HomeMy WebLinkAboutResolution - 2005-R0284 - Approve HOME Funding - CHRB Handicapped Accessible Rental II Program - 06_23_2005Resolution No. 2005-RO284
June 23, 2005
Item 65
RESOLUTION
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK:
THAT the City Council of the City of Lubbock does hereby approve of the
proposal for the Community Housing Resource Board Handicapped Accessible Rental II
Program from the Home Investment Partnerships (HOME) Program and all related
documents. Said proposal is attached hereto and incorporated in this resolution as if fully
set forth herein and shall be included in the minutes of the City Council.
Passed by the City Council this 23rd day of Junk Z , 2005.
UGAL, MAYOR
ATTEST:
QcLger� 2�;;� '—
R ecca Garza, City Secretary
VED AS TO CONTENT:
NarYcy Haney
Community T
APPROVED AS.-T-OTPRM:
ty Attorney
ccdocs/res-CHRB-Handicapped Accessible Rental-HOME.res
June 17, 2005
11 Its n. �•
FY 2005-2006 Funding Request
Page 2
To submit an application, complete Part A — J, Attachments 1-4 (if applicable) and any other items requested Do
not bind the application or include any items that are not requested. Submit one proposal per project. Submit one
original and one copy of each application (SINGLE SIDE ONW to Commumity Development, 1625 13th Street,
PO Box 2000, Lubbock, Texas 79457 by April 1. 2005 5:00 PM. Please review the "Citizen's Guide" for the
Community Development programs, goals, requirements and timelines. For assistance, please call the Community
Development Department at 775-2301.
A. GENERAL INFORMATION
1. NameofApplicant: Community Housing Resource Board of Lubbock
[J Not -For -Profit ❑ For -Profit [ICHDO ❑City Dept. ❑ Other
(Please include a copy of your IRS ruling providing tax exempt status under
Section 501(c)(3) of the 1986 IRS Code if you are a non-profit.)
2. NameofProject: Handicapped Accessable Rental Housing II
3. Area or Location ofA[;j%Q: —2722 Auburn, Lubbock, TX 79415
4. ContactPerson/Title: Maggie Trejo, Executive Director
MailingAddress/Zip: 1628 Main Street, Lubbock, TX 79401
Telephone/Fax Number(s): 806 7 6 3— 3 8 7 7/ 806 7 6 3— 3 8 8 3
5. Grant Request: ❑ CDBG ❑ ESG [ HOME
6. Amount of Funds Requested for Project: $17 8 , 6 9 7
7. Amount of Matching Funds for Project:. $ 44 , 6 74
Match Type: ❑ Cash ❑ Sweat Equity ® Other Grants ❑ Donations
Identify Source of Match: Private Foundations
Match Status: ❑Confirmed [2Requested
8, Unduplicated Units Served (agency's definition) 4
(a) Total CD Funds Requested $17 8 , 6 9 7 d}
(b) Total Unduplicated Units Served 4 e)
(c) Average CD Cost Per Unit (a/b): $ 4 4, 6 7 4 0
Total Project $ 2 2 3 , 3 71
Total Unduplicated Units Served—4
Average Cost Per Unit (d/e): $ 5 5 , 84 3
9. Is this project? []Year 1 ® Year 2 ❑ Year 3 0 Year 4
Page 3
B. PROPOSED PROJECT: Project Description: In two sentences concisely describe your project.
This description will be used in future publications should your application be approved. Limit two
sentences CHRB proposes to construct two duplexes (4 units) that will be affordable and handicapped
accessible. Not only will this project increase the number of rental units but will also crease the number of
rental units that are accessible to disabled people as required by the Fair Housing Act of 1998.
C. CONSOLIDATED PLAN GOAL Check the ONE GOAL that best describes your project.
Check
One
Prioritized Objective
from Consolidated Plan
Number of Units
This Project Will Serve
H-1 Owners -Rehab
Households:
_!!
