Apr 11, 2024 Town of Bluffton Affordable Housing Committee

[I. CALL TO ORDER]

[00:00:09]

. THERE IS A WHOLE NEW LEVEL OF EMPLOYEE FOR AND WE ARE WITH AFFORDABLE HOUSING COMMUNITIES LOCAL POLICE CHAIRMAN FRED HAMILTON FOR THE AND WHAT DOES BEGIN THERE. YOU KNOW THE SPOTLIGHT HERE THAT JAMES GRACE STAPLES HERE AND WENDY CHAMBERS IS CONNECTED IN MOTION EXTEND THE TEN YEAR FULL CIRCLE OF PEOPLE FAMILIES

[III. ADOPTION OF THE AGENDA]

[IV. ADOPTION OF MINUTES]

[VI.1. FY2024 Neighborhood Assistance Program Budget Update]

ALL RIGHT. GOOD TO YOU ALL. THANK YOU FOR BRAVING THE WEATHER TO HEAR REPORT SPORT TODAY. THE BUDGET FOR FISCAL YEAR 2024 ASSISTANCE BUDGET WAS ADOPTED AT $290,000 AS OF FEBRUARY 14TH UPDATED BUDGET WAS APPROVED WAS EXEMPTED $340,000. TO DATE 17 HOMES HAVE BEEN SERVICE 100 PAIRS SUCH AS ROOFING AND INTERIOR REPAIRS TOTALING $259,402. 20 HOMES HAVE BEEN SERVICE WAS SET ABOUT TOTALING $7,957 AND TWO HOMES FOR TREE SERVICE TOTALING 6001 AS OF APRIL 4TH WHEN THIS REPORT WAS SUBMITTED, 39 HOMES HAVE BEEN SERVICED THROUGH THE NEIGHBORHOOD ASSISTANCE PROGRAM COLLECTIVELY . THE PROGRAM HAS A CURRENT BALANCE OF 16,000 FOR 61 STAFF HAS STOPPED ALL REPAIR WORK BUT IS STILL ACCEPTING APPLICATIONS. EIGHT HOMES HAVE BEEN INCOME VERIFIED AND VISITED TO INSPECT REQUESTED REPAIRS. CONTRACTORS HAVE BEEN CONTACTED TO SUBMIT ESTIMATES AS THAT REVIEWS REPAIRS. THOSE IN NEED OF EMERGENCY REPAIR WILL BE TAKEN CARE OF FIRST ON MAY 1ST STAFF WILL DO THE THIRD ROUND OF SMOKE ALARM INSTALLATIONS WITH PLUGGED IN TOWNSHIP FIRE DISTRICT AND TO GET A LITTLE BIT MORE INFORMATION ON THE SMOKE ALARMS WE WENT OUT AND JANUARY AND WE VISIT A LOT OF OLD HOMES AND THOSE OLD HOMES THE WIRES, NOT THE BATTERIES. SO THAT'S WHAT WE'RE GOING TO DO OUR BACKTRACK SO IT'S ABOUT FOUR HOMES THAT WE HAVE TO BACKTRACK TO AND 12 OF THE OUTLYING HOMES HAVE TO BE INSTALLED. SO WE'RE DOING REALLY GOOD WITH THAT TEAMING UP WITH THE FIRE DISTRICT AND IT'S BEEN VERY GOOD IN I'VE JUST BEEN CALLING THE HOMES THAT WE HAVE RECENTLY REPAIRED AND I HAVE STOPPED MY CONTRACTOR FOR SPENDING MONEY ON SMOKE ALARMS WHEN I KNOW THAT WE CAN GET THEM FROM THE FIRE DEPARTMENT THAT'LL KEEP A LITTLE BIT MONEY IN OUR BUDGET IS THAT ABOUT THAT WAS CONTRACTORS DOING THE SMOKE FOR US SO IT'S BEEN REALLY GOOD. I'M SO INVESTED WITH THE BUDGET AMENDMENT QUESTION ABOUT SMOKE ALARM WHY IS ALONG THESE ITEMS OBVIOUSLY BETTER GET GET HOW CAN YOU GET IT HOW DO YOU GET PEOPLE WHO ARE NOT WORKING OUT OF THE FIRE DEPARTMENT NOT TO GO TO THOSE PLACES SO I TOOK UPON TO CHECK WITH KEVIN WHO IS IT JUST FOR A RECORD I MET AND TOLD US THAT YOU KNOW HE TOOK IT UPON MYSELF. ASK KEVIN WHO WAS THE DIRECTOR OF GARDEN MANAGEMENT IF I COULD PERSONALLY PUT IT ON MY SOCIAL MEDIA PAGES. IF YOU NEED FIRE ALARMS PLEASE REACH OUT SINCE I HAVEN'T LOOKED IT IN THE DIRECTLY TO ME OKAY YEAH SO I HAVE BEEN VERY PERSONAL WITH THIS SO I DON'T MIND AND HE SAID THAT WAS OKAY SO IT'S JUST KIND OF BEEN WENT UP JUST LIKE THE NEIGHBORHOOD IS THIS IS APARTMENT WE JUST KIND OF GETTING OUT THERE SO WE HAD TO SHOW IN MAY AND YOU CAN PUT MY JOB CONTACT AND WE CAN GO FIND IT NOT PROBLEM.

YEAH VICTORIA WHEN YOU SAY 39 HOMES HAVE BEEN SERVICES AT THE BEGINNING OF THE PROGRAM YOU KNOW THAT IS WHAT THIS CURRENT FISCAL YEAR JUST THIS YEAR YES WELL THIS CURRENT FISCAL YEAR AND RIGHT. AND I WILL MOVE US OVER TO THE MEMO MEMO EXCUSE ME.

THE EXCEL SHEET IS A LITTLE SMALL IS A LITTLE TINY. YOU CAN SEE IT THERE FROM YOUR PERSONAL SCREEN. AGAIN, THIS IS JUST A BREAKDOWN THAT I GIVE YOU EVERY MONTH OF WHERE WE ARE WHERE FLIGHTS HAVE BEEN GOING AND THEN AS I SAY COLLECTIVELY YOU CAN SEE WHERE THE 16,000 461 IT'S ALL IN. I DO WANT TO BACKTRACK TO THE

[00:05:01]

[VI.2. 2024 Fair Housing Month Proclamation]

I KNOW CHAIRMAN WANTED TO KNOW WHY THE BEFORE ADDRESS FOR HOUSING TRUST FUND STAFF I SUBMITTED AN APPLICATION FOR THE ONLY CARE FUNDS. SO YOU WANTED TO KNOW WHY IT WAS ONLY ALLOCATED FOR THE 60% OBAMA SO I REACHED OUT TO TAUBMAN WHO OUR EXECUTIVE DIRECTOR AND DAVE STEWART WHO WAS THE CHAIRMAN OF THAT COMMITTEE.

60% IS THE TARGET BECAUSE THAT IS WHERE THE LOWEST WITH THE HOUSE VETERANS ARE.

BUT THOSE THAT NEED MORE HOME REPAIRS THE 80 OR 100 SO 60% IS THAT HOUSEHOLD THAT WE KNOW WE CAN GET WE FOR GET APPLICATIONS IN FOR SO 60% IS THAT LOW OF THE LOW SAY YOUR OLD MOBILE HOMES I KNOW OLD HOMES THAT HAVE BEEN IN THE AREA 40, 50 YEARS.

SO THAT'S THAT TARGET AREA THAT WE WANTED TO REACH OUT TO GROUPS AS FAR AS WHERE BUDGET IS WE HAVE AS WERE IN 2024 WE HAVE A LITTLE OVER 5 MILLION STILL IN THE POT SO WE'RE DOING OKAY. I GUESS WE HAVEN'T DONE ANY BIG PROJECTS YET SO THE BIG PROJECTS THAT HAVE GONE RFP REQUEST WAS FOR THERE'S PRIVATE HOME DEVELOPERS AND THERE WAS ONE MORE THAT WENT OUT HOME REPAIRS PRIVATE DEVELOPERS DID I CAN'T CALL IT THEIR ONE RIGHT NOW BUT THAT'S WHERE WE ARE WITH THE AND THEY HAVE RECEIVED THREE TIMES THE GREATER NEED FROM THOSE THREE RFP PROPOSALS THAT WENT OUT SO PEOPLE ARE JUMPING TO THOSE EXTRA FUNDS AND APPLYING FOR FUNDS SUCH AS WE ARE SO OVER COST AND DIFFERENT THINGS LIKE THAT SO ANY EXTRA FUNDS IS AVAILABLE OUT THERE THINK EVERYBODY'S REACHING AND GRABBING BECAUSE THE POTS HAVE JUST GONE DOWN. I KNOW YOU'VE ADDRESSED THE EOC HAS CLOSED HOME REPAIR FOR THE FISCAL YEAR BECAUSE THEY HAVE NO MORE FUNDS REACH OUT TO THE WELL AND RIGHT NOW THEY'RE JUST STAYING OPEN HILTON HEAD THEY CAN'T REACH OUT ANYWHERE ELSE JUST BECAUSE IT'S A BIG NEED A HOME REPAIR AND A DIFFERENT AVENUES OF RESOURCES AND THOSE ENTITIES THAT I JUST SPOKE OF , THEY ALSO HELP WITH UTILITY BILLS AS WELL THEY JUST DON'T DO OF REPAIRS.

