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2008 Affordable Housing Plan
2008 Affordable Housing Plan
Draft #4a / March 19, 2008 / Page 1 of 24
Agenda
~ Goals / Progress
~ Plan Summary
~ Priority Ranking
~ Assumptions
~ Analysis
~ Finance
~ Direction
2008 Affordable Housing Plan
2008 Affordable Housing Plan
Draft #4a / March 19, 2008 / Page 2 of 24
Goals / Progress
1 of 1
~ 2000 AACP Housing Goal
“…800 to 1,300 additional
affordable housing units…”
~ Progress
652 units built
~ To reach 1,300
648 units to go
2008 Affordable Housing Plan
2008 Affordable Housing Plan
Draft #4a / March 19, 2008 / Page 3 of 24
Agenda
~ Goals / Progress
~ Plan Summary
~ Priority Ranking
~ Assumptions
~ Analysis
~ Finance
~ Direction
2008 Affordable Housing Plan
2008 Affordable Housing Plan
Draft #4a / March 19, 2008 / Page 4 of 24
Plan Summary
Total of 635 units
1 of 1 (13 units short of the 1,300 unit goal)
2008 Affordable Housing Plan Summary
(All Estimates $2008)
Total Total Average Subsidy
TotalTotalNet Annual
For Sale orTotal unitsDevelopmentDevelopmentTotal SubsidyperPriority
Parcel/Property NameLand CostBedroomsRevenuesRental****
For Rent(Net)cost including cost per unitincluding landunit including Level
(Net)from salesRevenues
landincluding landland
For Sale$123,000114254$50,516,233$443,125$32,410,000$0$18,106,233$158,827High
Burlingame Phases 2+3
For Rent$5,400,0003570$12,732,963$363,799$0$336,420$12,732,963$363,799High
488 Castle Creek
TBDTBDTBDTBDTBDTBDTBDTBDTBDTBDHigh
Project TBD
$5,523,000149324$63,249,195$32,410,000$336,420$30,839,195
Subtotals
*BMC West + AABC
For Sale/Rent$18,270,000150292$83,254,967$555,033$38,545,000$0$44,709,967$298,066Medium
"Outlot"
Marolt
For Rent$050100$16,565,838$331,317$0$480,600$16,565,838$331,317Medium
(redevelopment)
For Sale$3,690,0001018$7,520,891$752,089$2,634,000$0$4,886,891$488,689Medium
802 West Main Street
For Sale$4,105,0001225$9,099,031$758,253$3,355,000$0$5,744,031$478,669Medium
517 Park Circle
Truscott Phase 3
For Rent$01680$25,200,814$1,575,051$0$235,895$25,200,814$1,575,051Medium
(redevelopment)
For Sale$04082$17,408,666$435,217$10,359,000$0$7,049,666$176,242Medium
Twin Ridge
$7,795,000278305$75,795,240$16,348,000$716,495$59,447,240
Subtotals
For Sale$01530$10,467,605$697,840$3,198,000$0$7,269,605$484,640Low
Yellow Brick
For Sale$01426$8,812,202$629,443$3,218,000$0$5,594,202$399,586Low
Red Brick
312 West Hyman
For Sale$3,500,00049$5,208,823$1,302,206$1,130,000$0$4,078,823$1,019,706Low
(Historic)
TBDTBD50TBDTBDTBDTBDTBDTBDTBDLow
**ZG Master Plan
**Centennial (Deed
For Rent$000$0$0$0$0$0$0Low
Restriction Sunsets)
$3,500,0008365$24,488,630$7,546,000$0$16,942,630
Subtotals
***Shadowood
For Sale$3,500,0002041$11,978,950$598,948$5,111,000$0$6,867,950$343,398TBD
(200 Stillwater)
For Sale$6,500,00065126$32,713,029$503,277$16,604,000$0$16,109,029$247,831TBD
***Forest Service Lot
***Castle Ridge
For SaleTBD4078$49,553,261$1,238,832$30,605,000$0$18,948,261$473,707TBD
(redevelopment)
$10,000,000125245$94,245,240$52,320,000$0$41,925,240
Subtotals
$26,818,000635939$257,778,306$108,624,000$1,052,915$149,154,306
Totals
* High dependence on Airport Master Plan and Traffic Master Plan
** Projected year 2020 or later
*** Although under consideration, the City of Aspen can not make any assumptions that affordable housing is possible on this property. Land value per PitCo Assessor.
