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Home My WebLink About05/01/2025 - AFFORDABLE HOUSING BOARD - AGENDA - Regular Meeting Social Sustainability 222 Laporte Avenue PO Box 580 Fort Collins, CO 80522 970.221.6753 MEMORANDUM TO: Members of the Affordable Housing Board FM: Sue Beck-Ferkiss, Social Policy and Housing Programs Manager RE: Hybrid Board Meeting The next Affordable Housing Board meeting will be held: Thursday, May 1, 2025 at 4:00 • In person at CSU’s Lory Student Center -The Senate Chambers (Room 204) near the south entrance. o There is parking right in front of the LSC and the library. Parking is free after 4:00 PM. Please let Sue knowif you will need a parking pass for before 4:00. • or Online via Microsoft Teams BOARD MEMBERS: If you cannot attend the meeting, please contact Sue Beck - Ferkiss either by email (sbeckferkiss@fcgov.com) or by phone (221-6753). If you issues day of the meeting call Sue at 970.556.5609. BUSINESS 1. Public Participation – We are hoping to have more guests than usual and will flex the meeting times accordingly. 2. Approval of Minutes: a. Copies of the draft minutes of the March Regular meeting is attached for the Board’s approval. b. Copies of the draft minutes of the March Joint meeting with the Human Services & Housing Funding Board meeting is attached for the Board’s approval. Approval of minutes requires a formal motion and vote by the Board. 3. Hybrid meetings: 2025 meetings will be hybrid. PRESENTATION/DISCUSSION: 1. PRIVATE ACTIVITY BONDS, SUE (90 MINUTES) Two applications that have been received seeking assignment of the City’s 2025 allocation of Private Activity Bond allocation from the IRS via the State. The PAB Committee met and recommended providing bond capacity to one of the applicants. This recommendation will be forwarded to City Council. The Board is asked to provide feedback on the committee’s recommendation. 2 • Board Action: Support the PAB Committee’s recommendation and/or provide other feedback to Council about the applications or the PAB Committee’s recommendation. 2. AHB ONE PAGER, BOB AND BOARD Stefanie complied the input from Board members in the attached 2025 draft. • Board Action – Final Edits and Approval 3. PRIORITY COMMITTEE REPORTS, BOB AND COMMITTEE LEADS (45 MINUTES) The Board has authorized work through committees as follows: • Knowledge Repository; Initial Tile Content • Outreach, Education and Partnerships o the AHB Key Priority Flyer – 2024 and 2025 versions attached. • Council and Local Legislative Support; and • Equity and Justice in Affordable Housing. 4. BOARD LIAISON ASSIGNMENTS AND REPORTS, FYI (AS TIME ALLOWS) For 2025, the Board has chosen the following outreach assignments: Jorja Youth Advisory Board Housing Catalyst (work with Kristin Fritz) Liaison to ASCSU Planning & Zoning Commission (tag team with Claire) Stefanie Disability Advisory Board Urban Renewal Authority Josh Parks & Recreation Board Liz Transportation Board Bob Human Services and Housing Funding Board Claire Downtown Development Board Planning & Zoning Commission (tag team with Jorja) John Economic Advisory Board Poudre Library District Board • Board Action: Confirm assignments 5. BOARD MEMBER IDEAS – SPACE FOR NEW ITEMS (15 MINUTES) 3 BOARD BUSINESS: • Meeting Logistics – ▪ Discuss JULY 3 meeting date – cancel or reschedule? • Member terms update – o Each board member’s term is decided by City Council when they appointed you. They are of different lengths to stagger board membership. Still, all board members can serve up to 8 years upon application and reappointment by City Council. o All regular terms expire in June. Here are the current term expiration dates: ▪ Stefanie June 30, 2027 ▪ John June 30, 2029 ▪ Bob June 30, 2026 ▪ Josh June 30, 2026 ▪ Claire June 30, 2028 ▪ Liz June 30, 2026 ▪ Jorja June 30, 2026 ▪ Kristin - Ex Officio Role starting January 2024 • Contact with Council Liaison – o CM Potyondy is our City Council liaison and would like to be invited to specific meetings and will attend if available. She will have quarterly meetings with the Board Chair. • Project Certification – n/a • Ideas for future meetings: Housing Agency panel of providers – one for rental housing and one for home ownership; Land Bank deep dive (Sue); Incentives deep dive; Data Gaps Analysis – What do we have and what do we want (Tyler); Water Issues in Colorado (Mayor Arndt); Eviction and Foreclosure Prevention (Kelly Evans); Murphy Center update and plans for the future (Homeward Alliance); Grant Opportunities; How to Support Mobile Home Park conversions; How to keep locals in housing; and Volunteer needs for housing providers. ATTACHMENTS 1. Draft Minutes of the March meeting 2. Draft Minutes of the March Joint Meeting with the Human Services & Housing Funding Board 3. FYI - City Council 6 Month Planning Calendar 4. AHB one-pager 2024 4 5. AHB one-pager 2025 6. Final Housing Ranking memo 7. PAB Applicant Letter 8. CARE Communities PAB Request 9. Related Affordable LLC’s PAB Request AFFORDABLE HOUSING BOARD MAY 1, 2025, REGULAR MEETING Lory Student Center at CSU Participation for this Affordable Housing Board Meeting will be in person at 222 Laporte Avenue, Colorado River Room – 1st floor conference room. You may also join online via Teams, using this link: AHB Teams Meeting Meeting ID: 273 629 013 506 Passcode: sJKVjM Online Public Participation: The meeting will be available to join beginning at 3:45 pm, May 1, 2025. Participants should try to sign in prior to the 4:00 pm meeting start time, if possible. For public comments, the Chair will ask participants to click the “Raise Hand” button to indicate you would like to speak at that time. Staff will moderate the Zoom session to ensure all participants have an opportunity to address the Board or Commission. To participate: • Use a laptop, computer, or internet-enabled smartphone. (Using earphones with a microphone will greatly improve your audio). • You need to have access to the internet. • Keep yourself on muted status. Masks Strongly Recommended in Indoor Public Spaces While there are currently no public health orders in place, Larimer County Public Health officials strongly recommend that well-fitting, high-quality masks are worn in crowded indoor spaces. For more information, please visit fcgov.com/covid • The Senate