Request for Housing Proposals

0:00

All right, good afternoon everybody. Um,

0:02

thanks for joining us this afternoon uh

0:05

for this afternoon's housing development

0:07

fund webinar uh where we'll be

0:08

discussing this summer's RFP cycle.

0:16

Okay. Um, first just want to do some

0:18

brief introductions. Uh, my name is

0:19

Michael Inglehart. I'm the housing trust

0:21

fund manager here at the city of

0:22

Charlotte and I'm joined by my

0:24

colleagues Harold Thompson and Leslie

0:26

Blazer as well as Janine Simmons our

0:28

housing admin. Uh first I just want to

0:31

point out if you have any technical

0:32

difficulties please communicate via the

0:34

chat. Uh however please don't be

0:36

stressed. A recording and transcript

0:38

will be p will be posted in the days

0:40

that follow. Um another note if you have

0:43

any questions throughout the

0:44

presentation please drop those in the

0:46

chat. You can put those in at any point

0:47

in time. um we will hold uh on answers

0:50

until the Q&A, but you are welcome to

0:52

put those in um as they come up and

0:55

please don't hesitate.

0:57

So on today's agenda, we're going to go

0:59

through the background of the housing

1:00

trust fund. We're going to walk through

1:02

the process and schedule, review some

1:04

eligibility criteria, and then perhaps

1:06

most importantly for any returnees is go

1:08

over what's new in the housing trust

1:10

fund or in the housing development fund

1:12

RFP, and then we'll wrap up with a Q&A.

1:18

So, I think this presentation will be

1:20

fairly short and brief. Um, so we can

1:22

spend most of our time with any

1:24

questions and and answers that that

1:25

folks may have.

1:27

So, just as background, um, the housing

1:30

trust fund was created in 2001, uh,

1:32

which is the city's primary tool for

1:34

creating and preserving affordable

1:36

housing across the city of Charlotte.

1:38

This includes rental, home ownership,

1:39

and supportive housing. Um, it is voted,

1:44

I'm sorry, it is funded by voter

1:45

approved affordable housing bonds and

1:47

this typically occurs every two years.

1:50

City's investments are leveraged with

1:51

private sector funds through

1:52

partnerships with developers. These for

1:55

multif family uh rental purposes, these

1:57

frequently include the low-income

1:59

housing tax credits.

2:01

Uh since 2002, uh whenever we first

2:04

started making our initial awards, we've

2:06

invested around $300 million and have

2:08

funded uh well over 14,000 units in

2:11

shelter beds. We're we're quickly

2:14

approaching 15,000 actually and expect

2:16

to hit that after this round.

2:21

Uh so just to go over the proposal

2:23

review process. Uh in phase one we

2:26

announce the RFP and then once

2:27

applications are received we notify city

2:29

council and initiate our review of

2:31

proposals. About 45 days later summaries

2:34

are sent to city council with with our

2:37

recommendations. From there it's

2:39

entirely in city council's court for uh

2:41

funding decisions.

2:43

After that, uh once fund awards are

2:46

made, we we uh negotiate or not

2:48

negotiate, we we work directly with

2:51

development partners to um finalize any

2:54

terms of our agreements before moving

2:56

into financial closing and then

2:58

construction and monitoring.

3:04

So, the schedule for this summer's

3:06

round, uh the RFP was posted on June

3:08

13th. We are hosting the webinar today

3:10

on June 23rd. And most critically, the

3:13

application submission deadline is July

3:15

25th, 2025. So about a month and a few

3:19

days uh out from today's date.

3:22

Um

3:24

after after uh submissions are are

3:27

received, uh we then work uh we being

3:30

the housing and neighborhood services

3:31

department work closely with our friends

3:33

over in planning to review both the

3:35

application as well as the sketch plans

3:37

that are submitted. Um over the next few

3:40

months that follow, we work, like I

3:42

said, closely with those folks. Uh go

3:44

over any questions and concerns that we

3:46

have with developers

3:48

before culminating in our presentations

3:50

to city council. Uh the date for the

3:52

first city council meeting this summer's

3:54

round is actually in fall, October 13th,

3:57

2025. Uh it was expected city council

4:00

approval occurring on October 27th,

4:02

2025.

4:05

Uh if you participated in last winter's

4:08

round, you may have you may notice that

4:10

there is uh something missing from the

4:11

schedule, which is the presubmitt

4:12

meetings. Uh we did attempt to host

4:14

those last winter. However, due to the

4:17

unprepedented level of demand for the

4:20

the housing development fund, uh we were

4:22

unable to accommodate those meetings and

4:24

so we have dropped that from this

4:25

summer's schedule. Um, however, we would

4:27

we would greatly encourage you to um

4:30

reach out to our planning staff to

4:32

discuss any any questions or concerns

4:34

you may have just to ensure that you're

4:36

up to date with any of the of the new

4:38

design ordinances.

4:42

So, high level eligibility, uh, we have

4:44

three eligible activities which are

4:47

multif family new construction or res

4:49

renovation, single family new

4:51

construction or supportive housing

4:53

renovation and new construction. A

4:55

couple of ineligible activities that

4:57

we're not able to fund through the

4:58

housing trust fund or the housing

4:59

development fund are projects under

5:01

construction

5:03

acquisition um see Noah and TOD RFPs and

5:06

I will I will talk briefly about those

5:09

at the conclusion of today's event and

5:11

then any project outside the scope of

5:13

the RFP.

5:18

So looking at that first eligible

5:19

activity, multif family development. Um

5:21

in short, we provide gap financing to

5:23

both nonprofit and for-profit developers

5:25

for the purposes of affordable housing

5:27

development. We have flexible

5:28

structuring. It's typically soft

5:30

funding. Um flexible subordinate loans.

5:34

One of the the keystones of of this

5:37

program is the 20% of the units must be

5:39

targeted to families earning up to 30%

5:42

of the area median income.

5:46

Uh and then next the priorities for this

5:48

this category, this funding category,

5:51

transit accessible areas or those within

5:53

resourcerich neighborhoods,

5:56

those that offer resident services that

5:58

enhance stability and opportunity such

6:00

as workforce development, healthcare or

6:02

financial wellness. And this is

6:04

indicated through um the level of of

6:07

resident services that are provided at

6:08

the site andor partnerships that are

6:10

established uh through the development.

6:13

And then lastly, those that include

6:14

larger unit sizes to accommodate

6:16

families. Uh we see a lot of studios and

6:18

ones and twos. Um but we're also uh

6:21

strongly supportive of those with three

6:23

or four. So those three kind of uh make

6:26

up our prioritizations for multif family

6:28

development.

6:32

Next, under single family development,

6:34

this funding is provided as either a

6:35

construction subsidy or down payment

6:37

assistance. Units must be destricted and

6:39

remain affordable for no less than 15

6:41

years.

6:43

Um and then just to take a step back for

6:45

the multif family, there is also a deed

6:46

restriction requirement. I believe that

6:48

year that uh threshold is is 50 years.

6:51

Um but I will go back and double check

6:52

that, but I I believe it's now 50 years.

6:56

And then our priorities for single

6:57

family development is the targeting of

6:59

households at 80% of the area median

7:01

income or below with an emphasis on

7:03

entry- level buyers and first generation

7:05

home buyers.

7:07

Uh we're we're looking to prioritize

7:09

those that incorporate innovative

7:11

ownership models, whether it's shared

7:13

equity, community land trusts, or some

7:15

other innovative approach to um the

7:18

ownership question. Uh we're we're we're

7:20

supportive of exploring u new

7:22

possibilities there and give those those

7:24

applicants prioritization.

7:26

And then next, sustainable building

7:28

practice practices and a focus on high

7:31

impact areas.

7:34

And then the third category, the last

7:36

category here, supportive housing. Uh to

7:38

be eligible for this category, you must

7:39

meet the you must be a continuum of care

7:42

recognized supportive housing need and

7:43

must be meeting a continuum of care

7:46

supportive housing need in the

7:47

community. Uh apologize for the fumble

7:49

there. Uh so this is homelessness,

7:51

mental health, justice involvement, etc.

7:54

Must be a nonprofit owner and operated

7:58

and must include appropriate supportive

7:59

services for whichever housing need you

8:02

are you are meeting. The priorities in

8:04

this category are comprehensive

8:06

supportive services on site or through

8:08

partnerships, creating mixed income

8:10

environments to foster inclusive

8:12

communities where supportive housing

8:13

units are integrated within broader

8:15

developments, and then those that are

8:17

strategically located in areas with

8:19

access to health care, social services,

8:21

and transit. And depending on the type

8:23

of of uh population you are serving,

8:27

access to any um amenities or resources

8:31

that would prove beneficial to those

8:32

groups. So, for instance, if you're

8:34

supporting uh veterans, you know, access

8:36

to the VA, for instance,

8:42

and then what's new. Um, so if you um

8:45

were not a participant in last winter's

8:47

round, there have been some fairly

8:49

substantial changes to the housing

8:50

development fund RFP. Um, really

8:54

stemming from September 2024's

8:57

affordable housing funding policy that

8:58

was issued by city council. And so we'll

9:01

walk through a little bit of of those

9:02

changes and how they impact the RFP that

9:04

is that is now out there. So again, the

9:07

focus a new emphasis on outcomes beyond

9:10

unit counts and cost per unit. Uh, of

9:13

course, we're still mindful of the

9:14

financial components of of applications,

9:16

but we're also taking a much more

9:18

holistic approach in terms of looking

9:20

at, you know, the quality of of

9:22

development, not necessarily just the

9:24

quantity of of the financial piece.

9:27

And then next is an updated set of

9:29

preferences and priorities which are

9:31

outlined in the RFP.

9:33

Um the first one I would point out here

9:35

is an expanded focus again on areas of

9:38

opportunity and residential stability.

9:40

So again, prioritization of those

9:41

projects in high opportunity

9:43

neighborhoods and those that offer

9:44

stronger tenant protections regarding

9:46

rental increases as an example.

9:51

Some others um we are looking to

9:53

prioritize capacity building

9:55

partnerships. So those that are um you

9:58

know perhaps working with smaller

10:00

developers to get them uh involved in

10:02

the development ecosystem here in

10:05

Charlotte. Um this also includes any of

10:07

our work with the through the faith and

10:09

housing initiative if you're familiar

10:11

with that. If not, I'd be happy to chat

10:12

with you folks about that offline. Um

10:15

but really looking to build these

10:16

capacity building partnerships that

10:18

enhance um the affordable housing

10:21

development ecosystem here in Charlotte.

10:23

And then next, you've you've probably

10:25

seen this pop up in some recent RFPs,

10:27

but a local preference policy. Uh we

10:29

have been working with NCHFA

10:31

specifically for the multif family

10:33

development piece. Um we've been working

10:35

with NCHFA to uh create guard rails and

10:38

guidelines for what that would look

10:39

like. And so that is really coming

10:42

coming to fruition here. Um and we're

10:44

expecting to be rolled out uh through

10:46

this RFP. And really what that entails

10:49

is a a set number of units that are set

10:51

aside for a community-based waiting

10:54

list.

10:57

And then next uh this is new even was

11:00

not included in the winter RFP but has

11:02

been new for this summer's round which

11:04

is an energy efficiency bonus. So really

11:07

looking to build off of the work through

11:09

the strategic energy action plan put out

11:11

by the city. And so as part of that, the

11:13

city uh housing trust fund and housing

11:15

development fund will be offering a

11:17

bonus of up to 10% above the requested

11:19

gap financing amount for projects that

11:21

demonstrate energy efficiency measures

11:23

that exceed those base level

11:24

requirements, be it by NCHFA or the

11:28

state of North Carolina. If you're

11:30

interested in that, there is a section

11:31

in the application where you can

11:33

indicate as such and we will uh work

11:35

with you to determine your eligibility

11:37

for that category or for that that

11:39

prioritization.

11:43

And then of course we have some revised

11:45

evaluation criteria again building off

11:47

that affordable housing funding policy.

11:49

Uh specifically changes in our scoring

11:51

methodology and developer eligibility.

11:53

Uh first is a stronger evaluation

11:55

criteria on long-term affordability and

11:57

economic mobility impact. So you can see

11:59

that demonstrated through the increased

12:02

prioritization of resident services and

12:04

also the extended affordability periods

12:06

that are now part of the housing

12:08

development fund RFP.

12:10

Next is eligibility limits for

12:12

developers with delayed projects just to

12:14

ensure timely delivery. Uh if you have

12:16

an active commitment letter with the

12:18

city would not be concerned. Um if if

12:22

some of those dates have begun to slip

12:23

or you have an expired commitment

12:25

letter, please reach out and we'll we'd

12:27

be happy to discuss.

12:29

And then next is prioritization for

12:31

innovative ownership models. Mentioned

12:32

this before under the single family

12:34

doesn't necessarily apply just to that.

12:36

Um and there's a number of ways that

12:38

that can take shape.

