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HomeMy WebLinkAboutRAP17-002 Colorado Housing Finance AuthorityJune 5, 2017 Colorado Housing and Finance Authority 1981 Blake Street Denver, CO 80202 Management Agent Contact Eagle County Housing and Development Authority P. 0. Box 850 Avon, CO 81631 VIA ELECTRONIC MAIL Subject: Automatic OCAF Rent Increase RIVERVIEW APARTMENTS C0990038002/10135641 Rent Comparability Study Expires: 07/02/2019 Dear Management Agent Contact: RIVERVIEW APARTMENTS is in a multi-year Housing Assistance Payments Contract and, as such, is eligible for an automatic OCAF rent increase to become effective 11/2/2017. However, if the complete rent increase submission is not received by the due date referenced below, the effective date will be delayed as detailed. The adjusted OCAF rent increase factor is 1.009. The debt service amount used in the calculation of new rents is $573,552.24. Please confirm that the debt service amount indicated is correct, if not, please contact me with the correct amount and a new Auto-OCAF Letter will be generated and sent to you. Should you elect this rent increase, the new rents for RIVERVIEW APARTMENTS will be as indicated on the attached Exhibit A. Indicate below which rent increase option you are requesting be applied in the upcoming contract funding year. Complete the Project information section that follows, and return this Notice and any attachments to your HUD/PBCA within 10 days of receipt of this package (check one). ❑ I elect to receive the attached automatic OCAF rent increase. ❑ I elect to receive the attached automatic OCAF rent increase, and am submitting a Base Line Utility Analysis, a Certification providing the utility usage average amount that will adjust the utility allowance, and the Attachment Amend Rents Auto OCAF Part B RAP 17-002 form HUD -9626) supporting utility usage documentation from the utility provider; or if applicable, in the second and third year after a base line utility analysis has been submitted a Factor Based Utility Analysis may be requested utilizing the pertaining year's HUD published Utility Allowance Factor to adjust the utility allowance. ❑ I request a zero budget -based rent adjustment in lieu of the OCAF adjustment and understand that this will result in renewed funding at current rents. I further understand that the OCAF adjustment for this year may not be recouped retroactively in the future. If applicable, I am submitting a Utility Analysis and recommendation for a change to the Utility Allowances in the form mentioned above in election two. My signature on this letter certifies that I have reviewed the project's income and expenses and they are at levels that will enable me to continue to provide decent, safe and sanitary housing. ❑ I request a Budget Based Rent Increase for the upcoming contract year. The required documentation for this rent increase is enclosed. A Rent Comparability Study is required for Option 4, and Option 2 (if the last RCS submitted is 5 years old). You must conduct that study according to HUD Notice 00-12 and Chapter 9 of the HUD Section 8 Renewal Policy (Policy). PLEASE NOTE, per the Policy's guidelines: To expedite CA/HUD's review, appraisers must order material in hard copy reports in the same order as Appendix 9-10 and present material in the format (e.g., grid/table vs. narrative) noted in that Appendix. If applicable, I am submitting a Utility Analysis and recommendation for a change to the Utility Allowances in the form mentioned above in the second election box. ❑ Other: Attached is an electronic pdf of the form HUD -92458 Rent Schedule Low Rent Housing for completion as follows: ➢ Please complete Column 7 and 8 of Part A (only applies to properties under the 236 Program) and/or Parts B through H of the HUD -92458 Rent Schedule (applies to all). Y Any items listed as charges to tenants must have prior HUD approval. Please provide proof of such approval when you return the signed copy. Please have the owner sign the rent schedule and email the electronic Of copy to my attention within 10 day of the receipt of this package. We will not be allowed to process unless only the OWNER, or Owner authorized with written permission provided, has signed. Please understand that if you choose to increase the rents, in order for the increased rents to become effective on the anniversary date of the contract, your complete submission (as