OFFICIAL - East Village

[kboish]

Fang, I'm not as familiar with NIBP, but I believe those are for home mortgages so they would not apply to the east village. From what I understand east village will be all rental to start. If they do have a portion that will be sold, then I guess that would be one way to help finance a portion of the project. but again, i don't think that is what swope had initially planned for the EV. could be wrong though

[FangKC]

Kboish, my understanding is that NIBP is two-fold in that it provides guarantees for mortgages for low- and middle-income buyers, but there is also funding through bond sales of 40-year, low interest mortgages to developers for building new low- and middle-income rental housing units.

Maryland Department of Housing and Community Development (DHCD) Secretary Raymond A. Skinner announced that the Department closed financing on four affordable rental housing projects funded by low-interest loans under the federal New Issue Bond Program (NIBP). Funded by tax-exempt bonds, NIBP will provide $31,900,000 in financing to preserve 495 affordable rental units in Calvert, Charles, Howard, and St. Mary’s Counties. These projects are the first in Maryland funded through NIBP, which will provide a total of approximately $90 million through three bond issuances in 2010.

The New Issue Bond Program was designed by the Obama Administration to help state and local housing finance agencies like DHCD maintain the viability of lending programs by allowing these agencies to issue long-term debt that is purchased by the United States Treasury. The program also supports low mortgage rates to expand resources for low- to moderate-income families to own or rent homes that are affordable and sustainable. DHCD partnered with Fannie Mae, Freddie Mac, and the U.S. Treasury to implement the program in Maryland.

“President Obama understands the positive impact of housing development and the important role it can play in spurring economic recovery and growth,” said Governor Martin O’Malley. “These projects will create construction jobs that will help local economies while increasing the supply of safe, decent, affordable housing for Marylanders.”

Loan terms under the program are 40 years, plus an interest-only period of up to 24 months for new construction or substantial rehabilitation projects. DHCD also will provide a fixed interest rate in the mid-4% range for New Issue Bond Program rental housing loans. Program funding can be combined with other DHCD resources, including Rental Housing Funds, the federal Low-Income Housing Tax Credit, the multifamily version of Maryland Housing Rehabilitation Program, and the Maryland Energy Efficiency and Housing Affordability program. The eligibility and requirements for DHCD’s Multifamily Bond Program apply to the New Issue Bond Program because it is funded through tax-exempt bonds.

http://mdhousing.org/website/About/Publ ... newsID=285

NEW YORK, NY, June 9th, 2011– The New York City Housing Development Corporation (HDC) Board of Directors today approved $461.18 million in tax-exempt Multi-Family Housing Revenue Bonds, 2011 Series D, E, F, G and H; as well as the fourth release of the Corporation’s Multi-Family Housing Revenue Bonds (Federal New Issue Bond Program - NIBP), 2009 Series 1-4 and 2009 Series 2-4, in an amount not expected to exceed $49.5 million. The NIBP was released in conjunction with the United States Department of Treasury, Fannie Mae and Freddie Mac. After this NIBP roll out, HDC will have approximately $225.25 million in additional NIBP bonds to release during the remainder of 2011.

The Board authorized $28 million of the 2011 Series D Bonds proceeds and $34.81 million of the 2009 Series 1-4 Bonds. A portion of the 2011 Series D Bonds and 2009 Series 1-4 Bonds will be issued to provide financing under the Low-Income Affordable Marketplace Program (LAMP) for the new construction or acquisition and rehabilitation of three developments with a total of approximately 491 units located in Brooklyn and The Bronx. All of these units are anticipated to be rented to households earning no more than 60% of the Area Median Income (AMI), which is currently $47,520 for a family of four.

http://www.nychdc.com/PressRoom/pr_6-9-2011_p.htm

[kboish]

ok, i didn't realize it could be used for both. If that is the case then I don't see why they couldn't use that as one layer for financing EV. I don't know enough about it to say anything for certain though.

[Highlander]

Had a chance to see East Village for the first time a few days ago. While "Village" is a bit of a strong term for what is essentially an apartment complex, I was expecting much worse given the comments made in this thread. It's bigger than I thought it would be and much more urban in appearance. It's a start.

[kboish]

Certainly couldn't apply the term village until the thing is built out fully. This project is one of the highest on my wish list for things I hope pull through.

[FangKC]

The City needs to start planning for Jazz Hill east of the East Village now--buying up parcels for redevelopment and working to find developers.

[earthling]

400 apts and YMCA proposed for E Village...

http://www.kansascity.com/2012/10/10/38 ... k=misearch

[Highlander]

Chances of this happening?

