HomeMy WebLinkAboutResolution No. 431CITY OF MEDINA, WASHINGTON
RESOLUTION NO.431
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
MEDINA, WASHINGTON, AUTHORIZING THE DULY APPOINTED
ADMINISTERING AGENCY FOR ARCH TO EXECUTE ALL DOCUMENTS
NECESSARY TO ENTER INTO AGREEMENTS FOR THE FUNDING OF
AFFORDABLE HOUSING PROJECTS, AS RECOMMENDED BY THE
ARCH EXECUTIVE BOARD, UTILIZING FUNDS FROM THE CITY'S
HOUSING TRUST FUND.
WHEREAS, A Regional Coalition for Housing (ARCH) was created by interlocal
agreement to help coordinate the efforts of Eastside cities to provide affordable housing;
and
WHEREAS, the ARCH Executive Board has recommended that the City of
Medina participate in the funding of certain affordable housing projects and programs
hereinafter described; and
WHEREAS, the ARCH Executive Board has developed a number of
recommended conditions to ensure that the City's affordable housing funds are used
for their intended purpose and that projects maintain their affordability over time; and
WHEREAS, the City Council has approved the Amended and Restated Interlocal
Agreement for ARCH; and
WHEREAS, the City Council desires to use $27,476 from City funds as
designated below to finance the projects recommended by the ARCH Executive Board;
now, therefore,
THE CITY COUNCIL OF THE CITY OF MEDINA, WASHINGTON, DOES
RESOLVE AS FOLLOWS:
Section 1. The City Council authorizes the duly -appointed administering
agency of ARCH pursuant to the Amended and Restated Interlocal Agreement for
ARCH to execute all documents and take all necessary actions to enter into
Agreements on behalf of the City to fund Ardea at Totem Lake, Habitat Bellevue
Homes, Kenmore Supportive Housing, Kirkland Heights, The Landing Shelter,
Inclusion Scattered Homes, Spring District Transit -Oriented Development and Totem
Six-Plex, in a combined total amount not to exceed $27,476.
Section 2. The Agreements entered into pursuant to Section 1 of this resolution
shall include terms and conditions to ensure that the City's funds are used for their
intended purpose and that the projects maintain affordability over time. In determining
what conditions should be included in the Agreements, the duly -appointed administering
agency of ARCH shall be guided by the recommendations set forth in the ARCH
Executive Board's memorandum of January 12, 2023, a copy of which is attached
hereto as Exhibit A.
Resolution No. 431 Page 1 of 2
PASSED BY THE CITYIL OF THE 1TY OF MEDINA ON THE t' T
DAY OF IL 2023 AND SIGNEDIN AUTHENTICATIONITS PASSAGE THE
TH DAY OF APRIL
;—Is�iaa t sman, c r
Approved as to tee A t t:
Scoff missal[, City Attorney Aimee Kellerman, CM, City Clerk
Ogden Murphy Wallace, PLL
Resolution No. 431 Fags 2 of
ARC F A Regional Coalition for Housing
�,el ` ti "s dr p years :'D � s3a #P t ' � f' o '9 Rt} if e3 King iJ'
Together Center Campus
16387 NE 83rd St, Suite 201
RC�
Redmond, WA 9862
(426) 861-3677
MEMORANDUM
TO, City of Bellevue Council Members City of Bothell Council Members
City of Clyde Hill Council Members Town of Hunts Point Council Members
City of Issaquah Council Members City of Kenmore Council Members'
City of Kirkland Council Members City of Medina Council Members
City of Mercer Island Council Members City of Newcastle Council Members
City of Redmond Council Members City of Sammarnish Council Members
City of Woodinville Council Members Town of Yarrow Point Council Members
FROM: Kurt Triplett, Chair, ARCH Executive Board
DATE: January 12, 2023
RE Fall 2022 Housing'Trust Fund IHTFj Recommendation
As we mark ARCH's 30th anniversary, I am pleased to transmit this year's recommendations for the ARCH
Housing Trust Fund. The 2022 funding round was the largest in ARCH`s history, with requests from eight
projects proposing an impressive 819 units of affordable housing and 26 emergency shelter buds*.
After careful deliberation, the ARCH Executive Boardconcurred with the recommendations of the ARCH
Community Advisory Board (CAB) and is recommending funding totaling 7,645,900, which provides full
funding for four projects and partial funding for three projects. These recommendations advance an
incredible set of projects that will meet diverse needs throughout the region, including:
• Supportive housing for formerly homeless seniors, veterans and people with disabilities;
e Homeownership housing that will help families build equity„
• Preservation of existing affordable housing for large families;
• Affordable senior independent living;
• Transit -oriented development for families and individuals adjacent to future light rail;
• Emergency shelter for youth and young adults in East King County*; and
• Affordable housing for individuals with intellectual and developmental disabilities
In the last three decades, the ARCH Trust Fund has supported over 5,30 units of affordable housing and
shelter beds, creating housing for thousands of families and individuals with limited opportunities to live
in our community. The Trust Fund has also leveraged local resources over 10:1, bringing in 1 billion in
other investments to East Ding County, and this year is no exception, with proposed projects expected to
leverage over 460 million in other funding.
ARCH MEMBERS —1
BEAUX ARTS VILLAGE BELL V'UE= # BOTHEoLL # CLWYDE HILL # HUNTS POINT
ISSAQUAH' KENMORE KIRKLAND MEDINA + MERCER ISLAND NEWCASTLE # REDMOND
SAMMAMISH # WOODINVILLE YARROW POINT o KING COUNTY
ARCH Trust Fund Exec Board Memo
December 2022
Page 12
A summary of recommended projects is shown in the table below:
Project
Units/
ARCH
Executive Board
Applicant
City
Beds
Request
Recommendation
Ardea
TWGjlmagine Housing
Kirkland
170
$1,400,000
$1,400,000
Bellevue Homes
Habitat for Humanity
Bellevue
25
$600,000
$600,000
Kenmore Supportive Housing
Plymouth Housing
Kenmore
100
$3,279,700
$3,279,700
Kirkland Heights
King County Housing Authority
Kirkland
276
$2,000,000
$1,566,200
The Landing Shelter*
Friends of Youth
Kirkland
26
$650,000*
See Below*
Scattered Homes (Supported
TBD-Bothell
Living Home / OHS Home)
Kenmore
Alpha Supportive Living
Woodinville
7
$400,000
$400,000
Spring District 1201h St. TOD
BRIDGE
Bellevue
235
$4,000,000
$350,000
Totem Six-Plex
Attain Housing
Kirkland
6
$750,000
$50,000
Total
819
$13,079,700
$7,645,900
*Note. Friends of Youth was able to obtain other grant funds and withdraw its application to ARCH.
