HomeMy WebLinkAboutAgenda - 03-03-1999 - 7bORANGE COUNTY
BOARD OF COMMISSIONERS
Action Agenda
Item No. 7_ b
ACTION AGENDA ITEM ABSTRACT
Meeting Date: Mazch 3, 1999
SUBJECT: Orange County Consolidated Housing Plan Update
DEPARTMENT: Housing and Community Development PUBLIC HEARING: (Y/1~
BUDGET AMENDMENT: (Y/1~
ATTACHMENT(S): INFORMATION CONTACT:
Executive Summary Taza L. Fikes
TELEPHONE NUMBERS: - - ezt. 2490
Hillsborough 732-8181
Chapel Hill 968-4501
Durham 688-7331
Mebane 227-2031
PURPOSE:
To receive comments from the public regarding the housing and non-housing needs to be included
in the 1999-2000 Annual Update of the Consolidated Housing Plan for Housing and Community
Development Programs in Orange County and proposed uses of 1999-2000 HOME funds.
BACKGROUND:
In 1995, a Consolidated Plan for Housing and Community Development Programs in Orange
County was developed and approved by the U.S. Department of Housing and Urban Development
(HUD). This document details the housing needs of very low income, low income and moderate
income families and special population groups in addition to outlining the strategies and plans for
addressing those needs. The Consolidated Plan is required for all communities receiving HOME
funds and CDBG entitlement funds (Chapel Hill).
Each year, local communities aze required to reassess the needs of the community. This public
hearing provides an opportunity for citizens, public agencies and other interested parties to provide
input into the Plan. In addition, the public is asked to comment on proposed uses of approximately
$437,000 in 1999-2000 HOME funds. Eligible HOME Program activities include: acquisition; new
construction; housing rehabilitation; and rental assistance.
In order to inform the general public of this opportunity and encourage participation, notices have
been placed in the Chapel Hill Herald and sent to local non-profit agencies.
RECOMMENDATON(S):
The Manager recommends receiving comments as prescribed above.
Description of Key Projects
The 1995-2000 Consolidated Plan for Orange County; the 1996-97 Annual Action Plan; the 1997-98 Annual Action
Plan and the 1998-99 Annual Action Plan identified the following key projects:
~ Land acquisition, rehabilitation, and public services for children in the Pine Knolls neighborhood
($190,000).
~ Infrastructure, including the upgrading of pazking lots, sidewalks, landscaping, open azeas, street furniture,
street lights, signage, and traffic signals ($50,000).
~ Rehabilitation of public housing in the South Estes Drive and Craig Gomains neighborhoods ($1,173,000).
~ Housing rehabilitation deferred loans to low income owner and renter households ($661,375).
~ Acquisition of eight units in the Carr Court neighborhood in Carrboro for rehabilitation and sale to low
income households ($162,500).
~ Construction of the InterFaith Council Project HomeStart transitional housing development on Homestead
Road in Chapel Hill ($50,000).
