Boulder County Housing Authority (BCHA), CO

Josephine Commons

Location:

Finch Ave. and Dounce St. in Lafayette, CO

Description of Scope:

Comprehensive financial advisory services including planning, financing, and LIHTC application preparation. The firm worked with the Authority to competitively place the debt and equity components for Phase I that closed in August 2011. S.B. Clark Companies is working with BCHA to finalize the plan of finance for the financing of Phase II. This plan of finance is being developed in conjunction with an Authoirty-wide portfolio analysis, including close out of a recent public housing disposition.

Client:

BCHA is operated under the Boulder County Division of Housing and Human Services. BCHA currently owns 355 units of affordable housing located throughout Boulder County, including units in Broomfield, Erie, Gunbarrel, Lafayette, Longmont, Louisville, Lyons, and Niwot. The Authority is governed by the County's Board of Commissioners and is managed by an Executive Director.

Project Description:

Josephine Commons is a three-phase master-plan of 14.42 acres of land BCHA owns in Lafayette that incorporates sustainable and green building techniques while maintaining a highly affordable project. Phase I is a new construction 74-unit senior community. A 48,000 square foot senior building will house 70-units. The building will have a common dining room with a commercially designed kitchen, office spaces for resident service providers, meeting and library space and a great room at the heart of the building. The community space will be a destination for residents of the entire Josephine Commons site. An additional two senior duplexes are being constructed as part of the first phase. The phase will offer a range of 30% AMI to 60% AMI rent restricted units available to area seniors.

Services Performed:

S.B. Clark Companies assisted in preparation of the entire site's comprehensive financial plan and Phase I's 9% competitive LIHTC application. The firm helped procure, through a competitive process, equity and debt partners, assisted in negotiating the terms and conditions of the financing, and participated in the due diligence process through financial close.