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Home My WebLink About05/22/2002AGENDA CITY OF WHEAT RIDGE HOUSING AUTHORITY Wednesday, Maq 22, 2002 7:00 p.m. Notice is hereby given of the Public Meetin¢ to be held by the City of Wheat Ridge Housing Authority on May 22. 2002, at 7:00 p.m., in the lobby conference room of the Municipal Building at 7500 West 29th Avenue, Wheat Ridge, Colorado, has been canceled. z_ The next regular meeting by the Wheat Ridge Housing Authority is scheduled for Wednesday, June 26, 2002. City of Wheat Ridge Planning and Development Deparhnent Memorandum TO: Wheat Ridge Housing Authority FROM: Kathy Field, Planning Secretary SUBJECT: Meeting Cancellation DATE: May 17, 2002 The Housing Authority meeting scheduled for May 22, 2002, has been canceled. Your next regulaz meeting is June 26, 2002. Enclosed aze the following for your information 1. An update from Larry Nelson with Comerstone Realty on the sale of units at 3747 Quail 2. An update from Henry Wehrdt with JCHA on the status of construction at 3747 Quail 3. An update on the Wheat Ridge Housing Authority's budget vs. expenditures for 2002 4. Announcement regazding a Housing Summit scheduled for June 3, 2002 cc: Alan White, Director of Planning & Development Alan Feinstein, Jefferson County Housing Authority Larry Nelson & Betty Maybin, Cornerstone Realty David Firmin, Attorney Jerry Dahl, City Attorney Randy Young, Director of Administrative Services Jim Bills, Vectra Bank CARaNy\Elousing Autlioriry\cmrespondence\ntgcanceled3.wpd To: "Kathy Field" <kathyf@city.ci.wheatridge.co.us> Subject: Quail Square Marketing Update Current sales status/Quail Square Condominiums Units Under Contract 3763 Units Reserved 3747 - pending bank evaluation of application 3761 - pending credit review by bank 3791 - pending bank evaluation of application Inquiries 4/1 - 5/16 27 Applications Processed 4/1 - 5/16 10 Applications Rejected - 7 Insufficient Income - 5 Employment Stability - 1 Credit/Bankruptcy - 1 Comments: All six tenants who submitted applications failed to qualify and have moved out, with one exception and they are moving shortly. We are finalizing the HOA budget and project documentation which wili permit FHLMC approval of the project. !st Bank has agreed to originate 7 loans and U.S. Bank approvai should be received next week. We are arranging to have a master appraisal completed which will establish value for equity sharing purposes. Once the model is completed, we plan to hold open houses on weekends and anticipate substantial increased activiry. The buyer of 3763 is willing to rent her unit once we have a certificate of occupancy if we are not able to commence closing at that time. ~ o sns 3781 3783 > ~ ~ a ~ ~ ~ M M ~ M ~ ~ ~ 3787 3771 0 o ~ S a„ L 3783 = e 0 3767 „ ~ V a o°°, cr 3781 ~ M ~ C a ~ 3763 u U s 377s 3 ~ ~ m ~ ~ 0 M M M ~ M ~ m ~ ~ CORNERSTONE REALTY, INC. 9150 WEST JEWELL AVENUE SUITE #7 LAKEWOOD, COLORADO 80232 QUAIL SQUARE TOWNHOME CONDOS A Quality Deve[opment ojtke Wheat Ridge Housixg Authority O~ Now Available for Purchase 4 . 14 Renovated 2 Story Townhomes f'Le~s ~ . 2 Large Bedrooms `'~ih ~sj~ ~e L • Full and Half Baths in Each Unit ereL ii~ir Per p s . Private Fenced Patios - Front and Rear ~.r J . 2nd Floor Balcony off Master Bedroom • Storage Units . All New Vinyl Double Pane Windows . New Carpeting and V'myl . New Kitchens . New Baths . New Window Coverings Included . Two Parldng Spaces for eac6 Unit . Down Payment Assistance Available to Moderate Income Buyers . All Kitchen Appliances Included v Fireplaces . Air Conditioning . Completion Summer, 2002 . Attractive Financing Available . Approximately 1000 Square Feet Pick your home now! • O,(joed Price is Nd-Brokos pleaie add Cammusion Contact Betty Maybin or Larry Nelson for additional informafion. 