The ARCH Executive Board remains in strong support of the project
These investments couldn't come at a more urgent time, as inflation and rising rents continue to
threaten the housing stability of households with low and moderate incomes. While ARCH did not have
sufficient funding to fully fund all proposed projects, these awards will make a major difference in the
community and help create momentum towards meaningful production of affordable homes. The
increased demand for the Trust Fund program also demonstrates ARCH's success in strengthening and
expanding relationships with a range of development partners. We know these partnerships are critical
to creating the affordable homes that will provide economic relief and stability for current and future
generations in our community.
Below is a more detailed description of the applications received, the Executive Board recommendation
and rationale, and proposed contract conditions for the proposals recommended for funding at this
time. Also enclosed is the proposed funding sources and an economic summary of the projects
recommended for funding.
Attachments:
1. Proposed Funding Sources
2. Project Economic Summaries
Note that bolded text in proposed conditions shows unique conditions in otherwise standard text.
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ARCH Trust Fund Exec Board Memo
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1. TWG and Imaitine Housing — Ardea at Totem Lake
Funding Request: $1,400,000 (Contingent Loan)
170 affordable rental units (including 1 manager unit)
Executive Board Recommendation: Up to $1,400,000 (Contingent Loan)
See attached Proposed Funding Sources for distribution of City
Funds
Proiect Summary:
The Ardea project consists of 170 units of affordable housing for seniors age 62 and older at 40%, 50%
and 60% AMI, including an estimated 45 units for senior veterans. The project will include 91 studios and
791-bedrooms units. All of the units will be within one building with seven residential levels over a one -
level parking garage partially below grade with 36 parking stalls. TWG, a national for -profit affordable
housing developer, will be the lead developer with Imagine Housing acting as non-profit
sponsor/ownership partner and service provider.
The project will provide major right-of-way pedestrian improvements intended to connect the
unimproved section of 1161h Ave NE along the property with the Totem Lake Business District major
pedestrian loop. The project will replace and improve the existing sidewalk with street trees and
pedestrian lighting to complete the improved pedestrian corridor along 116th Ave NE.
Funding Rationale:
The Executive Board recommends funding with conditions listed below for the following reasons:
• The project will meet several local housing strategies within the City of Kirkland and provide a
large amount of senior affordable housing units in a much -needed area of East King County.
• The project will complete an important missing section of pedestrian and right of way
improvements connecting the Totem Lake Business District.
• This project leverages significant funding from other public and private sources.
• The project aims to bring together the efficiencies of a vertically integrated developer with the
perspectives and connections of a local community -based nonprofit with deep roots in East King
County.
Proposed Conditions:
Standard Conditions: Refer to list of standard conditions found at end of this memo.
Special Conditions:
1. The funding commitment shall continue for twelve (12) months from the date of Council approval
and shall expire thereafter if all conditions are not satisfied. An extension may be requested to
ARCH staff no later than sixty (60) days prior to the expiration date. At that time, the applicant will
provide a status report on progress to date and expected schedule for start of construction and
project completion. ARCH staff will consider up to a 12-month extension only based on
documented, meaningful progress in bringing the project to readiness or completion. At a minimum,
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ARCH Trust Fund Exec Board Memo
December 2022
Page 14
the applicant must demonstrate that all capital funding has been secured or is likely to be secured
within a reasonable timeframe.
2. Funds shall be used by the Agency towards construction costs. Funds may not be used for any other
purpose unless ARCH staff has given written authorization for the alternate use. Spending of
construction contingency must be approved in advance by ARCH. If after the completion of the
project there are budget line items with unexpended balances, ARCH and other public funders shall
approve adjustments to the project capital sources, including potentially reductions in public fund
loan balances.
3. Funds will be in the form of a deferred, contingent loan. Loan terms will account for various factors,
including loan terms from other fund sources and available cash flow. Final loan terms shall be
determined prior to release of funds and must be approved by ARCH Staff. it is anticipated that
loan payments will be based on a set repayment schedule and begin after repayment of deferred
developer fee with 1% interest. The terms will also include a provision for the Agency to defer
payment if certain conditions are met (e.g., low cash flow due to unexpected costs). Any requested
deferment of loan payment is subject to approval by ARCH Staff, and any deferred payment would
be repaid from future cash flow or at the end of the amortization period.
5. The net developer fee shall be established at the time of finalizing the Contract Budget and will
follow the ARCH Net Developer Fee Schedule. Net developer fee is defined as that portion of the
developer fee paid out of capital funding sources and does not include the deferred portion which is
paid out of cash flow from operations after being placed in service.
6. A covenant is recorded ensuring affordability for at least 55 years, with size and affordability
distribution per the following table. Limited changes to the matrix may be considered based on
reasonable justification as approved by ARCH staff.
Affordability
Studio
1 BR
Total
40%
17
17
34
50%
47
38
85
60%
27
24
51
Total
91
79
170
7. The final loan amount shall be up to $1.4 million, subject to approval by ARCH staff based on a
documented funding gap. ARCH reserves the right to reduce its total loan amount based on changes
to the project sources and uses, and unit mix.
8. Agency must submit for ARCH staff approval a management and services plan which includes
coordination of services with outside providers and parking management.
9. Agency shall identify and assist residents with alternative transportation options such as car
sharing programs and/or shuttle services, bicycle facilities, and robust pedestrian access.
10. Agency shall include in its quarterly monitoring reports the following information:
a. Updates on tenant relations and engagement in existing ARCH -funded projects
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ARCH Trust Fund Exec Board Memo
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b. Updates on Agency property and asset management capacity and oversight
c. Updates on work necessary to preserve current wetland buffer approvals
11. Agency must demonstrate its commitment to retaining/providing Energy Star Appliances in every
unit.
2. Habitat for Humanity of Seattle -King County — Bellevue Homes
Funding Request: $600,000 (Secured Grant)
25 affordable homeownership units
Executive Board Recommendation: Up to $600,000 (Secured Grant)
See attached Proposed Funding Sources for distribution of City
Funds
Proiect Summary:
Habitat for Humanity Seattle -King County proposes creating 25 permanently affordable 3-bedroom, 1.5
bath townhomes and a new 3,500 SF community center in the Factoria neighborhood of Bellevue, WA.
This 3.13-acre site is to be purchased from the Holy Cross Lutheran Church of Bellevue.
