2014 mahra conference redevelopment for small and medium sized phas
TRANSCRIPT
2 0 1 4 M A H RA C O N F E R E N C E
REDEVELOPMENT FOR SMALL AND MEDIUM
SIZED PHAS
PENNROSE PROPERTIES - HISTORY
• Over 35 years in business; leader in Multi-family development
• Recognized experts in complex, multi-phase urban and suburban development
• Developed over 12,000 units developed in 190 communities
• Launched market-rate platform in 2011
MISSION
Pennrose, in cooperation with its partners and keystakeholders, develops high-quality, expertlymanaged residential properties -- which providelong-lasting enhancements to their communitiesand host municipalities.
CORE PRINCIPALS
• We are committed to high-quality development:• Solidly financed; attractively designed and constructed for energy
efficiency and durability
• We stay for the long-term:• Our business model is based on sustained ownership and our properties
are designed to stand the test of time
• We understand that quality management is the key to our ongoing success:• Attentive maintenance, appropriate services, and a strong focus on our
residents set Pennrose developments apart
PENNROSE’S HOUSING AUTHORITY JOINT VENTURESHousing Authority Project Name Units
Allegheny County Housing Authority Ohioview Acres 232
Camden Housing Authority Branch Village 58
Camden Housing Authority Baldwin's Run 507
Camden Housing Authority Roosevelt Manor 316
Chattanooga Housing Authority Steiner Redevelopment 48
Chattanooga Housing Authority McCallie Homes 400
Chester Housing Authority Wellington Heights 50
Chester Housing Authority Wellington Ridge 136
Chester Housing Authority Chatham Estates 40
Delaware County Housing Authority Fairgrounds 299
Delaware County Housing Authority Upland Terrace 51
Delaware County Housing Authority Calcon Gardens 50
Delaware County Housing Authority Highland Homes 51
Fayette County Laurel Estates 65
Housing Authority of Allegheny County
Monroe Meadows 48
Housing Authority of Allegheny County
Groveton Village 69
Housing Authority of Baltimore City Orchard Ridge 444
Housing Authority of Baltimore City Uplands 761
Housing Authority of Chester County Fairview Village 35
Housing Authority of Newport Newport 327
Housing Authority Project Name Units
Housing Authority of the City of Allentown
Cumberland Gardens 200
Housing Authority of the City of Allentown
Hanover Acres / Riverview Terrace
322
Housing Authority of the City of Annapolis
Obery Court 174
Housing Authority of the City of Easton
Delaware Terrace / DT Annex
144
Housing Authority of the City of Hagerstown
C.W. Brooks 60
Housing Authority of the City of Hagerstown
Gateway Crossing 400
Housing Authority of the City of Paterson
Alexander Hamilton 201
Housing Authority of The City of Pittsburgh
Manchester 118
Housing Commissi. of Anne Arundel County
Burwood Gardens 200
Jersey City Housing Authority A. Harry Moore 186
Long Branch Housing Authority Sea View Hope VI 262
Memphis Housing Authority Cleaborn Deveopment 400
Mercer County Housing Authority Centennial Place 128
Mobile Housing Board Downtown Renaissance 175
New Brunswick Housing Authority Providence Square II 53
Newark Housing Authority Brick Towers 250
Philadelphia Housing Authority Martin Luther King 300
Philadelphia Housing Authority Schuylkill Falls 360
Springfield Housing Authority Lincoln Park 171
Trenton Housing Authority Carl Miller Homes 182
Youngstown Metropolitan Housing Authority
Arlington Heights 130
PUBLIC HOUSING REDEVELOPMENT
FINANCING PROGRAMS
1. HOPE VI – (No longer around)2. MIXED FINANCE – ACC, Low Income Housing Tax
Credits, State Resources, HA, FHLB3. CHOICE NEIGHBORHOOD (Planning and
Implementation Grant) – Education/Health Safety4. RAD – Current HUD Demonstration Program – ACC
conversion to Section 8 Project Based Contract
MARYLAND PUBLIC HOUSING REDEVELOPMENTS
• Hagerstown – HOPE VI• Annapolis – Mixed Finance • Housing Commission of Anne Arundel
County – Mixed Finance• Wicomico County – RAD
HOUSING AUTHORITY OF THE CITY OF ANNAPOLIS
