Corporation for Better Housing Web Data

The way to do Business:

http://www.nctimes.com/articles/2004/08/20/news/californian/22_51_548_19_04.txt
Saturday, July 30, 2005
Last modified Thursday, August 19, 2004 10:59 PM PDT
Seniors settle into affordable housing
By: MICHAEL BUCHANAN - Staff Writer

TEMECULA ---- Gail Servais sat behind a patio table Thursday enjoying the afternoon breeze as she talked about her view from the porch of her new apartment on Pujol Street."At night, it's absolutely beautiful," she said. "You can see the lights off the Chaparral building."
Servais is glad to finally be enjoying her new home in Temecula's first affordable housing complex for seniors after weeks of waiting for the project to be completed. Residents were to start moving in Aug. 1, but were delayed because the developer had to fix various problems with the buildings before the city would issue an occupancy permit.Servais, 64, said she got word last Friday that she could move in. With her boxes already packed and waiting, she rounded up her children and grandchildren the following morning and started moving in."Everything except the kitchen was in order by the time they left," Servais said. "They worked like dogs."Still, Servais said she believes the move could have gone a lot smoother if the company managing the property had done a better job of talking to residents. Servais often took it upon herself to visit Riverbank Village Apartments while it was being built ---- just so she would know what was going on."We were really left in the dark," Servais said. "It just wasn't handled appropriately."The property is managed by the John Stewart Co. Phone messages left at the property manager's office were not returned on Thursday.The senior complex was built on 2.5 acres next to Murrieta Creek and includes 64 units, a pool and a community center. Rents range from $508 to $610 per month.The project was developed by the Corporation for Better Housing for $6.3 million, with the help of $2.6 million from the city, city officials have said.John Meyer, the city's redevelopment director, said the city is very happy with the product and the delay was "unfortunate."It's taken Arlene Seeden less than a week to make her new apartment a home. The walls are adorned with American Indian artwork. Colorful wind chimes swing in the breeze out by her gated porch. A set of hand-carved "prayer sticks" lean against a wall by the door.Seeden, 70, said the delays nearly cost her the federal subsidies she relies on each month because she needed to move in by a certain date to collect."I can't afford to lose my Section 8," Seeden said. "I'm on a really limited income."Still, Seeden ---- who used to live in a senior complex in Wildomar ---- said she is looking forward to being a regular around Old Town, where she knows a few antique dealers."I'm just going to hop in my wheelchair and head on down to the Farmer's Market," Seeden said.Contact staff writer Michael Buchanan at (951) 676-4315, Ext. 2623, or mbuchanan@californian.com.

ALSO READ THE RELATED REPORT ON CONSTRUCTION PROBLEMS
http://www.pe.com/localnews/southwest/stories/PE_NEWS_nssold26.a16e1.html

http://www.nctimes.com/articles/2004/08/05/news/californian/22_59_218_4_04.txt



http://www.ci.wasco.ca.us/Public_Documents/WascoCA_CouncilMin/S005F47AE

13. REPORTS FROM CITY STAFF- Senior Planner McNamara reported that the Corporation for Better Housing had pulled a grading permit to begin their Poplar Avenue project (El Dorado Mobile Home Park.) Finance Director Wooner reported that this project would allow the Building Department to exceed its budgeted revenues and would also pay $100,000 in in-lieu property taxes.



http://www.ielc-elca.org/news.htm

Charlie Brumbaugh, a low-cost housing developer in Southern California.
Brumbaugh runs the non-profit Corporation for Better Housing in Glendale. Since 1995, his group has built more than 200 low-cost units with churches in the southlands, and another 126 units with an East Oakland congregation. Brumbaugh hired the architects, engineers and general contractor for the Immanuel project, and he lined up the financing. Investors are lured to the project because they can claim substantial federal tax credits given to church-based developments.
It took three years to push the project through the city's planning department: ``a bit of a battle,'' Brooks called it. Frank Fiscalini, the former city council member who helped ease the project through the municipal matrix, said it takes ``a little ingenuity for this kind of thing to occur. Pastor Brooks is a creative person.''
The church will be rewarded.
To make the deal work, the congregation formed the non-profit San Jose Lutheran Housing Corporation.
That corporation and the Corporation for Better Housing will lease the parking lot property from Immanuel's congregation, which will receive a $400,000 lease payment. That will cover the $380,000 mortgage on the church's rough-around-the-edges facilities, built in the late 1950s and repaired at considerable expense in the '90s. Immanuel also will receive $20,000 annually in lease payments and other fees.
Brooks, who retired in January but continues as ``pastor emeritus,'' has helpers. They include former congregation president Art Morgan, a San Jose renter for 19 years who moved to Los Banos two years ago because he was able to buy a house there for $195,000.
Affordable housing is ``my main issue,'' he said. ``I'm kind of `tunnel vision' on this one.''
Helpers also include Brooks' successor, the Rev. Gail Cromack, who rolled her eyes ``the first time Earnest told me what he was planning to do,'' she said. ``One of my closest friends is the parish administrator, and we used to get together and say, `He's insane.' ''