The proposed population for the development is 4-5 person families with incomes up to 60% AMI and
80% AMI. The homeownership structure uses a land trust model to ensure permanent affordability of
each unit. Under the model, HFHSKC retains ownership of the land, which is leased to individual
homeowners, and a right of first option to purchase the home upon resale. Habitat requires homebuyers
to put in 250 hours of self-help labor to help construct their own units as well as their neighbors' units.
This "sweat equity" model, combined with the modest appreciation within the land trust structure,
provides low-income households the opportunity to build wealth through homeownership while securing
safe, affordable housing.
The project addresses a local priority to the City of Bellevue' s Affordable Housing Strategy by creating
more affordable housing stock for low-income households, including through developing on land owned
by faith -based groups.
Funding Rationale:
The Executive Board supports the intent of this application for the following reasons:
• The project would create additional units of homes for purchase in a very high -cost area with
median home prices that exceed $1 million. Such opportunities are quite rare and allow
households with modest incomes to achieve stability and wealth building through
homeownership.
• The project takes advantage of new City policies that encourage additional density and
affordable housing on property owned by faith communities, helping to advance the City's
overall Affordable Housing Strategy.
• The project preserves existing community assets that will create benefits for residents and the
broader community.
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ARCH Trust Fund Exec Board Memo
December 2022
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• Habitat's sweat equity model allows volunteers and potential buyers to gain valuable skills and
experience in homebuilding, while allowing for cost savings when compared to traditional
construction. Also, keeping the units and land in a land trust ensures perpetual affordability,
which is especially important in a high cost, high growth city like Bellevue.
• Habitat's approach to marketing helps to address historic barriers to home ownership and
preserve cultural diversity in the community.
Proposed Conditions:
Standard Conditions: Refer to list of standard conditions found at end of this memo.
Special Conditions:
1. The funding commitment continues for twelve (12) months from the date of Council approval and
shall expire thereafter if all conditions are not satisfied. An extension may be requested to ARCH
staff no later than sixty (60) days prior to the expiration date. At that time, the Agency will provide a
status report on progress to date and expected schedule for start of construction and project
completion. ARCH staff will consider a twelve-month extension only based on documented,
meaningful progress in bringing the project to readiness or completion. At a minimum, the Agency
will demonstrate that all capital funding has been secured or is likely to be secured within a
reasonable timeframe.
2. Funds shall be used by Agency toward acquisition costs. Funds may not be used for another purpose
without prior written authorization from ARCH. If, after project completion project, there are
budget line items with unexpended balances, ARCH and other public funders shall approve
adjustments to the project capital sources, including potential reductions in public fund loan
balances.
Funds will be in the form of a secured grant, so long as affordability and target population are
maintained.
4. The Net Developer Fee shall be established when the Contract Budget is finalized and will follow the
ARCH Net Developer Fee Schedule. Net Developer Fee is defined as that portion of the developer
fee paid out of capital funding sources and does not include the deferred portion which is paid out
of cash flow from operations after the project is placed in service.
5. A covenant shall be recorded ensuring affordability for at least 55 years, with size and affordability
distribution per the following table. Limited changes to the matrix may be considered based on
reasonable justification as approved by ARCH.
Affordability
3 BR
Total
60%
10
10
80%
15
15
Total
25
25
6
ARCH Trust Fund Exec Board Memo
December 2022
Page (7
6. Agency shall include the following in its quarterly reports:
a. Update on mortgage interest rate projections and contingency plans to address rates in the
present inflationary environment.
b. Update on neighborhood engagement and efforts to inform the surrounding community
about the project.
7. Agency shall provide for ARCH review and approval any draft agreements memorializing roles and
responsibilities for management and use of shared spaces, including the community center, open
space elements, and shared parking. Agency shall ensure that homeowners are not responsible
for maintenance of non-residential spaces intended primarily to benefit other parties or the
broader community.
8. Agency shall affirmatively market the project to further fair housing (as described in the funding
application), and commit to measures that ensure all households may enjoy residency regardless
of religious affiliation, and protect against religious discrimination in the sale of homes and
operation of the development.
3. Plymouth Housing — Kenmore PSH
Funding Request: $3,279,729 (Deferred Loan)
100 affordable rental units (including 1 manager unit)
Executive Board Recommendation: Up to $3,279,700 (Deferred Loan)
See attached Proposed Funding Sources for distribution of City
Funds
Project Summary:
The proposed project is the new construction of 100 affordable housing units for seniors, veterans,
formerly homeless, and disabled individuals. All of the units will serve formerly homeless residents
earning up to 30% of area median income. The project will be located on a city -owned site on Bothell
Way in Downtown Kenmore with good proximity to amenities and transportation. The project location
is ideal for a building that serves seniors and single individuals.
The project includes a mix of studios and one -bedroom units (25 one -bedroom and 75 studio) as well as
resident amenity space, including a community room, community kitchen, on -site medical and
behavioral health space, offices for case managers and property staff, and a front desk. The project will
also include commercial space on the ground floor that will provide a benefit to the community through
a partnership with Kenmore -based Bastyr University.
This project was made possible through the efforts of the City of Kenmore, which committed
approximately $3.21VI in ARPA funding and offered a $1.89 million City -owned property through an RFP
dedicated to affordable housing. The ARCH Executive Board also approved a preliminary reservation of
unused 2021 Housing Trust Fund resources to the development of this project. The winning project and
funding recommendation was then reviewed and affirmed by ARCH's Community Advisory Board.
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ARCH Trust Fund Exec Board Memo
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Due to construction market conditions, and incorporation of commercial prevailing wages into the
construction budget (to accommodate federal resources committed to the project), the budget
experienced an increase in construction costs that increased the remaining funding gap. To help fill this
gap, Plymouth requested additional funds from ARCH in the fall round, and submitted applications to
other funding sources to complete the project financing.
Funding Rationale:
The Executive Board recommends funding with conditions listed below for the following reasons:
• Aligns with the City's RFP goals and would further the City of Kenmore #1 priority to build
affordable housing:
o Exceeded the City's goal of providing 20% of the units at 30% AMI.
a Utilizes project site efficiently allowing for 100 units of affordable housing.
a Meets the City's requirement of a cost-efficient design.
a Commits significant agency resources toward development of a ground floor that will
benefit the community
o Envisions a welcoming design that enhances and creates a gateway to Downtown
Kenmore
• Will provide critically needed, deeply affordable units at 30%AMI.
• Meets ARCH's long-term objective of investing in affordable housing across member
jurisdictions.
