Quality Is Affordable Dawson Holdings, Inc
USDA 515 and HUD preservation renewals for seniors
May 16, 2015
John Hartwick, Dawson Holdings, provides information about creating and preserving quality affordable rural housing for seniors using HUD and USDA programs
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Quality Is Affordable
Dawson Holdings, Inc
Kachina I & II Apartments316 N. Avenue A
Casa Grande, AZ 8512250%HUD / 50% USDA
Kachina I & II ApartmentsProject Information
• The Kachina Apartments I & II is a senior living complex of ninety six (96) 1 bedroom units. Phase I of the complex was originally built in 1979 and Phase II was built in 1981.
• 5 units were notated to be fully UFAS compliant.
• The property consists of four residential buildings, two laundry facilities, a community room and leasing office and occupies a 7.5 acre lot.
Kachina I & II ApartmentsProject Information
Lenders
• Lenders– CITI – USDA – State of AZ, ADOH– Utah Community
Reinvestment Corp
Kachina I & II ApartmentsProject Information
Kachina 1
• 48 units USDA 515
• Prior Rents $323
• Post Rehab Rents $501
Kachina 2
• 48 units HUD
• Prior Rents $503
• Post Rehab Rents $503
Purchase Price - $2,145,000
9% Tax Credits Allocated - $6,385,240
Tax Credits Converted at just over 90 cents on the dollar for rehab. $5.75m spent
Kachina I & II ApartmentsProject Information
Partners
• Partners– Affordable Housing
Partners – Tax Credit Syndicators
– Pinal-Gila Council for Senior Citizens
– USRG, LLC – Precision General
Commercial Contractors, Inc
Kachina I & II ApartmentsInitial Walk Issues“Sure, No Problem”
ExistingRooftop
Kachina I & II ApartmentsInitial Walk Issues “Sure, No Problem”
Kachina I & II ApartmentsEvolution of InteriorsUFES Conversion Units
Kachina I & II ApartmentsEvolution of InteriorsUFES Conversion Units
Kachina I & II ApartmentsEvolution of InteriorsUFES Conversion Units
Kachina I & II ApartmentsEvolution of Interiors
Standard Units
Kachina I & II ApartmentsUnit Upgrades
HVAC
Kachina I & II ApartmentsUnit Upgrades
Energy Efficient Lighting
Kachina I & II ApartmentsUnexpected Issues
Sewer Lines
Kachina I & II ApartmentsUnexpected Issues
Sewer Lines
Kachina I & II Apartments
Community Building Before
Kachina I & II ApartmentsCommunity Building
During & After
Kachina I & II ApartmentsCommunity Building
During & After
Kachina I & II ApartmentsLeasing Office
Before and Reno Plan
Kachina I & II ApartmentsLeasing Office
After
Kachina I & II ApartmentsRain Harvest System
Kachina I & II ApartmentsRain Harvest System
Kachina I & II ApartmentsRain Harvest System
Kachina I & II ApartmentsSolar Panels
Kachina I & II ApartmentsSolar Panels
Kachina I & II ApartmentsCommunity Garden
Before & During
Kachina I & II ApartmentsCommunity Garden
After
Kachina I & II ApartmentsStreet Appeal
Kachina I & II ApartmentsParking Lot & Concrete Apron
Kachina I & II ApartmentsFinal Project
Broadway Senior Center 5200 Broadway
Sacramento, CA 95820100% HUD / Tax Credit
Broadway Senior CenterProject Information
• Broadway Senior Center is a senior living complex of 112 - 1 bedroom and 8 - 2 bedroom units. The complex was originally built in 1979.
• 6 units were notated to be fully UFAS compliant.
• The property consists of 24 residential buildings, and one office building with laundry facilities and a community room. It occupies a 7.5 acre lot in mid-town Sacramento.
Broadway Senior CenterProject Information
Lenders
• Lenders– US Bank – SHRA– City of Sacramento
Broadway Senior CenterProject Information
• 120 units HUD MAHRA 524 (b)
24 units at 50% LIHTC96 units at 60% LIHTC
HUD POA shows preference for 20% of applicants to those with ELI @30% below Area Median Income
Purchase Price - $7,155,000
Tax Credits Allocated - $3,544,000
Soft SHRA Loans - $2,760,000
Broadway Senior CenterProject Information
Partners
• Partners– Centerline Investor LP
– Tax Credit Syndicators
– Community Resident Services, Inc
– Sackett Management– Precision General
Commercial Contractors, Inc
Broadway Senior
Before
Broadway Senior
Before
Broadway Senior
Exterior Conversion
Broadway Senior
Exterior Conversion
Broadway Senior
Exterior Conversion
Broadway Senior
Exterior Conversion
Broadway Senior
Exterior Conversion
Broadway Senior
Interior Conversion
Broadway Senior
Interior Conversion
Broadway Senior
After
Casa De Angelo 3151 Notre Dame Dr
Sacramento, CA 95820
Casa De AngeloProject Information
• Casa De Angelo Apartments is a senior living complex of 100 - 1 bedroom units. The complex was originally built in 1979.
• 5 units were notated to be fully UFAS compliant.
• The property consists of 10 residential buildings, and one office building with laundry facilities and a community room. It occupies a 6.5 acre lot.
Casa De AngeloProject Information
Lenders
• Lenders– US Bank – SHRA– City of Sacramento
Casa De AngeloProject Information
• 100 units HUD MAHRA 524 (b)
24 units at 50% LIHTC96 units at 60% LIHTC
HUD POA shows preference for 20% of applicants to those with ELI @30% below Area Median Income
Purchase Price - $6,605,000
Tax Credits Allocated - $3,301,000
Soft SHRA Loans - $3,495,000
Casa De Angelo ApartmentsProject Information
Partners
• Partners– WNC Housing, LP –
Tax Credit Syndicators– Community Resident
Services, Inc– Sackett Management– Precision General
Commercial Contractors, Inc
Casa De AngeloBefore
Casa De AngeloBefore
Casa De AngeloBefore
Casa De AngeloEvolution of Community Room
Casa De AngeloEvolution of Community Room
Casa De AngeloEvolution of Community Room
Casa De AngeloEnergy Efficiency
Casa De AngeloNew Interiors
Casa De AngeloNew Interiors
Casa De AngeloCompleted
Casa De AngeloCompleted
Casa De AngeloCompleted
Quality Is Affordable
Dawson Holdings, Inc
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