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Charlesview ResidencesThe relocation and reconstruction of a distressed housing development
into a new 340‐unit mixed‐income, mixed‐use community.
Bev BatesSenior Vice President, Development Operations
The Neighborhood
The Site
240 rental homes
100 for-sale homes
15,000sf retail
11,000sf community space
111,000sf garage(not shown)
ElevationsMixed Use Midrise
TownhousesTownhouses
Sources & UsesSources
LIHTC Equity $ 27.6M
Residential First Mortgage (NIBP) $ 46 0MResidential First Mortgage (NIBP) $ 46.0M
Replacement Housing Payment $ 63.5M
State Soft Source (PDF) $ 2.0M
$Brownfield TC $ 0.3M
Total Sources $141.4M
Uses Program & Infrastructure
Housing
Site Preparation $ 11.5M $ 2.5M
Construction $ 3.7M $ 83.4M
Soft Costs $ 0.9M $ 11.8M
Finance Costs, Reserves & Fee $ 7.1M $ 20.5MFinance Costs, Reserves & Fee $ 7.1M $ 20.5M
Total Development Costs $ 23.2M $118.2M
Key Innovations
• Porting of 200‐unit HAP Contract
• $46 million construction‐to‐• $46 million construction‐to‐permanent mortgage from NIBP
• 90% Risk Share Insurance
• Mark up to Market Transfer Rent Adjustment to Increase First Mortgage
• Land Swap and Development Partnership with Harvard University
Rules for Porting Section 8 Under Section 8bb
• Must prove obsolescence of existing site
• 1 for 1 Replacement of same unit mix/size
• Build first relocate second• Build first, relocate second
• All existing residents to have right to move to new location with comparable or better affordabilitycomparable or better affordability and amenities
• Cannot underwrite new deal based on old contractbased on old contract
• No hard forward commitment available