**** Assumes $200/mo per unit annual maintenance
2008 Affordable Housing Plan
2008 Affordable Housing Plan
Draft #4a / March 19, 2008 / Page 5 of 24
Agenda
~ Goals / Progress
~ Plan Summary
~ Priority Ranking
~ Assumptions
~ Analysis
~ Finance
~ Direction
2008 Affordable Housing Plan
2008 Affordable Housing Plan
Draft #4a / March 19, 2008 / Page 6 of 24
Priority Ranking
1 of 1
Priority Rating/Ranking for the 2008 Affordable Housing Plan
Unknown Factors / ResistanceEnvironmental Impact
Transit Dependency
Land CostUtility ("Bang for your buck")10 = Few Unknowns/5 = Low Environmental Impact
5 = Zero Transit DependenceDeemed Priority
Parcel/Property Name10 = City Owned ($0 Cost)10 = Large Scale/Value Low Public Resistance (ie: Redevelopment or In-town)Total
3 = Existing Public TransportationBased on Total
1 = High Cost to Purchase1 = Small Scale/Value1 = Many Unknowns/1 = High Environmental Impact
1 = New Public Transportation
High Public Resistance (ie: Ranch Development)
101093234High
Burlingame Phases 2+3
10663429High
488 Castle Creek
101043229Medium
*BMC West + AABC "Outlot"
Marolt
10653529Medium
(redevelopment)
10275529Medium
802 West Main Street
10243322Medium
517 Park Circle
Truscott Phase 3
10223522Medium
(redevelopment)
10613222Medium
Twin Ridge
10115421Low
Yellow Brick
10115421Low
Red Brick
10145418Low
312 West Hyman (Historic)
10615426Low
**ZG Master Plan
**Centennial (Deed
101013428Low
Restriction Sunsets)
***Shadowood
4613317TBD
(200 Stillwater)
2615317TBD
***Forest Service Lot
***Castle Ridge
2413313TBD
(redevelopment)
* High dependence on Airport Master Plan and Traffic Master Plan
** Projected year 2020 or later
*** Although under consideration, the City of Aspen can not make any assumptions that affordable housing is possible on this property. Land value per PitCo Assessor.
2008 Affordable Housing Plan
2008 Affordable Housing Plan
Draft #4a / March 19, 2008 / Page 7 of 24
Agenda
~ Goals / Progress
~ Plan Summary
~ Priority Ranking
~ Assumptions
~ Analysis
~ Finance
~ Direction
2008 Affordable Housing Plan
2008 Affordable Housing Plan
Draft #4a / March 19, 2008 / Page 8 of 24
Assumptions
1 of 3
City Council approved Burlingame Phase 1 category mix for "next 53 units"
(assumed to be used for Burlingame Phases 2+3 combined)
50.00%
45.00%
40.00%
35.00%
32.08%
30.00%
24.53%
25.00%
20.00%
15.00%
13.21%13.21%
9.43%
10.00%
7.55%
5.00%
0.00%0.00%
0.00%
Cat1Cat2Cat3Cat4Cat5Cat6Cat7CatRO+
2008 Affordable Housing Plan
2008 Affordable Housing Plan
Draft #4a / March 19, 2008 / Page 9 of 24
Assumptions
2 of 3
2008 Affordable Housing Plan - recommended category mix for future developments
(except Seasonal Rentals and Burlingame Phases 2 + 3 combined)
50.00%
45.00%
40.00%
35.00%
30.00%30.00%
30.00%
25.00%
20.00%
15.00%
15.00%
12.50%
10.00%
7.50%
5.00%
5.00%
0.00%0.00%
0.00%
Cat1Cat2Cat3Cat4Cat5Cat6Cat7CatRO+
2008 Affordable Housing Plan
2008 Affordable Housing Plan
Draft #4a / March 19, 2008 / Page 10 of 24
Assumptions
3 of 3
Unit Sales Price Assumptions
2008 Sales PricesCat1Cat2Cat3Cat4Cat5Cat6Cat7
Studio$37,000$82,000$138,000$235,000$328,000$366,000$410,000
1BR$46,000$100,000$151,000$250,000$355,000$392,000$437,000
2BR$56,000$123,000$180,000$279,000$383,000$421,000$466,000
