A Case for Additional Tools

Presented by: Preston Prince CEO/Executive Director Fresno Housing Authority

Worse than Appalachia Fresno Bee – July 16, 2008

Valley congressional district ranks last

nationwide on study's scorecard of well-

being.

What is F-HA going to do about it?

• Repositioning of our Existing Portfolio

• Acquisition/Rehabilitation of Preservation

Properties

• Invest in Special Needs Housing

• Partnerships with City/County and other

jurisdictions

What is F-HA going to do about it?

• New Construction of Work Force Housing

• Re-Allocation of Existing Program Funds

• New Policy Initiatives

• Not Just Housing – Community Building and

other Linkages

• Address Long-Term Capital Needs

• Long-Term Affordability

• Supportive Services/Community Building

• Special Needs Populations

• Economic Development

• Impact Health, Wealth & Education of our

Community

Goals of Repositioning

• Targeted City/County Goal or Neighborhood

• Income Diversification

• Options/Choices for our Residents

Goals of Repositioning

Funston Place and Funston Terrace

•200 units of Officer’s Barracks for Hammer Field •26.5 acres

•Built in 1940’s and 1950’s •Deteriorating infrastructure led to physical distress certification

•Demo completed in 2007

Old Funston: “Not intended for family housing”

Financing Plan for Parc Grove Commons

• Preliminary Plan 2005

• Disposition 2006

• Demolition 2007

• 2008: F-HA received an allocation of 4% bond financing and MHP bond financing that provided an $8.2 million permanent loan for the project

• Economic downturn affected the investor/lender market

• 40 families returned

Parc Grove Commons Development Permanent Financing Sources Wachovia Affordable Housing Community Development Corp $23,460,403 CA Community Reinvestment Corp $2,900,000 Fresno Housing Authority (includes CFRC, CFRG, RHF) $5,517,580 City of Fresno (HOME) $2,000,000 Housing Relinquished Fund Corp $3,007,435 City of Fresno RDA $500,000 Total Development Costs $37,384,418

The New Parc Grove Commons

Project Description

215 units universal design elements

green building features 6,710 sf community building with:

classroom facility, computer room, offices, fitness center, pool, basketball courts,

picnic areas, courtyards

Project Description

4,000 people on waiting list

First Family moved in: April 2011 Grand Opening: April 2011

Fully leased: September 2011

Returning Families: 40

Parc Grove Commons Development Permanent Financing Sources Wachovia Affordable Housing Community Development Corp $23,460,403 CA Community Reinvestment Corp 2,900,000 Fresno Housing Authority (includes CFRC, CFRG, RHF) 5,517,580 City of Fresno (HOME) 2,000,000 Housing Relinquished Fund Corp 3,007,435 City of Fresno RDA 500,000 Total Development Costs $37,384,418