• Serves a range of special needs populations (homeless individuals, seniors, veterans and persons
with disabilities)
• Will allow a dependable, long standing non-profit housing and service provider to expand
services into Kenmore.
• Will be highly competitive for Low Income Housing Tax Credits and State Housing Trust Fund
resources, providing significant financial leverage of local resources.
• Site has convenient access to transit, shopping, and services.
Proposed Conditions:
Standard Conditions: Refer to list of standard conditions found at end of this memo.
Special Conditions:
The funding commitment shall continue for eighteen (18) months from the date of Council approval
and shall expire thereafter if all conditions are not satisfied. An extension may be requested to
ARCH staff no later than sixty (60) days prior to the expiration date. At that time, the Agency will
provide a status report on progress to date and expected schedule for start of construction and
project completion. ARCH staff will consider a twelve-month extension only based on documented,
meaningful progress in bringing the project to readiness or completion. At a minimum, the Agency
will demonstrate that all capital funding has been secured or is likely to be secured within a
reasonable timeframe.
2. Funds shall be used by Agency toward reserves, soft costs, design, permits and construction. Funds
may not be used for any other purpose unless ARCH staff has given written authorization for the
alternate use. If after the completion of the project there are budget line items with unexpended
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ARCH Trust Fund Exec Board Memo
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balances, ARCH and other public funders shall approve adjustments to the project capital sources,
including potentially reductions in public fund loan balances.
3. Funds will be in the form of a secured grant, so long as affordability and target population is
maintained, and the service funds necessary to provide services to this population are available.
4. The net developer fee shall be established at the time of finalizing the Contract Budget and will
follow ARCH Net Developer Fee Schedule. Net developer fee is defined as that portion of the
developer fee paid out of capital funding sources and does not include the deferred portion which is
paid out of cash flow from operations after being placed in service.
S. A covenant is recorded ensuring affordability for at least 55 years, with unit size and affordability
distribution per the following table. Limited changes to the matrix may be considered based on
reasonable justification as approved by ARCH staff.
Affordability
studio
1-bedroom
Total
30961
75
25
100
Total
75
25
100
6. Based on the availability of adequate support services, the project will contain 100 units for formerly
homeless residents, unless otherwise approved by ARCH. Plymouth will work with service providers
and other agencies working in East King County to establish referral mechanisms, or other referral
method as approved by ARCH, and shall aim to include seniors, veterans, and persons with
disabilities.
7. ARCH shall review and approve the services budget and services plan for consistency with
application.
8. The Agency will establish a services reserve account in the amount of no less than $500,000 to be
used in the event of shortfalls in project income to pay for necessary services expenses. A services
reserve budget must be approved by ARCH at the close of permanent financing and will be
monitored for consistency with the services plan, ARCH will review
9. if service funding decreases at any point during the term of the contract, Agency shall submit for
review and approval a service plan which provides continuity of services within the project.
4. King County Housing Authority — Kirkland Heights
Funding Request: $2,000,000 (Contingent Loan)
276 Affordable Units (including 3 manager units)
Executive Board Recommendation: Up to $1,566,200 (Contingent loan)
Includes $1,056,300 local funds, $509,900 CDBG funds
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See attached Proposed Funding Sources for distribution of City
Funds
Project Summary:
The Kirkland Heights Apartments is a 180-unit apartment complex located in Northeast Kirkland near
the Totem Lake neighborhood. This proposal's scope includes the rehabilitation of all existing residential
buildings, addition of a third story to eleven of the existing buildings, and the new construction of two
three-story residential buildings and one community building. Upon project completion, the complex
will consist of 276 units, thus utilizing more of the site's allowed density.
The project will include 103 units affordable for households at 30% AMI, 52 units at 60% AMI and 114
units at 80% AMI. This structure takes advantage of the available Project -based Section 8 rental
assistance, which is targeted to the 106 units at 30% AMI, while allowing existing residents with incomes
between 60% and 80% AMI to remain at Kirkland Heights.
KCHA is proposing $24.2 million in public funds while contributing a significant ($36.1 million)
subordinate loan. King County has awarded $11.2 million in funds for the project, and $10 million is
proposed from the State (of which $5 million would fund the rehab project, and $5 million would fund
the new construction portion). in addition, as a Public Housing Authority (PHA), KCHA can issue tax
exempt debt. At the time of application, 50% ($110 million) of the total sources have been
committed/secured.
Funding Rationale:
The Executive Board supports the intent of this application for the following reasons:
• The project preserves and enhances housing for a large number of existing low- and moderate -
income residents in the community, including many families with children.
• The project also adds a significant number of units affordable to very low-, low- and moderate -
income households within a high -opportunity area near good jobs, various transportation
options, and other public and private amenities.
• KCHA has taken advantage of income averaging, thus allowing the feasible incorporation of 106
units targeted to very low-income households. Those units are supported with Project -based
Section 8 Rental Assistance under a HAP Contract signed in 2020.
• This project leverages significant funding from public and private sources, 50% of which are
already committed/secured.
• The project is undertaken by an experienced agency that has prioritized the project to start
construction as soon as possible.
Proposed Conditions:
Standard Conditions: Refer to list of standard conditions found at end of this memo.
Special Conditions:
1. The funding commitment shall continue for eighteen (18) months from the date of Council approval
and shall expire thereafter if all conditions are not satisfied. An extension may be requested to ARCH
staff no later than sixty (60) days prior to the expiration date. At that time, the applicant will provide
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ARCH Trust Fund Exec Board Memo
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a status report on progress to date and expected schedule for start of construction and project
completion. ARCH staff will consider up to a 12-month extension only based on documented,
meaningful progress in bringing the project to readiness or completion. At a minimum, the applicant
must demonstrate that all capital funding has been secured or is likely to be secured within a
reasonable timeframe.
Funds shall be used by the Agency for soft costs, acquisition costs, and construction costs. in the
event any portion of the funding award is reserved for construction contingency, that portion must
be approved in advance by ARCH staff. Funds may not be used for another purpose without prior
written authorization from ARCH. if, after project completion project, there are budget line items
with unexpended balances, ARCH and other public funders shall approve adjustments to the project
capital sources, including potential reductions in public fund loan balances.
Funds will be in the form of a deferred, contingent loan. Loan terms will account for various
factors, including loan terms from other fund sources, including the sponsor subordinate loan and
available cash flow. Final loan terms shall be determined prior to release of funds and must be
approved by ARCH staff. Based on the preliminary development budget, it is anticipated that loan
payments will be based on a set repayment schedule and begin after repayment of the deferred
developer fee (approximately year 12), with 1% interest. The terms will also include a provision for
the Agency to defer payment if certain conditions are met (e.g., low cash flow due to unexpected
costs). Any requested deferment of a loan payment is subject to approval by ARCH staff, and any
deferred payment would be repaid from future cash flow or at the end of the amortization period.
