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HomeMy WebLinkAboutECHDA24-21 Application - Private Activity Bond_DOLA
Updated 04/22/2024
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APPLICATION FOR PRIVATE ACTIVITY BOND CAP
FROM THE STATEWIDE BALANCE
Application Schedule
The Department of Local Affairs (DOLA) will accept applications for allocations from the
Statewide Balance in three rounds:
Round 1:
● Application due date: March 1, 2024
● DOH staff review: March 2024
● PAB Allocations Committee presentation and award decisions: April 2024
Round 2, if cap remains after the first round:
● Application due date: June 1, 2024
● DOH staff review: June 2024
● PAB Allocations Committee presentation and award decisions: July 2024
Round 3, open to any issuing authority and to pipeline requests:
● Application due date: November 1, 2024
● DOH staff review: November 2024
● PAB Allocations Committee presentation and award decisions: December 2024
The Statewide Balance is available to (1) local issuers not receiving a direct allocation or (2)
statewide authorities and designated local governments that need additional allocation. State
law requires that, prior to September 15, agencies in the second group must relinquish
unused portions of their direct allocation to the Statewide Balance at the time of award.
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Private Activity Bond Program Description
Private Activity Bonds are tax-exempt bonds that can be issued for specific purposes. The
federal government grants annual allocations of this bonding authority to states under the
Internal Revenue Code of 1986, as amended. The State of Colorado established its Private
Activity Bond (PAB) allocation program by statute (24-32-1701 et seq, C.R.S.) to provide for the
allocation of Colorado’s PAB authority. The program consists of two major elements:
Direct PAB Allocations
Fifty percent (50%) of the state ceiling is allocated directly to statewide authorities, typically the
Colorado Housing and Finance Authority (CHFA) and the Colorado Agricultural Development
Authority (CADA). Statewide authorities may utilize this allocation from January 1 through
September 15 of each year.
The remaining 50% of the PAB ceiling is allocated directly to local governments. Governments
whose populations warrant allocations of $1 million or more receive a direct allocation. These
allocations are available to designated local governments from January 1 through September 15
of each year. The remainder is retained in the Statewide Balance.
If any portion of a direct allocation is not used by a statewide authority or local government (1)
to issue bonds, (2) for a carryforward purpose, or (3) for a mortgage credit certificate election,
the remaining allocation reverts to the Statewide Balance on September 15.
PAB Statewide Balance Eligible Project Types
The following types or projects are eligible for the statewide balance.
Qualified residential rental projects – Bond proceeds are used to finance new construction or
acquisition/rehabilitation of housing for persons with low and moderate incomes.
Single-family mortgage revenue bonds (SFMRB) – Bonds sold by local and state agencies, to be
used for mortgages for persons with low and moderate incomes.
Mortgage Credit Certificates (MCC) – Local issuers can elect to use a bond allocation as
mortgage credit certificates for qualified homebuyers.
Student loans – Proceeds are used to provide low interest loans to eligible students at
institutions of higher education.
Manufacturing "small issue" industrial development bonds (not to exceed $10,000,000) –
Bonds sold for construction of manufacturing facilities that cause a change in the condition of
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goods or products.
Qualified redevelopment bonds – Bonds sold to acquire property in blighted areas; prepare
land for redevelopment; and relocate occupants of structures on the acquired property.
Exempt facility bonds – Hazardous waste facilities, solid waste disposal facilities, water and
sewer facilities, mass commuting facilities, local district heating and cooling facilities, local
electric energy or gas facilities, and multifamily housing bonds.
DOLA requires that any project developer considering using PABs from the Statewide Balance
seek the advice of bond counsel prior to submitting an application, to determine project
eligibility under federal definitions for PABs.
Statewide Balance Program Purposes
The primary purpose of Colorado’s PAB program is to meet federal requirements in the Tax
Reform Act of 1986. The program is designed to accomplish the following:
● Establish an orderly and equitable process of allocating tax-exempt PAB issuance authority.
● Encourage private investment in creating and sustaining housing, higher education, jobs,
solid and hazardous waste treatment, and water and sewer facilities.
● Encourage development in areas of the state where housing, higher education, jobs, and
certain infrastructure improvements are most needed.
● Encourage the increase or maintenance of the local tax base.