~ Site Improvements at the Culbreth Pazk and Efland Estates subdivisions to facilitate new housing
construction by Habitat for Humanity ($66,000)
~ Site improvements for a small housing demonstration project on Scazlett Drive and Legion Road to be
developed by the Orange Community Housing Corporation ($73,770)
~ Construction of transitional housing units for formerly homeless substance abusers to be built by Freedom
House in partnership with InterFaith Council ($337,000)
~ Acquisition and rehabilitation of two (2) rental units by the Orange Person Chatham Mental Health Agency
for a severe, persistently mentally ill county residents ($80,000)
~ Support continued operation of the InterFaith Council Employment Project, a job training and substance
abuse counseling program for shelter residents ($35,000)
~ Assist EmPOWERment, Incorporated purchase Merritt Mill Square property with release of funds for this
purpose conditional on staff review of responses to the nine issues raised by the HOME Consortium
($70,000)
~ Assist Habitat for Humanity with site improvement work throughout the County including the Culbreth
Pazk and Efland Estates subdivisions. ($123,000)
~ Capitalize a Neighborhood Revitalization Loan Fund to purchase and rehabilitate housing in the Chapel
HilUCarrboro azea for resale to very low to low income families. ($407,000)
~ Site planning expenses for the Park Road site in the Pine Knolls neighborhood. ($40,000)
~ Construction of a pazking lot on the comer of Rosemary Street and Sunset Drive to revitalize a business
area serving low income neighborhoods in Chapel Hill. ($10,000)
~ Provide funding to GOOD WORK, a local non-profit organization to create a small business development
program in Chapel Hill. ($38,000)
ORANGE COMMUNITY HOUSING CORPORATION
Sources and Uses Mar-99
Meadowmont Affordable Townhomes
32 units on 2.15 acres
Uses of Funds Total Cost Per Unit Cost
Land Costs $(? $0
Infrastructure $250,000 $7,813
Soft Costs $226,600 $7,081
Construction Costs $2,520,576 $78,768
Interest $144,355 $4,511
Fees and Permits $192,000 $6,000
Development fee $64,000 $2,000 0~
Contingency $200,000 $6,250
Total Uses $3,597,531 112,423
Sources of Funds ~ ~~ o
b
HOME $160,000 $5,000 ~~ o °,'
CDBG $160,000 $5,000 ^~ ~
FHLB $0 $0 ~
County bond $240,000 $7,500 '
NCHFA $224,000 $7,000" ~ ~
Total Subsidy $784,000 $24,500 ~~
Bank Financing $2,813,531
TOTAL SOURCES $3,597,531 $112,423
less subsidy $87,923
Downpayment $32,000 $1,000
First Mortgage Amount $86,923
Monthly payment $885
Income required $35,550
Meadowmont Sources and Uses
1
Appraisal
land a raisal x,000
unit a raisal x,000
Total appraisal $gp00
Advertising/marketing
Realtor fees X0,000
brochures $5,000
advertisin $,5,000
s ecial events $2,000
Total advertising $72,000
Legal
infrastructure closin $¢,000
construction loan closin s $x},000
bu er closin costs $0
Total legal $8,000
Common Area
landsca in $15,000
recreation ~r,000
amenities $x},000
Total common area $24,000
Consulting $0
Warranty $300 $300 $9,600
Subtotal Soft Costs $226,600
Subtotal hard & soft costs $3,333,531
Develo ment Fee $2,000 $64,000
Land Cost $0
Contin envy $200,000
TOTAL COST $3,597,531
Per unit cost $112,422.84
Meadowmont Development Budget
Orange Community Housing Corporation
Meadowmont Projected Cash Flow 3/1/99
Uses of Funds
Infrastructure
Soft Costs
Construction Costs
Fees & Permits
Contingency
Interest
Development fee
Total Uses
Sources of Funds
HOME 16000(
CDBG 16000(
FHLB
County bond 24000C
NCHFA 224000
Total Subsidy 78400a
Bank financing
Total sources
Cumulative debt
Repayments
Month 1 Month 2 Month 3 Month 4 .Month 5 Month 6 Month 7 Month 8 Month 9 Month 10