stated in the choices above) must be submitted no later than 7/4/2017. If the package is not received timely, the increase to the rents will be delayed one month for every month that the submission is late. Attachment Amend Rents Auto OCAF Part B form HUD -9626) I (We) hereby certify that the debt service amount of $573,552.24 and the non -section 8 rent potential amount of $0.00 is true, accurate and complete to the best of my (our) knowledge and belief. Project Name Owner Name: Owner Signature: Should you have any Thank you, Debra Pompey Contract Administrator OMB Control #2502-0587 Exp. (04/30/2017) Riverview Apartments Preservation LP Housing an-Mvelovment ons, please contact me. Date: (0/2-1 "Public reporting burden for this collection of information is estimated to average .50 hour. This includes the time for collecting, reviewing, and reporting the data. The information is being collected for purposes of determining rent adjustments and will be used for estimating new rents. Response to this request for information is required in order to receive the benefits to be derived. This agency may not collect this information, and you are not required to complete this form unless it displays a currently valid OMB control number. No confidentiality is assured." Privacy Act Notice: The United States Department of Housing and Urban Development, Federal Housing Administration, is authorized to solicit the information requested in the form by virtue of Title 12, United States Code, Section 1701 et seq., and regulations promulgated thereunder at Title 12, Code of Federal Regulations. While no assurance of confidentiality is pledged to respondents, HUD generally discloses this data only in response to a Freedom of Information Act request. Attachment Amend Rents Auto OCAF Part B form HUD -9626) EXHIBIT A IDENTIFICATION OF UNITS ("CONTRACT UNITS") BY SIZE AND APPLICABLE CONTRACT RENTS Section 8 Contract Number: C0990038002 FHA Project Number: 10135641 Effective Date of the Rent Increase: 11/2/2017 Do not submit a Gross Rent Change through TRACS until the HUD -92458 Rent Schedule has been returned to you duly executed from your HUD/PBCA office. Note: (1) This Exhibit will be amended by Contract Administrator notice to the Owner to specify adjusted contract rent amounts as determined by the Contract Administrator in accordance with the Renewal Contract. (2) These rents are applicable with the Amend Rents Automatic OCAF for this effective Date. Attachments Included: HUD Form 92458 (Rent Schedule — Required) Utility Analysis Certification (Required) Utility Allowance Worksheet (Optional) Attachment form HUD -9626) Amend Rents Auto OCAF Part B I ' Do not submit a Gross Rent Change through TRACS until the HUD -92458 Rent Schedule has been returned to you duly executed from your HUD/PBCA office. Note: (1) This Exhibit will be amended by Contract Administrator notice to the Owner to specify adjusted contract rent amounts as determined by the Contract Administrator in accordance with the Renewal Contract. (2) These rents are applicable with the Amend Rents Automatic OCAF for this effective Date. Attachments Included: HUD Form 92458 (Rent Schedule — Required) Utility Analysis Certification (Required) Utility Allowance Worksheet (Optional) Attachment form HUD -9626) Amend Rents Auto OCAF Part B Rent Schedule U.S. Department of Housing OMB Approval No. 2502-0012 and Urban Development (exp. 07/31/2017) Low Rent Housing Office of Housing Federal Housing Commissioner See page 3 for Instructions, Public Burden Statement and Privacy Act requirements. Project Name FHA Project Number Date Rents Will Be Effective (mm/dd/yyyy) Riverview Apartments Contract #C0990038002 N/A 11/02/2017 Part A — Apartment Rents Show the actual rents you intend to charge, even if the total of these rents is less than the Maximum Allowable Monthly Rent Potential. Col. 1 Contract Rents Col. 5 in rent.) 1:1 ❑ ❑ ❑ Market Rents Unit Type Utilities (Check those included in rent. For each item, (even those not included in rent), enter E, F, or G on line beside that item) E=electric; G=gas; F=fuel oil or coal. ® Heating E Hot Water E © Lights, etc. E ❑ Cooling Cooking E ❑ Utility Sec. 236 Projects Only) Col. 4 Col. 8 Col. 2 Col. 3 Col. 1 Monthly Rent Square Use Potential Footage Allowances Col. 6 (Include Non -revenue Col. 2 Monthly Gross Rent Col. 7 Monthly Producing Units) Number Col. 3 Contract Rent (Effective