jacobo commons - santa fe county of...$34k/unit financial overview jacobo commons market rate 38%...

Jacobo CommonsCommunity at Many Scales

Yale University

HUD Innovation in Affordable Housing: Student Design & Planning Competition 2020, Yale University Team 207

Connecting to the CommunityContext and Urban Strategy

Food and Grocery

Education

Health

Bike Path

Public Transportation

Streets and Access

Community

Commercial Spaces

Arts and Cultural Spaces

Slide 1


Santa Fe Place Mall

Plaza Santa Fe IISan Isidro Plaza Food and Grocery

Education

Health

Bike Path


Streets and Access

Community

Commercial Spaces



Slide 1


Sam’s Club

Albertson’s

Sprouts Farmers MarketFood and Grocery

Education

Health

Bike Path


Streets and Access

Community

Commercial Spaces



Slide 1


GOT Art Studio

Peters Art Gallery

Michaels Store for Art and Crafts Supplies

Creativity & Healing Art Therapy

Otter Counseling and Art Therapy

Nancy Reyner Studio

Food and Grocery

Education

Health

Bike Path


Streets and Access

Community

Commercial Spaces



Slide 1


Academy at Larragoite

New Mexico ConnectionsAcademy

Food and Grocery

Education

Health

Bike Path


Streets and Access

Community

Commercial Spaces



Slide 1

Food and Grocery

Education

Health

Bike Path


Streets and Access

Community

Commercial Spaces



Holistic Medicine Practitioner

State Service Medical

Mesa Vista Wellness of New Mexico

Center for Autism

SEVA Alternative Medicine Practive

Mental Health Service

Aspen Medical Center Urgent Care and Primary Care

Slide 1HUD Innovation in Affordable Housing: Student Design & Planning Competition 2020, Yale University

Food and Grocery

Education

Health

Bike Path


Streets and Access

Community

Commercial Spaces



Boys and Girls Club

Slide 1HUD Innovation in Affordable Housing: Student Design & Planning Competition 2020, Yale University


Bike Path

Food and Grocery

Education

Health

Bike Path


Streets and Access

Community

Commercial Spaces



Slide 1


Route 24 Route 2

Route 6

Route 4

Route 1Route 26

Route 22

Food and Grocery

Education

Health

Bike Path


Streets and Access

Community

Commercial Spaces



Slide 1


Food and Grocery

Education

Health

Bike Path


Streets and Access

Proposed Public Corridor

Community

Commercial Spaces



Slide 1


Market

Courtyards

Flexible Parking Spaces

Swale

Connection to San Ignacio Road

Community Corridor

Bike Share

Access to Commercial Area

Daycare

On Site Nurse

Gym

Commercial Space

Building Lobbies

Residential Units

Site Plan Walkthrough

Slide 2


Market

Courtyards

Flexible Parking Spaces

Swale

Connection to San Ignacio Road

Community Corridor

Bike Share

Access to Commercial Area

Daycare

Gym

Commercial Space

Building Lobbies

Residential Units

On Site Nurse

Site Plan Walkthrough

Slide 2


Environmental DesignDesigning for Sustainability and Spotlighting Passive Systems

Water SolarWind Active Systems

Slide 3


The water strategy focuses on retaining and infiltrating water to avoid flooding during storm surges and collecting excess gray water for agricultural purposes. This is achieved through rain gardens, permeable ground surfaces and a bioswale on the lowest point of the site.

Slide 3






The majority of the apartments have operable windows on multiple exposures. This gives the tenants the ability to naturally cool their space efficiently through cross-ventilation and night flush cooling.

Slide 3

HUD Innovation in Affordable Housing: Student Design & Planning Competition 2020, Yale University Team 207 Slide 3



The stepping of the buildings allows generous light into the courtyards throughout the year. The southern and northern facades are distinct, designed with passive solar strategies such as overhangs on southern windows to reduce summer heat gain.



GeothermalSolar Panels


Geothermal heating dramatically reduces the heating and cooling loads in summer and winter thereby reducing the carbon footprint of the site.




GeothermalSolar Panels

Solar Panels on the roof offset the energy usage of the project.


By Type

158Total Units

62%Affordable Units

$245Development Costs

per SF

$281kDevelopment Costs

per Unit

34%Operating Expense Ratio

75%Blended LTV

1.4x-2.0xDSCR

Cas

h Fl

ows

10%of Units Reserved for

Households under 30% AMI

By AMI

Dev

elop

men

t Cos

tsU

nit B

reak

down

sSo

urce

s of F

unds

Construction Cost

Hard Construction Cost, 88%

Equity, 53% Hard Debt, 31%Gap Financing, 16%

Soft Cost, 5% Reserves, 1%FF&E, 6%

Soft Cost Total Development Cost

88%

$39.1 m$5.3 m $44.4 m

12% $245/sf$281k/unit$216/sf

$248k/unit$29/sf

$34k/unit

Financial OverviewJacobo Commons

Market Rate38%(60)

60 % AMI42%(66)2 BR

55%(87)

1 BR30%(47)

3 BR15%(24)

30 % AMI10%(16)

80% AMI

10%(16)


“Twinning” of 9% and 4% LIHTC creates a financially sustainable project

Jacobo Commons utilizes limited 9% credits while monetizing excess basis with 4% credits to enable a deeply targeted mixed-income development

Structured as two separate transactions – North Phase (9% credits) and South Phase (4% credits)

First mover in New Mexico state, creating an innovative precedent that will likely lead to development of more affordable housing units in the future

Sources of Funds

Uses of Funds

Financial OverviewJacobo Commons North

Equity36 %

4% LIHTC 34 %

SBTC2 %

Hard Construction Costs87 %

Soft Cost5 %

FF &E 7 %

Reserves 1%

Gap Financing13%

HOME Investment Partnership

6%

Private Activity (Tax-Exempt) Bond51%

FHLB AHPGrants

3%

CDBGFunds

1%

Deferred Developer Fee

3%


Financial OverviewJacobo Commons South

“Twinning” of 9% and 4% LIHTC creates a financially sustainable project

Jacobo Commons utilizes limited 9% credits while monetizing excess basis with 4% credits to enable a deeply targeted mixed-income development

Structured as two separate transactions – North Phase (9% credits) and South Phase (4% credits)

First mover in New Mexico state, creating an innovative precedent that will likely lead to development of more affordable housing units in the future

Sources of Funds

Uses of Funds

9% LIHTC 69%

Hard Construction Costs89 %

Soft Cost5 %

FF&E5 %

Reserves 2%

Gap Financing19%

Risk Share 542©9%

NM Housing Trust Funds

7%

Deferred Developer Fee

3%

Hard Debt12%


Financial OverviewAffordable Rental to Limited Equity Cooperative Model

First 15 Years: Property Maintains LIHTC Affordability Compliance

After Year 15: Property Converts to Limited Equity Co-op to Create a Democratic Collective

1

2

Option 1:Pays rent each month, does not

opt into equity scheme

Option 2:Pays into equity scheme through

nominal surplus on rent

Option 3:Works throughout the property

to raise sweat equity

Share Buyer:Should a resident choose to leave,

they may sell their shares at a price set by the co-op to maintain affordability

Resident Co-op Board:Residents can purchase shares in co-op with down payment or based on equity

raised through rent surplus or sweat equity


Unit Plans

Slide 5

1 Bedroom Apartments



Community and Circulation

Commercial


Unit Plans

Slide 5

3 Bedroom

1 Bedroom A

2 Bedroom A

Community Room

1 Bedroom B

2 Bedroom B




Community and Circulation

Commercial


Communities At Many Scales

Public Community Spaces

Slide 6

Private Community Spaces


Communities At Many Scales

Slide 6

Courtyards Community Corridor ContextUpstairs Community Spaces Upstairs Lobbies & Exterior Corridors Ground Floor Community Spaces

Jacobo CommonsCommunity at Many Scales

Yale University

jacobo commons - santa fe county of...$34k/unit financial overview jacobo commons market rate 38%...

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