12:40

And then again a focus on larger units

12:42

for families. Uh that is a a continued

12:44

focus of the of the RFP. And then

12:46

lastly, an expanded evaluation of

12:48

property management practices.

12:54

And then new this round, this round

12:56

specifically is we have a new

12:58

application. And so uh what this

13:00

document does it it's an attempt to

13:02

consolidate the applica application

13:04

materials that we've previously had. So

13:07

uh we have combined the developer

13:09

application, the development data sheet,

13:10

the city proforma and the single family

13:12

workbook into one unified document.

13:16

Again, this is uh a new document. So if

13:18

you run into any questions or challenges

13:20

with that, please do not hesitate to

13:22

reach out. Um I built that document out,

13:24

so I'd be happy to work with you

13:25

directly to troubleshoot any challenges

13:27

you may be you may have. Uh but I think

13:30

it's it's fairly straightforward and

13:31

builds really off of the development

13:32

data sheet, just in a more expanded way.

13:35

Of course, just want to note that

13:37

applicants would still be required to

13:38

submit the supporting documentation that

13:40

is outlined in the RFP, but as far as

13:43

direct direct from the city

13:45

documentation, we have consolidated into

13:47

that one document.

13:51

And then I'm also excited to announce

13:52

that coming soon we will have two

13:54

additional RFPs uh posted. One being the

13:57

rolling home ownership RFP. And so this

13:59

is really just taking our home ownership

14:01

and de not decoupling it per se because

14:04

you're still eligible to apply for home

14:05

ownership activities under this umbrella

14:08

RFP. Uh but we will have a separate a

14:10

separate rolling home ownership RFP um

14:13

in order to facilitate additional home

14:15

ownership production across around year

14:17

round.

14:18

And then next you may have noticed that

14:20

the no acquisition RFP had been taken

14:22

down briefly. That was just to tune that

14:24

up and get it in line with the

14:25

affordable housing funding policy. and

14:28

that will be updated and posted. Uh we

14:30

are anticipating both of those being

14:31

posted by July 1, 2025.

14:35

And with that, I think we have wrapped

14:38

up today's presentation. Uh but we can

14:40

now turn it over to Q&A.

14:46

Thanks, Michael. I don't see any

14:47

questions in the chat or in Q&A quite

14:50

yet, but um let's see. We do have a hand

14:54

raise. I don't think you will be able to

14:56

talk in this uh webinar but if you would

14:59

like just drop your question into the

15:01

chat or the Q&A section.

15:04

Okay

15:07

says let's see here

15:10

what does it mean for what does this

15:12

mean for small developments Michael?

15:16

Yeah great question. So for small

15:17

developments um so the RFP does outline

15:20

um minimum

15:23

development sizes uh for multif family

15:25

development I believe that is at 40

15:27

units uh for home ownership uh we we

15:31

typically don't fund oneoff uh you know

15:33

homes for instance uh I think kind of

15:36

this the lowest we've gone in the past

15:37

is about five units and so for smaller

15:40

developments we do have other funding

15:42

opportunities uh specifically through

15:43

our home funding RFP which is more

15:46

targeted towards smaller scale

15:48

development. And so first I would point

15:50

you towards that. Uh but second, if

15:52

you're if you're asking more so along

15:54

the lines of like smaller development

15:55

entities, um what we're really looking

15:57

to do through that capacity building

15:59

preference is to provide smaller scale

16:02

developers an opportunity to work with

16:04

uh more established developers in the in

16:07

this realm in order to uh bring them up

16:09

to speed with the RFP for instance and

16:12

or provide just any capacity building

16:14

initi efforts to get them involved in

16:17

the real estate development game.

16:20

Okay. And if that doesn't if I was not

16:22

able to answer your question, Miss

16:23

Haynes, please don't hesitate to reach

16:25

out to me. I'm happy to to set up a call

16:27

or chat with you afterwards.

16:30

Cool. Uh Rachel and Alexis had a similar

16:33

question. Uh what is high impact housing

16:36

or a high impact area?

16:40

Yeah, great question. So, um we we look

16:42

at that from a number of different

16:43

angles, right? So, there's a number of

16:45

different geographic um goals, if you

16:48

will, across the city. And so really

16:51

taking a look at those the variety of um

16:55

plans and maps that we have across the

16:57

city. Uh so for instance, you know, of

16:59

course, council district 6 and 7 are

17:01

always target geographies uh and will

17:04

remain as such. Uh we also have a to RF

17:06

or I'm sorry, TOD preference and then

17:09

also areas that are experiencing uh

17:11

gentrification or neighborhood turnover.

17:14

So, um, if you have any specific

17:16

locations in mind, I hate to keep saying

17:18

this, but please don't hesitate to reach

17:20

out to me. I'm happy to walk through

17:21

those with you. Um, but yeah, I mean

17:24

that that in a in a nutshell, I would

17:26

say those are kind of the big three. Um,

17:28

but again, happy to chat with you about

17:31

any specific properties that you're

17:33

you're you're inquiring about.

17:37

Thanks, Michael. Uh, Scott asks, "The

17:40

energy efficiency bonus criteria are

17:42

somewhat vague. Can you provide examples

17:46

as to what can specifically be done to

17:49

qualify for the 10% bonus?"

17:52

Yeah, absolutely. So, this is this is a

17:54

new one for the RFP and it's something

17:56

that we're kind of putting out there as

17:57

a pilot, if you will. And so, what I

18:00

would encourage you to do is take a look

18:01

at the language that's included within

18:02

the RFP. So, um, it can include a

18:05

variety of of different things, whether

18:07

it's building, uh, I'm sorry, building

18:08

envelope, um, energy efficient

18:11

appliances that go above and beyond what

18:13

would necessarily be required by NCHFA,

18:16

but it's really just looking to take

18:18

energy efficiency to to the next level

18:20

compared to what is required by whether

18:23

law, statute, or guidelines from other

18:24

funding sources. So, um, I', like I

18:27

said, be happy to chat with you if you

18:29

have any questions about specific things

18:31

that you're considering.

18:33

Um, and yeah, we'd be we'd be more than

18:35

happy to chat through those to kind of

18:36

determine eligibility.