4. KCHA will provide a sponsor subordinate loan in the approximate amount of $36.1 million. The final
amount and terms of repayment will be finalized at the time of review and approval of the
contingency portion of the funding commitment. Terms are anticipated to account for available cash
flow and repayment of the ARCH loan.
5. Until such time as the deferred developer fee is fully repaid, all cash flow after payment of operating
expenses and debt service shall be used to repay the deferred developer fee or project reserves as
approved by ARCH staff.
6. A covenant is recorded ensuring affordability for at least 55 years, with affordability as shown in the
following table. Limited changes to the matrix may be considered based on reasonable justification
as approved by ARCH staff.
Affordability
1 BR
2 BR
3 BR
4 BR
Total
30910
56
43
7
106
60%
4
23
22
4
53
80%
$
1 48
48
10
114
Total
12
127
113
21
273
7. Agency shall provide remaining findings after the completion of Building 8 test case. if those
findings impact the project's development budget or project timeline, those updates will be
shared with ARCH.
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ARCH Trust Fund Exec Board Memo
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8. Agency shall provide a relocation plan for ARCH review and approval, including 1) the total
relocation budget, 2) description of impact to residents, and 3) sample relocation notices provided
to residents (all applicable per approved relocation plan: 30-day notice, 60-day notice, etc.).
9. Agency shall provide ARCH a management plan that includes proposed recreational activities that
will be offered to build community and promote resident engagement.
10. Agency shall identify and implement opportunities to incentivize sustainable transportation
choices such as car sharing, public transportation, electric vehicle ownership and bicycle storage.
S. ALPHA/Inclusion — Scattered Homes
Funding Request: $400,000 (Secured Grant)
2 homes (including 3 tenants per home)
Executive Board Recommendation: Up to $400,000 (Secured Grant)
See attached Proposed Funding Sources for distribution of City
Funds
Proiect Summary:
The proposed ARCH -funded project will consist of the acquisition of two homes in East King County for
individuals with Intellectual and Developmental Disabilities (IDD) earning below 30% AMI, referred
through the Development Disabilities Administration (DDA). Each home is expected to have three clients.
The $400,000 request to ARCH would help to acquire two homes in the Woodinville/Bothell/Kenmore
area, where the sponsor has an established presence and supports within the community. Inclusion
Homes will own and operate the homes, while Alpha Supported Living provides tailored supportive
services at each home.
The two proposed acquisitions include:
1. Purchase of a children's home in the Bothell/Woodinville area of King County (OHS Home #3).
This will be a 4-bedroom home for the Out of Home Services (OHS) program for children and youth
ages 9-20 years old. Alpha is seeking sites near their two existing OHS homes for streamlining of
management and staffing purposes. The timeline to purchase the home is late 2023.
2. Purchase of a 3-bedroom Supported Living home located in East King County (Bothell,
Woodinville), with services provided by Alpha also referred as Home #4. The timeline is to
purchase the home in mid-2023.
Each home site will be assessed by Inclusion Homes for repairs and retrofitting at time of purchase as
needed. Inclusion homes has already identified a list of up potential homes that would fit within the
agency's needs and standard requirements.
12
tAHIl311 A
ARCH Trust Fund Exec Board Memo
December 2022
Page 113
There has been an ongoing demand for Supported Living services from individuals with IDD living with
their parents or from an institutional setting. Alpha continually receives referrals but lacks access to
affordable housing to place individuals. Currently, there are 87 open and funded "slots" for clients with
IDD to move into Supported Living in Washington State, plus 68 additional funded "slots" that will be
added over the next 12 months from legislative appropriations.
Funding Rationale:
The Executive Board supports the intent of this application for the following reasons:
• The project will provide much needed IDD housing in King County people with very low incomes
below 30% AM I.
• This project leverages significant investments from public sources including State capital funds
as well as ongoing rental subsidies and service funding that will ensure stable operations over
time.
• The project is undertaken by an agency with recent success creating new IDD housing and a
strong reputation for meeting the needs of individuals who would otherwise not be successful in
many other types of housing.
Proposed Conditions:
Standard Conditions: Refer to list of standard conditions found at end of this memo.
Special Conditions:
1. The funding commitment continue for eighteen (18) months from the date of Council approval and
shall expire thereafter if all conditions are not satisfied. An extension may be requested to ARCH
staff no later than sixty (60) days prior to the expiration date. At that time, the Agency will provide
status report on progress to date and expected schedule for start of construction and project
completion. ARCH staff will consider a twelve-month extension only based on documented,
meaningful progress in bringing the project to readiness or completion. At a minimum, the Agency
will demonstrate that all capital funding has been secured or is likely to be secured within a
reasonable timeframe.
2. Funds shall be used by Agency toward acquisition. Funds may not be used for any other purpose
unless ARCH staff has given written authorization for the alternate use.
3. Funds will be in the form of a secured grant, so long as affordability and target population is
maintained, and the service funds necessary to provide services to this population are available.
4. The net developer fee shall be established at the time of finalizing the Contract Budget and will
follow ARCH Net Developer Fee Schedule. Net developer fee is defined as that portion of the
developer fee paid out of capital funding sources and does not include the deferred portion which is
paid out of cash flow from operations after being placed in service.
5. A covenant is recorded ensuring affordability for at least 55 years, with size and affordability
distribution per the following table. Limited changes to the matrix may be considered based on
reasonable justification as approved by ARCH staff.
13
_:V21W_JI/_1
ARCH Trust Fund Exec Board Memo
December 2022
Page 114
Affordability
1-bedroom/suite
Total
30%
7
7
Total
7
7
6. ARCH shall review and approve the services budget and services plan for consistency with
application. A services reserve budget must be approved by ARCH at the close of permanent finance
and will be monitored on an annual basis for consistency with the services plan. Any deviation from
the services budget must be pre -approved by ARCH.
7. Agency shall provide to ARCH for review a Capital Needs Assessment for all homes for ARCH's
approval.
