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BOARD AGENDA ITEM
Board Meeting: October 18, 2021
PROGRAM Housing Credit Program - Multifamily
AGENDA ITEM 2022 Housing Credit Full Applications Board Selection of Applications for Award
BACKGROUND The deadline for submittal of the 2022 Housing Credit full applications was August 2, 2021. There are 8 applications for consideration. Applications are limited to 22.5% of the available credits, or $6,491,250, a total of $28,850,00.
The board must designate at least 10% ($2,885,000) of credit ceiling to applications that applied in the nonprofit pool. There are 5 applications in the nonprofit pool this round.
If an application were to be partially funded (resize and submit an application within 30 days) staff would recommend it not be one of the small rural applications or the acquisition/rehabilitation applications. Those applications are very hard to resize to a lesser amount of credits.
In your packet you will find:
First Packet Released Sept 28: 1- Demographic & population graph- applicable counties on top/separated 2- # of Units in Last 10 years & 4% & 9% Projects by County
Second Packet Released Oct 5: Projects are grouped together and include: 1- Cover letter 2- Mini market study 3- Amenities 4- Support letters from application
Third Packet Released Oct 12: Agenda Item Memo 1- Our summary cover page with project photos 2- Spreadsheet showing summary project information 3- 2022 Housing Credit Award summary 4- Board member worksheet to take notes 5- Spreadsheets showing project comparative information 6- Developer past project award and completion
BOARD AGENDA ITEM
Board Meeting: October 18, 2021
7- Additional public support letters
Non-profit Ten percent of each state's credit ceiling must be set aside for buildings which are part of one or more Projects involving Qualified Nonprofit Organizations.
The 10% nonprofit set aside may be met by an Award to an application involving a Qualified Nonprofit Organization out of any other set aside or the general pool.
If no Application Awarded HCs involves a Qualified Nonprofit Organization, the non-profit set aside (i.e., 10% of the state's credit ceiling) will be held back for later Award to an Application involving a Qualified Nonprofit Organization.
Small Rural Applications
For purposes of this status, a Small Rural Application: (1) submitted tax credit Application requesting tax credits in an amount up to but no more than 12.5% of the state’s Available Annual Credit Allocation, and (2) proposed to be developed and constructed in a location that is not within the city limits of Billings, Bozeman, Butte, Great Falls, Helena, Kalispell, or Missoula.
Board Consideration and Determination Process At the MBOH Board’s May 24 & 25, 2021 meeting, the Board considered Letters of Intent and selected eight (8) Projects to submit full Applications for Housing Credit Awards. At the Award Determination Meeting, MBOH staff will provide Project Application information to the MBOH Board. Applicants should be available to the MBOH Board to answer questions regarding their respective Applications. The MBOH Board may ask questions of Applicants and discuss proposed Projects but there will be no Applicant presentations. MBOH will provide an opportunity for public comment on proposed Affordable Communities and Applications. Applicants shall have a brief opportunity to make comments and respond to any information presented regarding their Applications.
Full Funding of Applications Just as MBOH will not allocate more Credits than necessary for the financial feasibility of the development and its viability, MBOH will not award Credits in an amount less than it deems necessary for these purposes. Therefore, if the Board Awards Credits to an Application, it will Award the amount of Credits determined by MBOH staff for the Application based upon the Applicant’s requested amount (except for any de minimis reduction because of lack of available Credits to fully fund the full Credit amount). If the remaining amount of available Credits is insufficient to fully fund an
BOARD AGENDA ITEM
Board Meeting: October 18, 2021
If the remaining amount of available Credits is insufficient to fully fund an additional Application, the Board will prioritize the remaining Applications for an Award from the remaining Credits, and the first priority Application for such an Award will be allowed 30 days to re-submit its Application resized to the amount of Credits remaining available After staff underwriting and evaluation of the resized Application, if MBOH staff determines based upon the resized Application that the development is financially feasible and viable as a qualified low- income housing Community throughout the Compliance Period, MBOH staff will enter into a Reservation Agreement for the Project. If the first priority Application fails to submit a resized Application within 30 days or MBOH staff determines that the Application is not financially feasible or viable as proposed in the resized Application, the next priority Application will be invited to submit a resized Application, and so on, until remaining Credits are reserved for one of the prioritized Applications.
Award Determination Selection Standard The MBOH Board will select those Applications to receive an Award of Housing Credits that it determines best meet the most pressing housing needs of low income people within the state of Montana, taking into consideration: (i) all of the requirements, considerations, factors, limitations, Development Evaluation Criteria, set asides, priorities and data (including without limitation the statistical data in the MBOH Statistical Data Form) set forth in this QAP and all federal requirements (together referred to in this QAP as the “Selection Criteria”); (ii) the Development Evaluation Criteria scoring; and (iii) all other information provided to the MBOH Board regarding the applicant Projects.
The awarding of points to Application pursuant to the Development Evaluation Criteria is for purposes of determining that the Applications meet at least the minimum Development Evaluation Criteria required for further consideration and to assist the MBOH Board in evaluating and comparing Applications. Development Evaluation Criteria scoring is only one of several considerations taken into account by the MBOH Board and does not control the selection of Applications that will receive an Award of Housing Credits. In addition to any other Selection Criteria specified in this QAP, the MBOH Board may consider the following factors in selecting Applications for an Award of Housing Credits to qualifying Projects:
a. The geographical distribution of Housing Credit Projects; b. The rural or urban location of the Projects; c. The overall income levels targeted by the Projects (including deeper
targeting of income levels); d. The need for affordable housing in the community, including but not
limited to current Vacancy Rates; e. Rehabilitation of existing low-income housing stock; f. Sustainable energy savings initiatives;
BOARD AGENDA ITEM
Board Meeting: October 18, 2021
g. Financial and operational ability of the Applicant to fund, complete and maintain the Project through the Extended Use Period;
h. Past performance of an Applicant in initiating and completing tax credit Projects; i. Cost of construction, land and utilities, including but not limited to
costs/credits per square foot/unit; j. The Project is being developed in or near a historic downtown neighborhood; k. The frequency of Awards in the respective areas where Projects are located; l. Preserving project rental assistance or have or are planning to add Section 811
units to an existing project; and/or m. Augmentation and/or sources of funds.
If the MBOH Board Awards Credits to an Applicant where the Award is not in keeping with the Selection Criteria of this QAP, it will publish a written explanation that will be made available to the general public pursuant to Section 42(m)(1)(A)(iv) of the Internal Revenue Code.
If all of the authorized Credits are Awarded after a particular cycle, MBOH may place qualifying Applications which did not receive an Award of tax credits on a waiting list for potential Award of Housing Credits in the event Credits become available at a later date. Any available Credits that are not Awarded or reserved in a particular cycle may in the discretion of the MBOH Board be made available for Award in a future cycle or may be used to increase the amount of Housing Credits reserved for a previously Awarded Affordable Community as provided in this QAP.