Sounds great. Quite a bit larger development than the piddly attempt made earlier to establish residential and the YMCA being there could prove a draw. But there are several other locations, I think this one does the most for the city.

[macnw]

Seems like this would be a no-brainer. There is a push to get city and Federal employees healthier. What better way than to put resources within close proximity to the workplace. Minimizes excuses for not being healthier. Would be great as a starter for EV, just don't build a huge garage next to it. Would be nice if they had some healthy food options and/or restaurants within the building itself.

[PurplePapist]

With the downtown YMCA going elsewhere, I call to remove Swope from the East Village development. What a joke! How many years have they had to get something of substance moving? Of course if it's a barren wasteland for 15 more years, talk can begin about dropping the new downtown baseball stadium right into EV.

[FangKC]

J.E. Dunn's former office building will be demolished soon.

Swope Community Developers say there are no plans for the site. WTF?

Pare´ did not say what the site will be used for after the demolition.

Enrique Chaurand, a spokesman for Swope Community Enterprises — the Kansas City development firm leasing the space from Kansas City — said there is no specific plan for the site.

Isn't there a long-term plan for the whole neighborhood? Is the redevelopment dead in the water? Are the new J.E. Dunn headquarters and the recently-built East Village Apartments the only things that are going to be built for the next decade?

If Swope can't keep momentum for redevelopment going, then the City should find a developer that can. Hopefully a developer that has experience working with big institutional real estate funds that invest in apartment projects.

Perhaps the developer that built Market Station should take over the neighborhood redevelopment--the Morgan Group out of Houston.

http://www.bizjournals.com/kansascity/n ... 1369347384

[FangKC]

J.E. Dunn's former headquarters building at 929 Holmes has been demolished.

http://www.bizjournals.com/kansascity/n ... 1375308463

[macnw]

http://www.kansascity.com/2013/11/25/46 ... -gets.html

Sounds like a good start. Probably not dense enough for most, but I'll take it!

[atticus23]

I think this is great news! However, I'm one of those that would like there to be more density.

[town cow]

Interesting thing about what the Van folks want to do: build a suburban-type office development to attract significant-sized companies downtown, and supply them with some adjacent apartment living. They've studied this, and see a definite market.

[smh]

I think this is great news! However, I'm one of those that would like there to be more density.

I like the sound of the apartment developments. But I am afraid their office developments will look like College Boulevard. The East Village has the potential to be our Pearl District. But it requires thoughtful developers and a guiding hand from the city. No reason to construct buildings that exacerbate the problem of emptiness we already deal with too often down here.

[taxi]

The VanTrust folks are very good at what they do, which is making money. Do not expect architectural greatness here, they are not concerned with that.

[Pork Chop]

The VanTrust folks are very good at what they do, which is making money. Do not expect architectural greatness here, they are not concerned with that.

Architectural greatness is not big on my list for an area that has been waiting for development for a very long time, but "New Suburbanism" is a fear for me. However, I need to wait and see the plans before I can form an opinion. It's just that the low rise development with a splash of retail is a bit unnerving for me. If it's completed that way, we will be stuck with it for decades.

[earthling]

^Yeah, agree. Is not only a missed opportunity to develop the skyline within the loop but I too am more concerned it might not be mixed use pedestrian scale development with streetfront access to public places. That is what makes urban neighborhoods functional. Architectural appearance is second to appropriate urban mixed-use/pedestrian scale design. Need to figure out how to encourage a continuous pedestrian flow from center of downtown to E Village - not isolate it as a walled off district, or worse, a compressed suburban office park with isolated housing.

There's a bit too much downtown/midtown development happening by suburban mindset peoples - downtown JJ drivethrough, setback stripmalls in midtown, etc. Even the PAC ended up feeling isolated (compared to how well integrated Sprint Center is to street). Great to see developers investing in the city core but the already established guidelines for urban scale development need to be enforced by The City and not allow more suburban encroachment.

[Pork Chop]

^Yeah, agree. Is not only a missed opportunity to develop the skyline within the loop but I too am more concerned it might not be mixed use pedestrian scale development with streetfront access to public places. That is what makes urban neighborhoods functional. Architectural appearance is second to appropriate urban mixed-use/pedestrian scale design. Need to figure out how to encourage a continuous pedestrian flow from center of downtown to E Village - not isolate it as a walled off district, or worse, a compressed suburban office park with isolated housing.

There's a bit too much downtown/midtown development happening by suburban mindset peoples - downtown JJ drivethrough, setback stripmalls in midtown, etc. Even the PAC ended up feeling isolated (compared to how well integrated Sprint Center is to street). Great to see developers investing in the city core but the already established guidelines for urban scale development need to be enforced by The City and not allow more suburban encroachment.

I could not have said it any better.