3BR$65,000$150,000$208,000$307,000$410,000$447,000$492,000
SF$78,000$179,000$237,000$333,000$438,000$476,000$519,000
SF LotN/AN/AN/AN/A$96,000$133,000$136,000
Per 2008 APHCA guidelines
Unit Size Assumptions
2008 Square feetCat1Cat2Cat3Cat4Cat5Cat6Cat7
Studio400400500500600600700
1BR600600700700800800900
2BR850850950950100010001100
3BR1000100012001200130013001400
SF1100110014001400170017001900
Per 2008 APHCA guidelines
Assumed affordable housing development costs
Affordable Housing Construction:$355.07per sq ft of livable space *
Design/Engineering/Soft Costs:13.61%of construction1
Legal/Permits/Recording:2.60%of construction1
Access/Infrastructure:VARIES%of construction
Total Development Costs:$VARIESper sq ft of livable space
* $2008, calculated based on analysis of Burlingame Phase 1 actual costs from 2000 through 2008
2008 Affordable Housing Plan
2008 Affordable Housing Plan
Draft #4a / March 19, 2008 / Page 11 of 24
Agenda
~ Goals / Progress
~ Plan Summary
~ Priority Ranking
~ Assumptions
~ Analysis
~ Finance
~ Direction
2008 Affordable Housing Plan
2008 Affordable Housing Plan
Draft #4a / March 19, 2008 / Page 12 of 24
Analysis
1 of 3
Burlingame Combined Phases 2 and 3
Development scenario based on previously approved category mix
March 19, 2008 (Ceverson revised prorated land cost allocation for the 16.18A parcel dedicated to Burlingame Phase 2+3)
Parameters
1. Enter Total Acres for the parcel:
16.1800
Total Acres =acresx43560=704800.8sq ft lot
2. Enter the desired Density OR the desired Unit Total:
Density: sq ft of lot area per unit = 0
Unit Total: total quantity of units =
114
Calculations:
Outputs:
Enter the desired category distribution percentages (blue text):
$123,000
total land cost: lump sum
Cat1Cat2Cat3Cat4Cat5Cat6Cat7CatROFMTotal
0.00%13.21%32.08%13.21%24.53%9.43%7.54%0.00%0.00%100.00%
gross lot area in acres: 16.1800acres
Enter the desired unit size/type distribution percentages (blue text):
land cost per sq ft:
$0.17$ / sq ft
Studio1BR2BR3BRSFTotal
total livable space sq ft: 117,100sq ft
0.00%18.42%39.47%42.11%0.00%100.00%
Category & Unit Mix:Cat1Cat2Cat3Cat4Cat5Cat6Cat7CatROFMTotals
number of units developed: 114units
S0000000000
density in sq ft lot area per unit: 6,182.46sq ft / unit
1BR03735220022
density in units per acre: 7.05units / acre
2BR0614611430044
3BR0715612530048
avg unit size: 1027.19sq ft
SF0000000000
total bedrooms:
254bedrooms
Totals01636152811800114
$50,516,233
total dev cost including land: includes land
Total Units = 114
00.00 total dev cost per unit: $443,125includes land
total dev cost per livable sq ft: $431.39includes land
Actual category distribution percentages calculated:
total dev cost per lot sq ft: $71.67includes land
Cat1Cat2Cat3Cat4Cat5Cat6Cat7CatROFMTotal
total dev cost per lot acre:
$3,122,140includes land
0.00%14.04%31.58%13.16%24.56%9.65%7.02%0.00%0.00%100.00%
Actual unit size distribution percentages calculated:
$50,393,233
total dev cost not including land: not including land
Studio1BR2BR3BRSFTotal
total dev cost per unit: $442,046not including land
0.00%19.30%38.60%42.11%0.00%100.00%
total dev cost per livable sq ft: $430.34not including land
Calculated BedroomsCat1Cat2Cat3Cat4Cat5Cat6Cat7CatROFMTotals
total dev cost per lot sq ft: $71.50not including land