H-2 Owners -Limited Rehab
Households:
istance for
rs
H-3"Devel�Rment
Households:
Economic
CD-1 Rehab of Publicly/Privately Owned
Businesses
# of Low Mod Business Owners:
CD-2 ED-Direct Assistance to For -Profit
# of Jobs Created:
CD-3 Micro -Enterprise Assistance
# of Low -Mod Business Owners:
Infrastructure
CD4 Street Improvements
# of Low -Mod Households:
CD-5 Sidewalks
# of Low -Mod Households:
Public Service
N/A
CD-6 Handicapped Services for Job Training
# of People Served:
N/A
CD-7 Handicapped Services for Recreation
# of People Served:
N/A
CD-8 Substance Abuse Services for Rehabilitation
# of People Served:
N/A
CD-9 Substance Abuse Services for Shelter
# of People Served:
N/A
CD-10 Substance Abuse Services for Training
# of People Served:
N/A
CD-11 Employment Training for Computer Skills
# of People Served:
N/A
CD-12 Employment Training for Job Readiness
# of People Served:
N/A
CD-13 Employment Training for Reading Skills
# of People Served:
N/A
CD-14 Health Services for Children
# of People Served:
N/A
CD-15 Mental Health Facilities for Operations
# of People Served:
ift
FY--2005-2006 Funding Request
Page 4
Youth Pro ams
N/A.
CD-16 Child Care Centers for Subsidized Care
# of People Served:
N/A
CD-17 Youth Services -Education
# of People Served:
N/A
CD-18 Youth Services -Job Training
# of People Served -
N/A
CD-19 Youth Services-Mentoring
# of People Served:
N/A
CD-20 Child Care Services -After School Care
# of People Served:
N/A
CD-21 Child Care Services -Care Subsidies
# of People Served -
N/A
CD-22 Child Care Services -Summer Programs
# of People Served:
N/A
CD-23 Abused & Neglected Children -Short Term
Care
# of People Served:
N/A
CD-24 Abused & Neglected Children -Mental Health
Services
# of People Served:
N/A
CD-25 Abused & Neglected Children-Mentoring
# of People Served -
Other
CD-26 Code Enforcement
# of People Served:
CD-27 Repayment of Section 108 Loan Principal
# of People Served:
CD-28 Planning & Administration -Oversight &
Monitorin
N/A
HS-1 Shelter Operations
# of Facilities Impacted:
HS-2 Essential Services
# of People Served:
X
HS-3 Homeless Prevention
# of People Served 6
HS-4 Facilities Rehab
# of Facilities Impacted
D. PROJECT SUMMARY
1. Summarize your proposed program. Explain how this program fits with your mission. How will it
impact your current operation? How does this program relate to the Consolidated Plan priority?
Does this program serve a targeted area? Who is the target population? Where will the program take
place? How will this program benefit the Low -Mod income community? Are you working with
other organizations in a cooperative effort on the program? LLNM 3 pages
D. PROPOSED PROJECT
1. Project Summary
Community Housing Resource Board of Lubbock (CHRB) proposes to construct four rental units
(two duplexes) specially designed to accommodate persons with disabilities who earn less than
80% of median income in Lubbock. The proposed construction would take place in the Arnett -
Benson neighborhood where CHRB already owns two vacant lots ready for new construction.
The lots are not in the flood zone and an environmental study on each of the lots was completed
when they were purchased A zone change from R 1 to R-2 for duplexes was approved in
January, 2005. This project would fit with CHRB's mission, which is to provide decent and
affordable housing to low to moderate -income persons.
Currently there is an affordable housing crisis in the nation as well as in Lubbock. According to
the Consortium for Citizens With Disabilities Housing Task Force, people with disabilities have
a hard time finding decent affordable housing because they are "priced out" for the following
• People with disabilities continue to be the poorest people in the nation. As a national
average, SSI benefits in 2000 were equal to only 18.5 percent of the one -person median
household income, and fell below 20 percent of median income for the first time in over a
decade.
• In 2000, people with disabilities receiving SSI benefits needed to pay, on a national
average, 98 percent of their SSI income in order to be able to rent a most one -bedroom
apartment at the published HUD Fair Market Rent.
