HOLIDAY VILLAGE APARTMENTS
LOCATION
OVERVIEW
PROJECT DESCRIPTION
FINANCIAL SUPPORT
RESIDENT PROFILE
DEVELOPMENT COSTS AND FUNDING
Location
2200 Monitor Drive, Park City, Utah
Overview
Winner of the 2003 Fannie Mae Foundation’s Maxwell Award of Excellence, Holiday Village is comprised of 80 units of affordable rental assisted housing in the heart of Park City. Tenants pay only 30% of their gross income toward rent. MCHT was able to preserve Holiday Village Apartments as affordable for 50 years. Holiday Village provides housing for service sector employees, single parent families, seniors, mentally disabled and many others.
MCHT completed the acquisition and rehabilitation of Holiday Village Apartments in Park City in 2001. MCHT was one of six recipients of Fannie Mae Foundation’s Maxwell Awards of Excellence for Affordable Housing Preservation in 2003, receiving a $50,000 grant.
Project Description
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USDA Rural Development Section 515, built in 1978-1979
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Purchased and renovated in 2000
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20 residential buildings on three acres
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4 units per building = 80 units
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40 one-bedroom units and 40 two-bedroom units
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2 tot lots, on-site laundry
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Located on free bus line, within walking distance to schools and services
Financial Support
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Bank of America: Tax-Exempt Bonds
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State of Utah: Low Income Housing Tax Credits, purchased by Edison Capital
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USDA Rural Development Loan
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Subsidized by USDA Rural Development
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Residents pay 30% of annual income for rent minus utility allowance
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All residents must meet eligibility requirements of very low income
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Olene Walker Housing Loan Fund: HOME Funds
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Federal Home Loan Bank: Seattle AHP Grant and Challenge Grant
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Park City Municipal Corporation Bridge Loan
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Deer Valley Resort: Tenant Relocation
Resident Profile
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Stable rental community mixed of family types
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25% of the units are occupied by elderly and disabled residents
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Average tenure is 5 years
Development Costs and Funding
The total project cost was $7.8 million dollars. Funding sources included a direct purchase of tax exempt bonds; low income housing tax credits purchased by Edison Capital; the assumption of two loans, one for $577,091.08 and the other for $357,386.18 from USDA Rural Development; low interest loans from the State of Utah’s Olene Walker Housing Loan Fund; an equity grant from the Federal Home Loan Bank of Seattle and a predevelopment line of credit from Park City Municipal Corporation.
