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4. Housing DiscussionHome Ownership Project Description Original Concept 44 Units on 7 Acres on South Woodland Avenue. The site was to have accommodated 32 two -bedroom units with an attached single car garage selling for $48,050 and 12 three bedroom units selling for $60,700. The total residential construction costs would have been $2,266,000. Revised Concept It is not financially sound to place stand alone 950 sq. ft. two -bedroom units with a single car garage on a 9,600 sq. ft. lot. As a result, DOC was asked if we could increase the unit size for this site to three and four bedroom units with double car garages. The need then was created to find a second site which would allow higher density and the creation of twenty single family attached units with single car garages. End Result of Changes to Concept 1. Two bedroom units increased $6,650 in selling price. Number of units decreased from 32 to 20. A high density second site is required. 2. Three bedroom units increased $9,160 in selling price. Number of units increased from 12 to 18. These units will be located at Site 1 on South Woodland Avenue due to large lot sizes. 3. Six four -bedroom units will be created and placed on the larger lots. As a result an additional $77,220 in residential constructions will be incurred -- that is the difference between 6 three -bedroom units and 6 four bedroom units. By not having a high density site, the s g price for all 44 units has increased an additional $581,860 over the originally project with all 44 units being built on South Woodland Avenue. In order to make the project a reality and still retain affordability to lower income individuals, we are decreasing unit sizes, reducing the amount and quality of common area landscaping, selling the lots rather than donating the initial land in order to generate funds to acquire a second site, raising the actual sale price of the units which will be reinvested into the project , and requesting additional grant funding from the Federal Home Loan Bank of Seattle. �tl �ti• Lr-- rn` L 1 Cn KECLY RpAD EXHIBIT "C" WATM MAIN PLAN WOODLAND COURT PROJECT op, 7. ---+- 3a2.3— 37s j ..a � - 323 i r 10 8 DEVELOPMENT FUNDING EXPENDITURES Development Costs & Funding 2/27/95 4:55 PM Original Funding - 9/94 for 44 Units - 1 Site Proposed Funding - 2 Sites Expended or Obligated Todate: Ex endced or Obligated Todate 93 UDAG on Facility Plan $38,800 93 UDAG Facility Plan $38,800 Preliminary Plat, CUP & Zone Change Fees $1,510 Preliminary Plat, Zone Change & CUP Site 1 $1,510 Land Value Based on Orchard Villas Sale Land Value for 24 units @ Site 1 Based on Price of 430 s . ft. $131 ,250 Orchard Villas Sale Price of 430 s . ft. $131,250 94 UDAG Cash $100.000 Ci 's