303-987-8812 Fax (303) 987-1434 ^ A Division of Cornerstone Financial & ~ Phone (303) 987-88I2 U Real Estate Corporation pE^ ra~ CORNERSTONE REALTY, INC. _ 9150 WEST JEWELL AVENUE SUITE #7 LAKEWOOD, COLORADO 80232 Re: Wheat Ridge Housing Authority 3747-97 Quail St. Condominium Development -"Quail Squaze" To: Potential Buyers Thank you for yow inquiry regarding the condominium units to be offered for sale ai the above location. Comerstone Realty, Inc. is the broker for Wheat Ridge Housing Authority and will handle marketing of this development. The Authority was formed to promote homeownership opportunities in the Ciry of Wheat Ridge. The Wheat Ridge Housing Authority has recently acquired the property and all of the units will be renovated and converted to wndominiums and sold to income eligible owner occupant purchasers meeting certain criteria. Income must be under the following gross annual income limiu: 1 Person Household $38,100 2 Person Household $43,500 3 Person Household $48,950 4 Person Household $54,400 5 Person Household $58,750 6 Person Household $63,100 In addition to meeting the income limits, buyers will need to qualify for a moRgage loan. Based on the underwriting standards used by the lenders working with this development, income should generally be at a minimum, $30,000 and there should be a iatio of total debt, including the mortgage payment, taxes and Homeowners Dues not exceeding 40% of gross income monthly. If you feel that you are eligible and would qualify, an appGcation form is enclosed. FHA Insured financing is not available. Please retum this document to us by falc or mail and we will determine your eligibility/qualification. Exterior improvements will include creation of a private fenced and gated patio in the front of each unit, incorporating a storage area, concrete and an area tbat can be landscaped. The courtyazd side will also feature a stucco divider wall between units with a garden wall open to the courtyard. There will be pazking improvemeirts, walkways and roofing. All units will receive new vinyl double pane windows, a new &ont door with sidelights, sliding patio doors, interiors will be painted, including doors and trim and new floor coverings installed. All units will have new kitchen and bath cabinetry, countertops, kitchen and bath sinks & fixtures, shower/tub fixtures, stoves, fan/hood/lights, dishwashers and refrigerators. Unit prices aze $132,700.00. Down payment assistance is available. The buyer must have a minimum of $1000 toward downpayment and montkily payments aze anticipated to be less than $1000 including taxes and monthly homeowners association dues. Since these units are being sold below mazket, t6ere will be restrictions on equity gain during the first 5 years of ownership. Sincerely, Larry Nelson Betty Maybin Fax (303) 987-1434 ^ A Division of Cornerstone Financial & ~ Phone (303) 987-8812 u Real Estate Corporation qE ra Quail Square Wheas Ridge Colorado, JeHerwa Couat3' Optiwa A Kltehen Cabinsts B Counlsr Tops C Buthroom Vanity, Cnbinets D Kitehcn Sfnk Hand Fixtures E Bath Sinka and Fixtures F Vanity Cabinst cnd Light 6 ShoNSr/Tub Ffxturos N Applionus 1 Stovs 2 Rnngs Hood 3 Dishwasher 4 Refrfgcrator FINsMcs I Painting J Carpsting K Shsat Vinyl Main Floor Plan ' DESIGN GROi1P INC. 1 wicwrar~ r ew+n~~ i caw.wmna.w.oaen wnc wswr.r~ ru wrrm Mx~: ww~0~.