Chambers (Room 204) are located in the Lory Student Center near the south entrance. • There is parking right in front of the LSC and the library. Parking is free after 4:00 PM • Teams – See Link Below 1. CALL TO ORDER 2. ROLL CALL 3. AGENDA REVIEW 4. PUBLIC PARTICIPATION – Extended 5. APPROVAL OF MINUTES • March Joint Meeting with the Human Services & Housing Funding Board • April Regular Meeting 6. Private Activity Bond Allocation (20 minutes), Sue • Board Action: Discussion and decision 7. AHB “one Pager” (20 minutes) Bob and Board • Board Action: Discussion and approval AFFORDABLE HOUSING BOARD MAY 1, 2025, REGULAR MEETING Lory Student Center at CSU 8. BOARD PRIORITY COMMITTEE REPORTS (45 minutes) • Knowledge Repository – Bob and John • Outreach, Education and Partnerships – Claire and Josh • Council and Local Legislative Support – John and Stefanie • Update one-page introduction to the work of the AHB – Stefanie (above) • Equity & Justice in Affordable Housing – Jorja and Liz • Board Action: Discussion 9. NEW BUSINESS 10. UNFINISHED BUSINESS (as time allows) • Review AHB Tile – Review & recommend content, review featured agency 11. OLD BUSINESS NOT COMPLETED AT PREVIOUS MEETING – n/a 12. LIST OF TOPICS BEING ADDRESSED AT MEETING – See Above 13. BOARD MEMBER REPORTS • Meeting Logistics – Hybrid Meetings • Liaison Reports (10 minutes) 14. OTHER BUSINESS • City Council 6-month Planning Calendar review (5 minutes) • Council Comments – Who, what? (5 minutes) • Review 2025 Work Plan (5 minutes) • Update on Affordable Housing Projects (5 minutes) • Future AHB Meeting Agenda (5 minutes) 15. BOARD MEMBER CONCERNS, ANNOUNCEMENTS • As needed 16. ADJOURNMENT SAVE THE DATES! • May 20- City Council Meeting – Amendment to the Foothills Metropolitan District Service Plan • May 29- Human Services & Housing Funding Board Housing Deliberations • June 17- City Council Meeting – Consideration of CDBG Applications Did you know that the City has a Housing Newsletter? It is a great place to send people looking to learn more about what is going on in Fort Collins around Housing. Sign up for it at: fcgov.com/housing Affordable Housing Board REGULAR MEETING DRAFT Thursday, April 3, 2025 – 4:00 PM 222 Laporte Avenue, Colorado River Room and online via Teams 1. CALL TO ORDER: 4:01 PM 2. ROLL CALL a. Board Members Present – • Stefanie Berganini, Chair • Liz Young-Winne • Claire Bouchard • Jorja Whyte • Josh Beard • John Singleton b. Board Members Absent – • Bob Pawlikowski, Vice Chair • Kristin Fritz, Ex Officio c. Staff Members Present – • Sue Beck-Ferkiss, Staff Liaison • Jessi Kauffmann, Minutes • Beth Rosen, Social Sustainability • Adam Molzer, Social Sustainability d. Guest(s) – • Marilyn Heller • Lisa Cunningham 3. AGENDA REVIEW – No changes. 4. PUBLIC PARTICIPATION a. Marilyn Heller shared the upcoming event at 7pm on Monday April 28th – Pathways to Solutions, League of Women Voters Affordable Housing Program b. Lisa shared gratitude for the City hosting the Rental Housing Summit yesterday evening that she attended. 5. APPROVAL OF MINUTES John Singleton motioned to approve the March 6 Regular Meeting Minutes. Claire Bouchard seconded. Approved 6-0. 6. RANKING OF HOUSING APPLICATIONS FOR THE COMPETITIVE PROCESS a. The Board discussed Affordable Housing grant applicants and finalized the following ranked list: 1.HO 7 VOA - Switchgrass 2.HO 3 Housing Catalyst – Remington Parking Lot 3.HO 5 Loveland Housing Development Corp – Larimer Home Improvement Program (LHIP) 4.HO 2 Fort Collins Habitat for Humanity – Harmony Cottages 5.HO 1 CARE Housing –Windtrail Rehab 6.HO 4 L’Arche Fort Collins – L’Arche Homes at Heartside Hill 7.HO 6 VOA Handyperson Program John Singleton motioned to approve the Board’s final ranking of the 7 grant applicants. Liz Younge-Winne seconded. Approved 6-0. 7. NEW BUSINESS – None. 8. UNFINISHED BUSINESS a. Review AHB Tile b. Stefanie updated the Board on the one-pager with the goal to send out a draft at the end of this coming weekend. 9. BOARD MEMBER REPORTS a. May meeting will be at CSU Lory Student Center 10. STAFF REPORTS a. Sue reminded the Board that the March 25 Affordable Housing Council Work session was recorded and is available to view – posted on the City Council website. Council had a lot of questions on fees and fee waivers but supported the work overall. 11. OTHER BUSINESS 12. BOARD MEMBER CONCERNS, ANNOUNCEMENTS a. Jorja Whyte shared that the Higher Education Basic Needs Summit is next week from 9a-4p on April 9th, and Sue will forward the invitation to the Board. Around 100 people are signed up so far. b. Stefanie discussed the various housing-related events they attended this week including: Rental Housing Summit, Purple Wall – hosted by the Northern Colorado Foundation 13. ADJOURNMENT a. Meeting adjourned at 6:04 PM Minutes approved by the Chair and a vote of the Board/Commission on XX/XX/XX HUMAN SERVICES AND HOUSING FUNDING BOARD AFFORDABLE HOUSING BOARD JOINT MEETING DRAFT Wednesday, March 26, 2025 – 5:30 PM Online via TEAMS Video Call. 1. CALL TO ORDER: 5:35 PM 2. AGENDA REVIEW 3. ROLL CALL • Affordable Housing Board Members Present – • Stefanie Berganini, Chair • John Singleton • Jorja Whyte • Claire Bouchard • Josh Beard • Liz Young-Winne • Affordable Housing Board Members Absent & Recusing from Discussions: • Kristin Fritz, Ex Officio • Bob Pawlikowski, Vice Chair • Human Services and Housing Funding Board Members Present – • Erma Woodfin, Chair • Lori Warren, Vice Chair • Olga Duvall • Michaela Ruppert • Chris Coy • Christine Koepnick • Mike Kulisheck • Human Services and Housing Funding Board Members Excused: • Jan Stallones • Staff Members Present – • Adam Molzer, Staff Liaison, Social Sustainability – City of Fort Collins • Jessi Kauffmann, Social Sustainability – City of Fort Collins • Beth Rosen – Social Sustainability – City of Fort Collins • Sue Beck-Ferkiss – Social Sustainability – City of Fort Collins • Vanessa Fenley – Social Sustainability – City of Fort Collins • Tamra Leavenworth – Social Sustainability – City of Fort Collins • Presenters – • VOA Switchgrass – Doug Snyder • VOA Handyperson – Jared Ratschkowsky, Keith Scholes, Kelly Focht • Loveland Housing Development Corp – Linda Wright • L’Arche Fort Collins – Dustin Barrington • Housing Catalyst –Kristin Fritz • Fort Collins