6. BRIDGE Housing —Spring District TIED
Funding Request: $4,000,000 (Contingent Loan)
235 Affordable Units (including 2 manager units)
Executive Board Recommendation: Up to $350,000 (Contingent Loan)
See attached Proposed Funding Sources for distribution of City
Funds
Proiect Summary:
In October 2020, Sound Transit selected BRIDGE and its partners, Essex and Touchstone, to master plan
and develop a 6.9-acre site adjacent to the agency's Operations and Maintenance Facility in the Spring
District of Bellevue. Together, the project partners plan to deliver a mixed -use, mixed -income transit -
oriented development that offers direct connections to a new transit station and a regional multi -modal
trail corridor.
The proposed affordable housing project is comprised of Building 6 and Building 3, which consist of 235
permanently affordable units at 50%-60% AM[ including two manager's apartments. Unit mixes will
consist of 71 studios, 101 one -bedroom units, 37 two -bedroom units, and 24 three -bedroom units. The
current proposal was prepared in response to a 2019 RFP that originally contained up to $10 million in
committed funding from King County and $4 million from ARCH. At the time, BRIDGE believed the project
would be feasible without those funds, but in subsequent years high -cost inflation has created a large
financing gap in the project.
The project is currently projecting a large gap in public financing, but is not expected to get underway with
construction until late 2024. Therefore, the project may be able to re -apply for funding in ARCH's 2023
funding round.
14
CAHILS1I A
ARCH Trust Fund Exec Board Memo
December 2022
Page 115
Funding Rationale:
The Executive Board supports the intent of this application for the following reasons:
• The project will provide a large amount of low- and moderate -income affordable housing units
in a strategic location close to jobs, transportation and amenities.
• This project leverages significant investments from public and private funding sources, including
King County TOD funds which are specifically set aside for the Bel -Red corridor, Amazon's
Housing Equity Fund and the Evergreen Impact Housing Fund.
• The project takes advantage of surplus public property provided at no cost by Sound Transit and
City of Bellevue.
• The project design incorporates cost and sustainability considerations such as reduced parking.
• The project advances key objectives in the City of Bellevue's Affordable Housing Strategy.
Proposed Conditions:
Standard Conditions: Refer to list of standard conditions found at end of this memo.
Special Conditions:
1. The funding commitment shall continue for twenty-four (24) months from the date of Council
approval and shall expire thereafter if all conditions are not satisfied. An extension may be
requested to ARCH staff no later than sixty (60) days prior to the expiration date. At that time, the
applicant will provide a status report on progress to date and expected schedule for start of
construction and project completion. ARCH staff will consider up to a 12-month extension only
based on documented, meaningful progress in bringing the project to readiness or completion. At a
minimum, the applicant must demonstrate that all capital funding has been secured or is likely to be
secured within a reasonable timeframe.
2. Funds shall be used by the Agency towards soft costs and construction. Funds may not be used for
any other purpose unless ARCH staff has given written authorization for the alternate use. Spending
of construction contingency must be approved in advance by ARCH. if after the completion of the
project there are budget line items with unexpended balances, ARCH and other public funders shall
approve adjustments to the project capital sources, including potentially reductions in public fund
loan balances.
3. Funds will be in the form of a deferred, contingent loan. Loan terms will account for various factors,
including loan terms from other fund sources and available cash flow. Final loan terms shall be
determined prior to release of funds and must be approved by ARCH Staff. It is anticipated that
loan payments will be based on a set repayment schedule and begin after repayment of deferred
developer fee with 1% interest. The terms will also include a provision for the Agency to a defer
payment if certain conditions are met (e.g., low cash flow due to unexpected costs). Any requested
deferment of loan payment is subject to approval by ARCH Staff, and any deferred payment would
be repaid from future cash flow or at the end of the amortization period.
S. The net developer fee shall be established at the time of finalizing the Contract Budget and will
follow the ARCH Net Developer Fee Schedule. Net developer fee is defined as that portion of the
tAH1131 I A
ARCH Trust Fund Exec Board Memo
December 2022
Page 116
developer fee paid out of capital funding sources and does not include the deferred portion which is
paid out of cash flow from operations after being placed in service.
6. A covenant is recorded ensuring affordability for at least 55 years, with size and affordability
distribution per the following table. Limited changes to the matrix may be considered based on
reasonable justification as approved by ARCH staff.
Affordability
Studio
1 BR
21311
3BR
Total
50%
21
30
11
8
70
60%
50
71
26
16
163
Total
71
101
37
24
233
7. Agency must submit for ARCH staff approval a management and services plan which includes
coordination of services with outside providers for special populations.
8. Agency shalt ensure that all measures have been taken to provide durable, high quality and
sustainable constructions materials, and Energy Star appliances within the project.
9. Agency shall identify and take steps to connect residents with affordable, healthy food options,
and commit to pursuing the removal of any restrictions within the broader master development
that prevent the operation of grocery stores.
10. Agency shall submit a parking management and shared parking plan and shall pursue
opportunities to make additional parking options available to residents who require vehicle
parking.
11. In the interest of encouraging integration of residents across the development site, the Agency
shall look for ways to incorporate shared amenities, unifying aesthetics, and other programmatic
features to build community.
7. Attain Housing —Totem Six Piex
Funding Request: $650,000 (Secured Grant)
6 new housing units
Executive Board Recommendation: Up to $50,000 (Technical Assistance Grant)
See attached Proposed Funding Sources for distribution of City
Funds
Proiect Summary:
The proposed project is the new construction of a three-story structure with six two -bedroom units of
transitional housing for homeless families earning up to 30% of area median income (AMI). The property
currently contains an existing four plex building owned and managed by Attain Housing. Attain also
manages the four plex on the lot next to the proposed construction site. The proposed new building will
sit in what is currently a lawn between the two four Alex buildings. The project represents an expansion
Im
ARCH Trust Fund Exec Board Memo
December 2022
Page 117
of existing programs operated by Attain, with overall capacity growing from 8 to 14 units across the
three buildings.
Funding Rationale:
The Executive Board supports the concept of the Attain Housing proposal but does not recommend fully
funding the project at this time. The Executive Board supports technical assistance funding for this
project in an effort to address outstanding project issues, and encourages the project to apply for
funding during the 2023 ARCH Housing Trust Fund round. This would provide an opportunity for Attain
Housing to address the issues identified below:
• Further development of building design, permitting, siting and parking and conformance with
zoning requirements.
• Allow the project to obtain funding commitments of other public funding sources and make
progress on the needed capital campaign.
• Secure project management capacity, including recommended engagement of a development
consultant who will assist with the financing and project management of the project through
construction completion.
• Development of an updated development budget and operating budget which addresses
increases in construction costs based on an updated cost estimate and funding to address the
additional cost increases.
• Development of a project schedule consistent with the proposed funding and local permitting
requirements.