● Maximize the use of the State's tax-exempt PAB allocation.
Colorado Statewide Balance Program Priorities
The State Housing Board has established the following priorities for potential uses of PABs from
the Statewide Balance, in the following rank order:
1. Rental Housing, For-Sale Housing.
2. Industrial Development Bonds, Exempt Facility Bonds.
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Statewide Balance Application Review Criteria
Each PAB application will be reviewed for completeness, eligibility, and financial feasibility.
Preference will be given to applications that demonstrate the following:
1. The ability to close in the current calendar year (or the following year, for year-end awards).
DOH will give preference to projects that are ready to underwrite (i.e. can complete an
application to DOLA/DOH for grant/loan funds or to CHFA for tax credits) over pipeline
requests.
2. That the issuing authority has no uncommitted PAB. The amount of uncommitted PAB held
by the issuing authority will be deducted from the potential Statewide Balance award
amount. If the project intends to close in a future year, the potential amount of PABs that
the issuing authority will receive in a direct allocation or as an assignment from a local
government may also be deducted from the Statewide Balance award amount.
3. Efficient use of PAB allocation, such as LIHTC projects that only require PAB to cover 55% or
less of their aggregate basis.
4. Leverage of equity sources such as the 4% Low Income Housing Tax Credits and State
Housing Tax Credits.
5. Community support through financial commitment of local PAB allocation, other local
financial subsidies or reduced fees.
6. The impact of the PAB-financed project or program on a demographic or economic need.
Indicators of need may include: low housing vacancy rates, increasing gap between housing
costs and local wages, high unemployment, or economically distressed areas.
7. Consistency with local development plans. Proposed projects should support local
development priorities and avoid any adverse impact on neighboring jurisdictions. This
criterion does not apply to programs that do not involve real estate development, such
homeownership programs.
8. Communities that have insufficient local PAB available, such as smaller, rural communities
or issuers who received PAB but failed to carry forward sufficient cap from the current year.
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Private Activity Bond Allocations Committee
The Private Activity Bond Allocations Committee is established in Colorado State law to advise
the Executive Director of the Department of Local Affairs (DOLA) on statewide priorities for the
allocation of the Statewide Balance. Inferred in this is the duty to review and advise the
Executive Director on specific allocation proposals. The Committee is chaired by the Executive
Director and includes eight other members appointed by the Governor. Four members
represent units of governments, one of whom must be from the western slope; three members
are citizens residing in Colorado, one of whom must be from the western slope. One member
represents statewide authorities. All members are appointed to three-year terms except the
chairperson and the statewide authority representative, both of whom serve at the pleasure of
the Governor.
Application Fee and Administrative Fees
The Statewide Balance application fee is $750 per proposal. The fee must accompany the
application, and it is non-refundable. Statewide authorities are exempt from this fee. The application fee is $750. Please mail a check payable to "Colorado Department of Local Affairs" for this fee to: Colorado Department of Local Affairs, Division of Housing, Attn: Antoninette Estrada, 1313 Sherman Street, Rm 320, Denver, CO 80203
In addition, an issuance fee is due for the portion of the issuance that was allocated from the
Statewide Balance. It is due to the Colorado Department of Local Affairs within five working
days of the bond closing or the commencement of a Mortgage Credit Certificate program. An
issuance fee also applies to direct allocations of PABs from statewide authorities or local
governments. This fee is also due within five days of bond issuance or when a Mortgage Credit
Certificate program begins.
For more detail, please see the Fee Notice on the PAB website.
Contact
For assistance in the Private Activity Bond Program application process, contact:
Wayne McClary, PAB Program Manager
DOLA_PAB@state.co.us
303-864-7819
Application Submission
Completed applications and supporting materials should be emailed to DOLA_PAB@state.co.us.