Habitat for Humanity – Kristin Candella • CARE Communities – Kim Iwanski, Tatiana Zentner • Guest(s) – • Elizabeth Lok 4. AFFORDABLE HOUSING APPLICANT Q&A The seven (7) affordable housing applicants submitted pre-recorded presentations for the AHB and HSHFB members to view on March 20, 2025. Beginning at 5:45pm, Board members engaged in a question-and-answer session with each applicant in the following order: • Volunteers of America – Switchgrass Crossing • Volunteers of America – Handyperson Program • Loveland Housing Development Corp – Larimer Home Improvement Program • L’Arche Fort Collins – L’Arche Homes at Heartside Hill • Housing Catalyst – Remington Parking Lot • Fort Collins Habitat for Humanity – Harmony Cottages • CARE Communities – Windtrail Park Rehab 5. NEW BUSINESS • Preliminary Review and Discussion of Affordable Housing Proposals • Adam Molzer began by sharing that the discussion goal will be a “high-level” collaborative discussion to review the seven (7) funding applications for affordable housing. The primary goal is to gather individual contributions from both groups to gain a better understanding of the perspectives each group brings to the subject matter. • Total requests: • Estimated total funds available: between $2.3 and $2.4M – The continuing resolution passed on March 14 did not indicate large impacts to CDBG and HOME programs. • The Boards discussed the increasing number of requests related to senior housing. A board member shared that older adults are the largest growing demographic sector in the area. • Board members expressed concern about audits related to nonprofit organizations. It was expressed that smaller organizations participate in fewer audits due to fewer requirements related to size and high expense. • Questions arose related to the commonality of early or unfinished projects in the applications. Sue Beck-Ferkiss shared that is important to get early support from local jurisdictions either as a requirement or otherwise positive support. • Beth Rosen explained that full funding recommendations are necessary for development projects, whereas partial funding recommendations can be made for programs. If a program doesn’t receive full funding, it would serve less households than anticipated. However, if a project doesn’t receive full funding, it could halt development on the entire housing project. 6. BOARD MEMBER REPORTS 7. STAFF REPORTS • Adam Molzer shared the clerk’s office is hosting the next Super Issues meeting for all city boards and commissions and those that wish to participate on April 21st. The agenda topic is “Which Wheels Go Where?” • Social Sustainability will be going through a leadership transition. Long time director Beth Yonce will be retiring after 30 years at the City. • Adam informed the Human Services and Housing Funding Board on the next meeting, Wednesday, April 9th in person. He will be sending out a short questionnaire to identify any human services projects that may require more discussion at next week’s meeting. • Sue Beck-Ferkiss shared that next Thursday, April 3 the Affordable Housing Board will be doing their ranking of the affordable housing projects and providing written recommendations to the Human Services & Housing Funding Board. She also mentioned that the AHB will be meeting at CSU in May and encouraged others to join. She informed the group of last night’s work session with council and that the video is available on the City Council website. 8. NEXT MEETING • Affordable Housing Board • Thursday, April 3, 2025 | 4:00pm | 222 Laporte Avenue – Colorado River Room • Human Services & Housing Funding Board • Wednesday, April 9, 2025 | 5:30pm | 222 Laporte Avenue – Colorado River Room 9. ADJOURNMENT • Meeting was adjourned at 8:39 pm. Minutes were finalized and approved by the Human Services & Housing Funding Board on XX/XX/XX Minutes were finalized and approved by the Affordable Housing Board on XX/XX/XX THIS DOCUMENT INCLUDES ALL ITEMS PLANNED FOR COUNCIL MEETINGS AND WORK SESSIONS. Date Service Area Type Agenda Item Strategic Outcome PDT Services Staff Report Update on School Transportation Safety Assessments Transportation & Mobility T&M 1 – Make significant progress toward the City’s Vision Zero goal to have no serious injury or fatal crashes for people walking, biking, rolling or driving in Fort The Future of Commercial Corridors and Centers: Land Use Code Updates Sounds of Fort Collins April 29, 2025 Fifth Tuesday Services Reading improve habitat conditions across the community and ensure equitable access to nature. Employee Reading Services and Programming barriers to local businesses and bolster economic mobility by facilitating workforce development Reading safety services and the municipal justice system through innovative service delivery models. Reading to have no serious injury or fatal crashes for people walking, biking, rolling or driving in Fort Reading safety services and the municipal justice system through innovative service delivery models. CITY COUNCIL AGENDA PLANNING - PUBLIC 6-MONTH CALENDAR Agenda items containing action on current Council priorities as adopted by Resolution 2024-013 through 2024-024 are shaded light orange. : This document is posted every Monday and Thursday. Changes made between postings will not be reflected until the next posting. May 6, 2025 Council Meeting Session 4/21/2025 6-Month Planning Page 1 THIS DOCUMENT INCLUDES ALL ITEMS PLANNED FOR COUNCIL MEETINGS AND WORK SESSIONS. Police Services Ordinance-1st Reading affordability to address inequities in housing so that everyone has healthy, stable housing they nance watersheds while delivering a resilient, economically responsible and high-quality water supply Services improve habitat conditions across the community and ensure equitable access to nature. Services North College Revenue Bonds Neighborhood Centers to accelerate progress toward our goal for everyone to have the daily goods and services they need and want available within a 15-minute walk or bike ride from their to have no serious injury or fatal crashes for people walking, biking, rolling or driving in Fort Fort Collins and Loveland Station Planning Study. to have no serious injury or fatal crashes for people walking, biking, rolling or driving in Fort Office Electrification greenhouse gas, energy