Commitment of '94 UDAG Funds $100.000 Ci 's Investment in Project $271 ,560 Ci 's Unchanged Commitment to Project $271,560 FHL.B $122,000 Federal Home Loan Bank Grant $ ,000 CDBG Grant $400,000 CDBG Grant $40000,000 HOME Grant $400,000 Home Grant $400,000 MBOH Permanent Financing $2.400.000 MBOH Permanent Financing $2,847,700 $3,593,560 Sale of 24 Lots @ Site 1 for $6,000 per & $3,500 @ Site 2 X 20 $214.000 $4,331,260 Original Proposed Expenditures - 44 Units I Site 93 Activity Facility Plan $38,800 93/94 Facility Plan $38,800 Prelimina Plat, Zone Change & CUP Site 1 $1,510 Preliminary Plat, Zone Change & CUP Site 1 $1,510 Residential Construction $2,400,000 Residential Construction $2,847,700 Landscaping to Common Areas $76,440 Landsca in to Common Areas -- Both Sites $40,000 Professional Services $209,400 Professional Services $209,400 Infrastructure Construction includes Sewer Main, 1 mile of Infrastructure Const. on Sewer Main, I mile of Sewer Line, Water Sewer Line, Curbs & Gutters, Paving, Li htin , Water $448,800 Paving, urbs & Gutters, Sidewalks & Lighting $448,800 Water & Sewer Hookup Fees $62,850 Water & Sewer Hookups - Fee Increase $72,900 44 Lots Landscapped $38,800 44 Lots Landscaped - 24 @ $1,250 & 20 @ $1,500 $48,000 Grant Subsidies to Project $316.960 Grant Subsidies to Project $425,530 $3,593,560 Preliminary Platt for Site 2 $600 Preliminary Engineering Studies for Site 2 $5,500 Acquisition of Site #2 - 2 Acres @ $1 s . ft. $87,120 InfraStructure for Site #2 $105.400 $4,331,260 Page 1 Project Costs Per 2 Bdrm 20 Per 18 Per 6 Total $Is Brick & Mortar Construction Duplexes Total 3 Bdrm. Total 4 Bdrms Total All Units 950 sq. ft. x $50 -1 Bath & W/D area $47,500 With 14' x 24' (336 sq. ft.) Single Car Garage @ $11 W700 $51,200 1,150 sq. ft. x $50 -1 Bath & W/D area $57,500 With 24' x 24' (576 sq. ft.) Double Car Garage @ $11 $6..350 $63,850 1,380 sq. ft. x $51 sq. ft. -1 & 1/2 Baths & W/D area $70,380 With 24' x 24' (576 sq. ft.) Double Car Garage @ $11 $6,350 Lot Price To Raise Funds to Buy Second Site Acquisition & $76,730 Infrustructure Development for Remaining 20 Units 500 $6,000 $6,000 $54,700 $1,094,000 $69,850 $1,257,300 $82,730 $496,380 $2,847,680 Less AHP Down Payment Assistance ($1,500) $30,000 ($1,500) $27,000 ($1,500) $9,000 $66,000 Less Minimum Down Payment From Buyer ($500) ($500) ($500) Less Plan Review Fee, Building Permit & Sewer/Water Hookups 1940 8 800 1400 25 200 1 500 9 000 73 000 ($3,940) ($3,400) ($3,500) Amount To Be Financed $50,760 $i,oi5,200 $66,450 $1,196,100 $79,230 $475,380 $2,686,680 MBOH Fixed Rate of 6 7/8% for 30 year s Monthly Principal & Interest $343.31 $429.96 $513.92 Monthly Taxes $100.00 $125.00 $145.00 Monthly Home Owners Insurance JL5.00 0.00 95.00 $468.31 $584.96 $693.92 Plans Review Fee (Per Unit) $275 $5,500 $310 $5,580 $349 $2,094 $13,174 Building Permit Fee $424 $8,480 $478 $8,604 $536 $3,216 $20,300 Sewer & Water Hookup Fees 1238 $24,760 12 $11,016 12 $3,672 122,448 $1,937 $38,740 $1,400 $25,200 $1,497 $8,982 $72,922 Revised: 2/27/95 -- 4:53 Ph Income Limits for Flathead County 1st Exhibit Inc. Vs. Afford.ity REVISED: 2/27/95 6:59 PM # Income Gross Gross . 