Tampa Central Park NSP2 Application

Transcription

NEIGHBORHOOD
STABILIZATION
PROGRAM 2
Consortium of the
Tampa Housing Authority
and
The City of Tampa
in conjunction with
Banc of America
Community Development
Corporation
TAMPA CENTRAL PARK
APPLICATION ID No.996824425
July 17, 2009
APPLICATION CONTENT As per: Appendix 3 ‐ Application Checklists and Aids (Removing Negative Elements Rubric) a. Application Forms: (Not subject to the page limitations.) _____ SF‐424, Application for Federal Assistance (signed by the Authorized Organization Representative (AOR) who is legally authorized to submit the application on behalf of the applicant _____ SF‐424 Supplement, Survey on Ensuring Equal Opportunities for Applicant ("Faith Based EEO Survey (SF‐424‐SUPP)" _____ NSP2 Non‐profit Organization Qualification‐‐ Narrative describing qualification as an eligible applicant and Evidence of Nonprofit or and Tax Exempt Status (in accordance with this NOFA). _____ Consortium Agreement, if applicable. _____ Program Summary b. Narrative Statements Addressing: (Subject to the page limitations described above.) PAGE NO. _____ Factor 1: Need and Market Conditions ……………………………….............. 1‐9 _____ Factor 2: Demonstrated Capacity……………………………………………………. 10‐24 _____ Factor 3: Soundness of Approach ………………………………………………….. 25‐38 _____ Factor 4: Leveraging, integration, removal of negative effects……………. 39 _____ Factor 5: Energy efficiency ……………………………………………………………….. 40‐44 _____ Factor 6: Neighborhood transformation and economic opportunity… 45‐46 c. Disclosures: (Not subject to the page limitations.) _____ SF‐LLL, Disclosure of Lobbying Activities, as applicable. _____ HUD‐2880, Applicant/Recipient Disclosure/Update Report. ("HUD Applicant Recipient Disclosure Report") d. Appendices: (Not subject to the page limitations.) _____ A copy of your code of conduct. _____ Leveraging documentation—firm commitment letters. (See factor 4.) _____ Signed Certifications. (See Appendix IV for the relevant certifications.) _____ Calculation of removal of negative effects using HUD provided rubric _____ Summary of citizen comments including URL where plan is posted _____ Documentation of firm commitment executed and dated by each for‐profit partner _____ Definitions and Standards Other information should not be submitted and will not be considered in scoring the application. A. APPLICATION FORMS
SF-424
Application for Federal Assistance
SF-424 Supplement
Survey on Ensuring Equal Opportunities
for Applicant
NSP2
Non-Profit Organization
Qualification
Consortium Agreement
Program Summary
A. APPLICATION FORMS
SF-424
Application for Federal Assistance
OMB Number: 4040-0004
Expiration Date: 01/31/2009
Application for Federal Assistance SF-424
*1. Type of Submission:
Version 02
*2. Type of Application
Preapplication
New
Application
Continuation
Changed/Corrected Application
Revision
3. Date Received :
* If Revision, select appropriate letter(s)
*Other (Specify)
4. Applicant Identifier:
5a. Federal Entity Identifier:
*5b. Federal Award Identifier:
State Use Only:
6. Date Received by State:
7. State Application Identifier:
8. APPLICANT INFORMATION:
*a. Legal Name: Housing
Authority of the City of Tampa
*b. Employer/Taxpayer Identification Number (EIN/TIN):
*c. Organizational DUNS:
59-60001289
025637356
d. Address:
1529 W. Main Street
*Street 1:
Street 2:
Tampa
*City:
Hillsborough
County:
Florida
*State:
Province:
*Country:
USA
*Zip / Postal Code
33607
e. Organizational Unit:
Department Name:
Division Name:
f. Name and contact information of person to be contacted on matters involving this application:
Mr.
Prefix:
*First Name:
Leroy
Middle Name:
*Last Name:
Moore
Suffix:
Title:
Sr. Vice-President/COO
Organizational Affiliation:
Housing Authority of the City of Tampa
*Telephone Number:
*Email:
(813)253-0551 x 151
Fax Number:
813/367-0780
[email protected]
*9. Type of Applicant 1: Select Applicant Type:
L. Public / Indian Housing Authority
Type of Applicant 2: Select Applicant Type:
C. City or Township Government
Type of Applicant 3: Select Applicant Type:
*Other (Specify)
*10 Name of Federal Agency:
US Department of Housing & Urban Development
11. Catalog of Federal Domestic Assistance Number:
14.256
CFDA Title:
*12 Funding Opportunity Number:
FR-5321-C-02
*Title:
FY2009 Neighborhood Stabilization Program 2
13. Competition Identification Number:
Title:
14. Areas Affected by Project (Cities, Counties, States, etc.):
City of Tampa, Florida
Version 02
*15. Descriptive Title of Applicant’s Project:
The development of vacant parcels and purchase/rehabilitation of foreclosed residential houses with provision of down payment assistance.
Version 02
16. Congressional Districts Of:
*a. Applicant:
*b. Program/Project:
17. Proposed Project:
*a. Start Date:
*b. End Date:
18. Estimated Funding ($):
*a. Federal
$38,000,000.00
*b. Applicant
$5,511,000.00
*c. State
*d. Local
$83,270,064.00
*e. Other
*f. Program Income
*g. TOTAL
$126,781,064.00
*19. Is Application Subject to Review By State Under Executive Order 12372 Process?
a. This application was made available to the State under the Executive Order 12372 Process for review on
b. Program is subject to E.O. 12372 but has not been selected by the State for review.
c. Program is not covered by E. O. 12372
*20. Is the Applicant Delinquent On Any Federal Debt? (If “Yes”, provide explanation.)
Yes
■ No
21. *By signing this application, I certify (1) to the statements contained in the list of certifications** and (2) that the statements
herein are true, complete and accurate to the best of my knowledge. I also provide the required assurances** and agree to comply
with any resulting terms if I accept an award. I am aware that any false, fictitious, or fraudulent statements or claims may subject
me to criminal, civil, or administrative penalties. (U. S. Code, Title 218, Section 1001)
** I AGREE
** The list of certifications and assurances, or an internet site where you may obtain this list, is contained in the announcement or
agency specific instructions
Authorized Representative:
Prefix:
Mr.
Middle Name:
D.
*Last Name:
Ryans
*First Name: Jerome
Suffix:
*Title:
President / CEO
*Telephone Number:
* Email:
(813)253-0551 x 151
Fax Number:
813/367-0780
[email protected]
*Signature of Authorized Representative:
Authorized for Local Reproduction
*Date Signed: 7/14/2009
Standard Form 424 (Revised 10/2005)
Prescribed by OMB Circular A-102
Version 02
*Applicant Federal Debt Delinquency Explanation
The following should contain an explanation if the Applicant organization is delinquent of any Federal Debt.
SF-424 Supplement
Survey on Ensuring Equal Opportunities
for Applicant
NSP2
Non-Profit Organization
Qualification
Consortium Agreement
Program Summary
Program Summary The Tampa Housing Authority (THA) and the City of Tampa (City) has created a consortium to carry out a NSP2 housing revitalization program in an eleven (11) census tract area immediately north of Downtown and Port of Tampa. The THA & City are joined in this proposal with their private for profit development partner, the Banc of America Community Development Corporation (BACDC). The Consortium is seeking $38.0 million in NSP2 funds to reignite a very promising neighborhood redevelopment effort which has been rendered moribund by economic and non‐economic factors. The target geography was selected because NSP2 funds can be deployed immediately upon award to recapture the neighborhood stabilization and revitalization momentum which was lost concurrent with the broader economic and housing market downturn. The area, historically the center of African American and immigrant culture and commerce in the City, entered into a period of long decline with increased population of low income households, a worsening condition of housing and commercial stock and challenges including the building of an interstate which cut the neighborhood in half which stymied redevelopment efforts between 1960 and the late 1990’s. The target geography met the slum and blight threshold by any measure. Since the late nineties, however, the area has been the central focus of redevelopment in the City and up to 2008 was beginning to realize the fruits of the tremendous local investment of time and resources. Despite the fact that the target geography is less than seven (7) square miles; four City and county property tax increment districts cover the entire geography and the area has been the beneficiary of hundreds of millions of dollars of highway improvements which has successfully re‐weaved the northern half of the target geography into Downtown, Historic Ybor (the principal entertainment district in the region), and the Port of Tampa. The area also includes a number of successful mixed income housing redevelopment efforts including the Belmont Heights HOPE VI and includes the site of the former 483‐unit Central Park public housing property adjacent to Downtown Tampa whose development is broadly viewed as the centerpiece and foundation for the next wave of investment and redevelopment in the City of Tampa. The consortium in conjunction with BACDC, a highly experienced and high performing housing development/redevelopment team with broad experience developing mixed income housing within the target geography and throughout the City of Tampa, is proposing to undertake a two pronged approach to reengage the market and stabilize the target geography through the use of NSP2 funds. Step 1 Approach: Establish Financing Mechanisms For Purchase and Redevelopment of Foreclosed Upon Homes and Vacant Residential Properties – The Consortium will reestablish single family home momentum and investment in the target area by utilizing $10 million to support an expanded soft second and rental loan program for the acquisition and rehabilitation of over 120 vacant or foreclosed upon homes in the target geography. Of the $10 million for the mortgage assistance program, 75 percent will be allocated to mortgage assistance for homeownership for families principally below 80 percent of AMI while 25 percent of the funds will be reserved for filling gaps in rental housing development restricted to families below 50 percent of AMI. This program will be directly tied to Step 2 Approach, and is expected to produce substantial program income over time which will be reinvested to further the goals and objectives of NSP2. Step 2 Approach: Redevelop Demolished or Vacant Properties as Housing ‐ Fill a $28 million gap to develop the infrastructure for the former public housing Central Park‐Encore mixed income housing development, a LEED Silver eligible community. First, the project was stopped for a year‐
and‐a‐half due to a State of Florida Supreme Court ruling on a Florida Panhandle roadway project Strand v Escambia County that struck down the use of tax increment financing (TIF) to support long term bonds for infrastructure and other improvements. Although the State Supreme Court eventually reversed itself, the reversal came once the market for municipal bonds supported by tax increment had largely dried up and after the property values upon which increment financing is built upon had diminished. Given the fact that the redevelopment of the Central Park‐Encore property is viewed by the local and investment community as the gateway to and centerpiece of the revitalization of the East Tampa, Ybor, and Central Park neighborhoods which the target geography includes, the property’s successful revitalization is part‐and‐parcel with reestablishing the market momentum which was lost when the property’s redevelopment was stalled as a result of outside events. As the enclosed application makes abundantly clear, given the level of effort, base investment, and readiness of the projects, all NSP2 funds will not only be expended within 36 months of award but more than 500 units of new and rehabilitated high quality affordable housing will be occupied in that time frame. Local government and the investment communities belief in the neighborhood stabilization and revitalization approach outlined herein are evidenced by the tremendous firm commitment of leverage. Over $88.78 million is committed as leverage including: $3.49 million in municipal and county funding; $28.22 million in combined land contribution and $57.1 million in private equity and debt financing for NSP2 eligible activities associated with redevelopment and stabilization. An overview of funding sources and commitments is provided in the body and Appendix of this application. The only missing piece is NSP2. The Tampa Housing Authority, a high performing PHA, and the manager of over $360 million in federal funds annually, will provide total program, financial and project monitoring for the NSP2 consortium effort. B. NARRATIVE
STATEMENTS
FACTOR 1 Need and Market Conditions
FACTOR 2
Demonstrated Capacity
FACTOR 3 Soundness of Approach
FACTOR 4
Leveraging, Integration,
Removal of Negative Effects
FACTOR 5
Energy Efficiency
FACTOR 6
Neighborhood Transformation and
Economic Opportunity
Target Geography Map: Census Tracts: 30, 31, 32, 33, 34, 35, 36, 38, 39, 40, 41
FACTOR 1
NEED AND MARKET
CONDITIONS
RATING FACTOR 1: NEED AND EXTENT OF THE PROBLEM A. TARGET GEOGRAPHY The Tampa Central Park NSP2 target geography consists of eleven (11) census tracts comprising four community revitalization areas (CRA’s, represented by Central Park, East Tampa, Ybor City 1 and Ybor City 2); two culturally historic districts (African American and Cuban American); a billion dollar entertainment district; major interstate highway connector; Bus Rapid Transit route; Amtrak Central Station; planned commuter rail route; and the planned regional inter‐city high‐speed rail northern terminus station. This area is immediately adjacent to the downtown central business district, Port of Tampa, and Channelside mixed‐use District. The Tampa Central Park NSP2 target geography area is more specifically described in Appendix A. The Tampa Central Park NSP2 target geography, which up until World War II included Tampa’s centers of commerce for the African American and immigrant communities in the city, has since the 1960’s been plagued by a high concentration of blight, economic challenges, and a housing stock in various states of disrepair. At the same time, given its adjacency to or inclusion in several of the major employment and tourism centers in the City (Port of Tampa, Channelside District, Downtown, and Historic Ybor City), the concentration of historic homes/structures within the area, and excellent public transit, and interstate access, the target geography has great potential for revitalization. Consequently, it has been the focus of public redevelopment planning and investment for over a decade. Through a concerted effort beginning in the late 1990’s and through 2007, the target geography was the beneficiary of several important initiatives and investments which began to create positive momentum in a previously moribund community: • Although the target geography is reasonably compact (6.28 square miles), the target area is entirely contained within four City and County designated Community Redevelopment Agency areas, Florida’s tax increment districts (as authorized under Florida law, Chapter 163 Part III Florida Statutes). The CRAs generated millions in tax increment for target geography investment from City, County, ad valorem taxes. The successful redevelopment of the target geography is now broadly recognized by local governmental entities and the business community as being central to the long term health of the Tampa Bay economy and the focus of resources in the area are indicative of this recognition; • Through public‐private and public‐public partnerships, large employers have created hundreds of permanent jobs in the target geography over the past ten years. GTE Credit Union’s national headquarters, K‐Force Professional Staffing’s headquarters, and Hillsborough Community College all have established or substantially expanded in the target geography during the period. It is expected, given the central location of the target area and reasonably well priced land, the target area will continue to be a center for investment and employment once the economy allows; • Two large public housing properties in the target area have been or are slated for redevelopment. The $100 Million redevelopment of the 1,300 unit Ponce de Leon/College Hill properties through the leverage of a HOPE VI grant, and the pending redevelopment by Tampa Housing Authority and Banc of America CDC at the now demolished Central Park public housing property form two very important and central elements to the broader FACTOR 1: NEED
Tampa Central Park Neighborhood Stabilization Program 2
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•
community revitalization. The successful redevelopment of vacant land where Central Park once stood at the northeast edge of Downtown ‐ which forms the nexus between the target geography, the Downtown, the Port of Tampa, the City’s multi‐modal transportation center, and the entertainment oriented historic Ybor City ‐ becomes a critical piece in the overall target geography redevelopment objective. The Central Park‐Encore project’s design and approvals are largely complete and while infrastructure funding has yet to be secured, the financing for vertical construction of over 449 units of affordable housing is in place; Historic Ybor, located in the southern zone of the target geography, a major recipient of public and private investment throughout the late 1990’s and earlier part of this decade serves as a regional local and tourist entertainment district; •
Interstate 4 and Interstate 275 heavily contributed to the decline of the target geography in the 1960’s when they were built, physically and psychologically cutting off much of the target area from the Port of Tampa and Downtown. However, the Florida Department of Transportation has redeveloped all of the interstate bridges and underpasses in the target geography during the past seven years in such a way that the highway bridges are now architecturally iconic structures and the underpasses have been lighted and landscaped in a way that it barely seems as if the former barrier even exists. This has had a dramatic impact on re‐weaving much of the target area back into the core of the City of which it was historically a central part of; and, •
The target area increasingly has become the center of mass transportation in the region, tying target area residents to jobs throughout the region and regional workers to jobs within and surrounding the target geography. By 2010, a Bus Rapid Transit line now under construction will be in place along Nebraska Avenue which runs through the heart of the target area and will substantially improve the target geography’s linkage with Downtown and the Port of Tampa/Channelside District. In the next decade a planned light rail Downtown station will be located at the southwestern corner of the target area (adjacent to the Central Park‐Encore property) and will traverse the target geography. Immediately preceding the current broad housing market downturn the investment and planning in the target geography was yielding benefits demonstrated by increasing property values and private investment. Now, the housing market downturn threatens to stall the hard fought gains in the target area. An area which had so much promise only two years ago is now at risk of losing significant market momentum due to foreclosures and vacant lots throughout the target geography. While it changes daily, through mid‐May more than sixty‐five (around 2 percent) of previously owner occupied homes in the target area were owned outright by named financial institutions and vacancy was estimated by the U.S. Postal Service to be 10.4 percent of all residential properties. Concurrently, the most important housing redevelopment effort in the target area, Central Park‐
Encore, has been stalled due to a failure in the broader tax increment backed bond market. The Central Park‐Encore property, considered by investors in Tampa to be the foundation of long term reinvestment and redevelopment in the target geography, has a planned 1,500+ total units of new housing at build out, but has been hamstrung by a series of market and non‐market hurdles FACTOR 1: NEED
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imposed upon it. First, the project was stopped for a year‐and‐a‐half due to a State of Florida Supreme Court ruling on a Florida Panhandle roadway project STRAND v Escambia County that struck down the use of tax increment financing (TIF) to support long term bonds for infrastructure and other improvements. While the State Supreme Court eventually reversed itself, the reversal came once the market for municipal bonds supported by tax increment had largely dried up and after the property values upon which increment financing is dependent upon had dramatically decreased. The goals and strategies outlined within this application are aimed at recapturing the positive momentum, which has slipped away during the past year‐and‐a‐half in the target geography. For decades prior to the beginning of reinvestment, the area was characterized by the highways which defined its boundaries, dense public housing developments in poor condition, and blighted conditions both in the residential and commercial districts of the target geography. That began to change over the past decade and NSP2 will allow the consortium and it’s for profit partner to implement a program to stabilize the community, recapture positive momentum, provide for sustainability and assist low income families secure safe, sound and energy efficient housing with excellent access to public transit and nearby employment opportunities. B.