• Further discussion of long-term strategy for funding supportive services for transitional housing.
Proposed Conditions for Technical Assistance Award:
Standard Conditions: Refer to list of standard conditions found at end of this memo.
Special Conditions:
1. The funding commitment shall continue for twelve (12) months from the date of Council approval
and shall expire thereafter if all conditions are not satisfied. An extension may be requested to
ARCH staff no later than sixty (60) days prior to the expiration date. At that time, the Agency will
provide status report on progress to date and expected schedule for start of construction and
project completion. ARCH staff will consider a twelve-month extension only based on documented,
meaningful progress in bringing the project to readiness or completion. At a minimum, the Agency
will demonstrate that all capital funding has been secured or is likely to be secured within a
reasonable timeframe.
2. Funds shall be used by Agency toward development consultant and design development. Funds
may not be used for any other purpose unless ARCH staff has given written authorization for the
alternate use.
3. Funds will be in the form of a grant for eligible predevelopment expenses.
17
hAHI I I A
ARCH Trust fund Exec Board Memo
December 2022
Page 118
Standard Conditions (Apply to all proiects):
1. Agency shall provide revised development and operating budgets based upon actual funding
commitments, which must be approved by ARCH staff. If the Agency is unable to adhere to the
budgets, ARCH must be immediately notified and (a) new budget(s) shall be submitted by the
Agency for ARCH's approval. ARCH shall not unreasonably withhold its approval to (a) revised
budget(s), so long as such new budget(s) does not materially adversely change the Project. This
shall be a continuing obligation of the Agency. Failure to adhere to the budgets, either original
or as amended may result in withdrawal of ARCH's commitment of funds.
2. Agency shall submit evidence of funding commitments from all proposed sources. In the event
commitment of funds identified in the application cannot be secured in the timeframe identified
in the application, the Agency shall immediately notify ARCH, and describe the actions it will
undertake to secure alternative funding and the timing of those actions subject to ARCH review
and approval.
3. In the event federal funds are used, and to the extent applicable, federal guidelines must be
met, including but not limited to the following: contractor solicitation, bidding, and selection;
wage rates; and Endangered Species Act (ESA) requirements. CDBG funds may not be used to
refinance acquisition costs.
4. Agency shall maintain documentation of any necessary land use approvals and permits required
by the city in which the project is located.
5. Agency shall submit quarterly monitoring reports through completion of the project, and
annually thereafter, and shall submit a final budget upon project completion. If applicable,
Agency shall submit initial tenant information as required by ARCH.
6. Agency shall maintain the project in good and habitable condition for the duration of the period
of affordability.
7. The final award amount shall be up to the recommended total, subject to approval by ARCH
staff based on a documented funding gap. ARCH reserves the right to reduce its total award
amount based on changes to the project sources and uses, and unit mix.
18
hAI-111:311 A.
Attachment 1:
Proposed Funding
Sources
PROJECTS RECOMMENDED FOR
2022 FUNDING
2022
Armes at
Bellevue
Kenmore
Kirkland
Scattered
Spring
Totem Six
Recommended
Totem Lake
Names
PSH
Heights
Homes
District
Plex
Funds
Bellevue
475,000
203,600
1,112,800
358,400
135,700
118,700
25,000
2,429,200
Bothell
28,200
12,100
66,100
21,300
8,100
7,100
142,900
Clyde Hill
7,600
3,300
17,800
5,700
2,200
1,900
38,500
Hunts Point
1,600
700
3,700
1,200
500
400
8,100
Issaquah
65,300
28,000
153,000
49,300
18,700
16,300
330,600
Kenmore
23,400
10,000
54,900
17,700
6,700
5,900
118,600
Kirkland
386,100
165,500
904,600
291,300
110,300
96,500
25,000
1,979,300
Medina
7,400
3,200
17,.300
5,600
2,100
1,800
37,400
Mercer Island
25,200
10,800
59,100
19,000
7,200
6,300
127,600
Newcastle
36,000
15,400
84,300
27,100
10,300
9,000
182,100
Redmond
261,200
111,900
611,800
197,100
74,600
65,300
1,321,900
Sair mamish
49,500
21,200
115,900
37,300
14,100
12,400
250,400
Woodinville
30,600
13,100
71,700
23,100
8,700
7,700
154,900
Yarrow Paint
2,900
1,200
6,700
2,200
800'
700
14,500
Local Funds
1,400,000
600,000
3,279,700
1,056,300
4000,000
350,000
50,000
7,136,000
CDBG
..
509,900
509,900
mmrdail00
000
0 0':.
'� �7 O0
55 Oi:`0
0 ` .
50 0.0
g1011
715 900
,..
tXH1t5l I A
Attachment 2: Project Economic Summaries
Applicant: TWG and Imagine Housing
Proiect, Name: Ardea Senior Affordable Housing
Location: 12700116 1h Avenue NE, Kirkland WA
Project Description: 170 units of affordable housing for seniors 62 and older at 40%, 50% and 60%
AM
Project c
Soures
-0— M
Amazon
$8,075,000
•
OWWRIM11MIJ
� KiLng County
$2,274,00 -
Sam
4 LIHTC
$28.357,114
Perm Loan
$,15,300,000
Proposed
Deferred Developer Fee
$3,696,674
Committed
Toources
Uses:
$4,805,427
$28,267
Constructiow
$265,016
Soft Costs:
Pre -Development / Bridge Financing_+-",Lo,w#.To�
—
Construction Financing
$2,642,119
Permanent Financing
$1,279,375
Capitalized Reserves
$4,022
Other Dev lopment Costs
$12,477
on. Filorg-31
I'll-
M-M
t:AHIt5I I A
Applicant: Habitat for Humanity of Seattle -King County
Project Name: Bellevue Homes
Location: 4315 129th Place SE, Bellevue, WA 98006
Proiect Description: New development of 25 permanently affordable 3-bedroom, 1.5 bath
townhomes and a new 3,500 SF community center for residents at 80% AMI.
Project Sources
Amount
Status
State HTF
$900,000
Proposed
State CHIP
$800,000
Proposed
ARCH HTF
$600,000
Proposed
HFHSKC
$11,540,313
Committed
Total Sources
$13,840,313
Project Uses
Amount
Per Home
Per SF
Acquisition Costs
$1,020,000
$40,800
$37.09
Construction
$11,360,313
$454,413
$413.10
Soft Costs
$1,180,000
$47,200
$42.91
Other Development Co �"n,840,313
$280,000
$11,200
1
$10.1d8
Total uses
$555,623
8
$503.28
CXIi11SII A
Applicant: Plymouth Housing
Proiect Name: Kenmore PSH
Location: 4315129' Place SE, Bellevue, WA 98006
Proiect Description: New construction of 100 affordable housing units for formerly homeless seniors,
veterans, and disabled individuals at 30% area median income with moderate
service needs.