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APPLICATION
PRIVATE ACTIVITY BOND FOR STATEWIDE BALANCE
1. PROJECT OR PROGRAM NAME: Eagle Villas Apartments
2. ISSUING AUTHORITY
Issuing authority officer and title: Jill Klosterman, Chief Financial Officer
Issuing authority agency name: Eagle County Housing and Development Authority
Address: 500 Broadway, PO Box 850, Eagle, CO 81631
Telephone: 970-328-8775 Email: jill.klosterman@eaglecounty.us
1. DEVELOPER/OWNER/PRIVATE BENEFICIARY (IF APPLICABLE)
Principal company or entity contact person: Blaise Rastello
Company name: Ulysses Development Group LLC
Address: 210 University Boulevard, Suite 460,
Denver, CO 80206
Telephone: 301-646-7537 Email: blaise.rastello@ulyssesdevelopment.com
4. BOND COUNSEL FIRM
Responsible attorney: Cory Kalanick
Company name: Sherman & Howard L.L.C.
Address: 675 Fifteenth Street, Suite 2300, Denver, CO 80202
Telephone: 303-297-2900 Email: ckalanick@shermanhoward.com
5. UNDERWRITER OR LENDER - TBD
Contact person:
Company name:
Address:
Telephone: Email:
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6. TYPE OF BONDS (check one below)
Single Family Mortgage Multifamily Housing X IDB/Manufacturing Activity
Mortgage Credit
Certificate
Waste
Treatment/Disposal
Water/Sewer
Other (specify):
7. AMOUNT OF STATEWIDE BALANCE ALLOCATION REQUESTED: $ 10,300,000
8. PAB AVAILABLE FOR PROJECT (add extra lines as needed):
Amount Committed to Project from Local Government or CHFA
Allocation Year Source of PAB (i.e. local
government name or CHFA)
Amount
2024 Eagle County $3,478,699.00
2025 Eagle County will consider
assignment of 2025 PAB in
2025
$3,478,699.00 (est)
2025 CHFA will consider “top off”
bond cap, if needed
$2,000,000.00
List all PABs currently held by the Issuing Authority
Allocation
year
Amount Planned use of bonds (use one line per
project. If a project has not yet been
identified indicate general purpose
(multi-family, single family, etc)
Expected
closing date
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List PABs the Issuing Authority expects to receive in the next year
Allocation
year
Amount Planned use of bonds Expected
closing date
Municipality where applicant project will be located: Town of Eagle
Have you requested PAB from this municipality for your project? YES NO
Will they provide PAB? No Why or why not? Town of Eagle doesn’t have PABs for this project
County of applicant project: Eagle County
Have you requested PAB from this county for your project? YES No
Will they provide PAB? Yes, they will provide 2024 and 2025 allocation Why or why not?
List other projects that the Issuing Authority would like to finance with PABs, but does not
have an identified source of PABs for.
Amount Project name, location Expected
closing date
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9. To the best of my knowledge, this information and the attachments hereto are true and
correct.
Issuing authority officer Date
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REQUIRED ATTACHMENTS
X The Statewide Balance application form.
X Certified copy of Inducement Resolution – No applications will be accepted without a
certified Inducement resolution, as required by State statute. This requirement will not be
waived for any applicants.
X Bond Counsel opinion as described in C.R.S. 24-32-1709 (g).
_X_ A certification signed by both an official of the issuing authority responsible for the
supervision of the issuance of the bonds and, if applicable, a representative of the person
or entity constructing, acquiring, or rehabilitating the project stating that they will proceed
with diligence to insure the issuance of the bonds within the carryforward period provided
by section 146 (f) of the IRS code.
X Copies of bond cap assignments, if any.
X Letter from the local government indicating their priority, if more than one request for
allocation is submitted.
N/A Other information specifically requested to assist in reviewing the project (see
application questions relevant to your project on the following pages).
X Application fee of $750 (make check payable to "Colorado Department of Local Affairs").
* NOTE: All required attachments must be submitted by the application deadline. NO
incomplete or late applications will be accepted. All required attachments may be submitted
by email by the deadline. The Application fee check must be delivered to DOH by the
deadline or postmarked by the deadline.
LOCAL ISSUER APPLICATION REQUIREMENTS
Colorado State Statute requires that, before September 15, any issuer that received its own
direct allocation of Private Activity Bonds must have issued or relinquished their entire PAB
allocation before receiving an award of PABs from the statewide balance. For applications prior
to September 15, local governments that are allocating Private Activity Bond cap to the project
described in this application must relinquish the local bond cap to DOLA if the project
successfully receives an allocation from the Statewide Balance. This must happen before an
allocation letter for statewide balance bond cap is issued – the allocation letter will include
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both the local PAB cap and the statewide balance award amounts.