S0000000000
total dev cost per lot acre: $3,114,538not including land
1BR03735220022
2BR012281222860088
$32,410,000
total revenues: from sales
3BR02145183615900144
$18,106,233
total subsidy: includes land
SF0000000000
avg subsidy per unit:
$158,827includes land
Totals036803363251700254
Total Bedrooms = 254
Calculated sq ftCat1Cat2Cat3Cat4Cat5Cat6Cat7CatROFMTotals
S0000000000
1BR01,8004,9002,1004,0001,6001,8000016,200
2BR05,10013,3005,70011,0004,0003,3000042,400
3BR07,00018,0007,20015,6006,5004,2000058,500
SF0000000000
Totals013,90036,20015,00030,60012,1009,30000117,100
Total sq ft to build = 117,100
Calculated RevenuesCat1Cat2Cat3Cat4Cat5Cat6Cat7CatROFMTotals
S$ - $ - $ - $ -$ - $ -$ - $
- $ - $ -
1BR$ - $ 300,000 $ 1,057,000 $ 750,000 $ 1,775,000 $ 784,000$ 874,000 $ - $ - $
5,540,000
2BR$ - $ 738,000 $ 2,520,000 $ 1,674,000 $ 4,213,000 $ 1,684,000$ 1,398,000 $ - $ - $ 12,227,000
3BR$ - $ 1,050,000 $ 3,120,000 $ 1,842,000 $ 4,920,000 $ 2,235,000$ 1,476,000 $ - $ - $ 14,643,000
SF$ - $ - $ - $ -$ - $ -$ - $
- $ - $ -
Totals$ - $ 2,088,000 $ 6,697,000 $ 4,266,000 $ 10,908,000 $ 4,703,000$ 3,748,000 $ - $ - $ 32,410,000
Total revenues = $32,410,000
Development Costs:unit typeunitspricetotal
$123,000
Land Costs: lump sum
Demolition: sq ft0$25.00$0
Construction: sq ft117,100$355.07$41,579,042
Design/Eng./Consulting: % of const.13.61%$5,658,991
2.60%
Legal/Permits/Recording: % of const.$1,080,439
4.99%
Access/Infrastructure: % of const.$2,074,761
Total Dev Costs Incl. Land: lump sum$50,516,233
2008 Affordable Housing Plan
2008 Affordable Housing Plan
Draft #4a / March 19, 2008 / Page 13 of 24
Analysis
2 of 3
488 Castle Creek
35-unit seasonal-rental scenario
3/10/2008 (CEverson)
Parameters
1. Enter Total Acres for the parcel:
Total Acres =0.8240acresx43560=35895sq ft lot
2. Enter the desired Density OR the desired Unit Total:
Density: sq ft of lot area per unit = 0
Unit Total: total quantity of units =
35
Calculations:
Outputs:
Enter the desired category distribution percentages (blue text):
$5,400,000
total land cost: lump sum
Cat1Cat2Cat3Cat4Cat5Cat6Cat7CatROFMTotal
0.00%0.00%100.00%0.00%0.00%0.00%0.00%0.00%0.00%100.00%
gross lot area in acres: 0.8240acres
Enter the desired unit size/type distribution percentages (blue text):
land cost per sq ft:
$150.44$ / sq ft
Studio1BR2BR3BRSFTotal
100.00%0.00%0.00%0.00%0.00%100.00%
total livable space sq ft: 17,500sq ft
Category & Unit Mix:Cat1Cat2Cat3Cat4Cat5Cat6Cat7CatROFMTotals
number of units developed: 35units
S003500000035
density in sq ft lot area per unit: 1,025.57sq ft / unit
1BR0000000000
2BR0000000000
density in units per acre: 42.47units / acre
3BR0000000000
avg unit size: 500.00sq ft
SF0000000000
total bedrooms:
70bedrooms
Totals003500000035
Total Units = 35
$12,732,963
total dev cost including land: includes land
00.00
total dev cost per unit: $363,799includes land
These units are intended to be seasonal rental units and are based on the size of the existing units at Marolt Ranch. The revenues shown are annual rental revenues. Due to their small
size, the units are
modeled here based on a Cat3 studio, but they are partitioned into two small rooms for housing two students/employees are functionally considered 2BR seasonal units.
