Bond Oversight Committee Meeting Thursday, October 1, 2020
Welcome! Online Meeting Protocols and Tips 1. Be patient and respectful. 2. Check speakers and microphone work properly. 3. Mute your microphone/phone when not speaking. 4. Introduce yourself before speaking. 5. The chat will be open for Public Testimony.* *This public meeting will be recorded, including the chat. Bond Oversight Committee Meeting | 10/01/2020 | Portland's Housing Bond
Agenda TOPIC LEAD TIME Welcome, Roll Call, Minutes Dr. Steven Holt 9:30 - 9:40 9:40 – 9:45 Public Testimony (2 minutes per person) Dr. Steven Holt Portland’s Housing Bond Updates: • Year in Review PHB Staff 9:45 - 10:00 • Project Progress Dashboard • Expenditure Report Project Updates Project Team Staff 10:00 - 10:40 10:40 – 11:00 Closing Remarks Mayor Wheeler Bond Oversight Committee Meeting | 10/01/2020 | Portland's Housing Bond
Public Testimony Two minutes per person. Submit your testimony via the Chat feature. Bond Oversight Committee Meeting | 10/01/2020 | Portland's Housing Bond
Portland's Housing Bond Updates
September 2019 Bond Goals Met and Exceeded! Bond Oversight Committee Meeting | 10/01/2020| Portland's Housing Bond
Progress in 2020 Goals Exceeded-2019 Goals Exceeded-2020 200 180 70 Exceeded 160 140 Goals (again) 120 100 80 124 60 40 31 20 22 13 8 0 TOTAL UNITS 30% AMI UNITS PSH UNITS FAMILY-SIZE UNITS Bond Oversight Committee Meeting | 10/01/2020 | Portland's Housing Bond
Progress in 2020 Exceeding Goals!! Bond Oversight Committee Meeting | 10/01/2020 | Portland's Housing Bond
Progress in 2020 Program and Process Achievements Audits Template Documents Equity in Contracting Bond Oversight Committee Meeting | 10/01/2020 | Portland's Housing Bond
Bond Oversight Committee Meeting | 10/01/2020 | Portland's Housing Bond
Bond Projects Dashboard Report Bond Oversight Committee Meeting | 10/01/2020 | Portland's Housing Bond
Looking Ahead . . . Next 6 months Project Closings and Construction Starts 115 th at Cathedral Las Adelitas Hayu Tilixam Westwind Stark Street Anna Mann Susan Emmons Village Division House Bond Oversight Committee Meeting | 10/01/2020 | Portland's Housing Bond
Expenditure Report highlights Bond funds Bond Project Net Interest Reserves and Credits Bond Funds • Expended 20.1% Remaining • Committed 57.6% Bond Project Expended • Reserved 5.8% Program Delivery • Remaining 9.4% • Interest/Credits 0.2% • Program Delivery 7.0% Bond Commitments Bond Oversight Committee Meeting | 10/01/2020 | Portland's Housing Bond
Bond Project Team Updates Cathedral Village and Las Adelitas
Cathedral Cathedral Village Village Apartme Apartment nts 8614 N. Crawford St. Portland, OR 97203 St. John’s Neighborhood, North Portland Related Northwest & Catholic Charities as Cathedral Village Partners LP
Cathedral Village Unit Mix Apartments • Catholic Charities (CC) Income Studio/ 1-Bdrm 2-Bdrm 3+Bdrm Total Family- PSH • VIBE PDX Restrictions SRO size • Quantum Management Services (Quantum) 0-30% 11 15 8 3 37 11 8 • Families • Communities of color 31-60% 4 24 37 8 73 45 • Immigrants and refugees TOTAL 15 39 45 11 110 56 8 • Households experiencing or at risk of homelessness • Approx. 250-300 People Housed Bond Oversight Committee Meeting | 10/01/2020 | Portland's Housing Bond
Upcoming Milestones/Highlights Cathedral Village Apartments • Plan Check Comment • Issue GMP Bid Set : Oct. 12, 2020 Stage of Development: • Construction start date: Jan. 2021 Pre-dev • Completion end date: Jul. 2022 • Equity Contracting (DMWESB-SDV): around 30% with current sub assumptions and will update during upcoming bid • Service partnerships: Tentatively the following, with others to be secured based on resident demographics and need. ▪ Providence ▪ Safe First Financial ▪ CCO Housing Transitions Program ▪ Immigration Legal Services ▪ Intercultural Counseling Center Bond Oversight Committee Meeting | 10/01/2020 | Portland's Housing Bond
Material Changes since Funding Award The following were unknown at time of funding: Cathedral Village Pandemic Apartments ▪ Coordination ▪ Procurement challenges ▪ Logistics/schedule Stage of Development: PBOT Pre-dev ▪ Street improvements including a half cul-de-sac due to driveway entrance being moved developed after civil reviewed ▪ Driveway entrance was moved to Salem due to RR crossing which lengthened the building and decreased parking ▪ Second trash room added due to increase in length of building ▪ Fiber optic vault move ODOT ▪ Railroad signage and fencing required ▪ Acoustical analysis and the extent of the RR noise ▪ Full brick cladding added to mitigate sound which lead us to follow the commercial track for Community Design Standards ▪ Dedicated outdoor air system (DOAS), natural gas powered Bond Oversight Committee Meeting | 10/01/2020 | Portland's Housing Bond
Material Changes since Funding Award Cathedral Village The following are added costs that were unknown at time of funding: Apartments Cost Description Lengthened building to accommodate program due to RR crossing, added partial cul-de-sac per PBOT requirements and ROW Stage of Development: $457,968 improvements. Pre-dev Added full brick to building for acoustical massing because of RR noise requirement to meet St. Johns riverfront acoustical requirements. Add is upcharge over a Hardie reveal siding $528,983 system. Added property line fencing and landscape boulders along property $38,432 adjacent to railroad. Portland Fiber Optics relocated due to existing manhole proximity $41,802 to PBOT requirements. $1,067,185 Total Bond Oversight Committee Meeting | 10/01/2020 | Portland's Housing Bond
Cathedral Village Issues/Challenges Apartments • Escalation of lumber prices • COVID-19 Stage of Development: ▪ Compression of equity market Pre-dev ▪ Decrease in pricing ▪ Longer construction period timelines ▪ Greater contingency • Insurance • Premium increase • Greater fire security requirements Bond Oversight Committee Meeting | 10/01/2020 | Portland's Housing Bond
Total Project Costs Portland Housing Bond $17,454,910 OMEP $50,000 LIHTC $8,727,211 DDF $2,343,000 Private Lender $6,900,000 GAP/Grants- Pending $457,053 Total $35,954,410 Portland’s Housing Bond funding = $17,454,910, leveraged 2 times Bond Oversight Committee Meeting | 10/01/2020 | Portland's Housing Bond
Community Engagement Highlight current outreach process to inform project design and marketing/ lease-up strategy: Outreach has been ongoing and not specific to any one property or project Spring 2020 : ▪ PSU Masters in Urban and Regional Planning Workshop ▪ APANO ▪ El Programa Hispano ▪ Familias en Accion Development of new partnerships ▪ VIBE PDX – afterschool youth music and arts program ▪ Portland based artists who will create murals along East entrance of Cathedral Village Apartments 106Halsey/Gateway Park l 07/10/2019 l Portland Housing Bureau 5 Bond Oversight Comittee Meeting| 10/01/2020 | Portland’s Bond Oversight Committee Meeting | 10/01/2020 | Portland's Housing Bond Housing Bond
Community Engagement Highlight current outreach process to inform project design and marketing/lease-up strategy: • Sought feedback from partners: CC, Resident Services Coordinators, CCO’s at Housing Transitions Program (HTP), El Program Hispano, Quantum and VIBE PDX • Unit Amenities: • Incorporate bathtubs (varying sizes) in units whenever possible • Multiple laundry rooms • Improved family-size units to accommodate two twin/bunk beds and a queen-size bed in effort to address a variety of cultural norms • Space planning for community and teen room • Office and meeting spaces for PSH services in addition to Resident Services space 106Halsey/Gateway Park l 07/10/2019 l Portland Housing Bureau 5 Bond Oversight Committee Meeting| 10/01/2020 | Portland’s Housing Bond
Las Las Adelita Adelitas 6734 NE Killingsworth Cully Neighborhood Portland OR Hacienda CDC
Unit Mix Las Adelitas Income Studio 1-Bdrm 2-Bdrm 3+Bdrm Total Family- PSH Service Partners: Restriction size • Cascadia Behavioral Health • Familias en Acción 0-30% 15 29 7 4 55 11 18 31-60% 64* 22 86 86 Priority Communities • Formerly Homeless, TOTAL 15 29 71 26 141 97 18 Low Income, Latinx and BIPOC * Additional Manager Unit not included • Approx. 450 New Residents Housed Bond Oversight Committee Meeting | 10/01/2020 | Portland's Housing Bond
Upcoming Milestones/Highlights • Bids Due Sept 30, 2020 Las Adelitas • Closing LIHTC Jan 14, 2021 • Construction Jan 18, 2021 – August 31, 2022 Current Focus: Material Changes since Funding Award • Permitting • Reduced PBVs by 2 • Bidding Issues/Challenges – Pandemic Related • Supply Chain Disruption • Closing • Insurance, Lumber cost spikes • Lottery Bonds Un-Funded by COVID • Debt, Equity Markets very tight Bond Oversight Committee Meeting | 10/01/2020 | Portland's Housing Bond
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