MARKET CONDITIONS AND DEMAND FACTORS Target Area Absorption Net of NSP2 Funds. Hillsborough County, in which the City of Tampa and target geography are located, has long been an area of tremendous growth. Between 1990 and 2000, 101,000 more households were in the County at the end of the decade than the beginning or, growth of 31 percent (Source: U.S. Census). In the City alone, 23,700 households were added over the same period. Naturally, this growth had a major impact on the housing market locally and throughout the region. Residential permit data from the eleven year 1990 to 2000 period indicates that countywide, 90,400 units were permitted and, of those, 18,500 units were permitted in the City. Permits over this reasonably steady growth period generally kept pace with new households when accounting for the fact that large Florida markets generally enjoy enhanced housing construction due to the prevalence of second homes. Then something extraordinary happened. U.S. Census estimates that 62,600 households were added in the County between 2000 and 2007 and 6,800 in the City over the same period. However, between 2000 and 2007, 100,800 new units were permitted in the County and 24,600 in the City more than the entire eleven year period between 1990 and 2000. This growth occurred without any appreciable increase in the rate of household growth. As a result, the ratio of new units to additional households went from 1.24 between 1990 and 2000 to 1.42 between 2000 and 2007 in the County. In the City, the increase was even more dramatic growing from 1.69 units for every additional household between 1990 to 2000 to 3.23 units for every additional household between 2000 and 2007. While the Tampa Bay residential real estate market has long been driven by both primary and second homes, little associated with demand could explain this uptick. It was a classic case of overbuilding from speculation fueled by an over‐abundance of available credit, lax credit underwriting processes, and the explosion of the sub‐prime mortgage market. Importantly, much of the new construction occurred in luxury multifamily development and suburban master FACTOR 1: NEED
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planned communities which generally started selling single family homes at the $300,000 level. Very little new development, beyond some market rate rental developments, low income housing tax credit projects, and other HOME assisted development, were affordable to families below the median income or even families earning as high as 140 percent of median. Indeed, until 2008 the principal housing concern among cities and business groups in the region was how to encourage development of “workforce” housing because the vast majority of potential homeowners by that time were essentially priced out of purchasing a home without great financial stress. Today, as a result of price moderation, bank write downs and foreclosure activity, workforce housing for families in excess of 120 percent of median is readily available in both the for‐sale and rental markets in most of Hillsborough County. Indeed, given current Hillsborough County population growth projections that indicate the number of households growing by 8.8 percent between 2008 and 2015 in the County and 7.6 percent in the City once the recession begins to ease, it can be estimated that the market will eventually reach equilibrium and absorb the majority of excess market rate housing stock by 2011 or 2012, assuming limited new construction over the period. For the eleven census tract target geography the situation is quite different. Between 1990 and 2000 the target geography experienced a 13 percent decline in number of households (Source: Census 2000), in stark contrast to trends City‐ and County‐wide. The blighted conditions dominated the target geography as late as 2000. However things began to change this decade when proximity to employment, improved transportation links, promise of additional redevelopment of public housing, and the general quality of the historic housing stock began to encourage reinvestment and redevelopment in the area. Between 2000 and 2007, Hillsborough County estimates that 1,378 households were added in the target geography primarily through new single family development and revitalization of vacant homes and buildings. There were 80 single family new construction permits issued on average each year in the target geography between 2001 and 2004, with 107 on average each year between 2005 and 2006. In 2007 and 2008, permit activity declined to approximately 60 units each year, a substantial number of which was the development of affordable housing as result of City and THA supported funding (discussed further in following rating factors). The target geography has also had a significant number of multi‐family rental permits issued for townhomes and condominiums since 2001. However, based on the number of permits issued vis‐à‐vis “tear‐downs,” the target geography has had a net loss of more than 400 rental units since 2001. This net loss of rental units was anticipated to be reversed with the redevelopment of the former Central Park public housing project as a mixed use/mixed income housing community including in excess of 1,500 units for residents at all income levels. Based upon household growth estimates and despite the downturn in the economy, the Tampa Bay housing market is expected to absorb over 15,000 additional units of housing over the next three years countywide. However, without NSP2 funding, there is little absorption of existing foreclosed upon or redeveloped new housing stock which can be expected in the target geography; particularly from long tenure homebuyers needed to create neighborhood stability especially in East Tampa and Ybor City. While financial commitments, design and permits are largely in place to develop 449 units on the old Central Park public housing property once public site infrastructure has been completed, without site infrastructure, no units can obviously be constructed. According to Hillsborough County, and based upon population trends, households in the target geography are projected to increase from 11,400 in 2008 to 13,100 in 2015 which would indicate demand for at least an equal number of homes (1,700 homes) and is largely predicated FACTOR 1: NEED
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upon the County’s expectation that Central Park‐Encore will be developed early in this period. On other hand, affordable good quality homes in the target geography is still out of reach of many families below 80 percent of median income based upon current sales prices, general employment conditions, and the significant tightening of available credit for home buyers which has increased equity (down payment) requirements beyond even those levels typical of a stable market environment. Expansion of the City of Tampa’s mortgage assistance soft second loan program for acquisition and rehabilitation of vacant homes will be central to increasing the pace of absorption. The City of Tampa’s mortgage assistance program, described in detail in the following sections, has been instrumental in supporting the activities of acquisition and rehabilitation of homes throughout the City, and will be built upon for the target geography once NSP2 funds are awarded. Without NSP2 funds, and in spite of the growth projections developed by the County which are predicated on a major housing investment within the Central Park‐Encore development, we expect that only eight (8) units will be absorbed each month (net absorption) in the target area against a total inventory of 1,202 vacant/foreclosed units (Source: U.S. Postal Service). This relatively slow absorption rate is a result of a gap in affordability, relative cost of rehabilitation of the existing aged housing stock in relation to condition, and recent diminished market confidence in the target area given the inability to redevelop the highly anticipated Central Park‐Encore property. However, the expected slow pace sans NSP2 funding is not a result of an inherent long term lack of market demand or household growth. The estimated absorption pace noted above is approximately 50 percent of the target area’s absorption rate between 2000 and 2007 and is 40 percent of what the County had previously projected would occur in the target area between 2008 and 2015. Based upon this absorption pace, and without NSP2, there are 150 months of inventory in the target area. The NSP2 strategy herein is targeted to reigniting and increasing the rate of absorption in the target geography over the long term. Factors Causing Abandonment and Foreclosure in the Target Geography. There have been numerous factors contributing to the current housing situation in the City of Tampa, and particularly the target geography. One factor has been unemployment. In the years prior to 2006, the unemployment rate for Tampa, according to the Bureau of Labor Statistics, had been steadily declining, only to start rising again in 2007. As of April, 2009, the unemployment rate for Tampa was 10.1 percent, nearly double the level of April one year prior (Source: U.S. BLS). Inevitably, coinciding with job loss is a rise in foreclosures, a slowdown in sales, and a drop in housing prices. Accordingly, major employers located within the target geography including GTE and KForce have reported employment decreases during the past year. Although small area unemployment figures are unavailable, given that the residents of the target area are 72 percent African American (Source: Census 2000) and unemployment among African Americans workers was 44 percent higher than all worker in the State of Florida in 2008 (Source: U.S. BLS), it is likely that rates of unemployment in the target area are well above those in the City as a whole. Adjacent to the target area, Downtown Tampa employment, much of which is real estate, government and finance office employment, is estimated to have decreased by at least 2,500 jobs since the end of 2007 (Source: Lambert Advisory) and the nearby Port of Tampa has seen gross tonnage throughput decrease by 12 percent between 2006 and 2008 (Source: Port of Tampa). FACTOR 1: NEED
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A second factor in the declining housing market for the target geography has been the over‐
valuation of housing which was due in large part to overflow of available credit, lack of discipline in financial institution underwriting processes, and emergence of the sub‐prime mortgage market. From 2004 to 2007, before the economic collapse, the average home sale price for the target geography increased a total of 70 percent, or 14 percent annually, peaking at just over $175,000. From 2007 to 2008; the average home sale price in the target geography dropped by 25 percent; moreover, through the first four months of 2009, the average home sale price was $85,612 in the target area or about at 2001 levels. However, this figure is being impacted by foreclosure and short sales. Target area household income and cost burden of households: 50/80/120 percent of AMI. According to a 2008 report by Social Compact, the current estimated median household income in the target geography is approximately $25,141, two‐thirds of the City median of $45,834. Using a 30 percent of gross income threshold of cost burden (supported within the City of Tampa’s Consolidated Plan 2007‐2011), the average household in the target geography can afford to spend $629 per month on housing (total occupancy cost) to be considered affordable. However, for those households at the 50 and 80 percent of area median income levels, it becomes clear that much of the for‐sale housing in the target area is not affordable, and unassisted rental housing is unaffordable for families much below 80 percent. Households at 50 percent of AMI earn $22,917 translating to $573 available for housing; furthermore, at 80 percent AMI ($36,667), households could spend $917 a month and be considered affordable. At the 120 percent level, households could spend up to $1,375 a month on housing, which is well within the range of the cost of the average owner or rental unit in the target geography. According to data from the Hillsborough County Property Appraiser, the average home sale for the target area between 2004 and 2008 was $142,016 for an average 1,190 square foot home. Assuming a 20 percent down payment, 5.5 percent interest, and a 30 year term, the average mortgage payment, including insurance and taxes, but excluding utilities, would be approximately $1,043, well over the range for households at the 50 percent and 80 percent income levels, but within affordability for those households at the 120 percent AMI level. Even at 2004 sales price levels (an average of $103,250 per unit), before the major uptick in prices, only those families above 80 percent of median could afford to purchase a home in the area without some form of assistance or write down. Today, the average rental rate for a two bedroom apartment in the target geography, according to Rent.com, is $685 per month not inclusive of utilities. This is substantially over budget for those households earning 50 percent of the City’s median income and 24 percent of income for families at 80 percent of median; once utilities are added families at 80 percent also close in on the cost burden limits. Those at the 120 percent income level can easily rent in the target market; however, according to recent data provided by Claritas, less than 24 percent of the target area residents earned 120 percent or more of AMI and greater than 61 percent were below 80 percent of AMI; therefore, the majority of households in the target area are likely living above or near the FACTOR 1: NEED
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cost burden threshold even in rental housing or are long term residents in owner occupied housing for which the cost of reinvestment and upkeep may be financially difficult, particularly given the most recent decrease in home values which has diminished the equity in the home available for reinvestment and improvement. Any cursory street level survey of housing condition in the target area clearly supports this, with many homes occupied but in relatively poor physical condition. Relevant social, governmental, educational, or economic factors contributing to local market conditions and contributing to neighborhood decline or instability with the target geography. The target geography has been long characterized by blight and dilapidation. Despite the beginnings of a turnaround in the earlier part of this decade due to the investments and activities described above, the applicants are concerned that more recent events around employment loss, foreclosure and abandoned homes have actually become a catalyst for not growth but decline and deterioration in the target geography and must be arrested. There are several factors hindering the redevelopment of the area over the past year‐and‐one‐
half, beyond the obvious diminishment in the job and housing markets. These include the decrease in value of tax credits and tight credit markets making project financing increasingly difficult; a significant reduction in SHIP funds as a result of State budget reductions; and, the decline in tax increment as a result of a decline in property values has been a major concern for the area. Before the economic collapse, the target area was making a major turnaround, as programs and projects were in place to revitalize the community, partially made possible by tax increment financing (TIF) and other government assistance. The East Tampa and Ybor City CRA’s, which comprised the majority of the target geography, collected $8.9 million in tax increment in FY 2008/9; however, based upon recently issued tax assessments, tax increment revenues will decline this year to an estimated $4.0 million. With the lack of tax increment revenues, CRA administered programs, such as housing rehabilitation and land assemblage, have fallen short of their goals, leaving many community improvements incomplete, as well as a number of planned housing redevelopments and blight mitigation efforts unfunded. Additionally, a corresponding array of job and social programs tied to these efforts are struggling for cash. Much of the increase in pricing and investment in the target area coincided with the demolition of the 484 unit Central Park public housing property and broad publicity surrounding the plans for the redevelopment of the property. Given the partnership of the high performing Tampa Housing Authority, Banc of America CDC, and the participation of the City and County in the form of investment of property tax increment, many homeowners and investors believed that the target geography, given its strong geographical characteristics and gestation of market activity, was ripe for growth. However, once the Central Park development was stymied by the inability to fund infrastructure improvements due to market and non‐market factors, faith among investors in the area rapidly began to diminish. Despite the millions of dollars spent on the completed design and approvals for the infrastructure on the property, and funds identified for the first of several multifamily affordable housing projects, the redevelopment has been stalled as a result of factors outside of the control of the Tampa Housing Authority and Banc of America CDC partnership as noted earlier. The Central Park‐Encore property remains a key component to the revitalization of the entire target geography, as its purpose was to act as a principal link between the target geography FACTOR 1: NEED
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Downtown Tampa, the Port of Tampa/Channelside and Ybor City. As is the case for the entire target geography, the Central Park‐Encore redevelopment was bolstered by other improvements in the target area, such as the rebuilding of the interstate overpasses that link much of the target area with Downtown and the Port and the funding of a major rapid bus transit improvement. The funds for these improvements are committed, and in the case of the interstate improvements, the work is complete. Only the public infrastructure for the Central Park redevelopment remains unfunded, leaving the vacant and fenced off Central Park property a barrier to reconnection of the target geography to the Downtown employment centers and reinvestment and revitalization throughout the target geography. NSP2 funds will both enhance diminished TIF funds targeted to writing down the cost of homeownership for families as it relates to foreclosure upon and abandoned properties and will fill the crucial gap for Central Park‐Encore infrastructure, a project of critical importance to the future of the target geography. NSP 2 Activities Most Likely to Stabilize Target Geography The housing market in the target geography has primarily been constrained by a lack of affordability to the majority of residents, decreased housing quality and the relative cost of rehabilitation, and diminished market confidence in the promised redevelopment of the Central Park‐Encore property. It is clearly not the result of any underlying long term systemic lack of demand or growth. As a result, the applicants propose the following activities to “fire up” the target geography market dynamics to weigh on the side of reinvestment as had been the case for several years leading up to the economic downturn, rather than the long term decline that characterized the area for decades. These activities are summarized as follows, with a detailed overview provided in following sections. • Establish Financing Mechanisms for Foreclosed and Vacant Property Acquisition and Rehabilitation – With an understanding that one key barrier to revitalization in the neighborhood is the lack of affordability for families below 80 percent of AMI and reasonably poor condition of much of the older housing stock, the City of Tampa will expand upon its existing successful mortgage assistance loan program for owner occupied and rental housing in the target geography. Seventy five percent of the mortgage assistance soft second home loan program will be for homeownership, which will enhance the existing for‐sale and rental housing market in the target geography as well as balance a substantial amount of rental housing which was developed as part of the target area’s Belmont Estates HOPE VI project and the to‐be‐constructed rental units at Central Park‐
Encore as described below. Of critical importance is the fact that, of the 209 homes funded through the City’s mortgage assistance soft second program during the past four years, less than one percent is in foreclosure. This compares to a foreclosure rate of 2.19 percent countywide. The mortgage assistance program will be utilized by not‐for‐profits and for‐
profit builders to both acquire and rehabilitate foreclosed upon and vacant housing in the target area to secure families up to 120 percent AMI (with a majority below 80 percent AMI) in an environmentally sensitive way. The rehabilitation of units can be layered with the City of Tampa Historic Structure grant funds and tax increment funds (leverage), which will be utilized to write down the additional cost of revitalizing the numerous historic homes in the area’s historic districts and fill gaps of particularly costly rehabilitation efforts. This will also be done in conjunction with homeownership training and counseling provided FACTOR 1: NEED
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by the Tampa Housing Authority’s Center for Affordable Homeownership. Not less than twenty‐five percent of the expenditure will be made to acquire and rehabilitate rentals for families below 50 percent AMI. • Redevelop Demolished or Vacant Property as Housing – Given the market expectation and importance of redeveloping the Central Park‐Encore site to stabilize the broader target geography with a mix of housing affordable to low and middle income families, and in order to establish the framework and gateway for further investment within the target area, one of the key elements of this application is to utilize NSP2 to fund the basic underlying improvements needed to allow the housing development to begin. Indeed, infrastructure design and construction plans for the site owned by the THA are complete and as the financial leverage letters in the appendix to this application indicate, funding has been committed for the first three affordable housing communities two of which can be constructed concurrent with site infrastructure. It is the expectation that within three years of completion of the infrastructure, 449 units of affordable housing will be built of which at least 25 percent of the units will be rented to families below 50 percent, and 22 percent of the 449 units will be “deep subsidy.” Additionally, at build‐out of the entire Central Park‐Encore development, at least 25 percent of all units will be rented to families below 50 percent AMI. This will create an important and visible statement that the target area has the anchor and physical link to job centers and entertainment venues located in Downtown, Ybor City, Channelside District and Port of Tampa it has long lacked. Furthermore, the development of the initial phase of the Central Park‐Encore community will provide a significant number of construction and related employment that is critical to stabilizing the target geography during the near term. The strategies outlined above are closely linked given the mix of housing typology and tenure throughout the target geography. The duel focused strategy insures that the entire target geography is an immediate beneficiary of the injection of NSP2 funds and the market begins to stabilize and improve broadly rather than in pockets. By focusing on both rental and for‐sale housing, the strategy also mitigates the risk of revitalizing the rental market at the expense of homeownership or visa‐versa owner occupied housing without filling a need for rental. As required, at least 25 percent of all funds allocated as a part of the Consortium’s programs will be utilized to house families below 50 percent of AMI. FACTOR 1: NEED
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FACTOR 2
DEMONSTRATED CAPACITY
RATING FACTOR 2: DEMONSTRATED CAPACITY OF THE APPLICANT AND RELEVANT ORGANIZATIONAL STAFF The Tampa Housing Authority (THA), a high performing large public housing agency with broad based experience in mixed finance/mixed income affordable housing development and revitalization is the lead member of a consortium made up of the housing authority and City of Tampa. The consortium is joined by a private for profit partner, the Banc of America CDC, the largest wholly owned and most prolific community development organization wholly owned by a financial institution in the United States. The consortium and its economic development partner have one clear goal as part of the NSP2 effort: to utilize their respective experience, skill and existing knowledge base to reignite the residential market in a target geography each of the team members knows intimately, has had a long term commitment of focus and resources, and has had substantial success in the past of delivering high quality affordable housing resulting in a wave of positive market momentum. The experience in the Tampa market, financial capacity and readiness which the team members jointly bring to a vacant property redevelopment and mortgage assistance/soft second loan program is striking and will ensure the expenditure of awarded NSP‐2 funds in a timely and efficient manner. THA’s dual role as member of the consortium will include lead management and oversight of program and financial monitoring and as partner with the Banc of America CDC in redeveloping vacant properties for mixed income rental housing for families and elderly individuals. The Authority has demonstrated recent and deep experience in both of these areas managing in excess of $360 million in federal funds each year with numerous sub‐recipients and having developed a series of mixed finance/mixed income properties throughout the City. The agency also has a Center for Affordable Homeownership, a HUD certified housing counseling agency, which has a seven year track record at helping to train, counsel, place and maintain families in affordable homeownership. The City of Tampa through its Growth Management and Development Services Department has provided $11.1 million in mortgage assistance soft second loans over the past four years allowing for the rehabilitation, acquisition and new construction of 250 homes. The proposed expansion and targeting of this program in the eleven census tract geography is a key aspect of the consortium’s NSP2 proposal and will allow for the absorption of hundreds of abandoned and foreclosed upon homes. The program’s past success is demonstrated in the fact that only 2 of the 250 homes funded through the City’s mortgage assistance program are in foreclosure or at risk of foreclosure. This represents a program foreclosure rate which is 1/3 of the rate countywide. Banc of America CDC, one of the largest and prolific housing community development corporations in the nation, will assume joint responsibility with THA for the development of the vacant Central Park‐Encore property. The BACDC has been a partner with the Housing Authority since 2006 for all associated planning, financial structuring and design of the ready‐to‐build Central Park‐Encore mixed income housing development. FACTOR 2: CAPACITY
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As will be demonstrated, THA and its consortium members have the demonstrated experience and capacity in (1) city planning and development, (2) acquisition and disposition of foreclosed real estate, (3) rehabilitation of housing, (4) redevelopment of vacant property, (5) program marketing and management of waiting lists for potential residents, (6) accessing operating and investment capital and (7) working productively with a broad range of organizations to successfully manage the neighborhood stabilization activities proposed in the targeted geography. The following table highlights the local projects the consortium members and the Banc of America CDC have completed over the past several years in the Tampa market. It should be noted that the majority of the projects have been completed during the past two years. Primary Project Skills / Project Units Years Organization Type Resources Belmont I THA B 358 (1), (4), (5), (6), (7) 2005 Belmont II THA B 201 (1), (4), (5), (6), (7) 2003 Belmont III THA B 266 (1), (4), (5), (6), (7) 2007 Oaks at Riverview THA B 346 (1), (4), (5), (6), (7) 2007 Gardens at South Bay THA B 216 (1), (4), (5), (6), (7) 2007 Palm Terrace ALF THA C 74 (2), (3), (5), (6), (7) 2006 Osborne Landing BACD B 43 (4), (5), (6), (7) 2001 Osborne Landing THA C 43 (2), (3), (5), (6), (7) 2007 The Arbors THA A 119 (3), (5), (6), (7) 2005 The Sanctuary THA A 78 (3), (5), (6), (7) 2007 Centro Asturiano CITY C 160 (6), (7) 2005 Meridian Pointe CITY C 360 (6), (7) 2006 Park Terrace CITY C 216 (6), (7) 2008 Brandywine CITY C 144 (6), (7) 2008 Apartments Mortgage (1), (2), (3), (4), (5), (6), 2007‐
Assistance/Soft CITY C 189 (7) 2009 Second Centro Place BACDC B 160 (1), (2), (4), (5), (6), (7) 2007 Apartments Mobley Park Apts. BACDC B 240 (4), (5), (6), (7) 2005 Central Park‐Encore BACDC/THA B (1), (4), (5), (6), (7) ongoing Project Type: (A) Rehabilitation, (B) Vacant Property Redevelopment, (C) Acquisition and Project Financing Skills/Resources: (1) city planning and development, (2) acquisition and disposition of foreclosed real estate, (3) rehabilitation of housing, (4) redevelopment of vacant property, (5) program marketing and management of waiting lists for potential residents, (6) accessing operating and investment capital and (7) working productively with other organizations to successfully manage the neighborhood stabilization activities proposed in the targeted geography. FACTOR 2: CAPACITY
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A. PAST EXPERIENCE OF THE APPLICANT TAMPA HOUSING AUTHORITY The Tampa Housing Authority is uniquely qualified to lead the proposed NSP2 program, building on the capacity of its internal organization and external consortium and for‐profit partners and on its position as the most experienced developer of affordable housing in the City. Created in 1939 pursuant to the Housing Authorities Law, Part I, Chapter 421, Florida Statues, as amended, and the provisions of a resolution of the City of Tampa, Florida, the Tampa Housing Authority, a high performing public housing agency, currently manages 4,899 rental housing units (public, affordable, market rate) and 5,209 Housing Choice Vouchers. Additionally, THA is one of only a dozen public housing authorities nation‐wide which manages a state‐wide portfolio of project‐
based rental assistance on behalf of the U.S. Department of HUD. Currently that state‐wide portfolio consists of 472 contracts totaling 42,520 units under management. Consistent with becoming a top provider of affordable housing in the City of Tampa and an efficient asset manager, THA has built capacity internally and externally in five key areas: ¾ Sustainable Asset Management Organization: THA has adopted an asset management approach to its public housing operations in order to reposition its current portfolio of properties in the context of the local real estate market and demand for affordable housing. The agency maintains a wait list of 6,000 public housing residents and 5,100 Section 8 recipients; ¾ Sustainable Partnerships. THA has formed strong, sustainable partnerships with the City of Tampa, Hillsborough County, the State of Florida and HUD to significantly increase its capacity to manage and redevelop THA communities; ¾ Development of Sustainable Communities. THA has made significant progress in the rehabilitation and redevelopment of its distressed public housing developments; ¾ Participation as Credible Development Partner: To date, THA has successfully developed and closed a total of (7) seven mixed‐finance transactions creating nearly 1,328 units of new mixed‐income housing in the City; and, ¾ Demonstrated Management of Federal Funds and Sub recipients – Beyond the THA’s local assisted housing efforts, almost unique among public housing agencies in the nation, the THA is also the contract entity for HUD to manage the administration and monitoring of 42,520 Section 8 units throughout the State of Florida. As a result, the agency’s financial oversight systems and team, program management capacity and monitoring systems go well beyond all except perhaps the very largest housing authorities in the nation. In recognition of its achievement, HUD has awarded to date a total of $10.54 million in Capital Fund Recovery Formula funding of which 75% has been obligated in only 4 months and the remainder of these funds will be under contract within the next 60 days. Additionally, a total of $55.80 million was awarded in HOPE VI revitalization funds to revitalize the former Riverview Terrace, Tom Dyer Homes, Ponce de Leon Courts and College Hill Homes public housing properties. These HOPE VI projects have been completed and closed out. The Tampa Housing Authority as the lead member of the consortium is especially well positioned and almost unique among public housing agencies in its ability to manage the financial, program monitoring and reporting aspects of expending the awarded NSP2 funds. Beyond financially and programmatically managing its traditional public housing and Tampa Section 8 programs of nearly FACTOR 2: CAPACITY
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$75 million annually, the THA manages on behalf of HUD the entire State of Florida’s Section 8 program. Since 2004 THA has been monitoring, auditing and distributing funds associated with over 42,520 Section 8 vouchers and certificates statewide. This translates into total annual funds under THA management of $361.8 million. The THA’s extensive and recent experience in specific NSP2‐type activities identified in this application, include rehabilitation of housing and redevelopment of vacant properties. Since 1998, the Housing Authority’s Board of Commissioners and current Chief Executive Officer, Jerome D. Ryans, have accomplished a number of major community development planning projects as well as project administration, implementation and oversight of HUD and State grant programs. Highlights of the Authority’s most recent successes and comparable experience include the following: •
•
•
•
•
•
•
•
•
The Authority has successfully overseen the development of two HOPE VI Revitalization Program. Completed in 2007, Belmont Heights Estates included the demolition of a total of 1,300 units of distressed public housing replaced with 860 units of new affordable rental and 36 single‐family detached homes available for homeownership; In 2008, THA completed the development of its second HOPE VI effort, the Oaks at Riverview. The Oaks, a 250‐unit rental development plus 96 homeownership units replaced the former Riverview Terrace public housing property. Also in 2007, THA completed the development of the Gardens at South Bay, a 216‐unit bond and Low Income Housing Tax Credit project to replace the Rembrandt Apartments public housing community and Osborne Landing, an acquisition and rehab LIHTC project consisting of 43 units. The Housing Authority was the developer for the Gardens at South Bay and is the general partner at Osborne Landing. THA currently manages all 259 units; In July 2006, THA entered into a partnership with Banc of America CDC to master plan the former Central Park Village public housing property into the Encore District. The predevelopment activities managed by the Authority over the last 36 months have consisted of relocation, demolition and land assemblage for the redevelopment of this 28‐
acre downtown site and representing an investment of $3.25 M; Successfully implemented all City‐awarded CDBG funds totaling $7,569,390 for the sustainable improvements and rehabilitation of THA’s J. L. Young (450 units) and Mary Bethune High Rises (150 units); Completed selective and comprehensive rehabilitation projects among six public housing properties utilizing U.S. HUD Capital Fund Program funds from FY 2007‐2008 totaling $5,800,000; Allocated $10,540,573 in April 2009 in the form of Capital Fund Stimulus funding from U.S. HUD for shovel ready rehabilitation and construction projects. As of the date of this application, approximately 75% of this funding has been obligated and the remainder is being used in a mixed‐finance deal which will be under contract by August 2009 and result in the development of 70 new affordable units of housing; Expended over $35.9 million in Capital Fund dollars during the past five years as well as $11 million in Energy Performance Contract (EPC) funds used to reduce water and energy consumption in over 3,000 units of public housing; The Authority provides education and resources to first time homebuyers and homeowners through its Center for Affordable Homeownership. The Center is a HUD Certified Counseling Agency that provides community services in the area of homebuyer FACTOR 2: CAPACITY