Other Developments they "Manage/Develope"
Bakersfield, Ca
Kern County
Gwendy Egnater, (818) 234-1633
Edison Village
AHP Subsidy $720.000 Units 81 total with 60 very low-income rental
P Street Family Apartments
AHP Subsidy $168,000 units 21 total with 15 very low-income Type Rental
The Village
AHP Subsidy $344,000 Units 86 total with 52 very low income type rental
The Court
AHP Subsidy $430,000 Units 86 Very low-income Type Rental
The Gardens
AHP Subsidy $ 364,000 Units 91: with 71 very Low Income Type Rental



David Ferguson, (818) 905-2430
Mendota, CA
Fresno, County
Mendota For Sale
AHP Subsidy $990,000 Units 90 type owership.
Belmot Gardens
AHP Subsidy $729,000 Units 81: 60 Verylow income type Rental
Fresno Family Project
AHP Subsidy $275,000 Units 55 with 45 very low-income Type Rental

http://66.102.7.104/search?q=cache:vfDsz7H4RNMJ:www.fresno.gov/cityclerk/agenda/20040413.pdf+%22The+Corporation+for+Better+Housing%22&hl=en
10:45 A.M.
JOINT SESSION WITH THE FRESNO REDEVELOPMENT AGENCY
Approve Agency of March 30, 2004
Action Taken:
A.
JOINT HEARING with the Redevelopment Agency to consider and recommend that the City Council/Redevelopment Agency of the City of Fresno approve the Housing Project including the joint resolution approving the Disposition and Development Agreement between the Redevelopment Agency and 1145 San Benito Avenue, LP, A California Limited Partnership by the Corporation for Better Housing, its managing general partner (The “Developer”) to sell two (2) Redevelopment Agency properties for the development of fifty-five (55) apartment units subject to affordability restrictions
Action Taken:
1.
RESOLUTION - Approving the Disposition and Development Agreement between the Redevelopment Agency and 1145 San Benito Avenue, LP, A California Limited Partnership by the Corporation for Better housing, its managing general partner (The “Developer”) to sell two (2) Redevelopment Agency properties for the development of fifty-five (55) apartment units subject to affordability restrictions




http://www.sanjoseca.gov/clerk/Agenda/01_30_01docs/1_30_01_4.3.htm
Subject: Immanuel Housing Project

COUNCIL DISTRICT: 6


RECOMMENDATIONS

It is recommended that the City Council take the following actions regarding the Immanuel Housing Project (the “Project”):

1. Hold the TEFRA Hearing for the issuance of up to $5,000,000 in tax-exempt multifamily housing revenue bonds.

2. Adopt a resolution:

a. Expressing its intent to issue up to $5,000,000 in multifamily tax-exempt revenue bonds to finance the construction of a 63-unit senior rental housing project located between Leigh and Richmond Avenues, south of Moorpark Avenue.

b. Authorizing the Director of Housing to file an application with CDLAC for an allocation of up to $5,000,000 in private activity bonds.

Authorizing the Director of Housing to negotiate and execute a Deposit and Escrow Agreement with 1710 Moorpark, L.P., an affiliated entity of The Corporation for Better Housing, for the CDLAC Application for the Project.

BACKGROUND

The Immanuel Housing Project (the “Project”) is a proposed senior rental project of up to 63 units consisting of one and two bedroom units located between Leigh and Richmond Avenues, south of Moorpark Avenue. The Project sponsor, 1710 Moorpark, L.P., a development entity created by The Corporation for Better Housing (the “Sponsor”), plans to fund the Project with the proceeds of up to $5,000,000 tax-exempt multifamily housing revenue bonds. The Sponsor has submitted an application to the City requesting that the City issue bonds for this Project. The Sponsor has also requested a permanent loan commitment from the City in the amount of $3,310,000.

ANALYSIS

Federal law regulating the use of tax-exempt multifamily bond financing requires that 20% of the project’s units must be made available to very low-income households (those earning 50% or less of the area median income) for the period that the bonds are outstanding. Federal law does not place affordability restrictions on the remaining units. The units set aside for very low-income households must remain affordable for a period of not less than 15 years and must be indistinguishable from other units in size, location and amenities.

The Project will be 100% affordable with 100% of the units reserved for very low-income seniors. The income restrictions on the units will be in place for 55 years.

Under federal regulations for cost recovery, reimbursement of expenditures with bonds proceeds can only occur if the City adopts an official resolution of intent to issue bonds. This resolution may apply to expenditures made within 60 days prior to the adoption of the resolution and, in general, the reimbursement must be made no later than three years after the original expenditure. The resolution of intent must describe the project and state the maximum principal amount of obligations expected to be issued for the project.

The federal tax law, known as The Equity and Fiscal Responsibility Act of 1986 (“TEFRA”) requires that multifamily housing projects funded with tax-exempt bond proceeds be approved at a noticed public hearing, called a “TEFRA Hearing.” These hearings provide interested individuals or parties the opportunity to testify on any matters related to such potential bond issues, including the nature and location of the project.

The adoption of the inducement resolution, expressing its intent to issue tax-exempt multifamily revenue bonds, and the holding of a TEFRA hearing enables the City to provide the necessary documentation for submitting applications to the California Debt Limit Allocation Committee (CDLAC) by the application deadline of February 21, 2001 for the first meeting in 2001. Staff is recommending that the City Council approve the submission of the application to CDLAC and authorize the Director of Housing to negotiate and execute the Deposit and Escrow Agreement with the Sponsor.

Financing Team

Financial Advisor. The City’s financial advisor (the “Financial Advisor”) for this project will be recommended following the results of a Request for Qualifications process currently being conducted by the Finance Department. As part of this process a pool of financial advisors will be selected for multifamily housing bond issues. The process is anticipated to be completed by mid-February 2001. The eligible list of the firms selected through this process is expected to remain in place through June 30, 2005.

Private Placement Purchaser The proposed bond issue will be purchased by way of a private placement purchaser, which foregoes the need for credit enhancement and underwriting services; therefore, the bonds will not be rated. The private placement purchaser for this bond issue is anticipated to be Washington Mutual, which invests in tax-exempt multifamily housing bonds. The City has implemented similar financing structures in the past.

Bond Counsel The City Attorney will be selecting Bond Counsel at the same time as the Financial Advisor is selected.

All costs associated with the financial advisor, private placement purchaser, and bond counsel are contingent on the sale of bonds and will be paid from bond proceeds and/or borrower equity.

LEGAL ISSUES

Affordability restrictions for a term of 55 years will be recorded against the very low- income units concurrently with the issuance of the bonds.

PUBLIC OUTREACH

The TEFRA Hearing to be held as part of the action items on the January 30, 2001 Council Agenda is a method of notifying the community of the City’s intent to issue tax-exempt private activity bonds for this project. The public hearing notice will be published on or about January 15, 2001 in the San Jose Mercury News, announcing the time and location of the public hearing. Additionally, Housing staff works closely with CDLAC to ensure that the City’s projects meet the necessary criteria for private activity bond allocation.

FISCAL IMPACT

The bonds will be tax-exempt secured solely by project revenues. The only City funding is the request for a loan in the amount of approximately $3,310,000 for this Project.

COORDINATION

This report has been prepared by the Finance and Housing Departments in coordination with the City Attorney’s Office.


MARK BURTON ALEX SANCHEZ
Acting Director, Finance Department Director, Housing Department

http://www.kget.com/common/printstory/default.aspx?content_id=3f5ebada-1578-40d9-89a8-f5f92194dacc

New opportunities available for low income housing
Posted 07/14/05BAKERSFIELD - In the heart of an impoverished neighborhood, one apartment complex is giving a chance to low income families to provide a better life for themselves and their children.
It’s called The Village, and it’s only the first phase of a three-part plan to rejuvenate the Cottonwood area.
Investors, owners, and residents all shared the same excitement Thursday at the grand opening of The Village.
“A lot of people are struggling these days and it's to the point where you have to make it the best way you can,” said Tivona Scott.
The Village is an 86 unit residential development targeting families of farm workers and those earning below the median income.
Its goal is to help parents like Scott to provide a better life for their children.
“To live in The Village you have to make a minimum of around $22,000,” said Mary Silverstein, the vice president of Corporation for Better Housing. “That's for a family with a 2 bedroom apartment, so that translates to rent of $510 per month.”
Each unit includes appliances, granite countertops, and spacious bedrooms. A community room is on site for the children.
Owners said Thursday’s grand opening is just the beginning of a three-part process.
“Right next door is another piece of community that's called The Court, and it's another 86 units,” said Silverstein. “Beyond that, there's a small piece that’s designed just for seniors. Twenty-one units and they'll be more pieces to it, even home ownership.”
Silverstein said the entire project is spread across 46 acres. She said eventually, residents will be given the option to transition into homeownership.

