8.2. HRSR 01-03-2005ITEM ~ 8.2.
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MEMORANDUM
TO: Housing and Redevelopment Authority
FROM: Heidi Steinmetz, Assistant Director of Economic Development
DATE: January 3, 2005
SUBJECT: HOME Rental Rehabilitation Program
Attachments
• Central MN Housing Partnership (CMHP) Newsletter, Winter 2005
• HOME Rental Rehabilitation Program
o Flyer
o Selection Criteria
0 2005 Allocation Plan
Home Rental Rehabilitation Program
The attached HOME Rental Rehabilitation Program flyer includes details on the funding
that is available through CMHP as a loan with a 0% deferred interest rate for the
rehabilitation of existing rental properties located in several Central MN counties, including
Sherburne County. The deadline for this funding is February 11, 2005. As in the past, staff
will forward the attached Flyer, Selection Criteria, and 2005 Allocation Plan to Elk River
apartment property owners/managers.
CMHP Newsletter
The attached Winter 2005 CMHP newsletter includes articles on the following:
• Summary of October 13, 2004 Landlord Seminar
• Greater MN Housing Fund Growth Corridor Initiative
• Housing Funding Partnerships in Central MN
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CMHP SELECTION CRITERIA
HOME RENTAL REHABILITATION PROGRAM
Factors and Award/Evaluation Criteria
~ Buildings in jeopazdy of conversion to market rate 20 points
~ Long-term affordability requirement of housing units 20 points
- Minimum of 10 yeazs of affordability
- Rural Development, Tax Credit, Non Profit
~ Community Housing Need 10 points
- Housing study identifying need
- Economic Growth
- Rehabilitation project being implemented
~ Number of units in development (more is better) 20 points
- 1-4 units 5 points
- 5-10 units 10 points
- 11-24 units 15 points
- 25 + units 20 points
~ Number of bedrooms per unit (2 or more) 10 points
- 1 point per two + bedrooms units (max. 10 points)
~ Cash Flow Analysis 10 points
- Vacancy Rates under 5%
- Cash match available
~ Owner exceeds 25% Match as leverage 10 points
- 1 point per percentage (max. 10 points)
~ Existing condition of property 10 points
- $3,000-$8,999/unit - 5 points
- $9,000-$14,000/unit -10 points
~ 5 Bonus Points (Each)
- Project in counties not previously awazded funding for the past two years
- Projects that applied the previous year.
Automatic Denial:
Owners currently out of compliance with HOME or are delinquent with real estate taxes will
be automatically denied.
2005 CMHP ALLOCATION PLAN
HOME RENTAL REHABILITATION PROGRAM
L The MHFA HOME Rental Rehabilitation program will be marketed to all
counties represented by the Central Minnesota Housing Partnership's
administration. This effort will include:
A. Press release to local newspapers
B. Direct mailing release and program description to the following:
~ Mailing list of interested applicants
~ Housing and Redevelopment Authorities
~ County Commissioners
~ Economic Development Councils
-~ Community Action Councils
~ Rural Development offices
~ Communities with updated housing plans
II. An affirmative effort will be made to fund projects in all counties by giving a
priority to projects in counties that have not had projects funded in the last two
years. This effort will be realized through giving 5 bonus points to all projects
in under-funded counties. Counties not previously funded are Aitkin, Benton,
Carlton, Cass, Chisago, Kanabec, Mille Lacs, Morrison, Pine and Sherburne.
III. No more than 50% of projects will go to any one county in a program year.
Unless one project constitutes more than 50% of funds allocated to the Central
Minnesota Housing Partnership by the Minnesota Housing Finance Agency.
IV. Owners/property managers that are currently out of HOME compliance or are
delinquent on their real estate taxes will automatically be denied funding until
they have brought their properly back into compliance.
V. A maximum of $100,000 will be used to fund projects of 1-4 units based on
feasibility. These projects will be ranked separately.
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STEARNSBENTON
Ridgeview Court Townhomes
324 Spruce St, Paynesville, MN
(20 unit townhome complex)
2 Br - $505
3 Br - $555
Amenities include: Playground, D/W, f~/C,
on-site laundry, in-unit hook ups,
attached garage, and on-site mgmt.
Leasing contact: Loretta (320) 243-2010
Riverview Townhomes
934 Beechnut Ct, Sauk Centre, MN
(24 unit townhome complex)
2 Br - $540 (heat included)
3 Br - $565 (heat included)
Amenities include: Playground, D/W, A/C,
on-site laundry, in-unit hook ups,
attached garage, and on-site mgmt.
Leasing contact: Stacey (320) 352-5101
Granite Ledge Townhomes
1400 2nd St, Cold Spring, MN
(24 unit townhome complex)
2 Br - $575 (heat included)
3 Br - $650 (heat included)
Amenities include: Playground, D/W, A/C,
on-site laundry, in-unit hook ups,
attached garage, and on-site mgmt.
Leasing contact: Mary (320) 685-8650
Eden Place Apartments
150 Hutcheson Ave, Eden Valley, MN
(12 unit apartment bldg)
2 Br - $475 (heat included)
3 Br - $550 (heat included)
Amenities include: Playground, D/W, P~/C, on-site
laundry, plug ins, on-site mgmt, and security entry.
Leasing contact: Judy (320) 259-0393
Gilmanor
10475 Golden Spike Rd, Foley, MN
(8 unit apartment bldg)
1 Br - $408 (heat included)
2 Br - $440 (heat included)
Rental assistance may be available.
Amenities include: A/C sleeve, on-site laundry,
plug-ins, ample parking and on-site mgmt.
®-~ ~~---
Leasing contact: Kim (320) 259-0393
2005 WINTER
CROW WING ~ MORRISON
Timberland Townhomes
3336 Oak St E, Brainerd, MN
(30 unit townhome complex)
2 Br - $515 (heat included)
3 Br - $600 (heat included)
Amenities include: Playground, D/W, A/C,
on-site laundry, and in-unit hoof ups,
attached garage, and on-site mgmt.
Leasing contact: Becky (218) 822-3701
Randall Apartments
120 Hill Drive, Randall, MN
(12 unit apartment bldg)
1 Br - $370
2 Br - $390
Rental assistance may be available.
Amenities include: A/C, on-site laundry, plug ins.
Leasing contact: Kim (320) 259-0393
Highland Court Townhomes
1 104 5th Ave S, Little Falls, MN
(24 unit townhome complex)
2 Br - $490 (heat included)
3 Br - $580 (heat included)
Amenities include: Playground, D/W, f~/C, on-site
laundry, in-unit hook ups, garage, and on-site mgmt.
Leasing contact: Bruce (320) 61 6-7094
Now Leasing for Early 2005!
Grand Oaks Townhomes
14106 Grand Oaks Drive, Baxter, MN
(24 unit townhome complex)
2 Br/1 level - $545 (heat included)
2 Br/2 level - $555 (heat included)
3 Br - $643 (heat included)
Amenities include: Playground, D/W, A/C,
in-unit hook ups, attached garage.
Leasing contact: Kim (218) 822-3661
cont'd
PLEASE NOTE
Rental rates will change January 2005 on
most properties. Rents listed are good,
through December 31, 2004.
. ~.
.r. ,
"'" ' fi
PINE, ISANTI. KANABEC.
~ MILLE LACS
Northcrest Townhomes
501 & 51 1 9th St, Mora, MN
(24 unit townhome complex)
2 Br - $515 (heat included)
3 Br - $615 (heat included)
Amenities include: Playground, D/W, A/C, on-site
laundry, and in-unit hook ups, garage, and on-site mgmt.
Leasing contact:.ludy (320) 679-4592
Groundhouse
403 Rutherford Ave E, Ogilvie, MN
(4 duplexes)
2 Br - $356
Rental assistance may be available.
Amenities include: A/C sleeve, in-unit laundry
hook-up, plug-ins and patios decks.
Leasing contact: Kim (320) 259-0393
Tower Terrace Townhomes
1000 Tower Circle, Cambridge, MN
(32 unit townhome complex)
2 Br - $575
3 Br - $675
Amenities include: Playground, D/W, A/C, in-unit
laundry, garage, one level living, and on-site mgmt.
Leasing contact: Deb (763) 691-1091
Braham Heights
5th Ave, Braham, MN
(6 senior duplexes)
2 Br - $395
Rental assistance may be available.
Amenities include: A/C sleeve, in-unit laundry
hook-up and full unfinished basement.
Leasing contact: Kim (320)-259-0393
Johnson Apartments
1010 Main Street, Pine City, MN
(8 unit apartment bldg)
2 Br - $385 to $485 (heat included)
Rental assistance may be available.
Amenities include: A/C, on-site laundry, plug-ins,
on-site mgmt, and ample parking.
Leasing contact: Kim (320) 259-0393
West Birch Townhomes
West Branch St, Princeton, MN
(24 unit townhome complex)
2 Br - $460
3 Br - $540
Amenities include: Playground, D/W, A/C,
on-site laundry, in-unit hook ups,
attached garage, and on-site mgmt.
Leasing contact: Judy (320) 259-0393
WRIGNT ~ SNERBURNE
Shoreline Commons
790 Shoreline Dr, Howard Lake, MN
(24 unit senior apartment bldg)
1 Br - $535 (heat included)
2 Br - $625 (heat included)
Amenities include: D/W, q/C, on-site laundry,
in-unit hook-ups, garages available,
on-site mgmt, and security entry.
Leasing contact: Wally & Wanda (320) 543-2663
Waverly Communit~Homes
902/904 Elm Ave, Waverly, MN
(2-8 unit senior apartment buildings )
1 Br - $285
2 Br- $315
Rental assistance may be available.
Amenities include: A/C sleeve, on-site laundry, plug-ins.
Leasing contact: Kim (320) 259-0393
Leighton's Landing Townhomes
210, 220, 230 Maple Lane, Big Lake, MN
(32 unit townhome complex)
2 Br - $665 (heat included)
3 Br - $740 (heat included)
Amenities include: Playground, D/W, A/C,
on-site laundry, in-unit hook ups,
attached garage, and on-site mgmt.
Leasing contact: Jodi & Allen (763) 263-6564
Meadowview Townhomes
26079 1 3th St W, Zimmerman, MN
(22 unit townhome complex-mixed income)
2 Br - $373 to $699 (heat included)
3 Br - $414 to $799 (heat included)
Amenities include: Playground,. D/VV, A/C,
in-unit hook ups, attached garage.
Leasing contact: Christine (763) 856-8048