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PROJECT INFORMATION
(To be completed by all applicants)
Provide a short description of the proposed project or financing program. Eagle Villas is a
critical component of the Town of Eagle’s existing affordable rental housing talk representing
more than half of total tax-credit financed stock. Mountain and rural resort towns within
Eagle Valley face unique challenges in maintaining affordability. The supply of land for new
units is constrained and cost-prohibitive, compounded by a small population and tax base,
small towns like Eagle have limited resources to support new affordable housing units, let
alone preserving existing affordable assets whose Land Use Restriction Agreements (LURA)
are expiring as is the case with Eagle Villas, where 100 units of the 120-unit community have
LURA expiring at the end of 2024.
UDG has approached Eagle County, the Town of Eagle, and the State of Colorado to put
together a collaborative partnership to leverage the financial resources at the State and
County with private capital to acquire the property in June, 2024 and then recapitalize the
property, including a $9 million ($80k/unit) renovation, and extending the affordability
restrictions for 60-years through a tax-exempt bond financing expected to close at the end of
1st quarter of 2025.
1. What is the projected bond issuance date? 3/31/2025
2. Do you have site control? YES Has the project received zoning, subdivision and site plan
approvals? YES, it is existing apartment community with zoning in place. If not, what is the
status of land use approvals, and when do you anticipate receiving final land use approval?
(N/A for SFMRB & MCC applicants)
3. 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? (N/A for SFMRB &
MCC applicants)
4. Is the project located in a floodplain? YES If so, please indicate proposed mitigation
measures. (N/A for SFMRB & MCC applicants)
5. Has the project received a preliminary commitment for credit enhancement? NO If yes,
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attach copy of commitment letter and any conditions. If not, when is the preliminary
commitment anticipated? January 2025 Please submit when received.
1. What will happen to the financial feasibility of the project or program if it were not
successful in receiving an allocation of Private Activity Bonds, or if it received a partial
allocation? This asset was highly sought after and broadly marketed to market-rate
owner/operators as a conversion opportunity once the LURA expires at the end of 2024.
The developer was able to secure a contract to purchase the property in March 2024 and
closed on the acquisition on June 14, 2024. In order to preserve the 10-year title and be
compliant with IRS rules, the developer leveraged private bridge funding capital, $6.5
million in subordinate loan capital from Eagle County, and $5 million Transformation
Housing Loan Fund (THLF) loan from State of Colorado.
The most pressing threshold item for the developers ability to move forward on this
transaction forward and preserving Eagle Villas for the next 60 years is a clear
path/commitment from the State of Colorado for the private activity bonds (PABs).
Without a commitment of PABs from the State in 2025 to preserve Eagle Villas, 100 of the
120 units will no longer be under Land Use Restriction Agreement (LURA) at the end of
2024 which will jeopardize losing the affordability of those units forever.
The bonds are necessary for developer to receive 4% low-income housing tax credits
(LIHTC) to fund the substantial rehabilitation of the property and put new, long-term (60
year) income restrictions on the property with CHFA. If we do not have the bond
allocation within 12 months of our initial acquisition closing (June 2024), the developer
will be unable to close the tax credit re-syndication under IRS Section 42 (LIHTC) rules.
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RENTAL HOUSING PROJECTS
(Rental Housing applicants only)
1. How many units of housing will be constructed or rehabilitated by this project? 120 units
2. Please indicate the number of units serving persons with lower incomes and the qualifying
income levels.
120 units serving low-income persons. Below is the unit mix by Area Median Income
(AMI):
3. Describe the location of the project and its proximity to community amenities and services
such as public transportation, employment, social services, etc. What is the project’s street
address (preliminary or approximate address acceptable)?
The project street address is 405 Nogal Road, Eagle, CO. The property is well located in
the middle of the Eagle Valley along the Eagle River in the Town of Eagle, offering
great access to many employment opportunities and recreational hubs in the
surrounding area / resort towns of Colorado. This placement not only enhances the
convenience for our residents but also fulfills a crucial need for affordable housing in
the region. Eagle Villas stands as a valuable asset, providing one of the limited
affordable housing options available locally.