The Village is sponsored by the Corporation for Better Housing, a non-profit corporation formed in 1995.
They’ve completed 16 affordable housing projects across the state with federal and state funding.

If you’d like to get on the waiting list or learn more information about The Village or any of the neighboring developments, you can call 834-2728 or stop by their offices.

http://democrats.assembly.ca.gov/members/a31/photo.htm

Assemblymember Arambula joins Mary Silverstein of the Corporation for Better Housing (CBH) and Parlier Interim Police Chief Ismael Solis, Mayor Armando Lopez, and Mayor Pro Tem Edward Barela at the groundbreaking of CBH's new affordable housing development in Parlier. The project is receiving over $7.5 million in state assistance.


Senior Affordable Housing (701 x 1900 x 1203)
http://www.palosverdes.com/rpv/citycouncil/minutes/2000_Minutes/city_council/08012000%20cc%20min.htm
City Manager Evans presented the staff report of August 1, 2000 and the recommendation to receive a report on the revised concept for the proposed Senior Affordable Housing Project. He said that on January 18, 2000, the City entered into an exclusive agreement with the Corporation for Better Housing in effect until October 1, 2000, to design a plan for the Senior Affordable Housing project and seek approval through the City process. Mr. Evans explained that it was necessary for the plan to be modified and consequently the developer would be unable to meet the October deadline; therefore, Mr. Brumbaugh was presenting the new design at this meeting and would request an extension of the exclusive negotiation agreement.
Attorney Charles Brumbaugh, Jr., representing the Corporation for Better Housing, 100 W. Broadway, Suite 1250, Glendale, CA 91210, explained that although the appearance of the building would not be changed drastically, there were extensive architectural and engineering modifications such as elimination of the driveway off Crestridge; better access to the Senior Center, changes to the subterranean parking, a redesign of the front of the building, Fire Department safety modifications, and Planning Department issues which would soon be resolved. He said that the agreement with the City contained language to provide extra time and he felt that an additional 90 days would be sufficient.
Council discussion focused on the new design of the entrance, the location of the fountain, and suggestions from the Fire Department to improve safety.
John Cotton, architect for the project, described modifications, pedestrian access and natural ventilation and light in reference to the subterranean parking area, improved access to the Senior Center independent of the residential areas, the canopy at the entrance for weather protection, and security.
Charles Brumbaugh stated that the Planning Department requirements should be satisfied within about a week and then the process would once again move forward assuming the Council was satisfied with the presentation at this meeting.
Council discussion then turned to other aspects of the project, such as tax credits which could be applied for as long as the project entitlements were in place by January 2001; an observation room which would result in the elimination of at least one unit and a loss of tax credit and revenue; the Planning Department’s concern about the bulk of the structure; landscaping; the existence of artificial fill on the property; the elevation at Crestridge and Crenshaw and on the hill behind the proposed structure; view impairment to nearby residential areas; whether a model would be provided; and, the difficulty of drawing the curved building to provide a realistic view.
Councilwoman Ferraro moved, seconded by Councilman McTaggart, to receive and file the report. Motion carried.
Peter Hazelridge, 5208 Middlecrest Road, said that he was aware of this hearing by courtesy of Mr. Brumbaugh and he was unhappy that the City did not notify his neighborhood. He spoke of neighborhood opposition to the project based on density in reference to the number of units at the facility; traffic impact; neighborhood compatibility; and possible zoning violations if the project was built as proposed. He asked for clarification of the required number of affordable units, asked if the neighborhood would be noticed for public hearings in the future; and asked if the neighborhood should have been notified of the purchase of the land.
City Attorney Lynch replied that no notice was required regarding the purchase of the property. She clarified that the application was not deemed complete as yet and that Planning Commission and City Council public hearings would be duly noticed.
Council explained that the number of affordable housing units mandated by the State and the fact that this requirement is being reevaluated and that we do not have a final number at this time.
Jim Hathaway, 28955 Crestridge Road, agreed with the previous speaker that the City should have notified the neighborhood of the proposed development on this property and said that many seniors in his area were concerned about the impact to neighboring residences. He also expressed concern about the stability of the land, wondering if the caissons would be deep enough to secure the structure; about the impact on traffic of additional vehicles belonging to the residents of this facility; and about the density of units proposed for this property.
Mayor Byrd confirmed that the Planning Commission, Traffic Committee, and City Council would review the project after the application was deemed complete.