30% $50,760 Mo. $66,450 Mo. $79,230 Mo. In Median Range Annual Monthly Monthly P&i H/O Taxes PITI P&I H/O Taxes PITI 4 Bdrm. H/O Taxes PITI Fam Income Income Income income 2 Bdrm Ins. 2 Bdrm 3 Bdrm Ins. 3 Bedrm Units Ins. 4 Bdrm 1 $23,000 30% $6,900 $575.00 $172.50 40% $9,200 $766.67 $230.00 50% $11,500 $958.33 $287.50 60% $13,800 $1,150.00 $345.00 70/. $16,100 $1,341.67 $402.50 75% $17,250 $1,437.50 $431.25 $315.70 $20.00 $100.00 $435.70 80% $18,400 $1,533.33 $460.00 $333.46 $20.00 $100.00 $453.46 2 $26,300 30% $7,890 $657.50 $197.25 40% $10,520 $876.67 $263.00 50% $13,150 $1,095.83 $328.75 60% $15,780 $1,315.00 $394.50 66% $17,356 $1,447.00 $433.95 $315.70 $20.00 $100.00 $435.70 70% $18,410 $1,534.17 $460.25 $333.46 $20.00 $100.00 $453.46 800/0 $21,040 $1,753.33 $526.00 3 $29,600 309/0 $8,880 $740.00 $222.00 400/6 $11,840 $986.67 $296.00 50% $14,800 $1,233.33 $370.00 60% $17,760 $1,480.00 $444.00 $315.70 $20.00 $100.00 $435.70 63% $18,648 $1,554.00 $466.00 $333.46 $20.00 $100.00 $453.46 70% $20,720 $1,726.67 $518.00 72% $21,312 $1,776.00 $532.80 $398.78 $30.00 $125.00 $553.78 80% $23,680 $1,973.33 $592.00 $436.53 $30.00 $125.00 $591.53 4 $32, 900 30% $9,870 $822.50 $246.75 40% $13,160 $1,096.67 $329.00 50% $16,450 $1,370.83 $411.25 60% $19,740 $1,645.00 $493.50 64% $21,056 $1,754.67 $526.40 70% $23,030 $1,919.17 $575.75 $398.78 $30.00 $125.00 $553.78 77.5% $25,497 $2,125.00 $637.45 $436.53 $30.00 $125.00 $591.53 80% $26,320 $2,193.33 $658.00 0 Income Limits for Flathead County 1st Exhibit Inc. Vs. Afford.ity REVISED: 2/27/95 6:59 PM # $50,760 Mo. $66,450 Mo. $79,230 Mo. In Median Income Gross Gross 30% P&I H/O Taxes PITI P&I H/O Taxes PITI 4 Bdrm. H/o Taxes PITI Fam Income Range Annual Monthly Monthly 2 Bdrm Ins. 2 Bdrm 3 Bdrm Ins. 3 Bedrm Units Ins. 4 Bdrm 5 $35,500 Income Income Income 30% $10,650 $887.50 $266.25 40% $14,200 $1,183.33 $355.00 50% $17,750 $1,479.17 $443.75 60% $21,300 $1,775.00 $532.50 $398.78 $30.00 $125.00 $553.78 66% $23,430 $1,952.50 $585.75 70% $24,850 $2,070.83 $621.25 $520.48 $35.00 $145.00 $700.48 79% $28,045 $2,337.00 $701.15 80% $28,400 $2,366.67 $710.00 6 1$38,200 30% $11,460 $955.00 $286.50 40% $15,280 $1,273.33 $382.00 50% $19,100 $1,591.67 $477.50 60% $22,920 $1,910.00 $573.00 $398.78 $30.00 $125.00 $553.78 66% $25,212 $2,101.00 $630.30 70% $26,740 $2,228.33 $668.50 $520.48 $35.00 $145.00 $700.48 73% $27,886 $2,323.83 $697.15 