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2019 HRAYER ,ryipr, 1 47+_4 ,� H R A 2019 YEAR END REPORT HUTCH'..IINSON (HOUSING AMID REDEVE1„OPMENT AUTHORITY The Hutchinson HRA is a public body politic formed by the Hutchinson City Council in 1969 according to MN State Statue. The HRA was created to address a shortage of housing needs for low to moderate income families and to address substandard areas in Hutchinson. In 2019: • The third phase of Highfield Apartments was completed. • The HRA assisted in processing documents for Highfield Apartments permanent financing. • The HRA was approved for$500,000 in SCDP funds for the 907 Dale Street Apartments (South Dale)rental rehab project. • The HRA administered owner occupied rehab programs throughout the city. • The HRA owns and manages Park Towers Apartments. The HRA determined in 2019 that a non-financial conversion from HUD public housing to HUD Section 8 is feasible. The RAD application was approved by HUD in October 2019 when a CHAP was issued. Why does Housing matter? Housing matters because: • Safe, affordable housing is shown to stabilize families. Studies have shown that children who have stable housing do better in school. • Housing Programs help improve neighborhoods and maintain property values. • Housing Programs provide economic stimulus for the local economy by providing work for local contractors and businesses. In 2019, the HRA worked on the following housing objectives: • Continue to maintain strong emphasis on property management,property improvements, and energy conservation at Park Towers. • Explored the feasibility of converting from Public Housing to RAD Section 8 Housing at Park Towers. • Support rehabilitation of housing to preserve housing stock and improve neighborhoods. • Monitor housing data to identify housing needs. • Offer relevant housing programs that provide a positive impact on the community. Park Towers Apartments: Park Towers was a designated HUD high performer in 2019. Asset preservation, property improvements and energy conservation remains a priority at Park Towers • Over $150,000 was spent for building improvements including: seal coating and painting the exterior stucco, completing exterior tuck pointing, and replacing flooring in ten apartments at unit turns. 2019 Hutchinson HRA Year End Report 5/18/2020 Page 1 of 10 Pages Park Towers Property Management • Nineteen apartments were re-occupied in 2019. • Achieved a 99.59%percent occupancy for 2019. • Park Towers continues to be a needed source of one-bedroom apartments with subsidized rent based on 30% of adjusted income. Project demographics include the elderly, disabled and low income workforce. The Park Towers demographic report shows the average household income is $14,479 and the average tenant rent is $301 per month. Tenant Services Park Towers continued as a Senior Dining Program Site through a lease with Lutheran Social Services. Meals are prepared at the Evergreen Senior Dining kitchen, then delivered and served at Park Towers Monday through Friday. Park Towers RAD Conversion from Public Housing to Section 8 Project Based Rental Assistance Program The HRA is planning to convert Park Towers from Public Housing to RAD Section 8 Project Based Rental Assistance (PBRA) in order to lock in attractive 2018 Capital Funds and Operating Funds while moving to a more stable funding environment. Park Towers will still be publicly owned, managed and operated by the Hutchinson HRA. The RAD program provides a set 20 year contract with less uncertainty around year to year fluctuations in congressional funding. The RAD program also provides a plan to continue maintenance improvements needed over the next twenty years. Residents will not have to worry about displacement or moving out, because no large scale construction will be taking place. The closing is estimated for November 2020 with the change going into effect January 1, 2021. City Center Operations: Hutchinson Workforce, New Construction Housing Initiative, Homebuyer Gap Funds Hutchinson Workforce Housing New Construction Initiative, homebuyer gap funds are structured as interest free, deferred loans due in 30 years, upon sale, when the borrower no longer occupies the property, or when