Date post: | 05-Jul-2015 |
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A Case for Additional Tools
Presented by: Preston Prince CEO/Executive Director Fresno Housing Authority
Worse than Appalachia Fresno Bee – July 16, 2008
Valley congressional district ranks last
nationwide on study's scorecard of well-
being.
What is F-HA going to do about it?
• Repositioning of our Existing Portfolio
• Acquisition/Rehabilitation of Preservation
Properties
• Invest in Special Needs Housing
• Partnerships with City/County and other
jurisdictions
What is F-HA going to do about it?
• New Construction of Work Force Housing
• Re-Allocation of Existing Program Funds
• New Policy Initiatives
• Not Just Housing – Community Building and
other Linkages
• Address Long-Term Capital Needs
• Long-Term Affordability
• Supportive Services/Community Building
• Special Needs Populations
• Economic Development
• Impact Health, Wealth & Education of our
Community
Goals of Repositioning
• Targeted City/County Goal or Neighborhood
• Income Diversification
• Options/Choices for our Residents
Goals of Repositioning
Funston Place and Funston Terrace
•200 units of Officer’s Barracks for Hammer Field •26.5 acres
•Built in 1940’s and 1950’s •Deteriorating infrastructure led to physical distress certification
•Demo completed in 2007
Old Funston: “Not intended for family housing”
Financing Plan for Parc Grove Commons
• Preliminary Plan 2005
• Disposition 2006
• Demolition 2007
• 2008: F-HA received an allocation of 4% bond financing and MHP bond financing that provided an $8.2 million permanent loan for the project
• Economic downturn affected the investor/lender market
• 40 families returned
Parc Grove Commons Development Permanent Financing Sources Wachovia Affordable Housing Community Development Corp $23,460,403 CA Community Reinvestment Corp $2,900,000 Fresno Housing Authority (includes CFRC, CFRG, RHF) $5,517,580 City of Fresno (HOME) $2,000,000 Housing Relinquished Fund Corp $3,007,435 City of Fresno RDA $500,000 Total Development Costs $37,384,418
The New Parc Grove Commons
Project Description
215 units universal design elements
green building features 6,710 sf community building with:
classroom facility, computer room, offices, fitness center, pool, basketball courts,
picnic areas, courtyards
Project Description
4,000 people on waiting list
First Family moved in: April 2011 Grand Opening: April 2011
Fully leased: September 2011
Returning Families: 40
Parc Grove Commons Development Permanent Financing Sources Wachovia Affordable Housing Community Development Corp $23,460,403 CA Community Reinvestment Corp 2,900,000 Fresno Housing Authority (includes CFRC, CFRG, RHF) 5,517,580 City of Fresno (HOME) 2,000,000 Housing Relinquished Fund Corp 3,007,435 City of Fresno RDA 500,000 Total Development Costs $37,384,418