Public Housing Revitalization: Building Communities Together€¦ · Public Housing Revitalization: Building Communities Together April 21, 2015 The Lyceum, Hartford, CT This IForum

Public Housing Revitalization:Building Communities Together

April 21, 2015The Lyceum, Hartford, CT

This IForum produced with the support of

STATE-SPONSORED HOUSING PORTFOLIO

REVITALIZATION

Woodcrest Elderly Housing, LP (non-profit for the Somers HA)

Woodcrest Elderly Housing

DEVELOPMENT TEAM: Developer - Somers Housing AuthorityArchitect - Henry SchaedlerConsultant - Real Estate Diagnostics Contractor - Alca Construction

FUNDING:DECD/HUD Home Funds - $3.3MFederal LIHTC Proceeds - $301kFederal Home Loan Bank - $400k

Before

After

Hales Court Housing Associates, LP (Non-profit for the Westport HA) The Villages at Hales Court

(fka Hales Court)

DEVELOPMENT TEAM:Developer : Westport Housing AuthorityArchitect: Gilley Design Assoc ArchConsultant: Millennium Real Estate Svcs.Contractor: Distinctive Homes of CT

FUNDING:LIHTC Proceeds - $13.2MCHFA Loan - $12MDECD Home Funds - $3.5M

Before

After

Allen O’Neill Homes, LLC (non-profit for the Darien HA)

The Heights at Darien (formerly Allen O’Neill Homes)

DEVELOPMENT TEAM: Architect - William CrosskeyDeveloper – AON, LLCConsultant - New Castle Housing Ventures Syndicator - PNC Real Estate Capital

FUNDING: $21,249,000 – LIHTC Proceeds$ 4,292,500 – DECD Home Funds$ 5,914,200 – FHA First Mortgage

Before

After

New London Communities LP(non-profit for the New London HA)

Homes at Pride Point (FKA Bateswood)

DEVELOPMENT TEAM:Developer – New London Communities, LPArchitect – URS CorporationEngineer – URS CorporationConsultant – Real Estate SolutionsContractor – Carabetta Brothers

FUNDING:$7.6M – LIHTC Proceeds$5.6M – CHFA 1st Mortgage$6M – DECD Housing Trust Fund

After

Before

New London Communities, LP(Non-profit for the New London HA)

Homes at Progress Point (FKA Briarcliff)

DEVELOPMENT TEAM:Developer–New London Communities, LPArchitect – VMY Vatois ArchitectsEngineer – URS CorporationConsultant – Real Estate Solutions

FUNDING:Federal LIHTC - $7.7MDeveloper/Investor Cash Equity - $1.7MCHFA Bond Proceeds - $4.1MCHFA Next Steps - $4.6M

Before After

KR Corbin/Pinnacle Holdings, LLCCorbin Heights/Pinnacle Heights

Extension

DEVELOPMENT TEAM:Developer: KR Corbin Pinnacle Holdings, LLCArchitect: Paul Bailey Architect, LLCEngineer: TO Design, LLCContractor: Haynes Construction

FUNDING:Total Development Cost: $80.6MDECD Funds: $15.0MOwner Equity: $0.65M9% LIHTC Proceeds: $40.0MCHFA ITA Funds $19.2MCPS/CHFA Funds $ 3.88M

Before

After

RHA LP (non-profit for THE RIDGEFIELD HA)

Ballard Green

DEVELOPMENT TEAMRHA Limited PartnershipREDI- Development ConsultantsHenry Schadler Assoc, PC- ArchitectNaek Construction co. Inc.- Contractor

FUNDING:$3.2M - State Bond Funding Total$929k – LIHTC - Total$2.5M Construction Loan - Total$600k – Owner Equity – Total$400k - Grant from AHP

The Ridgefield Housing Authority, through their non-profit applied for funding for all of their properties as a whole; subsequently, the Elderly and the Congregate remained in the State Housing Portfolio and the Affordable and Mod Rental Units were taken out of the state program.

Before

After

Glastonbury Housing AuthorityVillage Green

SHRP Funding

AFTER

Before

Development TeamArchitect: Capital Studio ArchitectsContractor: PAC Group, LLC

Funding$3M – SHRP Funding$608K – Reserves$500,000 HTCC$92k – CL&P

Wethersfield HA Highview TerraceSHRP Funding

BEFORE

AFTER

Development TeamArchitect: J. Associates ArchitectsContractor: BRD Builders

Funding$642,828 – SHRP Funding$341,416 – Reserves$258,797 – CL&P

Enfield Housing AuthorityMark Twain Congregate

SHRP Funding

Before

After

Development TeamArchitect: Capital Studio ArchitectsContractor: BRD Builders

Funding

$1.6M-SHRP Funding$496K-Reserves

Middletown Housing AuthoritySunset Ridge, Santangelo Circle & Rockwood Acres

SHRP Funding

AFTER

BEFOREDevelopment TeamAmaya Architects, ArchitectJ. D’Amelia & Associates, ConsultantGibralter Construction, Contractor

Funding$3M-SHRP Funding$2M-Reserves

Sprague Housing AuthorityShetucket Village

1st Year $30M

Before

After

Development TeamPaul B. Bailey - ArchitectsMattern Construction – Contractor

Funding$2.2M – Governor’s 1st year $30M

Sharon Housing AuthoritySharon Ridge

1ST Year $30M

After

Development TeamJ. Associates – ArchitectWomen’s Institute – ConsultantKenneth L. Thomas, LLC – Contractor

BeforeFunding$56,000– CL&P-Utility Incentives$56,000 – Project Reserves$745,000 – 1st Year $30M Funds

Bristol Communities LP(Non-profit for the Bristol HA)

Dutton Heights

Funding LIHTC - $4.1MCHFA TEB Funds - $6MFlex Funds - $4.8M

Development TeamCEI Investment Corp - DeveloperCrosskey Architects - ArchitectAcorn Consulting Engineers - Engineer

Before

After