80% $30,560 $2,546.67 $764.00 7 $40,800 30% $12,240 $1,020.00 $306.00 40% $16,320 $136.00 $408.00 50% $20,400 $1,700.00 $510.00 60% $24,480 $2,040.00 $612.00 $520.48 $35.00 $145.00 $700.48 68.5% $27,948 $2,329.00 $698.70 70% $28,560 $2,380.00 $714.00 80% $32,640 $2,720.00 $816.00 8 $43,400 30% $13,020 $1,085.00 $325.50 40% $17,360 $1,447.00 $434.10 50% $21,700 $1,808.00 $542.40 60% $26,040 $2,170.00 $651.00 $520.48 $35.00 $145.00 $700.48 64% $27,776 $2,315.00 $694.50 70% $30,380 $2,532. $759.60 80% $34,720 0 $2,893.067.99 $800 kYL4 -6151 . s Annual Term Periods per Start Principal: interest rate: (years): year: date: $50,760 6.875% 30 12 6/1 /95 Periodic Payment: Number of payments: $333.46 360 $50,760 - 2 BDRMS Estimated Taxes $100.00 Insurance $25.00 &PI $333 46 PITI $458.46 Name: Address: WOODLAND COURT SINGLE FAMILY - TWO BEDROOM UNITS Payment Beginning Total Ending Cumulative No Month balance payment Interest Principal balance interest 1 Jun-95 50,760.00 333.46 290.81 42.64 50,717.36 290.81 2 Jul-95 50,717.36 333.46 290.57 42.89 50,674.47 581.38 3 Aug-95 50,674.47 333.46 290.32 43.13 50,631.33 871.70 4 Sep-95 50,631.33 333.46 290.08 43.38 50,587.95 1,161.78 5 Oct-95 50,587.95 333.46 289.83 43.63 50,544.32 1,451.61 6 Nov-95 50,544.32 333.46 289.58 43.88 50,500.44 1,741.18 7 Dec-95 50,500.44 333.46 289.33 44.13 50,456.31 2,030.51 8 Jan-96 50,456.31 333.46 289.07 44.38 50,411.92 2,319.58 9 Feb-96 50,411.92 333.46 288.82 44.64 50,367.28 2,608.40 10 Mar-96 50,367.28 333.46 288.56 44.89 50,322.39 2,896.96 11 Apr-96 50,322.39 333.46 288.31 45.15 50,277.24 3,185.27 12 May-96 50,277.24 333.46 288.05 45.41 50,231.83 3,473.31 13 Jun-96 50,231.83 333.46 287.79 45.67 50,186.16 3,761.10 14 Jul-96 50,186.16 333.46 287.52 45.93 50,140.23 4,048.62 15 Aug-96 50,140.23 333.46 287.26 46.20 50,094.03 4,335.89 16 Sep-96 50,094.03 333.46 287.00 46.46 50,047.57 4,622.88 17 Oct-96 50,047.57 333.46 286.73 46.73 50,000.84 4,909.61 18 Nov-96 50,000.84 333.46 286.46 46.99 49,953.85 5,196.08 19 Dec-96 49,953.85 333.46 286.19 47.26 49,906.59 5,482.27 20 Jan-97 49,906.59 333.46 285.92 47.53 49,859.05 5,768.19 21 Feb-97 49,859.05 333.46 285.65 47.81 49,811.25 6,053:85 Page 1 J R ✓ �.�' I" 2i27/95 ` 4:25 PM cc j x t (, U pp f WOODLAND COURT $66,450 - 3 BDRMS 2/27/95 4:31 PM Annual Term Periods per Start Principal: interest rate: (years): year: date: $66,450 6.875% 30 12 6/1/95 Periodic Payment: Number of payments: $436.53 360 Estimated Taxes $125.00 Insurance $30.00 &PI $43 6.53 PTTI $591.53 Name: Address: WOODLAND COURT SINGLE FAMILY - THREE BEDROOM UNIT Payment Beginning Total Ending Cumulative No Month balance payment Interest Principal balance interest 1 Jun-95 66,450.00 436.53 380.70 55.83 66,394.17 380.70 2 Jul-95 66,394.17 436.53 380.38 56.15 66,338.03 761.09 3 Aug-95 66,338.03 436.53 380.06 56.47 66,281.56 1,141.15 4 Sep-95 66,281.56 436.53 379.74 56.79 66,224.77 1,520.89 5 Oct-95 66,224.77 436.53 379.41 57.12 66,167.65 1,900.30 6 Nov-95 66,167.65 436.53 379.09 57.44 66,110.21 2,279.38 7 Dec-95 66,110.21 436.53 378.76 57.77 66,052.44 2,658.14 8 Jan-96 66,052.44 436.53 378.43 58.10 65,994.33 3,036.57 9 Feb-96 65,994.33 436.53 378.09 58.44 65,935.90 3,414.66 10 Mar-96 65,935.90 436.53 377.76 58.77 65,877.12 3,792.42 11 Apr-96 65,877.12 436.53 377.42 59.11 65,818.02 4,169.84 12 May-96 65,818.02 436.53 377.08 59.45 65,758.57 4,546.92 13 Jun-96 65,758.57 436.53 376.74 59.79 65,698.78 4,923.66 14 Jul-96 65,698.78 436.53 376.40 60.13 65,638.65 5,300.06 15 Aug-96 65,638.65 436.53 376.05 60.47 65,578.18 5,676.12 16 Sep-96 65,578.18 436.53 375.71 60.82 65,517.36 6,051.82 17 Oct-96 65,517.36 436.53 375.36 61.17 65,456.19 6,427.18 18 Nov-96 65,456.19 436.53 375.01 61.52 65,394.67 6,802.19 19 Dec-96 65,394.67 436.53 374.66 61.87 65,332.80 7,176.85 20 Jan-97 65,332.80 436.53 374.30 62.23 65,270.57 7,551.15 21 Feb-97 65,270.57 436.53 373.95 62.58 65,207.99 7,925.10 Page 1 WOODLAND COURT $79,230 - 4 BDRMS 2/27/95 4:31 PM Annual Term Periods per Start Principal: interest rate: (years): year: date: $79,230 6.875% 30 12 6/1 /95 Periodic Payment: Number of payments: $520.48 360 Estimated Taxes $145.00 Insurance $35.00 &PI $520.48 PM $700.48 Name: Address: WOODLAND COURT SINGLE FAMILY - FOUR BEDROOM UNIT Payment Beginning Total Ending Cumulative No Month balance payment Interest Principal balance interest 1 Jun-95 79,230.00 520.48 453.92 66.56 79,163.44 453.92 2 Jul-95 79,163.44 520.48 453.54 66.94 79,096.49 907.46 3 Aug-95 79,096.49 520.48 453.16 67.33 79,029.17 1,360.62 4 Sep-95 79,029.17 520.48 452.77 67.71 78,961.45 1,813.39 5 Oct-95 78,961.45 520.48 452.38 68.10 78,893.35 2,265.77 6 Nov-95 78,893.35 520.48 451.99 68.49 78,824.86 2,717.77 7 Dec-95 78,824.86 520.48 451.60 68.88 78,755.97 3,169.37 8 Jan-96 78,755.97 520.48 451.21 69.28 78,686.70 3,620.57 9 Feb-96 78,686.70 520.48 450.81 69.68 78,617.02 4,071.38 10 Mar-96 78,617.02 520.48 450.41 70.07 78,546.95 4,521.79 11 Apr-96 78,546.95 520.48 450.01 70.48 78,476.47 4,971.80 12 May-96 78,476.47 520.48 449.60 70.88 78,405.59 5,421.41 13 Jun-96 78,405.59 520.48 449.20 71.29 78,334.30 5,870.61 14 Jul-96 78,334.30 520.48 448.79 71.69 78,262.61 6,319.40 15 Aug-96 78,262.61 520.48 448.38 72.11 78,190.50 6,767.78 16 Sep-96 78,190.50 520.48 447.97 72.52 78,117.99 7,215.74 17 Oct-96 78,117.99 520.48 447.55 72.93 78,045.05 7,663.29 18 Nov-96 78,045.05 520.48 447.13 73.35 77,971.70 8,110.43 19 Dec-96 77,971.70 520.48 446.71 73.77 77,897.93 8,557.14 20 Jan-97 77,897.93 520.48 446.29 74.19 77,823.73 9,003.43 21 Feb-97 77,823.73 520.48 445.87 74.62 77,749.12 9,449.29 Page 1