1 innovative multifamily developments: rehabs, renovations, and new construction governor’s...

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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, Inc.cgrayson@enterprisehomes.com

Tel: 410.332.7400

www.EnterpriseCommunity.com