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Last modified
7/17/2007 11:48:43 AM
Creation date
12/8/2004 11:10:09 AM
Metadata
Fields
Template:
Planning Files
Planning Files - Planning File #
2355
Planning Files - Type
Planning-Other
Address
2231 RICE ST
Applicant
DUFFY DEVELOPMENT COMPANY
Status
APPROVED
PIN
122923440027
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<br />WHY IS TBIS PROJECT REEDED <br /> <br />Calibre is a unique product in Roseville and especially attractive for family <br />living. Most Roseville rental housing is in traditional 2-1/2 story walk-up <br />apartment buildings with security doors and detached garages. By providing an <br />attached garage and private entrance to each unit at Calibre Ridge, children <br />have free access and residents have greater control over their security. <br /> <br />The 1992 Ramsey County Comprehensive Housing Affordability Strategy (CHAS) <br />states that the HOME program should facilitate the acquisition of property for <br />the development of rental housing available at below-market rates. Calibre <br />rents are scheduled to be $100-$200 less per month than market rents (refer to <br />the section on who benefits in this Exhibit). The CHAS further states <br />preference should be given to developments which include three and four bedroom <br />units in the development plan. Calibre Ridge will provide 30 three bedroom <br />units. The CHAS also supports development of "in-fill" projects that redevelop <br />small areas within already developed areas. Calibre Ridge site is part of <br />several former single family homesites adjacent the Rice Street commercial <br />strip. <br /> <br />FINANCING <br /> <br />Financing for Calibre Ridge has been structured to meet requirements of the low <br />income tax credit program. <br /> <br />The proposed first mortgage of $1,732,000 is structured as a 30 year loan at <br />9.875% fixed interest with a 1.15 debt cover ratio. The AFL/CIO is the <br />financing source, GMAC Mortgage the loan originator with a Fannie Mae <br />underwriting. This loan will be placed in service 3 months after rent-up is <br />90% completed. <br /> <br />The Minneapolis/St. Paul Family Housing Fund is providing a $220,000, thirty <br />year, 2% deferred interest loan. The remaining gap financing is being sought <br />through the City of Roseville and Ramsey County which would be applied to land <br />acquisition. Since the first mortgage lender will not allow additional debt <br />servicing, it's proposed that this loan also be deferred for 30 years at 2% <br />interest. <br /> <br />It is anticipated that the remalnlng construction budget will be covered by a <br />$2,503,900 syndication investment. Minnesota Housing Financing Agency has <br />awarded Calibre Ridge $357,092 annual tax credits. Metropolitan Low Income <br />Neighborhood Housing Limited Partnership II has indicated it's interested in <br />being part of the limited partnership investment. Premier Bank has expressed <br />interest in providing construction financing. <br /> <br />Operating income, loss and credit reported on the annual federal income tax <br />return will be allocated 99% to the limited partner and 1% to the general <br />partner. <br /> <br />Generally, a development qualifying for the low income tax credit is occupied <br />by individuals with incomes below a certain percentage of the applicable area <br />median gross income throughout a 35 year compliance period. Specifically, to <br />satisy this occupancy requirement 100% of the vacant units in the development <br />will be rented to individuals with incomes equal to or less than 60% of the <br /> <br />-2- <br />
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