SCOTT OSTERMAN GREG GIANFORTE DIRECTOR GOVERNOR
COMMERCE.MT.GOV | HOUSING.MT.GOV 301 S. PARK AVE. | PO BOX 200528 – MONTANA HOUSING - BOARD OF HOUSING | HELENA, MT 59620-0528
P: 406.841.2840 | F: 406.841.2841 | TDD: 406.841.2702 | Toll Free: 800.841.6264
Carter Commons, Great Falls Housing Solutions New Construction - 35 Units - Senior Substantial Changes from LOI to Full application: none
Board Considerations Staff Comments Rural, Urban, Tribal Urban Income Levels Targeted
4 units at 40% AMI: 27 units at 50% AMI; 4 units at 60% AMI
Sustainable energy savings initiatives
Received max points for green building and energy conservation standards
Developer History/Past Performance:
Housing Solutions- See 10 yr History sheet, no known compliance or development issues
Credits Per Unit/Credits Per Sq Ft $180,313 / $279.12 Cost Per Unit/ Cost Per Sq Ft $207,057 / $217.93 Frequency of award in that area Last Award: (2017 New Const family) Rockcress
9% - 32 units & Rockcress 4%- 92 units; (2016 rehab family) River Run 4%- 96 units -see 10 year sheet for other awards
Rental Subsidies none Outlying features from other projects
Secured entrance, all services within 2 miles of property, extensive senior amenities
Staff Notes from Underwriting process:
• 950 number of households who can afford units • 0% vacancy at rent restricted properties • Amenities include air conditioning, dishwasher, disposal, microwave, washer/dryer in unit, community
garden, community room, computer tenant use, library, on site manager, outdoor community area, hotspot/wifi,
• Bus stop 0.1 miles from property • Utilities: Owner paid
SCOTT OSTERMAN GREG GIANFORTE DIRECTOR GOVERNOR
COMMERCE.MT.GOV | HOUSING.MT.GOV 301 S. PARK AVE. | PO BOX 200528 – MONTANA HOUSING - BOARD OF HOUSING | HELENA, MT 59620-0528
P: 406.841.2840 | F: 406.841.2841 | TDD: 406.841.2702 | Toll Free: 800.761.6264
SCOTT OSTERMAN GREG GIANFORTE DIRECTOR GOVERNOR
COMMERCE.MT.GOV | HOUSING.MT.GOV 301 S. PARK AVE. | PO BOX 200528 – MONTANA HOUSING - BOARD OF HOUSING | HELENA, MT 59620-0528
P: 406.841.2840 | F: 406.841.2841 | TDD: 406.841.2702 | Toll Free: 800.841.6264
Junegrass Place 9%, Kalispell GMD Development and Homeword- New Construction-Family-24 Units 9% / 114 Units 4% Substantial Changes from LOI to Full application: Due to site engineering issues, there will be a reduction of 6 units to the 4% side. The site layout needed to change as well to accommodate the sloping east side of the site, and a stormwater retention facility.
Board Considerations Staff Comments Rural, Urban, Tribal
Urban
Income Levels Targeted
9%: 50 & 60% AMI Averaging 55% AMI 4%: 50, 60 & 70 AMI
Sustainable energy savings initiatives
Received max points for green building and energy conservation standards
Developer History/Past Performance:
GMD Development and Homeword- See 10 yr History sheet, no known compliance or development issues
Credits Per Unit/Credits Per Sq Ft
9%: $199,167 / $234 4%: $113,988 / $146
Cost Per Unit/ Cost Per Sq Ft 9%: 245,070 / 288 4%: 231,874 / 297
Frequency of award in that area 2021 Creekside Cmns Senior - 36 units 2018 Courtyard Apts Family – 32 units 2017 Big Sky 4% Senior – 60 units 2012 Depot Pl Senior – 40 units
Rental Subsidies No project based rental assistance
Outlying features from other projects
Twinned project, average income for 4% units
Staff Notes from Underwriting process:
• Market Study shows a 0% vacancy • Cost Per Unit under the maximum by $35,000 • Amenities include AC, Dishwasher, Patios, Washer/Dryer hookups, community room, library, onsite
manager, outdoor community area and play area • Utilities: tenant pays electric, internet, owner pays, water, sewer, trash • The 9% side of the deal is buying the land and gifting a portion of it to the 4% side
SCOTT OSTERMAN GREG GIANFORTE DIRECTOR GOVERNOR
COMMERCE.MT.GOV | HOUSING.MT.GOV 301 S. PARK AVE. | PO BOX 200528 – MONTANA HOUSING - BOARD OF HOUSING | HELENA, MT 59620-0528
P: 406.841.2840 | F: 406.841.2841 | TDD: 406.841.2702 | Toll Free: 800.761.6264
SCOTT OSTERMAN GREG GIANFORTE DIRECTOR GOVERNOR
COMMERCE.MT.GOV | HOUSING.MT.GOV 301 S. PARK AVE. | PO BOX 200528 – MONTANA HOUSING - BOARD OF HOUSING | HELENA, MT 59620-0528
P: 406.841.2840 | F: 406.841.2841 | TDD: 406.841.2702 | Toll Free: 800.841.6264
Riverview Apartments, Big Sky Blueline Development & Big Sky Community Housing Trust- New Construction-Family-25 Units Substantial Changes from LOI to Full application: none
Board Considerations Staff Comments Rural, Urban, Tribal Rural Income Levels Targeted 1 at 30%, 9 at 50%, 7 at 60%, 4 at 70%, 3 at 80% Sustainable energy savings initiatives
Received max points for green building and energy conservation standards
Developer History/Past Performance:
Blueline Development- See 10 yr History sheet, no known compliance or development issues
Credits Per Unit/Credits Per Sq Ft
$259,650 / $313.06
Cost Per Unit/ Cost Per Sq Ft $306,242 / $369.23 Frequency of award in that area Last Award: Big Sky Apartments 1997- 36 units
Rental Subsidies none
Outlying features from other projects
Average Income Set aside; cost per unit exceeds max
Staff Notes from Underwriting process:
• Market Study could not find one vacant rental unit for comparisons, 50% of Big Sky workforce lives
outside of Big Sky • Cost Per Unit exceeds Max, applied for Waiver • Amenities include community room, storage areas, air conditioning, patios, washer dryers • 400 renter households that are employed in Big Sky have been displaced due to owner selling rental or
converting to vacation rental • 90 workforce apartments being planned in area, unsure if will be market rate or unrestricted • Big Sky apartments other LIHTC has 95 names on wait list; Gallatin county has 1900 names on waitlist • Bus stop into Bozeman .1 miles from units • Utilities: tenant pays electric, internet, owner pays, water, sewer, trash • Over past ten years Gallatin was the fastest growing county by overall increase and percentage
increase • If this project is awarded credits, the cost per unit waiver would automatically be approved, if the costs
increase again, another waiver would be required to be approved by the board
SCOTT OSTERMAN GREG GIANFORTE DIRECTOR GOVERNOR
COMMERCE.MT.GOV | HOUSING.MT.GOV 301 S. PARK AVE. | PO BOX 200528 – MONTANA HOUSING - BOARD OF HOUSING | HELENA, MT 59620-0528
P: 406.841.2840 | F: 406.841.2841 | TDD: 406.841.2702 | Toll Free: 800.761.6264
SCOTT OSTERMAN GREG GIANFORTE DIRECTOR GOVERNOR
COMMERCE.MT.GOV | HOUSING.MT.GOV 301 S. PARK AVE. | PO BOX 200528 – MONTANA HOUSING - BOARD OF HOUSING | HELENA, MT 59620-0528
P: 406.841.2840 | F: 406.841.2841 | TDD: 406.841.2702 | Toll Free: 800.841.6264
Bicentennial Apartments - Dillon Dawson Holdings, Inc- Acquisition/Rehabilitation-58 Units- Senior Substantial Changes from LOI to Full application: no 30% units
Board Considerations Staff Comments Rural, Urban, Tribal
Rural
Income Levels Targeted
6 at 40%, 36 at 50%, 16 at 60%
Sustainable energy savings initiatives
Received max points for green building and energy conservation standards
Developer History/Past Performance:
Has not developed in MT/other states Utah, California, Texas
Credits Per Unit/Credits Per Sq Ft
$96,382 / $179
Cost Per Unit/ Cost Per Sq Ft $143,149/ $266 Frequency of award in that area Last Award: 2020 Pioneer Meadows Family 28
units; 2003 Snowcrest Family 24 units
Rental Subsidies 46 of 58 units have Project Based Section 8
Outlying features from other projects
Has security feature with buzzer entry system, access to senior services on site
Staff Notes from Underwriting process:
• Property for Senior 62 plus • Amenities include, carports (existing, add more), dishwasher, disposal, extra storage outside (existing),
car plug ins (existing, add more), community garden(repair), community room (upgraded), computers (existing), library, on site manager, outdoor community area(existing), hotspot/wifi
• Bus stop right by property • 154 households who can afford the rent, no seniors on waiting list in county • Utilities: owners pays all • 700K in capital improvements already made to property
SCOTT OSTERMAN GREG GIANFORTE DIRECTOR GOVERNOR
COMMERCE.MT.GOV | HOUSING.MT.GOV 301 S. PARK AVE. | PO BOX 200528 – MONTANA HOUSING - BOARD OF HOUSING | HELENA, MT 59620-0528
P: 406.841.2840 | F: 406.841.2841 | TDD: 406.841.2702 | Toll Free: 800.761.6264
SCOTT OSTERMAN GREG GIANFORTE DIRECTOR GOVERNOR
COMMERCE.MT.GOV | HOUSING.MT.GOV 301 S. PARK AVE. | PO BOX 200528 – MONTANA HOUSING - BOARD OF HOUSING | HELENA, MT 59620-0528
P: 406.841.2840 | F: 406.841.2841 | TDD: 406.841.2702 | Toll Free: 800.841.6264
Baatz Block Apartments, Great Falls Homeword, NeighborWorks Great Falls- New Construction-24 Units Substantial Changes from LOI to Full application: none
Board Considerations Staff Comments Rural, Urban, Tribal
Urban
Income Levels Targeted
3 at 40%,16 at 50%, 6 at 60%
Sustainable energy savings initiatives
Received max points for green building and energy conservation standards
Developer History/Past Performance:
Homeword & NWGF- See 10 yr History sheet, no known compliance or development issues
Credits Per Unit/Credits Per Sq Ft
$244,000 / $634.89
Cost Per Unit/ Cost Per Sq Ft $232,779 / $299.79 Frequency of award in that area Last Award: (2017 New Const family) Rockcress
9% - 32 units & Rockcress 4%- 92 units; (2016 rehab family) River Run 4%- 96 units -see 10 year sheet for other awards
Rental Subsidies 24 units project based section 8 vouchers through Great Falls Housing Authority
Outlying features from other projects
Adaptive historic re-use of old hotel; permanent supportive housing
Staff Notes from Underwriting process:
• 3,450 number of households who can afford units • 0.3% vacancy in market units; no vacancies at income restricted properties • Amenities include air conditioning, microwave, community room, computer tenant use, library, on site
manager, on-site laundry, air conditioning • Bus stop 0.1 miles from property • Utilities: Owner pays all • Great Falls currently has no permanent supportive housing facilities
SCOTT OSTERMAN GREG GIANFORTE DIRECTOR GOVERNOR
COMMERCE.MT.GOV | HOUSING.MT.GOV 301 S. PARK AVE. | PO BOX 200528 – MONTANA HOUSING - BOARD OF HOUSING | HELENA, MT 59620-0528
P: 406.841.2840 | F: 406.841.2841 | TDD: 406.841.2702 | Toll Free: 800.761.6264
SCOTT OSTERMAN GREG GIANFORTE DIRECTOR GOVERNOR
COMMERCE.MT.GOV | HOUSING.MT.GOV 301 S. PARK AVE. | PO BOX 200528 – MONTANA HOUSING - BOARD OF HOUSING | HELENA, MT 59620-0528
P: 406.841.2840 | F: 406.841.2841 | TDD: 406.841.2702 | Toll Free: 800.841.6264
Hardin Sr, Hardin American Covenant Senior Housing Foundation & Oak Leaf Community Development-24 – Acquisition Rehab Substantial Changes from LOI to Full application: none
Board Considerations Staff Comments Rural, Urban, Tribal
Rural
Income Levels Targeted
6 at 40%; 15 at 50% ,3 at 60% AMI
Sustainable energy savings initiatives
Received max points for green building and energy conservation standards
Developer History/Past Performance:
See 10 yr History sheet, no known compliance or development issues
Credits Per Unit/Credits Per Sq Ft
$181,970 / $255.50
Cost Per Unit/ Cost Per Sq Ft $232,822 / $326.90 Frequency of award in that area Last Award in Hardin was in 1996, when this
project was originally done as Rangeview.
Rental Subsidies All 24 units have Rural Development rental assistance
Outlying features from other projects
As noted, this is a resyndication of a 1996 project
Staff Notes from Underwriting process:
• .4% vacancy rate in Hardin • Amenities include managers Office, Community Room, Tenant use Computer, Community Garden and
green space, Covered Parking, and Solar. • Northern Cheyanne has 100 on waitlist; Crow Agency has 241 on waitlist • Utilities: paid by owner
SCOTT OSTERMAN GREG GIANFORTE DIRECTOR GOVERNOR
COMMERCE.MT.GOV | HOUSING.MT.GOV 301 S. PARK AVE. | PO BOX 200528 – MONTANA HOUSING - BOARD OF HOUSING | HELENA, MT 59620-0528
P: 406.841.2840 | F: 406.841.2841 | TDD: 406.841.2702 | Toll Free: 800.761.6264
SCOTT OSTERMAN GREG GIANFORTE DIRECTOR GOVERNOR
COMMERCE.MT.GOV | HOUSING.MT.GOV 301 S. PARK AVE. | PO BOX 200528 – MONTANA HOUSING - BOARD OF HOUSING | HELENA, MT 59620-0528
P: 406.841.2840 | F: 406.841.2841 | TDD: 406.841.2702 | Toll Free: 800.841.6264
Cabinet Affordable Housing, Libby Community Action Partnership of Northwest MT & American Covenant Senior Housing Foundation- New Construction-Family-24 Units Substantial Changes from LOI to Full application: none
Board Considerations Staff Comments Rural, Urban, Tribal Rural Income Levels Targeted 3 units at 40% AMI; 21 units at 50% AMI Sustainable energy savings initiatives
Meets points for green initiatives
Developer History/Past Performance:
American Covenant Senior Housing involved in this project & Hardin Senior
Credits Per Unit/Credits Per Sq Ft $270,458/ $297 Cost Per Unit/ Cost Per Sq Ft $259,083 / $284 Frequency of award in that area Green Meadow Apts – 1999- 34 units
Rental Subsidies none Outlying features from other projects
All buildings are duplexes; market study doesn’t show as high as need as other projects
Staff Notes from Underwriting process:
• Amenities: patios, community room, computers and hot spots, play area, covered parking • Utilities: Tenant pays heat & electric, Owner pays water sewer trash • 42% of households in Libby are renters • 30 Housing choice vouchers available for area • 2 bedrooms rents at 50% not that much different than market 2-bedroom rent, $798 vs $825 • Market study lease up is predicted at three months; other projects predictions under a month
SCOTT OSTERMAN GREG GIANFORTE DIRECTOR GOVERNOR
COMMERCE.MT.GOV | HOUSING.MT.GOV 301 S. PARK AVE. | PO BOX 200528 – MONTANA HOUSING - BOARD OF HOUSING | HELENA, MT 59620-0528
P: 406.841.2840 | F: 406.841.2841 | TDD: 406.841.2702 | Toll Free: 800.761.6264
SCOTT OSTERMAN GREG GIANFORTE DIRECTOR GOVERNOR
COMMERCE.MT.GOV | HOUSING.MT.GOV 301 S. PARK AVE. | PO BOX 200528 – MONTANA HOUSING - BOARD OF HOUSING | HELENA, MT 59620-0528
P: 406.841.2840 | F: 406.841.2841 | TDD: 406.841.2702 | Toll Free: 800.841.6264
Tapestry Apartments, Billings Community Leadership & Development, Inc. - New Construction-26 Units- Family Substantial Changes from LOI to Full application: Site location changed, reduction in number of units, commercial space eliminated. The project site is still adjacent to CLDI's office, and residents will have access to supportive programs and services offered by CLDI and their partnering organizations. Site 100 yards from initial site, smaller in size, thus reduction in units. Asking for slightly less credits, 200k over 10 years.
Board Considerations Staff Comments Rural, Urban, Tribal
Urban
Income Levels Targeted 3 at 40%, 16 at 50%, 7 at 60% Sustainable energy savings initiatives
Received max points for green building and energy conservation standards
Developer History/Past Performance:
Blueline Development- See 10 yr History sheet, no known compliance or development issues
Credits Per Unit/Credits Per Sq Ft
$238,462 / $247.19
Cost Per Unit/ Cost Per Sq Ft $279,333 / $289.56 Frequency of 9% award in that area
2021 Jackson Crt – 38 New Const Family Units 2021 MRM Unified Campus- 29 Units Rehab Family 2019 Chapel Crt- 54 Senior New Const Units Also awards is 2018/2017/2016 & prior see 10 year sheet
Rental Subsidies 8 HOME units
Outlying features from other projects
Site location change from LOI
Staff Notes from Underwriting process:
• Very close to public transportation, .1 mile from MET Transit, high walkable area • Billings had 11% population growth in last ten years • Market Study determined 1,423 one & two bedrooms needed to meet 40,50, & 60 % AMI • Tenants pay electric, phone, cable; Owner pays water, sewer, trash • Housing Authority wait list 3,381 names • Amenities: air conditioning, dishwasher, microwave, in unit washer and dryers
SCOTT OSTERMAN GREG GIANFORTE DIRECTOR GOVERNOR
COMMERCE.MT.GOV | HOUSING.MT.GOV 301 S. PARK AVE. | PO BOX 200528 – MONTANA HOUSING - BOARD OF HOUSING | HELENA, MT 59620-0528
P: 406.841.2840 | F: 406.841.2841 | TDD: 406.841.2702 | Toll Free: 800.761.6264
Montana Housing 2022 Housing Credit Awards Full App
Entity Housing Construction HC RequestCity County Project Name Sponsor / Developer Type Set-aside Type Type Units 10 yr total
Projects invited to Full Application:1 Great Falls Cascade Carter Commons Housing Solutions For-Profit General Senior New 36 $ 6,491,250 2 Kalispell Flathead Junegrass Place 9% GMD Dev/Homeword Non-Profit General Family New 24 $ 4,780,000 3 Big Sky Gallatin Riverview Apts Blueline / Big Sky CHT For-Profit General Family New 25 $ 6,491,250 4 Dillon Beaverhead Bicentennial Apts Dawson Holdings, Inc For-Profit General Senior Acq Rehab 58 $ 5,590,170 5 Great Falls Cascade Baatz Block Apts NWGF / Homeword Non-profit General Family New 25 $ 6,100,000 6 Hardin Big Horn Hardin Senior Hsing Amer Covenant / Oak Leaf Non-Profit General Senior Acq Rehab 24 $ 4,367,270 7 Libby Lincoln Cabinet Aff Housing
NWMT Non-profit General Family New 24 $ 6,491,000
8 Billings Yellowstone Tapestry Apts CLDI Holdings Non-profit General Family New 26 $ 6,200,000
Total Projects 242 46,510,940
* - The above was randomly selected and is the order updates will be reviewed at the October meeting. Current Year Credits 28,850,000 2021 Credits Remaining -
Returned Credits - 2021 National Pool Credits from 2020 -
Available Credits: 28,850,000 Minimum Required to be Awared to Non-Profits (10%): 2,885,000
Maximum Request for a Small Rural Project (12.5%): 3,606,250 Maximum Credit Per Project (22.5%): 6,491,250
Project Name Sponsor / Developer City ST Contact email Telephone
Carter Commons Housing Solutions Missoula MT Alex Burkhalter alex@housing-solutions.org 406.203.1558Junegrass Place 9% GMD Dev/Homeword Seattle WA Steve Dymoke steve@gmddevelopment.com 206.745.6464Riverview Apts Blueline / Big Sky CHT Missoula MT Jason Boal jason@bluelinedevelopment.com 406.214.4788Bicentennial Apts Dawson Holdings, Inc Novato CA Tim Fluetsch tfluetsch@d-h-i.net 801.244.6658Baatz Block Apts NWGF / Homeword Misosula MT Heather McMillan heather@homeword.org 406.532.4663 ext 36Hardin Senior Hsing Amer Covenant / Oak Leaf Kalispell MT Gerald Fritts gmf@acshf.com 406.235.6593Cabinet Aff Housing Amer Covenant / CAP NWMT Kalispell MT Gerald Fritts gmf@acshf.com 406.235.6593Tapestry Apts CLDI Holdings Billings MT Eric Basye eric@cldibillings.org 406.256.3002
Montana Housing Board Member Worksheet:2022 Housing Credit Letter of Intent Rural Overall Need in Rehab of Sustainable Applicants Past Cost In or Near Freq of Other
Geographic or Income the Existing Energy Fin & Oper Performance Const Historic Awards in QAPCity Project Name Distribution Urban Levels Community Stock Savings Ability of Applicant etc. Downtown Location Factors
1 Great Falls Carter Commons
2 Kalispell Junegrass Place 9%
3 Big Sky Riverview Apts
4 Dillon Bicentennial Apts
5 Great Falls Baatz Block Apts
6 Hardin Hardin Senior Hsing
7 Libby Cabinet Aff Housing
8 Billings Tapestry Apts
Total Const/Rehab Total
Hardin Senior Housing 4,367,270$ Bicentennial Apartments 143,149$ Junegrass Place 4% 137.18$ Carter Commons 143.76$ 217.93$ Carter Commons 50.28%
Junegrass Place 9% 4,780,000$ Carter Commons 207,057$ Bicentennial Apartments 179.03$
Bicentennial Apartments 93.59$ 265.91$ Junegrass Place 9% 55.00%
Bicentennial Apartments 5,590,163$
Baatz Block Apartments 232,779$ Carter Commons 189.78$ Junegrass Place 4% 177.13$ 279.45$ Junegrass Place 4% 59.82%
Baatz Block Apartments 6,100,000$ Hardin Senior Housing 232,822$
Baatz Block Apartments 209.56$ Cabinet Aff Housing 194.08$ 284.71$
Riverview Apartments 59.17%
Tapestry Apartments 6,200,000$ Junegrass Place 4% 236,915$ Junegrass Place 9% 234.41$ Junegrass Place 9% 167.48$ 288.43$ Bicentennial Apartments 51.90%
Cabinet Aff Housing 6,491,000$ Junegrass Place 9% 245,070$ Tapestry Apartments 247.19$ Tapestry Apartments 203.33$ 289.56$ Baatz Block Apartments 51.20%
Carter Commons 6,491,250$ Cabinet Aff Housing 259,083$ Hardin Senior Housing 255.50$ Baatz Block Apartments 215.07$ 299.79$
Hardin Senior Housing 48.75%
Riverview Apartments 6,491,250$ Tapestry Apartments 279,333$ Cabinet Aff Housing 297.21$ Hardin Senior Housing 160.76$ 326.90$ Cabinet Aff Housing 48.75%
Junegrass Place 4% 13,258,287$ Riverview Apartments 306,242$ Riverview Apartments 313.06$ Riverview Apartments 257.70$ 369.23$ Tapestry Apartments 52.22%
DCR Expense
Junegrass Place 4% 46.73% Carter Commons 1,260 Carter Commons Jul-22 Carter Commons 1.20 1.09 Bicentennial Apartments 54.53% Junegrass Place 9% 1,170 Junegrass Place 9% Apr-22 Junegrass Place 9% 1.15 1.08 Baatz Block Apartments 57.31% Junegrass Place 4% 1,080 Junegrass Place 4% Apr-22 Junegrass Place 4% 1.15 1.09
Hardin Senior Housing 66.43% Riverview Apartments 1,110 Riverview Apartments Jul-22 Riverview Apartments 1.21 1.09
Junegrass Place 9% 69.07% Bicentennial Apartments 1,230
Bicentennial Apartments Apr-22
Bicentennial Apartments 1.18 1.06
Tapestry Apartments 73.41% Baatz Block Apartments 1,230
Baatz Block Apartments Sep-22
Baatz Block Apartments na 1.26
Riverview Apartments 73.76% Hardin Senior Housing 1,260 Hardin Senior Housing Feb-22 Hardin Senior Housing 1.18 1.07
Carter Commons 74.01% Cabinet Aff Housing 1,260 Cabinet Aff Housing Feb-22 Cabinet Aff Housing 1.35 1.09
Cabinet Aff Housing 89.25% Tapestry Apartments 1,260 Tapestry Apartments May-22 Tapestry Apartments 1.47 1.10
*-Junegrass Place 4% is non-competative and not asking for an allocation of credits
% paid by HC Construction Start Date
Targeting AverageHousing Credits Requested
Debt Coverage/Expense Ratio Yr 1
Cost per unit Cost per sq ftCredits per sq ft
Evaluation Score:
HOUSING CREDITS 2022COMPARATIVE DATA BY PROJECT SORTED
City Great Falls Kalispell Kalispell Big Sky Dillon Great Falls Hardin Libby Billings
