HomeMy WebLinkAboutThe Helm Interview Follow-upFrom:Michael Beckley
To:Wilson, Kourtney; McClammy, Theo; Standfest, Maria
Cc:Adam Cardin; tony@timelesspropertiescc.com
Subject:RE: NHC Workforce Housing Post-Submission Interview - Reveler
Date:Wednesday, August 14, 2024 12:32:23 PM
Attachments:image001.png
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JLL Economics - The Helm 8.12.2024.xlsx
WHP Construction Budget Template 8.12.24.xlsx
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Good day All,
Thank you all for taking the time to go through The Helm package for WHA Application
yesterday. I have included a summary of our discussion with a few questions not covered
yesterday. We will work with Kourtney to identify an UW package that fits NHC spreadsheet. I
have included our most recent debt/equity solution matrix for context and input the unit
counts accurately in the NHC matrix. If this works for format, I can put the remainder of the
hard/soft costs in each tab. Please let me know if this is accurate to proceed.
Meeting Summary
NHC Attendees: Kourtney Wilson, Theo McClammy, Maria Standfest
Applicant Attendees: Michael Beckley (Reveler Development), Adam Cardin (Timeless
Properties Construction), Tony Johnson (Timeless Properties Construction)
Open Discussion regarding application format, timeline for follow up and award. Project
overview for The Helm a 95 mixed use new ground-up stick frame construction with studio,
one bedroom, and two-bedroom unit counts. Applicant is applying under Presumption #2 and
will work in good faith to secure a deed restricted NC Tax Abatement program under a Freddie
Mac permanent finance loan with 50% of units meeting 80% AMI rents after construction loan
close. To expand the AMI housing supply the applicant would be amenable to provide a mix of
studio, one bedroom, and two-bedroom AMI units per the attached unit mix. The applicant
would also be amenable to a 20-year no interest loan in lieu of $1.5M grant to apply towards
the construction of the project. Applicant would be securing a construction loan with the NHC
subsidy to deploy units to market by required timeframe of July 2026.
Questions:
1. Is the applicant to assume all 80% AMI units will be occupied by WHA HCPV – Housing
Choice Voucher Program tenants or Trillium Voucher assistance tenants?
2. Should the applicant agree to deed restrict 100% of units in lieu of 50% for 20 years
would WHA be able to provide an earlier indication of grant approval prior to October
1st?
3. Is the August 28th follow up in person?
Thank you for your time, we look forward to hearing from you.
Michael Beckley
Senior Project Manager
Reveler Development
m: (914) 772-1944
82 Hanover Street, Suite 5 | Portland, ME 04101
www.reveler.com
-----Original Appointment-----
From: Wilson, Kourtney <kwilson@nhcgov.com>
Sent: Wednesday, August 7, 2024 1:31 PM
To: Wilson, Kourtney; McClammy, Theo; Standfest, Maria; Michael Beckley
Subject: NHC Workforce Housing Post-Submission Interview - Reveler
When: Tuesday, August 13, 2024 11:00 AM-11:30 AM (UTC-05:00) Eastern Time (US & Canada).
Where: Microsoft Teams Meeting
Virtual meeting scheduled for Tuesday, August 13th, 11:00 AM
The Workforce Housing RFP Post-submission Interview purpose is to receive insights into the
applicant’s understanding, commitment, and financial capacity to adhere to the county’s
deadline for allocation and disbursement of Federal funds. The interview goal is to summarize
and illuminate the key elements of your budget and financial pro forma. What do you
especially want the review team to be aware of? Verify how your proposal supports allocation
of funds by December 31, 2024, and disbursement of funds by December 31, 2026.
Process
a. Interview appointments are available for all applicants on August 12 and 13 (if needed
Aug. 14th).
b. Thirty-minute time slots available.
c. Participation is optional – not required.
d. Applicants who participate in the interviews are asked to provide a written follow-up
within 24 hours. The interview follow-up, one page or less, will be shared with the
evaluation team.
To prepare for the interview, you may draw upon the answers provided to these RFP questions:
Name of Financial Fiduciary and Organization Receiving Payment
Is the applicant claiming Presumptive Eligibility: Presumption 1 or 2?
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; Conversion/rehabilitation of existing residential and non-residential
structure(s) for affordable single-family or multifamily housing units for sale or
rent; Down payment assistance for income eligible homebuyers; Tenant-based
rental assistance; or Emergency repair of single-family units for income eligible
clients, (please include types of emergency repairs that will be supported by the
proposed program).
Describe if this project will break ground by July 2025 and how quickly this project will
deploy units to market.
WHSP funding requested (maximum $1.5 million) and total project/program cost vs.
request
Loan/Grant terms and interest rate requested
Describe how this project supports allocation of funds by December 31, 2024, and
disbursement of funds by December 31, 2026.
Period of Affordability- Will the units be preserved in affordability for at least 20 years?
How many years beyond the minimum 20 years? Once the project is built, how will you
ensure compliance to the affordability requirement.
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