CREJ

Page 30 — Multifamily Properties Quarterly — May 2022 www.crej.com offer above-market terms as they have a known forward takeout. The program requires a contractual restriction on rents (Fannie Mae requires 20% of units at 50% AMI, or 50% of units at 80% AMI). In the construction space, regional and local banks have high demand for loans that qualify toward Com- munity Reinvestment Act require- ments. Qualifying CRA loans (typi- cally projects that have any sort of rent restriction) can achieve effec- tive loan-to-cost levels above 70% to 75%, which is well above traditional financing options. Another notable Colorado-focused program is CHFA’s Middle-Income Access Program, which offers mez- zanine level debt for new-build con- struction projects at favorable rates up to 90% of cost. In exchange, typi- cally 20% of units must meet 80% AMI thresholds, with the remainder at 120% AMI. A deed restriction or other regulatory agreement must be implemented. Lastly, some nonprofits are provid- ing affordable loan options to devel- opers or partnering with developers with a lower-cost equity. Recent legislation, such as Den- ver’s “Expanding Housing Affordabil- ity Project,” is forcing developers to explore alternative capital sources. We have seen an increasing num- ber of investors with increasingly diverse sources of capital invest in workforce housing, resulting in a confluence of construction meth- odologies, financing structures, pro- gramming and new equity capital motivations. Accessing and tapping into this space is fractured, creat- ing a need for a true capital adviser. There are tremendous opportunities in workforce housing as more capi- tal enters this space. s rob.bova@am.jll.com Bova Continued from Page 10 “Not only will this area benefit from more single-family rental housing, it also will be one of our most beautiful projects, on 18 acres, with unparal- leled mountain views and amenities in a thriving community.” The community, called Lupine, will have 200 townhomes and 36 duplexes located a 10-minute drive from North Boulder, which will serve the growing tech jobs market. When completed, the project will have one-, two- and three-bedroom options ranging from 788 to 1,423 square feet. Some homes will feature front yards, and community ameni- ties will include a pool and pocket parks. With construction starting this year, we expect to begin leasing in late 2022, with completion in early 2024. “This region needs more housing in general, and Longmont serves people who work in the growing tech indus- try in Boulder and the surrounding areas,” said Kim Sperry, RangeWater’s regional partner in Colorado and Ari- zona. “People want to live near open space, trails, breweries, unique coffee shops, all of which make this one of the most sought-after communities in the country. This is the perfect loca- tion for Storia.” This is our third new build com- munity in Colorado and our second Storia community, with the first being The Armory in North Boulder, which has 18 three-level townhomes as part of the larger residential village on the grounds of a former Colorado Nation- al Guard post. s kkey@liverangewater.com Key Continued from Page 12 n Making connections. Connectivity was the No. 1 concern for the major- ity of renter respondents, with an expectation of curb-to-unit coverage and a desire for immediate internet access. Because it is considered so essential for everything from stream- ing to working from home, connectiv- ity is no longer something that can wait for most respondents. In fact, on average 16% of Colorado renter respondents connected to the prop- erty’s Wi-Fi while on tour, offering them an opportunity to check out its speed and coverage before ever sign- ing a lease. n The tried and true. In addition to all of the change brought about by the pandemic, some tried-and-true renter preferences still remain. Renters in Colorado report strong interest in community amenities such as reliable cell reception (86%), swimming pools (72%) and secure self-service 24/7 package access (70%). The apartment features that top Colorado renters’ list of must-haves include: central air conditioning (94%), in-unit washer/dryer (94%) and a dish- washer (91%). Whether it’s because of low inven- tory in their chosen markets, the need to move around while building their careers, or the millennial and Gen Z trends toward “settling down” later in life, renters constitute a large and growing market. By understanding what they need and what they want, you can tailor your services and mar- keting toward them, helping them to find rental options that truly fit their lifestyle and requirements. Note: The Colorado facts presented in this article represent the averages of the four Colorado metro reports contained within the survey. n About the survey. Since its incep- tion in 2013, the NMHC/Grace Hill Renter Preferences Survey Report has been the authoritative data source for apartment owners, managers, devel- opers, industry suppliers, as well as architects, financial institutions and others seeking insights into the minds of renters. This biennial survey of resi- dents at institutional-grade properties provides users with reliable data to make a variety of investment, devel- opment and operational decisions. Survey partners featured NMHC 50 companies including Greystar, Amli Residential, Windsor Communities and more. s kduty@nmhc.org Duty Continued from Page 16 resident networking events, and Canvas & Cocktails events. These kinds of programs bring like-minded people together for a dedicated peri- od of time (so much more significant than saying, “Hi,” in the line for the taco truck). Design a resident experience strat- egy that optimizes your residents’ living experience to increase reten- tion, streamline operations and reduce marketing costs. Start small, be intentional, keep your team on the same page and reap the results: Happy residents, happy team, happy bottom line. s heather@hellodoubledutch.com Campbell Continued from Page 18 More and more, cities are taking a hard line on rentals, as proliferation during the pandemic has turned vacation properties into a hot-but- ton issue. n What is the “affordability gap” and how does it relate to short-term rentals? The affordability gap argu- ment – that STRs contribute to mak- ing affordable housing out of reach for local workers – is now front and center in many cities across the U.S. One of the primary issues put forth is the “transient” nature of short- term renters fractionally occupy- ing housing that could be utilized by local workers. But what actually happens when STRs are banned and a shorter-term rental turns into a long-term rental? Will those newly available long-term rental homes be within financial reach for the aver- age retail clerk, waitstaff or lift line attendant? If not, these houses may be rented by larger groups of these workers. Will that add to the appeal of their neighborhood as envisioned by STR opponents, and is there a general understanding that home occupants in this category also are relatively transient? Many of these renters may work off hours and work mul- tiple jobs, leading to regular traffic in and out of the house at all hours. Multiple renters can translate into multiple vehicles stacked or scat- tered in driveways, in front of neigh- boring homes or even parked on front lawns. Affordable housing is a real issue in many tourism-based communi- ties, but limiting the lodging options for tourists and prompting a nega- tive impact on the local economy is hardly the answer. n Where can short-term rental management companies and owners look up their local lodging tax rates, and how do they pay them? This is not a simple task. Reviewing the websites of the various jurisdic- tions at state and local levels is one source of information. However, this is where a cloud-based service like ours comes into play to help short- term rental owners understand the licensing and registration require- ments, the tax rates they need to consider and the remittance of that tax liability to the various jurisdic- tions. This is an ever-changing land- scape that owners must stay on top of. n What are the top three tips to stay in compliance? First, get a clear and full understanding of your local short-term rental rules and regula- tions, including everything from noise and parking tolerances, to business permits, pool inspections and lodging tax compliance. Second, determine whether you want to handle short-term rental manage- ment tasks yourself, which tasks you want to outsource via technol- ogy/automation tools, or whether you want to engage with a short- term rental management agency and offload all tasks associated with your rental. Third, keep abreast of changes to short-term rental regula- tions in your area. Rules around city- by-city compliance for rentals have never been more in flux and open to vigorous debate. Be vigilant. s Knudsen Continued from Page 14 these projects. In addition, these requirements, plus shear loads, are transferred into the foundation. Per FEMA 361, the safe room foundation must be designed for five times the load of a traditional structure. The use of interior double walls ensures that the safe room is a completely separate system that can stand on its own if the surrounding structure is demolished. In designing and building struc- tures, there are always trade-offs. Every material and component choice carries with it both costs and benefits, which must be bal- anced and weighed by the project team. Precast concrete has many attributes that can help create safe, healthy, long-lasting buildings that can contribute to the well-being of occupants and communities. Precast inherently provides a variety of effi- ciency, resiliency, versatility, durabil- ity and aesthetic advantages needed to meet structural and architectural requirements of this ever-growing market segment. s jschneider@pcims.com Schneider Continued from Page 26