and waste goals; reduce air pollution; and improve community resilience. Services Reading safety services and the municipal justice system through innovative service delivery models. Reading and opportunities and targeted reliability and resiliency levels, and make significant investments in utility infrastructure while communicating and mitigating cost impacts to the community May 13, 2025 Work Session Meeting 4/21/2025 6-Month Planning Page 2 THIS DOCUMENT INCLUDES ALL ITEMS PLANNED FOR COUNCIL MEETINGS AND WORK SESSIONS. Community Services Resolution Approving Fort Fund Grant Disbursements - Program Support Grant, March Deadline Community Services equipment that will revitalize parks and recreational facilities, as the planned buildout of the Services affordability to address inequities in housing so that everyone has healthy, stable housing they May 20, 2025 Work Session City Attorney's Office Discussion Office Discussion existing City assets that addresses deferred maintenance and accessibility. Equity & Inclusion Office Employee Reading Community Commercial-North College (CCN) zone district.affordability to address inequities in housing so that everyone has healthy, stable housing they Services improve habitat conditions across the community and ensure equitable access to nature. Services affordability to address inequities in housing so that everyone has healthy, stable housing they June 10, 2025 Work Session Meeting Meeting Session 4/21/2025 6-Month Planning Page 3 THIS DOCUMENT INCLUDES ALL ITEMS PLANNED FOR COUNCIL MEETINGS AND WORK SESSIONS. June 24, 2025 Work Session Cancelled for CML Conference Community Services Proclamation Parks and Recreation Month Financial Services Work Session Discussion Capital Tax Renewal Part 2 Discussion Which Wheels Go Where: Micromobility Proclamation NOCO Foundation 50th Anniversary Community Services Resolution Approving Fort Fund Grant Disbursements - Special Event Grant, June Deadline Sustainability Services affordability to address inequities in housing so that everyone has healthy, stable housing they July 22, 2025 Work Session July 29, 2025 Fifth Tuesday July 1, 2025 Council Meeting Session Session Meeting 4/21/2025 6-Month Planning Page 4 Date Service Area Item Type Agenda Item Strategic Outcome 10/7/2025 10/7/2025 10/7/2025 10/7/2025 10/21/2025 11/18/2025 11/4/2025 Budget for General Improvement District (GID) No. 15 - Skyview. 11/4/2025 11/4/2025 11/4/2025 11/4/2025 adopted 2025-26 Biennial Budget and associated revisions to the 2026 11/25/2025 12/16/2025 No Date Development Partners on Magpie Meander Natural Area and Soft Gold No Date Date Agenda Item Strategic Outcome No Date No Date REGULAR MEETING ITEMS UNSCHEDULED/UPCOMING ITEMS WORK SESSION ITEMS April 7, 2025 From: Affordable Housing Board, Chair – Stefanie Berganini To: Human Service and Housing Funding Board Re: Ranking of Housing Applications in the 2025 Competitive Process The Affordable Housing Board met on April 3, 2025, and discussed the 7 Housing applications and ranked then in the following priority order: 1. HO 7 VOA - Switchgrass 2. HO 3 Housing Catalyst – Remington Parking Lot 3. HO 5 Loveland Housing Development Corp – Larimer Home Improvement Program (LHIP) 4. HO 2 Fort Collins Habitat for Humanity – Harmony Cottages 5. HO 1 CARE Housing –Windtrail Rehab 6. HO 4 L’Arche Fort Collins – L’Arche Homes at Heartside Hill 7. HO 6 VOA Handyperson Program Comments on ranking exercise: • This was a very difficult round understanding that all applications were for valuable projects and that the amount of funding available was not sufficient to fund all applications. • The Board prioritized projects bringing new housing units. • The Board considered readiness to proceed as a factor. • The Board noted that the Habitat application was the only home ownership application this funding cycle. • The Board prioritized LHIP as a response to emergency circumstances that put housing at risk. • The Board appreciates the L’Arche model because it serves a target population (people experiencing disabilities) that is generally lacking in services and housing options. Note: Members of the Human Services and Housing Funding Board are always invited to attend the Affordable Housing Board’s hybrid meetings (in-person or on Zoom) that occur the first Thursday of each month at 4:00. Social Sustainability 222 Laporte Avenue PO Box 580 Fort Collins, CO 80522 970.221.6758 April 11, 2025 Dear Applicant for 2025 Private Activity Bond Capacity: The City of Fort Collins received your request for the 2025 allocation of Private Activity Bond (PAB) capacity. The City received total requests exceeding $20 million for the $11,184,752 capacity available. The City’s Finance policy dictates the distribution of City PAB capacity. It provides that a committee comprised of representatives from at least the following departments consider applications: Finance, Economic Health, and Social Sustainability. This policy states that the following factors be considered when making a recommendation for allocation of PAB capacity: • How well the project applied for meets the land use, economic development and/or affordable housing goals of the City of Fort Collins. • Project feasibility and timing. • Leverage of other investment into the project. • Maintenance of or increase in local tax base. • Competing uses for the City’s allocation. • Whether the City’s allocation should be used in multiple projects. • Whether the application should be considered by any City Board or commission. The City’s PAB Committee met and considered 2 applications. Both applications are for important projects. Unfortunately, there is insufficient PAB capacity to satisfy all requests. The policy requires the PAB Committee to present their recommendations to City Council no later than August 15. This year we expect to schedule this for a June City Council meeting. PAB Committee considerations: • The committee decided that adding or preserving restricted housing to the City of Fort Collins’ affordable housing inventory is a current City priority. • The Committee considered whether to use the 2025 allocation in multiple projects. • The Committee considered project feasibility and timing. • The Committee considered the completeness and timeliness of the application. • Lastly the