? • Cost of living adjustments to SSI benefits levels have not kept up pace with the
increasing cost of rental housing. Between 1998 and 2000, rental -housing costs raised
almost twice as much as the income of people with disabilities.
• In 2000, there was not one single housing market in the country where a person with a
disability receiving SSI benefits could afford to rent a modest efficiency or one -bedroom
apartment.
As one can see, it is very clear that people with disabilities are among the most deserving of
assistance from HUD but unfortunately, our nation's affordable housing system has only mixed
record in serving the needs of people with disabilities. This can only be attributed to the result of
a range of factors: a lack of understanding about the needs of disabilities on the part of housing
i agencies, discrimination, and the absence of federal policy from HUD.
Because of the redevelopment in the North Overton, affordable housing in Lubbock has
disappeared .from the market. CHRB has had a large number of inquiries by people with
disabilities on affordable housing and handicapped accessibility. It is therefore imperative that
the lack of this type of housing be addressed and CEM is willing to do its part. Although it is a
small project, hopefully other housing agencies will join in this very worthy project.
As stated before, CHRB proposes to build two duplexes, each duplex will consist of a one -
bedroom unit and a one two -bedroom unit to accommodate the disabled person and his or her
family. Facilities will be built with comfort, handicap accessibility, and safety in mind. Units
i
will be one -level with such features as:
• Open Floor Plan — Barrier free for easy wheelchair access
• Walk-in shower with built-in seat
• Handicap accessible toilet in the bathroom
• Rails in shower and hallway
• Special wiring for doorbells for the hearing impaired
• Wheelchair Ramps
• 36 inch doorways
• Adjustable sinks in the kitchen and lavators
• Full kitchens including a stove, refrigerator, and washer and dryer
• Individually controlled heat and air conditioning units.
Rent for these units will be $450.00 per month; this includes all utilities paid by CHRB.
CHRB staff has experience in new construction management and will and oversee the
construction and manage the project. An elderly rental housing project was recently completed
which is very similar to this project.
D. PROPOSED PROJECT
2. Goals and Objectives:
Community Housing Resource Board of Lubbock (CHRB) goals and objectives are:
1. Make decent, sanitary, affordable and handicapped rental housing in targeted
neighborhoods available to a segment of the community that has been overlooked,
the poor handicapped.
2. Coordinate with health agencies so they can provide home health care if needed.
3. Set rent rates not to exceed the eligibility requirements as established by HUD.
4. House the handicapped in a location that is convenient to the grocery store,
medical facilities, and public transportation.
5. Approximately 8 individuals will benefit if an average of two persons occupy
each unit.
3. Activity Measures to Reach Goals and Objectives and Timeline for Each Activity
Measure
ACTIVITY
Design Phase
Architectural Designs
Bid Specifications
Purchase Properties — 2 Parcels
Relocation Letters
Site and Neighborhood Standards
Pro" Inspections
Envimnmentals
Construction Phase — 2 Duplexes
Bid Specification and Plans
Bid Work
Construct Duplexes
Lease Properties
Set HOME Rents
Verify Client's Income
Execute Lease Agreement
Maintain Properties
Collect Rents
TIMELINE
Completed
Completed
February, 2006 — July, 2006
February, 2006 — July, 2006
D. PROPOSED PROJECT
4. Evaluation:
Community Housing Resource Board of Lubbock (CHRB) will evaluate the projects by
maintaining records that will:
1. Describe each activity undertaken.
2. Demonstrate that each activity undertaken meets the eligible
activities under the HOME program.
3. Document the acquisition, improvement, use or disposition of real property.
4. Document compliance with the fair housing and equal opportunity components
the HOME program.
5. Keep financial records as required by HUD and compliance with HUD
regulations.
6. Document that projects meets the requirements of period of affordability.
7. Demonstrate client eligibility for services provided.
E. PROJECT INCOME
1. Anticipated Program Income and Return of Investment to Grantor
The anticipated project income for a year will be as follows:
4 Units at $450/Unit/Month = $1800/Month X 12 = $21,600 - $1,080Nacancy Collection
Less = $20,520 - $19,906/0perating Expenses = $614 Net Income
The Return of Investment to the City is as follows:
25% of $178,697 = $44,694. CHRB proposes to pay back to the City $372 per month,
$4,467,43 yearly, for 10 years at 00/a once the project is completed and rented,
PLEASE NOTE THAT AN OPERATING PROFORMA IS INCLUDED IN THE
PROPOSAL.
Page 6
G. PROJECT BUDGET
1. Please list applicant's anticipated expenditures, detailing requested fiords and applicant's matching
funds. Please place Cash, Sweat Equity, Other Grants, I=Donations beside each amount
under "Applicant's Match" to denote the type of match being used.
ADBUNISTRATION:
Personnel #
Payroll Taxes
EmployeeBenefits
Office supplies
Copy Supplies
Postage
Tel hone
Promotional
Professional Service
Vehicle Fuel Miles e
Other:
PROGRAM:
Acquisition
Reconstruction
Rehabilitation
Installation
Demolition
TrafidngiTech. Asst.
Direct Assistance
Rental of Space
Rental of Eguhment
Professional Services
for Clients
Other:
Professional services
Construction
p
TOTALS
$178,697
$92,899
$100,000
$371,-596
H. APPLICANT INFORMATION
1. Capacity of Organization
Community Housing Resource Board of Lubbock (CHRB) is an established organization
committed to helping the low to moderate -income population in the City of Lubbock and the
South Plains region. CHRB's mission is to make homeownership accessible to the low to
moderate income individuals of targeted areas and provide affordable rental for those unable to
purchase a home. It keeps its programs and activities focused on the needs of the said targeted
group. It enjoys success with its programs in making homeownership a reality and maintaining
its operations fiscally sound.
CHRB is a 501 (C) (3) non-profit organization established in 1985. Initially, it was funded by
the U.S. Department of Housing and Urban Development (HUD) as an agency whose mission
was to hear and file housing discrimination complaints.
Since 1993, CHRB redirected its service to housing programs funded by the City, State and
Federal Government as well as private foundations. In 1994 it was certified as a Community
Housing Development Organization (CHDO) by the Texas Department of Housing and
Community Affairs and also by the City of Lubbock. Today it enjoys partnerships with local
financial institutions in an effort to create accessible housing for the low to moderate income
individuals by offering lower interest rates and less stringent methods of financing, thereby
making it easier to secure a loan.
CHRB has successfully implemented and continues to implement unique housing programs. The
I.ease/Purchase program is one that gives families in the low to moderate -income range, the
opportunity to become homeowners. To date, it has acquired thirty houses, rehabilitated twenty-
six of them, four are being written up for rehabilitation, seven are leased to prospective
homeowners and twelve have been sold. Families are pre -qualified before they occupy the
houses. This program is designed to help those that have credit problems that can be fixed, too
much credit that must be reduced, not enough job stability or no fiords for down payment and
closing costs. As an incentive for participants to complete the program, CHRB provides down
payment and closing costs assistance in an amount up to $2,500.00 depending on how long they
lease the property. CHRB is in the process of purchasing an additional five houses or more that
will be, rehabilitated, and occupied in the very near future.
An eight -unit apartment complex was acquired with HOME funds and with a loan in 1995 and in
1997 it was completely rehabilitated with HOME funds. Individuals must be in the 50% - 60%
of area median income to qualify for these apartments. CHRB manages and maintains the
complex.
In the New Construction Program, ten houses have been completed, nine have sold, and four lots
have been acquired in order to build more new houses. All houses have been or will be built in
targeted areas as designated by the City Council.
Other programs administered in the past by CHRB were the Down Payment and Closing Cost
Direct Assistance Program in which 40 families achieved homeownership, the Emergency
Shelter Grant Program (2 years of funding), HUD Mortgage Counseling Program (2 years of
funding), and the Slaton Rehabilitation Program for the elderly (9 houses @ $25,000 each.)
CHRB was funded for affordable handicapped accessibility housing. Construction will begin in
the near future. Management and maintenance will be similar to the Elderly Housing program.
As of fiscal year ending September 30, 2004, CHRB had $2,006,206 in assets, $36,415 in
liabilities, and $2,042,621 in fund balance. During the same fiscal period, CHRB had $282,351
in grant support, and $68,384 in other revenue for a total of $350,735 in total support and
revenue. For 2004-2005, CHRB's expected operations budget is $150,000, which will cover
personnel, utilities, and general operation expenses. There are two positions allocated. The
agency also contracts with a grant writer, Paul Watson, and a Rehab Specialist, Wally McNeil,
Raul Alvarado with Century Small Business Solutions, and receives assistance from board
members, community individuals, and Texas Tech University Small . Business Development
Center (SBDC). Williams, Rogers, Lewis Company, PC, a certified public accountants firm,
conducts an annual independent audit in accordance with generally accepted auditing standards
and government auditing standards. The audit is comprehensive and covers financial, internal
control, and compliance report sections.
H. STAFFING
2. Staffing.
CHRB is governed by a seven -member Board of Directors with diverse backgrounds in terms of gender,
race, city residency, and profession. CIM utilizes personnel and professionals in accomplishing the
work of the office including hiring personnel, training, clerical work, recording and data entry,
submitting grant funding requests and administering contracts. CHRB currently has an executive
director, and a bookkeeper. Additionally, CHRB utilizes the services of Raul Alvarado with Century
Small Business Solutions, a business consultant specializing in accounting and bookkeeping, a grant
writer, Paul Watson, and Wally McNeil, a Rehab Specialist, who prepares the rehab write-ups and bids
and does inspections on all on -going projects.
Maggie Trejo was hired by Community Housing Resource Board (CHRB) in January, 1995 as a Housing
Specialist. In October,1996 she assumed the post of Executive Director. Mrs. Trejo has been successful
in acquiring community development funding, has built 10 new homes and is working on building others.
In addition, Mrs. Trejo has rehabilitated twenty-one existing homes, an 8-unit apartment complex and a
6-unit complex for the elderly and is currently working on constructing a 4-unit complex for the
handicapped. She has received extensive training from the Neighborhood Reinvestment Training
Institute, Community Revitalization Training Center, Texas Department of Housing and Community
Affairs and The Development Training Institute, in topics such as Raising Operating Funds, Managing
New Construction, HUD CHDO Texas Project Development Program, Advance Project Development
Program., Design and Specification for Rehab Specialists, How to Finance Affordable Housing, and
other related training.
Mrs. Trejo earned a Bachelor of Business Administration (Management) from Texas Tech in 1979. She
is a licensed real estate broker and certified Homebuyer Education trainer.
Executive Director - Job responsibilities: Administer projects and programs. Adhere to and interpret all
federal HUD regulations. Prepare annual budgets and funding request proposals. Supervise personnel,
construction, and rehabilitation projects including: New Construction, Lease/Purchase Programs, Rental
Housing, Management of Apartments and Execute Real Estate Contracts. Quallcations: Education and
experience equivalent to Bachelors degree in business administration, public administration, or a close
related field. Experience of increasingly responsible administrative and management experience
involved in the development, planning, funding, implementation, and operation of housing programs.
Communication skills. Examine, verify, and analyze financial information, reports and statements. Have
knowledge of research procedures and techniques. Work effectively with people from a variety of social,
economic, and racial backgrounds.
Bookkeeper - Job responsibilities: Perform general office duties: schedule appointments, provide
general program information, type letters, reports, etc., greet the public, accept rent payments, prepare
statements and receipts, and file. Inspect rental housing and lease purchase properties, prepare list of
repairs for maintenance man, conduct credit and criminal checks for prospective rental housing
applicants and prospective homeowners. Pay monthly bills, keep general ledger for petty cash funds, and
compile expenses that are on going and turn in for reimbursement, with the guidance of the director.
Qualifications: Operate a variety of office equipment. Attend workshops and classes to improve skills.
H. REPORTING CAPABILITIES
3. Reporting Capabilities:
Community Housing Resource Board of Lubbock (CHRB) utilizes the following methods in
reporting its activities and finances on a daily, monthly and yearly basis-
1. Uniform HUD forms to report the project set-ups and
close outs.
2. Provide financial reports to private foundations.
3. QuickBooks Pro software for normal accounting activities and reporting
performed in-house by the bookkeeper supervised by the Executive
Director.
4. Annual audit performed by a certified public accounting firm.
I. GOVERNING BODY PROFILE
1. Method of Selection of Officers and Board Directors and Time and Place of Regular
Meetings
One-third of Community Housing Resource Board of Lubbock's (CHRB) directors are elected
every year for a three-year term at the annual meeting which date is determined by a majority of
the Board of Directors. Individuals with housing interest in the community are encouraged by
present Board members to become Board members.
One-third of the Directors are representative of the low-income neighborhoods and the rest are
community people with different professional expertise.
The Directors on the first meeting following the annual meeting elect officers for a one-year
term.
Regular meetings are held every two months on the third Monday of the month at 6:00 p.m. at
Smith Temple, 6508 Ave. P, Lubbock, TX. The Executive Committee, which consists of the
President, Vice President, and the Secretary -Treasurer, meets as often as needed.
Page 8
L Conflict Of Interest
Federal law (24CFR570.611) prohibits persons who exercise or who have exercised any functions or responsibilities
with respect to the above grants... or who are in a position to participate in a decision malting process or to gain
inside information with regard to such activities, may obtain a financial interest or benefit from an assisted activity...
either for themselves or those with whom they have family or business ties, during their tenure or for one year
thereafter.
1. Is there any member of the applicant's staff member of the applicant's Board of Directors, or officer who
currently is or has/have been within one year of the date of this application a City employee, a member of the
Community Development & Services Board, or a member of the City Council?
Cl Yes U No
If yes, please list names:
2. Will the funds requested by the applicant be used to pay the salaries of any of the applicant's staff or award a
subcontract to any individual who is or has been within one year of the date of this application a City employee,
a member of the Community Development & Services Board, or a member of the City Council?
❑ Yes ®No
If yes, please list names:
3. Is there any member of the applicant's staff member(s) of the Board of Directors, or officer(s) who are business
partners or immediate family of a City employee, a member of the Community Development & Services Board,
or a member of the City Council?
❑ Yes ® No
If yes, please list names:
If any member of the Community Development Services Board has a conflict, they may not participate in the
subcommittee interview or discussions, nor vote during the recommendation.
The applicant certifies to the best of his/her knowledge and belief that the data in this application is true and correct
and that the governing body of the applicant has duly authorized the filing of the application and that the applicant
will comply with all the requirements of each grant respectively if the application is approved.
Please include: 1) the minutes of the board meeting at which this item was authorized, and 2) who is authorized to
sign the application and/or contracts.
Name: D A. Smith Signature• —�-->�.
Title: Board Chairperson Date: March 21 , 2005
Name: Maggie Trejo Signature:
Title: Director Date: March 21, 2005
Page 9
ATTACHMENT 1
Construction And Rehabilitation Proiects
(Required for all CD projects except Homeowner Reconstruction or Rehabilitation Projects.)
Will this project require that Davis Bacon wage rates be paid? Yes X No
1. Status of Plans and Written Bid Specifications
❑ Nothing begun at this time.
❑ Preliminary estimate completed.
❑ Sketch of plans completed.
❑ Detailed plans and written bid specifications in preparation.
13 Detailed plans and written bid specifications completed.
❑ Other (specify):
2. Environmental Issues
Testing for asbestos/ Lead based paint.
3._ Construction Timeline
This is new construction.
Activity
Date
Plans & Bid Conpleted
Environmentals completed*
11104 — 0 0
Project Bid Out & Awarded
11 0 5 — 0 2 0
Construction Begun
0 2/ 0 6 — 0 3/ 0
Construction 50% Co feted
05/06
Construction Co leted
07/06
Environmental must be completed prior to any funds being committed.
4. Project Costs
Land ifapplicable)
S
Design
$Alread don
Architect
$ A 1 re ad don
Engineer
$
Cost of asbestos/ LBP
$
Construction
Davis Bacon Allowance
$
Equipment
$
Other Costs (specify)
$
Fence
Landscaping
S 12,000
Total Project Cost
$3
Less Bud eted Funds
$192,899
Less Other:
$
CD'Funds Needed
s178,697
Call the CD staff if you have questions on how to complete this attachment.
ATTACHMENT 3
Residential Rental Proiect Attachments
Feasibility Issues
1. Pro Forma
OPERATING PRO FORMA
Handicapped Accessible Rental Housing
Two Duplexes (Four Units)
Year One through Year Twenty -One
Revenue
Year 1
Years 2 -10
Years 11- 20
Year 21+
Rent
$21,600
22,032 25,814
26,330 31,467
32,096
Vacancy Collection Loss
(1,080)
(1,102) 1 1
(1.3171 (1,573)
(1.605)
Net Revenue
S20,520
20,930 24,523
25,013 29,894
30,491
Operating Expenses
Utilities
S 7,200
7,416
9,394
9,676
12,625
13,004
City ROI
4,676
4,676
4,676
Insurance
2,400
2,472
3,131
3,225
4,208
4,335
Management
1,026
1,057
1,339
1,379
1,799
1,853
Replacement Reserves
1,026
1,057
1,339
1,379
1,799
1,953
Maintenance
2,052
2,114
2,677
2,759
3,598
3,706
Advertising
500
515
552
672
877
903
Miscellaneous
1.026
1.057
1.339
1.379
1.799
1,953
Total Operating Expenses
$19,906
$20,364
$24,447
$20,468
$26,705
$27,507
Net Income
S 614
$ 566
$ 76
$ 4,545
$ 3,389
$ 2,994
Vacancy rate is 5% per year
Income increases are 2% per year.
Expense increases are 3% per year.
Rent revenue is based on present HOME Program Rents approved by the City of Lubbock.
Period of affordability is 20 years since project is new construction.
Source of Funds: HOME ($100,000 already funded) + $178,697 (Request) and 25% required match
($92,899)
Total Use of Funds: $371,596
Each duplex will consist of a one -bedroom 850 square feet unit and a two -bedroom 1,766.88 square feet unit;
$71 per square feet.
Cost per one -bedroom unit is $60,350; 2 units proposed
Cost per two -bedroom unit is $125,448; 2 units proposed
Landscaping and Fence included in project cost
ATTACHMENT 3
Residential Rental Protect Attachments
Environmental Issues
1. New Construction. Lots not in flood zone.
HOME Investment Partnership Program
Certification of Governmental Assistance
Date: March 21, 2005
Page 13
ATTACHMENT 4
Funding Year. 2005 — 2006
Applicant: Community Housing Resource Board of Lubbock
Project Address: 2720 —2722 Auburn, Lubbock, TX 79415
Amount of Home Funds Requested: $17 8 , 6 9 7
Number of Units: 4 (2 duplexes: each duplex will have one one —bedroom
and one two —bedroom)
Please list any governmental assistance, that is now provided or will be provided in the future on this
project, and attach supporting documentation. Governmental assistance includes any loan, grant
(including Community Development Block Grant), guarantee, insurance, payment, rebate, subsidy,
credit, tax benefit or any other form of direct or indirect assistance from the Federal, State or local
government for use in, or in connection with the project listed above.
Source of Assistance
Amount of Assistance
Eligible Time Period
City — HOME
$100,000
2003 —2004
I Maggie Tre j o hereby certify that the information contained in this document is true
or March 21, 2005
Date
BEFORE me, the undersigned, a Notary Public in and for the said County and State personally appeared
Maggie Trejo of Community Housing Resource Board
of Lubbock
on this 21 s t da v of - March :2 005 .
o Public, Texas