total dev cost per livable sq ft: $727.60includes land
Actual category distribution percentages calculated:
total dev cost per lot sq ft: $354.73includes land
Cat1Cat2Cat3Cat4Cat5Cat6Cat7CatROFMTotal
total dev cost per lot acre:
$15,451,953includes land
0.00%0.00%100.00%0.00%0.00%0.00%0.00%0.00%0.00%100.00%
Actual unit size distribution percentages calculated:
$7,332,963
total dev cost not including land: not including land
Studio1BR2BR3BRSFTotal
total dev cost per unit: $209,513not including land
100.00%0.00%0.00%0.00%0.00%100.00%
total dev cost per livable sq ft: $419.03not including land
Calculated BedroomsCat1Cat2Cat3Cat4Cat5Cat6Cat7CatROFMTotals
total dev cost per lot sq ft: $204.29not including land
S007000000070
total dev cost per lot acre:
$8,898,840not including land
1BR0000000000
2BR0000000000
$420,420
total revenues: annual rental
3BR0000000000
$12,732,963
total subsidy: includes land
SF0000000000
Totals007000000070
avg subsidy per unit:
$363,799includes land
Total Bedrooms = 70
Calculated sq ftCat1Cat2Cat3Cat4Cat5Cat6Cat7CatROFMTotals
S0017,50000000017,500
1BR0000000000
2BR0000000000
3BR0000000000
SF0000000000
Totals0017,50000000017,500
Total sq ft to build = 17,500
Calculated RevenuesCat1Cat2Cat3Cat4Cat5Cat6Cat7CatROFMTotals
S$420,420$ 420,420
1BR$ -
2BR$ -
3BR$ -
SF$ -
Totals$ - $ - $ 420,420 $ - $ - $ - $ - $
- $ - $ 420,420
Total revenues = $420,420
Development Costs:unit typeunitspricetotal
$5,400,000
Land Costs:lump sum
2000$25.00
Demolition:sq ft$50,000
$355.07
Construction:sq ft17,500$6,213,777
13.61%
Design/Eng./Consulting% of const.$845,707
2.60%
Legal/Permits/Recording% of const.$161,466
1.00%
Access/Infrastructure% of const.$62,012
Total Dev Costs Incl. Landlump sum$12,732,963
2008 Affordable Housing Plan
2008 Affordable Housing Plan
Draft #4a / March 19, 2008 / Page 14 of 24
Analysis
3 of 3
BMC West PLUS AABC "Outlot"
150-unit scenario
March 17, 2008 (Ceverson updated land cost to include prorated cost allocation for the 1.1A "Outlot")
Parameters
1. Enter Total Acres for the parcel:
3.0000
Total Acres =acresx43560=130680sq ft lot
2. Enter the desired Density OR the desired Unit Total:
Density: sq ft of lot area per unit = 0
Unit Total: total quantity of units =
150
Outputs:
Calculations:
Enter the desired category distribution percentages (blue text):
$18,270,000
total land cost: lump sum
Cat1Cat2Cat3Cat4Cat5Cat6Cat7CatROFMTotal
gross lot area in acres: 3.0000acres
0.00%15.00%30.00%30.00%12.50%7.50%5.00%0.00%0.00%100.00%
Enter the desired unit size/type distribution percentages (blue text):
land cost per sq ft:
$139.81$ / sq ft
Studio1BR2BR3BRSFTotal
total livable space sq ft: 138,700sq ft
10.00%25.00%35.00%30.00%0.00%100.00%
number of units developed: 150units
Category & Unit Mix:Cat1Cat2Cat3Cat4Cat5Cat6Cat7CatROFMTotals
S02442110014
density in sq ft lot area per unit: 871.20sq ft / unit
1BR0611115320038
density in units per acre: 50.00units / acre
2BR0816167430054
avg unit size: 924.67sq ft
3BR0713136320044
SF0000000000
total bedrooms:
292bedrooms
Totals02344442011800150
$83,254,967
total dev cost including land: includes land
Total Units = 150
total dev cost per unit: $555,033includes land
00.00
total dev cost per livable sq ft: $600.25includes land
Actual category distribution percentages calculated:
total dev cost per lot sq ft: $637.09includes land
Cat1Cat2Cat3Cat4Cat5Cat6Cat7CatROFMTotal
total dev cost per lot acre:
$27,751,656includes land
0.00%15.33%29.33%29.33%13.33%7.33%5.33%0.00%0.00%100.00%
Actual unit size distribution percentages calculated:
$64,984,967
total dev cost not including land: not including land
Studio1BR2BR3BRSFTotal
total dev cost per unit: $433,233not including land
9.33%25.33%36.00%29.33%0.00%100.00%
total dev cost per livable sq ft: $468.53not including land
Calculated BedroomsCat1Cat2Cat3Cat4Cat5Cat6Cat7CatROFMTotals
total dev cost per lot sq ft: $497.28not including land
S02442110014
total dev cost per lot acre: $21,661,656not including land
1BR0611115320038
2BR0163232148600108
$38,545,000
total revenues: from sales
3BR0213939189600132
$44,709,967
total subsidy: includes land
SF0000000000
avg subsidy per unit: $298,066includes land
Totals045868639211500292
Total Bedrooms = 292
Calculated sq ftCat1Cat2Cat3Cat4Cat5Cat6Cat7CatROFMTotals
S08002,0002,0001,200600700007,300
1BR03,6007,7007,7004,0002,4001,8000027,200
2BR06,80015,20015,2007,0004,0003,3000051,500
3BR07,00015,60015,6007,8003,9002,8000052,700
SF0000000000
Totals018,20040,50040,50020,00010,9008,60000138,700
Total sq ft to build = 138,700
Calculated RevenuesCat1Cat2Cat3Cat4Cat5Cat6Cat7CatROFMTotals
S$ - $ 164,000 $ 552,000 $ 940,000$ 656,000 $ 366,000 $ 410,000 $ - $ - $
3,088,000
1BR$ - $ 600,000 $ 1,661,000 $ 2,750,000$ 1,775,000 $ 1,176,000 $ 874,000 $ - $ - $ 8,836,000
2BR$ - $ 984,000 $ 2,880,000 $ 4,464,000$ 2,681,000 $ 1,684,000 $ 1,398,000 $ - $ - $ 14,091,000
3BR$ - $ 1,050,000 $ 2,704,000 $ 3,991,000$ 2,460,000 $ 1,341,000 $ 984,000 $ - $ - $ 12,530,000
SF$ - $ - $ - $ - $ - $ - $ - $
- $ - $ -
Totals$ - $ 2,798,000 $ 7,797,000 $ 12,145,000$ 7,572,000 $ 4,567,000 $ 3,666,000 $ - $ - $ 38,545,000
Total revenues = $38,545,000
Development Costs:unit typeunitspricetotal
$18,270,000
Land Costs: lump sum
30000$25.00
Demolition: sq ft$750,000
Construction: sq ft138,700$355.07$49,248,618
Design/Eng./Consulting: % of const.13.61%$6,702,836
2.60%
Legal/Permits/Recording: % of const.$1,279,734
14.22%
Access/Infrastructure: % of const.$7,003,780
Total Dev Costs Incl. Land: lump sum$83,254,967
2008 Affordable Housing Plan
2008 Affordable Housing Plan
Draft #4a / March 19, 2008 / Page 15 of 24
Agenda
~ Goals / Progress
~ Plan Summary
~ Priority Ranking
~ Assumptions
~ Analysis
~ Finance
~ Direction
2008 Affordable Housing Plan
2008 Affordable Housing Plan
Draft #4a / March 19, 2008 / Page 16 of 24
Finance
1 of 7
Existing Housing Revenue Streams
~ 0.45% Sales Tax for affordable Housing & Daycare –
7.2% of 150 fund revenue – sunsets 2010
~ 1.0% Real Estate Transfer tax – 69.3% of 150 Fund
Revenue – sunsets 2024
2008 Affordable Housing Plan
2008 Affordable Housing Plan
Draft #4a / March 19, 2008 / Page 17 of 24
Finance