the first mortgage is paid off, whichever occurs first. Funding is need based up to a maximum of$25,000 Minnesota Housing (MH) IMPACT Gap funds and $15,000 HRA Entry Cost Assistance. MH contract date was April 1, 2019. No Homebuyer Gap loans have closed as of the end of 2019. Interested homebuyers have not qualified for the program mainly due to not qualifying for a first mortgage. Owner Occupied Rehabilitation In 2015, City of Hutchinson TIF owner occupied housing rehab fund (HILP)was added as a flexible tool for single family owner occupied housing rehab to continue owner occupied rehab efforts throughout the city. • The City HILP Grant program with Minnesota Housing Impact Program and the Minnesota Housing Rehab Loan Program are "full service" programs that are HRA labor intensive, requiring home inspections, work write ups,procurement and bidding, loan closing with the owner(s), construction oversight, and disbursement of loan proceeds to the contractor. • The City Accessibility Grant and City HILP Grant Program (Live and Work in Hutchinson and Streamline) and the Minnesota Housing Fix Up Loan Program requires that the owner submit contractor quotes and that the owner meets loan underwriting criteria to obtain home 2019 Hutchinson HRA Year End Report 5/18/2020 Page 2 of 10 Pages improvement loan proceeds. However, HRA inspection and construction management is not required. The 2016 MHFA Impact Program was revised in 2018 to allow rehab of manufactured homes to match City HILP (TIF). The last loan closed May 2019 and with the project completion the Program closed out in September 2019. In 2019, after no stick-built homeowners applied for the funds, the 2018 MHFA Impact Program was also revised for the rehab of manufactured homes as an owner match to the City HILP (TIF). No City Accessibility Grants or MHFA Fix Up Loans (secured&unsecured) closed in 2019. City HILP Grant Program(TIF): Match Funds: MHFA Impact Total Live and Work Funds Personal Weatherization Project Cost $5,000.00 Hassan Street SE $1,725.00 $6,725.00 $4,975.00 Jefferson Street SE $4,975.00 $5,000.00 Southview Dr. SW $930.00 $5,930.00 $5,000.00 Second Ave. SW $568.00 $5,568.00 $5,000.00 1OthAvenue NE $2,451.00 $7,451.00 (construction not complete at YE) $5,000.00 Graham Street SW $450.00 $5,450.00 Total$29,975.00 $0.00 $6,124.00 $0.00 $36,099.00 MHFA Impact Total HILP-Grant Funds Personal Weatherization Project Cost with MH Impact$9,450.00 Dale Street SW $9,550.00 $19,000.00 with MH Impact$10,000.00 Madson Avenue SW $13,669.00 $23,669.00 Streamlined$4,900.00 Sherwood St. SE $4,900.00 $9,800.00 Streamlined$3,225.00 Erie Street SE $3,225.00 $6,450.00 Streamlined$2,325.00 Main Street S $2,325.00 $4,650.00 Streamlined(construction not complete at YE) $2,427.64 Sherwood St. SE $2,427.64 $4,855.28 Streamlined(construction not complete at YE) $7,729.56 Harrington Street SW $8,093.66 $15,823.22 Total$40,057.20 $23,219.00 $20,971.30 $0.00 $84,247.50 MHFA Impact Total Mobile Home Initiative Funds Personal Weatherization Project Cost $10,000.00 1525 McDonald Dr. SW $12,700.00 $22,700.00 2019 Total Owner Occulpied Rehab Projects 14 Rental Rehabilitation The 2019 Minnesota Small Cities Development Program Grant(SCDP) full application was submitted to DEED and it was approved for the rental rehab of 907 Dale Street Apartments (South Dale). Activity #of SCDP Cost SCDP Cost/ Total SCDP SCDP Total SCDP Pi Total Leveraged Source of Totals units/goals Per unit without admin Admin Admin% Costs Resources Leveraged Funds Rental GMHF&Owner Rehab-MF 40 10,212 408,479 408,479 91,521 214,286 Match 714,286 Rental Rehab Admin 40 17532 617272 15.0% 617272 137728 757000 2019 Hutchinson HRA Year End Report 5/18/2020 Page 3 of 10 Pages The SCDP and Program Income (PI) funds equal $500,000 which is used for 70% of the rehab costs, which includes inspection fees. The owner has to contribute the remaining 30% as an owner match. Inspections and the Work Write-up/bid packet were completed. Advertisement for bids was 4 weeks long and the public bid opening was December 191h. At year end, the owner is working with Greater Minnesota Housing Fund (GMHF) on refinancing the first mortgage and getting a second mortgage. ren(15m 1. Rental Housing Market Rate