W. Baltimore Street View: Before Renovations. W. Baltimore Street View: After Renovations.

W. Baltimore Street View: Before Renovations

W. Baltimore Street View: After Renovations

Sources and Uses

 SourcesLIHTC Equity $7,522,584 FHA 221(d)(4) $9,964,538 Seller Takeback $6,500,000 Interim Income $373,125 Maryland Housing Rehab Program - MF $500,000 Deferred Fee $853,902 TOTAL SOURCES $25,714,148     UsesAcquisition Expenses $6,740,000 Construction $11,652,903 Architectural $250,872 Prof. Services and Fees $427,717 Financing $1,417,362 Partnership Expenses $60,000 Carrying Costs + Reserves $2,665,294 Fees $2,500,000 TOTAL USES $25,714,148

Hollins House Rent Comparison

Fay Towers

1202 N. 1st Street● Richmond, VA● Gilpin Neighborhood

200 One Bedroom units Built in 1971 Seniors

Fay Towers Existing

Fay Towers Proposed Replacement

Brookland Park Plaza Photo

Sources and Uses

Housing Authority Partnerships

Do interests align? Preservation vs. mission Is RAD a recapitalization tool or asset

disposition? Institutional implications for authorities

● Budget● Staff● Services

HA Partnership Negotiations

Ownership• Ground Lease• Sale• Seller Note• Partnership – Co-Managing Member vs. Special Member

Economics• Developer Fee• Cash Flow• Reversionary Value

Decisions & Approvals• Design• Budget• Management

Management & Operations• PBRA vs. PBV• Staffing• Resident Screening