Columbia Parc at the Bayou District Columbia Parc at the Bayou District New Orleans, Louisiana New Orleans, Louisiana Presentation to NCAHMA Conference Presentation to NCAHMA Conference April 8, 2010 April 8, 2010
Columbia Parc at the Bayou Columbia Parc at the Bayou District District New Orleans, LA New Orleans, LA Bayou District Bayou District Development Development Location Location
Prior Site Conditions: Prior Site Conditions: • • Former St Bernard Public Housing dominated Former St Bernard Public Housing dominated neighborhood neighborhood • • Over 1400 units on 51 acre site; dense, concentrated Over 1400 units on 51 acre site; dense, concentrated public housing, built in 1940s public housing, built in 1940s • • Area severely flooded in August 2005 – – Hurricane Hurricane Area severely flooded in August 2005 Katrina; buildings badly damaged, contaminated Katrina; buildings badly damaged, contaminated • • City and HANO decided upon demolition / City and HANO decided upon demolition / redevelopment in 2007; units demolished in 2008. redevelopment in 2007; units demolished in 2008. 1940 construction 1940 construction
Overall Bayou District Overall Bayou District Master Plan and Vision Master Plan and Vision • • Total on- -site and off site and off- -site build site build- - Total on out of up to 1,300 mixed- -income income out of up to 1,300 mixed housing units – – rental and for rental and for- - housing units sale sale • • (3) (3) Schools- Schools -Early Early Learning Learning Center, K- Center, K -8 public charter grade 8 public charter grade school, and College Prep High school, and College Prep High School School • • YMCA Recreational Facility YMCA Recreational Facility • • Neighborhood retail/commercial Neighborhood retail/commercial • • Re- -built Golf Courses, practice built Golf Courses, practice Re facility, youth golf program – – City City facility, youth golf program Park Park
Retail & Columbia Parc at Columbia Parc at Phase I I Phase I I Phase I I I Commercial block (b) block (a) the Bayou District the Bayou District Senior Housing St Bernard Redevelopment St Bernard Redevelopment ON- -SI TE DEVELOPMENT SI TE DEVELOPMENT ON Commercial Field & Future Garden YMCA Future K-8 School K-8 Charter School Early Learning Center EduCare Early Learning Leasing / Offices Phase I Phase I Community The Housing Authority of New Orleans
COLUMBI A PARC AT THE BAYOU DI STRI CT COLUMBI A PARC AT THE BAYOU DI STRI CT Phase I Construction Phase I Construction Phase II Phase II Future phases Future phases Phase I Phase I construction construction St Bernard St Bernard Avenue Avenue I - -610 610 I Aerial Perspective - Aerial Perspective - looking North looking North – – Feb 2, 2010 Feb 2, 2010
COLUMBI A PARC AT THE BAYOU DI STRI CT - COLUMBI A PARC AT THE BAYOU DI STRI CT - PHASE I PHASE I Phase I Construction: Phase I Construction: • Ten (10) new city blocks, infrastructure • 466 mixed-income townhomes and apartments • Unit mix: 1/3-market; 1/3 PHA; 1/3 affordable at 60% AMI • 26 permanent supportive housing units; 47 fully handicap equipped units • New Community Center, Offices, and Community Amenities block Construction Progress: Construction Progress: • Infrastructure/Streets – 95% complete • Vertical construction – 70% complete • First blocks completed – move-ins underway • Construction continues through late 2010
COLUMBI A PARC AT THE BAYOU DI STRI CT - COLUMBI A PARC AT THE BAYOU DI STRI CT - Design Elements: Design Elements: • Re-connect to neighborhood on historic street grid • Engage homes with public streets, pedestrian realm; private interior courtyards • Attention to architectural detail to create individual homes • Designs respect Louisiana Pattern Book • Design and finishes built to market rate standards for mixed-income success • Sustainability: LEED Silver construction; lowered operating costs
Columbia Parc – – Phase I Phase I Columbia Parc 466 units mixed 466 units mixed- -income housing and community facilities income housing and community facilities Permanent Financing Sources: Permanent Financing Sources: • • Acquisition Acquisition – – Ground Lease Ground Lease – – Housing Authority of New Orleans Housing Authority of New Orleans • Low I ncome Housing Tax Credit Equity (AEGON USA) Low I ncome Housing Tax Credit Equity (AEGON USA) $65.0 MM • $65.0 MM • • First Mortgage (Freddie Mac/ MMA Financial) First Mortgage (Freddie Mac/ MMA Financial) $ 4.2 MM $ 4.2 MM Second Mortgage - - LRA LRA - - OCD Flexible CDBG OCD Flexible CDBG $ 27.0 MM • Second Mortgage • $ 27.0 MM • Third Mortgage Third Mortgage - - HANO Development Loan HANO Development Loan $ 15.5 MM • $ 15.5 MM • • St. Bernard Redevelopment, LLC Note St. Bernard Redevelopment, LLC Note $ 0.1 MM $ 0.1 MM Deferred Developer Fee Note $ 1.0 MM • • Deferred Developer Fee Note $ 1.0 MM Total Sources: Total Sources: $112.7MM $112.7MM Construction / Bridge Financing through Regions Bank Construction / Bridge Financing through Regions Bank Developer Legal Counsel – – Elkins, PLC Elkins, PLC Developer Legal Counsel
Columbia Parc – – Phase I Phase I - - 466 units mixed 466 units mixed- -income housing and community facilities income housing and community facilities Columbia Parc Public – – Private Partnership Financing Private Partnership Financing Public Key Partners who made it happen: : Key Partners who made it happen PUBLI C PUBLI C Louisiana Housing Finance Agency (LHFA) • Louisiana Housing Finance Agency (LHFA) • • Louisiana Office of Community Development (OCD) Louisiana Office of Community Development (OCD) • • Housing Authority of New Orleans Housing Authority of New Orleans • US Department of Housing & Urban Development (HUD) • • US Department of Housing & Urban Development (HUD) City of New Orleans via I ndustrial Development Board • • City of New Orleans via I ndustrial Development Board PRI VATE PRI VATE • AEGON USA Realty AEGON USA Realty – – LI HTC equity LI HTC equity • • RegionsBank RegionsBank • MMA Financial • • MMA Financial • Freddie Mac Freddie Mac • Private funding Private funding – – 61% ; Public Funding 39% 61% ; Public Funding 39%
Phase I Closing – – December 2008 December 2008 Phase I Closing FI NANCI NG CHALLENGES: FI NANCI NG CHALLENGES: • SI ZE SI ZE • • STRUCTURE STRUCTURE • • I NSURANCE I NSURANCE • • TI MI NG (3Q TI MI NG (3Q- -4Q 2008) 4Q 2008) • • GO GO- -ZONE TI MELI NES ZONE TI MELI NES • • UNDER UNDER- -WRI TI NG WRI TI NG •
COLUMBI A PARC AT THE BAYOU DI STRI CT - COLUMBI A PARC AT THE BAYOU DI STRI CT - PHASE I PHASE I I nitial Outreach & Advertising: I nitial Outreach & Advertising: • Leasing office opened July 2009 for supportive services, leasing, • General advertising campaign underway – including website, social media, billboard, affinity groups • Other outreach events, meetings, tours, events such as public art competition www.columbiaparc.com www.columbiaparc.com Market Response : Market Response : Nearly 300 returning families on site-based waiting list for PHA units • ` > 350 approved applications for market rate and tax credit units (to date) • • Police, fire, teachers, nurses, university, hospitality industry and other workforce groups targeted • Move-ins underway – blocks leased ahead of delivery
COLUMBI A PARC AT THE BAYOU DI STRI CT - COLUMBI A PARC AT THE BAYOU DI STRI CT - PHASE I PHASE I Returning Resident Outreach: Returning Resident Outreach: • Extensive multi-channel outreach / contact / advertising • Initial returning families wait list completed; nearly 300 returning families certified by HANO Returning Resident Priority Returning Resident Priority • Elderly (62+ ) • Persons with disabilities • Priority by move-in date www.stbernardnow.com www.stbernardnow.com Community Supportive Community Supportive Services: Services: • Kingsley House of New Orleans providing supportive services to families for readiness to return
COLUMBI A PARC AT THE BAYOU DI STRI CT - COLUMBI A PARC AT THE BAYOU DI STRI CT - PHASE I PHASE I Market Response : Market Response : What We are Seeing – – I nitial Lease I nitial Lease- -up I ndicators: up I ndicators: What We are Seeing DEMAND ACROSS ALL MARKET TYPES • • THE MARKET RATE RENTER • CONTI NUI NG STRONG DEMAND FOR LI HTC UNI TS • SMALLER HOUSEHOLD SI ZES RETURNI NG • RESPONSE TO LOCATI ON, PRODUCT • RESPONSE TO MARKETI NG CAMPAI GN
COLUMBI A PARC – – PHASE I I PHASE I I COLUMBI A PARC Two additional housing blocks Two additional housing blocks Phase I I (a) • 49 mixed-income family units – 1/3 at 30% AMI and below, 1/3 at 60% AMI, and 1/3 Market Rate • Louisiana Housing Finance tax credit allocation; HANO funding committed • Infrastructure work to start April 2010 • Construction start date – August 2010 Phase I I (b) – funding pending • 49 mixed- income family units; • LHFA LIHTC application - 2010 • 2011 construction anticipated
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