18:39

Okay. Miss Haynes had a follow-up

18:41

question. Uh, she says, "We've been

18:43

encouraged to work with larger

18:45

developers, but I'd like to know what

18:47

that looks like. We already own our

18:49

property, so we only want to rehab and

18:52

expand what we have and implement an

18:54

equity-based structure." I hope you can

18:56

understand this question. Yeah, that's a

18:59

great question. I think I would I would

19:00

recommend reaching out to me directly

19:02

just to chat through the specifics of of

19:04

what you're looking at. I apologize that

19:05

we don't have the ability to just

19:06

interact directly here. Um but I'd be

19:09

happy to chat through that with you. Uh

19:11

based on kind of what you're saying, I

19:12

think there may be some opportunities

19:13

through some of our other RFPs. Not to

19:15

say you shouldn't consider the housing

19:16

development fund. Uh but for instance,

19:18

we have a Noah preservation um RFP that

19:22

will be posted like I said in July 1st.

19:24

And I think based on kind of what you're

19:26

indicating that may be um something you

19:29

may want to target and look at. But as I

19:32

mentioned, happy to chat with you

19:33

offline about this um and maybe

19:35

troubleshoot and make sure we're putting

19:37

you in the right the right lane in terms

19:39

of of pursuing city funding.

19:45

Eliza Hammond asks, "Would you send a

19:47

copy of this recording out to

19:49

participants?" We will um give us a

19:52

little bit of time. We'll take this

19:53

recording and post it on YouTube as well

19:56

as on our website. So yes, to answer

19:59

your question, uh we won't send it out

20:02

specifically or I guess we could

20:04

Michael, would you like to send that out

20:05

specifically to these this list? So So

20:08

what I'll do is um if you receive the

20:11

invite for this webinar, I will make a

20:13

note that once we have that posted on

20:15

our RFP landing page, I will send out a

20:17

notice to folks just to let them know

20:18

that it's been posted. Um, and it'll be

20:21

right there next to the RFP application

20:24

document. You'll see a link to the

20:25

recording and you can just click through

20:26

there. Perfect. Alexis Bostik asks, "So,

20:32

is it like having an lead

20:34

certification?"

20:38

Sorry, just taking a note there. Um,

20:40

yeah, similar, right? Yep. So, we're

20:42

looking at um sort of the we're working

20:44

with our our our colleagues over in the

20:48

um

20:51

uh strategic en the folks who are

20:52

overseeing the strategic energy action

20:54

plan. Working with them closely to sort

20:56

of build out this program and better

20:58

understand what it is that the market

21:00

can deliver. But something like a lead

21:02

certification would certainly uh be

21:04

something that we're driving towards. uh

21:07

not necessarily saying that you have to

21:08

pursue that per se uh because I know

21:10

those certifications can be costly and

21:13

or or challenging to receive. Um but I'd

21:17

be happy to chat through what it is

21:18

you're looking at specifically.

21:22

Ada Esther Gil Gimenez asked, "Was this

21:26

meeting recorded by chance? I was just

21:28

able to join and missed everything."

21:30

Yes, it will. It is being recorded and

21:33

we will post uh the recording and

21:35

Michael will send out a uh followup to

21:38

let everyone know that this was posted.

21:41

Uh Tori Finster asks, "Is the

21:43

affordability restriction regarding 8%

21:46

AMI on home ownership tied to only to

21:49

initial qualification or is ongoing

21:51

compliance required during ownership?"

21:55

Yeah, so ongoing compliance is required.

21:57

Um I I would refer you to the RFP. I

22:00

don't have that information immediately

22:01

off the top of my head, but there is a

22:03

resale resale restriction and also a use

22:05

restriction, right? So, for instance, uh

22:08

if the home is um developed and then

22:11

purchased by an owner, it cannot then be

22:13

used for rental purposes, right? So, it

22:15

would have to be owner occupied. Uh and

22:17

there is a reseller restriction that

22:18

applies for I want to say 15 years um

22:23

for for home ownership developments. But

22:25

great question.

22:27

Okay, Tori Finster asks, "How is the

22:31

affordability bonus calculated and does

22:33

it increase funding allocation or

22:35

application score?"

22:38

Is this for the energy efficiency

22:39

question?

22:41

I believe so. Yeah, a great question.

22:44

So, that is one, like I said, that we're

22:46

we're still working through the um

22:50

scoring rubric, if you will, on that. um

22:53

will be finalized of course before any

22:55

awards are announced, but we're really

22:56

looking to better understand what the um

23:00

what the the possibilities are out there

23:02

and what folks are are exploring. So, um

23:06

if you have again any specific questions

23:08

about possible energy efficiency

23:10

upgrades you are looking to make, don't

23:12

hesitate to reach out. Um it's entirely

23:15

a a bonus. It is not a requirement of

23:17

the RFP. You are not excluded if you do

23:20

not apply for it by any means. um we are

23:22

really looking to pilot a new initiative

23:24

here and working with our development

23:25

partners and would welcome those

23:26

conversations. So don't hesitate to

23:28

reach out. Okay. I think that was in

23:31

relation to let's see um it said I was

23:35

referring to the affordable bonus in

23:37

section 8 actually. Section 8. Um, I'm

23:42

thinking that must be in reference to

23:48

I'm looking at the RFP right now under

23:50

section 8, which is the submission

23:51

instructions. Uh, okay. 7.2. Sorry, I

23:54

did see that pop up. Yeah. So, that's

23:56

the UDO. Um, so I would I would um if

23:59

you have questions about the UDO

24:00

specifically, um I'd be happy to connect

24:02

with my uh colleagues over in planning

24:05

to to chat through those. Um, but really

24:07

what you'd want to click through is that

24:09

link there that states that or I'm

24:11

sorry, it says more information and then

24:12

the Charlotte UDL u for any questions

24:15

relating to affordability bonuses. I

24:17

that is typically targeting um well I

24:21

won't say it it's inclusive of both

24:24

purely affordable developments but also

24:26

um mixed income developments as well.

24:31

Okay. Um, and I think Tori Fincher had a

24:35

follow-up question since you're on that

24:37

one. Will first-time affordable home

24:39

ownership developers be eligible?

24:42

Yeah, great question. U, so the answer

24:44

is yes. Uh, we welcome applications from

24:47

all. Um, but I will point you towards

24:50

the application requirements. So, we

24:52

would need to see demonstrated um or or

24:54

one of the evaluation criteria is

24:56

demonstrated uh capacity as well as

24:59

experience in affordable housing

25:00

development. if you don't have that or

25:03

are concerned about that um that

25:05

capacity andor experience um we're happy

25:09

to chat through that um and I I would

25:12

encourage you to reach out to me

25:13

directly.

25:16

Okay, Mike Carmichael asks, "As it comes

25:20

to ADUs, what does that look like when

25:22

it comes to large or small development

25:24

opportunities?"

25:27

Yeah, great question. So, ADUs. Um, so

25:30

we do have an ADU RFP. I'm not sure if

25:32

that has been posted yet or not, but it

25:34

is in the pipeline of of activities here

25:36

at the city. Um, it's a little outside

25:39

of this RFP, although not entirely,

25:42

right? So, if you're looking to do home

25:44

ownership development, which is

25:45

inclusive of ADUs, uh, that's certainly

25:47

a possibility and we would welcome that.

25:49

Um, but for for those types of

25:54

uh unique questions, again, I would

25:57

recommend you reach out to me directly

25:58

and we can chat through those just in to

26:00

determine eligibility. Uh, because

26:02

whenever we're talking about ADUs, we're

26:03

likely then talking about, you know,

26:04

rental uh, ADUs or being leveraged as

26:08

rental ADUs, which is certainly a

26:10

possibility. Uh but it would it would

26:12

require us to have some conversations

26:14

about what that would look like just to

26:15

ensure that it is an eligible activity

26:17

based on what it is you're looking to

26:18

do.

26:21

Alexis Bostic asks, "Will the permitting

26:24

process be priority for these projects?"

26:29

Yeah, great question. So, um permitting

26:32

typically, well, uh yeah, typically

26:34

occurs after the RFP, uh process and

26:37

awards are made. And so what I can tell

26:39

you is that the sketch plan review, we

26:40

do have set aside time with our friends

26:42

over at the development center to review

26:44

and respond to sketch plans, uh the

26:47

outcome of that review is sort of a

26:49

preliminary thumbs up or thumbs down of

26:51

whether or not this is viable based on

26:54

zoning regulations.

26:56

And so um in in that sense, yes, you do

26:59

get some prioritization there. Uh but in

27:01

terms of prioritization with permitting,

27:03

uh no, not per se. Um, I' I'd be happy

27:06

to reach out to or connect you with our

27:07

our our folks over in planning to to

27:09

better understand what that looks like.

27:11

Um, but it's a little outside of the

27:14

scope of the RFP, if you will.

27:21

Okay, that looks like all the questions.

27:25

Anyone else have any more questions?

27:31

folks a few minutes

27:34

and then while while we're just kind of

27:36

uh you know waiting for any questions to

27:37

come in, one thing I I did want to

27:39

follow up on is there was a question

27:40

about location. And so as part of the

27:42

RFP, one of the requirements is that you

27:44

submit something called your housing

27:46

locationational tool score. And so

27:48

that'll give you a good sense of um how

27:52

that location is looking in the eyes of

27:53

of city staff who are reviewing these

27:55

applications. So whenever you go into

27:57

that tool and enter the development data

27:59

that you're required to submit, it'll

28:02

generate some numbers for you that'll

28:04

indicate um you know how it scores. Uh

28:07

and so there's not really a

28:11

threshold that we're necessarily looking

28:12

at and it certainly depends on the

28:14

development type, but I would generally

28:15

say if you're scoring above 20, you're

28:18

likely in a priority area for the city.

28:20

And that's a composite of four different

28:22

measurements, each one on a 10-point

28:24

scale. So 40 possible points. Anything

28:28

above 20 typically, I won't say

28:30

universally because that's certainly not

28:32

the case, but typically if you're

28:33

scoring over 20, you likely fall in one

28:36

of the categories u that would be

28:38

considered for locationational

28:39

prioritization.

28:47

Excellent. I think that is it for the

28:50

questions. We didn't have any more come

28:52

in. Um,

28:55

I think we're good, Michael. Okay. Well,

28:57

very good. Well, um, I know I've said

28:59

this

29:00

repeatedly now, but if you have any

29:02

specific questions, I am more than happy

29:04

to chat with you. Please don't hesitate

29:06

to reach out. Uh, you can reach me via

29:08

email listed here. Um, and yeah, I'd be

29:12

happy to chat through any questions or

29:13

concerns you do have. So, don't feel

29:15

like this is the one-shot opportunity to

29:16

get those questions out. I know if

29:18

you're anything like me, you typically

29:19

think about things and 30 minutes later

29:21

the question pops into your head. So, uh

29:23

if you if you want to reach out, please

29:25

don't hesitate to do so. Happy to chat

29:27

with you. But otherwise, uh really

29:29

appreciate everyone joining today's call

29:31

and uh I will be on the lookout for any

29:33

emails and then applications. So, thanks

29:35

so much everybody.

 

0:00

I am Warren wooden I'm the assistant director for affordable housing for the city of Charlotte and I am joined by

0:06

some of my esteemed colleagues this morning we have Miss Ruth EPO on the

0:11

call she is one of our project managers uh and we have Ronald Mason Ron is uh in

0:17

charge of our home ownership down payment assistance and other Home Ownership activities here at the city of Charlotte we're excited to bring to you

0:24

new opportunity this morning I'm going to do about half of the slide deck um

0:29

and then Ruth is going going to do the other half and we will be able to take questions from you at the end you can do

0:37

that either by dropping a question into the chat or disabling your mic um and

0:42

Ron as I get going if you would uh help with letting people into the meeting and also muting any mics that come in hot um

0:51

while I'm talking thank you sir all right good to see everyone

0:57

um so this uh this this program that we're going to present this morning um

1:03

is a program that was piloted by the city back in 2020 with some funding and some direction to council that they

1:09

wanted to see uh the city to take a more active role in positive development in existing neighborhoods and so uh that is

1:18

where the ARR program came from um stands for acquisition rehab and resell

1:25

and so we're going to go through you know what this program is and how to utilize it um and I'm going to try not

1:31

to read all of these SL slides to you because I know that you could read them for yourselves but basically what we do with this program is partner with

1:38

nonprofit organizations um to acquire uh restrict

1:43

and resale um homes that are on the market that are um either being sold by

1:48

a homeowner or are um or being sold out out of a rental single family rental

1:55

inventory and it allows us to to partner with you to acquire those units and

2:02

um uh and resell them to low and moderate income home buyers and uh it's

2:08

a bit of a unique approach in that the way the city funding comes in is we help to provide the the subsidy either

2:15

through a direct subsidy um at the closing table or um through a write down of a loan to help you acquire and Rehab

2:22

uh that property

2:31

so the way the program is going to work this round is it's going to work through a loan pool model this is something that

2:36

we're going to try um and hopefully uh it it will work the way that we've intended um and the process will be that

2:44

you will apply to be an eligible loan pool member and so what we have up on the screen here are some of the um the

2:53

the requirements um we're looking for nonprofits who do have some experience

2:58

in this work um you you may I know that there may be some for-profits on the line um we we welcome for profits to

3:08

participate um we just ask that you have a nonprofit partner and we'll kind of

3:14

show you why we're we're doing that here in a little bit uh you need to be registered with the city as a vendor um

3:21

we have a an insurance requirement that you have to maintain and then we're going to be looking at your rehab uh

3:28

experience and um so that rehab experience we're looking at you've completed 15 other rehab

3:34

projects in the last five years and again that could be directly or through a group that's that's applying and

3:40

working together so the way the way this program

3:49

works is uh you you will you will you will act on your own looking for

3:54

properties to acquire um these can be uh loans that you you know like I said can

4:01

be coming from a a rental inventory could be for coming from an owner to to resale um if you are nonprofit you have

4:08

first right refusal on properties those are eligible properties to be acquired we're going to show that you the GE the

4:15

geography that the city is interested in um right now we're working at this loan value of 342 or less uh and that is uh

4:24

the resale value and that s that value is set um based on some information that

4:30

we have for HUD and how HUD does its programs um we will fund you over that

4:35

again you know we're going to allow you to collect some fees for your participation in the program and so the

4:42

maximum funding for any unit that we're going to do is going to be $350,000 um and and and for one partner

4:51

you may you may have up to $700,000 out with us at one time so that could be two

4:58

350 $50,000 loans or if you have Capital that you want to use um you don't have

5:05

to take the full loan from us you could just take a loan for subsidy um and and finance the rest of the construction um

5:13

out of cash on hand or out of a line of credit um as long as you only have

5:18

$700,000 of outstanding liabilities with us so you could uh do uh one loan at

5:25

350,000 and then pick three other units that you're going to finance yourself and ask us for just the subsidy amount

5:32

of those of those units um and then of course they be sold to

5:39

households out of below um 80%

5:46

Ami so that's what I just said we already talked about the market value um

5:51

we we will allow you to use a soft second to capture uh any difference between um the um the the Sal price and

6:00

what you're financing uh to the to the owner um so this is a situation where the house might be worth 300

6:08

$42,000 uh but there's actually only a need to finance uh

6:13

$250,000 and you want to capture the rest of the equity through a soft second

6:19

we will'll allow you to do that but the subsidy amount coming from the city can be no more than

6:25

$80,000 um we we we do want you using our other basically the subsidy that we

6:30

leave in the program through ARR is kind of The Last Resort subsidy we want you using lenders down assistance programs

6:38

we want you use the Housing Finance agency's programs we want you to use House Charlotte and then if there's a

6:43

remaining Gap when you're doing this um will allow you to use the equity out of

6:48

the the AR loan um we are going to Institute a

6:56

minimum shared Equity approach in this um we will be flexible with this know

7:03

some of you might do a a longer stretch of shared equity on these projects um

7:09

but we at least want to do a minimum 10year shared Equity approach as see seen here so if you're not familiar with

7:15

shared Equity this is just to help to capture the gains on the property for

7:20

the first 10 years and so in years one to three the homeowner would not capture those gains the nonprofit would actually

7:27

capture those those gains and we'd ask that you'd reinvest those into another affordable housing um uh uh unit either

7:36

either the unit that this person is selling or another unit if for some reason this this unit isn't a viable

7:43

unit you know in year four the owner gets a third of that equity in year seven they get another third so they're

7:49

at two thirds and then after 10 years all of the equity um is is captured and

7:56

and to them and then we asked that the profit partner hold a first R refusal so

8:01

you do have the ability to buy it back um and also to put a restriction on the

8:08

property so that it can't be used as a rental as a rental uh property so again

8:14

this approach is to provide stability in neighborhoods to convert rental units from rental into Home Ownership um to

8:22

help with the the the the ratio of ownership uh to rental units we're going to be focused in um our corridors area

8:29

uh and so we'll show you that in in a minute but the whole approach is to to help increase and stabilize home

8:35

ownership and home ownership in some of our older neighborhoods this is a little bit more

8:42

about the loan terms uh the loan that you take from the city is a loan it will be it will be securing that property

8:48

it's a zero 0% interest rate again at $350,000 a unit or or less that's just

8:54

our our maximum amount we will have you put affordability requirements on on that um we will be watching these

9:02

projects and we'll be you know we'll be able we'll have a loan term on that loan but if for some reason something gets

9:07

stalled out that happens we'll extend that loan term and then basically at the

9:13

when you resale to the homeowner after you'll provide a performant at the end you'll provide a perform at the at the

9:20

beginning and we will help with that final piece of subsidy by writing down

9:25

the amount needed to make it affordable to the buyer at the end of the of the

9:36

project so this is just uh an overview and again we're going to make these

9:42

slide deck the slide deck available so that you have it um but this is just an overview of the entire approach um that

9:50

we're discussing um and uh again I'm not going to read through all of this because uh

9:57

that's not what this is here for but this is just to show you that the approach is a is a cyclical uh approach

10:05

where the money goes out you become a a loan pool member once you're a member

10:11

you have the ability to reserve uh funds uh from the pool uh once you reserve

10:17

them will hold those funds for three months at first as long as the closing

10:23

is going to happen there's no issues there we can extend that again we understand that the real EST State

10:29

Market pre especially right now can be volatile and so we'll extend that you'll

10:35

close on the on the acquisition you'll you'll do the renovations you'll put the I'm sorry you you'll close the the the

10:42

loan you'll purchase you'll put the restrictions onto the property you'll do the Rehab on that property and then

10:48

you'll resell it to LMI buyer we'll put the subsidy in needed to make the

10:54

project pencil out and the remaining amount of that funding will then come back into the loan pool then that

11:00

funding will then go back out to the next person in line to purchase a

11:05

property I think that that's the end of my set of uh slides and I think uh Ruth

11:11

you're going to run through this next Set uh with the with the with our with

11:17

our company and uh we'll get some questions at the end so I'll flip to the next slide for you thank

11:24

you um yes so I'm going to run through the um actual process uh once again gets going so the first step would be for um

11:32

Partners to apply to actually become members um of the uh pool the funding

11:38

pool um so we have some uh requirements um that we'd like you to submit as part

11:43

of that application um and you can see our requirements listed here it's

11:49

basically making sure that you've got the experience um and also the capacity to carry out um the program once it gets

11:56

going so the first stage will be for the um pool membership to open um and then

12:02

once um you're approved sorry there's some other bits that you'd also need to um include in your submission to become

12:08

the member so that's kind of standard that we request in other rfps too so Articles of

12:14

Incorporation um and tax exemption for the nonprofit uh from the IRS um and two

12:21

we're looking for two years ideally certified um by public accountant of your financial statements um and

12:29

then I'd receive those documents and then there may be a requests for further

12:35

information and hopefully you're approved and then we'd move on to the next stage and next slide please

12:50

Warren so the if you're as long as you're approved and you become an actual pool member so what would happen once

12:56

you're a pool member you'd get a letter of certification from the city um saying that you're approved to go

13:01

ahead um and bid for funding from the ARR pool um it's a non-competitive

13:07

process in so much that we not applications could be submitted at any time when the pool is actually open um

13:15

so as in when you find properties that you think are suitable and you have the information on um please go ahead and

13:21

submit those we do ask for um substantial information that comes along

13:27

with the applications just so that we can verify their suitability to the actual program so those will be listed

13:34

out within the actual supporting documentation I've given a snapshot of what we'll be looking at here um the one

13:41

of the key things to note is that the rehab the rehabilitation cost themselves must follow procurement processes and by

13:48

that we mean that um we'd ask you to submit at least two quotes for the actual um Rehabilitation costs if you're

13:56

choosing or electing to use internal labor um we just be comparing that with

14:02

labor rates and we do use RS means as a means of kind of comparing costs um that

14:09

are within the local area too um it sets out the so the financing if you can also

14:14

set out the amount of loan requests that you're doing the estimated acquisition of Rehabilitation costs again we know

14:22

that those may or may not vary as you go through the project so we'll be kind of working with you at the end um to fix on

14:28

the actual costs incurred um and then sources of any non- city funding that

14:34

you anticipate using for the acquisition of Rehabilitation too and we have there's a standard City Pro former with

14:41

a subsidy analysis um that we'd ask you to complete both at the beginning and the end of the process once the resale

14:48

is successful we can go to the next

14:54

slide so the eligible properties that we're looking at will be single family

14:59

and town homes um fee simple ownership and currently Condominiums aren't um

15:04

accepted in the program at the moment um and the reason we're looking at um or

15:10

requesting a minimum of 10 years life for the home systems and the structural components is that we don't want to

15:17

burden um low bate income buyers with like a

15:22

high ticket item as soon as they've purchased a property and to to ensure that they've got like a prolonged

15:27

lifespan um we we don't want anybody um or households to be displaced during

15:32

this program that's not the purpose of it we want to House people um and not have to undergo relocation we do have a

15:40

specific area that we're targeting so it's the corridors of opportunity which is six areas that have been identified

15:46

by the city um so yeah we'd be focusing on those ones um and if you could just

15:53

pop back again so we're just fixing on those um building code is also critical

15:59

so no um illegal uh structures um we won't be

16:05

paying for the legalization or permitting of anything like that um no code violations um if if when you're

16:12

viewing the property and it becomes aware that there's an environmental concern then we'd be looking um for your

16:18

plan of action time scales and cost for remediating um any issues that have been

16:24

identified um and it's just to reiterate again that the um resale value of the rehabilitated property cannot exceed

16:33

342,000 um and the properties must be sold at

16:50

Market uh yeah if we move on to the map

16:55

quickly so yeah this is um showing you the six areas where Charlotte is

17:01

focusing and actually targeting investment um and that's where we want to focus the um areas of where we're

17:08

looking to include properties within this um acquisition and Rehab resale program so those are the ones that

17:15

you'll be looking for to see if there's any um vacant homes any properties that are on the market um at present that may

17:22

need um that you can utilize this program and funding for next slide

17:27

please okay so the actual application review

17:34

process so the um this is for when you've actually identified a property

17:40

you have you've compiled the costs and everything like that um you would actually submit that information to me

17:46

as the program and administrator um I'll be reviewing the cost checking cost checking that it kind of conforms to the

17:53

program um where we're looking at location um property type resale value

18:00

excuse me and then as long as it's approved and we'll do the same as we do with other loans we'll issue you with um

18:07

a commitment letter and that would provide you with the level of loan amount the city's prepared to offer

18:12

along with a maximum of three months um validity period um the documents

18:19

themselves will be drafted by the city myself and then the partner the AR pool

18:25

member and their attorney um and then we'd be looking to get documents executed in house with regards to the

18:31

funds it would depend on the structure of the deal so if you're seeking funds say for the acquisition um then the loan

18:38

would close at the point that you'd acquire the property whereas if you're looking for funds to assist with the um

18:46

Rehabilitation of the property itself then the funds would be released on a reimbursement basis so as in when you

18:52

incur the costs you would submit the invoices and then the city would make payment um based on those invoices is

18:59

but it's important to note that those invoices must have the um supportive supporting information basically to

19:06

verify that the cost have been incurred by the AR po member and next slide

19:13

please so we actually have an in-house uh rehab team um so they're basically on

19:20

point to um um monitor the works as and when they're going on um so as and when

19:27

we close on a loan um with a pool member um they'll be notified and we'll keep in

19:32

uh contact with you so as and when works begin um our rehab Specialists will actually visit site to check how the

19:39

progress is going um and they can report back to me with how um The Works are progressing um we do request um that PO

19:47

members provide us with monthly reports themselves along with um the financial

19:52

uh progress and this is the onus is on the member to actually Market the property

19:59

once it's completed the rehab um to for the affordable sale um so you're looking

20:05

at ensuring that in the um sale documents that people are fully aware

20:11

that there's like a maximum income limit um at the resale closing we do ask that City's given the

20:18

opportunity to verify that the home buyer is actually um eligible um as a

20:24

home buyer for the property so we'll be looking for income verification um to demonstrate they fall within the program

20:31

requirement of um maximum of 80% are immediate income and then obviously

20:37

following that once the resale is closed um we'd be looking to have a payoff

20:44

statement um where we can settle the amount that's payable back to the city

20:49

which will then go back into the um AR pool fund and next slide

20:56

please and we are looking for this to be an ongoing program um so there'll be an

21:01

annual renewal process for pool members that are interested in continuing um so

21:07

what would happen is You' submit a letter to the city um and just submit supporting documentation to basically

21:13

demonstrate that you're still in good standing um we'd ask for the last year's um

21:19

certified uh accounts um and your updated insurance policy to um and then

21:28

what would happen is once that's approved I'd issue another letter to say that you're continuing as a a pool

21:34

member for that next year so that be FY 26 and that's all for me so I'd now like

21:39

to open up oh no it isn't all for me we've got the program schedule I apologize so the poll which is where

21:47

you'd apply to be a member um is to be launched in August um and that's where

21:52

you're giving your um experience capacity demonstration of any similar

21:58

project you've worked on within the past 5 years and then the actual funding will open in September of 24 so it gives us

22:06

time to review the actual member applications and then um you can get going with submitting property um

22:13

funding requests from September and now I'd like to open the

22:19

floor for questions thank you very much yeah so that's all we have in terms of the

22:25

program uh overview again uh we we try when we ask you to come to these uh

22:30

webinars to just provide you the information very quickly so that you can find out a little bit about the program

22:37

um if you'd like to ask a question you can either uh use the raise hand feature at the top of the screen or you can pop

22:43

pop something into uh the chat we'll be happy to respond to it if we can and if

22:48

we can't uh we will we will get back to you also all of the program documentation for additional details

22:55

will be on the website when you're eligible to apply for the pool we'll put the program outline which will provide

23:01

you more detail on the program so um you if you have program detail questions uh

23:08

um we we we'll try to answer them today if if you do if if not um we will make

23:14

sure that they are answered by the document uh that'll be on the website coming up in just a few days any

23:19

questions

23:30

well Ruth we did an amazing job oh we got one question there we go hold on one

23:41

second yeah so uh Rachel asked a question for shared appreciation will

23:46

Arrangements longer than 10 years be accepted uh yes so that that that's the

23:52

minimum for for the program but we understand that various nonprofit organizations already run programs like

23:59

this and so a longer period will be will be accepted as long as you be that

24:05

minimum requirement thank you Rachel uh Kirk you can come off of uh off of mute

24:12

and ask your question if you'd like I'm sorry I got I just went back

24:18

and read the slide um I was looking at it where um just to see if new construction would be a part of this

24:25

process no new construction will not be part of this process

24:30

yep we'll have some other opportunities for new construction um coming up soon and if you're also working for a

24:36

nonprofit organization for new construction you can talk to Ruth offline about the home uh the home

24:42

funding pool uh so there's actually a way to do that so um Ruth do you have

24:48

your email at the end of this slide deck we'll make sure that Ruth gets her email out oh do you yeah there it is so

24:56

there's Ruth email Kirk um you can you can send her an email about that and she'll be happy to share that

25:02

information with you thanks for the question so I have one more question if you don't mind sure um so is this

25:09

typically just for um Acquisitions and sales of property for affordable housing so people having equity in a home are we

25:16

targeting um rental rates or just selling so of the home so this yeah

25:24

so this this is for the what what are eligible for acquisition are properties that are already on the

25:30

market by a homeowner who is going to sell their property anyways or by a for

25:36

a rental unit that is no longer occupied so an empty rental unit to ensure that we don't displace anyone those are the

25:42

properties that are eligible for purchase 104 104 that makes a lot

25:50

Warr hey Warren this is Marcus por um thanks uh to you and Ro for this great

25:57

overview of this opportunity that's one question I have um related to a scenario

26:03

where um the participant in a program um leverages funding to purchase

26:09

a home and wants to leverage additional funding you have home is there a time

26:14

window or time period from purchase to to rehab and actually that home is ready

26:21

for for resale um do you have any restrictions or applys or time it takes

26:28

to actually from the time of purchasing securing those loans from the city to

26:34

purchase to time that unit needs to be ready for the sale yeah so R Ruth said that you know

26:40

we'd like you to be in a place when you when you when you apply to the pool that you can close within 90 days to purchase

26:47

that property um I will go back and check to see if we've talked about a time frame for

26:53

renovation um but I will tell you that my expectation would be four to 6 months that that's that's typically what we've

26:59

seen the the learning that we've done after this is we we we did this with a couple of Partners on a pilot basis um

27:06

over the last couple of years and and typically what we are seeing is is four to six months to get that thing on the

27:13

market um and ready for for sale great question perfect thank

27:19

you great uh any other questions yeah Rachel's H got a good one uh regarding

27:26

she says how long do you anticipate the preparation of the loan docks by the city staff and attorney and pool member

27:32

to take which is a good really good question um I can tell you that we've got um very efficient attorneys and it

27:39

all depends on the efficiency of the turnaround of the pool member and their attorney um to be honest um we we have

27:46

had experience in the past where we've had comments back like within a day I'm not sure how quick it worked on the

27:52

previous um uh round because I wasn't actually here um so I can't speak with

27:57

that but in terms of other deals I've been working on dep as long as you've got the right people in place it can be

28:03

very quick and efficient Warren I don't know if you want to extend on that no and these are fairly straightforward

28:10

transactions so you know we'll have we'll already have pre-prepared docs on

28:15

these um that you'll be able to look at and see so um again I don't I don't

28:23

anticipate that being a difficult process great

28:29

any other questions before we close out our time together I have one question if that's

28:34

okay yeah go ahead uh Sean Kennedy with Prosper Alliance Kennedy properties

28:40

quick question SE so knowing the market in Charlotte um would it be possible if we identify a property and being that

28:46

it's so competitive pay cash to purchase it and being reimbursed from the city once we pay cash for it just to make

28:52

sure we secure it at a good price and make sure we get it that is that is an acceptable practice you just want to

28:58

make sure that you're fully approved and you have the money reserved in the uh in

29:04

the loan pool before doing that I would recommend you don't do that until we can get you an approved loan process so that

29:11

can happen very quickly we we were making decisions once the partner got us all of the paperwork within 48 Hours it

29:19

just gives us enough time to be um to review your documents to make sure that

29:26

everything um is all the costs that you're saving are reasonable um and that it meets the

29:32

requirements you know that it's in the the correct location that the cost the sales cost is going to be correct so so

29:39

yeah that's that is a an acceptable practice so long as you reserve the money before you actually make the

29:45

purchase but that's a great question Sean thank you and then I saw one more come in through

29:54

chat will the presentation be emailed to us it won't be emailed to you but all of

30:00

this including this webinar will be posted onto our um proposals website and

30:07

if you just em if you can't find it uh email Ruth and Ruth will send you the link so you can see this proposal and

30:13

Ruth is already on top of it there it is right there so copy that copy that link down everything that comes out from

30:20

Housing Services in terms of housing um funding opportunities is is posted on

30:27

that page this we will be posted on that page all the the application link will be posted on that page all the program

30:33

documents will be posted on that page but it's a great question all right uh not seeing any

30:39

additional questions I don't think I've missed any hands up um just want to

30:46

really thank everyone for their time um we um recognize that uh the city can

30:53

play a part but it is when we are working together that we actually have the big

30:58

impact on the city and uh this is an area where we really want to partner

31:03

with you to help increase uh home ownership opportunities in our existing

31:09

neighborhoods and uh really give people an opportunity for economic uh Mobility

31:14

so so thank you all for your time today we look forward to hearing for you and we look forward to your participation in

31:20

the loan pole take care