From mlongreene2 at aol.com Mon Aug 2 06:58:24 2010 From: mlongreene2 at aol.com (mlongreene2 at aol.com) Date: Mon, 02 Aug 2010 06:58:24 -0400 Subject: [Year-Round Housing] Aug 10?? - Grant Meeting and Followup Message-ID: <8CD0048C3AD0848-36E4-2BA4D@Webmail-d110.sysops.aol.com> Hi All, I am anxious to schedule a meeting to followup on the interest and information we generated from the meeting with Genesis last week. I am awaiting further info from Liza Fleming Ives (Genesis) and Mary Terry that is important to how we proceed. Assuming that will be available shortly, I suggest Tuesday, Aug. 10 @ 7PM at the Learning Center as a time to meet. Let me know if this works for you. Thanks, Mark Mark Greene Greene Lawns and Property Care 36 Eastern Ave. Long Island, Maine 04050 207 766 4440 Long Island Rentals Any Time of Year! http://www.cyberrentals.com/rentals/p180766 Greene Lawns and Property Care 36 Eastern Ave. Long Island, Maine 04050 207 766 4440 Long Island Rentals Any Time of Year! http://www.cyberrentals.com/rentals/p180766 -------------- next part -------------- An HTML attachment was scrubbed... URL: From Mlongreene2 at aol.com Fri Aug 6 08:06:27 2010 From: Mlongreene2 at aol.com (Mlongreene2 at aol.com) Date: Fri, 6 Aug 2010 08:06:27 EDT Subject: [Year-Round Housing] Tuesday - Aug. 10 - Agenda - MaineHousing Grant Message-ID: <3780f.5fc01a41.398d54c3@aol.com> Attached is the developmental budget that Liza (Genesis) forwarded for us to work on. Any numbers you can get estimates on for a proposed project would be helpful. As you can see there are some professional and soft costs already built in before any real construction costs are considered. I still have not received any word on how MaineHousing will deal with the Town owned aspect of the land or the rental info. Metting is still scheduled for 7 PM at the Learning Center on Tuesday, Aug 10. -------------- next part -------------- An HTML attachment was scrubbed... URL: -------------- next part -------------- A non-text attachment was scrubbed... Name: Proforma.xls Type: application/octet-stream Size: 38400 bytes Desc: not available URL: From Mlongreene2 at aol.com Mon Aug 16 13:46:09 2010 From: Mlongreene2 at aol.com (Mlongreene2 at aol.com) Date: Mon, 16 Aug 2010 13:46:09 EDT Subject: [Year-Round Housing] New mailing list; Aug. 10 Grant followup info Message-ID: <9537d.28c84c55.399ad361@aol.com> Good Day All; 1. I have added the one YRHASC member to this mailing list who was not on it (plus several others who have requested to be on it). This will eliminate the need for duplicate Housing Committee and YRHASC mailings to many of you. I will not longer send stuff to YRHASC (until and when that committee needs to something specific). 2. Anyone receiving this "Housing Committee" mail who does not wish to receive it any longer, please let me know. (at _mlongreene2 at aol.com_ (mailto:mlongreene2 at aol.com) ) 3. As we continue to crank up on the grant work, much of the working details and other prep stuff may not be of interest to some of the 30 folks on our Housing Committee Listserve. We may re-use the yrhcworking for day to day paperwork if needed. 4. Attached please find the budget workup that Mary Terry did for us following last Tuesdays meeting. As suspected, some of the numbers that were on the budget worksheet we started with were for two houses not one which had a drastic effect on the projected monthly costs/rents. There are 4 tabs for budget(high); budget (low), 15 year potential operating costs to study. 5. We had many questions about some of the costs that were estimated. Mary submitted them to Liza Fleming Ives at Genesis and the thread of those questions and responses are just below and opened from the several e-mails: (Read all the way thru as some questions are answered in each e-mail) Mary and Mark, Good to see you both yesterday. Below are some responses to your questions: 2. Why are the legal fees high? Liza said her experience with MSHA closings indicate the 11,500 is a fair number. There tends to be much legal work involved that might not be required for a conventional closing. Closing on a grant/loan with MaineHousing will involve legal work. The $11,500 would be typical of a small project in which MaineHousing is making a loan. Since we haven't yet closed a performance grant, I don't know how different this will be. I know MaineHousing is committed to keeping these kinds of costs down, especially for the island program. I just haven't seen what that will look like yet and it's always awful to get to closing and have the legal expenses be higher than you anticipated. 3. Is the Survey/Soils line necessary since the property has been formally surveyed and soils tested? Yes. It is important to keep this in the development budget because it is a relevant expense. At the same time, since it has already been paid for and you are not seeking reimbursement for it, then you should use the actual cost and then add the same amount under sources as a contribution by the YRHCorp. 4. What does the Insurance item ($2,000) under Profession Services cover? MaineHousing will require that you pay a full year of insurance upfront and provide evidence at closing on the grant. Since this is an expense incurred before or at closing, it is typically listed in the development budget. 5. Why is there a Reserves Section in the Development Budget and then again in the Operating Pro-forma? MaineHousing will require that the reserves be funded upfront at the time of closing on the grant and then will require that contributions be made to the reserves every year (or more frequently as appropriate). The replacement reserve is typically funded at 1% of the cost of structures upfront and then a set annual contribution (like $300 per unit). The operating reserve (which will actually be a tax and insurance reserve for this program) will be funded to cover the next tax and insurance payments and then regular contributions will be required. 