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2014 MAHRA SPRING CONFERENCE Development Efforts for Small & Mid-Sized PHAs

2014 MAHRA SPRING CONFERENCE Development Efforts for Small & Mid-Sized PHAs. Case Study: Howard County Housing Commission. I. A Brief History of Commission Development Projects II. Development Strategies: A. Partnership Rental Housing Program Projects 1. Morningside Park

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2014 MAHRA SPRING CONFERENCE Development Efforts for Small & Mid-Sized PHAs

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  1. 2014 MAHRA SPRING CONFERENCEDevelopment Efforts for Small & Mid-Sized PHAs Case Study: Howard County Housing Commission

  2. I. A Brief History of Commission Development Projects • II. Development Strategies: • A. Partnership Rental Housing Program Projects • 1. Morningside Park • 2. StoneyRun • B. Ground Leases • 1. Colonial Landing • 2. Port Capital • 3. Patuxent Square • C. New Construction/Redevelopment • 1. Ellicott Gardens • 2. Monarch Mills • 3. Burgess Mill • D. Acquisitions • 1. Columbia Landing • 2. Verona at Oakland Mills

  3. HCHC Assets 1991-2014

  4. Income Distribution

  5. PARTNERSHIP RENTAL HOUSING PROGRAM • Borrowers = Local governments and PHAs • $75,000/unit for construction, acquisition and/or rehab • Must contribute the land or land value • 50% of Statewide median = $44,200, $995/month • No repayment!

  6. Morningside Park • 60-unit affordable senior project built in 1996

  7. Morningside Park • Developed by Bozzuto as fee developer in 1996 • $2,400,000 PRHP + $600,000 HOME loan + $850,000 County grant • Renovated in 2012 with EDI Grant + RFR

  8. Stoney Run • 20 scattered-site rental townhomes within a for-sale subdivision • 3-bedroom, 1.5 bath • Developed as turn-key by Enterprise Homes in 1998 • $1,080,000 PRHP + $1,250,000 County grant

  9. GROUND LEASES • PHA purchases land and ground leases to developer for 65+ years • Occupancy restrictions contained in lease • Ground rent at fixed amount, cash flow, or $1 • Monitor annually

  10. Park View at Colonial Landing • 100-unit senior LIHTC project developed by Shelter Group in 1996 • Land purchased by HCHC for $500,000 using grant of County GO bond funds • Ground leased to LIHTC partnership • HCHC receives annual lease payments of $40,000 from net cash flow with unpaid amounts deferred until sale • After 40 years, restrictions end and rent becomes 10% of FMV of land • After 40 years, LP has option to purchase the land; HCHC has option to purchase the building

  11. Ground Lease properties Port Capital Village 7141 Beverly Drive, Elkridge, MD 21075 Constructed in 2007 Port Capital offers spacious two and three bedroom affordable complete with gourmet kitchens, central air and wall to wall carpeting . Located just minutes from Baltimore and convenient to I-95 to Washington DC, Port Capital Village offers discerning residents unparalleled comfort, convenience and affordability. Patuxent square 9900 Washington Boulevard Laurel, MD 20723 Located along the Route 1 corridor, Patuxent Square Apartment Homes offer amazing luxury, care-free living, conveniently located within minutes of Route 32, I-95 and 295. Residents are an elevator ride away from an on-site nail salon, doctor's office and daycare. The community offers electronically controlled building access, a fitness center and ample free parking.

  12. Port Capitol Village • 84-unit LIHTC project built in 2007

  13. Port Capitol Village • Land purchased by HCHC for $2 million using: • Transfer of 41 MIHUs valued at $1 million • $300,000 Community Legacy grant • $200,000 HOME grant • $500,000 HCHC funds • Ground leased to LIHTC partnership • HCHC receives 25% of net cash flow under LPA

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