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Girls, Inc.
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Girls
Integrating
Real
Life
SkillsA Residential Living Facility that provides
housing for young adult women (18-23) who age out of foster care.
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Development TeamLynda V. Harris
VP, The Henderson Financial Group
Lori Martin, MBA
Executive Director, Aim For Success Inc.
Brett Hudson, MPA
Creative Community Developer
You Start, LLC
Janice Thompson
Property Manager,
Lauderhill Housing Authority
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VisionThe vision of Girls, Inc is to provide
concentrated life skills programming and affordable housing to former foster care and
other at-risk youth (ages 18-23) as they transition to successful independent living.
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Market Analysis
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About 28,000 youth age out of foster care in America each year,
including over 200 in Miami-Dade County in 2016.
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Significant Need More than one in five will become homeless after age 18
Only 58 percent will graduate high school by age 19 (compared to 87 percent of all 19 year olds)
71 percent of young women are pregnant by 21, facing higher rates of unemployment, criminal conviction, public assistance, and involvement in the child welfare system
Fewer than 3 percent will earn a college degree by age 25 (compared to 28 percent of all 25 year olds
One in four will be involved in the justice system within two years of leaving the foster care system
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There is a huge unmet market for aged-out foster
children.
There are currently 179placements that do not
have a place to go.
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North Miami Vs.
Miami-Dade County Stats
Average Household Income: $38K / $48K
Cost Burden (%): 65.3 / 61.9
Percent Below Poverty (%): 18.9 / 11.8
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Lack of AffordableOfferings
Center Court Apartments589 LIHTC units
Harvard House55 LIHTC units
Total: 644 low-income housing units 19,275 total housing stock (3.3%) 9,445 total rental units (6.8%)
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Development Concept
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Multi Level Duplex
Each Side Consisting of 3 Bedrooms and 2 Baths
Total Square Footage Per Side – 996 x 2 = 1,992
Cost Per Square Footage = $170.00 per sq. ft. = $338,640
Construction Cost of each Duplex - $340,000
$340,000 x 5 Duplexes = $1,700,000
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Partnerships:
Improve Affordable Living
Skills Building
Build Community
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CommunityImpact
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Community Amenities
Educational OptionsGroceryParks and Green Space
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Considerations and Challenges Endogenous factors:
- Attrition Rates
- North Miami ordinance for duplex housing
Exogenous factors:
- Funding cutbacks for services
- Economic conditions, housing market
- Political climate
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FinancialFeasibility
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Development Budget Sources
Funding Sources Amount
Mortgage 1,250,000 (66% LTV)
Federal Home Loan Bank of Miami
100,000
City of North Miami CDBG Grant 200,000
City of North Miami SHIP Grant 100,000
Owner Equity 250,000
Total Funding 1,900,000
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ProForma SummaryProject RevenuesNumber of Units 10Average Rent/Unit/ 30 Beds 37,530Gross Rent 450,360
Less Operating Expenses (361,095.00)Net Project Revenues 89,265
Project CostsLand Acquistion 250,000Sitework & Building Construction 1,693,200Off site costs 31,250Developer Fee 315,912
Total Project Costs 2,290,362
Net Cash Flow Before Financing (minus Funding Sources) 1,640,362.00
Debt Service Coverage Ratio 1.52
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In Closing…
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Thank You!
Girls, Inc.305-311-9256