Committee decided to bring recommendations to the Affordable Housing Board. Applications: There were two applications submitted for 2025 PAB capacity. One application was complete, submitted before the deadline and is for a Fort Collins location. The other application was incomplete, and was submitted after the deadline. Further the project location in the second application is outside the City of Fort Collins. City PAB Committee’s findings Therefore, based on the foregoing criteria and findings, the PAB committee recommends approving CARE Communities application by assigning $11,184,752, the City’s full 2025 PAB allocation, to Housing Catalyst as issuer, to be used for the construction of new and rehabilitation of affordable housing in Fort Collins, including CARE 2 Communities’ Windtrail Park apartments renovation project. Please work with Sue Beck-Ferkiss on the necessary documents. The Affordable Housing Board (AHB) will consider the recommendations of the PAB Committee meeting at 4:00 pm on May 1, 2025. This hybrid meeting is on Zoom and at Colorado State University’s Lory Student Center and will be open to the public. While statements from applicants will be accepted during Public Comment, it is not necessary that you appear. The AHB will be asked to consider making a recommendation to City Council to accept or reject the recommendations of the PAB Committee. Thank you for your efforts to support, construct and preserve affordable housing. We value your efforts and sincerely wish we had enough PAB to satisfy all applications received this year. Feel free to contact me with questions or comments. Best regards, Social Policy and Housing Programs Manager Fort Collins, CO 80526 CARECommunitiesNoCo.org Phone: 970.282.7522 • TTY: 800.659.2656 February 25, 2025 Dear Ms. Sue Beck-Ferkiss, I am writing to formally request an allocation of private activity bonds (PABs) to support the rehabilitation of CARE Communities’ Windtrail Park apartments. CARE Communities is the current owner of this community and will be the developer for this project that will preserve affordable housing opportunities in Fort Collins. The Windtrail Park rehabilitation aligns with the City's Housing Strategic Plan and meets the criteria for PAB use in preserving affordable housing. This project will ensure long-term affordability for residents while revitalizing a key housing resource in our community. Under current law, an affordable housing project can receive an allocation of 4% Low Income Housing Tax Credits on 100% of the qualified low-income units if the project is financed at least 50% with tax- exempt bonds. This rehabilitation project will need a total of $9 million in PABs to meet the 50% PAB test for the 4% LIHTC application we will be submitting in June 2025. Under current law, an affordable housing project may qualify for an allocation of 4% Low-Income Housing Tax Credits (LIHTC) on 100% of the qualified low-income units if at least 50% of the project is financed with tax-exempt bonds. To meet this requirement, we are seeking a total allocation of $9 million in PABs, which will enable us to submit our 4% LIHTC application in June 2025. Housing Catalyst has agreed to serve as the bond issuer for this financing. We respectfully request that the City of Fort Collins allocate a portion of its available 2025 PAB capacity to this project. With this allocation, we anticipate securing all necessary funding commitments by the end of 2025, allowing rehabilitation work to commence in early 2026. We appreciate your time and consideration of this request. Please let me know if you require any additional information or if you would like to discuss the project further. I look forward to your response. Sincerely, Kim Iwanski Director of Housing Development City of Fort Collins Private Activity Bonds Request February 25, 2025 Applicant Information: CARE Communities, 1303 West Swallow Road, Bldg. 11, Fort Collins, CO 80526 Contacts: • Kim Iwanski, Director of Housing Development, 970-218-1829, kiwanski@CareCommunitiesNoCo.org • Tatiana Zentner, Housing Development Project Manager, 970-420-5704, tzenter@ CareCommunitiesNoCo.org Amount requested: CARE Communities is requesting $9 million in Private Activity Bonds (PABs) for the rehabilitation of 50 aﬀordable apartments at our Windtrail Park apartment community. This is our only request for PABs. Bond counsel contact information: The bond issuer will be Housing Catalyst. The bond counsel will be Taft Stettinius & Hollister. Contact Information: Cory Kalanick 675 Fifteenth Street, Suite 2300 Denver, Colorado 80202 CARE Communities’ local projects and history of operations: During its 33 years in business, CARE has developed eight affordable housing communities in Northern Colorado. Seven of these communities are in Fort Collins and one is in Windsor. Over 1,500 people, half of whom are children, call CARE Communities “home.” CARE completed a rehabilitation of its Swallow Road Apartments in 2022. This property is comprised of 84 two- and three-bedroom units. This rehab was very similar to our upcoming rehab, with the goal of maintaining affordability while reviving and restoring an aging apartment community. The Swallow Road Apartment rehab involved extensive updates to apartments while residents were living onsite. Since this was a recent project with a similar scope, existing CARE staff are experienced in executing this project, including the logistics involved with moving residents temporarily as apartments are renovated. CARE Communities’ projects completed in Northern Colorado: • Greenbriar (1994): New construction, 40 units • Swallow (1996): New construction, 40 units • Eagle Tree (1998): New construction, 36 units • Windtrail (2001): New construction, 50 units • Fairbrooke Heights (2002): New construction, 36 units • Cottonwood Townhomes (2007-08): Acquisition/Rehabilitation, 37 Units • Provincetowne Green (2011): New construction, 85 units • Swallow Road Apartments (2022): Acquisition/Rehabilitation, 84 Units • Heartside Hill (to be completed June 2025): New construction, 72 units 2 CARECommunitiesNoCo.org Number of years doing business in the State of Colorado and a Certiﬁcate of Good Standing from the Secretary of State’s oﬃce: CARE Communities has been in business in Colorado for 33 years. Attached is our Certiﬁcate of Good Standing. Description of assets to be purchased or constructed: CARE Communities is requesting City funds to assist in renovating/rehabilitating its Windtrail Park property. CARE Communities currently owns Windtrail Park, and it will be the General Partner, developer, owner, and property manager of this property throughout the project and post-construction. Built in 2001, Windtrail Park consists of 50 apartments with 10 of those designated for seniors (55+). This property was developed with Low Income Housing Tax Credits and maintains affordability restrictions. The rehabilitation of this property will reset the affordability restrictions, ensuring it will remain affordable to the community for another 60 years. This property has not undergone any renovation since it was built, thus the scope of this rehabilitation includes quite a few necessary updates. The most impactful update for residents will be new furnaces that include central air conditioning, as there is currently no central air conditioning in these apartments. Another significant upgrade for residents will be the installation of washers and dryers in each apartment. The renovation includes painting all interiors and exteriors, and replacing flooring, cabinets, and window coverings. We will replace all fixtures and appliances with energy star-rated products, including water heaters, lighting, windows, and water fixtures. Other amenities provided will include covered bicycle storage, community Wi-Fi, and an expanded residential clubhouse that will enhance our youth and resident services programming. Explanation of how the project aligns with City objectives: Investing in this project will impact many of the goals in the 2021 Housing Strategic Plan. Preservation: The City of Fort Collins has set a goal to preserve existing affordable housing. The rehabilitation of this property will preserve existing affordable housing and reset the affordability restrictions for at least another 60 years. Additionally, proceeds from this transaction will be directly invested into the creation of more affordable housing. CARE Communities will invest these funds into our 5-year pipeline of projects and leverage them to bring more funding into our community for future affordable housing. Healthy Homes: Following the City goal of Healthy Homes, the rehabilitation of these properties will replace outdated, less energy-efficient appliances and fixtures with highly efficient and sustainable products that meet the Enterprise Green Communities program criteria. This green building program includes integrative design, site considerations, water, energy, healthy building, operations/maintenance, and resident engagement. In addition to using ENERGY STAR appliances, WaterSense fixtures, and healthy building materials, CARE is also committed to educating residents about green building principles. Stable Housing: To help ensure housing stability, CARE has a robust Resident Services program. CARE Communities knows that mental health is equally as important as physical health. Therefore, CARE’s Resident Services staff works closely with residents, providing support and serving as vital connectors to services and resources within the community. Additional resident support includes the Housing Success Program (HSP) and 3 CARECommunitiesNoCo.org the Sister Mary Alice Fund. The HSP is an opportunity for residents who have violated the lease to cure the issue over an extended period (up to 6 months) by developing an action plan followed by regular progress check-ins with CARE's Resident Services staff. CARE's emergency rent assistance program, the Sister Mary Alice Fund, provides residents with a grant to address emergency situations, including but not limited to, medical expenses, car repairs, and temporary loss of income. CARE Communities promotes inclusivity and diversity as outlined in the Housing Strategic Plan. CARE Communities is a Community Housing Development Organization (CHDO), a private, nonprofit organization that builds affordable housing for its community. A CHDO must be accountable to low-income community residents through significant representation on its governing board. CARE residents are a key component to the organization, and we strive to “lead with the resident’s voice.” In 2023, CARE launched a Resident Council, a resident-driven group committed to helping improve the quality of life in their communities. Residents have a voice in CARE resident programs, community events, expenditures of program dollars at each property, and strategies to promote vibrant and sustainable communities. One-third of CARE’s Board of Directors consists of members from this Resident Council, ensuring their voices are heard in the organization's high-level strategic decisions. Number of housing units and target demographics: This development will rehabilitate 50 rental homes for families, seniors, and individuals with disabilities who earn 30-60% of the area's median income. The AMI unit breakdown is as follows: • 5 units at 30% AMI • 25 units at 40% AMI • 16 units at 50% AMI • 4 units at 60% AMI Senior Preference: The Windtrail property has 10 units designated for seniors. CARE Communities will maintain this designation after the completion of rehabilitation. Statement from bond counsel that the project is eligible for Private Activity Bonds: Please see attached letter from Taft Stettinius & Hollister f/n/a Sherman and Howard LLC. OFFICE OF THE SECRETARY OF STATE OF THE STATE OF COLORADO CERTIFICATE OF FACT OF GOOD STANDING I, Jena Griswold , as the Secretary of State of the State of Colorado, hereby certify that, according to the records of this office, is a formed or registered on under the law of Colorado, has complied with all applicable requirements of this office, and is in good standing with this office. This entity has been assigned entity identification number . This certificate reflects facts established or disclosed by documents delivered to this office on paper through that have been posted, and by documents delivered to this office electronically through @ . I have affixed hereto the Great Seal of the State of Colorado and duly generated, executed, and issued this official certificate at Denver, Colorado on @ in accordance with applicable law. This certificate is