Affordable Rental Housing Preservation by NAHT Members

1
Affordable Rental Housing Preservation by NAHT
Members

• Robert Snow, Senior Vice President NAHT
• 2007 Enterprise Community Conference
• November 14, 2007

2
Introduction National Affordable Housing Trust

• NAHT is a membership organization that provides
  an extension of the Members development
  departments

Volunteers of America
National Church Residences
Retirement Housing Foundation
Good Samaritan Society
3
How We Help - Through Collaborative Services

• Facilitating all facets of housing development
  through financial and human capital
• Creating a platform for collaboration, finding
  ways to enhance production and services through
  partnership
• Becoming an extension of partner offices, filling
  short-term, long-term or permanent gaps in
  development and management services
• Enhancing policy initiatives

4
Enhancing Policy Initiatives

• Working to Eliminate Obstacles to Transactions
• A Commitment to Solutions that Incentivize
  Long-term Stewardship
• A Commitment to work with our members Create an
  Effective Federal Partner
• Working to Improve Resident Quality of Life and
  Rehabilitation of Affordable Housing

5
Member Preservation Initiatives

• Acquisition and Rehabilitation of Federally
  Subsidized Affordable Housing Portfolios
• Recapitalization and Rehabilitation of Member
  Owned Federally Subsidized Affordable Housing
  Properties
• Revitalization of the Section 202 Portfolio
• Recapitalization of Y -15 Special Needs
  Affordable Housing Properties

6
Portfolio Preservation Wingate (NCR)

• 57,700,000 TDC
• Suburban Detroit,
• Michigan
• 620 Units Elderly
• Michigan State
• Housing Development
• Authority
• Bond Financing
• 4 Tax Credits
• Still in Progress

Wayne Towers
Madison Towers
Solberg Towers
Romulus Towers
7
Portfolio Preservation Winchester (RHF)

• 185,000,000 TDC
• Boston,
• Massachusetts
• 937 Units Elderly in
• 7 properties
• Mass Housing
• FHA Risk share
• Bond Financing and
• 4 Tax Credits
• Preservation of
• scarce housing for
• lowest-income
• residents 100
• Section 8 contracts

The Stearns
Symphony Plaza East
Seabury Apartments
Symphony Plaza West
8
Acquisition and Rehabilitation
Duncan Apartments (VOA)HUD Mark to Market

• 4,227,000 TDC
• Duncan, SC
• 47 Units
• 9 Credits
• Non-Profit assignment of HUD second mortgage
• 100 Section 8

9
Acquisition and Rehabilitation
Deans Apartments (VOA)USDA RD Preservation
Deans Apartments (VOA)USDA RD Preservation

• 5,800,000 TDC
• Monmouth Junction, NJ
• 40 Units
• 23 Units with USDA Rental Assistance
• 1,250,000 South Brunswick Twshp. HTF
• 8 PILOT from South Brunswick Twshp.

10
Acquisition and Rehabilitation
Trinity Towers Lakewood Christian Manor (NCR)
Atlanta, Georgia

• 490 Units
• 21,611,253 TDC
• 17,114,004 Gross Equity
• Section 236 recapitalization
• Strong partnership with local HUD office
• Preservation of essential affordable senior
  housing

11
Recapitalization and Rehabilitation

• Sunset Park Apartments (VOA)
• 19,000,000 TDC
• Denver, CO
• 180 Unit Senior and Special
• Needs
• 9 Tax Credit

• Lord Tennyson Apartments (VOA)
• 33,000,000 TDC
• Hayward, CA
• 252 Unit Family
• 4 Tax Credit

12
202 Portfolio Conversions
Clara, Cypress and Wysong (NCR)

• 30,100,000 TDC
• Los Angeles, CA
• 134 Unit Elderly
• FHA Debt- 4 Tax Credits
• 18,000 / Unit Rehab
• Municipal 2nd Mortgage

13
Y-15 Preservation Projects
Renaissance ApartmentsSenior Supportive Housing
(NCR)

• 5,025,000 TDC
• Toledo, OH
• 54 Units
• 9 Credits
• 30,000 / Unit Rehab
• senior features the site offers include social
  services, a daily meal program that is offered
  on-site in the dining room, and an activity room

14
Y-15 Preservation Projects
Hancock ManorVeterans Supportive Housing

• 5,300,000 TDC
• Philadelphia, PA
• 53 Units
• McKinney
• 9 Credits
• PENN HOMES
• Redevelopment Agency
• Real Estate Tax Abatement
• 4th Application to be Submitted in December

15
Y-15 Preservation Projects
Malden ArmsPermanent Supportive Housing Mercy
Housing Lakefront

• 5,300,000 TDC
• Chicago, IL
• 83 post-conversion units (eliminating units with
  shared bathrooms)
• IHDA Housing Trust Funds
• 22,000 / Unit Rehab
• 9 Credits

16
Y-15 Preservation Projects
Norbo HotelPermanent Supportive Housing

• 12,800,000 TDC
• Skid Row, Los Angeles, CA
• Supportive Services paid for by SAMHSA and the
  Dept. of Corrections
• PSH, Veterans and Parolees
• 167,000 / Unit Rehab to reconfigure from SRO to
  PSH
• 9 Credit Application