Community MeetingJune 14, 2018

ACTION-Housing: Lexington Technology Park RFP Response

Presentation Outline

• Overview of Proposal/Development Program

• ACTION-Housing Background and Relevant Experience

• Community Engagement and MWBE• Sources and Uses

•Overview of Proposal and Development Program

Development Summary• Rental and for-sale housing• Mixed-income targeting households at 20% to 180% Area

Median Income• Supportive housing for vulnerable populations• Re-opened McPherson Street for pedestrians and vehicles• Re-opened parklet for public• New community space for resident and community use• Commercial space• Surface parking under building and 2nd floor terrace• Public infrastructure improvements• Repurposing two existing houses

Values Brought to Project• ”For Community” rather than “For Profit” framework• Long-term affordability through deed restrictions• Opportunities for households with children, those with

disabilities, and current residents who want to age in place• Spaces for community engagement and common use• Sustainability considerations include geothermal, solar, fuel

cell, battery storage and stormwater management• Short-term and long-term job opportunities for local residents

with a focus on MWBE businesses• Beautification of site with landscaping and art• Strengthening connection to Homewood through design

Development Specifics - Apartments

120 New Units of Housing -- 83% rental, 17% for sale

Apartments• 100 units built in 2 phases, 1, 2 and 3-bedroom• Affordable to households between 20% and 80% Area Median

Income (AMI)• Single Person Households

• 20% AMI is $10,640• 80% AMI is $42,560

• Four Person Households• 20% AMI is $15,200• 80% AMI is $60,800

Development Specifics – For-Sale

For Sale Townhomes and Flats

• Estimated 20 units, 1, 2 and 3-bedroom• Affordable to households between 100% and 180% Area Median

Income (AMI), deed-restricted and possibly limited equity co-op structure to ensure affordability for future buyers

• Single Person Households• 100% AMI is $53,200• 180% AMI is $95,760

• Four Person Households• 100% AMI is $76,000• 180% AMI is $136,800

Development Specifics - Other

• Potentially 14,000 SF of commercial space for ACTION-Housing offices or other non-profit uses

• Renovation of two existing houses for non-profit uses, potentially a child care program

• Public infrastructure elements include re-opening of parklet, re-opening of McPherson, improvements to Homewood Avenue and access to busway, landscaping and public art

• Community room in apartment building to accommodate the larger community with programming, office space, and to serve as an emergency center in times of extended power outages

•ACTION-Housing Background and Relevant Experience

ACTION-Housing is a Mission-Driven Organization

Our Mission: To empower people to build more secure and self-sufficient lives through the provision of decent, affordable housing, essential supportive services, asset building programs, and educational and employment opportunities

ACTION-Housing has existed for 61 years.

• Since 1985, ACTION-Housing has developed or assisted in the development of over 4,500 units of housing for the elderly, persons with disabilities, the homeless, veterans, and working families.

• We also provide services that help make housing more affordable, such as weatherization, in-home accessibility, mortgage and foreclosure assistance, and credit counseling.

•Community Engagement and MWBE

What is our plan for community engagement?• Review all existing plans and community

statements to learn the history of community thinking about this site.

• Hold a visioning session on the site with all interested residents.• Create a working group with stakeholders from Homewood and

North Point Breeze that will meet regularly throughout planning and construction.

• Form partnerships with local organizations to help us to increase community hiring.

• Work with the community on programming for the new green space and community room.

• Work with an artist throughout the design process to incorporate public art into the site.

MWBE Commitment• We are committed to achieving the URA’s goals of 25% MWBE

participation (18% MBE and 7% WBE) on this project.• We have a history of exceeding these goals and hope to do so

here.• We are committed to hiring residents of the communities in

which our projects are based so will partner with existing workforce development groups in the area to increase local hiring.

• We’re already working with the Trade Institute of Pittsburgh to bring their masonry training program to the site.

• Incorporating our Minority Business Incubator Fellow into the project

•Sources and Uses

Sources and UsesSources – Total $37,974,292• Developer Equity $1,299,292• Low Income Housing Tax Credit Equity $24,000,000• Loans

• Public $2,575,000• Private $1,950,000

• Gap Financing• Public Grants $2,100,000• Philanthropic Grants $2,600,000

• Housing Sales Proceeds $3,450,000

Sources and UsesUses• Construction $25,687,222• Site Conditions/Work $3,130,000• Fees $1,685,174• Miscellaneous Development Costs $414,500• Construction Financing Fees $264,000• Permanent Financing Fees $51,517• Land + Building Acquisition $950,000• Project Reserves $1,625,550• Developer Fee + Overhead $3,300,000• Syndication Fees/Expenses $789,250• Other $77,080

Experience with Grants and Public FundingBetween 2013 and 2018 ACTION-Housing completed $114,567,061 in new real estate projects. All were multi-layered financing structures including:• Equity from Low Income Housing Tax Credits: $86,177,164• Equity from Historic Tax Credits: $1,164,541• Governments Grants and Loans (including URA, PHFA, FHLB,

CITF, ReClaim, GEDF): $12,094,990• Bank Loans: $3,850,000• ACTION-Housing Equity: $2,247,826• Foundation Support: $3,517,950• Other: $4,320,875

•Thank you!•Any questions?