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Feasibility Study Findings Affordable Housing Project – Sixth St. (Cornwall)

Presentation to CAHC Board by: November 27 th , 2008. Feasibility Study Findings Affordable Housing Project – Sixth St. (Cornwall). Findings. Development of a 32 unit project could be supported based on financial analysis Land and servicing available Brownfield remediation is minimal

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Feasibility Study Findings Affordable Housing Project – Sixth St. (Cornwall)

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  1. Presentation to CAHC Board by: November 27th, 2008 Feasibility Study FindingsAffordable Housing Project – Sixth St. (Cornwall)

  2. Findings • Development of a 32 unit project could be supported based on financial analysis • Land and servicing available • Brownfield remediation is minimal • Geotechnical issues manageable • Minor land use approvals required • Concept design can be accommodated

  3. Benefits • Addresses need in community • Experienced sponsor • Supportive housing partner • Community support for project • Efficient use of land, ability to remediate • Advanced stage of concept development • One-time AHP funding available ($2.24)

  4. Conditions • Property tax relief and Brownfield grants required from City • SM + MMAH approval required to secure AHP funding • Additional capital infusion rqd. (min. $200K) • Project development timeline obliges sponsor commitment for next 12-18 months, operations for 20 yrs thereafter

  5. Capital side Federal grant funding (capped) Additional $ in-flow to offset costs Efficient + modest design Managed costs + contingencies Operating Side Prov. 2nd mortgage funding (capped) Minimized 1st mortgage Reduced property tax Efficient management (revenues + costs + reserves) Net annual surplus Recipe for financial success

  6. Funding Structure - Base

  7. Funding Structure - Alternate

  8. Next steps • SM review + City Council consideration • If supported, seek MMAH approval and sign Contribution Agreement • Complete project design and approvals • Secure financing, tender for construction • Begin construction, plan management • Rent-up building, wrap-up development

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