~ _ Quail Square whea: niage coioraaa aeUVrwn cow.lty WiN •A' n) 303D 00 O DOG 2 RsY ON OOOrtT ~ e, eow ufaa mee s:-row y~ t ~ N bQ~ or eose s=n* OOR Mm+ w D p)eoeo Second Floor Plan 4i DESIGI M~YN4~ 11P1 iMlil C ~ GROOP INC. ~._..._m_ Quail Square Condominiums Application Form House6old Information Date: Borrower: Name: Age: SSN: Current Address: City: State Zip: Years at this address: Home Phone: Work Phone: Marital Status: No. of Dependents: Previous Address (if less than two years at current address) Co-Borrower: Name: Age: SSN: Current Address: City: State Zip: Years at this address: Home Phone: Work Phone: Marital Status: No. of Dependents: Previous Address (if less than two yeazs at current address) Please list all other persons who will be living in the household: Name Sex Age Relationship to Borrowers Employment/income Borrower: Monthly Income (Gross): Date of Hire: OvertimeBonus/Commissions (Gross per month): Previous Employer (if less than 2 years on current job: Address: City/State/Zip: Monthly Income (Gross): Date of Hire: Employer: rosinon: Address: City/StatelZip: Monthly Income (Gross): Date of Hire: Overtime/Bonus/Commissions (Gross per month): Previous Employer (if less than 2 years on current job: Address: City/State/Zip: Monthly Income (Gross): Date of Hire: P[ease return this jorm tn Cornerslone Redty, Inc 9150 W. lenel! Ave. #7 Lakewood, CO 80232 PAone 303-987-8812 Faz 303-987-7434 Quail Square Coudominiums AppGcation Form Page 2 Any other income from Borrower(s): (Inclucing SSI, AFDC, Child SuppoR, etc.) Source: Amount: Source: Amount: Will other household member(s) be contributing to household income? Yes_ No_ Name: ASe: Source ofIncome: Income Amount (Mo.): Financial Information Please list ALL current debts and other ldnds of financial obligations (car payments, credit cazds, child support, alimony, student loans etc.) Creditor Mo. Pymt. Acct. No. Balance Have you ever attended Consumer Credit Counseling7 Yes_ No When? Did you gaduate? Yes_ No_ Have you attended Homeownership workshops through any agencies? Yes_ No. If yes, when and where: Has the borrower/co-borrower any outstanding judgments? Yes_ No_ Has the bonower/co-borrower ever declazed bankruptcy? Yes_ No_ What type of bankruptcy? Date of discharge: Has the borrower/co-borrower had a property foreclosed? Yes_ No_ If so date & description: Assest Information Checking Account Institution: Account # Balance: Savings Account Account # Other Account Account # Do you have any other sources of down payment and closing costs? Description Amount Borrower Signature Co-borrower Signature May 17, 2002 Meri10r'di1dU.t11 To: Wheat Ridge Housin Authority Board From: Henry Wehrd Date: 05/17/02 Re: Progress report The following is the progress update by contract as of 5/16/02 Contract #1 Exterior Improvements - All demising posts are set, exterior walks formed and ready for pour, foundations excavated for storage areas and stem walls ready to pour, starting to pour front patio areas. He may make the 2%z% incentive but has already missed the 5% date. Projected changes are from stucco dividing walls changed to textured hardboard and fireproofing the trash enclosure. Estimate that 25% is completed. Contract #2 Exterior paint 90% completed with trim remaining to done. Color change is better suited to the area. Contract #3 Windows/doors All but two units of windows installed, all rear door completed, all upper patio doors are installed with six front entry doors and sidelites remain to be done. Upper small windows still need glass exchanged for tempered glass. Estimate that 85% complete. Contract #4 Roofing is complete Contract #5 Interior improvements, The five units that were the original vacancies are completed. They seem to be a very nice product. I have yet to replace the AC units but am exploring costs and availability of product. The contractor met the 5% incentive requirement and it amounted to $2,500.00. Cabinets ordered for the remaining ten units, old ones are being removed, interior paint to start on the remaining nine units the third week oF this month. Miscellaneous One very difficult tenant vacated after making his complaints heard, one remains that will receive assistance once their CBI reports are received. I am attaching a spreadsheet detailing costs that will hopefuliy be correct through the end of the conshuction process. 