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Proximity to Public Transportation
- 13-minute walk to the Eagle Bus Station Stop ID 35130, providing access to the
Valley Route which connects Dotsero, Gypsum, Eagle, Edwards, Avon, and Vail
- Eagle County Regional Airport: located in Gypsum, CO, a 10-minute drive away
from Eagle Villas, this airport provides direct flights to several major cities across
the US, including Denver, Chicago, Dallas, Atlanta, LA, Miami, New York, San
Francisco, Salt Lake City, and more.
Proximity to Employment:
- Within a 20-minute walk or a 6-minute drive, tenants have access to the following
employment opportunities:
o Eagle Valley Middle and Elementary School
o Red Canyon Café
o Brush Creek Saloon
o Casa Mexico
o Star Nails
o Eagle Visitor Center
o Eagle River Anglers
o Alpin Lumber Company
o Sinclair Gas Station
o Conoco
o Wendy’s
o Alpine Bank
o Best Western Plus
o GreenTree Eagle
o Community Banks of Colorado
o United Staets Postal Service
o Horizon Roofing
o Mauka Poke Bar
o Eagle Climbing + Fitness
o Co. Fades Hair Studio
o The Vitality Collective
o Eagle Public Works
o Eagle County District Court
o Second Nature Gourmet
o Native Electric
o Ceres Landcare
o United Rentals
o Wrap Colorado
o Circle-A Auto Repair
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o Geary Pacific Supply
o Taco Bell
o Shell
o Castle Peak Veterinary Services
o Eagle County School District
o City Market
o Ti Amo Eagle
o Castle Peak Dental
o Quality Inn & Suites
o & more
- A 10-minute drive will provide access to all of Eagle and its employment
opportunities, including Eagle County Regional Airport
- Within a 30-minute drive, tenants have access to the neighboring towns of Vail,
Gypsum, Avon, and Edwards.
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Proximity to Social Services:
- Total HealthCare Medical Clinic 6-minute drive
- All Kids Dental Pediatrics and Orthodontics Eagle 7-minute drive
- Eagle Urgent Care 6-minute drive
- Buck Creek Medical Plaza 22-minute drive
- Vail Health Hospital 29-minute drive
- Brush Creek Elementary School 7-minute drive
- Mountain Recreation Eagle Pool & Ice Rink 8-minute drive
- Greater Eagle Fire Protection District 4-minute drive
- Eagle Valley Elementary School 5-minute drive
- Eagle Valley Middle School 5-minute drive
- Eagle Public Works 6-minute drive
- Eagle Valley Library District 5-minute drive
4. Describe the site, buildings, common spaces, etc., and attach site plans, elevations, floor
plans and photos.
Eagle Villas is comprised of six total 2 and 3-story garden-style buildings on an 8.9 acre
site as well as a 1-story clubhouse. The six buildings were built during two phases,
Phase I (100 units) was completed in 1994 and Phase II (20 units) was completed in
1996. The total rentable square feet is 119,172 and the density is 13.5 units/acre.
There are 320 total parking spaces, 48 of which are detached garage spaces, and 272
which are open spaces, for a total parking ratio of 2.67.
The property consists of 2B, 3B, and 4B units. Each unit has a fully equipped kitchen,
with white appliances, laminate countertops, private patios/balconies, and spacious
walk-in closets.
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The community amenities include two on-site laundry facilities, available covered
parking, an outdoor playground, ample landscape and mountain views, as well as easy
access to I-70 and local parks and outdoor recreation.
SITE PLAN
TYPICAL FLOOR PLANS
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5. Describe how your project or program will incorporate visitability, energy efficiency, and/or
water efficiency features. How many units will be ADA accessible, & how many will be
visitable?
The proposed renovation for Eagle Villas includes a $33,000/unit investment in
sustainability upgrades including installation of solar panels, and, if feasible, the
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installation of geothermal wells and ground source heat pump equipment for heat and
hot water. The Fair Housing Act requires that all ground floor units and common areas in
non-elevator buildings are visitable by persons with physical disabilities and Eagle Villas
will provide 48 visitable units as part of the renovation.
6. Describe other financing commitments, including the terms (interest rate, length of loan,
tax credit sales price, fees, etc.) and level of commitment. Include construction as well as
permanent sources. See attached construction and perm loan commitment from Specialty
Finance Group and LIHTC equity from National Equity Fund, Inc.
7. Is an investor identified for the Low Income Housing Tax Credits? YES If so, include a copy
of their offer to purchase the credits.
8. Describe the target population and the market demand or need for the project or program,
and attach a professionally prepared third party market study. Applicants must coordinate
the preparation of this market study with CHFA. The property is 100% occupied. We have
include the 2023 Housing Needs Assessment for Eagle County and three years of
operating history of the property. We have also included a draft market study from
Novogradac completed October 2024.
9. Describe the project’s timeline, including target dates for:
a. Zoning, Site Plan and/or Subdivision Approval – Zoning and Site Plan Approval are in
place
b. Primary Lender Approval – November 2024
c. LIHTC Allocation – February 2025
d. Close of Acquisition – March 31 2025
e. Begin Construction/Rehab – April 2025
f. Other:
10. Describe the developer’s capacity to complete this proposal by identifying similar projects
they have completed, and summarize their outcomes.
Since its founding in 2021, UDG has closed on the construction of 713 homes of affordable
housing, deploying over $119.5M of LIHTC equity for the delivery of highly desirable
affordable housing communities across Colorado, Arizona, and Nevada. Additionally, UDG has
acquired approximately 1,000 stabilized affordable housing homes, preserving and
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rehabilitating the assets as affordable for lower-income residents for years to come. The
team members of UDG also have substantial experience in development, rehabilitation,
acquisition, and preservation of low-income properties. Below are some highlighted projects
that speak on UDG’s capabilities and experiences:
Salt River Flats: UDG is currently under construction on Salt River Flats, a $62M, 192-unit
family development located in Phoenix, AZ, with units restricted to 50% and 60% AMI, and
consisting of 1B, 2B, 3B, and 4Bs. The development is spread across eight garden-style walk-
up residential buildings, alongside a central community clubhouse building with a fitness
center, business center, and furnished clubroom. Other amenities include a swimming pool,
seating pavilion, BBQ areas, and playground. Ulysses Development Group partnered with the
Arizona Department of Housing to finance the project with 4% low-income housing tax
credits, and with the Arizona Industrial Development Authority for tax-exempt bonds.
Additional funding came through Pacific Western Bank, Enterprise Community Investments,
and subordinate loans from the Arizona Department of Housing. Construction commenced in
September 2022, and Phase I of the project was completed in November 2023, Phase II in
December 2023, and Phase III anticipated completion in April 2024. Working with the general
contractor, this project is on track to be completed six months ahead of schedule. Ulysses
Development Group partners with LIHTC-experienced management companies – for Salt
River Flats, UDG is working with Mission Rock Residential.
Columbine Towers: UDG is closing on the purchase of Columbine Towers, a 170-unit
affordable property located in Denver, CO, restricted to only serve disabled individuals and
seniors. The property is currently under a one-year term Section 8 Moderate Rehabilitation
Program contract, for which CHFA is the administrating Public Housing Agency. Columbine
Towers is a 14-story building constructed in 1964 and is in need of substantial rehabilitation
to units and building systems. UDG’s purchase and rehabilitation will preserve and improve
the property through a $8.5M, RAD II conversion.
Yoni Gruskin is a founder and the managing partner of Ulysses Development Group. Prior to
founding UDG, Yoni was a founder and partner at Lincoln Avenue Capital, a nationally
prominent owner and developer of affordable housing. Under Yoni’s leadership, he helped
oversee the acquisition and preservation of over 11,000 affordable housing units, some
outlined below. He has extensive experience with LIHTC developments, federal funds, and
local partnerships. He oversaw the acquisition/repositioning of over 2,000 combined project-
based Section 8 and Section 236 units and over 4,800 units of FHA-financed projects. He also
oversaw the substantial rehabilitation of over 4,000 units of existing affordable housing,
across 20 different properties across the country.
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Key Project(s): Yoni oversaw a public-private partnership with the Arlington Housing Finance
Corporation to acquire and renovate a 351-unit low-income housing project in Arlington, TX.
The extensive rehab totaled over $60,000 per unit ($21,000,000) and was viewed by the City
of Arlington as a successful pilot program to improve aging affordable housing stock through
a public-private partnership model.