County Cascade County Flathead Flathead Gallatin Beaverhead Cascade Big Horn Lincoln Yellowstone
Project Name Carter Commons Junegrass Place 9% Junegrass Place 4% Riverview Apartments Bicentennial
Apartments Baatz Block Apartments Hardin Senior Housing Cabinet Aff Housing Tapestry Apartments
Developer / General Ptnr Housing Solutions GMD / Homeword GMD / Homeword BlueLine Dev Inc. Dawson Holdings, Inc. Homeword / NWGF Amer Covt/Oak Leaf Amer Covt/CAP NWMT Comm Ldrship/CR Blders Set-aside General Non-Profit Non-Profit General General Non-Profit Non-Profit Non-Profit Non-Profit HC Requested $6,491,250 $4,780,000 $13,258,287 $6,491,250 $5,590,163 $6,100,000 $4,367,270 $6,491,000 $6,200,000 Project Type Elderly Family Family Family Elderly Other Elderly Family Family Construction Type New Const New Const New Const New Const Acq / Rehab New Const Acq / Rehab New Const New Const Projected Construction Start Jul-22 Apr-22 Apr-22 Jul-22 Apr-22 Sep-22 Feb-22 Feb-22 May-22Projected Completion Jul-23 Aug-23 Aug-23 Jul-23 Dec-22 Mar-23 Aug-22 Nov-22 May-23
Unit Numbers Target0-bdrm 40% - - - - 1 1 - - - 0-bdrm 50% - - - - 4 2 - - - 1-bdrm 30% - - - 1 - - - - - 1-bdrm 40% 3 - - - 4 1 6 3 2 1-bdrm 50% 17 6 19 1 29 12 15 11 4 1-bdrm 60% 3 6 19 1 3 3 3 - 4 1-bdrm 70% - - 19 2 - - - - - 1-bdrm 80% - - - 1 - - - - - 2-bdrm 40% 1 - - - 1 1 - - 1 2-bdrm 50% 10 3 12 4 2 2 - 10 4 2-bdrm 60% 1 3 12 4 1 1 - - 3 2-bdrm 70% - - 11 1 - - - - - 2-bdrm 80% - - - 2 - - - - - 3-bdrm 50% - 3 7 4 - - - - - 3-bdrm 60% - 2 8 2 - - - - -
other mgr 1 1 1 - - 1 - - - Total Units 36 24 114 24 58 25 24 24 26
Average Income Targeting 50.28% 55.00% 59.82% 59.17% 51.90% 51.20% 48.75% 48.75% 52.22%
Square FootageIncome Resticted Units 23,256 19,246 93,752 18,100 31,224 9,608 14,926 19,840 19,386 Managers Unit(s) 600 1,146 1,146 750 - 551 - - - Common Space 10,348 - 1,751 1,885 - 18,950 2,167 2,000 5,696 Market/Commercial - - - - - - - - -
Total 34,204 20,392 96,649 20,735 31,224 29,109 17,093 21,840 25,082
Unit Rents0-bdrm 40% - - - - 734 669 - - - 0-bdrm 50% - - - - 734 669 - - - 1-bdrm 30% - - - 431 - - - - - 1-bdrm 40% 510 - - - 816 674 750 429 475 1-bdrm 50% 635 603 603 765 816 674 750 562 620 1-bdrm 60% 775 736 736 932 816 674 804 - 725 1-bdrm 70% - - 869 1,099 - - - - - 1-bdrm 80% - - - 1,266 - - - - - 2-bdrm 40% 610 - - - 954 889 - - 560 2-bdrm 50% 765 724 724 907 954 889 - 660 725 2-bdrm 60% 900 884 884 1,107 954 889 - - 855 2-bdrm 70% - - 1,044 1,307 - - - - - 2-bdrm 80% - - - 1,508 - - - - - 3-bdrm 50% - 837 837 1,038 - - - - - 3-bdrm 60% - 1,021 1,021 1,269 - - - - -
other mgr - 1,021 1,206 - - 798 - - - Total Monthly Rents 23,810$ 18,432$ 95,201$ 26,161$ 47,174$ 17,814$ 18,162$ 14,069$ 17,735$ vacancy factor 7.00% 7.00% 7.00% 7.00% 5.00% 7.00% 7.00% 7.00% 7.00%Adjusted Rent 22,143$ 17,142$ 88,537$ 24,330$ 44,815$ 16,567$ 16,891$ 13,084$ 16,494$ other/commercial income $300 $590 $4,200 $0 $703 $1,641 $192 $205 $42total rent 22,443$ 17,732$ 92,737$ 24,330$ 45,518$ 18,208$ 17,083$ 13,289$ 16,535$ x 12 months 12 12 12 12 12 12 12 12 12 Total Annual Income 269,320$ 212,781$ 1,112,843$ 291,957$ 546,220$ 218,501$ 204,992$ 159,470$ 198,423$
City Great Falls Kalispell Kalispell Big Sky Dillon Great Falls Hardin Libby Billings
County Cascade County Flathead Flathead Gallatin Beaverhead Cascade Big Horn Lincoln Yellowstone
Project Name Carter Commons Junegrass Place 9% Junegrass Place 4% Riverview Apartments Bicentennial
Apartments Baatz Block Apartments Hardin Senior Housing Cabinet Aff Housing Tapestry Apartments
Developer / General Ptnr Housing Solutions GMD / Homeword GMD / Homeword BlueLine Dev Inc. Dawson Holdings, Inc. Homeword / NWGF Amer Covt/Oak Leaf Amer Covt/CAP NWMT Comm Ldrship/CR Blders
ExpensesAdministration 15,400 5,952 28,272 17,670 33,260 35,679 20,550 23,000 10,750 Management 18,852 9,043 47,347 17,100 27,311 15,974 19,296 19,296 11,875 Maintenance 34,962 15,811 75,104 32,478 82,105 20,492 27,000 15,000 46,212 Operating 64,000 58,320 227,772 76,690 174,211 53,911 42,880 46,080 63,120 Taxes - 600 2,850 - 5,259 39,200 - - 1,000 Replacement Reserve 10,800 7,200 34,200 7,500 20,300 7,500 7,800 7,200 7,800 Total Expenses 144,014$ 96,926$ 415,545$ 151,438$ 342,446$ 172,756$ 117,526$ 110,576$ 140,757$
Net Income Before Debt Service 125,305$ 115,855$ 697,298$ 140,519$ 203,774$ 45,745$ 87,466$ 48,894$ 57,666$
Financing SourcesHard Loan 1,720,000 1,430,010 11,278,360 2,000,000 3,198,000 1,318,944 837,000 600,000 600,000 Hard Loan - - - - - 314,000 950,000 - 575,000
State HOME - - - - - - - - 650,000 Deferred Dev Fee 217,040 205,172 2,392,612 9,230 357,157 12,003 88,926 68,187 106,198
HC Equity Competative 5,517,011 4,062,594 - 5,646,824 4,527,585 5,001,500 3,711,808 5,549,805 5,331,467 HC Equity Non-Competative - - 12,620,498 - - - - - -
Total Sources: 7,454,051$ 5,881,688$ 27,008,366$ 7,656,054$ 8,302,660$ 8,726,447$ 5,587,734$ 6,217,992$ 7,262,665$ % of Project Financed by HC: 74.01% 69.07% 46.73% 73.76% 54.53% 57.31% 66.43% 89.25% 73.41%
Return on Sale of HTCHTC Requested 6,491,250$ 4,780,000$ 13,258,287$ 6,491,250$ 5,590,163$ 6,100,000$ 4,367,270$ 6,491,000$ 6,200,000$ HTC Equity 5,517,011$ 4,062,594$ 12,620,498$ 5,646,824$ 4,527,585$ 5,001,500$ 3,711,808$ 5,549,805$ 5,331,467$ HTC Return on Sale 0.850$ 0.850$ 0.952$ 0.870$ 0.810$ 0.820$ 0.850$ 0.855$ 0.860$
