PARKSIDE APARTMENTS
LOCATION
OVERVIEW
PROJECT DESCRIPTION
DEVELOPMENT COSTS AND FUNDING
Location
1776 Kearns Blvd. Park City, Utah
Overview
MCHT purchased Parkside Apartments in May 2005. Parkside Apartments were originally constructed in the early 1980’s. Deer Valley donated land and Park City Municipal Corporation waived fees and only 24 of the 42 units received subsidized interest rates. The purchase of Parkside took over 3.5 years to complete because it required bringing together all of the lending sources at the same time.
Project Description
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The complex consists of two phases. Phase One has 12 two-bedroom and 12 three-bedrooms apartments while Phase Two has 18 two-bedroom apartments.
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The purchase preserves the first phase as affordable housing and allows the second phase to be converted from market rate units to restricted affordable housing.
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All 42 apartments will remain restricted as affordable housing for a minimum of 99 years.
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Rural Development provided rental assistance for 34 of the 42 units so qualified tenants pay only 30% of their income toward rent and utilities
Development Costs and Funding
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The total cost for purchase and rehabilitation of the apartments was $5,565,092
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USDA Rural Development provided three separate loans totaling $2,765,817
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Frontier Bank provided additional financing in the amount of $702,546
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Olene Walker Housing Loan Fund loan in the amount of $600,000
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The Rural Development and Olene Walker Housing Loan Fund Loans carry a subsidized interest rate of 1%
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Low Income Housing Tax Credits issued by Utah Housing Corporation were purchased by Wells Fargo Bank Northwest N.A. providing equity in the project of $1,491,546
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Federal Home Loan Bank of Seattle provided a repayable Challenge Grant of $10,000 to assist in paying initial expenses
The purchase of Parkside Apartments brings the total of rental units owned by MCHT in Summit County to 154. Of this total, 138 have rental assistance.
