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HomeMy WebLinkAboutC18-188 Colorado Housing and Finance AuthorityJune 4, 2018 Management Agent Contact Eagle County Housing and Dvelopment Authority P.0. Box 850 Avon, CO 81631 VIA ELECTRONIC MAIL Subject: Automatic OCAF Rent Increase RIVERVIEW APARTMENTS CO990038002/10135641 Rent Comparability Study Expires: 07/02/2019 Dear Management Agent Contact: denver 1981 Blake Street PO Box 60 Denver, CO 80202 Denver, CO 80201 303.297.chfa (2432) 800.659.2656 tdd 800.877.chfa (2432) www.chfainfo.com western slope 348 Main Street Grand Junction, CO 81501 970.241.2341 800.877.8450 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 11/2/2018. 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 1.010. 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). X I elect to receive the attached automatic OCAF rent increase. D 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 supporting utility usage documentation from the utility provider; or if applicable, in the second and third Attachment form HUD-9626) Amend Rents Auto OCAF Part B C18-188 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. D 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. D 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/HU D'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. D 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 Hof the HUD-92458 Rent Schedule (applies to all). ►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 pdf 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 7/4/2018. 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 form HUD-9626) Amend Rents Auto OCAF Part B 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: Riverview Apartments Preservation, LP Owner Name: Should you have any questions, please contact me. Thank you, Fazil Hashimi Contract Administrator 0MB Control #2502-0587 Exp. (04/30/2017) "Public reporting burden for this collection of information is estimated to average .SO 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 0MB control number. No confidentiality is assured." Privacy Act Notice: The United States Department of Housing and Urban Development, Fede.ral Housing Administration, is authorized to solicit the information requested in the form by virtue ofTitle 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. form HUD-9626) 38 34 EXHIBIT A IDENTIFICATION OF UNITS ("CONTRACT UNITS") BY SIZE AND APPLICABLE CONTRACT RENTS Section 8 Contract Number: CO990038002 FHA Project Number: 10135641 Effective Date of the Rent Increase: 11/2/2018 2 1252 3 1530 75 91 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. 1327 1621 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 Amend Rents Auto OCAF Part B form HUD-9626) 1------- Rent Schedule Low Rent Housing U.S. Department of Housing and Urban Development Office of Housing Federal Housing Commissioner See page 3 for Instructions, Public Burden Statement and Privacy Act requirements. Project Name FHA Project Number Riverview Apartments CO990038002 10135641 Part A -Apartment Rents 0MB Approval No. 2502-0012 (exp. 11/30/2020) Date Rents Will Be Effective (mm/dd/yyyy) 11/02/2018 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 Market Rents Unit Type Utility (Sec. 236 Proiects Onlvl 1.,01 ... Allowances Col. 6 Col. 8 (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 of Units Rent Per Unit Potential Per Unit Potential (Col. 2 x Col. 3) �mm/dd/y1� _1_ / ___Q£ / ----1.§ (Col. 2 x Col. 7) 2Bedroom 38 1,252 47.576 75 1,327 0 3Bedroom 34 1,530 52.020 91 1,621 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 . 0 0 .o 0 0 0 Monthly Contract Rent Potential Monthly Market Rent Potential (Add Col. 4)* (Add Col. 8)* Total Units 72 $99,596 $0 Yearly Contract Rent Potential Yearly Market Rent Potential (Col. 4 Sum x 12)* (Col. 8 Sum x 12)* $1,195,152 $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 in rent.) [;z] Range D Dishwasher □ Col. 1 Col. 2 Col. 3 Use Unit Type Contract Rent 121 Refrigerator 121 Carpet D Air Conditioner D Drapes 121 Disposal [;zJ Blinds □ 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. 121 Heating E 1£] Hot Water E [;Z] Lights, etc. E Total Rent Loss Due to Non-Revenue Units $ 0 D Cooling Ill Cooking � □Part E -Commercial Space (retail, offices, garages, etc.) Col. 4 Services/Facilities· (check those included in rent) Col. 2 Col. 3 Rental Rate Col. 1 Monthly Rent Square Per Sq. Ft. IZ] Parking Community Ra D Nursing Care Use Potential Footage (Col. 2 divided by □ Col. 3) D Laundry □Traininq Room D Linen/Maid Service D Swimming Pool □Trash/RecycliaD Tennis Courts □Playground □ Part C -Charges in Addition to Rent (e.g., parking, cable TV, meals) Purpose Monthly Charge $ Total Commercial Rent $ $ 0 Potential $ Part F - Maximum Allowable Rent Potential $ $ Enter Maximum Allowable Monthly Rent 1$ 99,596 I Potential From Rent Computation $ 0 Worksheet (to be comoleted bv HUD or lender) Previous editions are obsolete Page 1 of 3 form HUD-92458 (11/05) ref Handbook 4350.1 Pait G - Informalion on llortgagor Entity Name of Entity Type of Entity ! Individual ! General Partnership ! Joint Tenancy/Ienanls in Common ! Ottrer (specify) n Corporation @ Limited Partnership ! Trust List all Prlnclpals Comprising Mongagor Entity: provide name and title of each principal. Use extra sheeb, if needed. lf mortgagor is a:. corporation, list (1) all officers; (2) all directors; and (3) each stockholder having a lQo/o ot more interest.. partnership, list: (1) all general partners; and (2) limited partners having ?25o/o ot 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. Namc and Title Riverview Apartments LLC General Partner Name and Title Eagle County Housing and DevelopmentAuthority Sole Member of General Partne6l Name and Title Kathy Chandler-Henry Commissioner Namc and Title Jillian H. Ryan Commissioner Name and Title Jeanne McQueeney Commissioner Name and Title Alliant Tax Credit Fund 58, Ltd.Investor Limited Partner Name and Ti0e Alliant Tax Credit Fund 58. Ltd.Administrative Limited Partner Name and Title Namc and Titlc Name and Title Name and Tite 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. Pari H - Owner Certification Name end TiUe HUD will proseante false claims and statements. Conviction may result in criminaland/or civil (18 U.S.C. 1001, 101O, 1012;31 U.S.C.3729,3802) Datc (mm/dd/yyyy) Branch Chief/Lender Official Signature Oirector, Housin g Management Division Signature Date (mm/dd/yyyy) fom HUD-9241i8 (11/05) ref Handbook 4350.1 Knw (P^*sron-Hwel Pad | - HUD/[€nder Approval Addendum Number HAP Contract Number Exhibit Numbar Loan Servicer Signature Previous editions are obsolete Datc (mm/dd/yyyy) Page 2 of 3 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 0MB 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, 28, DR, K). Use the following symbols: BDM -Bedroom B -Bath K -Kitchen KETTE -Kitchenette LR -Living Room DR -Dining Room DA -Dining Alcove 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 Page 3 of 3 form HUD-92458 (11/05) ref Handbook 4350.1