- Cabana Club, FL
- Cameron Creek, FL
- Caroline Arms, FL
- Douglas Pointe, FL
- Fort Vancouver, WA
- Jubilee Courtyards, FL
- Lexington Club, FL
- Logan Heights, FL
- Malibu Bay, FL
- Monaco Arms, FL
- Paddock at Park Row, TX
- Park City, FL
- Prospect Park, FL
- Riverwalk II, FL
- Valencia Park, FL
- Westview Garden, FL
- Whittell Pointe I & II, NV
- Salt River Flats, AZ
- The Meadowmark, CO
- Dahlia Village, AZ
- Ridge at Sun Valley, NV
11. Who will be the property manager? Corum What is their experience with managing this
type of property? Corum has managed this property previously as a LIHTC property prior
to the current owners of the property starting to self-manage.
12. Please attach a detailed pro forma, using CHFA spreadsheet template.
Docusign Envelope ID: 47582A2C-52F4-4CD2-81B3-5640A1C51D28
Updated 04/22/2024
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OWNERSHIP HOUSING PROJECTS
(SFMRB & MCC applicants only)
1. Which counties/cities will be included in the program?
2. Have mortgage companies from throughout the service area agreed to participate in the
program? If so, please list them.
3. Describe the MRB program’s loan rates, terms, average and maximum loan amounts.
4. How much equity is the homebuyer required to provide, at a minimum?
5. For MRB programs, describe the down payment assistance made available to homebuyers
and how it is funded.
6. Does the program require &/or provide homebuyer education classes? If so, please
describe.
7. Has the issuer/applicant received any PAB assignments from any other local issuer or
authority for this program? If so, how much was received, and does any of this PAB
authority remain to be utilized?
8. Describe the target population and the market demand or need for the program.
9. Historically, what is the average purchase price of homes purchased with your program?
10. What is the upper limit of income qualifications for your program? What income
thresholds will be placed on the program for households in targeted & non-targeted areas?
11. Historically, what is the average income of households served by your program?
Docusign Envelope ID: 47582A2C-52F4-4CD2-81B3-5640A1C51D28
Updated 04/22/2024
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12. How much can people at these income levels afford to spend on a home?
13. How many homes are listed in your community’s Multiple Listing Service (MLS) in their price
range? Are there any new affordable homes in development?
14. Who will administer the program? What is their experience administering housing finance
programs?
15. Please provide a program budget including administrative costs of running the program and
issuing the bonds.
16. For the current program year, how many households do you anticipate serving with this
program? Please break out how many would be funded with:
a. your initial allocation,
b. assignments from other agencies,
c. the amount requested of the statewide balance,
d. recycled bonds and
e. taxable bonds?
Docusign Envelope ID: 47582A2C-52F4-4CD2-81B3-5640A1C51D28
Updated 04/22/2024
Page 26 of 32
Industrial Development Bonds (IDB) INFORMATION
(Small manufacturing applicants only)
1. Describe the need and purpose for the relocation or expansion of this manufacturing
business, including a business plan and market analysis of the proposal. (Please note: In
the case of in-state relocation, the Department of Local Affairs will notify the area from
where the company is leaving of the relocation plans.)
2. Please attach a detailed description of the sources and uses of funds for this project.
3. Please include the facility’s average wages by occupational category and the number of
retained or created jobs through this investment.
4. Please provide a description of employee benefits.
5. Please provide copies of financial statements:
o If this is a publicly held company, submit complete Annual Reports for the past three (3)
years, plus an interim statement dated within 90 days of the application due date.
o If this is a privately held company, the company must submit
audited/reviewed/compiled financial statements covering the most recent three (3) full
years in terms of Balance Sheets and Income Statements. Also submit an interim
statement dated within 90 days of the application due date. The accounting firm’s
accompanying letter(s) and notes also must be submitted.
o If this is a privately held company that prepares its statements internally, the company
must submit its internally prepared financial statements covering the most recent three
(3) full years in terms of Balance Sheets and Income Statements, along with federal tax
returns for such years. Also submit an interim statement dated within 90 days of the
application due date.
o For the most recent financial statements provided, the company must submit a debt
listing/schedule unless this information is readily available in the financial statements
provided.
