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Grant # <br />Type: <br />Applicant <br />Project Name <br />Project Location <br />Council District <br />Project Summary <br />SG 104-102 <br />Local Housing Incentives Account <br />City of Ramsey <br />Sunwood Village <br />Ramsey Station, Outlot A, Sunwood Drive <br />9 - Edward Reynoso <br />Project Detail <br />Development summary <br />of project to commence <br />by 12/31/2017 <br />Sunwood Village will be a new construction 47 unit housing <br />community built on 1.85 acres of land in the heart of downtown <br />Ramsey. All of the units will be available to those at 60% of the area <br />median income (AMI), with four of the units will be set aside for long <br />term homeless (LTH) households. CommonBond's Advantage <br />Services program will be available to all residents, with special <br />programming being made available for those in the LTH units. <br />Sunwood Village will comprise three stories and feature several <br />common building amenities for residents, including a community <br />room. This development will promote walking and biking to <br />amenities, use of non -motorized transportation and sustainable <br />construction. <br />Total housing units <br />47 <br />Affordable units (60% <br />AMI) <br />47 <br />(43 at 50% AMI and 4 at 30% AMI) <br />Anticipated # <br />bedrooms <br />9 - 1BR <br />25 - 2BR <br />13 - 3BR <br />Est. total development <br />cost <br />$12.6 million <br />Est. private funds <br />leveraged <br />6.9 million <br />Est. other public funds <br />5.5 million <br />Funding <br />LHIA Funding Match <br />Anoka County HOME funds <br />Other LCA funding <br />$580,000 - LCDA TOD 2014 <br />Recommended Funding <br />$200,000 <br />LHIA <br />$4,220,000 <br />MHFA <br />Other Funding Sources <br />$2,219,268 <br />Syndication proceeds <br />$3,200,000 <br />LMIR Bridge Loan <br />$1,433,000 <br />1st Mortgage <br />$330,000 <br />Anoka County HOME funds <br />$250,000 <br />Anoka County funds <br />$135,751 <br />Sales tax rebate <br />$12,568,019 <br />Total Funding Sources <br />