41,F67 41,667 41,667 41,667 41,667 41,667
10,300 10,300 10, 300 10,300 10,300 10,300 10,300 10, 300 10,300 10, 300
126,029 126, 029 126, 029 126, 029
16,000 16, 000 16,000 16,000 16,000 16,000 16,000 16,000
11,111 11,111 11,111 11,111 11,111 11,111 11,111 11,111 11,111
0 0 0 0 0 261 1,489 2,726
51,967 63,078 79,078 79,078 79,078 79,078 163,440 163,701 164,929 166,166
0 34,122 79,078 46,800 0 0 0 0 0
51,967 63,078 44,956 0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 32,278 79,078 128,644 0
0 0 0 0 0 0 34,795 163,701 164,929 166,166
51,967 63,078 79,078 79,078 79,078 79,078 163,440 163,701 164,929 166,166
0 0 0 0 0 0 34,795 198,496 363,425 529,591
Meadowmont Cash Flow
Month 11 Month 12 Month 13 Month 14 Month 15 Month 16 Month 17 Month 18 Month 19 Month 20 Month 21 Month 22 Month 23
10, 300 10, 300 10, 300 10, 300 10, 300 10, 300 10, 300 10, 300 10, 300 10, 300 10, 300 10, 300
126, 029 126, 029 126, 029 126, 029 126, 029 126, 029 126, 029 126, 029 126, 029 126, 029 126, 029 126, 029 126, 029
16, 000 16, 000 16, 000 16 , 000
11,111 11,111 11,111 11,111 11,111 11,111 11,111 11,111 11,111
3,972 5,228 6,493 7,767 9,051 10,225 11,407 12,599 13,889 10,974 9,334 8,379 7,394
12,000 8,000 6,000 6,000 6,000 6,000
167,412 168,667 169,932 171,207 156,491 157,665 158,847 172,039 169,329 153,303 151,662 150,707 139,423
0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0 0
167,412 .168,667 169,932 171,207 156,491 157,665 158,847 172,039 169,329 153,303 151,662 150,707 139,423
167,412 168,667 169,932 171,207 156,491 157,665 158,847 172,039 169,329 153,303 151,662 150,707 139,423
697,002 865,670 1,035,602 1,206,809 1,363,300 1,520,965 1,679,812 1,851,851 1,463,179 1,244,482 1,117,144 985,852 843,274
558000 372000 279000 282000 282,000 285,000
Meadowmont Cash Flow
Month 24 Month 25 Month 26 Mont 27 Month 28 Month 29 Month 30 Totals
250,000
226,600
126,029 126,029 126,029 2,520,576
192,000
200,000
6,325 5,225 4,102 3,668 2,270 1,582 0 144,355
6,000 4,000 4,000 2,000 2,000 2,000 64,000
138,353 135,254 134,130 5,668 4,270 3,582 0 3,597,531
160,000
160,000
0
240,000
0
0
138,353 135,254 134,130 5,668 4,270 3,582 0 3,037,531
138,353 135,254 134,130 5,668 4,270 3,582 0 3,597,531
696,628 546,881 489,012 302,679 210,949 117,531 0
285,000 192,000 192,000 96,000 97,000 117,531
site
soft
const
fees
contin
int
dev fee
Meadowmont Cash Flow
Orange Community Housing Corporation
P. O. Boa 807 • 104-C Jones Ferry Road • Carrboro, NC 27510 • 919-967-1545 • Fsa: 919/968-4030
Board of
Directors Date: March 3,1999
Keith D. Cook
Chairman
To: Orange County Commissioners
Wayne T. Kuncl From: Robert Dowling, Orange Community Housing Corporation
vice-Chairman Re: Request for HOME funds
Joah Gurlitz
secretary Orange Community Housing Corporation is embarking on two
Robin Lackey development projects this year: the Scarlett Drive Townhomes and the
Treasurer
Meadowmont Townhomes. Scarlett Drive will consist of 14 homes and
Jim Earnhardt will be the first landtrust development in Orange County. Meadowmont
will consist of 32 homes. We anticipate breaking ground on both
Jce Herzenberg developments later this year, though Scarlett Drive will most likely
Garry sronce proceed before Meadowmont.
Keenya Toney
John Tyrrell As you can see from the attached budgets and cash flow projections there
Bob Ward is a need for subsidy in both projects. To summarize:
Alison Weiner
Scarlett Drive:
Total development budget $1,679,380
Executive Subsidy Required $457,770
Director HOME funds requested $70,000
Robert Dowling Other sources of subsidy will be sought from County bond funds, Federal
Home Loan Bank funds, and CDBG funds.
