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HomeMy WebLinkAboutThe Helm WHSP ApplicationWorkforce Housing Services Program - Request for Proposals FY 2025 *indicates a required field Applicant Information Corporate/Entity Name Reveler Development Co. Financial Fiduciary Thomas Watson Organization Receiving Payment Reveler Development Co. Type of Applicant For-Profit Corporation Applicant Established Date & State NC Organization Principal Name and Title Michael Beckley Sr. Project Manager Principal Email Address MBeckley@reveler.com Principal Phone Number 914-772-1944 Please include the name, phone number, and email address of the person that should receive updates about the status of your proposal. Contact Name Michael Beckley Contact Email Address MBeckley@reveler.com Phone Number 914-772-1944 Preferred Contact Method Phone 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 Field not completed. List of Board Members with Terms Field not completed. Organization By-Laws Field not completed. Articles of Incorporation Field not completed. Current Year Operating Budget Field not completed. Most Recent Financial Statement Field not completed. Most Recent Audit Field not completed. Most Recent Form 990 Field not completed. Project Summary Project/Program Name The Helm Number of Units/Households to be Assisted 95 Project Location/Address 1010 North 4th Street, Wilmington, NC 28401 Please upload a location map clearly indicating the project site or program service area. 1010 N 4th Map.pdf Estimated Total Project/Program Cost 21,500,000 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 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 This project currently has project construction release and has undergone full TRC and stormwater review. Construction could begin this winter with a 14-18 month construction schedule and a 6-8 month lease up to stabilization period. Strategic Goals Addressed Increasing Housing Stock, Improving Housing Stock, Increasing Housing Access Describe how your project will address the strategic goal(s) listed above. This project would set aside a minimum of 50% units for 80% AMI housing in the Wilmington downtown market. Unit types for 80% would be a mix of Studio, 1 Bedroom and 2 Bedroom units. Wilmington has a growing need for affordable housing, especially in the downtown sector. Enabling a grant for $1.5M would allow new construction housing set aside for the gap in affordability. Presumptive Eligibility Presumption 2 Explain how your project/program meets the selected presumption. The project if approved for grant would deed restrict the property at closing of construction loan for the required 20 years for 50% of units at an 80% AMI not to exceed the HUD Fair Market Housing pricing per unit. Immediate Impact Describe how the project supports allocation of funds by December 31, 2024 and disbursement of funds by December 31, 2026 Funds allocated by 12/31/2024 would be used to support the construction release, ground breaking, and initial stormwater and foundation supports starting in December of 2024 for 1010 North 4th Street ground up development. The construction loan would pull from equity sources initially and fully until draw down to debt sources. By enabling $1.5M grant money the project would be able to fund the water retention system, sewer and water infrastructure, foundation supports, and current water meter disconnects with early release packages that would allow the project to prolong a rate lock for construction loan. Describe how the project will quickly deploy units to market and break ground by July 2025 Assuming the grant money would allow pre-con services to start in December of 2024 the estimated timeframe for full construction of 95 units would be 14-18 months putting certificate of occupancy date at June 2025 latest for new move ins. Preleasing of units could start 3 months in advance of construction delivery to allow seamless transition to market for new AMI product. Strategic Priorities Addressed Mixture of Price Points and AMI Describe the household/unit mix expected to be served by the program/project. 50% of 95 units would be 80% AMI housing. These units would consist of a mix of studio, one bedroom, and two bedroom apartments. Of the remaining units the proforma would fall within the 120% AMI range however the deed restriction would apply to the initial 50%. Period of Affordability Will the units be preserved in affordability for at least 20 years? How many years beyond the minimum 20 years? Yes. Based on 20 year projection and preservation. Willing to preserve based on building lifespan for depreciable building systems and infrastructure. Describe how you will ensure compliance with the affordability requirement once the project is completed. Yearly audits through property management team using screening and proof of income limits to ensure units remain 80% AMI. Adjustment of unit type and location based on snowflake analysis to provide rotating unit types for affordability based on demand. Acceptance of Housing Choice Vouchers Will your project accept Housing Choice Vouchers? Yes. Currently under management via WHA and Trillium housing applications are The Jewel, The Mini-Pearl, The Pearl, 210 Red Cross, 211 Red Cross, 212 Red Cross, 214 Red Cross, and The Preserve at Pine Valley all offering HCV and approval process. 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 1010 N 4th Zoning.pdf Technical Review Committee approval TheHelmTRCrev3 Reduced.pdf Evidence that site is not impacted by environmental problems Soil Sampling 1010 N 4th 6-17-22.pdf Describe how WHSP funding will expand existing programs and/or projects, if applicable. Field not completed. Tell us if the project is supported by any other New Hanover County grant, funding, or contribution. Field not completed. How will you fund/develop your project/program if your proposal is not approved for funding? This project has been earmarked for development for over 2 years. Through the course of pre-dev and pre-con the rising economic pressures have constrained the debt sourcing. Should this grant not be approved the likelihood of a development on this land track is limited. 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 SPM (Sweyer Property Management) our third party property management firm screens applicants based on previous eviction record and credit only. Criminal background is not a disqualifier for housing application. A persons past should not necessarily discount their forward progress and chance to improve. upload to the right, if applicable). Fair Housing policies/procedures Field not completed. Tell us how your proposal supports New Hanover County's commitment to equity and inclusion. The ownership and property management have no application indicators based on race, gender, age, national origin, religion, disability, or familial status. Application and approval for housing is on a per-need basis. Describe how your development will comply with the Federal Fair Housing Act. In addition to screening for income eligibility, the Developer will retain the right to screen tenant applications for the Workforce Units in the same manner as it does for the Development’s market rate units consistent with all guidelines of Federal Fair Housing Act. No employee, agent, stockholder, member, manager, officer, or director, of Developer, and no family member thereof (related by blood, marriage, or operation of law), and no employee, agent, stockholder, member, manager, officer, or director, of any entity related to Developer, and no family member thereof (related either by blood, marriage, or operation of law) may qualify for a Workforce Unit. Additional Information Project Budget/Pro Forma (must be the spreadsheet provided) WHP Construction Budget Template (1).xlsx Resume of staff who will manage the project. M Beckley Resume.pdf Three examples of past experience, including project title, description, number of units/households City of Portland_West Bayside Partners - Workforce Housing Agreement - HRS Revised (Clean) Version of City Draft - 100819.DOCX assisted, project year, and location. Letters of support from other funding sources. The Helm - Freddie Mac UW Analysis - 7-25-2024.pdf Additional Uploads WHA Portland.pdf Additional Uploads 95 Units (SUB DEBT REMOVED) The Helm 8.5.24 WHA Program.xlsx Additional Uploads Field not completed.