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Home My WebLink AboutC05-333 Activity Bond Application 1 2005 - PRIVATE ACTIVITY BOND APPLICATION FOR STATEWIDE BALANCE 1. ISSUING AUTHORITY Eagle COlJIlty, Color<:Jdo ( name) PO Box R'iO, Ragle, (:oloraoo, R 163] (address) T (970) 328-8604 Am Menconi. Chairman F (970) 328-8629 (issuing authority officer and title) (telephone and fax) 2. PRIVATE BENEFICIARY OR PROPOSED PROJECT OR FINANCING First Time Buyers (name) Eagle County Housing Department PO Box 850, Eagle, CO 81631 ( address) T (970) 328-8770 B:Jrh:Jr:J pptpr~()n F (970) i/R-R7R7 (principal company or entity contact) (telephone and fax) 3. BOND COUNSEL FIRM Hogan & Hartson (name) 1200 17th Street, Suite 1500, Denver, CO 80202 ( address) T (303) 899-7330 John M. Gardner F (303) 899-7333 (individual responsible attorney) (telephone and fax) 4. PROJECT OR FINANCING NAME Mortgage Credit Certificate Program 5. TYPE OF BONDS (check one below) Manufacturing Single Family Other (specify) Activity Mortgage X (MCC) Multifamily Housing Waste Treatment Facility Waste Disposal Water/Sewer 6. AMOUNT OF STATEWIDE BALANCE ALLOCATION BEING REQUESTED $ 5,000,000 7. AMOUNT OF LOCAL GOVERNMENT BOND CAP PLEDGED TO PROJECT -0- 2003 Bond Cap 2004 Bond Cap 2005 Bond Cap If applicable has all local 2005 bond cap been allocated or assigned? If not for this project, what project or purpose is it being used for? Eagle County returned its 2005 bond cap to the statewide balance. To the best of my knowledge, this information and the attachments PROJECT INFORMATION (To be completed by all applicants) 1. Indicate the name, address, phone and contact person of the proposed underwriter or lender. Indicate the name, address, phone and contact person for the business or development entity that can answer staff questions about the project. What is the projected bond issuance date? The application does not contemplate a bond issue so there is no bond underwriter. There will be local lending institutions, some of which are noted on the accompanying list, involved in making the mortgages to which the mortgage credit certificates (MCCs) will be allocated. For questions, contact Barbara Peterson, Eagle County Housing Dept., PO Box 850, Eagle, CO 81631. Phone: 970-328-8770 2. Has the governmental issuer and/or the private party utilized P ABs in the past? If so, identify financings by issuer, date, purpose, amount issued, and maturity schedule for the past two years. Please include the Inducement Resolution for this project with this application. The inducement resolution must be complete at time of application. Eagle County received a $5,000,000 allocation in 2002 and a $21,631,138 allocation in 2003 for mortgage credit certificates. The 2003 allocation consisted of a $20,000,000 allocation from the statewide balance that was shared with four other counties and $1,631,138 of the Issuer's own 2003 allocation. 3. Do you have site control? Has the project received zoning, subdivision and site plan approvals? If not, what is the status of land use approvals, and when do you anticipate receiving final land use approval? These items are not applicable as the allocation will be used to finance purchases of existing inventory through the use of mortgage credit certificates. 4. Is the infrastructure in place to service this project? If not, is the infrastructure under construction or planned? What is the estimated time of completion? The homes to be purchased will already have the necessary infrastructure in place. 5. Is the project located in a floodplain? If so, please indicate proposed mitigation measures. If any of the homes should be in a floodplain, the loan underwriting process will identify this and flood insurance will be required. 6. Has the project received a preliminary commitment for credit enhancement? If yes, attach copy of commitment letter and any conditions. If not, when is the preliminary commitment anticipated? Please submit when received. This is not applicable since there will be no bonds issued. 7. What additional tax revenue will accrue to the local government unit from this project? Assessed Valuation: Sales/Use Tax: Property Tax: Other: Creating more homeowners hip opportunities for local residents will allow more of the people who work in this area to also live here. They will therefore do their shopping in this area and strengthen the tax base of local communities. HOUSING PROJECTS (Housing applicants only) 1. If the proposed financing is for single-family mortgage revenue bonds, is the entity eligible to use any other authority's P AB issues? If so, how much of this authority remains to be utilized? For rental projects, is bond cap from local jurisdictions included? Eagle County returned its 2005 bond cap to the statewide balance. 2. How many units of housing will be constructed or rehabilitated by this project? Please indicate the percent of units serving persons with lower incomes and the qualifying income levels. NA RENTAL HOUSING APPLICATIONS - please complete numbers 3, 4, and 5 3. Who will be the developer and property manager? What is their experience with developing or managing this type of property? NA 4. Please attach a detailed development budget, a sources and uses statement, a detailed operating budget that includes detail of unit rents, with a ten-year pro forma, architectural plans and market data. A professionally prepared third party market study must be submitted by February 7th. NA 5. Does the project intend to utilize Low Income Housing Tax Credits? If so, what is the estimated price per dollar credit that the project intends to receive? Is an investor identified? If so, include their offer to purchase the credits. NA MORTGAGE CREDIT CERTIFICATE (MCC) APPLICANTS - please complete numbers 6, 7, 8 and 9 6. What is the upper limit of income qualifications for your proposed MCCs? What income thresholds will be placed on the program? How many homes are listed in your community's Multiple Listing Service that people at this income could afford? The income limits will be within those allowed by IRS guidelines. There are adequate homes listed in the Multiple Listing Service that eligible persons will be able to afford. 7 Have mortgage companies agreed to participate in your MCC program? If so, please list them. Several mortgage companies already participate in the Mortgage Credit Certificate program. Eagle County Housing Department trains new companies on an ongoing basis and markets MCCs along with the Down Payment Assistance program. A list of participating mortgage companies is attached. 8. Who will administer your Mortgage Credit Certificate program? What is their experience administering housing finance programs? The Colorado Housing and Finance Authority (CHFA) will administer the Mortgage Credit Certificate program. CHFA has extensive experience administering this and other housing finance programs. 9. What counties/cities will be included in the program? Eagle County and the townships in Eagle County including Vail, Avon, Eagle, and Gypsum. Attachments . Certified copy of Inducement Resolution . Bond Counsel opinion . List of lenders participating in the Mortgage Credit Certificate Program . Statement addressing the financial feasibility of the project without receiving an allocation of Private Activity Bonds. This project cannot be carried out without an allocation of Private Activity Bonds.