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HomeMy WebLinkAboutWorkforce Housing Checklist for Policy 10.18.21 “Workforce Housing” Checklist Applicant: _______________________________ Project:_______________________________________ 4 Please note this is a preliminary list of requested information. The City reserves rights to request additional information or clarifications. Noncompliance with the request may deem an application incomplete. Upfront funds requested for due diligence of any application does not guarantee project approval. Check if Provided Requested Item Location of Information Additional Information & if not provided why Building Affordable Housing Application To the greatest extent possible, complete the City’s Affordable Housing Application: https://www.chulavistaca.gov/departments/development- services/housing/building-affordable-housing Sponsorship Team Narrative profile of sponsor, bond underwriter, bond counsel and property manager, including recent experience on comparable workforce housing developments. Additional information: ___________________________________ Property Profile Narrative of property, including but not limited to acreage, number of units & buildings, and amenities, year built, and identity of seller Any existing Regulatory Agreements and/or Deed Restrictions on the property Property sales/market history Copies of current property tax bills for all project parcels showing the general tax levy, voter-approved indebtedness and direct assessments Prior 5 years of revenue and expenses, by customary line items Existing debt obligation and capital improvement reserves For official City use only: Date application received: _________________ Deposit Amount: ____________ Deposit Account #: _____________ HomeFed Corpration Residences at Escaya “Workforce Housing” Checklist Applicant: _______________________________ Project:_______________________________________ 4 Property inspection with identified needed improvements Additional information: ___________________________________ Current Tenancy Current Rent Roll (including term of leases) Property vacancy and turnover rate Qualification criteria for new tenants Income/Employment profile of existing residents Additional information: ___________________________________ Project Affordability Bond Policy for Middle Income Draft Public Benefit Agreement as applicable Draft Partnership Agreement between the proposed bond-Issuing authority and the Sponsor as Project Administrator as applicable Draft Project Management Agreement between the Sponsor and the proposed Property Management Company as applicable Bond documents from a recent similar transaction prepared by the Project’s proposed bond underwriter Relevant sections of the Regulatory Agreement between the City and Sponsor as it related to the Project’s housing development Proposed Bonds with terms and expected payoff date(s) Proposed tenant rents by unit type and AMI level including the assumed percent of household income to be paid in rent, net of landlord-provide utilities, and projected rent savings by unit type and AMI level going forward Annual rental increase formular and maximums Any market studies if available Additional information:_________________________________ Proposed Financial Structure TBD Upon Request “Workforce Housing” Checklist Applicant: _______________________________ Project:_______________________________________ 4 Full Pro Forma (A live financial pro forma in Excel reflecting the construction, financing, projected income and expenses, debt, reserves and annual debt coverage ratios of the Project along with notes on all key assumptions) Public Offering List with risk disclosures Fee breakdown – type/purpose, amount and how paid Replacement and Operating reserves- provide amount(s) that is being set aside to ensure that the property has sufficient funds to maintain its existing class A/B condition, including a long-term capital improvement and operations plan over the 30 years that contemplates replacement/renovation of major systems and unit level renovations. Projected net sale proceeds to City at end of 15-year period, and basis for estimate Any proposed payment of city property tax and city monitoring fee during the bond financing period Additional information: ___________________________________ Purchase Information Current appraisal of the property Assessment of other taxing impacts Purchase & Sale Agreement and Property Sales Price Additional information: ___________________________________ Notification Process Provide a description or documentation that outlines the notification process and documentation that would be provided to residents Additional Requirements “Workforce Housing” Checklist Applicant: _______________________________ Project:_______________________________________ 4 Additional Highlights of your program: ______________________________________________________________________________________________________________________ ______________________________________________________________________________________________________________________ ______________________________________________________________________________________________________________________ ______________________________________________________________________________________________________________________