jacobo commons - santa fe county of...$34k/unit financial overview jacobo commons market rate 38%...
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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
HUD Innovation in Affordable Housing: Student Design & Planning Competition 2020, Yale University Team 207
Santa Fe Place Mall
Plaza Santa Fe IISan Isidro Plaza Food and Grocery
Education
Health
Bike Path
Public Transportation
Streets and Access
Community
Commercial Spaces
Arts and Cultural Spaces
Connecting to the CommunityContext and Urban Strategy
Slide 1
HUD Innovation in Affordable Housing: Student Design & Planning Competition 2020, Yale University Team 207
Sam’s Club
Albertson’s
Sprouts Farmers MarketFood and Grocery
Education
Health
Bike Path
Public Transportation
Streets and Access
Community
Commercial Spaces
Arts and Cultural Spaces
Connecting to the CommunityContext and Urban Strategy
Slide 1
HUD Innovation in Affordable Housing: Student Design & Planning Competition 2020, Yale University Team 207
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
Public Transportation
Streets and Access
Community
Commercial Spaces
Arts and Cultural Spaces
Connecting to the CommunityContext and Urban Strategy
Slide 1
HUD Innovation in Affordable Housing: Student Design & Planning Competition 2020, Yale University Team 207
Academy at Larragoite
New Mexico ConnectionsAcademy
Food and Grocery
Education
Health
Bike Path
Public Transportation
Streets and Access
Community
Commercial Spaces
Arts and Cultural Spaces
Connecting to the CommunityContext and Urban Strategy
Slide 1
Food and Grocery
Education
Health
Bike Path
Public Transportation
Streets and Access
Community
Commercial Spaces
Arts and Cultural Spaces
Connecting to the CommunityContext and Urban Strategy
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
Public Transportation
Streets and Access
Community
Commercial Spaces
Arts and Cultural Spaces
Connecting to the CommunityContext and Urban Strategy
Boys and Girls Club
Slide 1HUD Innovation in Affordable Housing: Student Design & Planning Competition 2020, Yale University
HUD Innovation in Affordable Housing: Student Design & Planning Competition 2020, Yale University Team 207
Bike Path
Food and Grocery
Education
Health
Bike Path
Public Transportation
Streets and Access
Community
Commercial Spaces
Arts and Cultural Spaces
Connecting to the CommunityContext and Urban Strategy
Slide 1
HUD Innovation in Affordable Housing: Student Design & Planning Competition 2020, Yale University Team 207
Route 24 Route 2
Route 6
Route 4
Route 1Route 26
Route 22
Food and Grocery
Education
Health
Bike Path
Public Transportation
Streets and Access
Community
Commercial Spaces
Arts and Cultural Spaces
Connecting to the CommunityContext and Urban Strategy
Slide 1
HUD Innovation in Affordable Housing: Student Design & Planning Competition 2020, Yale University Team 207
Food and Grocery
Education
Health
Bike Path
Public Transportation
Streets and Access
Proposed Public Corridor
Community
Commercial Spaces
Arts and Cultural Spaces
Connecting to the CommunityContext and Urban Strategy
Slide 1
HUD Innovation in Affordable Housing: Student Design & Planning Competition 2020, Yale University Team 207
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
HUD Innovation in Affordable Housing: Student Design & Planning Competition 2020, Yale University Team 207
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
HUD Innovation in Affordable Housing: Student Design & Planning Competition 2020, Yale University Team 207
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
HUD Innovation in Affordable Housing: Student Design & Planning Competition 2020, Yale University Team 207
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
HUD Innovation in Affordable Housing: Student Design & Planning Competition 2020, Yale University Team 207
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
HUD Innovation in Affordable Housing: Student Design & Planning Competition 2020, Yale University Team 207
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
HUD Innovation in Affordable Housing: Student Design & Planning Competition 2020, Yale University Team 207
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
HUD Innovation in Affordable Housing: Student Design & Planning Competition 2020, Yale University Team 207
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
HUD Innovation in Affordable Housing: Student Design & Planning Competition 2020, Yale University Team 207
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
HUD Innovation in Affordable Housing: Student Design & Planning Competition 2020, Yale University Team 207
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
HUD Innovation in Affordable Housing: Student Design & Planning Competition 2020, Yale University Team 207
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
HUD Innovation in Affordable Housing: Student Design & Planning Competition 2020, Yale University Team 207
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
HUD Innovation in Affordable Housing: Student Design & Planning Competition 2020, Yale University Team 207
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
HUD Innovation in Affordable Housing: Student Design & Planning Competition 2020, Yale University Team 207
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
HUD Innovation in Affordable Housing: Student Design & Planning Competition 2020, Yale University Team 207
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
HUD Innovation in Affordable Housing: Student Design & Planning Competition 2020, Yale University Team 207
Environmental DesignDesigning for Sustainability and Spotlighting Passive Systems
Water SolarWind Active Systems
Slide 3
HUD Innovation in Affordable Housing: Student Design & Planning Competition 2020, Yale University Team 207
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
Water SolarWind Active Systems
Environmental DesignDesigning for Sustainability and Spotlighting Passive Systems
HUD Innovation in Affordable Housing: Student Design & Planning Competition 2020, Yale University Team 207
Water SolarWind Active Systems
Environmental DesignDesigning for Sustainability and Spotlighting Passive Systems
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
Water SolarWind Active Systems
Environmental DesignDesigning for Sustainability and Spotlighting Passive Systems
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.