THEY DO OTHER THINGS SO IT'S A NEED TO NEED AND I THINK WE'RE WE'RE DOING GREAT AS OPEN CHAMPION BEFORE WE MET BEFORE THE MEETING STARTED AND HAVE PARTNERED WITH LIKE I KEEP SAYING SAVE THE SHUTTERS SO I ASKED THEM ABOUT BIG HOUSES OVER TO SAVE THE SHUTTERS JUST UNTIL JULY AND THEY'RE NOT GOING TO DO ALL THE WORK BUT ONCE THE KIDS WILL BE ABLE TO JUMP FOR SIMPLICITY SHUTTERS PUT SOME OF THAT FINE DIDN'T SEE THE SHUTTERS DO THEIR PART AS WELL. SO THOSE APPLICATIONS THAT WE HAVE IN MIND AND OF OTHER ENTITIES UNTIL MY POCKETBOOK OPENS AGAIN SO ANY QUESTIONS ANY FURTHER QUESTIONS MR. MCGILL YOU WANTED TO KNOW WHAT THE AVERAGE COST WAS HOME REPAIRS AND I GOT A SMALL LITTLE NUMBER FOR THE ENGLAND BETWEEN 2023 WHICH IS OUR LAST FISCAL IN OUR CURRENT.

SO WHAT I DID WAS THE NUMBER OF HOMES AND IT LOOKS LIKE THE AVERAGE COST IS A LITTLE OVER 8000 WHAT WE'RE PUTTING INTO OUR HOMES AND THEN THAT THAT NUMBER OF COURSE INCREASES YOU KNOW SO THAT'S JUST THE AVERAGE BETWEEN 2023 AND OUR CURRENT FISCAL YEAR WHERE WE ARE RIGHT

[00:10:04]

I CAN LOOK AND SEE WHAT I DON'T BELIEVE. SO I'M ASKING BECAUSE IT IS THAT DIFFERENT. YES, BUT LOIS IS THAT THE LAWS THAT CAN HAVE THAT THEY CAN SERVICE THIS IS WHAT PEOPLE DESPERATE HOUSING TRUST FUND HAS PUT THEIR LOWEST IN YEAH THAT'S YEAH THAT'S WHAT THEY PUT THEIR LOW WAS DOING OKAY ALL RIGHT AND I HONESTLY BELIEVE BESIDES LUMPED IN IN HILTON HEAD IT MIGHT BE THE ONLY TWO MUNICIPALITIES THAT HAVE HOME REPAIR LIKE WHAT WE HAVE. SO YOU KNOW EVERYBODY ELSE HAS THOSE OTHER BUT ACTUALLY GOVERNMENT OUR TOWN I DON'T THINK THEY HAVE THEY HAVE ONE DO WE HAVE ONE QUESTION? DO YOU GIVE SOME OF THOSE FUNDS? OH YES. YES. SHANNON AND I SUBMITTED THAT THE LAST DAY WAS TO SUBMIT WAS MARCH 28 THAT WE GOT OURS IN MARCH 27 FEDERAL WE APPLIED FOR 150,000 THE MOST PEOPLE YES YEAH. AND I MEAN THE NOTE WE WILL GET THESE FUNDS SITTING ON MY DESK AND MADE IT UP. THE OTHER QUESTIONS JUST JUST CURIOSITY YOU DON'T HAVE TO DO ANY RESEARCH ON IT BUT ARE MOST OF OUR HOMES THAT WE'RE SERVICING THAT AVERAGE ABOUT 8000 ARE THOSE MOSTLY LOCAL HOMES.

OKAY HONORABLE HOMES? YES. I WAS CURIOUS ABOUT THE COASTAL COMMUNITY DEVELOPMENT CORPORATION AND ANIMAL RESEARCH STARTED IT I THINK IT'S COUNTYWIDE BUT I DIDN'T IT WAS ANYTHING THAT I HADN'T DONE ANY HOMEWORK WITH THAT GROUP YET BUT I WILL I'LL SEE WHAT WHAT THEY JONATHAN PETERS COUNTY ONE COASTAL COMMUNITY CORPORATION IT'S COUNTYWIDE REALLY. YEAH BUT THERE WAS LOTS OF MONEY AND THAT'S WHERE IT STARTED THAT'S WHERE IT STEMMED FROM AND THAT'S WHAT THEY'RE LOOKING TO YOU KNOW HELP BUT IT'S KIND OF LIKE DO THEY DOING REPAIRS OR ENJOYING I THINK IT'S GOING TO BE IMMEDIATE OR LIKE RETROFITTING. I DON'T I DON'T KNOW FOR SURE THAT'S WHY I WAS BRINGING IT UP WAS LIKE NO THAT'S A DIFFERENT ONE I TALKED TO BEFORE I DIDN'T TO SEE I THINK THEY'RE GETTING FUNDING IN SOME RECORDING IN PROGRESS OKAY SO WE ARE GOING TO IF ANY MORE QUESTIONS COMMENTS OKAY WE ARE GOING TO JUMP INTO OUR PRESENTATION. YOU SEE MISS TRACY THERE BECAUSE SHE'S FROM ARTS AND SHE JUST WANTED TO SURE WE WERE HAVING CONNECTIONS I DON'T SEE REPRESENTED OVER HERE ONCE I IT'S IT'S TRACY CAN YOU HEAR ME IN TERMS OF TWO THINKING OH AND WANT TO MAKE SURE THAT WE CONNECT THAT WE HAVE AUDIO YES OKAY THANK OKAY NOW WE'LL PROBABLY SEND OUT THAT INTERVIEW. OKAY THANK YOU.