Past Chairman
Keith E. Aldridge Meadowmont:
Total development budget $3,597,531
Subsidy required $784,000
HOME funds requested $160,000 -.~
Other sources of subsidy will be sought from County bond funds, CDBG
funds and funds from the NC Housing Finance Agency.
In sum, OCHC is requesting $230,000 of HOME funds for fiscal year 1999-
2000. Though this represents a large percentage of the available funds, it is
only a small part of the funding needed to make these homes affordable.
We appreciate the support of the Commissioners and welcome your
questions.
G~~
i
Orange Community Housing Corporation
Scarlett Drive Townhomes Mar-99
Sources and Uses
14 units on 1.4 acres
Sources: Totals Per Unit
CDBG Committed $23,770 $1,698
HOME Committed $50,000 $3,571
New HOME $70,000 $5,000
New CDBG $70,000 $5,000
FHLB $84,000 $6,000
County Bond $140,000 $10,000
Trust Fund $20,000 $1,429
Total Subsidy $457,770 $32,698
Bank Financing $1,221,610
Total Sources $1,679,380
Uses of Funds Total Per unit
Land Costs $0 $0
Infrastructure $250,000 $17,857
Soft Costs $129,800 $9,271
Construction Costs $1,021,080 $72,934
Interest $66,500 $4,750
Fees and Permits $84,000 $6,000
Contingency $100,000 $7,143
Development fee $28,000 $2,000
Total Uses $1,679,380 $119,956
Per unit cost $119,956
Per unit subsidy $32,698
First mortgage $86,258
Mortgage payment $888 7.5% 30 yrs.
Income required $35,650
Scarlett Drive Sources and Uses
ORANGE COMMUNITY HOUSING CORPORATION
Scarlett Drive Townhomes
Development Budget $67per sf
3/1/99
Construction Costs 1024 sq. ft. 1250 sq. ft. Total Cost Per Unit Cost
$67 er sf $68,608 $83,750 $1,021,080 $72,934
Subtotal unit constmction $68,608 $83,750 $1,021,080 $72,934
INFRASTRUCTURE
streets/water/sewer
Subtotal infrastructure $250,000 $17,857.14
FEES AND PERMITS
OWASA $3,000 $3,000 $42,000
Impact fee $3,000 $3,000 $42,000
Town Fees $0
Total Fees and Permits $gc1,00p $6000
INTEREST
land ac uisition $0
infrastructure CDBG/HOME and FHLB $0
redevelo went $0
unit construction ~~500
Total Interest $66,500 $4,750
SOFT COSTS
Architect
reliminary site lan
site lan
unit lan
Total Architect $25,000 estimate
Engineer/Survey
environmental review
bound surve
lot stakin
rel. infras./site desi
infras. desi
infras. ins ections
Total Enginee~/Survey $25,000 estimate
Insurance
eneralliabili $2,000 $143
builders risk $5,600 x}00
Total Insurance $7,600 $543
Financ%rigination fees
infrastructure loan $0
construction loan $12,200 1.22MM*.01
Total finance fees $12,200
Appraisal
land appraisal $2000
unit ap raisal $2000
Total Appraisal $4000
Advertising/marlceting
Realtor fees $20,000 10 *2000
brochures $~}~000
advertisin $,}000
s ecial events $2000
Total Advertising $30000
Legal
infrastructure closin $,5,000
construction loan closin s $3,000
bu er closin costs $0
Total Legal $g~000
Common Area
si _
landsca ing $10,000
recreation $1,000
amenities $4,000 benches table,
Total Common Area $18000
Subtotal Soft Costs $129,800 $9,271
TOTAL $1,551,380 $110,813
Development Fee $28,000 $2,000
Land Cost $0
Contingency $100,000 $7,143
TOTAL COST $1,679,380 $119,956
Per unit cost $119,956
Oran a Communi Housin Cor oration
Scarlett Drive Townhomes
Sources and Uses Cash Flow
Mar-99
Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11
Uses of Funds
Infrastructure 62,500 62,500 62,500 62,500
Soft Costs 12,980 12,980 12,980 12,980 12,980 12,980 12,980 12,980 12,980 12,980
Construction Costs 85,090 85,090 85,090 85,090 85,090 85,090 85,090
Fees & Permits 28,000 28,000 28,000
Contin enc 5,556 5,556 5,556. 5,556 5,556 5,556 5,556 5,556 5,556 5,556
Interest 0 0 0 0 500 1,144 1,930 2,722 3,519 4,323
Develo ment Fee
Total Uses 75,480 109,036 109,036 109,036 103,626 104,126 104,770 105,556 106,347 107,145 94,968
Sources of Funds
HOME 50000 50,000 0 0 0 0 0 0 0 0 0 0
CDBG 23770 23,770 0 0 0 0 0 0 0 0 0 0
Housin Trust Fund 20,000 1,710 0 0 0 0 18,290 0 0 0 0
HOME/CDBG 140000 25,036 109,036 5,929 0 0 0 0 0
FHLB 84000 84,000 0 0 0 0 0 0 0
Count Bond 140000 0 0 103,107 36,893 0 0 0 0
Total Subsid 457770
Bank financin 0 0 0 0 66,732 85,836 104,770 105,556 106,347 107,145 94,968
Total Sources 75,480 109,036 109,036 109,036 103,626 104,126 104,770 105,556 106,347 107,145 94,968
Cumulative debt 0 0 0 0 66,732 152,568 257,338 362,894 469,241 576,386 671,354
Scarlett Drive Cash Flows
Month 12 Month 13 Month 14 Month 15 Month 16 Month 17 Month 18 Month 19 Month 20 Month 21 Month 22 Totals
250,000
129,800
85,090 85,090 85,090 85,090 85,090 1,021,080
84,000
5,556 5,556 5,556 5,556 5,556 5,556 5,556 5,556 100,000
5,035 5,753 6,476 7,204 7,938 8,677 4,463 3,274 2,037 1,391 0 66,387
14,000 4,000 4,000 2,000 4,000 28,000
95,681 96,398 97,121 97,850 98,584 28,233 14,019 12,829 4,037 5,391 0 1,679,267
0 0 0 0 0 0 0 0 0 0 0 50,000
0 0 0 0 0 0 0 0 0 0 0 23,770
0 0 0 0 0 0 0 0 0 0 0 20,000
0 0 0 0 0 0 0 140,000
84,000
140,000
0
95,681 96,398 97,121 97,850 98,584 28,233 14,019 12,829 4,037 5,391 0 1,221,497
95,681 96,398 97,121 97,850 98,584 28,233 14,019 12,829 4,037 5,391 0 1,679,267
767,035 863,433 960,555 1,058,404 1,156,988 1,185,221 609,115 449,343 275,662 190,861 0
Scarlett Drive Cash Flows
Appraisal
land a sisal $3,000
unit a sisal $5,000
Total appraisal $g~000
Adveitising/marketing
Realtor fees $60,000
brochures $5,000
advertisin $5,000
s ecial events $2,000
Total advertising $72,000
Legal
infrastructure closin $¢,000
construction loan closin s $x},000
bu er closin costs $p
Total legal $8,000
Common Area
landsca in $15,000
recreation $5,000
amenities $,x,000
Total common area $24,000
Consulting $p
Warranty $300 $300 $9,600
Subtotal Soft Costs $226,600
Subtotal hard & soft costs $3,33331
Develo went Fee $2,000 $64,000
Land Cost $0
Contin en $200,000
TOTAL COST $3,597,531
Per unit cost $112,422.84
Meadowmont Development Budget
Orange Community Housing Corporation
Meadowmont Projected Cash Flow 3/1/99
Uses of Funds
Infrastructure
Soft Costs
Construction Costs
Fees & Permits
Contingency
Interest
Development fee
Total Uses
Sources of Funds
HOME 16000C
CDBG 16000C
FHLB C
County bond 24000C
NCHFA 22400a
Total Subsidy 784000
Bank financing
Total sources
Cumulative debt
Repayments
Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10
41,F67 41,667 41,667 41,667 41,667 41,667
10,300 10,300 10,300 10,300 10,300 10,300 10,300 10,300 10,300 10,300
126, 029 126, 029 126, 029 126, 029
16,000 16,000 16,000 16,000 16,000 16,000 16,000 16,000
11,111 11,111 11,111 11,111 11,111 11,111 11,111 11,111 11,111
0 0 0 0 0 261 1,489 2,726
51,967 63,078 79,078 79,078 79,078 79,078 163,440 163,701 164,929 166,166
0 34,122 79,078 46,800 0 0 0 0 0
51,967 63,078 44,956 0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 32,278 79,078 128,644 0
0 0 0 0 0 0 34,795 163,701 164,929 166,166
51,967 63,078 79,078 79,078 79,078 79,078 163,440 163,701 164,929 166,166
0 0 0 0 0 0 34,795 198,496 363,425 529,591
Meadowmont Cash Flow
Month 11 Month 12 Month 13 Month 14 Month 15 Month 16 Month 17 Month 18 Month 19 Month 20 Month 21 Month 22 Month 23
10, 300 10, 300 10, 300 10, 300 10, 300 10, 300 10, 300 10, 300 10, 300 10, 300 10, 300 10, 300
126, 029 126, 029 126, 029 126, 029 126, 029 126, 029 126, 029 126, 029 126, 029 126, 029 126 , 029 126, 029 126, 029
16, 000 16, 000 16, 000 16, 000
11,111 11,111 11,111 11,111 11,111 11,111 11,111 11,111 11,111
3,972 5,228 6,493 7,767 9,051 10,225 11,407 12,599 13,889 10,974 9,334 8,379 7,394
12,000 8,000 6,000 6,000 6,000 6,000
167,412 168,667 169,932 171,207 156,491 157,665 158,847 172,039 169,329 153,303 151,662 150,707 139,423
0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0 0
167,412 168,667 169,932 171,207 156,491 157,665 158,847 172,039 169,329 153,303 151,662 150,707 139,423
167,412 168,667 169,932 171,207 156,491 157,665 158,847 172,039 169,329 153,303 151,662 150,707 139,423
697,002 865,670 1,035,602 1,206,809 1,363,300 1,520,965 1,679,812 1,851,851 1,463,179 1,244,482 1,117,144 985,852 843,274
558000 372000 279000 282000 282,000 285,000
Meadowmont Cash Flow
Month 24 Month 25 Month 26 Mont 27 Month 28 Month 29 Month 30 Totals
250,000
226,600
126,029 126,029 126,029 2,520,576
192,000
200,000
6,325 5,225 4,102 3,668 2,270 1,582 0 144,355
6,000 4,000 4,000 2,000 2,000 2,000 64,000
138,353 135,254 134,130 5,668 4,270 3,582 0 3,597,531
160,000
160,000
0
240,000
0
0
138,353 135,254 134,130 5,668 4,270 3,582 0 3,037,531
138,353 135,254 134,130 5,668 4,270 3,582 0 3,597,531
696,628 546,881 489,012 302,679 210,949 117,531 0
285,000 192,000 192,000 96,000 97,000 117,531
site
soft
const
fees
contin
int
dev fee
Meadowmont Cash Flow
Orange Community Housing Corporation
P. O. Boa 307 • 104-C Jones Ferry Aoad • Carrboro, NC 27510 • 919-967-1546 • Faa: 919/968-4030
Board of
Directors Date: March 3,1999
Keith D. Cook
Chairman To: Orange County Commissioners
Wayne T. Kuncl From: Robert Dowling, Orange Community Housing Corporation
vice-Chairman Re: Request for HOME funds
Joah Gurlitz
Secretary Orange Community Housing Corporation is embarking on two
Robin Lackey
' development projects this year: the Scarlett Drive Townhomes and the
1~easurer
Meadowmont Townhomes. Scarlett Drive will consist of 14 homes and
Jim Earnhardt will be the first landtrust development in Orange County. Meadowmont
will consist of 32 homes. We anticipate breaking ground on both
Joe Herxenberg developments later this year, though Scarlett Drive will most likely
Garry Sronce proceed before Meadowmont.
Keenya Toney
John Tyrrell As you can see from the attached budgets and cash flow projections there
Bob Ward is a need for subsidy in both projects. To summarize:
Alison Weiner .
Scarlett Drive: .
Total development budget $1,679,380
Eaeoutive Subsidy Required $457,770
Director HOME funds requested $70,000
Robert Dowling Other sources of subsidy will be sought from County bond funds, Federal
Home Loan Bank funds, and CDBG funds.
Past Chairman
Keith E. Aldridge .Meadowmont:
Total development budget $3,597,531
Subsidy required $784,000
HOME funds requested $160,000 -.~
Other sources of subsidy will be sought from County bond funds, CDBG
funds and funds from the NC Housing Finance Agency.
In sum, OCHC is requesting $230,000 of HOME funds for fiscal year 1999-
2000. Though this represents a large percentage of the available funds, it is
only a small part of the funding needed to make these homes affordable.
We appreciate the support of the Commissioners and welcome your
questions.
Gr~~' /
Orange Community Housing Corporation
Scarlett Drive Townhomes Mar-99
Sources and Uses
14 units on 1.4 acres
Sources: Totals Per Unit
CDBG Committed $23,770 $1,698
HOME Committed $50,000 $3,571
New HOME $70,000 $5,000
New CDBG $70,000 $5,000
FHLB $84,000 $6,000
County Bond $140,000 $10,000
Trust Fund $20,000 $1,429
Total Subsidy $457,770 $32,698
Bank Financing $1,221,610
Total Sources $1,679,380
Uses of Funds Total Per unit
Land Costs $0 $0
Infrastructure $250,000 $17,857
Soft Costs $129,800 $9,271
Construction Costs $1,021,080 $72,934
Interest $66,500 $4,750
Fees and Permits $84,000 $6,000
Contingency $100,000 $7,143
Development fee $28,000 $2,000
Total Uses $1,679,380 $119,956
Per unit cost $119,956
Per unit subsidy $32,698
First mortgage $86,258
Mortgage payment $888 7.5% 30 yrs.
Income required $35,650
Scarlett Drive Sources and Uses
ORANGE COMMUNITY HOUSING CORPORATION
Scarlett Drive Townhomes
Development Budget $67per sf
3/1/99
Construction Costs 1024 sq. ft. 1250 sq. ft. Total Cost Per Unit Cost
$67 er sf $68,608 $83,750 $1,021,080 $72,934
Subtotal unit construction $68,608 $83,750 $1,021,080 $72,934
INFRASTRUCTURE
streets/water/sewer
Subtotal infrastructure $250,000 $17,857.14
FEES AND PERNII'TS
OWASA $3,000 $3,000 $42,000
Im act fee $3,000 $3,000 $r~2,000
Town Fees $0
Total Fees and Permits $gr;,000 $6,000
INTEREST
land ac uisition $0
infrastructure CDBG/HOME and FHLB $0
redevelo went $0
unit construction $66,500
Total Interest $66,500 $4,750
SOFT COSTS
Architect
prelimin site lan
site lan
unit lan
Total Architect $25,000 estimate
Engiriee~Survey
environmental review
bound surve
lot stakin
rel. infras./site desi
infras. desi
infras. ins ections
Total Enginee~Survey $25,000 estimate
Insurance
eneralliabili $2,000 $143
builders risk $5,600 $400
