2, 2023 Meeting

Commissioner Penta moved to approve the minutes from the October 2, 2023 meeting. The motion was seconded by Commissioner Nelsen and passed unanimously.

Construction and Project Updates

Impala Redevelopment

Senior Project Manager Nichole Rex provided an update on the construction progress at the Village on Impala. Construction is 6% complete. Abatement and clearance testing are completed. Demolition will be completed in November. Footing and foundations will begin in November and continue into December. Off-site utility work has been completed and on-site utility work will be ongoing

Public Housing Disposition

Project Manager Preston Nakayama reported that the sale of the Jamith public housing units closed on October 31. All of the planned public housing sales to Elevation Community Land Trust have been completed.

2155 W. Plum Renovation

Budget Update and Funding Request

Project Manager Preston Nakayama provided a status report on the project and an update on the additional scope that staff recommends be added to the project in order to: increase energy efficiency with electric heating and cooling to living rooms and bedrooms; provide larger and more usable and accessible community and laundry spaces for residents; provide residents the same connectivity that market rate properties have; install upgraded electrical infrastructure required to transition to electric heating/cooling; and provide domestic hot water and back-up baseboard heat during extreme cold on a more efficient platform. Staff are reviewing options to increase project funding and will bring a request to the November Board meeting.

Partnerships and Pipeline Updates

Chief Real Estate Officer Kristin Fritz reported that:

- Staff will bring the recommendation on the Heartside Hill partnership request from CARE Housing to the next meeting.

- Pedcor submitted a tax credit application during a round that was more competitive than we have seen for many years. Being a large project is a challenge for their application because an award to them would reduce the number of projects that CHFA can award. Because this is in a Metro District, there is a requirement for 250 affordable units. If Pedcor does not receive an award this year, the project will no longer be in a qualified census tract and will therefore need an additional ~$10 million in funding. CEO Julie Brewen participated in their presentation and shared that CHFA wanted to know more about the larger vision for the entire development and how this project and other projects like Heartside Hill affects CHFA's geographical distribution of awards.

CEO Julie Brewen added that:

- There were no proposals submitted to ULC from their RFP.

- With limited resources, it is going to be increasingly difficult for Housing Catalyst to decide to be a partner in other developers' projects.

Chief Real Estate Officer Kristin Fritz also reported that:

- The Proposition 123 Land Banking application for the Eastbrook site has been submitted. We expect a decision in January.

- We are moving forward to prepare for City funding applications that will be submitted in February.

- The City of Fort Collins has submitted an affordable housing infrastructure grant request after their first request was denied. We worked with the City to resubmit an application for infrastructure and/or fees for the Remington Parking Lot project. The funds must be spent by 2026, and that timeline is challenging with the tax credit timeline. If the grant looks like a real possibility, this project may move up in our timeline and therefore we will continue to prepare for this project.

- The City was able to get the cost of the Phase II environmental report for the Remington Parking Lot project approved and budgeted. We can now move forward to get the report done and understand the extent of the remediation.

- We are seeing construction costs coming down, based on recent cost estimates received from Calcon for the market-rate plans for the Eastbrook project .

- We are in Year 15 of tax credit compliance for Village on Stanford. We have worked with a consultant to understand the value of the property if we decide to sell it. It is required to remain affordable so if we decided to sell the property and use the proceeds for other projects, the overall number of affordable units could be increased. In the current environment of limited availability of tax credit funding, this will be an option to consider.

-We are working with the architect from the Plum project on a fit study for the McWhinney site at the Foothills Mall. It will be between 50-60 units. Because there will be no infrastructure or parking costs, this may a project that can be developed without tax credits. The site will be ready for development at the end of 2025.

- The Development Department is working with Asset Management and Property Operations to look at recently conducted capital needs assessments for some Villages properties and determine the best future direction for these properties.

Partnership Criteria Update

Chief Real Estate Officer Kristin Fritz proposed an update to the Partnership Criteria to change language referencing Fort Collins to Northern Colorado since we will likely see more regional requests coming in. Commissioner Mathis moved to approve the motion and it was seconded my Commissioner Nelsen and passed unanimously.

Adjourn

The meeting was adjourned at 2:04 p.m.

Members

Name	Attendance
Jake Arnold
Julie Brewen
Michele Christensen
Justin Corey
Tonya Frammolino
Julie Francis
Kristin Fritz
Tara Gaffney
Rachel Gaisford
Carly Johansson
Cathy Mathis
Preston Nakayama
Anne Nelsen
Jeanna Nixon
Joseph Penta
Nichole Rex
Samuel Seitz
Jennifer Wagner

Guest Members

Name	Attendance
Nick Benson
Meaghan Overton

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