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education, foreclosure counseling and home maintenance education. Annually, THA serves approximately 1,500 graduates, 450 prospective first time homebuyers, and assist 65 families in closing on their first home each year. Additionally, THA also operates a Section 8 Voucher Homeownership program where we have successfully placed 23 families in homeownership in the 3 years we have offered the program; • THA has been selected as a partner of the Hillsborough County NSP1 program and will draw upon all its available resources to market, rent and / or sell units. The Housing Authority has available a dynamic website, immediate access to renters and future homebuyers, via its public housing and Housing Choice Voucher client base. Additionally, THA’s Center for Affordable Homeownership is available to provide the requisite training and homebuyer education to ensure success of the County’s NSP program. For the implementation of its NSP2 program, THA will build on its strong working partnership with the City of Tampa and the Banc of America CDC (BACDC) to see that Tampa’s impacted neighborhoods in East Tampa, Ybor City and Downtown areas are stabilized and revitalized as sustainable neighborhoods. The strength of such a partnership is evidenced in the signed Consortium Agreement included in this application, the long term working relationship between the members associated with various redevelopment projects, and the time and financial commitment BACDC has and continues to make to the Central Park‐Encore redevelopment effort. CITY OF TAMPA The City of Tampa, initially incorporated in 1855, is the largest city in Hillsborough County, the county seat, and the third most populous city in the State of Florida. Operated under a mayor‐
council form of government since 1945, legislative authority is vested in an elected City Council. At present, all seven City Council members have unanimously approved this NSP2 application as evidenced by the signed Consortium Agreement and the City Council’s resolution dated June 25, 2009 included in the Appendix. For the purposes of this application, the City of Tampa has joined the Tampa Housing Authority as a consortium member to pursue HUD’s NSP2 grant funds to address the stabilization and revitalization of neighborhoods in the Central Park, East Tampa and Ybor City areas. As a consortium member, the City will provide access to financing and expand its existing mortgage assistance and soft second home loan program, with a goal of returning approximately 113 units of vacant and foreclosed housing to availability as affordable rental and homeownership within the target geography. The City of Tampa has demonstrated recent experience in the specific NSP2‐type activities identified in this application. With thousands of homes in the City foreclosed on, many of these vacant, vulnerable to vandalism and deterioration, and negatively impacting community safety and property values, the City is committed to helping residents acquire and/or maintain ownership of housing that is decent, safe, and sanitary. The City’s Housing and Community Development (HCD) Division administers a variety of housing programs in order to “maintain the City's existing housing stock while providing new home ownership opportunities for City of Tampa citizens” and thereby assists eligible low and moderate‐
income residents purchase, rent or rehabilitate existing housing units located in the City. HCD also provides a variety of services to individuals, families and developers looking to rehabilitate, buy or FACTOR 2: CAPACITY
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develop affordable housing within the City of Tampa. The housing programs currently managed by HCD include programs funded by federal and state entitlement (grant) dollars: State Housing Initiatives Program (SHIP), Home Investment Partnership Program (HOME), and the Community Development Block Grant Program (CDBG), which offer loans and/or grants to prospective homebuyers, homeowners or developers for the purchase, rehabilitation or construction of new affordable housing units. Between 2007 and the first quarter of 2009 HCD has lent $10.6 million in soft second home loans to a total of 189 buyers for acquisition and/or rehabilitation of housing. Of the two hundred and fifty soft second home loans funded over the past four years, only two (2) are troubled loans which is two‐thirds below the foreclosure and pre‐foreclosure rates throughout the Tampa and Hillsborough County markets. In addition to housing, HCD participates in and supports many social services and economic development projects that continue to have a positive impact on Tampa’s communities. Since 2004, the City of Tampa has taken important steps towards designating and revitalizing the East Tampa area. Despite recent setbacks due to the present economic downturn, the City has over the past two years provided a total of $32.9 million in TIF, CIP and CIT funds and additional dollars towards public infrastructure improvements, parks and open space and rehabilitation and/or new housing construction in the area. Within the past 24 months, development projects partially assisted with SHIP and HOME funds have represented over 880 multi‐family affordable rental housing units in the Centro Asturiano (160 units), Meridian Pointe (360 units), Park Terrace (216 units) and Brandywine Apartments (144 units) developments. Through the NSP1 program, HUD has allocated $13.6 million to the City of Tampa for the purpose of acquiring, rehabilitating, or demolishing and redeveloping foreclosed or abandoned properties throughout the City. The City of Tampa has prioritized the utilization of these NSP funds to provide homeownership and permanent rental housing and recently completed a procurement process to select Housing Partners to assist the City in the acquisition, rehabilitation and/or demolition and redevelopment of foreclosed or abandoned properties in selected target areas (which is not inclusive of the NSP2 areas). Housing units will be purchased at below market‐rates and the services are meant to remove blight and to provide decent housing to low and moderate‐income families. The City will also make available mortgage assistance to assist income‐eligible buyers to purchase the rehabilitated homes including a 25% set aside for families below 50% of AMI. THA is one of several RFP respondents to be selected as an approved City of Tampa NSP1 Rental Program Housing Partner. If selected, THA will assist the City with the acquisition, rehabilitation and/or construction of identified properties in order to provide rental housing to eligible clients. BANC OF AMERICA COMMUNITY DEVELOPMENT CORPORATION (BACDC) For the purposes of this application, Banc of America CDC (BACDC) will be a for‐profit partner who has committed to serve as the developer of several affordable housing multifamily projects and to provide member loans, financial guarantees, completion guarantees and other resources associated with the redevelopment of the currently vacant Central Park Village ‐Encore site. BACDC is a wholly owned subsidiary of Bank of America. In addition to its broad equity investment capabilities, BACDC includes a for‐profit real estate development practice, dedicated to the revitalization of urban communities. BACDC’s Real Estate Development practice is the first, largest, and most productive community real estate development entity among U.S. financial institutions. FACTOR 2: CAPACITY
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BACDC is an innovative source of equity, concept, design, marketing and project management for residential and mixed‐use developments in American cities. With over 25 years of experience in community redevelopment projects, and the financial backing of Banc of America, BACDC is a proven, capable developer of complex, challenging projects ranging from acquisition and rehabilitation to new construction. BACDC‐Southeast mission is to be a major participant in the redevelopment of Tampa’s urban neighborhoods where access to opportunity and investment has been absent for many years. BACDC seeks to and has been successful in rejuvenating neighborhoods with investments that promote opportunities for existing residents, attract economically and racially diverse households, and are sustainable for many years to come. BACDC’s extensive and recent experience in specific NSP2‐type activities identified in this application, include rehabilitation of housing and redevelopment of vacant properties. BACDC currently has active development projects in 12 major US cities and has a highly qualified development and asset management staff that has successfully developed and rehabilitated more than 25,600 affordable and mixed‐income housing units. This has included a variety of housing types and projects in a range of scale from $5 million to $100 million, from 40 to 600 units, and a mix of rental, for‐sale, and mixed‐use projects. BACDC’s real estate development experience of rental housing projects focus on four primary areas including: • Acquisition/Rehabilitation: acquisition/redevelopment of distressed affordable rental properties to high quality housing; • Urban Infill New Construction: development of new construction affordable and mixed‐
income rental housing, including mixed‐use projects; • Adaptive Re‐Use: redevelopment of existing buildings/sites from former uses into mixed‐
income housing; and • Mixed‐Use Master Development: BACDC acts as master site developer on large mixed‐use projects with partners bringing specific component expertise In addition to the successfully planned and implemented Centro Place Apartments, a multi‐family 160‐unit development located in the City of Tampa and completed in 2007, BACDC has been the lead developer and financial planner behind a number of other mixed‐income and affordable developments throughout Tampa including mixed‐income single family and condominium developments. Those projects include the Tampa Riverfront development project located in downtown Tampa, which was completed in 2006 and totals over 325 units of for‐sale townhomes and condominiums, and the Belmont Heights Redevelopment which included a total of 25 new infill housing units completed in 2004. BACDC is one of the nation’s most prolific utilizers of low income housing tax credits and has a ready partner in the Bank of America which continues to provide BACDC tax credit equity and despite the current economic and financial challenges has committed to provide equity to the first 449 units at Central Park‐Encore as illustrated by the leverage letters included with this application. To plan and implement the redevelopment of THA’s former Central Park Homes and now vacant 28‐acre site into a new mixed‐income, mixed‐finance community, the THA and the BACDC formed the Central Park Development Group, LLC. (CPDG) in July 2006. The CPDG, LLC. is a special purpose entity formed specifically, and solely to serve as Master Developer for the redevelopment FACTOR 2: CAPACITY
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of the Central Park Village / Encore site and additional residential and commercial development adjacent to the vacant site. The capabilities and resources of CPDG, LLC come from the THA and the Banc of America CDC who have joined in equal partnership to provide the personnel, financial and management resources necessary to plan, finance, construct and manage the redevelopment of vacant property into a new mixed‐income development. To date, THA and Banc of America CDC have already invested over $3.0 million in the Central Park property for predevelopment and design activities and to take the project through the approval process but not inclusive of the value of land invested into the project nor thousands of hours of staff time dedicated to the effort. Collectively, these two organizations have extensive, recent and successful experience in planning, implementing and managing physical development, tax credit and for‐sale development, financing, leveraging and partnership activities in mixed‐finance, mixed‐income developments within the Tampa area and nationwide, representing over 90 years of development and construction experience and several billion dollars worth of residential housing. B. MANAGEMENT STRUCTURE THA and its consortium members propose a management structure divided into two principal roles: 1. Oversight and Monitoring; and, 2. Program Implementation These two management areas will ensure compliance with the NSP2 program requirements, project schedule and milestones for critical management actions and activities by each partner organization as well as effective implementation of all proposed activities and the stabilization of the target geography. Management Structure and Role of Each Entity The Tampa Housing Authority is the designated primary entity responsible for the program management, coordination between consortium members and oversight of all NSP2 grant expenditures and activities. The Tampa Housing Authority as the lead member of the consortium is especially well positioned and almost unique among public housing agencies nationwide in its ability to manage the overall NSP2 effort and the financial, program monitoring and reporting aspects of expending the awarded funds. The THA, a high performing very large public housing agency’s comparable experience includes: • Beyond financially and programmatically managing its traditional public housing and Tampa Section 8 programs of nearly $75 million annually, the agency has managed two HOPE VI developments, two wholly owned and developed LIHTC projects, and a series of community and other property investments. • Almost unique among public housing agencies in the nation, the THA since 2004 manages on behalf of HUD the entire State of Florida’s Section 8 program; monitoring, auditing and distributing funds associated with over 42,520 Section 8 vouchers and certificates statewide. This translates into overall annual funds under management of $361.8 million by the housing authority and as a result the THA has a financial and program management FACTOR 2: CAPACITY
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•
infrastructure in place which is unparalled in the nation. The NSP2 financial management and oversight will be easily absorbed into the organization’s structure. The agency has long been a sub‐recipient of CDBG funds through the City of Tampa and Hillsborough County and is fully versed and compliant with all conditions, financial and programmatic, associated with the expenditure of those funds. 1. OVERSIGHT AND MONITORING The THA maintains its real estate program management and monitoring functions within its division of Operations and Real Estate Development (ORED), overseen by the Senior Vice President and Chief Operating Officer, Leroy Moore. ORED has three departments that are involved in the real estate development process: Development & Construction Management Compliance Monitoring, and Environmental & Energy Services. Each department is managed and staffed by seasoned and experienced professionals with degrees or licensure in the fields of architecture, planning, construction, environmental sciences, real estate and related fields and two staff members are licensed general contractors. ORED insures that projects which are recipient of federal funds through the agency fully comply with program requirements. The Department is also responsible for overseeing the administration, project management and construction of all modernization of existing THA projects as well as construction of new mixed finance / mixed‐income developments, creates the internal structure to manage mixed financed projects, and establishes program approach to THA’s investments in these projects. The Office of Operations and Real Estate Development (ORED) will administer and manage all NSP2 grant funds and activities. ORED’s program management and monitoring function is currently staffed with four senior level full time employees of the agency who have been in their respective roles for 9 to 11 years each and manage and sign off on all internal and external expenditure of capital, HOPE VI, federal and State grant, and related funds. Beyond regulatory compliance and program management and monitoring functions, the THA also maintains construction management and compliance functions within ORED which monitors and inspects on a monthly or more frequent basis any projects which are under construction and are the recipients of federal and of other THA funds. Under NSP2, the construction management division in the agency will fully monitor on a monthly basis the progress of all new construction and rehabilitation projects. The construction management function has nine skilled construction management staff including a Director which will allow for two persons to be assigned full time to the NSP2 program, if awarded. It should be noted that for those acquisition and rehabilitation projects funded under this NSP2 effort by the THA’s consortium co‐applicant, The City of Tampa, the THA will conduct a thorough secondary review beyond the monitoring performed by the City itself. For any project funded under NSP2, The City of Tampa will manage and monitor the project consistent with its NSP1 management plan, and only pass the project on for further review to the THA after the City has completed its own review. This provides a further layer of scrutiny but will not slow the expenditure of funds (or significantly increase monitoring costs) given the long working relationship between the City’s and THA’s inspection teams. The Financial Management and internal audit function will be managed by the Senior Vice President/CFO, Andy Libby CPA, for the THA. This Department has two divisions, Finance and Accounting each managed by two accountants with long term experience managing and having oversight of multiple sources of federal funding including the statewide Section 8 program. The financial management division oversees all financial monitoring, oversight and accounts receivable FACTOR 2: CAPACITY
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and payable functions for every program the agency is involved including public housing, Section 8, HOPE VI, LIHTC, and other non‐federal land and development projects. The financial management division’s staff also provides monthly and on‐going monitoring of the statewide Section 8 program with a total of over $261 million in funding each year. Internal audit is a key component of the Financial Management division, and the Division will add one internal auditor should the consortium be awarded NSP2 funds. As with the program and construction management functions of the agency, for the mortgage assistance soft second loan programs which are administered by the City of Tampa, the THA’s functions will be a second layer of oversight as the City will provide initial financial oversight, internal audit and monitoring consistent with its NSP1 plan. The Authority’s project management team has efficiently procured modernization of both existing projects and construction of new developments to a status that has been recognized through several awards from various National organizations. THA uses Progen project management software program to monitor and administer construction projects. THA will coordinate all NSP2 redevelopment activities related to public improvements and provide updates in report format consisting of progress meeting minutes, daily reports, schedule of values, progress payments, Davis Bacon wage rates, weekly certified payroll reports, submittal reviews, project schedule, change order and building codes compliance. As required by HUD, THA will provide regular required reporting on the awarded NSP2 grant in the online Disaster Recovery Grant Reporting system (DRGR) on budgets, obligations, fund draws, and expenditures; on applicable administrative and public service limitations and the overall percent of benefit to LMMI persons in accordance with Recovery Act requirements. THA will post the NSP2 report on a website for the public when it submits the report to HUD. The following organizational chart highlights THA’s key management positions as it relates to oversight of NSP2 funds and the names and positions of staff managing NSP2. FACTOR 2: CAPACITY
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A profile of key Tampa Housing Authority management and staff positions managing NSP2, and specific roles and responsibilities follows: Leroy Moore, Senior Vice‐President/COO will be the lead staff member on coordinating all activities under NSP2. Mr. Moore has worked in the affordable housing arena since 1984. As Senior Vice‐President/Chief Operating Officer with the Housing Authority of the City of Tampa, Mr. Moore oversees all aspects of the Authority's Office of Operations and Real Estate Development including the departments of Public Housing, Assisted Housing, Programs and Property Services, Contracts and Procurement, Development & Strategic Planning; Modernization & Construction Services; Homeownership & Economic Development; and Energy Services & Special Projects. Debbie Joyce, Manager of Budgets and Compliance, will oversee the preparation of all agreements with consortium members and partners and work with the City of Tampa’s Housing and Community Development Contract Management officer to coordinate the framework for expending funds through the Mortgage Assistance program. The Manager will also ensure program compliance and monitor and track progress towards goals. The field project management activities involving the management of inspections and construction will be under the direct oversight of THA’s Director of Real Estate Development, David Iloanya, to ensure the highest level of quality and adherence to budget and timelines. David’s team will review all construction and rehabilitation projects including site inspections on a not less than weekly basis for adherence to schedule, quality, and to match the schedule and quality in relation to requests for disbursement of funds. Terry Brady, Director of Environmental and Energy Services will be responsible for insuring that all development and rehabilitation projects are compliant with federal and state environmental standards and have been reviewed in accordance with requirements. Mr. Brady will also coordinate on energy efficiency construction and LEED qualifying systems and points tabulation to ensure certification. Andy Libby CPA, CIA, MBA, Senior Vice President/CFO will have direct oversight over all financial transactions, tracking, reporting, disbursements, accounting and auditing of NSP2 funds. His direct staff will be an integral part of the management team and will provide real time input into the implementation of the internal control process and daily review of transactions. Susi Cornell, MBA, Director of Finance will assist the CFO with implementing financial reporting for this program and will serve to monitor and analyze financial performance and prepare workpapers for audits. Assisting her will be a staff CPA providing reconciliations and process analysis. Karen Boykin, MBA, Director of Accounting will manage the accounting functions of recording and processing all fund transactions of this program. Functions will include controlling cash flow, accounts payable review and processing, and preparation of financial statements in proper form for audit. FACTOR 2: CAPACITY
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2. PROGRAM IMPLEMENTATION Specific roles associated with program implementation will principally be divided between the City of Tampa, as it relates to the management and oversight of the Mortgage Assistance soft second loan program and the Banc of America CDC/THA through the Central Park Development Group LLC., as it relates to the redevelopment of the vacant Central Park‐Encore property. This division of labor is consistent with the experience and expertise of the respective organizations and makes best use of the skill set of the individuals assigned to the NSP2 program within each organization. CITY OF TAMPA ‐ As illustrated in the organizational chart above, the City of Tampa’s Housing and Community Development (HCD) division under the Growth and Management Development Services Department (GMDS) will function as the primary entity responsible for the administration and management of the City’s portion of the NSP2 funds to be allocated to the expansion of the City’s mortgage assistance soft second loan program in the target geography and coordinate its efforts with THA as noted above. HOUSING AND COMMUNITY DEVELOPMENT DIVISION: To meet U.S. HUD's goals of creating a suitable living environment, providing decent housing, and expanding economic opportunities for Tampa's income‐eligible households, the City's Housing and Community Development (HCD) Division of the Growth Management and Development Services Department works closely with the Budget Office to implement U.S. HUD and State‐funded affordable housing and community development programs. HCD and the Budget Office are responsible for managing all facets of program implementation including planning and administration of the Consolidated Plan document and annual Action Plans; coordination of Requests for Proposals (RFPs) to award funding contracts with sub‐recipients; proposal evaluation and selection; grants and contracts FACTOR 2: CAPACITY
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administration; Integrated Disbursement and Information System (lDIS) setup and management; Disaster Recovery Grant Reporting (DRGR) setup and management; project inspection; sub‐
recipient payment approval and processing; contract monitoring and evaluation; and performance report preparation for federal and state funding agencies. A profile of key City of Tampa Housing and Community Development Division (HCD) staff and their experience, specific roles and responsibilities follows: • Housing and Community Development Division Manager, Sharon West, is responsible for overseeing the administration of a variety of housing programs to assist eligible low and moderate‐income residents purchase, rent or rehabilitate existing housing units located in the City. The HCD Manager will be responsible for managing all NSP‐related activities and ensuring timeliness and regulatory compliance of all NSP activities conducted by HCD staff. The HCD Manager will provide progress updates directly to the GMDS Director on a weekly basis. • HCD Contracts Management Officer, Israel Segarra, will be responsible for coordinating the NSP Requests for Qualifications (RFQ) and Requests for Proposals soliciting community‐
based service providers to acquire, build on vacant properties and/or rehabilitate homes utilizing NSP2 funds. Housing Partners are defined as "A qualified entity that forms a team or participates as a member of a team that will partner with the City of Tampa to implement NSP2‐eligible activities... ". Mr. Segarra is also responsible for monitoring and reporting NSP housing partner performance, and the continued, long‐term period of affordability for all NSP‐assisted housing. • HCD Accounting Supervisor, Hector Ayala, will oversee the NSP‐required DRGR financial tracking and accounting system to be coordinated with the Accounting Division of the Department of Revenue and Finance. Specifically, the Accounting Supervisor will enter data to set up NSP project activities in DRGR; process payment requests in DRGR; coordinate with the City's Accounting Division to draw down DRGR funds; and prepare quarterly and annual DRGR performance reports for submittal to the Planning Supervisor. The HCD Accounting Supervisor is responsible for ensuring that the DRGR financial tracking system aligns with the City's general ledger that is maintained by the City's Accounting Division. • HCD Planning Supervisor, Stuart Campbell, will oversees all NSP2‐related planning and administrative functions performed by HCD's Urban Planning staff. Planning staff are responsible for program planning and development of NSP2 activities including, program planning and procedures development, sub‐recipient agreements, that are tailored to implementation of NSP2 requirements, program evaluation and report preparation. • HCD Property and Finance Supervisor, Joanne Harrelson, will be responsible for overseeing NSP2‐related construction agreements, plans and specifications; coordinating site inspections and related draw requests for NSP2‐assisted properties; and for ensuring the continued affordability for NSP‐assisted housing by overseeing the HCD deferred loan mortgage and note documents that will be recorded against all NSP‐assisted properties. • HCD Chief Underwriting Supervisor, Fred Meyers, is responsible for overseeing client intake and eligibility qualifications and coordinating with lenders for the purchase of rehabilitated foreclosed or vacant properties. Mr. Meyers will oversee HCD's mortgage assistance resources for approximately 113 households at or below 120% of AMI who will be acquiring NSP‐assisted single‐family homes. FACTOR 2: CAPACITY
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BANC OF AMERICA CDC ‐ BACDC has played and will continue to play an integral role in the redevelopment of the vacant Central Park Village / Encore site as both an investor and master developer in Central Park Development Group, LLC. and as managing development partner overseeing the development of at minimum the first three residential projects on‐site. As the for‐
profit partner of the Consortium, BACDC serves as the developer of at least three affordable housing multifamily projects in conjunction with the THA on the property (Tempo, Ella & Trio detailed in Rating Factor 3 and to provide member loans, financial guarantees, completion guarantees and other resources associated with the redevelopment of Central Park Village / Encore. A profile of key Banc of America CDC management and staff positions managing NSP2, and specific roles and responsibilities follows: James Feild, BACDC Real Estate Development Executive is responsible for the operations of BACDC. Over the past three years (2005‐2007), BACDC has developed more than 5,700 housing units, with total development costs of approximately $520 million. Feild has played a leading role in community development initiatives, structuring and closing over $4 billion of LIHTC investments, over $2 billion in debt community development originations, the first proprietary Low‐Income Housing Tax Credit Fund, the National Community Investment Fund, and the Raza Development Fund. He also developed and implemented the bank's Community Development Financial Institution initiative, investing more than $100M and qualifying for more than $5M in Bank Enterprise Awards (BEAs). Roxanne Amoroso, Senior Vice President / Southeast BACDC Development Team Leader: Ms. Amoroso has worked in commercial real estate development in the Tampa Bay area for more than 18 years developing office, retail and multifamily real estate. Her development team covers the southeast United States including three master developments in progress totaling more than 2,000 units of housing, retail and office and an additional 1,000+ units of multifamily in pipeline and production. Ms. Amoroso specializes as a multifamily affordable housing developer of mixed income and master planned communities valued at $15,000,000 ‐ $38,000,000, and oversees approximately $800M in new development activities. Ms. Amoroso will coordinate all planning, partnership, and development aspects of the project redevelopment along with Mr. Moore at the THA. Jesus "Jesse" Leon, BACDC Vice President/Senior Development Officer: Mr. Leon is managing BACDC mixed‐income, mixed‐use, multifamily developments throughout Florida along with various acquisition‐rehab projects for repositioning. Prior to joining BACDC, Jesse worked in the field of philanthropy at the Funders’ Network for Smart Growth and Livable Communities (TFN) influencing foundations to make financial and programmatic investments in land use development issues and overall economic revitalization strategies to achieve healthy, livable, and sustainable communities. Mr. Leon will oversee all day to day activities related to the planning and development aspects of the Central Park / Encore redevelopment along with assigned THA staff under Mr. Moore’s Department of Real Estate. TAMPA HOUSING AUTHORITY ‐ THA as 50‐percent owner of the Central Park Development Group, LLC serves as the principal member as it relates to acquisition and disposition of development sites, as well as in the coordination of all local, State, and federal funds which have been or will be committed to the project. Three members of the THA organization are principally responsible for the THA’s active management of the Central Park Development Group LLC. These include: Jerome FACTOR 2: CAPACITY
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Ryans, CEO of the THA who oversees all aspects of the Development Project and coordination with other public entities and THA Board; Leroy Moore, Senior Vice President and COO, who coordinates all planning, partnership, and development aspects of the project redevelopment along with Ms. Amoroso at the BACDC; Andy Libby, CFO of the THA, who oversees and coordinates the investment of federal, state, local and THA funds for the Central Park‐Encore Development. THA’s Center for Affordable Homeownership will be responsible for homeownership education training and counseling for NSP2 eligible families in order to promote homeownership, and aid in the development of affordable homeownership opportunities for low to moderate income families, including public housing and Section 8 recipients. The center also provides post‐
educational services such as foreclosure prevention, predatory lending, financial health development and home maintenance training. The Center will be the Housing Authority and the City’s resource for providing the requisite Housing Counseling for NSP2 eligible households. REFERENCES – The following individuals can be contacted to describe recent work by the THA, the City and BACDC that is similar to the programs covered in this proposal, and to verify the information submitted. THA references to include two newspaper articles: Tampa Bay Business Journal citing THA as 2007 Government Business of the Year and Sentinel May 2008 article announcing MHA recipient of National Merit Award from NAHRO. (See article copy in Appendix). TAMPA HOUSING AUTHORITY ‐ REFERENCES Pinnacle Group Holdings, Inc. Downtown Partnership Frank Debose, President Christine Burdick, President 109 Brush Street Ste. 400, Tampa, FL 33601 One Tampa Center Suite 1724 (T) 813‐228‐7466 (T) 813‐221‐3686 Email: [email protected] Email: [email protected] CITY OF TAMPA ‐ REFERENCES County Housing Finance Authority (CHFA) Florida Housing Finance Corporation Harry Hedges, Chairperson Robert Dearduff, SHIP Administrator 601 East Kennedy, Tampa, FL 33601 227 North Bronough St.,Tampa, FL 32301 (T) 813‐748‐9000 (T) 850‐488‐4197/ Email: [email protected] Email: [email protected] BACDC ‐ REFERENCES Many BACDC developments have received awards of excellence and national recognition from various national and regional entities including the U.S. Department of Housing & Urban Development, the Urban Land Institute, the National Association of Local Housing Finance Agencies, Fannie Mae Maxwell Award, NAHB Pillars of the Industry Award, and numerous other state and local entities. Two references for recent BACDC work similar to the proposed NSP2 program activities include the following: JMG Realty RGA Group Bonnie B. Smetzer, Senior VP Mr. William Henry, President 2174 Harris Ave NE Ste 7, Palm Bay, FL 32905 309 South Willow Avenue, Tampa, FL 33606 (T) 813‐259‐0182 (T) 321‐728‐1810 ext 102 Email: www.jmrealty.com Email: [email protected] FACTOR 2: CAPACITY
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FACTOR 3
SOUNDNESS OF APPROACH
RATING FACTOR 3: SOUNDNESS OF APPROACH A.
PROPOSED ACTIVITIES The Tampa Consortium (City of Tampa and Tampa Housing Authority) in conjunction with its private for profit partner Banc of America CDC will undertake directed strategies if awarded NSP2 funds to stabilize and enhance the housing market in the target area through the development of affordable rental housing and by filling in gaps to rehabilitate vacant single family housing in the neighborhoods for homeowners and renters. These activities will include the following principal elements: Mortgage Assistance Program for Vacant Property Acquisition and Rehabilitation. As discussed in detail in preceding sections, notable redevelopment and reinvestment efforts have been undertaken within the target area during the past several years and the target area is positioned for positive growth and improvement. However, key barriers to revitalization in the neighborhood include the lack of affordability for families below 80 percent of AMI, the stalling of the Central Park/Encore gateway redevelopment project, and reasonably poor condition of much of the older housing stock. There are currently 1,202 vacant residential properties (Source: US Postal Service) within the target geography, or a vacancy rate of 10.4 percent. During the past four years, the City has assisted 209 households citywide to move into homeownership through its mortgage assistance soft second home loan program utilizing HOME funds citywide. Only two (2) of the 209 assisted homeowners are presently in default (or approximately one‐third of the countywide default rate), an indication of the program’s success. The City has a long record of partnering with for‐profit and not‐for‐profit entities to support development/redevelopment of single family homes and to provide counseling and support to buyers through established training and counseling programs. Therefore, expansion of this effort through NSP2 funds will play a critical role in mitigating foreclosure and vacancies within the target geography during the next several years. The City and its partners have identified a substantial number of vacant properties which would be targeted for rehabilitation. All of these activities, along with many other capital improvement and social services programs active during the past few years, have been instrumental in supporting redevelopment of an expansive area in need of economic stability; and, now more than ever, the availability and effective utilization of NSP2 funds will be a very important part of the City’s ability to continue and further enhance redevelopment and reinvestment in the target geography. Therefore, the City intends to utilize NSP2 funds to expand the mortgage assistance soft second loan program within the target area to support homeownership (75%) and rental (25%) rehabilitation of single family homes. Many of the foreclosed upon and vacant properties in the target geography are well located and positioned for reinvestment and redevelopment as homeowner and rental units and will become the focus of investment and redevelopment as part of the NSP2 effort. These vacant properties, with the exception of Central Park‐Encore are largely single family homes. Presently, through the use of HOME and State of FL SHIP funds, the City provides up to $60,000 in Mortgage Assistance for families under 80 percent AMI, and funds up to 20 percent of purchase value for families FACTOR 3: SOUNDNESS OF APPROACH
Tampa Central Park Neighborhood Stabilization Program
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between 80 percent and 120 percent AMI. As part of the NSP2 mortgage assistance process, the City will contract through a selection process with not‐for‐profit and for‐profit entities to acquire and rehabilitate abandoned, vacant and foreclosed upon properties. Of these properties, 75 percent of funds will be dedicated to homeownership for families and individuals up to 120 percent of median; however the primary focus will be for families at or below 80% AMI. The remaining funds (25 percent) will be utilized to provide soft second loans for rental properties which will be affordable to families below 50 percent of median. As indicated by County property records analysis completed for this application, at any given time there are roughly 60 or so single family properties in the target area that are owned by financial institutions. Therefore, the primary goal of the City is to encourage not‐for‐profit and for‐profit builders to acquire abandoned, vacant and foreclosed upon properties within the target area and to rehabilitate those properties. The mortgage assistance soft second home loan program will be structured such that immediately upon award of the NSP2 grant, the City will prepare and distribute Request for Proposals (RFP) to engage prospective non‐profit and/or for‐profit development partners to acquire and rehabilitate vacant and foreclosed homes within the target geography. Based upon past experience, the City will be able to complete the RFP evaluation and present contracts to selected developer partners within 90 days after NSP2 award; thirty days, thereafter, the City and developer partner will have an executed Agreement. Under the terms of the Developer Agreement, the development partner will identify and acquire foreclosed and vacant homes to be rehabilitated. Property improvements may range from minor repairs (such as carpet, paint, etc.), to enhancements needed to meet the City’s minimum housing codes, to more structural improvements and it is presumed that on average the rehabilitation of each home can be completed within a four month timeframe. Upon completion of the acquisition and rehabilitation, which will be largely funded through the utilization of mortgage assistance soft second home loan funds, the home will then be marketed to qualifying residents. Regardless of the level of rehabilitation required, the objective of the mortgage assistance soft second home loan program is to write down the cost of the rehabilitated home so homeowner units are affordable to families at 80 percent or below median income (based upon a maximum 36 percent housing expenditure factor) and renter units affordable to families below 50 percent of median income. Based upon historical trends, it is estimated that the average development cost for a typical new 1,200 square foot home in the neighborhood is currently $135,000 inclusive of all soft costs (but exclusive of land). However, the cost to acquire vacant and foreclosed homes in the target geography is estimated to average $50,000, for which each home is expected to require an additional $30,000 in rehabilitation investment; therefore, the total cost of acquisition and rehabilitation for vacant and foreclosed homes in the target area is estimated to be $80,000 not including builder/developer profit, carrying costs such as taxes, insurance, marketing, and appropriate overhead. Considering this, and in the effort to provide rehabilitated homes to families below 120 percent of AMI (and entirely affordable to families below 80 percent of AMI), the rehabilitated home will be sold to qualifying homebuyers an average price of $100,000. This sales price includes developer’s fee, carrying costs, and other costs of sale. For the 25 percent of properties which are rental units and which are redeveloped through the utilization of NSP2, a restriction will be placed on the unit to insure the long term affordability of the unit for families below 50 percent of median income. As noted in Rating Factor 4, the City is committing $500,000 FACTOR 3: SOUNDNESS OF APPROACH
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of SHIP funds to fill broader gaps for homes which require substantial rehabilitation in the East Tampa area. Based upon $10 million of NSP2 funding utilized for the mortgage assistance program for foreclosed and vacant property acquisition and rehabilitation (of which approximately 10 percent will be allocated to administrative costs), an estimated 113 new households can occupy currently vacant properties in the target geography. The NSP2 funds used for rehabilitation must remain in the home when it is sold to an income eligible household in the form of a soft second no interest loan or other NSP2‐eligible financial mechanism that shall be due and payable should the property cease to be the primary residence of the borrower, or if the home is rented, sold, or title is transferred during the affordability period to a non‐eligible renter. Given home prices in the neighborhood and past experience, the vast majority of beneficiaries of the program will have incomes below 80 percent of median. For those 25 percent of units which are rented, the developer will be required to have a proven track record in property management. Redevelop demolished and vacant Central Park Public Housing Site for Housing. Through the Central Park Development Group, LLC a 50/50 partnership between the Tampa Housing Authority and Banc of America CDC, the consortium will utilize NSP2 funds to redevelop the former now vacant Central Park public housing property that has been hamstrung by a lack of funding for infrastructure and is central to the revitalization of the entire target area. The lack of infrastructure funds, for which NSP2 is being requested, is the last major hurdle associated with redeveloping this critically located property given its potential opportunity to link the target area with Downtown and Port. As noted, the property is slated for development of over 1,500 units and has been re‐platted into six individual parcels for multifamily and the development of other uses. To date, the former public housing residents have been relocated, the housing units and an on‐site school and vacated underground utilities have been demolished. The Central Park redevelopment plan (newly named as The Encore) is well underway as almost all of the new infrastructure design is complete and approved by the regulatory agencies. The initial phase of Central Park‐Encore comprises three (3) multifamily communities (design complete and all permits nearly approved) totaling 449 units, of which at least 25 percent of the units will be rented to families below 50 percent, and 22 percent of the 449 units will be “deep subsidy.” Additionally, at build‐out, at least 25 percent of all units at Central Park‐Encore will be rented to families below 50 percent AMI. These three developments are referred to herein as Trio at Encore (143 units), The Tempo (146 units) and Ella (160 units). In addition to these three complexes, preliminary plans are being prepared for two additional sites on the Central Park property (referred to as Sites 4 and 8). One of these properties will be built as family housing and the other for elderly housing; each complex will comprise an estimated 170 units respectively. For the initial phase of Central Park‐Encore comprising the Trio, Tempo and Ella communities (449 total units), Bank of America CDC has committed to provide member loans, financial guarantees, completion guarantees and other resources associated with the Central Park‐Encore redevelopment. It is expected that 4% and/or 9% Low Income Housing Tax Credits (LIHTC) for each of the three properties will have allocations by December 2009. Working drawings have also been submitted to the City of Tampa and other regulatory agencies for approval and over $3.48 million of non‐federal cash funds have already been invested in the project. In addition, the Central Park Development Group (CPDG) has a contract to purchase the 28‐acre Central Park FACTOR 3: SOUNDNESS OF APPROACH
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Village parcel from the Tampa Housing Authority for $26.2 million by the end of 2009, with $16.2 million in cash and a Promissory Note (two year term) from Banc of America CDC in the amount of $10 million. THA is committing $2.0 million representative of its acquisition of an additional 1.6 acres of land that will be added to the Central Park‐Encore property; THA will only receive a proportionate return on its land investment if‐and‐when individual ready‐to‐build project development sites within the property are sold to an eventual vertical builder/developer. Funding commitments specifically associated with the Trio, Tempo and Ella developments are provided below with applicable letters included in the Appendix. With the allocation of NSP2 funds, the closing and transfer of property for Trio, Tempo and Ella developments can be completed by December 2009. Accordingly, commencement of site improvements and vertical construction will start by March 2010, with completion of construction (Certificate of Occupancy) issued by August 2011. The development plan assumes preliminary leasing to commence 15 months after the start of construction (June 2011) allowing for an ample time to achieve project lease‐up by March 2012. Two of the three projects have been designed to be developed concurrent with infrastructure and the third immediately upon completion of infrastructure. Following is a summary of development and financing characteristics for the three communities defining the initial phase of development at Central Park‐Encore: Trio at Encore – Trio comprises three, 3‐story mid‐rise buildings with a total 143 units and a unit mix including: 44 one‐bedroom units; 84 two‐bedroom units; and, 15 three‐bedroom units. The development will be built with green, energy efficient materials and services will include computer training, health screening, and personal financial advisory. The total development cost for Trio is estimated to be $16.5 million. Financing commitments have been provided by the following entities as follows (with supporting letters included in the Appendix): Bank of America N.A. has provided commitments for permanent tax exempt bond financing in the amount of $4.8 million; the City of Tampa provided commitments for $1.395 million in SHIP/HOME funds (Second and Third Mortgage Debt); Bank of America N.A. issued a commitment to provide $3.4 million in (tax credit) equity based upon the purchase of 4% LIHTC’s; the Tampa Housing Authority has committed an additional $3.02 million in construction and permanent loan financing; and, an additional $3.9 million has been committed by THA in the form of land note and operating subsidy, as well as funding from Brownfield funds, and deferred Developer’s fee. The Tempo – The Tempo comprises a 5‐story mid‐rise building with a total 143 units and a unit mix including: 42 one‐bedroom units; 80 two‐bedroom units; and, 24 three‐bedroom units. The total development cost for Tempo is estimated to be $24 million. Financing commitments have been provided by the following entities as follows (with supporting letters included in the Appendix): Bank of America N.A. has provided commitments for construction financing in the amount of $10.5 million; the City of Tampa has provided commitments for $4.9 million in SHIP/HOME funds (Second and Third Mortgage Debt); Bank of America N.A. issued a commitment to provide $11.8 million in (tax credit) equity based upon the purchase of 9% LIHTC’s; and, and additional $3.3 million has been committed by THA in the form of land note and operating subsidy, as well as from Brownfield funds, and deferred Developer’s fee. FACTOR 3: SOUNDNESS OF APPROACH
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Ella – Ella represents an affordable senior housing development within an 8‐story mid‐rise building with a total 160 units. The development provides for 80 one‐bedroom and 80 two‐
bedroom units. Management at the proposed Ella development will offer daily activities for all residents, with 24‐hour on‐call service as well as recreational and training programs. The total development cost for Ella is estimated to be $28.5 million. Financing commitments have been provided by the following entities as follows (with supporting letters included in the Appendix): Bank of America N.A. has provided commitments for construction financing in the amount of $7.4 million; the City of Tampa and Hillsborough County has provided commitments for $3.3 million in SHIP/HOME funds (Second and Third Mortgage Debt); Bank of America N.A. issued a commitment to provide $14.7 million in equity based upon the purchase of 9% LIHTC’s; the Tampa Housing Authority has committed to an additional $6.0 million in permanent loan financing (Public Housing Units); and, and additional $1.5 million has been committed by THA (land note and operating subsidy), Brownfield funds, and deferred Developer’s fee. The NSP2 funds would serve as the important bridge in this site’s redevelopment effort. Indeed, it is difficult to explain in narrative alone to what degree the redevelopment of the Central Park‐
Encore property will spur reinvestment throughout the entire target area. However, the vacant and overgrown Central Park property is having an even more negative impact on the target area today than when it was occupied by older dense public housing units which sat on the property prior to demolition. This 28‐acre vacant property immediately adjacent to Downtown and which has been touted over five years as the centerpiece of redevelopment for the City, but whose development has been stymied by statewide legal and other non‐local housing market factors, is a stark reminder to every investor or homeowner contemplating investing in the target area of the area’s challenges. Through the combined effort of the acquisition and rehabilitation of vacant and foreclosed properties supported by the mortgage assistance soft second loan program, and the redevelopment of the former Central Park site, the target geography is in a tremendous position to achieve needed stabilization and potential growth. Moreover, these combined efforts specifically address the need to support economic and housing stability almost immediately, as well as lay the foundation for reinvestment and redevelopment during mid‐ and long‐term planning horizons. Between the two activities combined, 562 units of affordable rental and homeownership units can be occupied in less than three years of award date. This effort represents a relatively aggressive and viable approach to addressing short‐term economic and housing stabilization issues. Moreover, the impact of this initiative extends well beyond the short‐
term perspective as it serves to encapsulate critical elements of a broader economic and housing stabilization plan that has only begun to take hold in the target geography. The NSP2 funds are the linchpin in this effort and will provide $38 million for the streets, underground utilities, flood mitigation and site development for Central Park‐Encore as well as rehabilitation of vacant and for sale housing. This investment will assuredly garner additional and on‐going reinvestment in the area from the private sector both in the form of improved housing, as well as through the redevelopment of commercial uses that support long term employment growth. FACTOR 3: SOUNDNESS OF APPROACH
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Use of Funds and Firm Commitments The following table indicates the amount of funds budgeted for each eligible use and CDBG eligible activity and the responsible entity for carrying out the activity. Eligible Activity NSP2 Funds Responsible Entity Budgeted Redevelop demolished or vacant properties as $28.0 million THA & BACDC ‐ housing (*) Central Park/Encore Property; Establish financing mechanisms for purchase and $10.0 million City of Tampa redevelopment of foreclosed upon homes and (*) Scattered Site vacant vacant residential properties; Establish financing property mechanisms for purchase and redevelopment of redevelopment foreclosed upon homes and residential properties, including such mechanisms as soft‐seconds, loan loss reserves, and shared‐equity loans for low‐ and moderate‐income homebuyers. (*) Includes administrative costs The vacant property redevelopment effort outlined herein will be 100 percent expended within 18 months of award and over 449 units of rental housing units affordable to families below 60 percent of median income and 99 deep subsidy units (or 22 percent of total units) will be developed and occupied within 2 years of the award date on the Central Park‐Encore property. Mortgage assistance soft second loans will carry no interest but will be subject to recapture should the recipient of the unit sell the home within 15 to 20 years with a 20 percent per year offsetting schedule for the last five years of this period. Although available to families at 120 percent of median, the soft second program in the target area will largely house families at or below 80 percent of median income based upon past experience. There are many sources of non‐federal funds which are firmly committed to this effort. Indeed, these commitments make the undertakings described in the application to be highly realistic, viable, and achievable in the time limitations imposed upon the expenditure of funds. The years of planning and investment in the target geography will immediately bear results upon release of NSP2 funds. Sources of commitments include the following: • $3.5 million in pre‐development costs associated with the Central Park‐Encore redevelopment of which $3.48 has been expended to date; • $936,000 in pre‐development cost associated with Banc of America CDC staff hours expended to date; • $1.56 million in City of Tampa SHIP funds contribution; • $26.2 million from the Central Park Development Group based upon the existing Contract for Purchase and Sale Agreement with THA ($16.2 million in cash and a Promissory Note (two year term) from Banc of America CDC for $10 million); • $2.02 million contribution from THA from acquisition of 1.6 acres of additional land that will be added to Central Park‐Encore property; FACTOR 3: SOUNDNESS OF APPROACH
Page 30 of 46
•
•
$29.9 million in LIHTC equity from the Bank of America NA; $22.7 million in construction financing for the Trio, Tempo and Ella developments at Central Park‐Encore from Bank of America; • $1.0 million from City of Tampa’s East Tampa CRA from tax increment; • $500,00 from City of Tampa’s East Tampa Acquisition Rehabilitation Foreclosure Program from SHIP funds; and, • $432,000 in homeownership training services through the City/THA’s Center of Affordable Homeownership Training for all soft second and vacant property write‐down recipients. It should be noted that given the expected growth in the market and expected long term growth in the target area based upon Hillsborough County developed projections, a decision has been made to principally focus on preservation, enhancement and redevelopment rather than demolitions or land banking. While population was lost for several decades before 2000 and there are numerous blighted structures in the target area there is still strong market and policy support for broad scale revitalization. All agencies and plans concerned with the revitalization of the target area and the tremendous investment to date in the neighborhoods indicate that leveraging broader projected population growth through the acquisition and rehabilitation of homes supported by the mortgage assistance program, as well as the redevelopment of the Central Park‐Encore property will have an immediate positive market response. This market condition calls for a reinvestment in the entire target area rather than demolishing existing homes which are likely to be demanded once the economy begins to grow again and the NSP2 funded investments take hold. B.
PROJECT COMPLETION SCHEDULE In conjunction with the description of the mortgage assistance program used to support rehabilitation of vacant and/or foreclosed homes, and the redevelopment of the Central Park‐
Encore property as detailed above, a program schedule has been prepared to highlight proposed activity and funding milestones, estimated duration of activities and/or events, and completion date of activities and/or events planned to occur immediately after award of NSP2 funds. A program schedule has been completed for each of the two proposed stabilization programs, as follows: FACTOR 3: SOUNDNESS OF APPROACH
Page 31 of 46
0
0
NSP2 Funds Disbursed to City
60
Procure Construction Manager
NSP2 - Execute Grant Agreement
15
393
395
Developers Rehabilitate Vacant Properties
Prequalify New Buyers/Renters - Home Sale/Rental
Final Infrastructure CD Revisions
Coordinate Infra Requirements New Buildings
Coordinate Infra Requirements Utility Providers
Owner Review-Approve Infr Contract Documents
Prepare Infrastructure IFB
Issue Infrastructure Contract Documents for Bid
EROW012
EROW013
EROW101
EROW033
EROW034
THA Review Infrastructure CD's
EROW029
EROW032
FDOT Review Infra Constr Docs
EROW043
FDOT Approve Infra Constr Docs
City Review Infra Constr Docs
EROW042
City Approve Infra Constr Docs
Submit Infra Construction Docs to FDOT
EROW041
EROW046
Submit Infra Construction Docs to CIty
EROW040
EROW045
Prepare PreBid ROW Infrastructure Cost Estimate
EROW021
THA-BAC-City Negotiate Infrastructure Agr't
Prepare ROW Infrastructure 80% Contract Docs
EROW100
AD135
Mobilize Infrastructure Engineer
EROW001
DESIGN
Page 32 of 46
ENCORE ROW Infra Bid Period
ENCORE ROW Infra Bid Due
ENCORE ROW Infra Evaluate Bids
ENCORE ROW Infra Contract Award
ENCORE ROW Infra Issue NTP
EROW107
EROW108
EROW109
EROW1010
EROW1012
CONSTRUCTION
0
0
13
0
45
0
7
14
14
14
30
0
0
91
7
66
66
0
0
14
79
0
270
Developers Identify, Acquire Vacant Properties
32
Development Contracts - City & Developers
ENCORE ROW Infrastructure Program
AD168
AD167
AD166
AD165
90
Procure - Select Developer Partners
MORTGAGE ASSISTANCE SOFT SECOND LOAN PROGRAM
AD159
0
63
0
0
0
13
0
45
0
7
14
14
14
30
0
0
91
7
62
62
0
0
0
0
0
395
393
270
32
90
0
0
60
15
0
63
0
Orig Rem
Dur Dur
NSP2 Funds - Supplemental Submissions
PROPERTY ACQUISITION & REHABILITATION
AD158
AD157
AD140
AD156
AD155
NSP2 Grant Award
Negotiate State Funding Agreement
AD136
Submit NSP2 Funding Application
Activity
Description
AD137
PREDEVELOPMENT
PROGRAM ADMINISTRATION
Activity
ID
FACTOR 3: SOUNDNESS OF APPROACH
30OCT10
30JAN10
29DEC09
15NOV09
30OCT09*
29NOV09
15OCT09
30SEP09*
30SEP09*
13JUL09*
Early
Finish
0 01JUN10
15JUN09A
15JUN09A
30AUG09
30AUG09
30SEP09*
06JUL09
0
0
31DEC09
21DEC09
15DEC09
01DEC09*
29NOV09
15OCT09*
14OCT09
14OCT09
23SEP09
23SEP09
Sheet 1 of 2
0 03DEC09
0
0 16OCT09
0
0 08OCT09
0 01OCT09
0 10SEP09
0 10SEP09
0 31AUG09 29SEP09
0
0
0 02JUL09
0 30JUN09
6 17JUN09A 30AUG09
6 17JUN09A 30AUG09
100
100
100 01JUN09A 12JUN09A
100 02MAR09A 12JUN09A
30JUN11
0 03MAR10 30MAR11
0 03FEB10
0 30DEC09
0 01OCT09
0
0
0 01OCT09
0 01OCT09
0
0 30JUL09
0
Early
Start
100 02MAR09A
%
29NOV09
30SEP09*
03DEC09
16OCT09
14OCT09
08OCT09
01JUN10
31DEC09
21DEC09
15DEC09
01DEC09*
29NOV09
15OCT09*
14OCT09
23SEP09
10SEP09
01OCT09
23SEP09
29SEP09
30AUG09
30AUG09
10SEP09
31AUG09
02JUL09
06JUL09
30AUG09
30JUN09
30AUG09
17JUN09A
15JUN09A
15JUN09A
12JUN09A
12JUN09A 02MAR09A
03MAR10
30JAN10
29DEC09
03FEB10
30DEC09
15NOV09
30OCT09*
17JUN09A
01JUN09A
02MAR09A
01OCT09
01OCT09
15OCT09
30SEP09*
30SEP09*
13JUL09*
01OCT09
30JUL09
30OCT10
30JUN11
30MAR11
2009
2010
2011
2012
F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J MA
F
582
75
ENCORE ROW Infrastructure Construction
EROW401
EROW401-01 Site Layout - Erosion Control - Site Security
0
150
150
EROW401-06 Storm System - Piping
EROW401-09 Water System
60
EROW401-07 Storm System - Structures
30
60
90
60
60
30
45
45
EROW401-18 ROW - Final Grading Landscape
EROW401-21 Streets - Asphalt Paving - Finish Course
EROW401-22 Streets - Specialty Paving
EROW401-25 Pavement Markings & Street Signage
EROW401-26 Inspection Walk - Punch List
EROW401-27 Punch List Corrections
EROW401-29 ROW Project Close-Out
VCON602
Page 33 of 46
Start Date
Finish Date
Data Date
© Primavera Systems, Inc.
Vertical Construction Complete
EROW401-30 ROW Infra Deed Street to City
01AUG08 0709
17JUN14TAMPA
30JUN09
0
45
0
90
EROW401-20 Streets - Asphalt Paving - Base Course
EROW401-28 ROW Complete - NSP2 Funds 100% Disbursed
90
EROW401-24 Park - Landscape & Irrigation
120
EROW401-17 Park - Final Grading
EROW401-15 Street - Base Prep & Final Grading
90
EROW401-23 ROW - Landscape & Irrigation
120
60
EROW401-05 Sanitary System - Structures
EROW401-19 Street Lighting
90
EROW401-11 Utility Vaults & Sleeves
180
EROW401-12 Sidewalks
90
120
EROW401-16 Park - Site Improvement Walkways & Structures
EROW401-14 Distribution - Power, Voice, Data, Television
150
EROW401-10 Curb & Gutter
0
120
EROW401-08 Storm System - Retention/Treatment Structure
EROW401-31 NSP2 Fund 60% Disbursed
90
147
EROW401-13 Park - Site Clearing-Demolition-Rough Grading
EROW401-04 Sanitary System - Piping
Start Vertical Construction
100
EROW401-03 Rough Cut to Subgrade
VCON601
60
EROW401-02 Site Clearing - Demolition
14
%
30MAY10
30MAR10
30MAR10
19AUG11
14JAN10
Early
Finish
16SEP10
02AUG10
25NOV10
30DEC10
29JAN11
15NOV10
28SEP10
01OCT10
01OCT10
30DEC10
26OCT10
31OCT10
31MAY10*
14MAY11
28FEB11
15MAR11
13JUN11
19AUG11
19AUG11
0
01SEP11*
0 20AUG11 03OCT11
0
0 06JUL11
0 22MAY11 05JUL11
0 15MAY11 13JUN11
0 15APR11
0 16MAR11 14MAY11
0 14FEB11
0 31DEC10
0 16DEC10
0 26NOV10 23FEB11
0 01NOV10 28FEB11
0 27OCT10
0 02OCT10
0 02OCT10
0 17SEP10
0 31JUL10
0 04JUL10
0 04JUL10
0 04JUL10
0 29JUN10
0 04JUN10
0
0 05MAY10 01OCT10
0 20APR10
0 05APR10
0 31MAR10 28JUN10
0 06MAR10 30JUL10
0 01MAR10*
0 20FEB10
0 30JAN10
0 15JAN10
0 15JAN10
0 01JAN10
Early
Start
Sheet 2 of 2
15MAR11
19AUG11
Checked Approved
01SEP11*
03OCT11
19AUG11
19AUG11
05JUL11
13JUN11
13JUN11
20AUG11
06JUL11
22MAY11
15MAY11
14MAY11
14MAY11
28FEB11
15APR11
16MAR11
14FEB11
28FEB11
23FEB11
25NOV10
30DEC10
29JAN11
15NOV10
31DEC10
16DEC10
26NOV10
01NOV10
27OCT10
02OCT10
02OCT10
17SEP10
28SEP10
01OCT10
31JUL10
01OCT10
04JUL10
30DEC10
26OCT10
31OCT10
01OCT10
04JUL10
31MAY10*
16SEP10
02AUG10
28JUN10
30JUL10
30MAY10
04JUL10
29JUN10
04JUN10
05MAY10
20APR10
05APR10
31MAR10
06MAR10
01MAR10*
30MAR10
30MAR10
14JAN10
20FEB10
30JAN10
15JAN10
15JAN10
01JAN10
2009
2010
2011
2012
F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J MA
F
NSP2-ENCORE REDEVELOPMENT PROGRAM Date
Revision
09JUL09 progress update to June 30, 2009
0
45
0
45
45
30
60
60
90
60
90
90
120
30
90
120
60
60
90
90
180
120
150
0
150
150
120
90
147
0
100
60
75
582
14
Orig Rem
Dur Dur
ROW Infra Mobilize Contractor
Activity
Description
EROW200
Activity
ID
FACTOR 3: SOUNDNESS OF APPROACH
C.