Date (Col. 3 + Col. 5) Rent Market Rent Monthly Charge of Units Rent Per Unit Potential ((mm/dd/yy 1 I 02 $ Per Unit Potential $ (Col. 2 x Col. 3) / / ZU17 (Col. 2 x Col. 7) 2 Bedroom 38 1.240 47.120 76 1.316 0 3 Bedroom 34 1,515 51.510 92 1.607 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Monthly Contract Rent Potential Monthly Market Rent Potential 72 (Add Col. 4)* (Add Col. 8)* Total Units $ 98,630 $0 Yearly Contract Rent Potential Yearly Market Rent Potential (Col. 4 Sum x 12)* (Col. 8 Sum x 12)* $1,183,560 $0 These amounts may not exceed the Maximum Allowable Monthly Rent Potential approved on the last Rent Computation Worksheet or requested on the Worksheet you are now submitting. Market Rent Potential applies only to Section 236 Projects. Part B — Items Included in Rent Part D — Non -Revenue Producing Space Equipment/Furnishings in Unit (Check those included © Range F-] Dishwasher © Refrigerator © Carpet ❑ Air Conditioner ❑ Drapes © Disposal © Blinds in rent.) 1:1 ❑ ❑ ❑ Col. 1 Col. 2 Col. 3 Use Unit Type Contract Rent Utilities (Check those included in rent. For each item, (even those not included in rent), enter E, F, or G on line beside that item) E=electric; G=gas; F=fuel oil or coal. ® Heating E Hot Water E © Lights, etc. E ❑ Cooling Cooking E ❑ Total Rent Loss Due to Non -Revenue Units $ 0 Part E — Commercial Space (retail, offices, garages, etc.) Col. 2 Col. 3 Col. 1 Monthly Rent Square Use Potential Footage Col. 4 Rental Rate Per Sq. Ft. (Col. 2 divided by Col. 3) Services/Facilities (check those included in rent) Parkin Community RQ ❑✓ 9 ❑✓ ❑ Laundry Training Room ❑ Swimming Pool © Trash/Recyclip Tennis Courts F4 Playground Nursing Care ❑ 9 ❑ Linen/Maid Service F-1 ❑ Part C — Charges in Addition to Rent (e.g., parking, cable N, meals) Purpose Monthly Charge $ Total Commercial Rent $ 0 Potential $ $ Part F -Maximum Allowable Rent Potential Enter Maximum Allowable Monthly Rent Potential From Rent Computation $ 98,630 Worksheet to be completed by HUD or lender $ Is 0 form HUD -92458 (11/05) Previous editions are obsolete Page 1 of 3 ref Handbook 4350.1 � 4 Part G — Information on Mortgagor Entity Name of Entity Riverview Apartments Preservation, LP Type of Entity ❑ Individual ❑ General Partnership F7 Joint Tenancy/Tenants in Common ❑ Other (specify) ' Corporation ✓❑ Limited Partnership ❑ Trust List all Principals Comprising Mortgagor Entity: provide name and title of each principal. Use extra sheets, if needed. If mortgagor is a: • corporation, list: (1) all officers; (2) all directors; and (3) each stockholder having a 10% or more interest. • partnership, list: (1) all general partners; and (2) limited partners having a 25% or more interest in the partnership. • trust, list: (1) all managers, directors or trustees and (2) each beneficiary having at least a 10% beneficial interest in the trust. Name and Title Riverview Apartments LLC Eagle County Housing & Development Authority Name and Title Jillian H. Ryan Name and Title Kathy Chandler -Henry Name and Title Jeanne McQueeney Name and Title Alliant Tax Credit Fund 58, Ltd. Name and Title Alliant Tax Credit Fund 58, LLC Name and Title Name and Title Name and Title Name and Title Part H — Owner Certification General Partner Sole Member of General Partner Commissioner, Chair Commissioner Commissioner Investor Limited Partner Administrative Limited Partner To the best of my knowledge, all the information stated herein, as well as any information provided in the accompaniment herewith, is true and accurate. Warning: HUD will prosecute false claims and statements. Conviction may result in criminal and/or civil penalties. (18 U.S.C. 1001, 1010,1012;31 U.S.C. 3729, 3802) Name and Title Authorized Official's Signature Jillian H. Ryan, Commissioner- air Date mm/d yyyy) 2� Part I — H /Lender Approval Addend umber ranch Chief/Lender Official Signature HAP Contract Number Exhibit Number Loan Servicer Signature Date (mm/dd/yyyy) Director, Housing Management Division Signature Date (mm/dd/yyyy) Date (mm/dd/yyyy) form HUD -92458 (11/05) Previous editions are obsolete Page 2 of 3 ref Handbook 4350.1 Public reporting burden for this collection of information is estimated to average 20 minutes per response, including the time for reviewing instructions, searching existing data sources, gathering and maintaining the data needed, and completing and reviewing the collection of information. This agency may not