Regular Board Meeting May 14, 2020
I. General • Roll call • Public comment • Approval of April 16, 2020 Board Meeting minutes
Public Comment Submitted via: E-Mail: publiccomment@ura.org Website: https://tinyurl.com/uraboard Public comments closed at 1:00 p.m.
II. RFPs, RFQs & Bids • Request for Proposals (RFP) for 2020 Housing Stabilization Program (HSP) Program Providers
RFPS RFQS & BIDS Request for Proposals (RFP) for 2020 Housing Stabilization Program (HSP) Program Providers What you need to know: Date Issued: April 23, 2020 Non-mandatory Pre-Proposal Meetings: April 27 & May 11, 2020 Proposal Deadline: May 18, 2020
III. Announcements • COVID-19 Response • Presentation of Small Business Recovery Fund Loan Guidelines 100 th Down Payment and Closing Cost Assistance Loan Closed on May 1 • • Roof-A-Thon – June 2020 • Jessica Smith Perry – Appointment to NALHFA Board of Directors • Retirement of Tom Cummings • Lower Hill Briefing and Presentations • Developers’ Obligation for Public Infrastructure and Other Improvements Utilizing the Lower Hill LERTA Retained Amount (Formerly the Lower Hill Development Fund) • Greater Hill District Neighborhood Reinvestment Fund Guidelines
ANNOUNCEMENTS COVID-19 Response Update – Housing Support AS OF MAY 8, 2020
ANNOUNCEMENTS COVID-19 Response Update – Housing Support Since March 19, 2020: • 750 calls for assistance received o Approx. 1/2 of were outside of the City o 81% of inquiries are for rental assistance o 19% of inquiries are for mortgage assistance o 1/3 of callers stated they are waiting on unemployment income • 78% of households are 30% AMI and below • 75% of all applicants state their need is related to COVID-19 • 86% of applicants are able to complete their intake paperwork completely remotely with a smartphone or computer • 16% are able to complete in-person intakes with the YWCA
ANNOUNCEMENTS COVID-19 Response Update – Housing Support Since March 19, 2020: • 80% of households helped were minority households • 56% were female head of households • 35 applications received for mortgage assistance • 50 applications received from from immigrant and refugee organizations, working with a sponsor agency (Urban League) • Roughly 220 applications currently in process right now with providers • About 100 are on the waiting list • Many of the initial calls were either ineligible (outside of city limits) or did not respond to service providers
ANNOUNCEMENTS COVID-19 Response Update – Small Business Support AS OF MAY 8, 2020
ANNOUNCEMENTS Presentation: Small Business Recovery Loan Fund Guidelines Here’s what you need to know: These Guidelines are contingent upon those slated to be issued by the US Dept. of Housing & Urban Development (HUD) in the near future. • COVID-19 Small Business Recovery Fund will provide funds for Pittsburgh small businesses affected by COVID-19 working to recover and position to stabilize/grow when the economy returns to pre-COVID-19 conditions • Existing COVID-19 small business emergency fund will be merged into the program • Targets neighborhood-serving small businesses, minority and/or women owned businesses, businesses in low- and moderate-income communities, and small businesses most adversely affected by the COVID-19 crisis • Two loan types: Recovery Loans and Emergency Loans
ANNOUNCEMENTS Small Business Recovery Fund Loan Details SMALL BUSINESS RECOVERY LOANS EMERGENCY LOANS Loan Amount: Up to $75,000 Up to $15,000 0% for first year Interest Rate: 0% 2% for balance of loan term Payment One (1) Year Six (6) months Deferral Period: Loan Terms: Seven (7) Years Three (3) Years Fees: None None Prepayment None None Penalties: • Personal guarantees not required, • Personal guarantees not required Collateral / • Business & corporate guarantees as • Business & corporate guarantees as Security: appropriate appropriate Hiring & Payroll, Inventory, Sales/Marketing, Hiring & Payroll, Rent, Utilities, and other E-commerce, Rent, Utilities, and other Use of funds: approved fixed costs related to business approved fixed costs related to business emergency operation needs. recovery.
ANNOUNCEMENTS 100 th Down Payment & Closing Cost Closings: Assistance Loan Closed on May 1! March 2019 – May 2020
ANNOUNCEMENTS Sponsors: Roof-a-Thon – June 2020 In June 2020, the URA in partnership with Wells Fargo, will conduct a citywide Roof-a-Thon to provide necessary roof repairs for low-income households across the city. Contractors:
ANNOUNCEMENTS Jessica Smith Perry - Appointment to NALHFA Board of Directors • NALHFA is national non-profit association of professionals working to finance affordable housing in the broader community development context at the local level. • Advocates before Congress and federal agencies on legislative and regulatory issues affecting affordable housing and provides technical assistance and educational opportunities to its members and the public. • Members include city and county agencies, nonprofits, and private firms which help in producing housing from concept to completion.
ANNOUNCEMENTS Retirement of Tom Cummings • Tom joined the URA in 1990 as a Housing Development Specialist • In 2004, Tom was appointed Director of Housing • Most recently served as the Director of Housing Development and Deputy Executive Director of the Pittsburgh Housing Development Corporation (PHDC) • Board Memberships: • Board of the Residences of Wood Street Commons • Allegheny County Homeless Advisory Board • NALHFA Thank you for your 30 years of service!
ANNOUCEMENTS Briefing: Lower Hill LERTA Retained Amount Guidelines Non-voting presentation of the Guidelines Key Points: • Establishes policies & procedures for the Retained Amount (Formally, the "Lower Hill Development Fund") • Purpose of this fund is to support the infrastructure & other improvement to the Lower Hill site & the Greater Hill District that were originally to be paid using the Lower Hill Development Fund • Eligible uses for consideration: Public infrastructure improvements o Publicly-owned & dedicated structures and facilities Redevelopment activities o Affordable housing; public, urban open space
DEVELOPMENT SERVICES Briefing: Greater Hill Neighborhood Reinvestment Fund Guidelines Non-voting presentation of the Guidelines Key Points: • Establishes policies & procedures for the fund & its community-driven advisory board • Purpose of fund is to attract funding & generate revenue to implement the goals, objectives, strategies, & process in the CCIP • Eligible uses of the fund include: • Administration, activities, & efforts consistent with the CCIP • Recurring revenue initiatives under community control • Funding for Hill District Institutional Preservation • Matching funds to leverage local, state, & federal programs
IV. On Today’s Voting Agenda • Residential Lending & Investments • Business Solutions • Development Services • Agenda B
Residential Lending & Investments • Financial Feasibility Services • California-Kirkbride, Central Northside & Perry South - Northside Properties Phase III • Upper Hill - Pittsburgh Housing Development Corp. (PHDC) - Upper Hill Rehabilitation for Resale • Larimer - 133 Meadow Street
RESIDENTIAL LENDING & INVESTMENTS Financial Feasibility Services On April 15, the URA issued an RFP for financial feasibility services to conduct 3rd party financial reviews for housing, commercial, and/or mixed-use development projects seeking URA resources. The RFP deadline was May 6 and the URA received 12 responses. RFP Responses: • Baker Tilly (now joined with Springstead) – St. • Affirmative Investments – Boston Paul, MN • BJH Advisors – NYC • RKG Associates, Virginia • David Paul Rosen & Associates – Lafayette, • SB Friedman Dev't Advisors – Chicago CA • TCAM Asset Management – • Hunden Strategic Partners – Chicago Boston/Pittsburgh • JLL Capital Markets – Pittsburgh • Mullin & Lonergan Associates – Pittsburgh • Palo Alto Partners – Pittsburgh • Partners for Economic Solutions – Washington DC
HOUSING INVESTMENTS Action(s) Northside – Scattered Sites Northside Properties Phase III URA Funding Request: $1,050,000 Borrower: Northside Properties Residences III LLC Developer: Northside Properties R&S LLC $1,050,000 Pittsburgh Development Fund (PDF) Loan _____________________________ Total URA Investment = $1,050,000 70 Total Units • 12 units at or below 30% AMI • 31 units at or below 50% AMI • 20 units at or below 60% AMI • 7 units at or below 80% AMI MWBE Compliant
Recommend
More recommend