INCOME TARGETING FOR 120 PERCENT AND 50 PERCENT OF MEDIAN INCOME All of the efforts described herein are built upon existing programs or requirements which have long contemplated meeting the 120 percent and 50 percent of AMI limits required as part of the NSP2 program. The Consortium is committed to meeting the 25 percent of NSP2 funds expenditure being dedicated to families below 50 percent of AMI, in order to meet the specific requirements of NSP and HERA. First, all City mortgage assistance and grant programs associated with foreclosed and vacant home acquisition in the target area will require the presentation of income verification in the form of tax returns and paystubs to qualify for the assistance. These programs are already limited to families below 120 percent of area median income although past experience has shown that more than 90 percent of those who utilize the soft second loan program the City administers are below 80 percent of median income; Second, for the 25 percent of properties rehabilitated through utilization of the mortgage assistance program from NSP2 funds that will be rental units will have a restriction placed on the unit to insure the long term affordability of the unit for families below 50 percent of median income; and, Finally, as it relates to the Central Park property which accounts for 73 percent of the total funds being requested, at least 25 percent of total units will be rented to families below 50 percent; notably, 22 percent of the total units will be “deep subsidy.” In sum, through income verification, the Consortium will insure that more than 25 percent of the grant will be utilized to house individuals or families below 50 percent of median income and all beneficiaries of the use of these funds will have household incomes below 120 percent of median income. D.
CONTINUED AFFORDABILITY Continued affordability for the maximum extent practical will be ensured in three ways: 1. Deed restrictions will limit the ability of families who purchased a home with an income restriction requirement soft second loan only available to families with less than 120 percent of area median income from selling that home for 15 years; 2. Rehabilitated rental units funded with NSP2 will have forty year deed restrictions to insure affordability and will have to report tenant demographics and will be subject to audit and confirmation on an annual basis. The City will apply HOME standards as it relates to program compliance with these units; 3. Units developed on the Central Park property will have either regulatory or deed constraints put on them which will limit the ability to rent to individuals or families above 50 percent of median income for these rent restricted units for a period not to be less than 40 years and for market rate units a restriction will be put in place not to rent or sell any unit to a family above 120 percent of median income for a period not less than 15 years. FACTOR 3: SOUNDNESS OF APPROACH
Page 34 of 46
E.
CONSULTATION, OUTREACH, COMMUNICATIONS E.1 Consultation with local government and states. Collaboration has been a clear ingredient between the City of Tampa and THA’s planning efforts for the Central Park, East Tampa and Ybor City neighborhood areas and the Central Park‐Encore redevelopment plan. This has resulted in a broad base support from county and city governments, the general public, the business community and state leaders for the redevelopment of Central Park Village and surrounding historically African American and Hispanic neighborhoods within the targeted geography area. Since 2004, the City of Tampa and Hillsborough County have taken important steps towards improving Central Park, East Tampa and Ybor City communities through designations of Community Redevelopment Areas (CRA), as authorized under Florida law, Chapter 163 Part III Florida Statutes, and eligible for tax increment financing (TIF). In 2004, a Community Redevelopment Plan (CRP) was completed in cooperation with the East Tampa community which has served to provide guidance in the planning of NSP2 program activities most likely to assist with eliminating blight, reversing declining property values, and promoting industry. Since 2006, the Tampa Housing Authority has managed to successfully plan and implement an inclusive approach to allow meaningful consultation and involvement of Central Park residents and numerous stakeholders in its redevelopment plans for Central Park Village. In 2006 the THA commenced a resident consultation process to relocate approximately 1,200 public housing residents of Central Park Village followed by the complete demolition of twelve blocks of dilapidated housing. This process has and will continue to remain in place to make appropriate communications about NSP2 and the Central Park ‐ Encore redevelopment plans available to not only affected residents but also to all other interested parties through ongoing meetings, printed information, computer access to THA and HUD websites, training sessions, and through regular resident newsletters. In addition to these past and ongoing efforts, the following initiatives have represented a cohesive planning approach to ensuring that a program of this magnitude will succeed. • THA, City of Tampa and BACDC representatives have met regularly to ensure coordination and facilitation of specific City/THA development activities including needed city process, council actions and approvals. Included in these meetings are THA, City representatives from the Mayor's Office, Dept of Transportation, Housing and Community Development and other departments as needed to discuss Central Park Village redevelopment and implementation; • The City of Tampa’s 2009 Amended Action Plan required for the City’s Neighborhood Stabilization Program will allocate NSP1 investments to areas within the City of Tampa city limits as primary target neighborhoods for homeownership. The geographical balance of the City, specifically the areas targeted in this application, were selected to ensure that NSP‐2 resources are spread into different geographical areas of the City, particularly the Central Park, East Tampa and Ybor City neighborhoods where abandoned, vacant and foreclosed buildings and properties are also primarily concentrated; • The City’s updated Consolidated Plan identifies the revitalization and transformation of public housing as an urgent need and the City of Tampa’s commitment to serve as “an active partner in planning and implementing the THA’s redevelopment of properties and housing alternatives for transitioning residents.” The City of Tampa’s commitment to the transformation of public housing in conjunction with THA is clearly defined as one of its FACTOR 3: SOUNDNESS OF APPROACH
Page 35 of 46
•
strategic priorities in its five‐year Affordable Housing Plan. The City’s Housing and Community Development Division and THA continue to work with the stakeholders to identify initiatives which the City coordinates with the State, HUD, and THA regularly to coordinate planning and investment; E.2 Proposed Outreach and Affirmative Marketing Actions. The Consortium sees a responsibility to conduct affirmative marketing of housing to ensure that qualified families are available as NSP2‐
assisted units become available and will draw upon all its available resources to market, rent and/or sell units developed through its partnerships. Marketing efforts will include extensive outreach to those least likely to apply and thereby ensure accountability for all programs, keep citizens actively informed and provide all required NSP and Recovery Act reporting elements including: 1) Determine the number and percentage of income eligible families throughout the City, using most recent demographic information for the City and subdividing them by income tier; 2) Design a targeted marketing campaign to reach those families; 3) The marketing campaign will be aimed at families that are underserved and use appropriate media format to reach the targeted families including describing accurately the NSP2 housing opportunities available and describing where an interested family can get additional information about the Consortium’s housing opportunities; 4) Continue partnerships with other community housing partners who provide information on affordable housing availability and assistance in making housing choices. These proposed NSP2 marketing actions will benefit from the City’s existing housing outreach plan which has included long term relationships with the East Tampa Partnership and the Ybor City Development Corporation (YCDC), local lenders, neighborhood associations and local churches, the Tampa Bay Realtors Association and local newspapers for extensive advertising. In addition, the Consortium’s plans will be targeted in a non‐discriminatory manner to all segments of the population through an expansive use of varied media. The THA has considerable experience in marketing actions for properties to eligible renters, utilizing its dynamic website, www.thafl.com, as a marketing tool to attract individuals and families as renters for THA’s public housing program. This website will be enhanced to serve the Consortium’s NSP2 marketing goals and work closely with the City of Tampa and community housing partners to make available access to virtual and physical housing resources information at locations throughout the City. In addition to the NSP2 program marketing actions described above, the Housing Authority will provide education and resources to NSP2‐qualified first time homebuyers and homeowners through its Center for Affordable Homeownership (CFAH). The Center is a HUD Certified Counseling Agency that provides community services in the area of homebuyer education, foreclosure counseling and home maintenance education. CFAH, a division of THA has been providing homeownership education and housing counseling since 2002 and is a HUD certified housing counseling agency that was created to serve low to moderate income individuals and families. FACTOR 3: SOUNDNESS OF APPROACH
Page 36 of 46
E.3 Communication – Program Design, Progress, Opportunities and Results. As part of the NSP2 pre‐grant application process, the Consortium has complied with HUD’s required citizen participation for this application (See Appendix). Application materials relating to target geography and proposed uses of funds have been made available via the news media and posted on THA’s official website well in advance of the required minimum 10‐day timeline and as the application was being developed, published and now submitted to HUD. To ensure that all citizens have equal access to information about the proposed programs, the Consortium has taken steps to ensure meaningful access to all citizens including limited English proficiency (LEP) speaking populations in the targeted geography. Communication Goals ‐ To ensure this continued high level of commitment to information availability and community participation during program implementation and to communicate program design, progress, opportunities and results, the Consortium has set following goals: • Educate local citizens and other interested parties about the goals and policies of the NSP2 program and of the proposed revitalization plan employing open information‐sharing through the use of innovative techniques and multimedia presentations; • Solicit and incorporate comments from local citizens and other interested parties on the proposals resulting from the ongoing NSP2 planning as well as process and address any complaints within no more than 15 workdays to ensure responsiveness in a timely manner; • Actively involve local citizens and other interested parties in a collaborative planning process for the subsequent Central Park Village/Encore redevelopment plan. Ongoing and Future Consultation ‐ The revitalization of the target geography neighborhoods has been an ongoing planning effort since 2004. THA and the City of Tampa have worked and continue to work effectively in communications with the four CRA Community Advisory Committees, local citizens and interested parties to effectively address the present needs of these communities. THA and the City are presently taking steps to create resources for individuals and families in the Tampa area who are facing foreclosure. Through its NSP1 program, the City’s Foreclosure Prevention Program is a collaborative effort between selected Housing Partners to lessen the impact of foreclosures on neighborhoods by increasing homeownership and rental opportunities through reutilization of vacant and abandoned structures and coordination of revitalization efforts with residents. The program includes purchasing foreclosed properties, making needed repairs and leasing or selling the homes to qualified individuals. THA and the City will continue to build on this successful program as part of its NSP2 goals and objectives and ensure that residents in the targeted neighborhoods are informed about program policies, as well as continue communication with local citizens and community stakeholders through the CRA Community Advisory Committees. The Consortium’s NSP2 application demonstrates THA and the City of Tampa’s efforts and commitment to providing ongoing consultation, outreach and communication to all local citizens and interested parties so that they may participate meaningfully in the development and implementation of the Consortium’s NSP2 program. FACTOR 3: SOUNDNESS OF APPROACH
Page 37 of 46
F.
PERFORMANCE AND MONITORING The Tampa Housing Authority as the lead member of the consortium will utilize its comprehensive management and oversight capabilities to develop a comprehensive tracking, monitoring and reporting system to be used to track all NSP2 activities and expenditure of funds. THA‘s Department of Real Estate has been using Progen project management software program to monitor and administer development and construction projects. Upon grant award, THA will enhance its report formatting tools to track NSP functions through the entire NSP lifecycle and compliance period. This enhanced database will allow THA to monitor and evaluate all program activities as well as ensure performance of the following components consistent with NSP standards: ¾ Property Redevelopment Projections of acquisition and rehabilitation activities; Project scheduling for infrastructure and redevelopment of Central Park – Encore. ¾ Accounting Funds committed and expended; Percent of units meeting the <50% AMI requirement; Percent of funding used in each program category; Projections of NSP fund use ¾ Performance Spending against monthly, quarterly and annual goals; Progress towards meeting Section 3 goals, MBE/WBE, job creation, leverage ¾ Reporting and Outreach Required HUD DRGR reports; Public announcements and availability of program data; Community outreach and affirmative marketing actions; Quarterly executive reports (THA Board, City Council, others) Internal Auditing The financial management and internal audit function will be managed by THA’s two divisions, Finance and Accounting, with long term experience and capacity managing and having oversight of multiple sources of federal funding including the statewide Section 8 program. The financial management division will oversee all financial monitoring, oversight and accounts receivable and payable functions for every program. The financial management division’s staff will provide, as required, monthly and on‐going monitoring of the NSP2 program. Internal audit is a key component of the Financial Management division, and the Division will add one internal auditor should the consortium be awarded NSP2 funds and the auditor will be assigned exclusively to NSP2 oversight. As with the program and construction management functions of the agency, for those programs under NSP2 which will be administered by the City of Tampa, the THA’s functions will be a second layer of oversight as the City commits as part of the NSP2 effort to provide financial oversight, internal audit and monitoring consistent with its NSP1 plan. FACTOR 3: SOUNDNESS OF APPROACH
Page 38 of 46
FACTOR 4
LEVERAGING,
INTEGRATION, REMOVAL OF
NEGATIVE EFFECTS
RATING FACTOR 4: LEVERAGING OTHER FUNDS, OR REMOVAL OF SUBSTANTIAL NEGATIVE EFFECTS A.
LEVERAGE The Consortium has leveraged a total of $88.78 million in public and private resources to implement the NSP2 program as evidenced in the written commitment letters included in the Appendix section of this application. It thereby chooses to be rated on Leverage. Note: The rubric, removal of substantial negative effects calculation is included in the Appendix for information purposes only. Leveraged Resource: Amount ($) Pre‐Development Costs $3,482,000 (Cash Investment from Banc of America CDC) Banc of America CDC Staff Contribution $936,000 City of Tampa SHIP Funds Contribution $1,560,000 Central Park Development Group Land Contribution $26,200,000 Additional 1.6 acre THA Land Contribution $2,019,000 LIHTC Equity from Bank of America $29,938,648 Construction (first mortgage) for the Trio, Tempo and Ella $22,713,416 developments at Central Park‐Encore: Bank of America NA City of Tampa Acquisition Rehab Foreclosure Program (SHIP) $500,000 City of Tampa – East Tampa CRA tax increment for vacant and $1,000,000 foreclosed property acquisition and rehabilitation Homeownership training services through the City/THA’s Center of $432,000 Affordable Homeownership Training Total ‐ Leveraged Resources $88,781,064 Divided by: ÷ NSP 2 Funds: $38,000,000 Equals: = Leverage Ratio 2.34 FACTOR 4: LEVERAGING
Page 39 of 46
FACTOR 5
ENERGY EFFICIENCY
RATING FACTOR 5: ENERGY EFFICIENCY IMPROVEMENT AND SUSTAINABLE DEVELOPMENT FACTORS A combination of forces including unprecedented growth in population, economic activity, urbanization, and energy utilization have imposed new stresses on Tampa’s resources. To meet these new challenges, the City of Tampa’s policies, and programs are evolving from an emphasis on pollution control and pollution prevention to sustainable, green practices. Today, the City recognizes that, collectively, all planning and development decisions determine how sustainable the City’s future will be. Development of transit oriented sites , commitment to GREEN building standards, brownfield redevelopment, re‐use of cleared sites, deconstruction and sustainable development practices are several of many adopted planning efforts illustrating the Consortium’s commitment to the implementation of policies and practices towards a more sustainable future. With the assistance of the NSP2 grant funds, the redevelopment of the Central Park‐Encore site and stabilization of surrounding neighborhoods in the Central Park, East Tampa and Ybor City target areas will serve as a benchmark plan and allow THA and the City of Tampa to reach HUD’s Energy Efficient, Green Communities goals. Importantly, the City will offer training opportunities for green construction jobs in association with NSP2 activities.
Central Park /Encore will represent the city’s first LEED‐CERTIFIED GREEN mixed‐income, mixed‐
use master planned community and will serve as a national model for sustainable urban brownfield redevelopment, affordable/workforce housing, and job creation through transportation mobility. A.
TRANSIT ACCESSIBILITY The existing and proposed transportation network is a central advantage to the NSP2 target area. The redevelopment of Central Park‐Encore and stabilization of surrounding neighborhoods present a unique opportunity to maximize access to existing and proposed public transport and create long term economic benefits. Significant policies have been put in place that signal a new dynamic, as well as the City’s commitment and the public’s desire for multi‐modal transit options within the target geography. Specifically: • The City of Tampa’s updated Comprehensive Plan states that all “redevelopment efforts within the City should focus on developments that support mass transit and other mobility options while continuing to accommodate traffic within and through the area”; • The Tampa Bay Regional Transportation Authority (TBARTA), established by the Florida State Legislature in July 2007, is charged with developing a Regional Transportation Master Plan for Citrus, Hernando, Hillsborough, Manatee, Pasco, Pinellas, and Sarasota Counties in order to deliver “a world class transportation network for the Tampa Bay region.” The redevelopment of Central Park Village represents the City’s first sustainable transit‐
oriented community; • The NSP2 target area is already highly transit accessible. Highway I‐4/275 traverses the target area and recent improvements funded by the Florida Department of Transportation include enhancements to I‐4/275 overpasses. The Central Park‐Encore site and the Central FACTOR 5: ENERGY EFFICIENCY
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•
•
Park, East Tampa and Ybor City neighborhoods are currently served by fourteen different local bus routes and the bus lines traversing the target geography are the most heavily utilized lines in the entire system; Existing transit linkages will be further enhanced by the MetroRapid, HART’s Bus Rapid Transit (BRT) service that will operate along the Nebraska corridor bordering the Central Park‐Encore, East Tampa and Ybor. Station locations have already been identified and are scheduled to be completed by 2010. Recent TBARTA studies focus on the multi‐modal transportation needs of the Tampa Bay Region and the development of a fixed guideway mass transit system using CSXT rail lines and new tracks to connect Pinellas, Pasco, Hillsborough and Polk counties. The technical and planning information in the HART Rail Study has been integrated into current planning efforts for the Central Park ‐Encore plan. The planned transportation hub on Marion Street, to be located within two‐blocks of the Central Park‐Encore site, will allow easy access to this public transport system and daily activities for all residents within the target area. The first phase of this system is now in design; •
Tampa’s only Amtrak station, within one block of the Central Park‐Encore property and on the border of the target area is the designated north and west terminus for the intercity high speed rail line planned to link Tampa, Orlando, and Miami; and, •
The In‐Town Trolley system connects Ybor City in the target area to the Port of Tampa. Overall, the target geography is the best served area of the region as it relates to mass transit. This level of service will be significantly enhanced by 2010 with the addition of the BRT along Nebraska Avenue and eventually by regional light and statewide intercity high speed rail lines. B.
GREEN BUILDING STANDARDS Over the past several years, THA has been implementing a number of energy efficient upgrades to existing sites and is committed to build new and/or rehab construction to substantively increase energy efficiency and environmental performance of all its properties. The Consortium will therefore seek to comply with the required NSP2 rehabilitation standards, will exceed the Energy Star for New Homes standards for new construction and gut rehabilitation activities, and for moderate rehabilitation or energy retrofits, will purchase only Energy Star products and appliances. Using the design principles of the Enterprise Green Communities Checklist (see: www.greencommunitiesonline.org), the Consortium is committed to a series of achievable criteria encompassing sustainable materials, sitting, energy‐conserving infrastructure, and healthier material choices in order to create energy efficient, green communities. The Consortium will comply with all the mandatory provisions of the Green Communities criteria as well as the amended optional criteria requirements for substantial rehabilitation and for new construction. For moderate rehabilitation, strategies that provide green, healthy homes and substantial savings in energy and water consumption will be developed and implemented. FACTOR 5: ENERGY EFFICIENCY
Page 41 of 46
Under the substantial rehabilitation and new construction criteria, the proposed NSP2 activities in this application seek to include, as applicable, the development of enhanced connections to target area neighborhoods and green space; site improvements that provide surface water management techniques to capture, retain, infiltrate and/or harvest rainfall; water conservation through the use of water‐conserving appliances, fixtures and efficient irrigation if required; energy efficiency measures to meet Energy Star standards for new construction and use of Energy Star appliances, lighting and materials. A detailed profile of Green elements including Renewable Energy, Sustainable Site Design, Water Conservation, Energy Efficient Materials, Healthy Homes and Operations and Maintenance is provided in Section E below. As the Developer of the Central Park‐Encore site, THA and BACDC will lead the implementation of the Enterprise Green Communities elements. The City of Tampa established its Green Building agenda in 2008 and THA is an integral participant. Developers have been utilizing the Tampa Green Fast Track Review, the City’s “green” permitting process whereby developers receive assistance from the City to obtain building permits based on the level of “Green” elements in their buildings. The City’s planned CRA areas of Central Park, East Tampa and Ybor City demonstrate the long standing focus of the city at redeveloping its urban neighborhoods. The proposed NSP2 activities meet all (10) ten of the “Site, Location and Neighborhood Fabric” Green Communities Criteria. C.
RE‐USE OF CLEARED SITES The Consortium does not intend to demolish blighted structures as part of its NSP2 program eligible activities. However, the demolished and currently vacant Central Park public housing site will be redeveloped as replacement housing within the term of the NSP2 grant. D.
DECONSTRUCTION All of the 483 dwelling units on the former Central Park Village public housing site targeted for redevelopment as housing in this NSP2 application are already demolished. THA and its development partner, BACDC, have completed land assembly, cleared the site to the maximum extent possible, and reduced the amount of construction waste sent to the landfill by selecting options for diversion (recycling, reuse, etc.) of all anticipated major constituents of the project waste stream. Completed in July 2007, the deconstruction process was required to be a part of the demolition process and formed the initial step of demolition and recycling as follows: • Deconstruction. Buildings were deconstructed to remove salvageable material and offset demolition costs, and demolition was accomplished by appropriate mechanical equipment and processes. THA utilized deconstruction techniques as identified by PATH technologies to demolish existing buildings when possible. • Material recycling measures. Following demolition, concrete was cleaned from the reinforcing steel and was ground on site for conversion into Florida Department of Transportation (FDOT) specification roadbed material which has been now laid in the planned road right‐of‐ways on the property and is being wholly reused. Reinforcing Steel was recycled as was aluminum window framing. FACTOR 5: ENERGY EFFICIENCY
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E.
OTHER SUSTAINABLE DEVELOPMENT PRACTICES The City of Tampa has received statewide recognition for its leadership role in green practices as evidenced by its Gold‐Level Certified Green Local Government designation by the Florida Green Building Coalition. THA has long been an innovator in leading the housing industry towards reductions in energy and water consumption by implementation of its highly successful energy performance contract since 2001. The THA has compiled program initiatives that have resulted in the benefits to the community and the environment in the form of Consumption Reduction (water, electric, gas, kilowatt hours), Emission Reduction (carbon dioxide, sulfur dioxide and nitrogen dioxide) and Equivalent Impacts (planted trees, passenger cars removed from rode) – a detailed profile of these activities is readily available for review. Combined, the Consortium has an important role to play in accelerating the provision and transformation of affordable housing so it directly participates in the emerging green economy. The proposed NSP2 program will enable the construction and rehabilitation of homes that are healthier, more energy efficient and better for the environment – without compromising affordability. The Consortium’s commitment to “greening” affordable housing as part of HUD’s HOME Investment Partnerships program is a tangible way to incorporate additional energy efficient and environmentally‐friendly Green elements into the redevelopment and stabilization activities proposed in this application. The following Green elements will be incorporated in all NSP2 eligible activities ‐ including redevelopment of vacant property and acquisition and rehabilitation of foreclosed and/or abandoned property ‐ proposed in this application: 1. Renewable Energy: All new construction activities will require buildings, to the maximum extent possible, to be oriented to make the greatest use of passive solar heating and cooling. The site, design, engineering and wiring of the development will be designed in such a way that it will accommodate installation of photovoltaic panels in the future; 2. Sustainable Site Design includes: optimization of transportation choices to community and retail facilities; enhanced connectivity to surrounding neighborhoods; protection of Environmental Resources; implementation of EPA‘s Best Management Practices for erosion and sedimentation control during construction; sustainable landscaping through the selection of native trees and plants. 3. Water Conservation through efficient irrigation and installation of low volume, non‐spray irrigation system (such as drip irrigation, bubblers, or soaker hose). The planned infrastructure for Central Park – Encore will include stormwater collection and reuse for water irrigation needs throughout site; 4. The use of Energy Efficient Materials such as durable materials that last longer than conventional counterparts such as stone, brick or concrete; resource efficient materials to reduce the amount of homebuilding material required; the use of heat absorbing materials that retain solar heat in winter and remain cool in summer; and the use of solar‐reflective paving over at least 30 percent of the site‘s hardscaped areas; use of local source materials that are close to the job site and green roofing through use of Energy Star‐compliant and high‐emissive roofing, and/or installation of a Green (vegetated) roof for at least 50 percent of the roof area; or a combination of high‐albedo and vegetated roof covering 75 percent of the roof area. FACTOR 5: ENERGY EFFICIENCY
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5. Healthy Homes through the use of Green Label Certified Floor Covering including Healthy Flooring Materials’ Alternatives such as non‐vinyl, non‐carpet floor coverings in all rooms; the use of Healthy Flooring Materials to reduce dust and allow installation of a whole house vacuum system with high efficiency particulate air filtration; the use of sealing joints for all walls, floor and joint penetrations to prevent pest entry; provision of rodent and corrosion proof screens (e.g., copper or stainless steel mesh) for large openings, the use of termite‐resistant measures in areas known to be infested and the use of tub and shower enclosures for moisture prevention. 6. In addition to these components, there are two Green elements that address the Operations and Maintenance of affordable housing. These include the Green Maintenance Guide ‐ a guide for homeowners and renters that explains the intent, benefits, use and maintenance of Green building features, and encourages additional Green activities such as recycling, gardening and use of healthy cleaning materials and the Resident Orientation through a walk‐through and orientation to the homeowner or new tenants. Both will be employed with tenants or homebuyers in all new or rehabilitated homes. The NSP2 comprehensive rehabilitation and redevelopment activities combined with the use of the Enterprise Green Communities Criteria and the HOME Investment Partnerships program will serve to align the THA, the City of Tampa, Bank of America CDC and HUD’s affordable housing investment strategies with environmentally responsible building practices. FACTOR 5: ENERGY EFFICIENCY
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FACTOR 6
NEIGHBORHOOD
TRANSFORMATION AND
ECONOMIC OPPORTUNITY
RATING FACTOR 6: NEIGHBORHOOD TRANSFORMATION & ECONOMIC OPPORTUNITY The proposed NSP2 activities are (1) part of and consistent with established comprehensive, regional, and multi‐jurisdictional plans; including transportation, sustainable development, economic revitalization initiatives, and floodplain management and (2) increase the effectiveness of these established plans as described below: ¾ The Encore Project is located in Tampa’s Central Park Community Redevelopment Area, created in accordance with FL ss163, Part 3. Central Park is at the geographic center of Tampa and due to this strategic location, many of Tampa’s community / transportation planning studies and economic revitalization initiatives are focused on, or pass through Central Park. The Encore Project and the proposed NSP2 program are critical to the connectivity of the transportation and infrastructure investments in and adjacent to Central Park. http://www.leg.state.fl.us/Statutes/index.cfm?App_mode=Display_Statute&URL=Ch0163/part
03.htm&StatuteYear=2008&Title=%2D%3E2008%2D%3EChapter%20163%2D%3EPart%20III). ¾ By definitions of FL ss163.335 Central Park is a blighted area which constitutes a serious and growing menace, injurious to the public health, safety, morals, and welfare of the residents; contributes substantially and increasingly to the spread of disease and crime, constitutes an economic and social liability, substantially impairs or arrests sound growth, and retards the provision of housing accommodations. http://www.leg.state.fl.us/Statutes/index.cfm?App_mode=Display_Statute&Search_String=&
%20RL=Ch0163/SEC335.HTM&Title=‐>2008‐>Ch0163‐>Section%20335#0163.335) ¾ The establishment of Central Park as a Community Redevelopment Area (CRA) required a series of planning studies and a collaborative effort between the City of Tampa, Hillsborough County, the Hillsborough County City‐County Planning Commission (Planning Commission), and the residents of Central Park. The Existing Conditions Report verified that Central Park meets the statutory requirements of ss163.340 (8). The Community Redevelopment Area Plan provides general strategies to eliminate the identified slum/blight conditions. http://www.tampagov.net/dept_economic_and_urban_development/files/CRA_PLANS/CP_CR
APlan_ApprovedByPC_May22.pdf ¾ The Planning Commission determined that the CRA Plan is consistent with the Tampa Comprehensive Plan. A Memorandum of Understanding between the City and County approved the CRA. The Encore Project fully meets the objectives of the CRA Plan. http://www.theplanningcommission.org/tampa/tampacompplan/TCP_Plan_Final.pdf/view ¾ The City of Tampa Consolidated Plan encompasses activities to be undertaken by the City of Tampa in the areas of homelessness, non‐homeless special needs, housing, and non‐housing community development, to guide the city in using HUD funding to address priority needs identified in the City of Tampa. The proposed NSP activities, developing the Encore project while stabilizing adjacent neighborhoods, fully meets the objectives of the Tampa ConsolidatedPlan.http://www.tampagov.net/dept_Budget/information_resources/2008_five_
year_Consolidated_Plan/files/ExecutiveSummaryAndNarrative.pdf ¾ Central Park is in the Central Business District (CBD) Periphery. The Planning Commission developed the Tampa Comprehensive Plan defines a CBD Periphery as a transition area appropriate for higher density projects with better amenities and public benefits than the overall City. The proposed NSP activities fully meet the objectives of the CBD Periphery. http://www.theplanningcommission.org/calagenda/meetingagendas/ meetings2007/april‐9‐2007/folder.2007‐04‐03.6119524368/pa06‐25%20FINAL.pdf FACTOR 6: NEIGHBORHOOD TRANSFORMATION
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¾ Central Park is in Tampa’s Enterprise Zone, an area targeted for economic revitalization. Enterprise Zones encourage economic growth and investment in areas that meet poverty criteria by offering tax advantages and incentives to businesses locating within the zone. The boundaries of the Tampa Enterprise Zone were strategically crafted to provide the most opportunities to the City’s most distressed areas. The proposed NSP activities fully meet the objectives of the Tampa Enterprise Zone. (http://www.tampagov.net/dept_economic_and_urban_development/files/Ezone/Enterprise_
Zone_Map.pdf) ¾ Central Park is in the heart of Tampa’s transportation planning. The first phase of the Hillsborough Area Regional Transit Authority (HART) Bus Rapid Transit (BRT) route (http://www.gohart.org/images/brt.jpg) will run through Central Park. The Tampa Bay Area Regional Transportation Authority (TBARTA) identified the segment of the system that runs through Central Park in the first phase of its Short‐Distance Rail Regional Network (http://www.tbarta.com/sites/tbarta.com/files/master‐plan/adopted‐master‐plan.pdf). The proposed NSP activities fully meet the objectives of these transportation plans. ¾ Four other CRA’s border Central Park – East Tampa, Channel District, Ybor City, and Downtown http://www.tampagov.net/dept_economic_and_urban_development/programs_and_services
/Community_redevelopment_areas/). These closely linked communities speak to the wisdom of the proposed NSP activities ‐ developing the Encore project, while stabilizing adjacent neighborhoods. Subsequent to the CRA Plans, each of these areas have conducted major planning studies that identify essential investment/infrastructure projects for the respective communities – all having connectivity to/through Central Park. These include: The East Tampa Strategic Action Plan has been underway for over two years. The Plan has identified +$42 million of infrastructure improvements that are essential to the community. The first major project, an $11 million roadway project, is under construction with funding from TIF, CIT, and FDOT. In recent years, another $2.2 million of TIF has been invested in other miscellaneous roadway projects. Highly effective investment to reduce crime, such as TPD III ($9.2 million) and innovative policing programs has resulted in a reduction of the citywide crime rate by 42.5% since 2002; The award‐winning Channel District Strategic Action Plan: (http://www.tampagov.net/dept_economic_and_urban_development/programs_and_services/Co
mmunity_redevelopment_areas/Channel_District/Strategic_Action_Plan_Final.asp) was completed in June 2006. This plan identified $53 million of infrastructure projects essential to the community. To date, $3 million has been allocated to engineering systems, $1.4 has been allocated to initiate some minor construction, and the first major project ($10 million) is targeted to begin construction by the end of 2009. In recent years, another $1.0 million of TIF has been invested in minor miscellaneous community infrastructure projects; The Ybor City Vision Plan: (http://www.tampagov.net/dept_ybor_city_development_corporation/files/ybor_vision_plan_20
05/Ybor_City_Vision_Plan_April_2005.pdf) was completed in April 2005. In recent years, Ybor has invested $2.7 million in stormwater management. Another $0.8 million of TIF has been invested in miscellaneous roadway projects. Ybor has also made significant investment to reduce crime; The Tampa Downtown Vision and Action Plan: (http://www.tampasdowntown.com/editor/assets/Report_Listing/Vision_Plan_Documents/1_opti
mized.pdf) was completed in March 2005. In the last two to three years, a phenomenal amount of public investment, funded by TIF, the City, the County, FDOT, STP, philanthropic and other sources, has been made in Downtown. Some examples (in $millions): Curtis Hixon Park ($15.0), Streetcar extension to Whiting St. ($5.5), Tampa Museum of Art ($33.0), and the Tampa Bay History Center ($27.8). FACTOR 6: NEIGHBORHOOD TRANSFORMATION
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C. DISCLOSURES
SF-LLL
DISCLOSURE OF LOBBYING ACTIVITIES
HUD-2880
APPLICANT/RECIPIENT
DISCLOSURE/UPDATE REPORT
C. DISCLOSURES
SF-LLL
DISCLOSURE OF LOBBYING ACTIVITIES
C. DISCLOSURES
HUD-2880
APPLICANT/RECIPIENT
DISCLOSURE/UPDATE REPORT
D. APPENDICES
Code of Conduct
Leveraging Documentation
Signed Certifications
HUD Rubric:
Calculation of Removal of
Negative Effects
Summary of Citizen Comments & URL Address
For-Profit Partner - Documentation of
Firm Commitment
Definitions & Standards
THA References - Newspaper Articles
D. APPENDICES
Code of Conduct
400. STANDARDS OF CONDUCT AND CORRECTIVE ACTION
Policy No. 405
Effective Date: 1/22/99
405.
STANDARDS OF CONDUCT
I.
PURPOSE
To assure safe, efficient and harmonious operations and to fully inform all employees of their
responsibilities in this regard.
II.
SCOPE
This policy applies to all Authority employees.
III.
POLICY
The Authority’s standards of conduct are established for the guidance of all employees. The
following represents only a partial list of unacceptable behavior and conduct, as a complete list
of all possible violations would be impossible to write.
If an employee’s performance, work habits, overall attitude, conduct, or demeanor become
unsatisfactory in the judgment of the Authority, based on violations either of standards of
conduct below or any other Authority policies, rules, or regulations, the employee will be subject
to disciplinary action, up to and including dismissal (See Policy No. 406, Corrective Action.)
Disciplinary action which warrants suspension or termination must receive the Human Resources
Director’s approval prior to execution.
BREACHES OF STANDARDS OF CONDUCT (Partial List)
1. Falsifying employment application, timecard, personnel, or other Authority
documents or records.
2. Unauthorized possession of the Authority or employee property, gambling, or
violating criminal laws on the Authority premises.
3. Having firearms or weapons on the Authority premises or while on the
Authority business, unless previously authorized by the Authority in writing.
4. Fighting, throwing things, horseplay, practical jokes or other disorderly
conduct which may endanger the safety or well-being of any employee or the
Authority operations.
5. Engaging in acts of dishonesty, fraud, theft or sabotage.
6. Threatening, intimidating, coercing, using abusive or vulgar language, or
interfering with the performance of other employees which may endanger the
well being of any employee or the Authority operation.
7. Insubordination or refusal to comply with instructions or failure to perform
reasonable duties which are assigned
8. The use of cigarettes, cigars, and pipes as well as the use of smokeless tobacco
or snuff in any area where smoking is prohibited
9. Unauthorized use of the Authority material, time, equipment or property.
10. Damaging or destroying the Authority’s property through careless or willful
acts.
11. Conduct which the Authority determines reflects adversely on the employee
or company.
12. Performance which, in the Authority’s opinion, does not meet the
requirements of the position.
13. Violating the Authority’s Sexual Harassment and EEO Policy or any other
Authority Policy.
14. Establishing a pattern of excessive absenteeism or tardiness.
15. Reporting to work intoxicated or under the influence of non-prescribed drugs.
16. Illegally manufacturing, possessing, using, selling, distributing, or
transporting drugs.
17. Bringing or using alcoholic beverages on the Authority property or using
alcoholic beverages while engaged in the Authority business off the
Authority’s premises, except when previously authorized by the Authority in
writing.
18. Engaging in such other practices as which may be inconsistent with the
ordinary and reasonable rules of conduct necessary to the welfare of the
Authority, its employees or clients.
19. Negligence in observing fire prevention, safety and security rules.
20. Conduct listed on the attached Standards of Conduct Schedule.
21. Circumstances requiring action pursuant to then applicable state and federal
laws.
22. Other circumstances for which the Authority feels that corrective action is
warranted.
STANDARDS OF CONDUCT SCHEDULE
VIOLATION
CONDUCT
I. REPORTING TO WORK
AND ATTENTION TO
DUTY
A.
B.
C.
D.
E.
F.
Tardiness or excessive absenteeism.
Reporting to work improperly attired to perform duties
Reporting to work improperly equipped to perform duties.
Failure to devote full attention to duties for entire work period.
Falsely reporting to be ill or injured.
Absent w/o calling in for 3 consecutive work days.
II. NOTIFYING SUPERVISOR
OF CONDITIONS
AFFECTING
PERFORMANCE OR
DUTIES
A. Failure to contact supervisor before start of work period if unable to report to work as scheduled.
B. Leaving work area during work hours, without prior authorization from supervisor.
C. Working overtime without prior permission.
III. PRODUCTIVITY
A. Failure to perform duties in satisfactory manner.
B. Failure to conform to established work standards, THA policies or reasonable supervisory orders.
IV. INTEGRITY
A. Theft or attempted theft.
B. Making a false report or statement related to the job.
C. Other dishonest conduct.
V. COURTESY AND
RESPECT
A. Being discourteous or disrespectful to members of the public, fellow employees, subordinates or supervisors.
B. Using defamatory, disruptive, threatening or obscene language.
C. Overly aggressive or intimidating behavior towards staff or clients
D. Fighting
E. Harassment or discrimination
VI. LEAVE TIME
A. Unauthorized use of leave time
VII. ALCOHOL AND
CONTROLLED
SUBSTANCES ON THE
JOB OR AT THE WORK
SITE.
A.
B.
C.
D.
E.
F.
Drinking alcohol
Possessing an open alcohol container.
Being under the influence of alcohol.
Using, testing positive for or possessing a non-prescribed controlled substance.
Using any substance that inhibits the satisfactory performance of essential job functions.
Failure to submit to drug or alcohol testing in accordance with THA’s policy.
VIII. IHA EQUIPMENT,
FACILITIES, SUPPLIES,
RECORDS AND FUNDS
A.
B.
C.
D.
E.
F.
G.
Abuse, misuse, or destruction of THA equipment, facilities supplies, records or funds.
Loss or damage of THA equipment.
Unauthorized use of THA equipment, facilities, supplies, records or funds.
Failure to report defective condition of THA equipment, facilities, supplies, etc.
Incurring a liability or expense in the name of the THA without proper authorization.
Failing to secure, abandoning, or leaving unattended any THA equipment or facilities.
Unlawful or negligent handling of public funds.
IX. CONFLICT OF INTEREST
CONDITIONS
AFFECTING
PERFORMANCE OR
DUTIES
A. Use of THA’s physical properties, information, influence, or position for private advantage or personal gain.
X. HEALTH AND SAFETY
REGULATION
A. Failure to comply with health and safety regulations.
B. Failure to report injury, accident, or unsafe conditions immediately to supervisor.
C. Carrying deadly weapon while at work on THA premises.
XI. RELEASE OF
INFORMATION
A. Failure to protect security of confidential THA information.
B. Failure to release information as required by public record laws.
XII. COMPLIANCE WITH
LAWS
A. Failure to comply with federal, state, and local laws and regulations during working hours.
XIII. JOB ACTIONS
A. Engaging in strike, slowdown, concerted job action, or work stoppage.
XIV. UNBECOMING
CONDUCT.
A. Damaging THA’s reputation and the public’s trust through unbecoming conduct, including criminal convictions, during
work or non-work hours.
Disciplinary actions must be in writing and placed on a Disciplinary Action Form. Department Director must
approve written warnings, or suspensions prior to it being given to employee.
Scavenging
Scavenging from any of the Authority’s property is not permitted under any circumstances.
1. Employees found scavenging from properties will be terminated immediately.
2. Employees storing or removing items from vacant or occupied units at any time other than “trashing
out” a unit under the trash out crew will be terminated.
3. Employees under the “trash out” crew who remove items (any) from the unit truck for personal use or
any other reasons other than to dispose of it, will be terminated.
4. Items found in abandon units which may be new or old such as TV’s, stereos, radios, microwaves, VCR,
DVD’s, CD’s, clothing, etc. and any other items small or large are to be considered trash and will be
placed on the TRASH TRUCK, taken to the dump and dumped.
There will be ZERO TOLERENCE for violation of this rule. When in doubt, throw it out!
D. APPENDICES
Leveraging Documentation
Bank of America
Community Development Banking Group
CA4-703-01-29
1755 Grant Street, First floor
Concord, CA 94520
Christopher Long
Senior Vice President
Tel 925.692.6834
Fax 925.675.1945
June 30, 2009
Roxanne Amoroso
Bank of America Community Development Corporation
101 E. Kennedy Blvd.
Tampa, FL 33602
Re:
Ella
Tampa, Florida
Dear Roxanne:
We have had the opportunity to review the Tempo project, a to-be-constructed 146 unit family rental development
receiving 9% LIHTCs located in Tampa, Florida. Bank of America, N.A. is interested in being the equity investor
for the transaction. This letter of interest is submitted on behalf of Bank of America Community Development
Corporation as applicant, in support of applicant’s application.
We understand that this partnership is subject to allocation and provision of Low Income Housing Tax Credits. We
understand that the project is projected to support 9% Federal credits totaling $20,100,000. Accordingly, we
estimate that we will be able to provide 73 cents in equity for every dollar of federal Low Income Housing Tax
Credit to be provided, or $ 14,671,533.
Please note that we will re-evaluate our pricing 30 to 60 days before closing, and our pricing will reflect our yield
and shareholder requirements at that point in time. In addition, please note that this equity investment is subject to
acceptance of a Bank of America proposal for construction debt and term debt via our End-to-End product,
verification of projection information, and completion of our underwriting, due diligence and documentation.
Specific terms of both the equity and debt will be provided upon completion of our normal due diligence process.
The terms of the equity commitment will include the following:
•
•
•
•
•
•
•
Project rents underwritten at a level no greater than 90% of market rents.
Debt Service Coverage, inclusive of reserves, greater than 1.15:1.00.
Vacancy/collection loss of 7% or greater.
Replacement Reserves of $250 per unit per year or greater.
A Lien Free Completion and Development Deficit Guaranty.
An Operating Deficit Guaranty, representing a minimum of 6 months of operating expense plus must pay debt
service, for a term of 5 years following 3 consecutive months of breakeven operations.
A Tax Credit and Recapture Guaranty and Repurchase Agreement from the development entity and principals.
1
Ella LOI - 6-30-09
•
Adjuster clauses for the delayed delivery or the reduction in credits.
I believe Bank of America’s LIHTC equity and affordable housing debt products will provide you with the strength
of Bank of America’s franchise, as well as competitive pricing, and expedited underwriting and closing.
I look forward to working with you.
Best regards,
Bank of America
cc:
J. Leon
J. Rodman
2
Bank of America
CA4-703-01-29
Concord, CA 94520
Christopher Long
Tel 925.692.6834
Fax 925.675.1945
June 30, 2009
Roxanne Amoroso
Tampa, FL 33602
Re:
Tempo
Tampa, Florida
Dear Roxanne:
We have had the opportunity to review the Tempo project, a to-be-constructed 146 unit family rental development
receiving 9% LIHTCs located in Tampa, Florida. Bank of America, N.A. is interested in being the equity investor
for the transaction. This letter of interest is submitted on behalf of Bank of America Community Development
Corporation as applicant, in support of applicant’s application.
understand that the project is projected to support 9% Federal credits totaling $16,205,000. Accordingly, we
estimate that we will be able to provide 73 cents in equity for every dollar of federal Low Income Housing Tax
Credit to be provided, or $11,828,528.
acceptance of a Bank of America proposal for construction debt and term debt via our End-to-End product,
verification of projection information, and completion of our underwriting, due diligence and documentation.
Specific terms of both the equity and debt will be provided upon completion of our normal due diligence process.
•
•
•
•
•
•
•
1
Tempo LOI 6-30-09
•
Best regards,
Bank of America
cc:
J. Leon
J. Rodman
2
Bank of America
CA4-703-01-29
Concord, CA 94520
Christopher Long
Tel 925.692.6834
Fax 925.675.1945
June 30, 2009
Roxanne Amoroso
Tampa, FL 33602
Re:
Trio
Tampa, Florida
Dear Roxanne:
We have had the opportunity to review the Trio project, a to-be-constructed 143 unit multi-family family rental
development receiving 4% LIHTCs located in Tampa, Florida. Bank of America, N.A. is interested in being the
equity investor for the transaction. This letter of interest is submitted on behalf of Bank of America Community
Development Corporation as applicant, in support of applicant’s application.
understand that the project is projected to support 4% Federal credits totaling $4,046,000. Accordingly, we estimate
that we will be able to provide 83 cents in equity for every dollar of federal Low Income Housing Tax Credit to be
provided, or $3,438,587.
acceptance of a Bank of America proposal for construction and term financing via our Special Bond Offering
product, verification of projection information, and completion of our underwriting, due diligence and
documentation. Specific terms of both the equity and debt will be provided upon completion of our normal due
diligence process.
•
•
•
•
•
•
1
Trio LOI - 6-30-09
•
•
Best regards,
Bank of America
cc:
J. Leon
J. Rodman
2
July 7, 2009
Roxanne Amoroso
Tampa, FL 33602
Re:
Ella
Tampa, Florida
Dear Roxanne:
This letter is intended as a preliminary outline of the terms under which Bank would consider a loan request on
the above referenced project. Any commitment is contingent upon the Bank’s due diligence and
underwriting and will be subject to Bank approval at that time. Upon your response to this letter and
after providing any additional information which may be necessary, the Bank will proceed with the
necessary due diligence to submit the loan request.
This letter does not purport to summarize all of the terms, conditions, covenants, representations, warranties
and other provisions that would be contained in definitive legal documents for an approved loan transaction.
The terms and conditions in this letter are subject to modification by Bank at any time. The information in this
letter is CONFIDENTIAL and may not be released by Borrower or its representative or agents, in written or
verbal form, without prior written consent of Bank.
The proposed terms and conditions are as follows:
Summary:
End to End taxable loan program.
Project:
To be constructed 160 unit senior rental development receiving 9% LIHTC located in
Tampa, Florida.
Borrower:
“To be determined” Limited Partnership, a Florida Limited Partnership - form and
substance of Borrower must be acceptable to the Bank.
Know Your
Customer:
Fees and
Expenses:
Within five (5) business days of opening an account with Bank, Borrower shall have
delivered to Bank all due diligence materials necessary and relevant to verifying
Borrower's identity and background information, as deemed necessary by Bank in its
sole and absolute discretion.
Borrower will pay all reasonable costs incurred by the Bank in connection with the loan
including, but not limited to legal, environmental, front end costs and document
review/inspections, appraisal and a $10,000 conversion fee (due at conversion to
perm).
Page 1 of 4
Ella
Tampa, Florida
February 2009
Reporting
Requirements:
Payment and
Performance
Guaranty:
Annually:
Borrower and Guarantors’ financial statements and covenant
Compliance.
Semi-Annually: Guarantors’ financial statements and covenant compliance.
Monthly:
Property operating statements and rental summary report.
The note will be guaranteed by Bank of America Community Development Corporation
(“Guarantor”) with a completion guaranty (lien-free completion in accordance with plans
and specs) and a payment guaranty (timely payment of principal, interest, taxes, legal
fees, and all other costs associated with the loan).
Financial condition of Guarantor subject to Bank review and approval.
Financial
Covenants:
Guarantor to have financial covenants that will include but not be limited to minimum
net worth and liquidity—TBD.
Tax Credit Equity:
Equity terms subject to Bank approval. Standard requirements include that the greater
of 15% of total development costs and 25% of total projected tax credit equity must be
expended from tax credit equity proceeds prior to Bank construction loan funding.
Assignment of tax credits will be required. Thr investor limited partner will be subject to
Bank approval.
Collateral:
1) First Lien Deed of Trust on land and improvements constructed thereon.
2) UCC filing on furniture, fixtures and equipment.
3) Assignment of rents/leases and management/construction/architectural contracts,
etc.
4) Assignment of interest rate hedge agreement, if any.
5) Assignment of Partnership Interests (if applicable)
Developer’s Fee:
Disbursement to be determined. A portion of the developer fee may be paid out as
developer overhead through the course of construction.
General Contractor:
Subject to Bank approval. P&P bonds may be required, depending on financial
capacity of contractor. GC fees to be funded pro-rata over construction. Retainage
shall be held at 10%.