6. Income and cashflow projections must be submitted for a three-year period going forward.
These projections must be on a monthly basis for the first year and then quarterly
thereafter. Assumptions to the projections must be included.
Docusign Envelope ID: 47582A2C-52F4-4CD2-81B3-5640A1C51D28
Updated 04/22/2024
Page 27 of 32
7. Please provide a detailed timeframe for issuing bonds, constructing the facility and
purchasing the equipment with bond proceeds.
8. What is the legal structure of this company?
9. FYI, please be prepared to set up a site visit with staff from the Governor’s Office of
Economic Development and International Trade during their underwriting review process.
Docusign Envelope ID: 47582A2C-52F4-4CD2-81B3-5640A1C51D28
Updated 04/22/2024
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BUSINESS CERTIFICATION – IDB Applicants Only
We, as the Business requesting assistance through a Private Activity Bond, certify that the
information, exhibits and schedules contained herein are true and accurate statements, and
represent fairly the financial posture of the enclosed entity(ies) as of the date stated herein. We
give unconditional consent to allow the Department of Local Affairs or the Office of Economic
Development and International Trade and its agents to verify financial information or discuss
information regarding the Business and its primary shareholders/guarantors herein with
participants in the project or with other potential sources from which the Business may obtain
financing.
Typed or Printed Name
Signature
Business Title/Capacity
Business Name
Date
Docusign Envelope ID: 47582A2C-52F4-4CD2-81B3-5640A1C51D28
Updated 04/22/2024
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CREDIT INVESTIGATION FORM – IDB Applicants Only
The Department of Local Affairs or the Office of Economic Development and International Trade
have my permission to obtain information on my personal and/or business credit history.
Name (Printed or Typed)
Spouse’s Name (Printed or Typed)
Social Security Number
Spouse’s Social Security Number
Current Address
Previous Address
Date of Birth
Spouse’s Date of Birth
Signature Date
Spouse’s Signature Date
Docusign Envelope ID: 47582A2C-52F4-4CD2-81B3-5640A1C51D28
Updated 04/22/2024
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Name of Business
Docusign Envelope ID: 47582A2C-52F4-4CD2-81B3-5640A1C51D28
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SOLID WASTE TREATMENT/DISPOSAL, WATER AND SEWER
(Waste/sewer applicants only)
1. What permits are required for this project, including those required by the Environmental
Protection Agency (EPA), the Department of Health and the Division of Local Government?
Are all required permits already obtained or in the process? If the permits are in process,
when is approval expected?
2. Is this project eligible for tax-exempt financing other than Private Activity Bonds? If yes,
describe.
3. Is this project consistent with the policies recommended by the Governor's Solid Waste
Task Force?
4. Please provide copies of financial statements:
o If this is a publicly held company, submit complete Annual Reports for the past three (3)
years, plus an interim statement dated within 90 days of the application due date.
o If this is a privately held company, the company must submit
audited/reviewed/compiled financial statements covering the most recent three (3) full
years in terms of Balance Sheets and Income Statements. Also submit an interim
statement dated within 90 days of the application due date. The accounting firm’s
accompanying letter(s) and notes also must be submitted.
o If this is a privately held company that prepares its statements internally, the company
must submit its internally prepared financial statements covering the most recent three
(3) full years in terms of Balance Sheets and Income Statements, along with federal tax
returns for such years. Also submit an interim statement dated within 90 days of the
application due date.
o For the most recent financial statements provided, the company must submit a debt
listing/schedule unless this information is readily available in the financial statements
provided.
Docusign Envelope ID: 47582A2C-52F4-4CD2-81B3-5640A1C51D28
Updated 04/22/2024
Page 32 of 32
QUALIFIED REDEVELOPMENT PROJECTS
1. Please provide a narrative description of the redevelopment that will be undertaken,
including a timeline for completion of the project.
2. Is this project consistent with an approved urban renewal or local development plan?
Include a letter from the appropriate unit of government certifying its consistency with
these plans.
3. Please provide copies of the redevelopment site and/or building plans.
4. Please submit the redevelopment budget including sources and uses, especially how bond
proceeds will be used.
5. Provide a description of who will be undertaking the redevelopment activities, and their
relative experience.
Docusign Envelope ID: 47582A2C-52F4-4CD2-81B3-5640A1C51D28