2 of 7
Existing Affordable Housing Revenues
$20,000,000
$15,000,000
$10,000,000
$5,000,000
$0
2007 Unaudited
2008 Budget
2009
2010
2011
2012
2013
2014
2015
2016
2017
Taxes to Be Extended - 0.45% Sales Tax & 1% Housing RETT
Remaining Revenue Sources
2008 Affordable Housing Plan
2008 Affordable Housing Plan
Draft #4a / March 19, 2008 / Page 18 of 24
Finance
3 of 7
City of Aspen Housing RETT
1990-2006 Actual
2007-2017 Projected
$16,000,000
$14,000,000
$12,000,000
$10,000,000
$8,000,000
$6,000,000
$4,000,000
$2,000,000
$0
1990199119921993199419951996199719981999200020012002200320042006 Actual200520072008200920102011201220132014201520162017
ActualForecast
2008 Affordable Housing Plan
2008 Affordable Housing Plan
Draft #4a / March 19, 2008 / Page 19 of 24
Finance
4 of 7
Scenario: If all projects were to be cash funded
Housing Development Fund #150
Long Range Plan
2005-2017
$100,000,000
$80,000,000
$60,000,000
$40,000,000
$20,000,000
$0
2005200620072008200920102011201220132014201520162017
UnauditedBudget
-$20,000,000
-$40,000,000
Annual RevenuesAnnual Expenditures/UsesCash Balance
2008 Affordable Housing Plan
2008 Affordable Housing Plan
Draft #4a / March 19, 2008 / Page 20 of 24
Finance
5 of 7
Proposed Housing finance PLAN
~ Series 2008a - $29.6 million tax-exempt issue, 30 year; for
land acquisition
~ series 2008b - $12.7 million tax-exempt issue, 30 year; for
488 castle creek project
~ series 2008c - $50.2 million taxable issue, 10 year; for
construction financing of for-sale housing
~ series 2010a - $50.0 million taxable issue, 10 year; for
construction financing of for-sale housing
2008 Affordable Housing Plan
2008 Affordable Housing Plan
Draft #4a / March 19, 2008 / Page 21 of 24
Finance
6 of 7
Housing Development Fund #150
Long Range Plan - Proposed
2009-2017
60,000,000
50,000,000
40,000,000
30,000,000
20,000,000
10,000,000
-
200920102011201220132014201520162017
Net Revenues Available for Debt ServiceTotal Debt ServiceEnding Cash Balance
2008 Affordable Housing Plan
2008 Affordable Housing Plan
Draft #4a / March 19, 2008 / Page 22 of 24
Finance
7 of 7
Housing Development Fund #150
Proposed Debt Financing of Workforce Housing Development
2009-2024
40,000,000
37,500,000
35,000,000
32,500,000
30,000,000
27,500,000
25,000,000
22,500,000
20,000,000
17,500,000
15,000,000
12,500,000
10,000,000
7,500,000
5,000,000
2,500,000
-
2009201020112012201320142015201620172018201920202021202220232024
Net Revenues Available for Debt ServiceTotal Debt Service
2008 Affordable Housing Plan
2008 Affordable Housing Plan
Draft #4a / March 19, 2008 / Page 23 of 24
Agenda
~ Goals / Progress
~ Plan Summary
~ Priority Ranking
~ Assumptions
~ Analysis
~ Finance
~ Direction
2008 Affordable Housing Plan
2008 Affordable Housing Plan
Draft #4a / March 19, 2008 / Page 24 of 24
direction
1 of 1
1.Are we looking at the right Properties /
priorities?
2.Does the product mix look reasonable?
3.Does it look like we are on track with
the number of units to be built?
4.Does the timeline / schedule seem
reasonable?
5.Are the costs and / or financing out of
line?