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06/07/2010 Council Packet
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06/07/2010 Council Packet
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City Council
Council Document Type
Council Packet
Meeting Date
06/07/2010
Council Meeting Type
Work Session Regular
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• <br />• <br />• <br />Introduction <br />As Chief Manager of the general partner, I represent the Lino Lakes Housing Limited Partnership. Lino <br />Lakes Housing LP entered into a purchase agreement with the current owner of the Homesteads of <br />Willow Ponds Limited Partnership, a 47 unit section 42 senior rental housing project in Lino Lakes, <br />Minnesota. In the last year, my limited partnership has worked closely with our lender, Dougherty <br />Mortgage LLC, to arrange acquisition financing through a FHA insured new first mortgage loan. Our loan <br />application efforts were successful in February when FHA issued our partnership a commitment to <br />insure. Shortly after the commitment was issued, in April the lender entered into a rate lock purchase <br />agreement with an investor. <br />One significant issue we negotiated with HUD prior to the commitment issuance was the City's senior <br />occupancy restrictive covenant. The underwriters did not like the restriction and viewed it as a market <br />impairment to leasing the project long term. After weeks of negotiations and presentation of historical <br />occupancy rates, rent roll analysis, projections showing strong future demand for senior housing <br />demographics in Anoka County, and the lack of areawide affordable senior housing competition and the <br />future unlikelihood of new construction providing competition to Willow Ponds based on MHFA's long <br />standing policy prohibiting section 42 senior housing tax credit allocations, HUD finally accepted the <br />City's senior occupancy covenant. <br />3 <br />
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