ALL RIGHT. I'M NOT SURE IF YOU GUYS CAN THINK OF ANYTHING YOU LOOK INTO IT THAT SHE SENT US BEFORE THE COMMENT OF EUROS. OH YES.

I SAID THAT OUT YESTERDAY THAT ATTRIBUTE TO US SO I JUST WANTED YOU GUYS TO BE IN THE LOOP OR SENIOR STAFF YOU GUYS TO BE ABLE TO PUT THAT IN AGAIN.

[00:15:05]

I JUST REACHED OUT YOU TEXTED AT 1008 TO SEE IF WE WERE STILL GETTING ON BUT.

I DIDN'T WANT TO BREAK THEM INTO EARLY. I DIDN'T GET BACK ANY.

IT NEEDS TO IS BASED HEY NO SORRY. I DIDN'T WANT TO BRING YOU ON EARLY FOR THE OTHER DEPARTMENTS IN THE INFORMATION UP. THANK YOU.

HE IS BASED OUT OF NEW JERSEY BUT HE HANDLES THIS SOUTHERN SOUTHERN AREA, THE UNITED STATES. SO HE DOES COME HERE THIS AREA GIVEN 2 SECONDS AWKWARD SILENCE SILENCE. GOOD MORNING, MR. MORGAN. CAN YOU HEAR ME AGAIN? OKAY. WELCOME ABOARD. ARE YOU ARE YOU READY FOR US? YES, I'M READY. YEAH, I'M SORRY. LET ME SHARE MY SCREEN.

NO PROBLEM. ARE YOU ABLE TO SEE IT? NO, NOT YET IN THE MORNING, EVERYONE. GOOD MORNING BECAUSE I JUST GAVE YOU PERMISSION SO IT'S COMING OUT NOW. OKAY, TELL ME WHAT YOU CAN SEE. I APOLOGIZE.

WE'RE WE'RE USED TO WORKING OFF OF GOOGLE, NOT TEAMS. OKAY WE'RE GETTING THIS.

[VII.1. Bruce Morgan, Sr. Vice President of Development, The Michaels Organization]

I'M HERE WITH MY TEAMMATES YOU MEAN HANCOCK? WE'RE WITH THE MICHAELS ORGANIZATION WHICH IS BASED IN CAMDEN, NEW JERSEY ALTHOUGH MY OFFICE IS IN SARASOTA, FLORIDA AND JIMMY'S IS ON THE EAST COAST IN WEST PALM I OVERSEE THE MICHAELS DEVELOPMENT ACTIVITY IN THE SOUTHEAST WHICH INCLUDES THE SAME THE STATE OF SOUTH CAROLINA, GEORGIA, ALABAMA, TENNESSEE, ETC. WE REACHED OUT TO THE TOWN OF BLUFFTON BECAUSE ONE OF THE THINGS THAT WE'RE FOCUSED ON IS WHAT WE CALL ATTAINABLE HOUSING WHICH IS AFFORDABLE HOUSING FOR YOUR WORKFORCE. THE MICHAELS ORGANIZATION HAS BEEN IN BUSINESS FOR THE LAST 50 YEARS PRIVATELY HELD AND WE I JUST I'M SORRY AND WE GOT OUR START BY BUILDING TAX CREDIT HOUSING BUT WHAT WE FOUND WAS MORE AND MORE BECAUSE OF THE ECONOMY OF COVID THERE ARE A NUMBER OF AREAS PARTICULARLY RESORT AREAS OR AREAS OF CLOSE PROXIMITY WAS WORK AREAS WHICH HAVE EXPERIENCED INCREDIBLE PRICE INFLATION ON THEIR REAL ESTATE WHICH HAS HAD A REALLY POSITIVE IMPACT IF YOU BOUGHT A HOUSE OR HAS HAD A REAL NEGATIVE IMPACT ON THE WORKFORCE IT WAS A MORE DIFFICULT TIME BEING ABLE TO AFFORD TO LIVE WITHIN CLOSE PROXIMITY TO THEIR JOB. WE CALL THIS ATTAINABLE HOUSING.