Totallnaurance $7,600 $543
Financ%rigination fees
infrastructure loan ~
construction loan $12,200 1.22MM*.Ol
Total finance fees $12,200
Appraisal
land a praisal $2,000
unit appraisal $2,000
Total Appraisal $4,000
Advextis ing/marketing
Realtor fees $20,000 10 *2000
brochures ~~~
advertisin ~~~
s ecial events $2,000
Total Advertising $30,000
Legal
infrastructure closin ~~~
construction loan closin s ~~000
buyer closin costs ~
Total Legal $8,000
Common Area
si
landsca in $10,000
recreation ~~~
amenities $4,000 benches table,
Total Common Area $18,000
Subtotal Soft Costs $129,800 $9,271
TOTAL $1,551,380 $110,813
Development Fee $28,000 $2,000
Land Cost ~
Contingency $100,000 $7,143
TOTAL COST $1,679,380 $119,956
Per unit coat $119,956
Oran a Commun' Housin Cor oration
Scarlett Drive Townhomes
Sources and Uses Cash Flow
Mar-99
Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11
Uses of Funds
Infrastructure 62,500 62,500 62,500 62,500
Soft Costs 12,980 12,980 12,980 12,980 12,980 12,980 12,980 12,980 12,980 12,980
Construction Costs 85,090 85,090 85,090 85,090 85,090 85,090 85,090
Fees & Permits 28,000 28,000 28,000
Contin enc 5,556 5,556 5,556 5,556 5,556 5,556 5,556 5,556 5,556 5,556
Interest 0 0 0 0 500 1,144 1,930 2,722 3,519 4,323
Develo ment Fee
Total Uses 75,480 109,036 109,036 109,036 103,626 104,126 104,770 105,556 106,347 107,145 94,968
Sources of Funds
HOME 50000 50,000 0 0 0 0 0 0 0 0 0 0
CDBG 23770 23,770 0 0 0 0 0 0 0 0 0 0
Housin Trust Fund 20,000 1,710 0 0 0 0 18,290 0 0 0 0
HOME/CDBG 140000 25,036 109,036 5,929 0 0 0 0 0
FHLB 84000 84,000 0 0 0 0 0 0 0
Count Bond 140000 0 0 103,107 36,893 0 0 0 0
Total Subsid 457770
Bank financin 0 0 0 0 66,732 85,836 104,770 105,556 106,347 107,145 94,968
Total Sources 75,480 109,036 109,036 109,036 103,626 104,126 104,770 105,556 106,347 107,145 94,968
Cumulative debt 0 0 0 0 66,732 152,568 257,338 362,894 469,241 576,386 671,354
Scarlett Drive Cash Flows
Month 12 Month 13 Month 14 Month 15 Month 16 Month 17 Month 18 Month 19 Month 20 Month 21 Month 22 Totals
250,000
129,800
85,090 85,090 85,090 85,090 85,090 1,021,080
84,000
5,556 5,556 5,556 5,556 5,556 5,556 5,556 5,556 100,000
5,035 5,753 6,476 7,204 7,938 8,677 4,463 3,274 2,037 1,391 0 66,387
14,000 4,000 4,000 2,000 4,000 28,000
95,681 96,398 97,121 97,850 98,584 28,233 14,019 12,829 4,037 5,391 0 1,679,267
0 0 0 0 0 0 0 0 0 0 0 50,000
0 0 0 0 0 0 0 0 0 0 0 23,770
0 0 0 0 0 0 0 0 0 0 0 20,000
0 0 0 0 0 0 0 140,000
84,000
140,000
0
95,681 96,398 97,121 97,850 98,584 28,233 14,019 12,829 4,037 5,391 0 1,221,497
95,681 96,398 97,121 97,850 98,584 28,233 14,019 12,829 4,037 5,391 0 1,679,267
767,035 863,433 960,555 1,058,404 1,156,988 1,185,221 609,115 449,343 275,662 190,861 0
Scarlett Drive Cash Flows