1 innovative multifamily developments: rehabs, renovations, and new construction governor’s...
TRANSCRIPT
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INNOVATIVE MULTIFAMILY DEVELOPMENTS:
REHABS, RENOVATIONS, AND NEW
CONSTRUCTION
Governor’s Housing Conference
September 27, 2013
Chickie GraysonPresident & CEO
Enterprise Homes, Inc.
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Enterprise Homes, Inc.
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Development arm of Enterprise, based in Baltimore
One of the mid-Atlantic’s largest developers of high-quality affordable and market-rate housing communities
Over 5,400 residences completedo Mixed-income/workforceo Homeownershipo Family and Senior Rental Communities
Award-winning communities throughout the region
Commitment to sustainable development
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Enterprise Homes, Inc.
HARPER HOUSE (Formerly Abbott House)
SEIZE THE OPPORTUNITY
Proposal to HUD for Operation Breakthrough
• Built in 1971 using the Rouse-Wates System
• 100 units: efficiencies, 1- and 2-bedrooms
• 100% Section 8
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Enterprise Homes, Inc.
HARPER HOUSE (Formerly Abbott House)
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Enterprise Homes, Inc.
HARPER HOUSE (Formerly Abbott House)
SEIZE THE OPPORTUNITY
LIHPRHA Program – 1997
• Assumption of Section 236 mortgage
• Modest renovation ($3 million)
• Eyesore and neighborhood nuisance
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Enterprise Homes, Inc.
HARPER HOUSE (Formerly Abbott House)
SEIZE THE OPPORTUNITY
Strong Real Estate Market ~ Great Recession (’08) = NO GO
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Enterprise Homes, Inc.
HARPER HOUSE (Formerly Abbott House)
SEIZE THE OPPORTUNITY
New Issue Bond Program – 2010
• Close by December 2011
• We DID it!!! (and then it got extended)
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Enterprise Homes, Inc.
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Enterprise Homes, Inc.
HARPER HOUSE (Formerly Abbott House)
BEFORE AFTER
Efficiencies 7 0One-Bedroom 42 36Two-Bedroom 51 64
Total: 100 100
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Enterprise Homes, Inc.
HARPER HOUSE (Formerly Abbott House)
SCOPE OF WORK
Replace major capital items: Windows, HVAC, Roof, Generator
Upgrade Elevators
New kitchens (appliances, cabinets, countertops, flooring, lighting, etc.), bathrooms (all fixtures, flooring)
Add carpet to all units
Create common/community space
(8) unit addition
Reconfigure certain units
Increase Energy Efficiency
Designed to meet Enterprise Green Communities Criteria
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Enterprise Homes, Inc.
HARPER HOUSE (Formerly Abbott House)FINANCING
TDC: $21,688,940
Sources: Tax-exempt bonds Interim Income MEEHA Grant (MD CDA) Seller Take-Back Deferred Developer Fee LP Tax Credit Equity
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Enterprise Homes, Inc.
THE GREENS AT ENGLISH CONSUL
9% LIHTC Couldn’t Score on QAP; pent up LIHTC demand
SEIZE THE OPPORTUNITY
RENTAL HOUSING WORKS
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Enterprise Homes, Inc.
THE GREENS AT ENGLISH CONSULFINANCING
TDC: $14,621,523
Sources: Tax-Exempt Bonds FHA Taxable Bonds 4% LIHTC Rental Housing Works Partnership Rental Housing HOME Funds Federal Home Loan Bank – Atlanta Empower Maryland Deferred Fee
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Enterprise Homes, Inc.
THE GREENS AT ENGLISH CONSUL
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Enterprise Homes, Inc.
THE GREENS AT ENGLISH CONSUL
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Chickie GraysonPresident & CEO
Enterprise Homes, [email protected]
Tel: 410.332.7400
www.EnterpriseCommunity.com