6. If the group uses a design/build team, do they need a line item for Engineer/Architect? This should be a major part of our conversation with MaineHousing when we meet with them. They are being very flexible about not having an architect, but may want to have you use an engineer. I would include at least $10,000 for an engineer (for now) in the development budget. I'll take a look at the pro forma early next week and follow up with both of you. Please be in touch with any questions about the information above. Best regards, Liza Mary Terry wrote: > Good afternoon, > > Last evening a the Long YRHCorp met to review the pro-forma you sent > and brainstorm the costs they envision to build 2 homes. > > There were several questions for you, Liza. You addressed some of > them in our brief conversation of this morning. Here is the list, > with the answers when applicable: > > 1. Are the budget numbers for 1 or 2 homes? Liza said 2 homes. > > 2. Why are the legal fees high? Liza said her experience with MSHA > closings indicate the 11,500 is a fair number. There tends to be much > legal work involved that might not be required for a conventional closing. > > 3. Is the Survey/Soils line necessary since the property has been > formally surveyed and soils tested? > > 4. What does the Insurance item ($2,000) under Profession Services cover? > > 5. Why is there a Reserves Section in the Development Budget and then > again in the Operating Pro-forma? > > 6. If the group uses a design/build team, do they need a line item > for Engineer/Architect? > > The group looked at a stick built quote and the Peaks modular quote to > create the numbers. Using their own on-island experience they > projected the costs for a well, septic, driveway, and land clearing. > The YRHCorp numbers are in blue on the spread sheet and I made > comments to help clarify. I did a high cost sheet and a low cost > sheet - you will see the tabs along the bottom. > > I know the final numbers gave the group pause. > > In looking at all of this, I wonder if there is other grant money, > community assets, community donations etc that could be put toward > this project to bring the build costs down. My immediate thoughts for > grant money are: Key Bank, Maine Bank and Trust, Maine Community > Foundation (specifically Cumberland County), Hannaford's, Lowe's, > HomeDepot. > > Just some thoughts. > > Mary > > -- > Mary K. Terry > Island Institute > Casco Bay Affordable Housing Fellow > marykterry at gmail.com > 207-221-2507 -- Liza Fleming-Ives Associate Director Genesis Community Loan Fund 3 Chapman Street P.O. Box 609 Damariscotta, ME 04543-0609 Tel: 207.563.6073 Fax: 207.563.6055 liza at genesisfund.org www.genesisfund.org "providing innovative financing and expert assistance to Maine nonprofits since 1992" -------------- next part -------------- An HTML attachment was scrubbed... URL: -------------- next part -------------- A non-text attachment was scrubbed... Name: Proformedited-8-11-10mkt.xls Type: application/octet-stream Size: 48128 bytes Desc: not available URL: From Mlongreene2 at aol.com Wed Aug 18 09:54:13 2010 From: Mlongreene2 at aol.com (Mlongreene2 at aol.com) Date: Wed, 18 Aug 2010 09:54:13 EDT Subject: [Year-Round Housing] Fwd: 2010 Maine Affordable Housing Conference Message-ID: -------------- next part -------------- An HTML attachment was scrubbed... URL: -------------- next part -------------- An embedded message was scrubbed... From: Dale McCormick Subject: 2010 Maine Affordable Housing Conference Date: Wed, 18 Aug 2010 09:46:25 -0400 (EDT) Size: 10176 URL: From Mlongreene2 at aol.com Sun Aug 22 13:08:27 2010 From: Mlongreene2 at aol.com (Mlongreene2 at aol.com) Date: Sun, 22 Aug 2010 13:08:27 EDT Subject: [Year-Round Housing] What's Next?? Input needed Message-ID: <39928.5bd06dbd.39a2b38b@aol.com> Good Day All, Hopefully you have had a chance to digest the cost estimates and answers to our questions for the proposed projects. If interest is to move on, we should meet soon and keep the ball rolling. Tuesdays seem to be the day of choice, but let me know. I would throw out Tuesday August 31 at 7 PM but need your feedback before making that decision. Thanks, Mark -------------- next part -------------- An HTML attachment was scrubbed... URL: From mlongreene2 at aol.com Mon Aug 23 17:32:44 2010 From: mlongreene2 at aol.com (mlongreene2 at aol.com) Date: Mon, 23 Aug 2010 17:32:44 -0400 Subject: [Year-Round Housing] Fwd: thoughts In-Reply-To: References: Message-ID: <8CD1121DB917E43-1C44-167B@webmail-m063.sysops.aol.com> -----Original Message----- From: Sandra Scheurman To: mlongreene2 at aol.com Sent: Mon, Aug 23, 2010 4:35 pm Subject: thoughts Mark: You have asked for thoughts. As usual, I have many to share. I would suggest looking at public/private partnerships with your potential tenants/homeowners. It looks to me as if approximately 275,000 in value for each built parcel is up for grabs, between the value of the land and the grant money of 175,000 per. Any potential tenant/homeowner could contribute the remaining money and/or sweat equity required to make this program work, (which looks to be approximately 100,000), with the appropriate legal documentation in place to protect both parties. No one has ever stated that home ownership through this program would be cost free. Where else could anyone find an island home for 100,000 or less, and, get a return on their investment over time? Hope this is helpful. Sandie -------------- next part -------------- An HTML attachment was scrubbed... URL: From Mlongreene2 at aol.com Thu Aug 26 07:49:46 2010 From: Mlongreene2 at aol.com (Mlongreene2 at aol.com) Date: Thu, 26 Aug 2010 07:49:46 EDT Subject: [Year-Round Housing] Meeting Tuesday, Aug. 31@7PM - Finalize a Proposed Budget Message-ID: <52409.5a856f4d.39a7aeda@aol.com> Hi All, We will attempt to make a proposal for the cost of building the two rental houses to submit to MaineHousing for an initial review. Your input is needed. Meeting at the Learning Center - Tuesday, Aug. 31 @ 7PM. Thanks, Mark -------------- next part -------------- An HTML attachment was scrubbed... URL: