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6.0. HRSR 07-29-2002 Item 1 6 City of Elk - -� River MEMORANDUM TO: Housing and Redevelopment Authority Mayor & City Council FROM: Catherine Mehelich, Director of Economic Developmen DATE: July 29, 2002 SUBJECT: Affordable Housing Update Attached Related Information • "Homefront"—Central MN Housing Partnership 2002 Summer Newsletter. • "Richfield Rediscovered" new home construction program • • "Cities demand new vision of housing"—The Business Journal.June 21, 2002. At the June 24, 2002 joint meeting of the HRA and City Council, staff reported that the city had received a request for an apartment project,which was willing to consider affordable units contingent on financing assistance from the city. The HRA and Council indicated interest in looking at options for affordable housing with this project and directed staff to provide information on financing options. Since that time the developer has withdrawn from the proposed project. Staff met with the city's financial advisors, Ehlers &Associates, to learn about various financing options for the development of affordable housing. Ehlers &Associates indicated that financing for multi-family housing developments is extremely complex and requires staff to administer the annual reporting requirements of tenant income and rents. It was suggested that providing financing assistance for affordable single-family development might be a more workable alternative. Ehlers &Associates suggested a project similar to the attached "Richfield Rediscovered" program,which provides sites for new homes by removing substandard structures on lots throughout Richfield. Properties are purchased by the Richfield HRA through voluntary sale. Sites are cleared of the original structure and sold for redevelopment of new homes. Any such project would require additional staff time to administer unless the services are contracted. In follow up to the Central MN Housing Partnership study, staff will be conducting a detailed analysis of the housing stock with GIS (geographic information system) to clarify the extent of housing needs in the city based age of the home and market value. 30 June 21, 2002 THE BUSINESS JOURNAL Cnttttt'a e ciag Rea;Estate twincities.bizjournals.com Et BO ,.? D ' :u L , Z;ry SUBURBAN G Cities demand new vision BY FRANK JOSSI ROUNDTABLE CONTRIBUTING WRITER * " ' t t�»]�����" �;,w You really have to have a city participate with TIF and any other soft money that The typical vision of the suburbs as end John (Jack) Brandt,president of The Hartford Group Inc., Edina,has been might be available. less streets of single-family homes has a , developing multifamily and mixed-use projects for over zo years,including The undergone a radical transformation over the I Regent at Plymouth,The Regent at Burnsville,The Legacy Village at Apple Valley Pollock:Cities need to be involved because past decade.In the sprawling Twin Cities i" } r and mixed-use developments in Maplewood and Oakdale. they are also requiring developers to add a metro area,suburban multifamily housing mixed-use component to these projects. such as townhouses and apartments have R Armand Brachman,principal of Dominium Development&Acquisition, They all want first floor retail,depending risen in greater numbers,than ever before as 1 Plymouth,handles new project work for Dominium,the largest privately held owner/operator of multifamil housing in Minnesota. He joined the firm in i on the location,for example,and in order t.a Y g 1 979• land for development dwindles. I to make projects work you're going to need The evidence can be seen from ? * ' the city's involvement in some fashion. Woodbury to Maple Grove.With the There's also a recognition among cities growth of multifamily housing has come �'`Qt. 4I S. Scott Pollock,vice president of investment services at Bloomington- based United Properties,has spent 20 years in the real estate business,the last 13 that all these projects have to have an suburban density levels in some cities that ears in investment brokerage specializing in multifamil office and retail sales. affordability component[for housing]. rival those of Minneapolis and St.Paul. a': y g P g y' ' He has sold nearly 4,00o apartment units,half in the Twin Cities metro area. Suburban multifamily housing develop- Why do suburban multifamily develop- ments also are likely to have features in -_________ ments look better now than,say, 10 common with an urban neighborhood,say years