Ratios
Rent (Income) 269,320$ 212,781$ 1,112,843$ 291,957$ 546,220$ 218,501$ 204,992$ 159,470$ 198,423$ Operating Expenses 133,214$ 89,726$ 381,345$ 143,938$ 322,146$ 165,256$ 109,726$ 103,376$ 132,957$ Replacement Reserves 10,800$ 7,200$ 34,200$ 7,500$ 20,300$ 7,500$ 7,800$ 7,200$ 7,800$ Net Income Available for DS 125,305$ 115,855$ 697,298$ 140,519$ 203,774$ 45,745$ 87,466$ 48,894$ 57,666$ Total Debt Service 104,168$ 100,743$ 607,398$ 115,727$ 173,389$ -$ 74,376$ 36,338$ 39,137$ Debt Coverage Ratio (DCR) 1.20 1.15 1.15 1.21 1.18 na 1.18 1.35 1.47 Total Expense Ratio 1.09 1.08 1.09 1.09 1.06 1.26 1.07 1.09 1.10
Project Costs
Land 350,000 1,068,000 - - 660,000 41,300 91,000 30,000 - Building/Acquisition - - - - 2,840,000 352,847 1,174,000 - - Site Work 600,000 - 3,089,275 370,000 - - - 175,000 350,000 Construction / Rehab 4,917,010 3,415,316 17,119,330 5,343,500 2,922,285 6,260,500 2,747,800 4,238,628 5,099,901 Soft Costs 715,316 684,557 2,832,174 987,554 710,861 1,074,600 759,588 876,091 971,764 Developer Fees 650,000 614,980 3,456,117 800,000 915,152 900,000 680,346 773,273 750,000 Reserves 221,725 98,835 511,470 155,000 254,360 97,200 135,000 125,000 91,000 Total Project Costs 7,454,051$ 5,881,688$ 27,008,366$ 7,656,054$ 8,302,658$ 8,726,447$ 5,587,734$ 6,217,992$ 7,262,665$
Costs versus Sources
Total Project Costs 7,454,051$ 5,881,688$ 27,008,366$ 7,656,054$ 8,302,658$ 8,726,447$ 5,587,734$ 6,217,992$ 7,262,665$ Total Financing Sources 7,454,051$ 5,881,688$ 27,008,366$ 7,656,054$ 8,302,660$ 8,726,447$ 5,587,734$ 6,217,992$ 7,262,665$ Difference -$ -$ -$ -$ (2)$ -$ -$ -$ -$
Project Cost LimitationsLimits
General Requirements 6.00% 4.61% 4.75% 4.80% 5.25% 4.78% 4.60% 4.85% 4.62% 4.31%Contractor Overhead 2.00% 1.26% 1.68% 1.69% 1.49% 1.59% 1.53% 1.62% 1.54% 1.47%Contractor Profit 6.00% 4.61% 3.57% 3.60% 5.25% 4.78% 4.60% 4.85% 4.62% 4.31%Developer Fees 15.00% 10.43% 15.00% 15.00% 11.94% 14.14% 11.71% 14.53% 14.62% 11.68%Soft Cost 32 or 37% 23.11% 28.97% 31.12% 19.19% 28.22% 29.67% 35.88% 36.22% 31.19%
City Great Falls Kalispell Kalispell Big Sky Dillon Great Falls Hardin Libby Billings
County Cascade County Flathead Flathead Gallatin Beaverhead Cascade Big Horn Lincoln Yellowstone
Project Name Carter Commons Junegrass Place 9% Junegrass Place 4% Riverview Apartments Bicentennial
Apartments Baatz Block Apartments Hardin Senior Housing Cabinet Aff Housing Tapestry Apartments
Developer / General Ptnr Housing Solutions GMD / Homeword GMD / Homeword BlueLine Dev Inc. Dawson Holdings, Inc. Homeword / NWGF Amer Covt/Oak Leaf Amer Covt/CAP NWMT Comm Ldrship/CR Blders
Per Unit ComparisonLimits
Cost per unit total n/a 207,057$ 245,070$ 236,915$ 306,242$ 143,149$ 349,058$ 232,822$ 259,083$ 279,333$ Cost per unit residential only $280,000 207,057$ 245,070$ 236,915$ 306,242$ 143,149$ 232,779$ 232,822$ 259,083$ 279,333$ Credits per unit n/a 180,313$ 199,167$ 116,301$ 259,650$ 96,382$ 244,000$ 181,970$ 270,458$ 238,462$ Operating Cost per unit $3,000 min 3,700$ 3,739$ 3,345$ 5,758$ 5,554$ 6,610$ 4,572$ 4,307$ 5,114$ Replacement Reseves $300 min 300$ 300$ 300$ 300$ 350$ 300$ 325$ 300$ 300$
Per Square Foot Comparison
Construction / Rehab per sq ft 143.76$ 167.48$ 177.13$ 257.70$ 93.59$ 215.07$ 160.76$ 194.08$ 203.33$ Total Project Cost per sq ft 217.93$ 288.43$ 279.45$ 369.23$ 265.91$ 299.79$ 326.90$ 284.71$ 289.56$ Credits per sq ft 189.78$ 234.41$ 137.18$ 313.06$ 179.03$ 209.56$ 255.50$ 297.21$ 247.19$ Credits per sq ft (residential only) 279.12$ 248.36$ 141.42$ 358.63$ 179.03$ 634.89$ 292.59$ 327.17$ 319.82$
Utilities Paid by (Tenant / Owner) Owner Tenant Tenant Tenant Owner Owner Owner Tenant Tenant
City Great Falls Kalispell Kalispell Big Sky Dillon Great Falls Hardin Libby Billings
County Cascade County Flathead Flathead Gallatin Beaverhead Cascade Big Horn Lincoln Yellowstone
Project Name Carter Commons Junegrass Place 9% Junegrass Place 4% Riverview Apartments Bicentennial
Apartments Baatz Block Apartments Hardin Senior Housing Cabinet Aff Housing Tapestry Apartments
Developer / General Ptnr Housing Solutions GMD / Homeword GMD / Homeword BlueLine Dev Inc. Dawson Holdings, Inc. Homeword / NWGF Amer Covt/Oak Leaf Amer Covt/CAP NWMT Comm Ldrship/CR Blders
Market Study Data:
Vacancy Rates 0.1% 0.0% 0.0% 0.2% 3.1% 0.1% 0.4% 1.4% 0.3%Absorption Rate 40.0% 34.6% 34.6% 120.0% 107.4% 76.6% 1.0% 34.9% 34.6%% of Mkt Rents 67.2% 67.8% 73.2% 60.2% 115.6% 75.8% 87.5% 89.4% 75.6%
Units needed 314 161 161 49 54 1,139 29 69 1,423
Market Rents0-bdrms -$ -$ -$ -$ 582$ 853$ -$ -$ -$ 1-bdrms 902$ 1,079$ 1,079$ 1,729$ 693$ 902$ 865$ 750$ 949$ 2-bdrms 1,066$ 1,235$ 1,235$ 2,008$ 836$ 1,066$ -$ 825$ 1,154$ 3-bdrms -$ 1,398$ 1,398$ 2,169$ -$ -$ -$ -$ -$
Evaluation Scoring PointsAvailable
Extended Low Income Use 100 100 100 100 100 100 100 100 100 100
Lower Income Tenants 200 200 170 80 80 200 200 200 200 200
Project Location 100 100 100 100 100 100 100 100 100 100
Housing Needs CharacteristicsCommunity Input 30 30 30 30 30 30 30 30 30 30 Appropriate Size 35 35 35 35 35 35 35 35 35 35
Market Need - Vacancy 35 35 35 35 35 35 35 35 35 35 Total 100 100 100 100 100 100 100 100 100 100
Project CharacteristicsPreservation of or Increase (100 pts for - 100 100 100 - 100 - - 100 QCT or Revitalization Plan any one of 100 - - - - - - 100 -