assigned Confirmation Number . *********************************************End of Certificate******************************************* Notice: A certificate issued electronically from the Colorado Secretary of State’s website is fully and immediately valid and effective. However, as an option, the issuance and validity of a certificate obtained electronically may be established by visiting the Validate a Certificate page of the Secretary of State’s website, https://www.coloradosos.gov/biz/CertificateSearchCriteria.do entering the certificate’s confirmation number displayed on the certificate, and following the instructions displayed. Confirming the issuance of a certificate is merely optional and is not necessary to the valid and effective issuance of a certificate. For more information, visit our website, https://www.coloradosos.gov click “Businesses, trademarks, trade names” and select “Frequently Asked Questions.” COMMUNITY AFFORDABLE RESIDENCES ENTERPRISE, INC. 01/30/2025 01/31/2025 11:37:36 01/31/2025 11:37:36 16955849 19921040555 04/20/1992 Nonprofit Corporation 675 Fifteenth Street, Suite 2300 Denver, Colorado 80202 Tel: 303.297.2900 | Fax: 303.298.0940 taftlaw.com February 14, 2025 Mr. Randy Bailey, Controller City of Fort Collins City Hall 300 Laporte Ave. Fort Collins, Colorado 80521 Qualified Residential Rental Project Bonds (Windtrail Park Apartments Rehabilitation Project) Dear Mr. Bailey: We will likely serve as bond counsel in connection with the issuance of the above-captioned bonds (the “Bonds”) by the Housing Catalyst or another “issuing authority” (the “Issuing Authority”) under the Colorado Private Activity Bond Ceiling Allocation Act. CARE Communities is the project sponsor. The Bonds are to be issued in one or more series in a principal amount to be determined, of which up to $9,000,000 of such Bonds require additional tax-exempt bond capacity. Assuming that such additional tax-exempt bond capacity is acquired, the Bonds will constitute private activity bonds as defined in Section 141 of the Internal Revenue Code of 1986, as amended (the “Code”). The Issuing Authority is authorized under the laws and constitution of the State of Colorado, including the Colorado Housing and Finance Authority Act, being Part 2, Article 7, Title 29 of Colorado Revised Statutes, as amended, to issue the Bonds. The Bonds are intended to finance “qualified residential rental projects” (as defined in Section 142(a)(7) of the Code), including but not limited to the acquisition, construction, rehabilitation and equipping of the Windtrail Park Apartments. The Bonds will constitute “exempt facility bonds” within the meaning of section 146(f)(5)(A) of the Code. Respectfully submitted, Taft Stettinius & Hollister LLP / Taftlaw.com / The Modern Law Firm This Letter of Interest presents Related Affordable, LLC’s (“RA”, the “Applicant”) request for Private Activity Bonds that will be used to execute a 4% low-income housing tax credit (“LIHTC”) acquisition, renovation, and preservation of Dawson Square (the “Project”), a 36-unit 100% project-based Section 8 elderly designated apartment community located in Denver, Colorado. RA, in partnership with Maiker Housing Partners, plans to acquire and meaningfully renovate the Project, while extending affordability re strictions for the maximum allowable term. The Applicant is currently the non-member manager of the Project with all control rights, and is prepared to move forward with the recapitalization as soon as viable. Prior to closing, the Applicant will form a new special purpose entity designed to acquire and renovate the Project. Applicant Experience The Related Companies, L.P. (“TRCLP”) was founded in 1972 and is currently one of the largest owners of affordable multifamily apartment complexes in the country. In addition to becoming one of the largest owners of affordable multifamily apartment complexes in the country, it has significantly expanded its platform. Today, Related owns and operates a premier portfolio of high quality assets valued at over $30 billion. With offices in New York, Chicago, Dallas, Los Angeles, Miami, San Francisco, Abu Dhabi, São Paolo and Shanghai, Related manages an operating portfolio that includes luxury residential, affordable and workforce apartments, commercial, retail and mixed ‐use developments. Related’s senior management team averages more than 20 years of experience in the industry and over 14 years with Related. The Related team’s experience and the company’s vast capital resources enable the firm to quickly and expertly execute on the most challenging and complex development and financing opportunities around the globe. Related Affordable, LLC was created in 2013 as an expansion of Related Apartment Preservation, LLC which was formed in 2002 – both wholly owned subsidiaries of The Related Companies, L.P. (“TRCLP”). As its name implies, Related Affordable was formed with the express purpose of growing TRCLP’s affordable housing development business by acquiring, recapitalizing, rehabilitating, and preserving existing low and moderate ‐income properties around the country. Related Affordable specializes in combining the various tools of affordable housing preservation and multifamily finance to redevelop and preserve affordable housing in areas where market‐rate housing pressures threaten existing low and moderate‐income housing options. Related Affordable takes great pride in working with federal, state, and local agencies to ensure it is leveraging all possible resources – both public and private – in order to provide the highest quality housing to its residents. Related Affordable excels in designing win‐win solutions in extremely complicated transactions involving various financing, subsidy, and contractual arrangements. Leveraging TRCLP’s 30+ years of experience in affordable housing development, finance, and management, Related Affordable is especially well positioned to acquire and preserve affordable properties around the country, meeting the needs of existing and future residents as well as the needs of the larger communities in which the properties are located. Related Affordable has extensive experience redeveloping, financing, and managing: • Section 8 / 236 properties • Section 42 LIHTC (4% & 9%) properties • Tax‐exempt bond financed