General Occupancy Rental The market rate general occupancy rate in August of 2019 was 1.83%. A 5.0%vacancy rate is considered a healthy vacancy rate to allow for turnover and consumer choice. A vacancy rate of greater than 5.0% indicates a soft demand or mismatch between supply and demand. Since 1999, the rental vacancy rate has fluctuated from 1.00%to a high of 14.9% in 2009 due to area layoffs. Highfield Apartments (Kuepers developers) has completed three buildings (87 units) assisted with TIF funds. Kuepers has started an additional 70 units that are not- TIF financed. Century Court West Luxury townhomes has an approved site plan of 84 total units that are not TIF financed and has started construction for 3 buildings of 12 units each. The first building with 12 units is opening in February 2020. The rent is $1300 for a 1150 square foot 2 bedroom, 2 bath unit with an attached garage. ................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................. Market Rate General Occupancy Vacancy Rate 15.00% .•'...................................................................................................................................................... �. .a. ° ............................................................................................................................................................................................ 10.31% 10.00% 7.54 �.00%9.00% ... °... 8.38%.., 4.0 5.00% 4m.6.Q% ...68% 5.30% 17% 4 08 °1.89%1 2.76/ ° .85°//° ffi2.12,% 1.76%1.76°/ 1.83% 0.00% 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Non-Market Rate General Occupancy Rental The vacancy rate of non-market rate general occupancy projects in the fall of 2019 was 0%. Vacancies in subsidized developments should typically fall around 2.0% - 3.0%. Senior Housing The 2019 vacancy rate for market rate, apartment style senior housing for the Oaks &Pines and Prince of Peace Retirement Living, (not including memory care)was 0.82%. 2019 Hutchinson HRA Year End Report 5/18/2020 Page 4 of 10 Pages Woodstone is constructing 38 units of senior independent living. Prince of Peace is constructing 11 units of senior housing. The 2019 vacancy rate for affordable/subsidized senior housing was 0.00%. Vacancies in subsidized developments should typically be around 2.0 - 3.0%. 1.83% .... 2.00% IIIIIIIIIII Market Rate General 1.50% ..` ..._ Occupancy 0.82% 111111111111 Subsidized General Occupancy 1.00% 0.50% M 0.00 0.00% IIIIIIIIII Senior Market Rate Rental Housing 0.00% " 11111111111 Senior Subsidized Rental 2019 Vacancy Rates Housing 2019 General Occupancy-Market Rate Rents (August 2019) A tName #ofEfficiency Effic.Rents AptName #of 2 BD 2 BD Rents AptName #of 3 BD 3 BD Rents Dawson Property 2 $400 435 California Apt. 2 $475 1435 California Apt. 1 $600 Colonial Apt. 1 $415 Alexander 10 $550 Valley View Apt. 2 $693 Gateway Central 1 $445 Mansard Apt. 11 $550 Bradford StApts.1200 2 $750 Alexander 1 $500 Olson Apartments 25 $550 Olson Apartments 6 $750 South Dale Apt. 2 $550 Parkwood Apartments 16 1 $570 GolfviewApts. 2 $750 Bartco 2 565 Colonial Apt. 4 570 South Dale Apt. 1 750 Apollo Apt. 7 9 Lu man Apt. 1 79 A tName #of 1 BD 1 BD Rents Hutchinson Estates 34 $600 1 Ridgedale Square 12 $825 435 California Apt. 1 $395 Fairlane Apt. 15 $605 lHighfield 6 $925 Mansard Apt. 1 $475 Gateway Central 13 $625 IDeer Park 12 $945 Parkwood Apartments 8 $495 Valley View Apt. 32 $635 Bartco 4 1 $965 Apollo Apt. 3 $495 5 65 J efferson Apt. 11 $650 Twin Oak Townhomes 8 $970 Dawson Property 2 $500 Cedar Acres Apts. 15 650 Century Court Apt.E 28 $1,200 Hutchinson Estates 2 $500 GolfviewApts. 9 $650 Olson Apartments 2 $500 Bradford St Apts.1200 2 $675 Twin Apt. 14 $500 Freemont Apt. 22 $675 FairianeApt. 9 $505 Lohman Apt. 10 $675 Colonial Apt. 3 $530 lRidgedale Square 34 $685 FreemontApt. 2 $550 Southview Terrace 18 $700 Gateway Central 3 $550 Bradford St Apts. 8 $700 565 Jefferson Apt. 1 $565 Heritage Square 24 $700 Valley View Apt. 2 $572 Regency Apt. 17 $700 Echo Manor Apt. 2 $585 South Dale Apt. 30 $700 GolfviewApts. 1 $590 Park View Terrace A 17 710 0 ontlTl Cedar Acres Apts. 21 $600 Echo Manor Apt. 28 $720 Hourly rate Yearly Income South Dale Apt. 7 $600 Country Club Manor 50 $735 1 $10 $20,800 $520.00, Park View Terrace 1 $620 Bartco 11 $769 $12 $24,960 $624.00 Ridgedale Square 2 $645 Twin Oak Townhomes 64 $800 $15 $31,200 $780.00 Country Club Manor 21 $675 Highfield 42 $825 $18 $37,440 $936.00 Twin Oak Townhomes 8 $700 Deer Park 105 $845 $20 $41,600 $1,040.0( Bartco 4 $725 River Ridge 30 1 $850 $22 $45,760 $1,144.0( Highf"teld 21 $725 Century Court Apt.East 47 $990 $26.78* $55,702 $1,392.5( River Ridge 6 $750 Century Court Apt.west 84 $1,300 '2017 Census Median income otoccupied units in Hutchinson trom American ractrmder. Deer Park 20 $780 Century Court Apt.E 21 830 *Some above listed rents may include utilities;see the Hutchinson Apartment Guide for details. 2019 Hutchinson HRA Year End Report 5/18/2020 Page 5 of 10 Pages Change in IlUtchinson Apartnient:s Market Rate Median Rents Market Rate Median Rents 11112M u11112ON 2018 2019 Change %change $800 $650$675 $773 '795 Efficienc $445 $473 $28 6.29% Increase $600 $548$572 $445$473 1 Bedroom $548 $572 $24 4.38% Increase $40tb 2 Bedrooms $650 $675 $25 3.85% Increase $20 3 Bedrooms $773 $795 $22 2.85% Increase 9�b p T iciency t Bedrooiii 2 Bedrooms, 3 lledrooint, Market Rate Average Change in H utchinson Apartnient:s Rents Market RateaverageRents 112M u11112ON 2018 2019 Change %change $U)00 $698 $813$840 Efficiency $462 $479 $17 3.68% Increase $800 $565$591 $655 1 Bedroom $565 $591 $26 4.60% Increase $600 o $462$479 2 Bedrooms 1 $655 1 $698 1 $43 1 6.56% 1 Increase $200 3 Bedrooms $813 1 $840 1 $27 1 3.32% Increase $gib Vii<`i<i¢.if,ir¢;y t Bf;¢lrooiii 2Bf;¢lro+rant, 3Bf;¢lro+rant, Monthly Income to Monthly Income to Rent Buy 1 .5% 9% 4 �611h IIVm. !� Perccni.of klonlhly Income to M y Perceni.of klonlhly Income to Reni. $55,705 Median Income* Median Price of Hutchinson Home *2017 Census Median Income of occupied Units in Hutchinson from Re-Sale from MLS $181,000 American FactFinder. Monthly Mortgage Payment $1,329 $675 Median Rent of Market Rate 2 BR in Hutchinson Percent of Monthly Income to Buy 29% 14.5% Percent of Monthly Income to Rent Home 2. Homeownership Interest rates are currently low; low interest rates and an affordable median re-sales price compared to Hutchinson median income provide opportunities for buyers who have good credit and are mortgage ready. The interest rate in January 2020 for a first time homebuyer MHFA Start Up loan for an RD or FHANA loan was around 3.5% depending on the choice of origination fees. According to information from the Minneapolis Area Association of Realtors, the median sales price rose 6.5% in 2019, a steady increase in the for sale housing market. Looking at data for Hutchinson, the 2019 median sales price was $181,000 compared to $170,000 in 2018. There were 315 sales in 2019 compared to 330 sales in 2018. As of December 2019, there were 51 homes for sale. 2019 Hutchinson HRA Year End Report 5/18/2020 Page 6 of 10 Pages According to information from McLeod County, in 2019 there were 315 sales in Hutchinson with a median sales price of$175,000. HOME RESALES CITY OF HUTCHINSON 2009 through 2019 Year 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 Price Ranee No. Pet. No. Pet. No. Pet. No. Pet. No. Pet. No. Pet. No. Pet. No. Pet. No. Pet. No. Pet. No. Pet. Under$50,000 1 0.3% 7 1.9% 9 2.7% 10 3.0% 15 4.2% 18 5.7 29 10.2 44 15.3 30 12.4 24 11.1 9 4.2 $50,000 to$74,999 5 -L6°f It -119/ 16 -3.0% i I5 ,4A% 26 -7.34% i 17 5A 35 i 123 33 It,5 31 12,8 16, 7A 27 115 $75,000 to$99,999 8 2 5% 15 4.2% 22 6 6% 38 11.6% 39 11 0% 34 10.8 36 12.7 62 21.6 46 19.0 32 14.8 36 16.7 $100,000 t6,$124,999 27 -&65' 46 12,8% 46 13.80io 54 16,4% 58 163% 59 18.7 49 17.3 52 18.1 48 19.8 38, I7,6 i 47 21,8 $125,000 to$149,999 50 15 9% 67 18.7/ 70 21 0% 76 23.1% 68 19 1% 68 21.5 59 20.8 41 143 33 13.6 38 17.6 46 21.3 $I 50,000t6$174,999 64 20,3% 70 A5% 73 21.9§/a 55 167% 60 -W9§/a i 51 161 29� 10,7 � 16 5.6 � �9,1 23 10.6 � 20� 9.3 $175,000 to$199,999 59 18 700/ 55 153/ 39 11 7°°/ 23 7.0% 27 7 6% 21 6.6 16 5.6 13 4.5 9 3.7 12 5.6 12 5.6 $200,000+ 101 32:L4�4 88 2�'5% 64' ,2°l4 58 t7,6% 63 17,Z��4 48 15.2 31 109 26 9, 23 9.5 33 153 I9 8.8 Total 315 100.0%1 3591 100.0% 3331 100.0%1 329 100.0%1 356 100.0%1 3161 100.0 2841 100.01 287 100.0 2421 100.01 216 100.0 216 100.0 Meilian $175,000 $161,900 1 $153,500 $140,000 $138,750 $133,500 1 $121,000 1 $101,400 $109,950 $121,600 [S,17,�710 Sources: Peterson-Paulsen Associates Inc.Realty Maxfield Research Inc. McLeod County Assessor's Office Based on a household being able to afford a home priced at 3.0 times their income, not factoring in savings or debt that they may have, a household would need an income of $58,333 or $28.04/hour based on 40 hours per week to afford a home priced at$175,000, the McLeod County 2019 median sales price of a house. ................................................................................................................................................................................................................................................................................................................ ............................................................................................................................................................................................................................................... 2019 Hutchinson Home Sale Price Ranges $180,000 Hutchinson Median Sales Price 5.1% 0.3% Under$50,000 $175,000 1.6% o $170,000 tiiii $161,900 ° 7 2.5/o $1 S $153,500 146 750 0,000 5.1/0 p 0% IIIIIIII$75,000 to$99,999 IIIII$100,000 to$124,999 $150,000 5.7 0 1111,11 $140,000 $138,750 ° IIIII$125,000 to 000 to$149,999 999 $130,000 $133,500 15.9/0 II $ $ �1 $117,750 ICI V I I I .... �12„1„000 IIIIIIIII$175,000 to$199,999 $120,000 IIIIIIIII$200,000 to$224,999 $110,000 .................................................................................................................. .................. $'109,950.1. $225,000 to$249,999 $100,000 $101,400 $250,000 to$274,999 $901000 .... $275,000 to$299,999 80,000 ..............L..............rv...............rv......................... Seriesl $300,000+ ay�i oy� oy� oy� oyh oy� �y3 oyti ayti oyo �6° Total 2019 Hutchinson Year End Home Resales=315 ti ti ti ti ti ti ti ti ti ti ti ti The above charts are based on information from McLeod County. 3. Housing Construction in Hutchinson According to the City of Hutchinson, Planning/Zoning/BuiIding Department, there were 23 new construction dwelling units built in 2019. As of 12/31/2019 there were 165 lots available. The lot supply benchmark for growing communities is a three to five year lot supply. A three to five year lot supply allows adequate consumer choice but minimizes developer's carrying costs. 2019 Hutchinson HRA Year End Report 5/18/2020 Page 7 of 10 Pages Residential Lots Available .._ ® �... _ ....... ®e . �W . �M..."...... .. 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Number of New Construction Single-Family Dwelling Units 80 ...... 60 58 40 32 34 23 30 27 23 20 .......... 19 20 i4 �7 i4 Za 0 ..............� .............. ........ 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Number of Certificate of Occupancy for General Occupancy Multi-Family Dwelling Units ....................................................................................................................................................................................................................................................................................................................................................................................................................................... 150 .................................................................................................... .................................................................................................................................................................................................................................................................................................. 1�7 100 96 50 48 29 29 29 0 ry u u ry u iiiiiiiiij 1994 1996 1999 2017 2018 2019 Ridgedale Deer Park Century Court Highfield Highfield Highfield Square TH East The above 3 charts are based on information from the Department of Planning,Zoning and Building 2019 Hutchinson HRA Year End Report 5/18/2020 Page 8 of 10 Pages 4. Foreclosure Update: Foreclosures in 2019 were lower than in 2004 when foreclosure data was initially tracked. McLeod County and Hutchinson Foreclosure Counts .........................2 0.0................................................................................................................................................15.9 200 142 13 „*M M 76 135 ...100 93 5 53 44 34 24 27 McLeod County 0 �, 4.....0 62 77 42 45 39.... 28....... 25 1�1 12,.... 7 IIIIIIIIIIIIIII Hutchinson 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Number of Foreclosures in McLeod Countyand Hutchinson Year McLeod Hutchinson 2004 48 14 2005 56 2006 72 2007 142 40 2008 159 42 2009 135 50 2010 200 62 2011 176 77 2012 135 45 2013 93 39 2014 75 28 2015 53 25 2016 44 18 2017 34 11 2018 24 7 2019 27 12 2019 Sheriff Sales Cancelled In Hutchinson 11 2020 Realtor Pre(fictions: Q. What do you see for the housing market for Hutchinson in 2020? A. Expect 2020 to be very similar to 2019. The interest rates continue to be favorable. Q. What are the most influential factors affecting housing in Hutchinson? A. The new construction of patio homes has opened up the market for people who want to downsize. This in turn is helping with the existing home inventory, as those people are selling their existing homes. Q. There were 23 houses built in 2019. What do you think will happen to new housing construction in 2020? A. Expect new construction to continue to be strong in 2020. There are a number of builders who have purchased lots to build on in 2020. 2019 Hutchinson HRA Year End Report 5/18/2020 Page 9 of 10 Pages Hutchinson HRA tsfir 2020: HRA Park Towers: • Reposition Park Towers from Public Housing to Section 8 RAD PBRA • There may be new legislation requiring sprinklers in high rises due to the fatalities in the Riverside Apartment high rise fires. City Center Operations,Hutchinson Workforce New Construction Housinz Initiative, Homebuyer Gap Funds • Diane Sorensen of Hometown Realty will continue to market the affordability gap program for five homebuyers to purchase new construction starter homes. • Housing affordability is typically calculated at 30% of monthly gross household income. For example, a rent of$750 per month will be affordable for a household gross wage rate of $14.42 per hour or $30,000 per year. A $30,000 income could afford generally 3.0 times their income to purchase a house at$90,000.00. City Center Operations, Owner Occupied Rehab: • Administer the City Home Improvement Grant Program (TIF available funds) for owner occupied rehab and determine if a separate program for radon mitigation should be added. • Administer Minnesota Housing Impact Funds, and Fix-Up Loans, as leverage funds to the City Home Improvement Grant Program. • Administer the Minnesota Housing Rehab Loan Program for owner occupied rehab for very low income homeowners. • Administer the Fix Up Fund Home Improvement Loan Program. City Center Operations, Rental Rehab Prozram: • Implement the 907 Dale Street Apartments (South Dale)rental rehab. Construction expected to begin by summer 2020. City Center Operations, Rental Development • Monitor the General Occupancy Vacancy Rate • After Highfield Building Four and Building 5 (70 total units) and Century Court Luxury Townhomes West(84 total units) completes construction and after 2020 Census results are available, conduct a Comprehensive Housing Market Analysis for Hutchinson. Decembera s �gr Fund Balances SCDP City Revolving Local Income Balance $163,766.16 SCDP City Revolving Program Income Balance $105,249.26 Allocated to SCDP Rental Rehab Application TIF Available Balance $325,000.00 Total Funds Available: $594,015.42 City SCDP New Construction $128,450.00 City SCDP Rehab (Owner&Rental) $385,162.11 City TIF Owner Rehab $98,387.62 Total Balancc of City SCDP Loans Rcccivablc $611,999.73 HRA Notes Receivable HHPOP $29,745.56 HRA Notes Receivable Rehab $13,413.67 Total Balancc of HRA Loans Receivable 1 $43,159.23 G/HRA/Year End Report/2020 HRA Year End Report 2019 Hutchinson HRA Year End Report 5/18/2020 Page 10 of 10 Pages V/ n� 0 xZ Lli �o u ui L)uj LLJ W 4� CN O N p f o i V � No N i V iool Is// o U nOR oc � � o V � N �ri o N N o V N o N N o 0 o o o o 0 o 0 0 0 0 0 0 0 0 0 0 f, OR iool Is// F O O O O O In o m o 0 0 o in in in in in o o C ^� p (y 7. ommm mm m NNd� �oh�y O CS It O �D N co m m M p OI. 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