collect this information, and you are not required to complete this form, unless it displays a currently valid OMB control number. This collection of information is authorized under Section 207 of the National Housing Act. The information is necessary for the Department to ensure that project owners are not overcharging their tenants and to ensure that the rent levels approved by the Department are not exceeded. The Department uses this information to enforce rent regulations which otherwise would be difficult because there would be no clear record of the rents and charges that the Department had approved. In addition, the Department needs to periodically collect information regarding project principals, so unauthorized participation by previously excluded or otherwise undesirable owners can be detected. This information is required to obtain benefits. HUD may disclose certain information to Federal, State, and local agencies when relevant to civil, criminal, or regulatory investigations and prosecutions. It will not be otherwise disclosed or released outside of HUD, except as required and permitted by law. Instructions All project owners must submit the form HUD -92458 when request- ing an adjustment to project rents. HUD establishes and approves rental charges and utility allowances on the Form. The owner is responsible for notifying tenants of the approved rents. General. For projects with fully -insured or HUD -held mortgages, the owner/agent submits this Form to the HUD Field Office. For projects with coinsured mortgages, the owner/agent submits this Form to the lender. Part A. If the monthly rent potential you are proposing is less than or equal to the Maximum Allowable Monthly Rent Potential approved by HUD/lender on your original Rent Formula or on your most recent Rent Computation Worksheet, complete all of Part A according to the instructions below. If the monthly rent potential you are requesting exceeds the Maximum Allowable Monthly Rent Potential approved by HUD/lender on your original Rent Formula or on your most recent Rent Computation Worksheet, complete only Columns 1 and 2 according to the instructions below. Show your proposed rents and monthly rent potential in the cover letter transmitting your rent increase request. Column 1. Show each type of unit for which rents will vary. Show the number of bedrooms and bathrooms and other features that cause rents to vary (e.g., 2 BDM, 1 B, DA, KETTE, vs 2 BDM, 213, DR, K). Use the following symbols: BDM - Bedroom LR - Living Room B - Bath DR - Dining Room K - Kitchen DA - Dining Alcove KETTE - Kitchenette Column 2. Show the number of units for each unit type. Include non - revenue producing units. Column 3. For unsubsidized projects, show the rent you intend to charge for each unit type. For subsidized projects, show the contract rent (as defined in HUD Handbook 4350.3) for each unit type. Column 4. For each line, multiply the contract rent in Column 3 by the number of units in Column 4. Add monthly contract rent potentials for each unit size to compute the total monthly contract rent potential. Multiply the monthly total by 12 to compute the annual contract rent potential. Columns 5 and 6. Complete the Columns only if the project has a subsidy contract with HUD and some utilities are not included in the rent. In Column 5, show the utility allowance for each unit type. Compute the gross rent for each unit type by adding the contract rent in Column 3 and the utility allowance in Column 5. Show this amount in Column 6. Columns 7 and 8. Complete these Columns only if the project is receiving Section 236 Interest Reduction Payments. In Column 7, show the market rent for each unit type. In Column 8, for each line multiply the market rent in Column 7 by the number of units in Column 2. Add the monthly market rent potentials for each unit size to compute the total monthly market rent potential. Multiply the monthly total by 12 to compute the annual market rent potential. Parts B, C, D and E. Complete these Parts according to the instructions on the Rent Schedule. Part F. Do not complete this Part. The HUD Field Office/lender will complete this Part. Parts G and H. Complete these Parts according to the instructions on the Rent Schedule. Part I. Do not complete this Part. The HUD Field Office/lender will complete this part. Previous editions are obsolete form HUD -92458 (11/05) Page 3 of 3 ref Handbook 4350.1