Historic Preservation these 4 - - - - - - - - - Project Based Rent Subsidy categories) - - - - 100 - 100 - -
Green & Energy 100 100 100 100 100 100 100 100 100 100 200 200 200 200 200 200 200 200 200 200
Development Team Characteristics 400 400 400 400 400 400 400 400 400 400
Participation of Local Entity 60 60 - - 30 30 30 60 60 60
Tenant Populations 100 100 100 100 100 100 100 100 100 100
Developer Knowledge and Response - - - - - - - - - Management past performancesLate responses to MBOHManagement Weaknesses
Total Points Available 1,260 1,260 1,170 1,080 1,110 1,230 1,230 1,260 1,260 1,260
Self Evaluation Score 1,260 1,170 na 1,110 1,230 1,230 1,260 1,260 1,260
minimum competive score 1,000 minimum non-competative score 800
Developer Past 10 years Project Completion
year awarded project developer city
actual
completed
const
2014 Apsaalooke Warrior ANHA Crow Agency 7/15
2021 Apsaalooke HA Homes I ANHA Crow Agency closed 4/21
2014 Apsaalooke Warrior Blueline Crow Agency 7/15
2021 Trinity** Blueline Missoula closed 6/21
2021 Villagio** Blueline Missoula closed 5/21
2015 Antelope Court GL Development Havre 1/17
2016 North Star GL Development Wolf Point 11/17
2017 North Star - Add award GL Development Wolf Point 11/17
2017 Roosevelt Villas GL Development
Wolf
Point/Culbertson 11/19
2018 Roosevelt Villas - Add award GL Development
Wolf
Point/Culbertson 11/19
2018 Cottonwood Creek GL Development Deer Lodge 9/20
2019 Cottonwood Creek - Add award GL Development Deer Lodge 9/20
2019 Red Alder 4** GL Development Helena 10/20
2019 Red Alder 9 GL Development Helena 8609
2021 Jackson Court GL Development Billings under const
2012 Rainbow House** GMD Great Falls 1/13
2012 Silver Bow Village** GMD Butte 12/12
2017 Rockcress Commons GMD Great Falls 12/19
2017 Rockcress Commons GMD Great Falls 12/19
2018 Starner Gardens 9% GMD Billings 12/19
2018 Starner Gardens 4%** GMD Billings 12/19
2012 Rainbow House** Homeword Great Falls 1/13
2012 Silver Bow Village** Homeword Butte 12/12
2013 Soroptimist Village Homeword Great Falls 1/14
2018 Starner Gardens 9% Homeword Billings 12/19
2018 Starner Gardens 4%** Homeword Billings 12/19
2018 Bluebunch Flats Homeword Livingston 8/20
2019 Bluebunch Flats - add award Homeword Livingston 8/20
2019 Alpenglow Homeword Whitefish 5/21
2021 Crowley Flats Homeword Lewistown closing 10/21
2021 Trinity Homeword Missoula closed 6/21
Developer Past 10 years Project Completion
year awarded project developer city
actual
completed
const
2012 Depot Place Housing Solutions Kalispell 4/13
2013 Aspen Place Housing Solutions Missoula 10/14
2014 Yellowstone Commons Housing Solutions Glendive 6/15
2017 Polson Landing Housing Solutions Polson 12/17
2020 Skyview Housing Solutions Missoula under const
2021 Creekside Commons Housing Solutions Kalispell closing 2022
2012 Parkview Village MPEG Sidney 9/13
2014 Sunset Village MPEG Sidney 4/16
2015 Cascade Ridge II MPEG Great Falls 7/16
2016 Cascade Ridge II - Add award MPEG Great Falls 7/16
2017 Gateway Vista MPEG Billings 7/18
2019 Chapel Court MPEG Billings 8609
2021 MRM Unified Campus MPEG Billings closing 9/21
Cnossltffi-n
september3o,2o2r REGEIVEDMontana Board of Housing30r s. Park Ave. OCT 0 0 202,|P.O Box 20052EHelena, MT 59620-052E MON-iAi'"a L'''JARD OF
HOUSINGRE: Bie Sky Affordable lrousins Proiect - RiverYiew
To whom it may concem,
I am writing to follow up on my letter dated May 10,2021 to express my strong support for the
usage of LIHTC to finance an affordable housing project ("fuverView") that Blueline Development and
Big Sky Community Housing Trust ('BSCHT") are developing in Big Sky, Montana. The workforce
housing crisis has become particularly acute in Big Sky and continues to negatively impact all local
businesses. The RiverView project would deliver deed-restricted rental housing to the market at a level of
affordability that private developers cannot currently make financially feasible (due to the cost of
construction). This proposed development is extremely important for our community.
As mentioned in my previous letter, we believe two main factors have negatively impacted the
supply of affordable housing: (l) the exponential rise in construction costs has made it nearly impossible
for developers to deliver new rental product at affordable levels and (2) the highly lucrative vacation rental
market (AirBNB, VRBO etc.) has incentivized real estate owners to convert long-term leases to short-term
vacation rentals, depleting the existing supply of housing; COVID-I9 has only accelerated those trends.
The resulting supply/demand imbalance has forced locals to look outside of Big Sky for housing, which
will inevitably lead to (a) the creation a cost-burdened community and/or (b) attrition ofthe local workforce.
Sincerely,
%.<qMatthew E. KiddManaging Director(617) st5-7760CrossHarbor Capital PartnersLone Mountain Land Company
We thank you in advance for your consideration and we are hopeful that the RiverView project will
get awarded LIHTC funds. This project is critically important for the sustainability of our community.
Should you have any questions about the project or our support, please do not hesitate to call me at your
convenience.
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