Other
Requirements:
All of the following to be acceptable to the Bank: standard for loans of this type
including, but not limited to, appraisal, ESA, legal documentation, title/survey, proposed
standard lease form, front-end cost and document reviews and acceptance of final
budget (includes adequate contingency, interest carry/operating deficit reserve, etc.),
review of plans/specs, condition of markets/submarkets, revenue/expenses pro-formas,
financial review of Borrower, Guarantor, and general contractor, proof of property tax
exemption, management agreement and subordination (as applicable), proof of tax
credit award, and other terms and conditions as may be required. The conversion of
certain loans on the Bank’s books will be required to achieve Bank’s internal threshold
as established by the Bank.
Page 2 of 4
Ella
Tampa, Florida
February 2009
CONSTRUCTION LOAN
Construction
Loan Amount:
Construction Loan
Interest Rate:
Least of 1) $7,396,373; 2) 75% LTC based on final Bank approved construction budget;
3) 80% LTV based on an appraisal in form and substance acceptable to the Bank.
Libor plus 3.50%; Subject to change prior to closing based on market conditions.
An interest rate protection product will be required. If such a product is not entered into,
then the note’s index rate of 30 Day LIBOR floating will have a floor of 1.50%. This will
result in a floor rate of 30 Day LIBOR + 350bps.
Construction
Loan Term:
24 months plus 30 days from the loan closing.
Construction Loan
Fee:
1.50% of the total Loan Commitment, payable at closing.
Amortization:
Construction loan to be interest only for the initial term.
PERMANENT LOAN
Permanent Loan:
Permanent Loan
Interest Rate:
Permanent
Loan Term:
Least of 1) $2,896,761; 2) 70% LTC based on final Bank approved construction budget;
3) 80% LTV based on an appraisal in form and substance acceptable to the Bank. (4)
NOI that yields a minimum Debt Service Coverage Ratio of 1.15:1.00 or greater.
An Interest rate of 8% is assumed for underwriting purposes and for the purpose of the
proforma attached to this term sheet. Interest rate is based on the 10 year US treasury
index, plus applicable spread at the time of rate lock.
18 years
Perm Commitment
Fee:
Amortization:
30 years
Guaranty:
Non-recourse exclusions from key principals relating to fraudulent acts, in form and
substance acceptable to Bank.
Financial condition of key principals will be subject to Bank review and approval.
Fees and
Expenses:
Borrower will pay all reasonable costs incurred by the Bank in connection with the loans
including, but not limited to, legal, environmental, front end costs and document
review/inspections, physical needs assessment (for existing projects only) and
appraisal.
Page 3 of 4
Ella
Tampa, Florida
February 2009
Material Adverse
Change:
Bank of America 's obligations hereunder shall terminate if, prior to closing, Bank of
America determines, in its sole judgment, that there shall exist any conditions regarding
the Property, or the operations, business, assets, liabilities or condition (financial or
otherwise, including credit rating) of Borrower, Guarantor, or any tenants or there shall
have occurred a material adverse change in, or there shall exist any material adverse
conditions in, the market for syndicated bank credit facilities or the financial, banking,
credit or debt capital markets generally, that could be expected to cause the Loan to
become delinquent or prevent any guarantor from performing its obligations under any
guaranty or to materially and adversely affect the value or marketability of the Loan or
the Property or Bank of America's ability to syndicate the Loan.
Assumptions made:
The terms discussed herein are presented, based on the credit conditions in the potential transaction as known
by Bank of America. Should additional facts come to light that positively or negatively impact the situation,
prices or other requirements quoted here may be adjusted.
Expiration:
The terms discussed herein will expire, irrespective of the actions of the parties, with in 180 days of the date of
this letter, however, the interest rate and fees may change after 60 days from the date of this letter. If Bank of
America issues a financing commitment in this transaction, it will in all respects supercede this letter.
Sincerely,
Bank of America
Jeffrey S. Rodman
901 Main Street, 20th Floor
Dallas, TX 75202
Phone: 214-209-2160
Acknowledgement:
Please submit a loan application as outlined above:
Name: _________________________________
Title:
_________________________________
Date:
_________________________________
Page 4 of 4
July 7, 2009
Roxanne Amoroso
Tampa, FL 33602
Re:
Tempo
Tampa, Florida
Dear Roxanne:
This letter is intended as a outline of the terms under which Bank would consider a loan request on the above
referenced project. Any commitment is contingent upon the Bank’s due diligence and underwriting and
will be subject to Bank approval at that time. Upon your response to this letter and after providing any
additional information which may be necessary, the Bank will proceed with the necessary due diligence
to submit the loan request.
This letter does not purport to summarize all of the terms, conditions, covenants, representations, warranties
and other provisions that would be contained in definitive legal documents for an approved loan transaction.
The terms and conditions in this letter are subject to modification by Bank at any time. The information in this
letter is CONFIDENTIAL and may not be released by Borrower or its representative or agents, in written or
verbal form, without prior written consent of Bank.
Summary:
End to End taxable loan program.
Project:
To be constructed 146 unit family rental development receiving 9% LIHTC located in
Tampa, Florida.
Borrower:
“To be determined” Limited Partnership, a Florida Limited Partnership - form and
substance of Borrower must be acceptable to the Bank.
Know Your
Customer:
Fees and
Expenses:
Within five (5) business days of opening an account with Bank, Borrower shall have
delivered to Bank all due diligence materials necessary and relevant to verifying
Borrower's identity and background information, as deemed necessary by Bank in its
sole and absolute discretion.
Borrower will pay all reasonable costs incurred by the Bank in connection with the loan
including, but not limited to legal, environmental, front end costs and document
review/inspections, appraisal and a $10,000 conversion fee (due at conversion to
perm).
Page 1 of 4
Tempo
Tampa, Florida
February 2009
Reporting
Requirements:
Payment and
Performance
Guaranty:
Annually:
Borrower and Guarantors’ financial statements and covenant
Compliance.
Semi-Annually: Guarantors’ financial statements and covenant compliance.
Monthly:
Property operating statements and rental summary report.
The note will be guaranteed by Bank of America Community Development Corporation
(“Guarantor”) with a completion guaranty (lien-free completion in accordance with plans
and specs) and a payment guaranty (timely payment of principal, interest, taxes, legal
fees, and all other costs associated with the loan).
Financial condition of Guarantor subject to Bank review and approval.
Financial
Covenants:
Guarantor to have financial covenants that will include but not be limited to minimum
net worth and liquidity—TBD.
Tax Credit Equity:
Equity terms subject to Bank approval. Standard requirements include that the greater
of 15% of total development costs and 25% of total projected tax credit equity must be
expended from tax credit equity proceeds prior to Bank construction loan funding.
Assignment of tax credits will be required. Thr investor limited partner will be subject to
Bank approval.
Collateral:
1) First Lien Deed of Trust on land and improvements constructed thereon.
2) UCC filing on furniture, fixtures and equipment.
3) Assignment of rents/leases and management/construction/architectural contracts,
etc.
4) Assignment of interest rate hedge agreement, if any.
5) Assignment of Partnership Interests (if applicable)
Developer’s Fee:
Disbursement to be determined. A portion of the developer fee may be paid out as
developer overhead through the course of construction.
General Contractor:
Subject to Bank approval. P&P bonds may be required, depending on financial
capacity of contractor. GC fees to be funded pro-rata over construction. Retainage
shall be held at 10%.
Other
Requirements:
All of the following to be acceptable to the Bank: standard for loans of this type
including, but not limited to, appraisal, ESA, legal documentation, title/survey, proposed
standard lease form, front-end cost and document reviews and acceptance of final
budget (includes adequate contingency, interest carry/operating deficit reserve, etc.),
review of plans/specs, condition of markets/submarkets, revenue/expenses pro-formas,
financial review of Borrower, Guarantor, and general contractor, proof of property tax
exemption, management agreement and subordination (as applicable), proof of tax
credit award, and other terms and conditions as may be required. The conversion of
certain loans on the Bank’s books will be required to achieve Bank’s internal threshold
as established by the Bank.
Page 2 of 4
Tempo
Tampa, Florida
February 2009
CONSTRUCTION LOAN
Construction
Loan Amount:
Construction Loan
Interest Rate:
Least of 1) $10,474,818; 2) 75% LTC based on final Bank approved construction
budget; 3) 80% LTV based on an appraisal in form and substance acceptable to the
Bank.
Libor plus 3.50%; Subject to change prior to closing based on market conditions.
An interest rate protection product will be required. If such a product is not entered into,
then the note’s index rate of 30 Day LIBOR floating will have a floor of 1.50%. This will
result in a floor rate of 30 Day LIBOR + 350bps.
Construction
Loan Term:
24 months plus 30 days from the loan closing.
Construction Loan
Fee:
Amortization:
Construction loan to be interest only for the initial term.
PERMANENT LOAN
Permanent Loan:
Permanent Loan
Interest Rate:
Permanent
Loan Term:
Least of 1) $3,918,818,2) 70% LTC based on final Bank approved construction budget;
3) 80% LTV based on an appraisal in form and substance acceptable to the Bank. (4)
NOI that yields a minimum Debt Service Coverage Ratio of 1.15:1.00 or greater.
An Interest rate of 8% is assumed for underwriting purposes and for the purpose of the
proforma attached to this term sheet. Interest rate is based on the 10 year US treasury
index, plus applicable spread at the time of rate lock.
18 years
Perm Commitment
Fee:
Amortization:
30 years
Guaranty:
Non-recourse exclusions from key principals relating to fraudulent acts, in form and
substance acceptable to Bank.
Financial condition of key principals will be subject to Bank review and approval.
Fees and
Expenses:
Borrower will pay all reasonable costs incurred by the Bank in connection with the loans
including, but not limited to, legal, environmental, front end costs and document
review/inspections, physical needs assessment (for existing projects only) and
appraisal.
Page 3 of 4
Tempo
Tampa, Florida
February 2009
Material Adverse
Change:
Bank of America 's obligations hereunder shall terminate if, prior to closing, Bank of
America determines, in its sole judgment, that there shall exist any conditions regarding
the Property, or the operations, business, assets, liabilities or condition (financial or
otherwise, including credit rating) of Borrower, Guarantor, or any tenants or there shall
have occurred a material adverse change in, or there shall exist any material adverse
conditions in, the market for syndicated bank credit facilities or the financial, banking,
credit or debt capital markets generally, that could be expected to cause the Loan to
become delinquent or prevent any guarantor from performing its obligations under any
guaranty or to materially and adversely affect the value or marketability of the Loan or
the Property or Bank of America's ability to syndicate the Loan.
Assumptions made:
The terms discussed herein are presented, based on the credit conditions in the potential transaction as known
by Bank of America. Should additional facts come to light that positively or negatively impact the situation,
prices or other requirements quoted here may be adjusted.
Expiration:
The terms discussed herein will expire, irrespective of the actions of the parties, with in 180 days of the date of
this letter, however, the interest rate and fees may change after 60 days from the date of this letter. If Bank of
America issues a financing commitment in this transaction, it will in all respects supercede this letter.
Sincerely,
Bank of America
Jeffrey S. Rodman
214-209-2160
Acknowledgement:
Name: _________________________________
Title:
_________________________________
Date:
_________________________________
Page 4 of 4
Term Sheet
Special Bond Offering Product
(SBO)
July 7, 2009
Roxanne Amoroso
Tampa, FL 33602
Re:
Trio
Tampa, Florida
Dear Roxanne:
This letter will serve as a preliminary outline of the terms under which Bank of America (the
“Bank”) would consider offering construction and permanent tax-exempt bond financing. Any
commitment by the Bank is subject to, among other things, the completion of the following
items, and approval of the request under the Bank’s internal approval process. Upon your
response to this letter and after providing any additional information which may be
necessary, the Bank will proceed with the necessary due diligence to submit the request.
Borrower:
“To be determined” —form and substance of Borrower must be
acceptable to the Bank.
Guarantors:
100% guarantee of completion, performance and repayment to be
provided by Bank of America Community Development Corporation.
Standard Bank guaranties required prior to the Conversion Date.
Recourse:
Obligations of Borrower for repayment of the loan will become nonrecourse (with carve-outs for fraud and other bad acts) and guaranties
will terminate, upon achievement of Stabilization of project.
“Stabilization” shall be defined as lien-free completion of
rehab/construction and a period of three consecutive months with (a)
90% occupancy, (b) stabilized rent and expenses, and (c) achievement of
a 1.20 debt service coverage based upon an assumed Treasury-based rate
and 30-year amortization period.
Purpose:
To enable Borrower to develop a new construction 143-unit
apartment complex known as Trio in Tampa, Florida (“Project”)
Program:
Construction to term financing through Bank’s Special Bond Offering
product (“SBO”), a proprietary private placement tax-exempt bond
product. Bank will purchase no more than $8,100,000 in floating rate
tax-exempt bonds (“Bonds”) issued through the to be determined
(“Issuer”). The debt service on the Bonds will be interest-only at a
floating rate until the date that is 24 months after the closing date (the
“Conversion Date”), in order to allow for construction and lease-up.
Interest on the Bonds will convert to a fixed rate on the Conversion Date,
7_Trio_Bond_Signed.doc
Term Sheet
Trio
Page 2
and amortization will commence after 30 months, irrespective of the
date upon which Stabilization occurs. The permanent fixed rate bond
amount will be an amount up to $4,842,225. Stabilization must occur
not later than the Conversion Date, provided that such deadline may be
extended for 6 additional months upon satisfaction of the following
conditions: a) No Event of Default shall have occurred as of the
original deadline date; b) Lien-free completion; c) payment of an
extension fee of 50 bps of the total commitment amount.
The SBO can be used in a full-sale or draw-down bond scenario provided
this latter structure is acceptable to the Issuer.
Floating Rate:
A rate of 30-day LIBOR + 350 basis points prior to the Conversion Date.
Fixed Rate:
Interest will accrue on the Bonds at a fixed rate beginning on the
Conversion Date, and that rate will remain in effect for 17 years after the
Conversion Date (the “Fixed Rate Period”). The fixed rate will be
determined immediately prior to Bond closing based upon then
applicable market rates for like tenor and character loans. The Bank
estimates that, were the rate fixed as of the date of this letter, the rate
would be approximately 6.21 percent (%). Interest is payable monthly
during the Fixed Rate Period. (Note: This rate does not include annual
issuer and trustee fees).
Permanent Term:
Amortizing obligation with principal and interest payable in equal
monthly payments starting 30 months after closing, irrespective of date
of Stabilization. Amortization will be over a 30-year period. The
Bank’s obligation ends after year 17 of the Fixed Rate Period. Following
year 17, the Bank can “put” the Bonds for mandatory redemption or reset
the rate for the remaining term of the bonds, and the Borrower may
redeem the Bonds at its option, without a premium.
Pre-Payment:
No prepayment prior to the end of year 17 of the Fixed Rate Period.
Borrower shall also indemnify Bank against any losses arising from the
taxability of the interest on the Bonds.
Issuer/Trustee Fees:
Borrower will pay all costs of issuance, including, without limitation,
any upfront and/or ongoing issuer fees, all bond counsel fees, Issuer’s
counsel fees, if any, and all fees to the Trustee to close the issuance of
the Bonds and administer the Bonds. These fees are not included in the
above stated rates.
Financing Fees:
100 bps origination fee ($81,000) payable on initial Bond closing.
Conversion Fee of $10,000 payable on the Conversion date.
Developer Fee:
Disbursement to be determined. A portion of the developer fee may be
paid out as developer overhead through the course of construction.
LIHTC Equity:
The LIHTC limited partnership agreement must obligate the tax credit
investor to make equity payments into the Project on the following
schedule:
Term Sheet
Trio
Page 3
•
•
•
•
No less than 15% of total LIHTC equity committed to the Project
must be invested at Bond closing.
No less than an additional 15% of total LIHTC equity committed to
the Project must be invested at or before 50% construction
completion.
No less than an additional 25% of total LIHTC equity committed to
the Project must be invested at or before 100% construction
completion.
All remaining LIHTC equity committed to the Project must be
invested simultaneous with conversion to Fixed Rate Period.
Loan to Value:
Maximum of 80% of the Bank’s collateral value. Collateral includes the
completed and stabilized restricted value of the subject real estate as
determined by the appraiser.
Reserves:
Borrower shall maintain at all times a replacement reserve in an amount
acceptable to Bank. The Borrower will be required to deposit an amount
deemed acceptable by the Bank’s architect in equal monthly amounts
into this reserve. Expenditures from the reserve shall be made only to
fund replacement of worn out capital items in accordance with a capital
budget to be approved by Bank.
All reserve funds shall be held in accounts at and pledged to the Bank.
Security:
A first priority (i) mortgage and security interest in the Project; (ii)
security interest in all personal property used in conjunction with the
construction, operation and maintenance of the Project; (iii) assignment
of all leases and rents; (iv) assignment of all construction, architect, and
engineering contracts; (v) assignment of all permits, licenses and
agreements; (vi) assignment of interests in the Borrower; (vii) pledge of
reserve accounts;
Environmental:
Environmental indemnity to be obtained in form and substance approved
by the Bank.
Escrows:
Following the Conversion Date, Borrower will be required to make
monthly deposits to the Bank for taxes and insurance. These deposits
will be reviewed annually to determine their adequacy and are subject to
adjustment.
Fees and
Expenses:
Know Your
Customer:
Other
Borrower will pay all reasonable costs incurred by the Bank in
connection with the financing including, but not limited to, legal,
environmental, front end costs and document review/inspections,
physical needs assessment (for existing projects only) and appraisal.
Within five (5) business days of opening an account with Bank,
Borrower shall have delivered to Bank all due diligence materials
necessary and relevant to verifying Borrower’s identity and background
information, as deemed necessary by Bank in its sole and absolute
discretion.
Term Sheet
Trio
Page 4
Requirements:
All of the following to be acceptable to the Bank: documentation and
submissions that are standard for loans of this type including, but not
limited to, appraisal, ESA, legal documentation, insurance, title/survey,
proposed standard lease form, front-end cost and document reviews and
acceptance of final budget (includes adequate contingency, interest
carry/operating deficit reserve, etc.), review of plans/specs, condition of
markets/submarkets, revenue/expenses pro-formas, financial review of
Borrower, Guarantor, and general contractor, management agreement
and subordination; and (as applicable), proof of tax credit award, equity
investor and pay-in schedule, proof of tax-exempt status with respect to
ad valorem taxes and other terms and conditions as may be required.
Confidentiality:
This term sheet is strictly confidential and may not be shared with
anyone else other than the owners of Borrower.
Material
Adverse Change:
Bank of America’s obligations hereunder shall terminate if, prior to
closing, Bank of America determines, in its sole judgment, that there
shall exist any conditions regarding the property, or the operations,
business, assets, liabilities or condition (financial or otherwise, including
credit rating) of Borrower or Guarantor, or there shall have occurred a
material adverse change in, or there shall exist any material adverse
conditions in, the market for syndicated bank credit facilities or the
financial, banking, credit or debt capital markets generally, that could be
expected to cause the loan to become delinquent or prevent any
guarantor from performing its obligations under any guaranty or to
materially and adversely affect the value or marketability of the loan or
the property or Bank of America’s ability to syndicate the loan.
Assumptions made:
The terms discussed herein are presented, based on the credit conditions
in the potential transaction as known by Bank of America. Should
additional facts come to light that positively or negatively impact the
situation, prices or other requirements quoted here may be adjusted.
Expiration:
This term sheet will expire at 5:00 p.m. March 3, 2009 time on that date
which is five (5) business days from the date hereof unless you execute
this term sheet and return it to us prior to that time, which may be by
facsimile transmission. Please understand that this term sheet does not
represent an offer or commitment by Bank of America, or any of its
affiliated entities, for the proposed new financing, nor does it define all
of the terms and conditions of a loan commitment, but is a framework
upon which a loan request may be submitted. Issuance of a commitment
by Bank of America is subject to, among other things, the approval of
your loan request under the Bank’s approval process. If Bank of
America issues a financing commitment in this transaction, it will in all
respects supersede this letter.
Please review the above terms and conditions and feel free to call me with any questions or
comments you may have. If you find the above terms and conditions to be acceptable, please
indicate so by signing below and returning a faxed copy to my attention by five days from date
of this letter along with a good-faith deposit of $15,000. When you return the signed copy of
this letter, please confirm that the Bond amount is acceptable. Upon receipt of the letter and the
Term Sheet
Trio
Page 5
good-faith deposit, the Bank will proceed with the necessary due diligence to prepare and submit
your loan request, provided, however that in any event, this term sheet will finally expire one
hundred eighty (180) days from the date hereof, however, the interest rate and fees may change
after 60 days from the date hereof. Your deposit is refundable, less the Bank’s out of pocket
expenses incurred, should the Bank decline the financing opportunity discussed herein. I look
forward to hearing from you and working with you on this and other transactions.
If you have any questions or comments, please do not hesitate to give me a call at (214) 2092160.
Sincerely,
Jeffrey S. Rodman
901 Main Street, 20th Floor
Dallas, TX 75202
Phone: 214-209-2160
Name: _________________________________
Title: _________________________________
Date: _________________________________
D. APPENDICES
Signed Certifications
D. APPENDICES
HUD Rubric:
Calculation of Removal of
Negative Effects
HUD RUBRIC: CALCULATION OF REMOVAL OF NEGATIVE EFFECTS A.
RUBRIC Through the mortgage assistance soft second home loan program, and the redevelopment of the Central Park‐Encore property, the Tampa Consortium will be contributing NSP 2 funds to acquisition, rehabilitation and development of 562 affordable housing units within the target geography. The following is the rubric calculation FOR INFORMATION PURPOSES ONLY. The Consortium chooses to be rated based on Leverage, as indicated under Factor 4 of this application. Rubric Multiplier 1.5 Times the sum of: X Sum total of vacant properties proposed to be addressed through 113 acquisition and rehab: Plus: + Sum total of vacant properties to be addressed via demolition 449 Equals sub‐total: = Total vacant units addressed in this NSP 2 application times Rubric 843 Multiplier Divided by: ÷ Sum total all vacant residential properties in target area (1) 1,202 Equals: = Rubric Score 0.70 Data Sources: (1) US Postal Service D. APPENDICES
Summary of Citizen Comments & URL Address
Summary of Citizen Comments & URL Address As part of the NSP2 pre‐grant application process, the Consortium has complied with HUD’s required citizen participation for this application. Application materials relating to target geography and proposed uses of funds have been made available via the news media and posted on THA’s official website at the following URL address: http://www.thafl.com/nsp2/default.asp, well in advance of the required minimum 10‐day timeline and as the application was being developed, published and now submitted to HUD. To ensure that all citizens had equal access to information about the proposed programs, the Consortium took steps to ensure meaningful access to all citizens including limited English proficiency (LEP) speaking populations in the targeted geography. The newspaper ad was publicized in the Tampa Tribune, the newspaper of general circulation; the Florida Sentinel, the local African American focused newspaper; and the LaGacetta, the local Spanish newspaper. The ad appeared in both English and Spanish. A total of 21 written responses were received. The responses were overwhelmingly in support of the plan to submit an application for NSP2 funding evidencing extremely strong support for the encore project in particular and successful actions to mitigate to negative effects of foreclosures in general. One response was not very clear in their support or opposition but did express a vote of no for the target geography although the content of this public comment miss‐stated that geography. A tabulation of all public comments is listed on the following pages. From:
To:
cc:
Subject:
Date:
Clarence Jones
[email protected];
News FL Courier; ABC Action News; Amanda Brown; Arthenia Joyner; Howard Altman;
Bill Nelson; Tampa Bay Tammy; C Howard Uhuru Movement; Fox13 WTVT; Leon Crews;
Wence Cunningham; Samuel Harris; Dyer St Pete Times; James Evans;
G Hayes Fl Sentinel; Jose Patino Girona; Josh Poltilove; Janet StPeteTimes Zink;
Kathy Steele; Leroy Moore; Newsroom WMNF; Mark Ober; Irene Womack; jeff.
[email protected];
Tampa, Florida African American Community ENCORE District Need Your Support!
Wednesday, June 17, 2009 11:23:45 AM
From: Tampa Florida
Clarence Steven Jones 413 East Gould Court Tampa, Florida 33603
Phone: (813)536-4532 Email: [email protected]
__________________________________________________________________
Office of Governor Charlie Crist State of Florida The Capitol 400 S. Monroe
St. Tallahassee, FL 32399-0001
June 17, 2009|11:16a.m.
Dear Mr. Governor Crist,
I writing you from the City of Tampa, Florida to inform you about an area
located in the downtown area known as the Central Park Village community
which need federal dollars of $27 million to first began with building new roads,
sewer system, and other basic needs before new affordable housing can be built
at the former public housing site.
A survey paid by the Back of American CDC, who which is a solid partner with
the Tampa Housing Authority, reported that once infrastructures has begun
expected to bring an estimated 1,100 construction jobs, and an additional 3,000
positions excepted for the area.
The development slated for the area is entitled “Encore,” with the tag line
downtown Tampa Tempo District, the Tampa Housing Authority and the Bank of
America CDC plans to build a mixed-income neighborhood in one of Tampa’s
culturally rich African American community, with high-end condominiums,
affordable and market rate housing, a hotel and grocery store, black history
museum at the 100 year old; only standing structure at the site St. James
Episcopal Church and a refurnished public park. The area will display music
themes, which will pay tribute to Ray Charles, Ella Fitzgerald, Hank Ballard,
James Brown, and others famous musicians who lived in the area during
Tampa’s segregated days.
