6.3. SR 02-11-2013 - Laserfiche WebLink

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Narrative Senior 30, LLC would like to construct Blackhawk Woods, a 40 unit, one-level rental townhome development for Seniors with low and moderate incomes in the West Oaks subdivision located just south and west of Highway 10 and Waco Street. Please see attached site plan. Senior 30, LLC is associated with Cottage Homesteads at West Oaks, LLC who already owns the property. We propose building 2 Bedroom, one-level townhomes with attached single or double garages to serve area Seniors whose income is limited primarily to social security payments. The market study for the City, done by Maxfield Research, shows a need for subsidized independent living Senior housing. If the City wants our project to proceed, we will commission Maxfield Research to do a new market study focused specifically on our proposed project. • Serving Seniors 55 years and older • Independent living one-level townhome apartments with no medical staff or assisted living personnel on site, although individual assistance can be contracted for through Guardian Angels or others. • Serving Seniors with Incomes at$40,320 or less (2 persons); $35,280 or less (1 person) • Townhome rent maximums: 0 50% of apartments at or below the 60% level published by MHFA (2BR; $1,134/mo including utilities) 0 50% of apartments at or below the 50% level published by MHFA (2BR; $945/mo including utilities) There are many older folks in the area who feel trapped in their houses because they have nowhere to move to that feels safe and secure and where they can associate with people their own age. Blackhawk Woods Townhome Apartments will provide them with their own separate front door and attached garage, so they can easily come and go and won't have to worry about climbing stairs or doing the exterior maintenance that their old houses constantly require. Section 42 low and moderate income housing projects utilize Government financing programs that can provide equity and mortgage financing. The equity, consisting of 25% of the project cost, is provided by Syndicators who market the low and moderate income housing tax credits provided for the project to Corporate Investors. The mortgage is obtained through a HUD FHA low interest loan. Section 42 projects have building cost constraints, tenant income limitations and rent ceilings that are imposed and monitored by HUD and Minnesota Housing Finance Agency (MHFA). The 4%tax credit program that we will be utilizing does not require winning a