Development of Permanent Supportive Housing

Development of Permanent Supportive Housing

Jack D. Humburg, M.A., C.R.C. Executive Vice President of Housing, Development, and ADA Services Florida Affiliate of the SE ADA Center for the past 25 years Fair Housing Education and Outreach Board member of the Florida Housing Coalition, Florida Supportive Housing Coalition, Disability Achievement Center, Florida Community Loan Fund, Neighborhood Lending Partners, Affordable Housing Workgroup Broadwater Place

Boley Centers, Inc. Duval Park 88 units for Veterans with Disabilities and their families. Provider of Services and Supports to Individuals with Mental Illness and Others Since 1970 46 years 750 Units of Affordable Housing in Pinellas County Currently Administer 418 Tenant Based Vouchers Pinellas Affordable Living, Inc. (PAL) is a Community Housing Development Organization Private non-profit 501(c) 3

Boley Centers Housing Continuum Permanent Supportive Housing Units: 542* Group Home Beds: 29 VA Beds: 13 Forensic Beds: 16 Safe Haven Beds: 45 Single Family Beds: 9 Sub-Total 654 Duval Park 88 Total 742 Duval Park - Clubhouse 88 Units for Veterans with *206 set aside for individuals or families who were homeless Disabilities and their families. Boley Centers/PAL is a partner in this 9% Low Income Housing Tax Credit development.

Housing Choice Vouchers and rental subsidies Traditional Vouchers Mainstream 176 Residential Subsidy** FACT 33 HOPWA 145* Shelter+Care 72 Supported Living 38 Total 71 HOME TBRA 25 Total 418 Sub Total 489 Grand Total 1,231 *HOPWA budget cuts will lower this amount to 132 effective January 1. **These subsidy numbers are a snapshot - point in time estimate.

The Mastry Apartments 3636 5 th Avenue North St. Petersburg, FL Owned by Boley Centers, Inc. In-fill Lot Land: $124,900 $15,612/unit Purchased with a Bridge Loan Bessie Boley Foundation 5% Interest December, 2013

Mastry Apartments

Mastry Apartments Predevelopment Site Control Appraisal ($1,200) Survey ($1,350) Geotechnical ($3,215) Environmental ($1,200) Zoning Workforce Density Bonus 6 + 2 = 8 total units Building Permits ($13,420) Property Taxes ($1,484) All funded up-front by Boley Centers (~$25,000) Development Team Architect Civil Engineer General Contractor Attorney First Housing Underwriting Draws Inspections, etc.

Mastry Apartments 8 Units; 6 Two Bedroom + 2 Three Bedroom Florida Housing Finance Corporation RFA $1,239,750* City of St. Petersburg (HOME) $268,965 Chronically Homeless Veteran Families at or Below 50% AMI *Total Boley Centers is the Owner 3636 5 th Avenue North St. Petersburg, FL 33713

Roles and Responsibilities Boley Centers Board Approve Site Acquisition Approve Bridge Loan Commit Equity Approve Cost Overruns (Dev. Fees) Bessie Boley Foundation Approve Bridge Loan Approve Loan Extensions Staff Locate and Negotiate Site Acquisition Development Team Coordination Secure Financing Coordinate Underwriting Project Management Coordinate Legal Issues Approve Design Ensure Accessibility Operations Coordination Staffing (Church vs State) Operational Pro Forma

Draw Schedule 3636 Park Apartments USES: Total Budget Budget Reallocations Revised Budget Closing Draw; Draw 1 Draw 2 Draw 3 Draw 4 Draw 5 Land Closing Adjustment Draw 6 Draw 7 Draw 8 Draw 9 Draw 10 Draw 11 Total Remaining Site Work 0.00 0.00 0.00 0.00 Construction 923,738.00 132,200.55 1,055,938.55 94,819.50 60,165.00 114,760.62 152,249.49 201,851.00 209,960.54 7,877.70 25,893.26 29,885.98 158,475.46 1,055,938.55 0.00 Overhead & Profits 64,447.00 (10,800.67) 53,646.33 6,029.84 3,824.99 7,301.25 9,683.18 12,837.56 10,750.73 2,682.31 536.47 53,646.33 0.00 General Conditions/Builders Fees 85,929.00 (16,364.41) 69,564.59 16,206.87 4,286.17 8,181.59 10,850.67 14,385.43 12,046.98 3,005.73 601.15 69,564.59 0.00 Total Contract 1,074,114.00 105,035.47 1,179,149.47 0.00 117,056.21 68,276.16 130,243.46 172,783.34 0.00 229,073.99 232,758.25 13,565.74 27,030.88 29,885.98 158,475.46 1,179,149.47 0.00 Hard Cost Contingency 55,000.00 (55,000.00) 0.00 0.00 0.00 Allowances 11,030.00 (11,030.00) 0.00 0.00 0.00 Total Construction Cost 1,140,144.00 39,005.47 1,179,149.47 0.00 117,056.21 68,276.16 130,243.46 172,783.34 0.00 229,073.99 232,758.25 13,565.74 27,030.88 29,885.98 158,475.46 1,179,149.47 0.00 GENERAL DEVELOPMENT COSTS Total Budget Budget Reallocations Revised Budget Closing Draw Draw 1 Draw 2 Draw 3 Draw 4 Draw 5 Land Closing Adjustment Draw 6 Draw 7 Draw 8 Draw 9 Draw 10 Draw 11 Total Remaining Accounting Fees 0.00 0.00 0.00 0.00 Appraisal 0.00 0.00 0.00 0.00 Architect's Fee - Design 36,428.00 3,463.08 39,891.08 36,258.45 10.79 3,621.84 39,891.08 0.00 Buidling Permits 20,856.00 (7,435.96) 13,420.04 2,025.96 9,959.06 600.00 835.02 13,420.04 0.00 Builders Risk Ins. 6,000.00 170.63 6,170.63 6,170.63 6,170.63 0.00 Engineering Fee 10,000.00 (435.00) 9,565.00 8,715.00 500.00 350.00 9,565.00 0.00 Construction Management 8,832.00 (3,535.32) 5,296.68 1,699.24 1,236.00 1,678.08 683.36 5,296.68 0.00 FHFC Application Fee 500.00 500.00 500.00 500.00 0.00 FHFC Compliance Monitoring Fee 10,000.00 10,000.00 10,000.00 10,000.00 0.00 FHDC Credit Underwriting Fee 6,000.00 6,000.00 6,000.00 6,000.00 0.00 FHDC Construction Inspection 2,520.00 2,240.00 4,760.00 595.00 595.00 1,785.00 1,190.00 595.00 4,760.00 0.00 FHDC Draw Review/Approval 4,609.00 676.00 5,285.00 2,074.00 422.50 760.50 1,183.00 845.00 5,285.00 0.00 Insurance 5,520.00 (5,520.00) 0.00 0.00 0.00 Impact Fees 11,000.00 3,985.00 14,985.00 14,985.00 14,985.00 0.00 Legal Fees 12,500.00 12,500.00 12,500.00 12,500.00 0.00 Market Study 0.00 0.00 0.00 0.00 Marketing and Advertising 0.00 0.00 0.00 0.00 Plan/Cost Review 1,325.00 1,325.00 1,325.00 1,325.00 0.00 Property Taxes 1,522.95 1,522.95 1,522.95 1,522.95 0.00 Soil Test 0.00 0.00 0.00 0.00 Survey 5,000.00 (3,900.00) 1,100.00 1,100.00 1,100.00 0.00 Title and Recording Insurance 15,535.50 15,535.50 15,535.50 15,535.50 0.00 Utility Connection Fees 0.00 26,069.27 26,069.27 25,915.00 154.27 26,069.27 0.00 Other - Local Gov't Fees 0.00 0.00 0.00 0.00 Other - Water-Sewer Fees 0.00 168.70 168.70 168.70 168.70 0.00 Other - Post CO 0.00 0.00 0.00 0.00 Other - Building Permit 0.00 315.28 315.28 315.28 315.28 0.00 Soft Cost Contingency 10,000.00 (3,185.25) 6,814.75 1,819.42 300.00 3,226.78 623.64 75.00 612.80 157.11 6,814.75 0.00 0.00 0.00 Total General Development Costs $168,148.45 $13,076.43 $181,224.88 $99,376.28 $16,940.48 $0.00 $2,716.74 $5,057.78 $0.00 $0.00 $6,767.34 $30,589.72 $17,162.99 $1,611.44 $1,002.11 $181,224.88 $0.00 Total Budget Budget Reallocations Revised Budget Closing Draw; Draw 1 Draw 2 Draw 3 Draw 4 Draw 5 Land Closing Adjustment Draw 6 Draw 7 Draw 8 Draw 9 Draw 10 Draw 11 Total Remaining Commitment Fee - Grant 2,000.00 $2,000.00 $2,000.00 $2,000.00 $0.00 Other - Closing Costs/City Loan 0.00 $5,982.78 $5,982.78 $5,982.78 $5,982.78 $0.00 Permanent Loan Origination Fee 0.00 $0.00 $0.00 $0.00 Operating Reserves 52,000.00 $52,000.00 $0.00 $52,000.00 $52,000.00 $0.00 Total Financial Costs $54,000.00 $5,982.78 $59,982.78 $2,000.00 $0.00 $0.00 $0.00 $0.00 $5,982.78 $0.00 $0.00 $0.00 $0.00 $0.00 $52,000.00 $59,982.78 $0.00 Developer Fee/Overhead $125,000.00 ($58,064.68) $66,935.32 $66,935.32 $66,935.32 $0.00 $0.00 $0.00 $0.00 $0.00 Total Other Development Costs $125,000.00 ($58,064.68) $66,935.32 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $66,935.32 $66,935.32 $0.00 Land $124,900.00 $124,900.00 $124,900.00 $124,900.00 $0.00 Existing Building $0.00 $0.00 $0.00 $0.00 Total Acquisition Costs $124,900.00 $0.00 $124,900.00 $124,900.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $124,900.00 $0.00 TOTAL USES 1,612,192.45 0.00 1,612,192.45 226,276.28 133,996.69 68,276.16 132,960.20 177,841.12 5,982.78 229,073.99 239,525.59 44,155.46 44,193.87 31,497.42 278,412.89 1,612,192.45 0.00 CONSTRUCTION SOURCES: Total Budget Budget Reallocations Revised Budget Closing Draw; Draw 1 Draw 2 Draw 3 Draw 4 Draw 5 Land Closing Adjustment Draw 6 Draw 7 Draw 8 Draw 9 Draw 10 Draw 11 Total Remaining ELI - FHFC 140,000.00 140,000.00 140,000.00 140,000.00 0.00 Grant - FHFC 1,099,750.00 1,099,750.00 49,898.83 133,996.69 68,276.16 132,960.20 177,841.12 229,073.99 197,196.53 18,240.46 29,208.87 1,611.44 61,445.71 1,099,750.00 0.00 Operating Deficit Reserve 52,000.00 52,000.00 0.00 52,000.00 52,000.00 0.00 City of St. Pete - Land Loan 268,965.00 268,965.00 124,900.00 5,982.78 42,329.06 25,915.00 14,985.00 29,885.98 24,967.18 268,965.00 0.00 Equity - Boley 51,477.45 51,477.45 51,477.45 51,477.45 0.00 TOTAL SOURCES 1,612,192.45 0.00 1,612,192.45 226,276.28 133,996.69 68,276.16 132,960.20 177,841.12 5,982.78 229,073.99 239,525.59 44,155.46 44,193.87 31,497.42 278,412.89 1,612,192.45 0.00

Sources and Uses Summary Sources Uses FHFC Grant $1,099,750 Hard and Soft ELI Grant 140,000 Hard ODR 52,000 Operating Reserves St. Petersburg 268,965 Land + Hard Costs Equity 51,477 Soft Deferred DF 58,064 Cost Overruns Total $1,612,192

Operational Pro Forma Income Rent/Unit/Month 2 BR ELI $515 3 BR ELI $596 2 BR 50% $646 3 BR 50% $746 Other $ 80 UA 2 BR -$104 UA 3 BR -$134 Total Annual 47,196 Expenses Mgt. Fee $320 Legal & Audit $ 80 Utilities $440 Supplies $120 Payroll $320 Insurance $667 Pest Control $ 80 Maint./Repair $800 R. Reserves $240 Admin $200 Total Annual $39,200 Net Op. Income $7,996

Operational Issues Homeless COC Permanent Supportive Housing Family Support St. Petersburg Housing Authority Homeless Veterans Project Based Vouchers Typical Kitchen

An Accessible Kitchen

Time Lines Land Purchased December, 2013 FHFC RFA 2014-101 May 1, 2014 Closed on April 30, 2015 Building Permits April 14, 2015 Cert of Occupancy February 29, 2016

Expect the Unexpected Difficulties $25,000 Change Order for 4 Main and Fire Line Site Elevations Civil Engineer vs Surveyor 2 Month Extension Change in Project Manager (G. Contractor) Paving the Alley Originally $125,000 DF Eventually $66,935

The Sally Poynter Preserves 4100 34 th Avenue South Closed in October, Land Cost of $250,000 Construction has begun on 16 units in two buildings Funding by the City of St. Petersburg and Pinellas County $160,000 Home Depot Foundation Grant (8 Units for Veterans) Occupancy in March?

Sally Poynter Preserves Phase One: 8 Veteran Units October 25, 2017

Sally Poynter Preserves Phase Two: 8 Chronically Homeless Units

Sources and Uses Summary Sources Uses Pinellas County $1,175,000 Hard Phase 2 St. Petersburg 965,790 Hard & Soft Phase 1 Home Depot Fd 160,000 Hard Phase 1 Bessie Boley Fd 140,000 Hard Costs PAL 88,000 Hard & Soft Total $2,528,790 What s missing?

Pinellas County Land Assembly Fund Appraised Value of $250,000 99 Year Lease Term, with Option First Three Years Lease Fee Abated

Jack Humburg Executive Vice President Housing, Development, & ADA Services Boley Centers, Inc Pinellas Affordable Living, Inc. 445 31 st Street North St. Petersburg, FL 33713 (727) 821-4819 x 5717 jackhumburg@boleycenters.org