ago? panel members invited to speak on the . How would you describe the market for along with them.The vacancies that have j Brandt:The expectations of cities have issue by The Business Journal,often with suburban housing? been reported don't necessarily tell the changed dramatically the last couple of mixed-use development mandated by local ' Jack Brandt:The market is generally whole picture,which is the people in the ! years.We could not present a project to a governments.Such communities,where good throughout the Twin Cities area. trenches are reporting a little higher city that we might have presented 10 or 15 retail and office mix attractively with There are pockets of problems,but long vacancy than maybe the averages reported years ago.For the most part the market housing for everyone from singles to sen- term the prognosis is strong. I by Apartment Search and others who track and cities require much more attractive iors,invite walking rather than driving. that information. productt—brick,stucco,higher-quality In other words,this isn't the suburb you Armand Brachman:I would concur. external materials;Eden Prairie for sever- may have grown up in.This is the new sub- Where the market has seen a softening in j How important is city financial support j al years has had a 75 percent-brick require- urb,where multifamily housing is not the last three to four months has been in for your multifamily projects? ment.We present renderings of each por- frowned upon and which,in most places, the across-the-board portfolio.Vacancies Brandt:Our firm is involved in five mixed- tion of the product and we certainly hear isn't facing old fears about urban-style have gone up,but we're optimistic that use projects,in different stages of the i comments from staff members,mayors development.With more than 600,000 more when the economy picks back up our occu- development process,encompassing senior and others on what they want to see in the people expected to live in the Twin Cities panties will also go back up. housing,general occupancy housing,retail, j architectural integrity of the product. over the next 30 years,many more resi- offices,restaurants and so forth,and in vir- dents will be living hi suburban multifami- S.Scott Pollock:After a tremendous run tually all cases there's a TIF(tax-increment . Brachman:We're spending a lot more ly developments. in terms of rental growth and vacancies, financing)component and any other kinds time in the unit layout and design.In the we're seeing the market leveling off,not of assistance that might be required. past,most apartment units were fairly unlike the other property markets— straightforward.Because of the higher '. , ' 't 1 a` r -, ''r industrial and office.The demand side has Brachman:In order to have a successful cooled somewhat and caused vacancies to development today,I think it is critical that rise somewhat.We've seen the first guar- you have the participation of the local ter-to-quarter decrease in average rent in municipality to make the numbers work. 10 years and vacancies have decreased yy .. ....,.. t s,; t., ar t° . 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E - g 4 B _z t t - 4. ` - ; d � 4�I `1# 11 Pr , - a t • + , t a. nJ t .c a � r a w,wr f , . , ., I r t , & , r a �' ,�.� ' ( 's4 i ' f . ;E a i Al . k _ w., ' �. *^= ' 4L e..`. :--,: t t^ * .."'a: : :'...‘ St.Louis Park officials were tar getin g residents'wishes for multifamil y housing and a town center with the Excelsior& project,which will feature housing above retail along with a town green. ■ • I 0 0 0 twincities.bizjournals.com THE BUSINESS JOURNAL g ' ,¢._: ') .,- June 21, 2002 31 - rents we have to charge,we have to make ly sites they want to develop.It's an individ the interiors of our units much more simi ual,isolated situation.You still have the INDEPENDENT lar to a single-family home,improving the same difficulty with a protracted approval quality of the cabinetry,granite counter- process,at a minimum eight or nine months, tops,improving the quality of the wood and that's on a good project.On some prof T HI NKI NG trim,the size of the units. j. t -. ects that are difficult it can take well in ■I■ excess of a year by the time you're through Pollock:A lot of this got started in other "The expectations of the approvals and agreements and so forth. �SO�tKes\dent St.q?f�oyo 0 parts of the country.Sunbelt cities have cities have changed m been building 9-foot ceilings for seven to 10 g Brachman:In the last six months,banks years.The turn of the century brought dramatically. The have gotten more conservative.They're - about a new level of presentation to the taking a harder look at the numbers and high-end renter. market and cities they're not as aggressive as they were.It is more difficult to finance a project today - require much more than six months ago ' Where are the projects going on? Brandt:We have two St.Paul suburban attractive product." President,. locations.In Oakdale we're doing a 31-acre Pollock:Low interest rates affect renters btt4' °.'� mixed-use development with perhaps a J Ac K B R A N DT in the market.They're the people who c`" senior component as well as general occu- leave and opt for owner occupied housing, a t' = pancy component.And we have a project buying their first home.Everyone in this ; in Maplewood that's a very large 80-acre way system—the first paths of growth to room would say the biggest competition for - site:general occupancy apartments in a the outer reaches.In infill,it's at or the renter today is home ownership more row-home format,assisted living and sen- around a ring road—Eden Prairie, than anything else.I've heard cases where for housing as well. Chaska,Chanhassen,have experienced more than 90 percent of move-outs are to to A significant additions,too,and home purchases.The same low interest t ,,,,, Pollock:Look along the freeway systems, Savage/Shakopee to a different degree. rates that help the feasibility of a projector : like 35W to the south.Lakeville and Apple We're working on a large project with are helping the renters who might become Valley continue to add units.Looking to Pratt Homes,the Apache Plaza redevelop- first-time buyers. . �. the northwest,we've seen some additions ment in St.Anthony to the supply.In Maple Grove there are Frank Jossi is a file-lance writer based in St Paul. `lit;',,'.- , more than 1,000 units under construction What are the barriers to more growth? ' and that city delivered almost 500 units in Brandt:Certainly cities are not coming for- the last 12 months.We've seen in the past ward to developers,in my estimation,and 1ir � Woodbury to the east,again along the free- suggesting there's a multitude of multifami IN DEPENt ENT t NM lNI'! Log onto BAN EJ , twincities.bizjournals.com to receive a page of itYou cant $ local business news headlines guaranteeeed to yu H { once a day. \ i rof itabilty. -- : l'A.-.. '.•.'""--..,:.• ,...-..-.::::,7.* .... .4 , ..: di Allr Breaking ..- _ . _ . . . .. .__. . - + ._.:._. . .., ,.,. ,... r headlines Sunrise Community Banks � 4 � , But or ,)7616* '\, 4 sent n+ St. Anthony Park Bank il`�f* EY �l F 1 4�, ti. 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Highway 55 &494, Plymouth l .r reader service. www.franklinbankmpls.corn 1 tk ; � 4! - University Bank " � � David Reiling,President tP. t , ' Direct Dial: 651-265-5627 200 University Avenue West, St. Paul Small Investment...Big Return THE BUSINESS JOURNAL www.universitybank.tom Subscribe now twincities.bizjournals.com THE BUSINESS JOURNAL Member FDIC CI or call 612.288.2100. iwincities.bizjoumals.com Equal Opportunity Employer LEEOUA U NDER • 0 1110 • new home construction Page 1 of 2 ioNew Home Construction Building a New Home: Richfield Rediscovered RICHFIELD REDISCOVERED PROCEDURE FOR PARTICIPATION Summary: The objective of the Richfield Rediscovered Program is to provide sites for new homes by removing very small, poor quality structures on lots throughout Richfield. Properties are purchased by the Richfield Housing and Redevelopment Authority (HRA) through voluntary sale. Sites are cleared of the original structure and sold for redevelopment of new homes. MINIMUM REQUIREMENTS FOR PURCHASING A SITE FROM THE HRA • The new home must be owner-occupied upon completion. The purchase agreement(between buyer and builder) and the development agreement(between the builder and the Richfield HRA) are the two essential contract documents. • Only "builder/buyer teams" may reserve sites—not a builder nor a buyer on their own. Under the Richfield Rediscovered program, no builder, builder subcontractor, nor builder realty agent may occupy or purchase the property. • The builder/buyer team will also be required to follow general design and development criteria established by the HRA. Finished properties must meet or exceed a minimum value specified for each site. • End buyers, unless licensed in the trade specified, may not put any sweat equity into the construction of . the foundation, wall/roof framing, shingling, electrical/plumbing/HVAC systems, nor interior carpentry. RULES &PROCEDURE FOR MAKING AN OFFER ON A SITE 1. All interested participants on the mailing list receive an information packet by mail. 2. Interested participants form a builder/buyer team(see above), and submit an offer to purchase a lot within approximately 2 weeks of receiving a mailing. Mailings go out when a list of lots is available, approximately once a year. No offer will be accepted for less than the minimum stated price. If all proposals are for the same dollar amount, all other things being equal, the first qualified offer will be accepted. 3. Proposals submitted after the offer deadline for any properties not selected within the offer deadline will made available on a first-come, first-served basis. 4. Each interested participant may only submit one proposal. All proposals will be kept confidential. All builder/buyer teams submitting a proposal will be notified by mail of whether their proposal was selected. 5. The HRA reserves the right to reject any and all offers at its sole discretion. 6. A complete proposal will include: a signed Participation Agreement, a check payable to the Richfield HRA in the amount of$500 (the program fee), and a completed Proposal Form. The program fee will be refunded on any unselected proposals. HOUSING DESIGN AND SITE DEVELOPMENT CRITERIA House design and street presence are critical. The HRA will require the following: 1. Each home shall be an owner-occupied single-family dwelling. 2. Each home must have a minimum of three bedrooms and two bathrooms. A two car garage, attached or detached, must be provided on the site. 3. Exterior materials should be low maintenance. Hardboard siding materials (i.e. masonite)are not • 4. All building plans must be prepared in consultation with an architect or a qualified draftsperson. 5. Important Note: All house plans will be reviewed by the HRA. Issues of design to be reviewed include house building lines, roof lines, door and window placement, house orientation to street, and minimized garage door presence. Street-facing front doors are required. Window muntins(pane grids)are http://www.ci.richfield.mn.us/homeNewHomeConstruction.htm 7/22/02 new home construction Page 2 of 2 411 encouraged on all window styles, for the front of the house and other street-facing elevations. The HRA will not sell to builder/buyer teams if design issues have not been resolved to the satisfaction of the HRA. 6. Existing trees must be protected during construction. After construction, the site must be fully landscaped, including plantings around the foundation and complete sod installation. New trees are encouraged, and should be labeled on the required landscape plan. 7. Adjoining properties must not be disturbed by the construction process. 8. The finished buildings and site grading must improve, or not have a detrimental impact on storm water drainage patterns in the neighborhood. Gutters will be required on all roof edges which are pitched toward neighboring homes. BUILDER REQUIREMENT SUMMARY The Contract for Private Development requires the builder to: • Demonstrate financial capability by providing o A statement from a financial institution of sufficient construction capital; o A letter of credit; and o A summary of the financial conditions of the company. • Must meet or exceed State requirements for insurance including Builder's Risk, Comprehensive General Liability and Worker's Compensation Coverage. • Have a written warranty policy to be shared with the homeowner to perform warranted repairs required by Minnesota State Statute. The builder should anticipate being asked by the HRA to provide references from: • o Five satisfied customers o Three major suppliers, one being the construction lumber supplier o Building inspectors from two cities in which the builder has constructed new housing within the past three years. Preference will be given to licensed builders over inexperienced individuals who want to general contract. • http://www.ci.richfield.mn.us/homeNewHomeConstruction.htm 7/22/02 O 0 0 0 0 0 0 0 0 o v z E . o N C i '0 0 0 0 0 0 0 0 0 0 E - c c O 'm 'o -a O: 0 Ln Lc) O u'i Ln 0 0 0 0, a L1 0 3 I- o .o 5. d i o -o c r Lt-) U co 0 a ov 0 0 0 QD T c — — 'O CO EA (fr ,O VD `D co > N .C-a d _o a-0 3 C) EA 6R b9 ER E!� bR Efj Ef? b4 lit w (n Z p Q w c s .E m C I- V O N s c—oQ U p� ° c oci p a W < v Q c p V �C d O_ c - E L Z D a '-c 1. 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