Source Name
Amount
Originally
Committed
Proposed
Status
Tax Credit Equity
$25,705,200
Proposed
Housing Trust Fund
$5,000,000
Proposed
City of Kenmore
$400,000
$5,090,000
Proposed
ARCH
$279,729
$3,000,000
Proposed
Plymouth Sponsor Loan
$1,458,600
Committed
FHLB
$750,000
Proposed
King County
$1,000,000
Proposed
Plymouth Sponsor Loan
$1,541,400
Committed
Total Sources
$44,224,929
Project Uses
Amount
Per Unit
Per SF
Acquisition Costs
$1,920,000
$19,200
$45
Construction
$34,123,997
$341,240
$804
Soft Costs
$3,015,000
$30,150
$71
Construction Financing
$794,532
$7,945
$19
Permanent Financing
$315,000
$3,150
$7
Capitalized Reserves
$1,135,000
$11,350
$27
Other Development Costs
$1,380,000
$13,800
$33
Community Space
$1,541,400
N/A
$706
Total Uses
$44,224,929
$442,249
$1,042
hAH1131 I A
Applicant: King County Housing Authority
Proiect Name: Kirkland Heights
Location: 13310 NE 133`d Street, Kirkland WA 98034
Proiect Description: Rehab and new construction of 276 Affordable Units at 30%, 60% and 8096 AMI
Project Sources
Amount
Status
4% LIHTC Equity
$96,393,299
Proposed
Tax Exempt Bonds (Permanent)
$52,262,366
Proposed
King County TOD
$11,200,000
Committed
State HTF
$10,000,000
Proposed
State CHIP
$1,000,000
Proposed
ARCH HTF
$2,000,000
Proposed
Sponsor Subordinate Loan
$36,145,521
Committed
Deferred Developer Fee
$10,911,606
Committed
Deferred Interest
1 $400,000
Committed
Total Sources
1 $220,312,792
Project Uses
Amount
Per Unit
Per SF
Acquisition Costs
$51,524,800
$186,684
$210.09
Construction
$128,170,181
$464,385
$522.61
Soft Costs
$31,905,619
$115,600
$130.09
Pre -Development / Bridge Financing
$1,200,000
$4,348
$4.89
Construction Financing
$1,825,000
$6,612
$7.44
Permanent Financing
$1,594,462
$5,777
$6.50
Other Development Costs
$3,627,730
$13,144
$14.79
Bond Related Costs of Issuance
$465,000
$1,685
$1.90
Total Uses
$220,312,792
$798,235
$898.31
lZMVI_=jiitl
Applicant:
Proiect Name:
Location:
Proiect Description:
ALPHA/Inclusion
Scattered Homes
TBD
Purchase and rehabilitation of two homes in East King County for IDD children
and individuals.
Project Sources
OHS Home 3
Supported Living
Home 4
Total
Housing Trust Fund
$700,000
$650,000
$1,350,000
ARCH
$200,000
$200,000
$400,000
Kuni Foundation
$100,000
$0
$100,000
Inclusion Housing
$100,000
$100,000
$200,000
Total Sources
$11100,000
$950,000
$2,050,000
Project Uses:
Supported Living Home #4
Amount
Per SF
Per Bed
Acquisition Costs
$812,000
$226
$116,000
Construction
$96,000
$27
$13,714
Soft Costs
$21,000
$6
$3,000
Capitalized Reserves
$21,000
$6
$3,000
Total Uses
$950,000
$264
$135,714
Project Uses:
OHS Home #3
Amount
Per/SF
Per Bed
Acquisition Costs
$963,000
$268
$137,571
Construction
$96,000
$27
$13,714
Soft Costs
$21,000
$6
$3,000
Capitalized Reserves
$20,000
$6
$2,857
Total Uses
$1,100,000
$306
$157,143
CAHIt31I A
Applicant:
Proiect Name:
Location:
Proiect Description:
BRIDGE Housing
Spring District Affordable Housing Development
16011201h Avenue NE, Bellevue WA
New construction of Building 6 and Building 3, which consist of 235 permanently
affordable units at 501YS-60% AMI in the Spring District TOD site.
Project Sources
Amount
Status
4% Low Income Housing Tax Credits
$58,501,006
Proposed
Amazon Housing Equity Fund - Loan
$22,100,000
Proposed
Amazon Housing Equity Fund - Grant
$3,750,000
Proposed
Evergreen Impact Housing Fund
$15,500,000
Committed
King County TOD
$10,000,000
Proposed
City of Bellevue
$8,000,000
Proposed
ARCH
$4,000,000
Proposed
BRIDGE General Partner Equity
$4,985,350
Committed
Deferred Developer Fee
$2,000,000
Committed
Perm Loan
$2,987,826
Proposed
Total Sources
$131,824,182
$560,954
Project Uses
Amount
Per Unit
Per SF
Acquisition Costs
$25,000
$106
$0.11
Construction
$101,081,682
$430,135
$424.80
Soft Costs
$15,434,392
$65,678
$64.86
Pre -Development / Bridge Financing
$810,975
$3,451
$3.41
Construction Financing
$9,589,624
$40,807
$40.30
Permanent Financing
$580,627
$2,471
$2.44
Capitalized Reserves
$611,227
$2,601
$2.57
Other Development Costs
$3,690,655
$15,705
$15.51
Total Uses
$131,824,182
$560,954
$553.99
EXHIBI I A
Applicant:
Proiect Name:
Location:
Proiect Description:
Attain Housing
Totem Six Plex
12601 NE 132 nd St, Kirkland
New construction of a three-story structure with six two -bedroom units of
affordable housing for homeless families earning up to 30% of area median
income (AMI).
Project Sources
Amount
Status
ARCH
$750,000
Proposed
State Housing Trust Fund
$750,000
Proposed
King County
$750,000
Proposed
Capital Campaign
$1,500,000
Propose
Attain Housing
$250,000
Committed
Total Sources
$4,000,000
$666,667
Project Uses
Amount
Per Unit
Per SF
Acquisition:
$1,500
$250
$.25
Construction:
$3,393,632
$565,605
$566
Soft Costs:
$526,143
$87,691
$88
Other Development Costs
$78,725
$13,1221
13
Total Uses
$4,000,000
$666,667
$667