SAAHC

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SAAHC

• 501c3 formed in 1993 by Inner City Dev., a 35
  yr.old community based non-profit
• Working Board of Directors (meets 10 times
  annually plus committees)
• 4 low-income members, 5 at-large
• Staff of 31 Full-Time and 4 Part-Time
• Organized as a Community Housing Development
  Organization (CHDO)

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A Multi-Housing Service Provider

• Multi-Family portfolio (3,900 units)
• Extensive 1st Time Homebuyer Education (HUD
  approved)
• 1st Time Homeownership (50 homes/year, 5th
  Subdivision)
• RAMP (ADA modifications for elderly /or
  physically challenged)
• Asset Property Management
• Community Learning Centers

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Net Result of Non-Profit Owners

• lower rents
• increased rehabilitation
• resident services through CLC
• greatly increases Affordable Housing Preservation
• SAAHC is long-term owner (30 yrs.)
• Benefits inure to residents through the
  non-profit, not to the private sector

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Mitchell Village
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The Development 501 (c) 3 Bonds

• 408 units built in 1948
• private development adjacent to military housing
• Acquired in 1999
• 9.38 M in FNMA enhanced bonds (lower floater)
• 1.2 M in renovations which includes a 500,000
  clubhouse, leasing office, computer learning lab
  and pool

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New 3,000 sq. ft. clubhouse-
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10 Station Computer Lab-
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New pool for 600 youth-
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After-school tutoring-
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New Light Village
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The Development Creative Financing

• 184 units Mod Rehab Project Based HAP
• acquired in 1999 by SAAHC No. 11
• 6.1 M in GNMA Collateralized bonds
• 1.55 M COSA Rental Rehab Funds
• 700,000 State HOME CHDO Funds
• 220,000 Bexar Co. HFC Grant
• 5 M in rehabilitation includes modernization of
  all units, new pool, learning center, playground
  leasing office

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ADA kitchen-
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New leasing office-
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Center Park - San Antonio
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Multifamily Funding Sources

• Conventional Financing, Direct Placement
• 501 C 3 Bonds
• Low Income Housing Tax Credits (LIHTC)
• HOME Funds
• Community Development Block Grants
• Housing Trust
• Federal Home Loan Bank
• City of SA Rental Rehabilitation Program Lead
  Based Paint Abatement Funds

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First-Time Homeownership
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First-Time Homeowners

• Most low- and moderate-income families require
  some sort of assistance education to experience
  success
• While some MF can generate funds, SF usually
  requires more subsidy
• Sources of subsidy similar to MF
• Solid and energy efficiency essential for
  on-going operations

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Financing Assistance

• Sales price 90,000 Cost/month
• 6.25 First Lien Note 55,000 338.64
• 3 HOME Note 20,000 84.32
• 0 HOME Note 15,000 -0-
• Tax Escrow 203.00
• Insurance Escrow 53.00
• Total cost per month 678.96
• Savings of 154/month (55,440)

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Financing for Palo Alto (132 lots)

• Frost Loan of 1.4 M
• CHRISTUS Foundation participation (45) (lowers
  interest carry)
• BCHFC grant of 150,000
• SAAHC Program Income
• COSA HOME funds

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Financing for Rosedale (65 lots)

• Wells Fargo Grant (100,000)
• FHLB (3,500/lot)
• BCHFC loan of 150,000
• SAAHC SA NHS Loans
• COSA HOME funds
• TIRZ (lst residential in SA) utilized MF and
  included other public improvements
• Net result lot cost _at_ 4,005 (not 13,500)

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Five Points Neighborhood

• Developed about the same period as King William
• Did not receive favorable loans as KW
• over 70 rental, many absentee landlords
• minimal activity from Neighborhood Assoc.
• mix of two story, single story, small apts.
  lots
• most vacant land held by speculators
• poor infrastructure

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Designation - Slum Blight1- required for
condemnation2- only way to curb speculators3-
needed to emphasize owner occupied unit
development
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Villas del Norte

• Anchor development for other projects
• 1.3M HUD (DC) HOPWA project
• joint project of Bexar Co. SAAHC
• HIV/AIDS parent lead families
• 24 month transitional facility
• over 15 community meetings
• acquisition issues for neighbors
• development completed in Sept. 04

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Community Construction Details
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Cottage Development

• adjacent to Villas del Norte
• existing 4 home situation (SB)
• based on Washington State product
• high density
• common yards
• infusion of new home ownership opportunities

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Jackson Street Cottage Home
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Financing for Five Points

• 230,000 loan from SAHT
• above used to leverage 690,000 from ACF
• grants of 200,000 from COSA for infrastructure
• 1.3M HUD award for Villas del Norte
• 250,000 from COSA for acq./rehab
• 200,000 local HOPWA funds
• Additional construction lines SACU Frost
• mortgage funds from lenders
• SAAHC capital investment
• Slum Blight Designation