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Home My WebLink AboutHEO Houston Moore WHSP ApplicationWorkforce Housing Services Program - Request for Proposals FY 2025 *indicates a required field Applicant Information Corporate/Entity Name Housing and Economic Opportunities, Inc. Financial Fiduciary Wilmington Housing Authority Organization Receiving Payment Housing and Economic Opportunities, Inc. Type of Applicant Public Non-Profit Agency Applicant Established Date & State North Carolina November 1998 Organization Principal Name and Title Tyrone Garrett Principal Email Address tgarrett@wha.net Principal Phone Number 910-341-7700 Please include the name, phone number, and email address of the person that should receive updates about the status of your proposal. Contact Name Rusty Snow Contact Email Address rsnow@lincolnavenue.com Phone Number 406-241-0103 Preferred Contact Method Email In addition to the above, non-profit organizations must provide: • 501(c)3 Determination Letter • List of Board Members with Terms • Organization By-laws • Articles of Incorporation • Current Year Operating Budget • Most Recent Financial Statement, Audit, and Form 990 501(c)3 Determination Letter 501c3 Determination HEO Tax Exemption Status.pdf List of Board Members with Terms Commissioner Bios 2024.pdf Organization By-Laws HEO By-Laws (1).pdf Articles of Incorporation HEO Articles of Inc.pdf Current Year Operating Budget Budget_Comparison_004_Accrual (6).xlsx Most Recent Financial Statement WHA 2022 Final Audited Financial Statements.pdf Most Recent Audit WHA 2022 Final Audited Financial Statements_1.pdf Most Recent Form 990 HEO - 2021 Form 990.pdf Project Summary Project/Program Name Houston Moore Apartments Number of Units/Households to be Assisted 200 Project Location/Address 1601 S. 13th Street, Wilmington, N.C. 28401 Please upload a location map clearly indicating the project site or program service area. Houston Moore Apartments 1601 S 13th St.docx Estimated Total Project/Program Cost 67,544,905 WHSP Funding Requested (Maximum $1.5 Million) 1,500,000 Are you requesting an award in the form of a low- interest loan or a grant? Grant If requesting a loan, please describe the loan terms/interest rate requested. Field not completed. Project Type Land Acquisition, Construction (including site work, infrastructure, operational, and design costs) of new affordable single-family or multifamily housing units for sale or rent Project Narrative Project Timeline We are scheduled to close in June of 2025 with a 16 month construction period, but we will be moving residents in around 12 months of construction with the balance of the buildings coming in the remaining 4 months of the construction period. Strategic Goals Addressed Increasing Housing Stock, Improving Housing Stock Describe how your project will address the strategic goal(s) listed above. This project is a demolition of an existing 150 affordable units. We are proposing to tear down those 150 units and rebuilding them which will improve the existing stock as well as add another 50 units increasing the housing stock. Presumptive Eligibility Presumption 1 Explain how your project/program meets the selected presumption. Our project has presumptive eligibility because we qualify for other federal programs like HOME, CDBG and RAD Immediate Impact Describe how the project supports allocation of funds by December 31, 2024 and disbursement of funds by December 31, 2026 The allocation of funds by 12/31/2024 works perfectly for our closing in June of 2025. These funds will be utilized at closing for acquisition or construction so that the 12/31/2026 deadline can be met. Describe how the project will quickly deploy units to market and break ground by July 2025 We plan on closing in June of 2025 so a July groundbreaking works perfect in our schedule. Once a building has receive a Certificate of occupancy existing residents will be moved into that new building immediately. A new building will probably come on line in month 10-12 so late spring or early summer 2026. Strategic Priorities Addressed Mixture of Price Points and AMI Describe the household/unit mix expected to be served by the program/project. 50 units at 30%, 50 units at 80% AMI and 100 units at 60% AMI. Period of Affordability Will the units be preserved in affordability for at least 20 years? How many years beyond the minimum 20 years? Yes with the tax credits involved we would expect the affordability period to be a minimum of 30 years. Describe how you will ensure compliance with the affordability requirement once the project is completed. The developer Lincoln Avenue Communities has tremendous experience in the affordable and workforce industry. Additionally the management company will also have tremendous experience. Lastly a 3rd party compliance group will be retained to ensure compliance and affordability. Acceptance of Housing Choice Vouchers Will your project accept Housing Choice Vouchers? yes there will be 150 units covered by either RAD or PBRA. The remaining 50 units will also take vouchers but they would not be project based. Site/Eligibility Criteria • Evidence of appropriate zoning for proposed project, if applicable • Technical Review Committee approval including preliminary plat or site plan approval, if applicable • Evidence the site is not impacted by environmental problems such as a brownfield and flood hazard, if applicable Evidence of appropriate zoning Field not completed. Technical Review Committee approval Field not completed. Evidence that site is not impacted by environmental problems Houston Moore Phase I.pdf Describe how WHSP funding will expand existing programs and/or projects, if applicable. These grant dollars will help improve and increase the housing stock in New Hanover County. We are leverage several federal funding programs to include RAD, Tax Exempt bonds, and Low Income Housing Tax Credits. All these federal programs along with the New Hanover County grant will also us to replace existing housing that is in a major need of being replaced as well as add 50 additional units. Tell us if the project is supported by any other New Hanover County grant, funding, or contribution. There are no other New Hanover grant or funding resources proposed at this time. How will you fund/develop your project/program if your proposal is not approved for funding? There are some funds through the City of Wilmington we could apply for as well as some federal energy related funds that could help fill the gap. We also believe that interest rates are moving down prior to closing that would also help fill the gap some. Describe how your policies and procedures give access to housing for residents with credit challenges or those who may have been involved in the justice system (or upload to the right, if applicable). All projects that HEO and the Wilmington Housing Authority do are required to follow all Fair Housing policies. Our internal staff along with the management company have training in these policies to ensure compliance. Additionally, the lender, NCHFA and tax credit investor will also have oversight which would include a review of Fair Housing Fair Housing policies/procedures Field not completed. Tell us how your proposal supports New Hanover This project will follow under the HUD RAD program and by definition is required to follow all federal requirements County's commitment to equity and inclusion. which do include programs such as Section 3 that ensure equity inclusion for projects such as this. Describe how your development will comply with the Federal Fair Housing Act. All project completed by the Wilmington Housing authority are required to follow the Federal Fair Housing Act. Additional Information Project Budget/Pro Forma (must be the spreadsheet provided) Houston Moore WHP Construction Budget Template.xlsx Resume of staff who will manage the project. Corporate Resume 06.24-Franklin Group.docx Three examples of past experience, including project title, description, number of units/households assisted, project year, and location. 2024 LAC Impact Report.pdf Letters of support from other funding sources. Houston Moore Apartments - Berkadia Construction Freddie Forward 08.05.2024.pdf Additional Uploads Lincoln Deal List.xlsx Additional Uploads NEF Application LOI - Houston Morre Apartments - 8.4.24.pdf Additional Uploads Field not completed.