HUD Innovation in Affordable Housing: Student Design & Planning Competition 2020, Yale University Team 207 Slide 3
Water SolarWind Active Systems
Environmental DesignDesigning for Sustainability and Spotlighting Passive Systems
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.
HUD Innovation in Affordable Housing: Student Design & Planning Competition 2020, Yale University Team 207 Slide 3
Water SolarWind Active Systems
GeothermalSolar Panels
Environmental DesignDesigning for Sustainability and Spotlighting Passive Systems
Geothermal heating dramatically reduces the heating and cooling loads in summer and winter thereby reducing the carbon footprint of the site.
HUD Innovation in Affordable Housing: Student Design & Planning Competition 2020, Yale University Team 207 Slide 3
Environmental DesignDesigning for Sustainability and Spotlighting Passive Systems
Water SolarWind Active Systems
GeothermalSolar Panels
Solar Panels on the roof offset the energy usage of the project.
HUD Innovation in Affordable Housing: Student Design & Planning Competition 2020, Yale University Team 207 Slide 4
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)
HUD Innovation in Affordable Housing: Student Design & Planning Competition 2020, Yale University Team 207 Slide 4
“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%
HUD Innovation in Affordable Housing: Student Design & Planning Competition 2020, Yale University Team 207 Slide 4
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%
HUD Innovation in Affordable Housing: Student Design & Planning Competition 2020, Yale University Team 207 Slide 4
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
HUD Innovation in Affordable Housing: Student Design & Planning Competition 2020, Yale University Team 207
Unit Plans
Slide 5
1 Bedroom Apartments
2 Bedroom Apartments
3 Bedroom Apartments
Community and Circulation
Commercial
HUD Innovation in Affordable Housing: Student Design & Planning Competition 2020, Yale University Team 207
Unit Plans
Slide 5
3 Bedroom
1 Bedroom A
2 Bedroom A
Community Room
1 Bedroom B
2 Bedroom B
1 Bedroom Apartments
2 Bedroom Apartments
3 Bedroom Apartments
Community and Circulation
Commercial
HUD Innovation in Affordable Housing: Student Design & Planning Competition 2020, Yale University Team 207
Communities At Many Scales
Public Community Spaces
Slide 6
Private Community Spaces
HUD Innovation in Affordable Housing: Student Design & Planning Competition 2020, Yale University Team 207
Communities At Many Scales
Slide 6
Courtyards Community Corridor ContextUpstairs Community Spaces Upstairs Lobbies & Exterior Corridors Ground Floor Community Spaces
HUD Innovation in Affordable Housing: Student Design & Planning Competition 2020, Yale University Team 207
Communities At Many Scales
Slide 6
Courtyards Community Corridor ContextUpstairs Community Spaces Upstairs Lobbies & Exterior Corridors Ground Floor Community Spaces
HUD Innovation in Affordable Housing: Student Design & Planning Competition 2020, Yale University Team 207
Communities At Many Scales
Slide 6
Courtyards Community Corridor ContextUpstairs Community Spaces Upstairs Lobbies & Exterior Corridors Ground Floor Community Spaces
HUD Innovation in Affordable Housing: Student Design & Planning Competition 2020, Yale University Team 207
Communities At Many Scales
Slide 6
Courtyards Community Corridor ContextUpstairs Community Spaces Upstairs Lobbies & Exterior Corridors Ground Floor Community Spaces
HUD Innovation in Affordable Housing: Student Design & Planning Competition 2020, Yale University Team 207
Communities At Many Scales
Slide 6
Courtyards Community Corridor ContextUpstairs Community Spaces Upstairs Lobbies & Exterior Corridors Ground Floor Community Spaces
HUD Innovation in Affordable Housing: Student Design & Planning Competition 2020, Yale University Team 207
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
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