properties To date, Related Affordable has purchased over 110 affordable housing properties consisting of more than 16,000 units, with a total development value in excess of $2.4 billion. Related Affordable presently oversees a portfolio of approximately 280 properties, including over 43,000 units. Specifically, in Colorado, Related Affordable has been an active investor since 2018 and currently controls 17 properties, one of which was successfully acquired and preserved using 4% LIHTCs and tax -exempt bonds. This transaction, preserved an elderly high-rise building in Arvada, CO as affordable housing, and significantly improved the living conditions for the existing residents while extending the affordability commitments for another 35 years. We are proposing to use a similar financial structure here, to complete a meaningful renovation, that will improve the living conditions, aesthetics, accessibility, and building systems for current residents, prospective residents, and the greater community. Project Summary Dawson Square is a 36-unit affordable family designated apartment complex located in the city of Thornton at 8710 Dawson St. The Project was originally built in 1982 and now and requires meaningful upgrades to continue to effectively serve its resident base. The community is made up four two and three story buildings that aggregate 20 two -bedroom units and 16 three-bedroom units that are home to approximately 104 residents. The Project is currently encumbered by a Section 8 Use Agreement and existing tax-credit LIHTC Land Use Restriction Agreement (“LURA”) from the last comprehensive project renovation in 2003. Upon the proposed recapitalization, the project’s Section 8 agreement will be extended for 20 years and a new LURA will be put in place for at least 30 years. Furthermore, the Project’s new LURA will require that 100% of units be made affordable to families earning 60% or l ess than the area-median income. The new LURA would extend to 2056, ensuring that the Project remains a resource to the community for decades to come. The proposed renovation includes comprehensive upgrades to the Project’s units, common spaces, systems, exterior and amenities. The total renovation budget is anticipated to be approximately $3.6M or $100,500 per unit. Planned unit improvements include upgraded cabinets and countertops, stainless steel appliances, dishwashers, tubs and surrounds, vanities, exhaust fans, bathroom accessories, toilets, lighting, doors, vinyl flooring, paint, window blinds, accessibility upgrades, and a new pendant call system. Systems upgrades include new high efficiency boilers and boiler holding tanks, secured access security features. Exterior upgrades include new roofs, gutters, windows, PTAC sleeves, siding/ trim, and upgraded lighting. Lastly, anticipated site improvements include replacement of property signage, pedestal mailboxes, general landscaping upgrades, and parking lot/ concrete upgrades. The planned upgrades will be fully compliant with CHFA’s Energy Efficiency and Sustainability Requirements. A full preliminary scope of work and budget is included as Exhibit A. The rehabilitation will allow the Project’s family population, many of whom live paycheck to paycheck, to maintain a stable and dignified quality of life. As housing costs continue to rise across the Denver metropolitan area, the percentage of cost-burdened renters in the region has risen significantly in recent years. As evidenced by Dawson Square’s prospective resident waitlist, the Project meets a critical need within the community. Its preservation aligns with the stated goals of Adams County Community Needs Assessment as well as the City’s 2025-2029 Consolidated Plan, which specifically mentions the need for more HUD funding. Improving the existing HUD housing stock could not align more with these goals. Financing Plan & Private Activity Bond Request Summary The rehabilitation will be financed with tax-exempt bonds and equity from the sale of Low-Income Housing Tax Credits allocated by CHFA. In order to secure the necessary PAB volume cap needed to enact the LIHTC rehabilitation, the Applicant has reached out several recipients of PAB in an effort to garner support. Below is a summary of anticipated sources of PAB based on ongoing conversations with the various allocating agencies. The bond request will consist of applications to Adams County, Fort Collins, Weld County, Larimer County, Fort Collins, The CO Department of Local Affairs, and CHFA’s Top off program. Each award, be it a full award or partial award, will be aggregated to achieve the necessary of $12,000,000 of bonds in order to fund the project. Private Activity Bond Request Summary Allocating Body PAB Request Fort Collins 11,184,752 CHFA Top Off Program 815,248 Total 12,000,000 Permanent Sources & Uses Source % Permanent Per Unit Tax Exempt Bond Loan 53% $12,000,000 $333,333 Taxable Loan 3% $678,000 $18,833 4 % Tax Credit Equity 34% $7,730,000 $214,772 Deferred Developer Fee 6% $1,435,000 $39,816 Income During Construction 4% $1,000,000 $27,777 Total Sources 100% $22,843,000 $634,528 Use % Total Per Unit Acquisition 66% $15,000,000 $416,667 Construction 16% $3,618,000 $100,500 Soft Costs 7% $1,685,000 $46,806 Financing Costs 2% $550,000 $15,278 Reserves & Contingency 2% $500,000 $13,889 Developer Fee 7% $1,490,000 $41,389 Total Development Costs 100% $22,843,000 $634,528 Projected Timeline Milestone Date Aggregate PAB Awards 5/1/2025 Maiker Housing Partners Statewide Balance Application 6/1/2025 Submit CHFA LIHTC / Top Off Application 8/1/2025 LIHTC Closing 1/1/2026 Renovations Begin 2/1/2026 Renovations Complete 1/1/2027 Stabilization 4/1/2027 Form 8609 7/1/2027 Development Team Contact Information Development Team Member Name Email Address Phone Number Bond Counsel Jon Peterson jpeterson@winthrop.com (612) 604-6736 Project Developer Nicholas Boehm nboehm@related.com (617)399-9573 Project Developer Patrick Barry pbarry@related.com (617) 399-9534 Project Developer Ean Dubrowsky edubrowsky@related.com (973) 464-3129 Exhibits Exhibit A - Scope of Work and Preliminary Budget Exhibit B - Statement from bond council that project is eligible for Private Activity Bonds Exhibit C - Certificate of Good Standing from the Secretary of State’s office (N/A SPE to be formed)