The document discusses plans for the Meadowlark affordable housing development in Leavenworth, Washington. It provides details on funding sources for pre-development costs totaling $660,000 from private partners, county and city grants, private donors, and interim bank financing. It outlines 14 goals for the project from 2011 through 2013, including obtaining permits, securing loans, beginning home construction. The development aims to provide affordable homes for local employees and families to keep the community sustainable.
6. Why Leavenworth needs Affordable Homes
Employees and their families whether school
teachers, retail workers, or hospital workers can’t find
affordable homes
Our community is losing families and population
Another ten years of decline of affordable homes may
permanently change our community
Will our School District be sustainable? At what level?
To remain healthy our community, our economy, our
businesses need employees and their families living here.
7. Funding Sources Planning and Engineering
Sources
Private Property Partners (3) $135,000
Chelan County $75,000
City of Leavenworth $50,000
Private Donors $50,000
Habitat Gift $100,000
Interim Bank Financing $250,000
TOTAL PRE- $660,000
DEVELOPMENT COST
ESTIMATE
8. Percentage by Source
Private Property
Partners (3)
Chelan County
Private Property Partners
(3)
20%
Interim Bank Financing City of Leavenworth
38%
Chelan County
11%
Private Donors
City of
Leavenworth
8%
Undisclosed Tentative
Habitat Gift
Private
Source
Habitat Gift
Donors
15%
8% Interim Bank Financing
9. 2011 Meadowlark Goals
Year Date Goal
10/14/2011 1. Financial feasibility and business plan
2. Planned Development Chelan County permit
10/14/2011
application submitted
10/15/2011 3. CVB bridge loan for $250,000
4. SHOP funding underwriting commitment
2011
5. City municipal bond commitment
10/15/2011
6. Launch funding plan and requests for est.
$3,000,000 socially responsible investment fund to
carry development through completion
12/15/2011 7. Final County Planned development permit
10. 2012 and 2013 Meadowlark Goals
Year Date Goal
8. Begin soliciting & screening new
March to June 2012
homeowners
9. Final selection of homeowners for
June to August 2012
waiting list and homes
3/1/2012 10. ORFH/Housing Authority commit
2012
11. Securing lenders for permanent
May 2012
mortgages for CLT homeowner loans
February to April 2012 12. Final utility design and bid
April to September 2012 13. Utility Construction
2013 September 2012 to March 2013 14. Home construction begins
