Affordable Housing Analysis Village of Pleasantville

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Affordable Housing Analysis Village of
Pleasantville

• The Pleasantville Housing Development Fund Co.

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Overview of Affordable Requirements

• Moderate Rate Housing for Village Elderly
• Additional Funding for Ashbourne Hall Low
  Income Senior Housing (9 Section 8 Certificates)
• Senior Adaptable Housing for the Frail Elderly
• Work Force Housing (50 to 90 AMI)
• Fair Housing Issues - Availability (not race or
  ethnic preferences)
• Additional Parking Potential for the Village
• Address the Westchester Settlement Issues
• Additional Funding for the Village

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Conceptual Development Plan

• 32 Rental Apartments 50 to 90 AMI
• 12 are NYS Tax Credits (60 to 90)
• ( 8 to 10 Senior Friendly Units)
• 20 are Federal Tax Credits Units
• Directed at household Incomes from 35,000 to
  95,000
• AMI Average Median Household Income per HUD
  standards
• Additional Parking - 108 Total Spaces
• 99 structure and 9 surface spaces
• Current supply is 60 surface spaces
• Additional not reserved spaces 16 to 22 spaces
• Increased Retail/Office Space 1,000 SF

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Funding Analysis

• Non-subordinate Ground Lease with Annual Payments
  to the Village of Pleasantville - 45,000.
• Additional acquired land will be titled to the
  Village of Pleasantville at the developers cost
• PILOT Agreement for Real Estate Taxes -
  30,000/-
• No funding required from the Village of
  Pleasantville
• Village will operate the garage one space per
  unit
• Trash pick-up fees 175 to 225 per unit
• Exterior Snow Removal and Related - 4,500 per
  year

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Senior Issues

• A requirement for 12 Section 8 tenants in
  Ashbourne Hall, but the project has no project
  base Section 8 Certificates. The village and town
  can not service our poor senior households.
• The Majority of the Village Senior Households Are
  Over income Qualified for Ashourne Hall
• (Effective household incomes are greater than
  60AMI)
• Asbourne Hall was developed for young seniors and
  does not fully address the needs of the frail
  elderly.

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School Issues

• Estimated new students for the housing (outside
  of the District) will be 2 to 4
• Estimated existing students in the Pleasantville
  School District that will be residents at the
  development will be 3 to 5.
• Estimated new students during the next three to
  five years based on Demographic Changes 150 to
  275 The majority will be elementary school
  students

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Real Estate Taxes Impact

• The overall financial impact from the development
  on the Village of Pleasantville will be minimal
  from an operating basis.
• However, I believe that there will be significant
  increases as result of New York State Policies
  for Fiscal Years 2011 to 2014, such as
• Increase Pension Funding Requirements
• Medicaid Funding End of Stimulus Bill Funding
  6MM
• New York State Deficit - 7MM - 2011
• New York State Deficit - 13MM - 2012

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Affordable Rental Structure
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Affordable Rents - Estimated
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Design Considerations

• The vast majority of the design work was
  completed by Fred Haetinger. The concept design
  was reviewed numerous times in order to address a
  wide-range of community, housing, and financial
  concerns.
• The garage design is innovative in that there are
  no internal ramps. Access to the garage levels
  are directly via street access. The proposed
  garage provides for 99 structured and 9 surface
  spaces.
• The 8 to 10 senior friendly units will have all
  senior stall showers on upper floor and full
  handicap showers on the lower level with support
  rails and related. However, all units will be
  handicapped accessible.
• The building structure slopes down from Bedford
  Road and provides for a three-story structure on
  Bedford Road and four-story structure in the
  rear. Along Bedford Road, there is a ground level
  commercial space and two stories of residential
  apartments above. The entrance for the apartments
  will be on Wheeler Avenue, which limits traffic
  impact on Bedford Road.

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Senior Housing Issues

• .
• Market Standards The definition of seniors by
  market parameters and other economic, physical,
  and social standards are as follows
• Young-seniors households are headed by persons
  60 to 74 years. This group is generally
  characterized as homeowners, healthy, financially
  stable and couples (majority are married).
• Old-seniors households are headed by persons
  aged 75 to 84 years old. This group can be
  characterized as a transition group with increase
  frailty, increased widowhood, less financially
  secure and exploring potential for alternative
  housing with options with services. This is
  beginning of needs base demand, which seniors
  will require additional services.
• Oldest-seniors households are headed by persons
  85 years old. This group is generally
  characterized as female, frail, widowed,
  financially less secure and living alone. This
  segment has a significant increase in needs base
  housing and services.
• Another important challenge was that the
  Pleasantville Senior Housing (Ashbourne Hall) was
  directed and designed for the young senior
  household rather then old and oldest senior
  households. The village may have to address under
  funded renovations of over 150,000 over time

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Site Location Map
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41 Clinton Place New Rochelle25 Workforce
Units and Garage - Westhab
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22 Tarrytown Road Greenburgh28 workforce units
Proposed - Westhab
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Talleyrand Apartments Route 11980/20 NYS HFA
Workforce
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Interiors NYS-HFATown of Wayayanda/Workforce
Regan Development
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Affordable Housing Program

• The LIHTC is a dollar-for-dollar reduction in
  federal tax liability available to investors in
  exchange for equity participation in the
  construction, acquisition, and/or rehabilitation
  of low-income rental housing. Based on its
  population, each state has a limited amount of
  credit available for allocation to investors.
  Credits are taken over a 10-year period. Although
  credits for individuals may be limited by passive
  loss restrictions, corporate investors generally
  can use them without limitation.
• While credits are paid over a ten-year period,
  they are amortized over a five-year period. The
  concept of this program is to offset the
  development costs and expenses of new
  construction and renovations and limit the
  Federal government exposure for operating
  subsides.
• Once the property is built, it should be able to
  operate on its own cash flow, subject to HUD and
  NYS-DHCR and/or NYS-HFA requirements.
• To qualify for the LIHC, a residential rental
  project must meet the following requirements
• One Units must be available to the general
  public.
• Two 20/40 Requirements.
• At least 20 percent of the units must be occupied
  by tenants whose incomes do not exceed 50 percent
  of the area's median gross income (adjusted for
  family size)
• Or at least tenants whose incomes do not exceed
  60 percent of the areas median gross income
  (adjusted for family size) must occupy 40 percent
  of the units.
• Three Gross rent charged to tenants of qualified
  low-income unit can not exceed 30 percent of the
  area's median gross income, adjusted for family
  size. Gross rent includes base rent plus utility
  allowances
• Four The property must be held in compliance
  with all requirements for at least 15 years.
  However, some states have extended this holding
  period to 30 years. This project has a 30 year
  holding period for New York State and a 15 year
  holding period for Federal Government purposes.
• In addition the federal government program
  provides an incentive (30 bonus) for housing
  built in economically distress or difficult to
  developed areas. . The property is located in a
  bonus area. Westchester County is designated as
  difficult development Area (DDA).
• The state, county, and city have sources of
  additional funding. But they come with
  regulations and requirements that have to be
  reviewed. Developments funded under the New York
  State Tax Credit Program that allows household
  income from 60 to 90 AMI.

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Potential Developers

• Advisory Status The Pleasantville Development
  Fund Company will act in advisory capacity with
  regard to leasing and operations of the
  development, but will have no active roll in the
  actual development, construction, or funding of
  the project.
• Potential Developers
• Regan Development
• Westhab
• Greyston/Rose Associates
• Wilder Balter

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Conclusion

• The village has a unique opportunity to situation
  of obtain a high quality development at no cost
  to our residents. However, we need to move fast
  in order to maximize the funding.
• If the Village decides to move forward, two
  committees need to be form to advise the board.
• Development/Design
• Financial Analysis and Agreements

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Village Demographics
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Tax Parcel Map of the Proposal