12 BID ANALYSIS: BID OPENING DATE: FEBRUARY 19th, 2002 PROJECT: CONDOMINIUM CONVERSION OF LORRAINE SQUARE APARTMENTS 3747 - 3797 QUAIL STREET - WHEAT RIDGE, COLORADO BASETOTAL OPTION #t OPTION 02 TOTAL OPTIONS TOTAL INCENTIVE CHANGEORDERS PROJECTED C/O' ADJUSTED TOTAL TOTAL PAID OUT BALANCE PROJECT PROJECT PROJECT PROJECT PROJECT TOTALS TOTALS #1 #2 #3 M4 #5 PER UNIT 97,882.00 11,420.00 41,700.00 23,700.00 62,158.00 236,860.00 16,918.57 - 504.00 7,700.00 - 5,661.00 13,865.00 990.36 - 800.00 800.00 57.14 - 504.00 7,700.00 - 6,461.00 14,665.00 1,047.50 97,882.00 11,924.00 49,400.00 23,700.00 68,679.00 251,525.00 77,966.07 2,447.00 2,500.00 885.00 (4,200.00) 236.80 23,763.00 20,684.80 4,000.00 2,400.00 71,330.00 77,730.00 104,329.00 12,809.00 47,600.00 23,936.80 166,212.00 349,939.80 24,995.70 10,059.00 40,608.76 23,934.80 68,117.80 142,720.36 10,194.31 704,329.00 2,750.00 6,99124 2.00 98,094.20 212,166.44 15,154.75 'PROJECTED C/O COULD VARY DEPENDING UPON UNIT CONDITION TOTAL TOTAL PROJEi PLUS CONTIN( PROJECT C08 CONTINGENCY FUND TO COVER REPAIRS NOT CALLED OUT IN ANY OF THE CONTRACTS ABOVE BOILER BOILEF FIREPLACE AIR ITEMS PAID MAIL BOXES SOD TOTALS M1 #2 CLEANING/ CONDITIONERS BY JCHA CCI BLUE SKY REPAIR REIMB.BYWHA 8,231.00 3,125.00 630.00 7,000.00 264.13 90.00 1,757.78 680.00 13,988.78 240.00 22,309.78 4,282.78 1,550.00 7,000.00 264.73 - - 35,406.09 ;T COST 349,939.80 3ENCY FUND EXPENSES 35,406.09 T PLUS CONTINGENCY 385,345.89 CONTINGENCY FUND AMOUNT 40,000.00 REMAINING 4,593.91 TOTAL FUNDS COMMITTED 385,345.89 CDBG ALLOCATED FUNDS (43,785.00) TOTAL PROJECT EXPENSE 341,560.89 PER UNIT COST 24,397.21 Does not included professional fees paid by Wheat Ridge Housing Authority, exclusive of construction costs. 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Chaput. O.F.M. Cap Archbishop of Denver Member Denominations Of the Colorado Council of Churches Rocky Mountain Rabbinical Council Keynote Speakers: Sr. Lillian Murphy Executive Director, Mercy Housing & Rev. Jim Wallis, Sojourners and Call to Renewal Save the Date Additional information can be secured from Jacqueline Hahn 303-404-2285 E-mail: JackiePoorHahn@aot.com Or send $25 registration fee with your name and address to: Housing Justice! 13421 Antlers Street Broomfield Co. 80020 HOUSING JUSTICE SUMMIT June 3rd, 2002 8:00 ConNnental Breakfast 8:30 Welcome: Rabbi Joel Schwartzman 8:45 Ceremonial Document Signing: Call to action! - Presentatiou of Document and Signatories - Signing by Religious Leaders - Prayer offering 910 - 9:30 Sister Lillian: "A charge to Housing Justice." 9:30 -10:00 Challenge to the Faithful - Stats and Facts about Affordable Housing: Berkelep Rich 10:00 - 10:15 Coffee Break & Visit Exhibits: 10:15 -12:15 Morning Presentations: Video -25 minutes NIMBY -15 minutes - Ken Hoagland Understanding Tabor -20 minutes - Carol Hedges Housing Trust -15 minutes - John Kefalas Panel discussion and questions 12:15 GaWer for Lunch in Cafeteria: 12:30 Keynote Address: Rev Jim Wa[[is "Role of the Faith Community in Social Justice" Faith Works 1:30 - 2:00 Break & visit exhibits 2:00 - 3:15 Workshops: Faith Cortununity Organizing, the nuts and bolts: Rev. Jim Wal[is Community Directed Housing Development: Blake Chambliss Housing Justice Educational Curriculum: Rev. Larry Grimm Housing aud Urban Development (HUD) Faith-Based Initiative: Cheryl App[ine, Faith Based office, Washington D.C. 3:15 - 3:30 Break (one last shot at exhibits) 3:30 - 4:30 Gather by Geographical Location: Participate in a facilitated "Networking for acflon" exercise: 4:30 End of Program and adjournment: InvitaGon to attend Book Signing: