HOPE VI

TAG Associates has extensive experience in the area of HOPE VI programs since its participation as lead consultant in the National Commission on Severely Distressed Public Housing (NCSDPH), whose work formed the basis for the HOPE VI program. TAG Associates has participated in numerous HOPE VI revitalization projects and is presently providing program management services on three HOPE VI grants and a number of others at the near completion stage: TAG provides development and Community Services Technical Assistance for a wide variety of projects.

TAG Associates currently serves as program manager of two HOPE VI projects, Decatur, IL and Mobile, AL. and provides financial and HUD technical assistance to the Fort Myers, FL. HOPE VI. TAG has completed and has fully operational seven HOPE VI projects  - three in Kansas City, one in Springfield, Illinois, one in Fresno, CA, one in Muncie, IN, and one in Washington, DC). In addition, TAG Associates has participated in the development of Revitalization Plans, Program Management, Financial Advisor, and/or written applications for more than 40 HOPE VI projects. 

TAG Associates has worked on a number of HOPE VI projects that have achieved highly leveraged financing through use of Low Income Housing Tax Credits, state and local government funding, and private financing (including Federal Home Loan Bank funds). We have obtained allocation of, and arranged for syndication of tax credits for HOPE VI projects in Fort Myers (FL), District of Columbia, Kansas City (MO), Decatur (IL), Mobile. AL, District of Columbia, and New Haven, CT, among others.

TAG is assisting the Huntsville Housing Authority in a mixed finance project and successfully applied for 2009 CFRC competitive funds for project gap financing.

 

National Commission on Severely Distressed Public Housing

TAG Associates, Inc. was the lead consultant and coordinated commission activities and oversaw case studies and report writing for the assessment of distressed housing throughout the U.S. These case studies served as the basis for the subsequent creation by Congress of the HOPE VI Revitalization program.

Current and Past Clients in the Related Program Area:

Housing Authority of the City of Ft Myers

TAG is assisting the HACFM in the development of a HOPE VI project consisting of three family phases, an elderly phase and an off-site home ownership phase and a new HACFM office building. The project completed the elderly phase in September 2009 and received 2008 and 2009 9% tax credits for the first and second family phases.
Michigan Courts/Flossie Riley:  This is a combination of HOPE VI and mixed finance project. TAG has assisted the HACFM in the selection of a qualified developer and in developer negotiations through a Master Development Agreement. The project consists of relocation of all residents and construction of new senior and family rental units through a four phase project. Phase I is completed and occupied and Phase II is under construction as well as Phase III infrastructure. The project is highly leveraged.

Housing Authorities of the City and county of Fresno (CA)

TAG wrote the successful 2003 application for Yosemite Village and adjacent properties and is currently serving as Program Manager for implementation of the $20 million grant. The grant for Yosemite Village public housing will replace 80 older public housing units with 36 ACC/LIHTC rental housing units. It will also develop 44 affordable lease-purchase units and 80 market rate for-sale units. The redevelopment plan also includes rehabilitating 33 public housing units with 4% tax credits, a computer training program and a job readiness program.
Project Financing: HOPE VI Grant, PHA Capital Funds, Private Financing, 4% Bond
Project Status: Completed 10/09.

District of Columbia Housing Authority

Capper/Carrollsburg:  TAG serves as the financial advisor on the Capper/Carrollsburg redevelopment effort, a $500 million plus mixed use revitalization in which a total of 780 units will be demolished and will be replaced by 1,562 rental and homeownership units. Due to the site's prime location adjacent to the Navy Yard and the Southeast Federal Center, this plan also calls for the development of 600,000 square feet of office space, 20,000 – 40,000 square feet of retail space and a community center. The office space will create more than 200 new entry-level and 80 new mid-level jobs. The revitalized development will provide housing and programs that will foster self-sufficiency among residents with a range of incomes. The HOPE VI Revitalization grant will leverage an additional $299 million in public and private funds.

Two phases of mixed income housing covering approximately 300 units under ACC are closed and in construction.
Project Financing: HOPE VI Grant, PHA Capital Funds, Tax exempt bonds, Tax credits, District funds, Tax increment financing, Private Financing, others
Project Status: Fully funded, construction in progress

Ellen Wilson (completed)TAG Associates served as the Alternative Administrator for the $25 million Ellen Wilson HOPE VI Program on Capitol Hill.  The development is a mixed-income cooperative homeownership program that includes privately financed market rate units. 
Project Financing: HOPE VI Grant, PHA Capital Funds, Private Financing
Project Status: Fully funded, closed, built, and occupied. (Post HOPE VI Community Center in process.)

 

New Haven (CT) Housing Authority

Quinnipiac Terrace:  TAG provided technical assistance for the Quinnipiac Terrace project implementation that included the review and negotiation of evidentiary and management documents, including loan agreements, limited partnership agreement (syndication and private equity arrangements included), management plans and the Regulatory and Operating Agreement. The physical plan for the revitalized site includes 226 units, which will be a combination of public housing rental units, affordable homeownership units, a senior residence, and market rate homeownership. An additional 29 off-site rental units will be developed in non-impacted neighborhoods to provide residents with more choice as to where they live. Along with increasing resident choice, this plan will result in the formation of a mixed-income community that will change the texture of the neighborhood. The project is valued at $53,516,676, out of which $20 million was a HOPE VI grant.
Project Financing: HOPE VI, LIHTC, developer fee contributions, and homeownership mortgages
Project Status:  Phase I and II completed.

West Rock:  TAG Associates is currently working with the New Haven Housing Authority in the redevelopment of the former Rockview and current Brookside public housing sites.  This redevelopment effort will result in the development of 395 tax credit-funded units, half of which will be public housing ACC units, and half of which will be project-based Section 8 units under the Authority’s MTW Authorizations. 
Projected Financing: Special Category 1 Tax Credits (9%), 4% tax credits, State Housing Trust Fund, private mortgage financing (commitment secured from Bank of America), $50 million in CHFA bond funds already TEFRA’s for project. Assisted in the Draft and submission of a 2009 HOPE VI application.

Housing Authority of Kansas City (MO) (3 completed)

TAG developed the Revitalization Plan and assisted with the implementation of two HOPE VI programs (Guinotte Manor and Theron B. Watkins), as well as managed the implementation of 1997 and 1998 HOPE VI grants received for the Cardinal Ridge project. All of the sites have long since been completed and remain fully occupied. Specific activities of TAG included:

1993 HOPE VI Program for Guinotte Manor - $47.5 million grant: A former 412 unit row style public housing development was completely demolished and replaced with 219 units of town-homes and Kansas City style flats all for family households and all under ACC with a plan for income mixing. TAG developed the Revitalization Plan and assisted with the implementation of the revitalization grant involving the construction of 219 new units on-site and one for one replacement of all demolished units through the HAKC scattered site program, many in non-impacted neighborhoods. The site was the recipient of a New Face of America Public Housing award from the Congress for the New Urbanism.

Project Financing: HOPE VI grant, PHA Capital Funds, City Capital Funds, Tax Credits, HOME funds.
Project Status: Fully funded, closed, built, and occupied.

Villa Del Sol - $5.5 million grant (development and HOPE VI funds): This nationally recognized project was profiled in HUD’s mixed finance guidebook and replaced the former Pennway Plaza development.  This was one of the first mixed finance projects in the country and consists of 65 units under ACC, 25 units that are tax credit non-ACC and 30 market rate units using private financing.  The project cost was approximately $14 million and utilized only about $5.5 million of public housing funds.  Other funding included tax credits and private foundation money.
Project Status: Fully funded, closed, built, and occupied.

Theron B. Watkins HOPE VI - 1996 grant for $13 million:  This grant was used to supplement other resources to reconstruct the former 288 unit Theron Watkins development into a modern flat and town home property of 210 units.  The project includes approximately $3 million in HOPE VI funds and a total cost of about $13 million. 
Project Financing: HOPE VI, PHA Capital Funds, Tax Credits, Private Financing.
Project Status: Fully funded, closed, built, and occupied.

Springfield (IL) Housing Authority (completed)

TAG Associates was the lead consultant in a joint venture performing full-service Program Management for the John Hay Homes HOPE VI.  We revised the project’s Revitalization Plan and secured private financing including LIHTC, bank loans, and TIF funds.  We also advised the Housing Authority on the use of its own non-profit affiliate, Capital Housing Incorporated, as the developer, and we negotiated the use of the TIF revenues and coordinated the bond financing (from the homeownership and non ACC rental units) to pay back the bond funds and to finance the project’s infrastructure.  Construction of 194 housing units (150 rental and 44 homeownership) was completed on time and on budget and has been in operation since 2000.
Project Financing: HOPE VI, Capital, CDBG, Tax Increment Financing (TIF - one of the first in the country), Tax Credits, private financing, and Federal Home Loan Bank funds (also one of the first in the country).
Project Status: Fully funded, closed, built, and occupied.

Decatur (IL) Housing Authority (80% complete)

The revitalization of Decatur’s Near North neighborhood, including the Longview Place public housing site, has been a priority of City of Decatur and the Decatur Housing Authority (DHA) for several years. In 1999, the DHA applied for and was granted a HOPE VI Revitalization Grant of $34.8 million from the Department of Housing and Urban Development (HUD). These funds, combined with local and regional funding, are being used to transform the Near North neighborhood into a viable, sustainable and economically integrated community. The project includes market and income-restricted housing, as well as commercial and retail development. TAG is currently serving as the Technical Assistance Provider, working with team members in areas such as financing, market analysis, developer selection/negotiations, master planning, tax credits, mixed finance evidentiary, homeownership, housing management and re-occupancy and community and supportive services. The Phase I rental units have been constructed and occupied with Phase II closed in early 2006 and Phase II in September 2009. In addition, closing has taken place on the Phase I homeownership units.

Muncie Housing Authority (IN)

TAG was a member of the Program Management team responsible for the successful HOPE VI application and implementation of the Munnsyana Homes HOPE VI grant. The HOPE VI Project consists of 214 total units, 130 rental units to be built with HOPE VI leveraged funds, 30 units of senior and disabled housing with non-HOPE VI leveraged funds, a 10 unit transitional complex for battered women built with non-HOPE VI funds, and 44 homeownership units, 22 of which are subsidized by HOPE VI and 22 market rate.  The overall project also includes 30 already constructed pre-HOPE VI units funded by MHA Capital Grant Funds and LIHTC.Project status:  completed