IT'S TYPICALLY SOME OF THE POOREST NEIGHBORHOODS 80 TO 170% ABOVE AREA MEDIAN INCOME INCOME. SO WHAT CAN WE HELP YOU WITH WHAT WE FOUND WAS ONLY A

[00:20:04]

WE FINANCE THE PROJECT WITH TAX CREDITS AND SOME DEBT SO MAYBE A LITTLE BIT OF SOFT MONEY AND WE CAN BUILD FOR FOLKS MAKE UP PRETTY MUCH ENTRY LEVEL WAGES OR A LOWER WAGES BEFORE WORK OR WHAT HAPPENS TO THE THE POLICE OFFICER THE ADMINISTRATOR CAN'T AFFORD TO LIVE IN YOUR COMMUNITY SO. WE STARTED LOOKING AT A PROFORMA AND SAYING HOW CAN WE HELP AREAS THIS THIS SEGMENT OF THE WORKFORCE AND WHAT WE FOUND WAS IF TWO OF THREE THINGS HAPPENED WE CAN VOLUNTARILY RESTRICTED PROPERTY FOR THE FORESEEABLE FUTURE.

WHAT I MEAN BY FORESEEABLE FUTURE I MEAN FOR THE NEXT 30 TO 60 YEARS IF PROPERTY IS DONATED TO PROJECT AND OR A TAX ABATEMENT OR RELIEF IS PROVIDED WE FOUND THAT WE CAN FINANCE IN AREAS LIKE BLUFFTON AND IS BETWEEN 80 AND 120% OF AREA MEDIAN INCOME IN BLUFFTON THAT MEANS SOMEWHERE FOR A FAMILY OF FOUR IT MEANS THAT THE 80% LEVEL OF INCOME OF UP TO 73,400 WITH RENTS UP TO 1800 DOLLARS A MONTH GOING UP TO $110,000 FOR ANNUAL INCOME FRIENDS AND 20 $700 WELL THERE'S ONLY CERTAIN AREAS THOUGH THAT WE'RE LOOKING AT DOING THIS AREAS LIKE I SAID ,THAT HAVE BEEN IMPACTED BY A LOT OF PRICE APPRECIATION. A LOT OF THIS HAPPENED DURING COVID WHEN PEOPLE DECIDED THAT THEY COULD WORK REMOTELY, THEY NO LONGER HAD TO WORK IN THE COMMUNITY THAT THEY WERE THAT THEY KNEW OR HAD TO LIVE IN THE AREA WHERE THEY WORK.

SO THEY MOVED TO THE BEAUTIFUL OF BLUFFTON LIKE HILTON HAD LIKE THE AREAS OR JIMMY AND I LIVE WE HAVE A PROJECT ABOUT WEST NOW IN COLORADO SO UNFORTUNATELY YOU'RE BEING BURDENED BY THE BEAUTY OF YOUR AREA SO THEY ARE OF THE NORTH IS ONE OF THE AREAS OF LOOKING AT ALL THAT ALSO WE WERE RECENTLY SELECTED THE WALT DISNEY COMPANY TO HELP THEM BECAUSE THEY'RE ENDURING BY THE SAME PROBLEM WALT DISNEY IS BASED ON THAT THE TYPICAL MANAGER WORKS EITHER WITH DISNEY OR FOR DISNEY MAKES ABOUT $90,000 A YEAR WE CAN NO LONGER AFFORD LIVE ANYWHERE NEAR THE DISNEY CAMPUS SO THE WHOLE DISNEY COMPANY PUT OUT AN RFP TWO YEARS AGO AND SELECTED LOCAL ORGANIZATION TO WORK WITH THEM TO BUILD ON AN 80 ACRE PIECE OF PROPERTY THAT THEY DONATED TO US FOR US TO BUILD 1200 UNITS FOR THEIR WORKFORCE AND THAT'S GOING ON RIGHT NOW IN CAMDEN, NEW JERSEY. WE'RE WORKING WITH A LOCAL CARE SYSTEM WHICH IS HAVING THE SAME PROBLEMS. WE'RE WORKING IN STEAMBOAT SPRINGS, COLORADO THE AVERAGE FLY IN STEAMBOAT IS NOW ABOUT $900,000 WITHOUT A HOUSE WITH A HOUSE IT'S OVER $2 MILLION. THERE IS NO PLACE I DON'T LIVE IN STEAMBOAT THE NEXT AREA TO LIVE FOR THE WORKFORCE IS 30 MILES AWAY. THAT'S A SMALL LITTLE TOWN SO HAPPENING IS THE WORKFORCE IF YOU LIVE IN THIS IF YOU WORK IN THIS COMMUNITY YOU'RE DRIVING SOMEWHERE 40 MINUTES TO AN HOUR EVERY DAY EACH WAY TO GET TO WORK BECAUSE THERE'S SIMPLY NOWHERE FOR YOU TO LIVE IN THE COMMUNITY. IT'S JUST BECOME TOO EXPENSIVE.

SO WE'RE WITH THE NAPA VALLEY HOUSING AUTHORITY IN STEAMBOAT TO BUILT 22 OTHER UNITS OF WORKFORCE HELP SOLVE THAT PROBLEM IN ATLANTA WORKING AT THE CIVIC CENTER PROJECT TO BUILD WORKFORCE SO WHO'S MICHAEL'S AS I STARTED THE CONVERSATION HAS BEEN BUILDING AFFORDABLE HOUSING WHAT WE SAID TODAY HOUSING AFFORDABLE HOUSING BUT ALSO THE MARKET RATE OF HOUSING, MILITARY HOUSING AND SIMPLY MARKET RATE BASICALLY ANY MULTIFAMILY PRODUCT BEEN BUILDING FOR THE LAST 50 YEARS. WE'RE IN 39 STATES.

[00:25:05]

MICHAEL SET ASIDE A SCHOLARSHIP FUND FOR OUR RESIDENTS. WE'VE GIVEN OUT TODAY OVER $11 BILLION I'M SORRY $14 MILLION OF SCHOLARSHIP MONEYS TO OUR RESIDENTS.

THEY CAN USE THAT MONEY TO ATTEND TO OR YOUR COLLEGE OR TRADE SCHOOL EVERY SO WE SERVE THOUSANDS BACKPACKS WHICH WE GIVE TO THE CHILDREN WHO LIVE IN OUR COMMUNITY.

OUR RESIDENTS AND OUR COMMUNITIES ARE REALLY IMPORTANT FOR US.

WE PARTNER WITH TOWNS LIKE BLUFFTON AND WE LOOK AT THE HORIZON AS BEING THE VERY LONG TERM. WE'RE GOING TO HOPEFULLY WORK WITH YOU ALL TO HELP SOLVE THE PROBLEM IN YOUR COMMUNITY AND BE THERE FOR A VERY LONG TIME AND THAT'S OUR PRESENTATION.

JIMMY AND I WE COVER THE SOUTH CAROLINA AND GEORGIA CAROLINAS .

WE LOVE THAT YOU WILL MEET THE AFFORDABLE HOUSING WORKFORCE HOUSING NEEDS IN BLUFFTON AND IF YOU HAVE ANY QUESTIONS WE'D BE HAPPY TO ANSWER THEM. ALL RIGHT.

THANK YOU, BRUCE. WE ARE NOW PASS IT TO THE COMMITTEE AND YOU GUYS HAVE ANY QUESTIONS YOU, HAVE ANYTHING? THE FIRST THING I WAS GOING TO ASK YOU ARE ALL OF YOUR COMMUNITIES RENTAL COMMUNITY? YES, THERE ARE SOMETIMES FOR SALE COMPONENTS BUT MICHAEL'S IS NOT FOR SALE DEVELOPER STORE WE WOULD DO IF WE HAD A FOR SALE ELEMENT WITHIN THE COMMUNITY GROUP. THAT'S A PERFECT EXAMPLE. 60% OF THE 2200 UNITS WILL BE RENTAL AND 40% WILL BE FOR SALE AND WE'LL BE PARTNERING WITH A FOR SALE BUILDER WHO WILL BE BUILDING AND DELIVERING THE OF AFFORDABLE FOR SALE EVEN AS THERE ARE GOING TO BE THE PRICES BE SUBSIDIZED SO THEY WILL BE AFFORDABLE TO THE WORKFORCE BUT WE DO NOT.

IS THAT SO? THANK YOU BRUCE. WHEN YOU DO THIS KIND OF ARE YOU PARTNERING WITH THE CITY? IN OTHER WORDS, IS THE CITY PROVIDING TO YOU TAX ABATEMENTS TO YOU MEANING YOUR COMPANY SO EVERY DEAL'S A LITTLE DIFFERENT SOMETIMES WE PARTNER WITH THE CITY, SOMETIMES WE PARTNER WITH IT, SOMETIMES WE PARTNER WITH A LAND TRUST CORPORATION BUT IN ORDER TO GET THE ECONOMICS TO WORK WE TYPICALLY HAVE TO WORK VERY CLOSELY WITH THE MUNICIPALITY THAT WE'RE WORKING WITH THEM AND TO GET IT TO WORK.

LIKE I SAID THREE THINGS I THINK THERE ARE TWO THINGS NEED TO HAPPEN ALL THREE THE FIRST THING ACTUALLY HAS TO HAPPEN WITH THE LAND AS WE IT TO THE DEAL IT CAN BE DONE AT ALL LEVELS AND THAT'S ACTUALLY WHAT WE WOULD PREFER IF THE CITY OWNS THE IF A NONPROFIT OWNS THE LAND. BUT EITHER WAY WE WOULD ENTER INTO A LONG TERM LEASE FOR A NOMINAL AMOUNT OF BUT THE PROPERTY THE COST OF THE PROPERTY IS TYPICALLY WHAT IS APPRECIATED TO THE POINT WHICH HAS CAUSED THE PROBLEM ON THE MARKET TO NO LONGER BUILD WORKFORCE HOUSING BECAUSE THE LAND IS TOO EXPENSIVE SO THE LAND HAS TO BE DONATED IN THE FORM OF A LAND IS THAT ONE OF TWO THINGS ALSO HAVE TO HAPPEN EITHER A LONG TERM TAX ABATEMENT OR A MUNICIPAL CONTRIBUTION FOR INFRASTRUCTURE .

OKAY. AND AS A RESULT YOU AND YOUR COMPANY MICHAEL'S ORGANIZATION RETAINS OWNERSHIP OF THAT PROPERTY THAT CURRENT YES YOU THE IF THE CITY OWNS THE PROPERTY AND THE CITY WOULD MAINTAIN OWNERSHIP OF THE PROPERTY THE PARTNERSHIP WE WILL SET UP A SINGLE ENTITY PARTNERSHIP WHICH WILL OWN THE IMPROVEMENTS WHICH ARE ON THE PROPERTY OKAY AND THEIR ORGANIZATION AND THEN MANAGES THE DEVELOPMENT AFTER CORRECT WE WILL WE WILL TAKE ALL THE RISK TO DELIVER TO RAISE THE MONEY TO DELIVER THE UNITS AND THEN WE WILL MANAGE THE PROPERTY WELL INTO THE FUTURE AS WELL.

OKAY. WHEN YOU TALK ABOUT RAISING THE MONEY TO THE AMOUNT THAT PROMISES A LITTLE BIT BUT RAISING THE MONEY IS TYPICALLY THESE PROJECTS CAN BE FINANCED TRADITIONALLY WITH DEBT AND EQUITY THERE IS NO THERE WILL BE NO TAX CREDITS TYPICALLY

[00:30:07]

SO WE COULD IF THE TOWN IS FINDING THAT THE WORKFORCE FALLS IN THE LOWER CATEGORIES JUST 60% OR BELOW WE COULD DO A TAX CREDIT PROJECT. WE COULD ALSO GO UP TO 80% AND DO INCOME AVERAGING BUT THEN YOU WOULD HAVE TO HAVE THE OFFSET OF THE LOWER INCOME UNITS. SO YOU YOU CAME IN ON AVERAGE BELOW PERCENT A-MINUS OR IF THE TOWN FEELS THAT THE NEED IS MORE DIVERSE WE COULD DO SOME HIGHER INCOME BANDS TO OFFSET THE LOWER THE TYPICAL PROJECT NEEDS TO BE SOMEWHERE NORTH OF 175 TO 200 UNITS SO YOU CAN'T DO 9% TAX CREDIT PROJECT IS THAT LARGE YOU'LL NEVER GET TAX CREDITS SO IF YOU WERE DO A PROJECT LIKE THAT WE WOULD WE WOULD TYPICALLY FINANCE TRADITIONALLY WITHOUT TAX CREDITS AND THAT'S WHY YOU HAVE TO HAVE THE HIGHER INCOME BANDS SUBSIDIZE THE LOWER INCOME BANDS AND I THINK YOU ANSWERED A LOT OF MY QUESTIONS TO JUST WONDERING LIKE WHAT WHAT ALL IS NEEDED TO GET STARTED AND ARE THINKING 175 UNITS IT SOUNDS LIKE A BIG PARCEL OF LAND DURING YOUR WORK STUDY. DO YOU GUYS ALSO IDENTIFY POTENTIAL AREAS? SO WE HAVEN'T WE HAVEN'T DONE A MARKET STUDY YET DO KNOW THAT AND WE SPOKE WHEN I WAS IN BLUFFTON TWO OR THREE WEEKS AGO I KNOW THE DEMAND WE DID WE THE NEXT STEP WOULD BE IF THIS IS SOMETHING THAT THE TOWN WOULD BE INTERESTED IN THE FIRST THING WE'D LIKE TO LOOK AT IS THOSE THE TOWNS HAVE ANY OF OWN PROPERTY THEY COULD PUT INTO THE PROJECT IF THE ANSWER IS NO WE CAN CERTAINLY LOOK THROUGH A BROKER NETWORK OF WHAT'S AVAILABLE IN TOWN.

LIKE I SAID IF IT WERE FOR A TRUE ATTAINABLE SLASH WORKFORCE HOUSING YOUR DEAL NEEDS TO

[00:35:01]

YOU'RE TALKING ABOUT SCATTERED SITES AND WE'RE TALKING ABOUT MAYBE THREE SITES THAT ARE IN RELATIVELY CLOSE PROXIMITY TO ONE ANOTHER WE CAN CERTAINLY LOOK AT THAT ONCE CLOSE PROXIMITY IT SEEMS TO ME. WHAT WHAT WOULD YOU CONSIDER CLOSE PROXIMITY TO EACH OTHER? IT'S KIND OF LIKE ONE OF THOSE SITUATIONS, YOU KNOW, WOULD JUST SEE IT I'D HAVE TO LOOK AT IT. IT CAN'T BE MILES APART. THAT MIGHT BE OUR OUR PROBLEM IS THANK YOU THIS WE WANT TO THANK YOU FOR YOUR PRESENTATION WITH I HAVE NO QUESTION YOU'VE ANSWERED ALL THE QUESTIONS THAT I MAY STUMBLED ON BUT WE WILL GET BACK TO YOU AND SEE WE MAY BE THE NEXT STEP IS THE NEXT STEP BUT YOUR PRESENTATION WAS WELL RECEIVED.