________________________________________
Settled by freed slaves in 1865 and later became Central Avenue, the center of
Tampa's black community, then known as the Scrubs, a collection of shotgun
houses, boarding houses, and businesses help shaped and build the city up in
the 1900’s. It was here where Ray Charles started as a struggling musician
recorded his first song, “Found My Baby There,“ while residing at 813 Short
Emery St., Ella Fitzgerald helped write ''A-Tisket, A-Tasket,'' and Cab Calloway
performed at the Apollo Ballroom on Central Ave. It was during a Central Park
performance that Hank Ballard and the Midnighters asked the kids in the
audience the name of the dance they were performing. The kids shouted, “The
Twist.” Hank later wrote and recorded the legendary song that launched Chubby
Checker into the limelight.. Portions of the 1964 movie, Black Like Me, starring
James Whitmore, were filmed along Central Avenue. The street had more than
100 black-owned businesses and was a place where blacks could buy groceries,
get their hair styled and be entertained during the height of segregation.
Helen Taylor, who grew up in the Scrubs, remembers when Central Avenue was
lined with beauty parlors and packed music halls. She watched the
neighborhood decline as homes were leveled to make way for public housing in
the 1950s due to sewer, electricity, water, and unstable housing in the Scrubs
community.
________________________________________
It was the year of 1954, the completion of the Central Park Village public
housing site, which at the time was one of the best public housing in the city
history at the time, producing some of the city’s finest police men, doctors,
lawyers, educators, state & city official have came out of the public housing site.
The neighborhood couldn’t escape the racial and economic struggles that
prevailed in many inner-city neighborhoods during the 1960’s. A racial
disturbance in 1967 helped seal the demise of the Central Avenue business
corridor, fires destroyed some businesses on Central Avenue. The last blackowned business closed in the 1970s, when the street was bulldozed and
replaced with the park, respectfully the Perry Harvey Sr. Park.
Throughout the 1990’s the public housing saw a decline in the respect & pride
that use to adore the site. Unwanted guest supervised the community and the
police presence came with it, improper management, and neglect took on to the
public housing site. In an effort to stimulate growth, Tampa City Council
adopted the Central Park Community Redevelopment Plan in June 2006. The
plan identifies measures to foster public/private partnerships that will help
maximize redevelopment investment in a manner that respects the unique
history and is inclusive of the community’s vision for the neighborhood. And in
the summer of 2007 the final residents from the 50 year old public housing site
are relocated and the building demolished.
________________________________________
It's been a two year since residents moved out of the 28 acres of Central Park
Village to make way for a new mixed-income neighborhood called “Encore.” The
project, first by a delayed Florida court ruling for CRA, has yet to break ground.
And it still lacks the money needed to cover infrastructure and other costs..
Then the economic and housing recession, credit lining, dye the project. The
Tampa Housing Authority, and Bank of America, C.D.C. are committed to this
project, and seeing it gets off the ground this year.
Mr. Governor Crist, since graduating from Howard W. Blake High School, in 2007
I became interested and seeing the history of Central Avenue and Central Park
Village up rooted and preserved. The housing authority and the city demolished
nearly 100 years of black history and hopes to rebuilding a better community at
the 50 year old former public housing site, which is stated by Jermone Ryans,
Tampa Housing Authority President, In a recently Tampa Tribune article, insist
that once the Encore project is complete it will be the “crown jewel of Tampa!”
It all depend on Federal dollars for infrastructure improvements, streets and
sewer upgrades.
The Ella, a proposed two building 200-unit retirement complex, is the first
building to receive funding at the Encore, a mixed-income community being built
at the former Central Park Village public housing site. The Ella will have 144
dedicated affordable housing units for residents 55 and older.
Tempo, a 546-unit building dedicated affordable units and no age restrictions.
City officials are hopeful that the creation of new streets, such as a proposed
Ray Charles Boulevard, and an improved park will spur interest - and possibly
retail and commercial growth, a new Christina Meacham Middle School, to
replace the former first African American day school built in 1926 on the Central
Park site. The school will be built a block from the original structure.
Mr. Governor Crist, I hope in my heart that you receive this letter and a brief
history of the Forgotten land that sits in Tampa that is in need of help to
preserve the city’s founding black roots, not as being because this a black issue
because it not, not because this might same like a pork barrel project, but it’s
not… Thanks for you time Mr. Governor Crist, Thank You America for hearing
the cries of a former public housing residents. God Bless You Mr. Governor Crist,
God Bless AMERICA!
Respectfully,
Clarence Jones
Mr. Clarence Steven Jones
Clarence Steven Jones
5053 Brooks Acres Circle Apt. 5053
Tampa, FL 33610
813.458.2422
"The Lord is my Light & My Salvation Whom Shall I Fear"
Psalm 27
From:
To:
Subject:
Date:
[email protected]
Leroy Moore;
NSP II
Sunday, June 21, 2009 5:46:47 PM
I would like to public comment on the NSP II Application. I am in support of the
application. The land where the old Central Park Housing Project once stood, is
now fenced and vacant. In its present state, the land offers no value to the
neighborhood or the surrounding community. I would like to see a new
community built back on that land to enhance the area. I have read about the
plans to build The Encore and what is proposed to built back will be like nothing
Tampa has ever seen. The plan calls for a housing based on a person's ability to
pay and full rent housing, a black history measum, a grocery store, a school,
park that people can use rather than be afraid to go to, and streets that connect
the community to downtown. I want to see this project happen so that regular
people can live downtown and live decently and have a place that they are
proud to come home to. The City of Tampa government and the Housing
Authority has done some good projects that have made the City better and I
believe that this project will make the City much better. I also support this
project because people will not only have a fresh new community but people will
have new jobs.
Sincerely,
Ms. Bookhardt
From:
To:
Subject:
Date:
[email protected]
Leroy Moore;
*** NSP2 Public Comments ***
Tuesday, June 30, 2009 12:20:47 PM
I will like to show my support for the application for NSP2
program to fund your construction. Do ya even have to
ask??? This needs no explaining, let the people decide what
they want. What else would be better?
We would definitely like roads, sidewalks, water, sewer,
electric, lighting, etc. I grew up in Tampa and it is a
beautiful, historic part of our country, and we cannot
allow it to be destroyed. I have only had the best MEMORIES
from childhood to PRESENT ! 4 generations in my family live
here in Tampa. I have spent a lot of time in Tampa, when it
was safe with friends and children till the wee hours of the
morning. Kids and adults on the sidewalk, and it is special
to me altho, no one else seems to care I DO!!! I have seen
so many nice areas, and I want it to continue here in the
city. Thanks for fighting the good fight. This will have good
memories, and enjoyment for so many people in the City of
Tampa!!!
SaxLady
Tampa, FL.
A Good Credit Score is 700 or Above. See yours in just 2 easy steps!
From:
To:
Subject:
Date:
[email protected]
Leroy Moore;
Tuesday, June 30, 2009 8:49:30 PM
The Tampa Housing Authority has expanded its community support not only by
providing new affordable housing developments but this Agency has the
commitment to improve the socio-economic development of the residents of
Tampa. Over the years, I have seen this effort---develop into community building
activities, safe neighborhood projects, activities for children, and/or financing
community policing and drug prevention programs.
My support to the Tampa Housing Authority on this new endeavor!
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From:
To:
Subject:
Date:
[email protected]
Leroy Moore;
Wednesday, July 01, 2009 1:19:24 PM
Congratulations, for the well thought out plan to develop the former Central
Park Village Public Housing property. While this project in itself is a great
uplift for the housing authority, local community and residents, the idea
that THA is taking it an extra step with revitalization of foreclosed
properties is outstanding. Tampa Housing has a great reputation for
innovation and long term planning. Wish you great success with this
endeavor.
Mary P. Fox, CEM
Manager, HUD Compliance
Public Housing Solutions
Building Efficiency
Johnson Controls
12401 73rd Ave North
Maple Grove, MN 55369
Tel : 763-227-7709
Office : 763-425-1606
Fax : 763-322-8795
Email : [email protected]
URL : http://www.johnsoncontrols.
com
From:
To:
Subject:
Date:
Latoria Boyd
Leroy Moore;
The Housing Authority has done a wonderful job at beautifying Tampa Bay...
Lets continue to support them in there efforts to make affordable housing accessible to everyone.
Latoria Boyd, Property Manager
Windwood Oaks
14802 North Florida Ave
Tampa, Fl 33613
(813) 963-7127
(813) 264-2371 fax
-This message is virus free, protected by Primus - Canada's
largest alternative telecommunications provider.
http://www.primus.ca
From:
To:
Subject:
Date:
aldo castillo
Leroy Moore;
As the economy continues to lag and unemployment rates rise,
Encore redevelopment project is a way to create thousands of jobs.
The project refurbishes the former Central Park Village public
housing complex on Nebraska Avenue, between downtown and
Ybor City.
The possible jobs, estimated at nearly 1,000 permanent and more
than 4,000 short-term, would range from construction work to retail
sales jobs to staff positions at a planned church, school and hotel,
which are a much needed asset to the City.
Good luck and my support 100%.
Aldo Castillo-De Leon
Windows Live™: Keep your life in sync. Check it out.
From:
To:
Subject:
Date:
Pedro G Velez Jr.
Leroy Moore;
Friday, July 03, 2009 9:03:35 AM
I believe it is a wonderful idea. The purchase of foreclosed properties
combined with the use federal monies for redevelopment, will surely
stimulate the housing market and enrich the city of Tampa. Good luck. This
is an enormous task.
From:
To:
Subject:
Date:
Herbert Hernandez
Leroy Moore;
Friday, July 03, 2009 11:06:41 AM
Mr. Moore:
Congratulations on your upcoming applications for NSP2 funding. This project will
certainly forward the completion of your past efforts in revitalizing Tampa and
those neighborhoods most in need.
Given my knowledge of your past successes in similar endeavors, I know that this
program will efficiently and effectively utilize these resources.
Thank you for the opportunity to support you and THA in this project.
Herbert Hernandez
Executive Director
Lakeland (Florida) Housing Authority
Herbert Hernandez
Executive Director
Lakeland Housing Authority
PO Box 1009
Lakeland, FL 33802-1009
Tel: (863) 687-2911 x211
Fax: (863) 682-1226
*****************************
From:
To:
Subject:
Date:
Attachments:
Larry Bane
Leroy Moore;
*** NSP2 Public Comments1 ***
Monday, June 29, 2009 4:50:42 PM
AVG certification
Andy Libby presented a program to our Sertoma Club about the Tampa Encore
Project. This appears to be
a stimulus package for the City of Tampa and Hillsborough County and an excellent
way to make this area
an asset to our community. Additionally, the company I work for might get some
work and help keep our
employees from getting laid off from lack of work.
Larry L. Bane
Controller
R.E. Purcell Construction Co., Inc.
727-584-3329 Fax 727-587-6560
From:
To:
Subject:
Date:
[email protected]
Leroy Moore;
ad in Florida Sentinel
Monday, June 22, 2009 11:48:29 PM
Mr. Moore I read about the national neighborhoods stabilization program you are
applying to HUD about and wanted to give you my support and my family support
for this. I used to live in central park a long time ago and like what Housing has
done to make this area nice part of the city and want to support the Housing
Department of Tampa with asking our new President Barack H. Obama, the best
President this USA has ever had, and I wish he will award this money to rebuild
central park because residents like me need housing we can afford in this
horrible economy. So everything you need i pray to GOD that you receive
because Housing department of Tampa always do good work and I SUPPORT
YOU.
Olu Opadokun
former Central Park resident
Dell Inspiron 15: Now starting at $349
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From:
To:
Subject:
Date:
justin watson
Leroy Moore;
Application for Encore
Hello Mr. Moore I ready about your project and just want to let you and the
Housing Authority know you have my support for this project and i wish you
God favor in getting the monies from HUD NSP program to start building at
the old central park village.
My whole family came up in the Village as we called it and we all made it
out but so many did not and i know the Housing Authority did a lot for us to
reach our success. So i have always had very high regard for what work you
all do and anytime i can lend support i am happy to do so.
This prohect is so much needed in Tampa right now and the jobs and
housing it will bring is needed more than anything.
Thank you all.
From:
To:
Subject:
Date:
Veronica Long
Leroy Moore;
Central Park Village
Tuesday, June 23, 2009 5:13:36 PM
As a former resident of Central Park Village (CPV), I would love to see the
Encore District being built form the ground up. Even though, I only lived in
Central Park for a year and a half during the relocation process. I saw the
history of where my family lived before I was born. In 1967, my
grandmother moved to Florida. She was living with family members until
she was able to get her own place and it was in Central Park in a five
bedroom with eight children. They lived there until 1976 that was when my
grandmother financed and bought her first home. My mother, aunts and
uncles grew up in CPV; they are just as excited as I am to see the new
development.
Veronica Long | Administrative Assistant
Real Estate Development
1529 W. Main ST, Tampa FL 33607
http://www.THAFL.com - [[email protected]]
phone: 1(813) 253-0551 ext. 158 - - fax 1(813) 367-0785
NOTICE: This email message, including any attachments, may contain information that is confidential
and/or proprietary. If you are not an intended recipient, please be advised that any review, use,
reproduction or distribution of this message is prohibited. If you have received this message in error,
please completely destroy all electronic and hard copies, and contact the sender at 1(813) 253-0551
ext.158 or [email protected]
David M. McKinlay 3215 De Leon St. Tampa, FL 33609 June 28th, 2009 US Department of Housing and Urban Development Neighborhood Stabilization Program 2 Re: Tampa Housing Authority, City of Tampa, Bank of America application for funding To Whom It May Concern: Several years ago, I read an article on a mixed income, mixed use development planned for the Tampa Bay area – the “Encore” development. This project was designed to replace the Central Park Public Housing Project, a symbol of concentrated poverty and social decay, with a new symbol of hope and social progress. Since that time, I have been monitoring the progress of the project through local newspapers and the Tampa Housing Authority website. It has been frustrating to see all of the obstacles that the project has encountered, but the American Recovery Reinvestment Act (ARRA) has given me new‐found optimism that it may finally become a reality. The bulletin on Tampa Housing Authority’s website regarding the upcoming application for funding from the Neighborhood Stabilization Act states that public comment will be submitted with the application. Therefore, I am writing this letter in the hopes that my voice, joined with those of other supporters, will promote the selection of this most worthy application. When I first viewed a rendering of the plan for the revitalization of this 28 acre site, what stood out to me was not the impressive architectural design, landscaping, or layout of the buildings, but the central and prominent location of historic, 90 year old St. James Church among them. I learned that, in fact, this church was to be the only remaining structure in an area where the drug‐plagued housing project once stood. This beacon of strength, unity, and perseverance in an area trapped in a downward spiral for so long would endure and fittingly be turned into a black history museum, celebrating the ingenuity and depth of thought of the leaders who have helped to make this transition possible. It is my understanding that former residents displaced in order to achieve this metamorphosis will have priority for the new units and may be able to move back into the neighborhood they called home. This thoughtful and inspirational design will certainly benefit all residents of this mixed income community, but it will have special meaning for many long‐time residents of the 50‐year old housing project. Throughout its history, the Tampa Housing Authority has been dedicated to the purpose of providing housing for struggling families. Recent years have brought immense progress in modernizing existing properties and creating new properties, both of which THA has done with integrity. Hence, stimulus funds currently designated for the specific purpose of updating existing properties will no doubt be put to good use. These funds are appreciated, and address immediate needs to increase the quality of living for area residents and provide employment opportunities in our community. The practice of rehabilitating existing structures for the same use (i.e., low income housing) does not address the issue of generational poverty and marginalization created and perpetuated by the social and physical isolation of poor families. The mixed income, mixed use approach offers our best hope for a better future. Specifically, the size and location of the project, coupled with the aforementioned care taken to include a historic symbol of cultural significance, make the “Encore” project the next right step toward fostering social progress in the Tampa Bay area. When comparing the “Encore” application to that of other projects, please consider the fact that this project is the first of its kind in our region. One of the benefits of mixed use, mixed income communities is that they attract funds from the private sector to help alleviate the shortage of affordable, accessible housing units. Experience has shown that observing operative, profitable mixed use, mixed income projects is the most effective motivator for private developers. Other cities, such as Atlanta, Boston, and Washington, D.C. are much further along in this regard ‐ examples of holistic, large scale community revitalization projects are already in place and doing well. Tampa does have several mixed income properties, but this is the first time a severely distressed neighborhood will be entirely transformed. The first step is the most difficult and the most important when it comes to effecting change; it is for this reason that I believe the “Encore” application must take precedence over others under consideration. The main purpose of the Recovery and Reinvestment Act is to create jobs to stimulate the economy. The Encore project is “shovel ready.” I have read in newspaper articles that it will immediately create 1,100 jobs in the infrastructure phase, and will bring 3,000 jobs in total to one of the hardest hit areas of the country. In addition to the jobs created as a direct result of construction, many struggling nearby businesses will be saved through the ripple effect of subsequent spending. The Tampa Bay area desperately needs every single one of these jobs. In addition to funding the “Encore” project, I noticed that a portion of the funds applied for will also be used to purchase and redevelop foreclosed upon and abandoned homes in our area, to house families making below 50% of area median income. Our local economy relies heavily on real estate sales and construction. The drastic, rapid increase in the number of foreclosed properties has had a significant negative effect on home prices and has served to drag our economy down even further. Purchasing these homes with stimulus funds is another efficient and responsible way to revive our depressed economy, while also creating desperately needed affordable housing units throughout the community. Thank you very much for your help, and in advance for your favorable consideration of the “Encore” application. I look forward to watching the project begin and prosper! Sincerely, David McKinlay Hopeful Tampa Resident From:
To:
Subject:
Date:
David Iloanya
Leroy Moore;
My Support for The Encore
I am writing to support the development of Encore District. The 28+ acre
site of formerly public housing development known as Central Park Village
was demolished almost a year ago to pave way for the affordable multifamily, mixed use, mixed income housing project. Tampa's downtown
district has remained undeveloped and mundane for quit a long time, lacking
the requisite product of the allure of a big city image. The downtown is
devoid of residential housing that will bring constant human presence and
security in the area.. The begining of the solution is the Encore District. The
development of The Encore District will assure approximately 2000 multi
family, mixed use, mixed income housing of sustainable activities. Itt is
guranteed to bring new businesses and stable job opportunities to Tampa and
Hillsborough County. Residents will be a walking distance away from
work, theatre, shopping centers, financial institution, club, restaurants,
museum, professional offices, Municipality, etc. In furtherance, the
development will foster the concept of neighborhood stabilization and
thereby sustainable community. The Encore District development is a
gargantuan enterprise by Tampa Housing Authority, especially in
partnership with Banc of America.
Pleas, Join Me And Support this Project!!!
From:
To:
Subject:
Date:
Brooks, Eric [USA]
Leroy Moore;
NSP Comment
Wednesday, June 24, 2009 9:51:05 PM
Brownfield development is essential to an area’s ability to survive economically
and culturally. I think what Tampa is doing is vital to the welfare of the residents
and to that of the city and surrounding areas. The country appears to have been
suffering from extreme greenfield development and the time to extend a hand to
the working class by way of providing quality affordable housing and services to
residents of the inner city is long overdue.
From:
To:
Subject:
Date:
[email protected]
Leroy Moore;
NSP2 Application
Tuesday, June 23, 2009 8:45:40 AM
I am excited that the Tampa Housing Authority in conjunction with the City of
Tampa and Bank of America Community Development Corporation have joined
to apply for approximately $36,000,000 dollars in federal funding from the U.S.
Department of Housing Neighborhood Stabilization Program 2. By doing so,
this will provide a positive benefit to our community by revitalizing distressed
housing and furthering the re-development of the former Central Park.
Additionally, funding to our community would create job opportunities for
hundreds of individuals who have been unable to obtain employment and
countless others who are unemployed and have been unemployed for anywhere
up to 2 years or more. This award of federal funds would be a blessing to all of
those individuals who would then be able to sustain themselves and their families.
Furthermore, I am excited that this group has the vision to create
additional affordable housing that is needed so badly in our community. To the.
Tampa Housing Authority, City of Tampa, and Bank of America Community
Development Corporation thank you for your intent to apply for the NSP 2
funding.
I wish you Great Success with your application,
STBGilmore
An Excellent Credit Score is 750. See Yours in Just 2 Easy Steps!
From:
To:
Subject:
Date:
Bill Renje
Leroy Moore;
NSP2 Application
I support the Tampa Housing Authority’s efforts to secure funding in order to
provide affordable housing. In this dire economic climate, it’s imperative to provide
adequate assistance and housing to the families and citizens that are the most
vulnerable amongst us. And I have seen and am highly impressed with the vision
and how THA functions, as well as how they apply their model and run their
communities.
From:
To:
Subject:
Date:
[email protected]
Leroy Moore;
NSP2 Public Comments
I read the local newspaper articles about Central Park redevelopment, now
called ENCORE.
This project is needed to help people live near downtown Tampa. The
project will help people with living, transportation, grocery shopping in the
area.
I read where 500 families used to live in Central Park. The ENCORE
project will bring families back into the downtown area and provide over
1,300 permanent jobs.
I travel to many cities each year and I cannot think of any other city that
has a project of this size downtown to provide affordable housing.
Fantastic !!!!
Best of luck to the Tampa Housing Authority
From:
To:
Subject:
Date:
[email protected]
Leroy Moore;
Support for NSP2 Funding
Mr. Moore,
This email serves as my support for the proposed program by Tampa
Housing Authority, the City of Tampa, and Bank of America CDC that will
provide public infrastructure enabling development of vacant land (for
public improvement), support the development of housing, and
redevelopment of abandoned and foreclosed homes.
I believe the funding of this project will jump start the stabilization of
several declining communities that have been severely affected by the our
economy's continuous downfall. I fully support the partnership's proposed
plan.
If I may be of further assistance, do not hesitate to contact me.
Sincerely,
Grace Miranda
“You will never become who you want to be by remaining who you are.” - Dr.
John Sklare
Grace Miranda, M. S.
J & M Consulting Inc. of Tampa
9022 Lake Chase Island Way
Tampa, Florida 33626
phone: 813-412-1797
fax: 813-354-4413
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D. APPENDICES
Definitions & Standards
Definitions and Standards DEFINITIONS The Consortium will apply the following definitions to its NSP2 program: a. Blighted Structure: A structure in the context of state or local law, is blighted when it exhibits objectively determinable signs of deterioration sufficient to constitute a threat to human health, safety, and public welfare. b. Affordable Rents: Per NSP2 NOFA Appendix 1, paragraph B.2.a. requirements for affordable rents and continued affordability, are included herein as follows: B.2. Continued affordability. The Consortium will ensure, to the maximum extent practicable and for the longest feasible term, that the sale, rental, or redevelopment of abandoned and foreclosed upon homes and residential properties under this section remain affordable to individuals or families whose incomes do not exceed 120 percent of area median income or, for units originally assisted with funds under the requirements of HERA, Section 2301(f)(3)(A)(ii), remain affordable to individuals and families whose incomes do not exceed 50 percent of area median income. B.2.a. In its NSP2 application, the Consortium defines affordable rents and the continued affordability standards and enforcement mechanisms that it will apply for each (or all) of its NSP2 activities. HUD will consider any applicant adopting the HOME program standards at 24 CFR 92.252(a), (c), (e), and (f), and 92.254 to be in minimal compliance with this standard and expects any other standards proposed and applied by an applicant to be enforceable and longer in duration. (Note that HERA‘s continued affordability standard is longer than that required of subrecipients and participating units of general local government under 24 CFR 570.503 and 570.501(b).) STANDARDS The Consortium will apply the following housing rehabilitation standards to its NSP2 program: “NSP2 housing construction must meet the accessibility standards at 24 CFR part 8, and that it be energy efficient and incorporate cost effective green improvements. All gut rehabilitation (i.e., general replacement of the interior of a building that may or may not include changes to structural elements such as flooring systems, columns or load bearing interior or exterior walls) of residential buildings up to three stories must be designed to meet the standard for Energy Star Qualified New Homes. All gut rehabilitation of mid ‐or high‐rise multifamily housing must be designed to meet American Society of Heating, Refrigerating, and Air‐Conditioning Engineers (ASHRAE) Standard 90.1‐2004, Appendix G plus 20 percent (which is the Energy Star standard for multifamily buildings piloted by the Environmental Protection Agency and the Department of Energy). Other rehabilitation must meet these standards to the extent applicable to the rehabilitation work undertaken, e.g., replace older obsolete products and appliances (such as windows, doors, lighting, hot water heaters, furnaces, boilers, air conditioning units, refrigerators, clothes washers and dishwashers) with Energy Star‐labeled products. Waterefficient toilets, showers, and faucets, such as those with the WaterSense label, must be installed. Where relevant, the housing should be improved to mitigate the impact of disasters (e.g., earthquake, hurricane, flooding, fires).” D. APPENDICES
THA References - Newspaper Articles

Tampa Central Park NSP2 Application

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