• Obery Court and College Creek Terrace• 164 public housing units• Demo/Disposition Approval• Public Planning Process• Three Phases
OBERY COURT - BEFORE
OBERY COURT – PHASE I (AFTER)
COLLEGE CREEK TERRACE - BEFORE
• Before and After Picture
GREEN SPACE
FINANCING – OBERY PHASE I
• 50 Units and Community Building• Two Head Start Classrooms• Computer Lab• Courtyard/Patio• Tot Lot• Walking Trail• New Street with 22 Additional Parking Spaces
• ACC Subsidy, LIHTC, CDA – Partnership Rental Housing Funds
• $850,000 in Reserves• Housing Authority Fees
OBERY PHASE I – DEAL POINTS
• Challenges• Legal Aid
• One for One Replacement of Bedroom Sizes• Families Over Housed
• Community Activists• Capital Repairs • Local Municipal Cooperation or Lack Thereof• Resident Trust• Relocation• Resident Right to Return
PHASE II AND III - PLANNING
OBERY COURT/COLLEGE CREEK TERRACE - PHASE II
PHASE II
PHASE II - FINANCING
• 61 Units – Project Based-Section 8 (51 units)• ACC units not feasible to get financing
• Conventional Loan, LIHTC, CDA – Rental Housing and PHRP
• Community Legacy Funds for Demolition• Cooperation Agreement• Developer Guarantees• Developer Property Management• Project Based Voucher program
• Conventional Debt
PHASE III -
• Currently in Development• 63 Units – ACC, PBV, and LIHTC units• 9% Credits (Consecutive Allocations)• Conventional Loan, LIHTC, CDA – Rental Housing
and PHRP• Developer Guarantees• Developer Property Management• Last Phase of Redevelopment
HCAAC - BURWOOD GARDENS
• The Housing Commission has evaluated many different avenues to enhance accessibility and create an environment for the residents of the community.
• The design was obsolete from it’s origin, and has been extremely difficult to manage and sustain for years.
• Adding elevators or lifts to the existing garden building would be extremely expensive and impractical.
• Adding extensive ramps for accessibility would be impractical , unsafe and physically unappealing.
BURWOOD GARDENS - HCAAC
BEFORE
BURWOOD/HERITAGE CREST
HERITAGE CREST – PHASE I
• Completed December 2013• 100 Units Elderly – Project Based Section 8• Conventional Loan, LIHTC, CDA – Rental Housing
and PHRP• Developer Guarantees• Repayment of Capital Bond to CDA• HCAAC Property Management• Last Phase of Redevelopment
HERITAGE CREST – PHASE II
• 100 units – disabled and families• ACC and LIHTC units and possibly conversion to
RAD• HCAAC management• Last phase of Redevelopment
WICOMICO
• Two Phases• RAD• 9% Credits• Finance Sources and Uses
Project Overview - RAD
• Partnership with Wicomico County Housing Authority
• Two-phase redevelopment of existing 1960’s era 100-unit Public Housing community
• 100 PBV’s through RAD program
Phase I• Demolish 50 Public Housing Units• Construct 84 New Apartments (50 RAD / 34
LIHTC)• Rehabbed Community Building with new
resident amenities and management space• Total Project Cost: $17.1M
Schedule• Close March 2015• Construction Completion May 2016
Booth Street ApartmentsSalisbury, MD
Booth Street ApartmentsSalisbury, MD
Existing Conditions Proposed Design
THINGS IN COMMON
• 9% Low Income Housing Credits• Experienced Developer Required
• Compete • Guarantees• Tax Credit Compliance• PM Experience
• Partnership with Housing Authority• MDA• Regulatory Agreement• Ground Lease• Tenant Protections
BENEFITS OF DEVELOPMENT
• Benefits for HA• Fees – DF, Ground lease fee, cash flow sharing• Improvements to a property that could no
longer be maintained• Safe, affordable housing for existing residents
and residents on waitlist• Maximizing site by including mixed income
units to de-concentrate property
BENEFITS CONTINUED
• Employment Opportunities for residents• Reduction in Crime• Experience for future developments• Mentorships for PM/Tax Credit Compliance• RHF • Diversification of portfolio• Income for balance sheet – future development• PRHP funds• Right of First Refusal• Offsite Development and Sale of Current Land
(RADing units in other projects)
THANK YOU