WE THANK YOU FOR YOUR TIME WELL THANK YOU VERY MUCH FOR HAVING US IF YOU HAVE MORE QUESTIONS I MEAN YOUR AREA QUITE FREQUENTLY I'D LOVE TO STOP BY AND MEET YOU ALL IN PERSON.

I KNOW I WAS THERE ONCE AND IT WAS GREAT TO COME PUT IT IN WITH A FACE SO LET US KNOW WHAT YOUR NEEDS ARE. THANK YOU FOR. TAKING THE TIME AND LISTENING AND WE'D LOVE TO HELP WRITE. THANK YOU BRUCE. THANK YOU FOR TAKING YOUR TIME.

I'M SORRY I'M A LITTLE LATE. WE HAD TO DO SOME IN-HOUSE STUFF FIRST SO YOU'VE GOT YOUR TIME AND WE'LL GET BACK WITH YOU. THANK YOU.

AGREE WITH THAT THAT ALL RIGHT. THAT PRODUCTIVE IT'S INTERESTING THAT INFORMATION THERE IS THERE A WAY COULD YOU GET US A COPY OF THAT PRESENTATION? SURE AGAIN SURE. NO, NO. THAT'S I HAVE FOR YOU GUYS TODAY. DO YOU GUYS HAVE ANY GIVE ME A LOT OF HOMEWORK.

I MEAN LAST TIME I DID THAT KIND OF SIT DOWN EMAILS TO ANSWER OF THOSE QUESTIONS, IT BROUGHT SOME BACK TO YOU TODAY. SO ANYTHING ELSE YOU WANT ME TO WORK ON? I WILL LOOK INTO THE SEE THE EASY I WILL LOOK INTO THAT BUT I KNOW A COUPLE OF PEOPLE THAT LAWYERS ARE INTERESTED IN AND SEE WHAT THEIR OVERALL GOALS BUT THAT'S ALL I HAVE SO I HAVE SOMETHING WE CALL THEM SHANNON DIDN'T MAKE IT TO THE PARTY GOT MIXED UP WITH THEM TO GIVE US AN UPDATE THAT FIRST OF ALL THE USDA THE GOVERNMENT IS ALMOST OUT OF MONEY WE GOT AN APPROPRIATION ABOUT I THINK BASED ON BUDGET MAYBE A MONTH AND SO WE'VE I'VE BEEN TALKING TO OUR LOAN SPECIALIST AND SHE SAID WE'RE RUNNING FOR OUR LIVES RIGHT NOW BECAUSE WE'RE SHARING THE MONEY WITH YOU KNOW USDA OFFICES ACROSS THE COUNTRY AND.

SO SHANNON IS IN THE HUNT BUT WE HAD TO PROVIDE ESTIMATES. WE HAD TO PROVIDE ALL OF HER DOCUMENTATION AGAIN SHE HAD TO BE RE QUALIFIED BECAUSE FOUR MONTHS HAD GONE.

SO IT'S IT'S A LIKE I SAY IT'S A RACE FOR OUR LIVES. I'M SURPRISED SHE WASN'T HERE TODAY. MAYBE SHE'S JUST I KNOW SHE'S WORKING HARD SO WE JUST NEED YOUR PRAYERS BECAUSE RIGHT NOW THEY'RE TRYING TO GET AND I CALLED THIS MORNING TO SEE IF WE WERE ON THE LIST FOR THE APPRAISAL ONCE WE GET THE APPRAISAL THEN AGAIN WE'RE STILL RUNNING SO HER CLOSING DATE WAS SUPPOSED TO BE APRIL 30TH.

OUR ADVISORS SAID IT'S NOT GOING TO HAPPEN APRIL 30TH BUT IT MAY HAPPEN MAY ONCE WE GET

[00:40:07]

I JUST WANT TO GIVE YOU AN UPDATE ON THAT LIKE I WE NEED YOUR PRAYERS BECAUSE I SAW SHANNON ACTUALLY IN THE PARKING LOT OF THE POST OFFICE A COUPLE OF DAYS AGO.

I AND SHE SAID SHE'S FRUSTRATED AT THE BUREAUCRACY BUT SHE LOVES THE HOUSE AND SHE'S LIVING THERE UNDER A RENTAL AGREEMENT. SO GOOD A OKAY.

WELL THANK YOU ALL FOR YOUR TIME IN THE MORNING. I DO THINK YOU WERE AT THE NEXT MEETING MAY BASICALLY TWO WEEKS FROM NOW GOT GREAT DAY. THANK YOU.

THANK YOU. BE CAREFUL OUT T

* This transcript was compiled from uncorrected Closed Captioning.