Crescent Apartments Presentation January 2015
Agenda Introductions CPDC – Who we are What are the redevelopment plans? What is the relocation plan? What can residents expect ? Questions and Answers 2
Who Is CPDC? Community Preservation and Development Corporation (CPDC) • Premier non-profit real estate developer, established in 1989 Mission: Develop vibrant communities through innovation and partnerships • Community Investment • Challenging Developments • Sophisticated Financing • Sustainable Design • Commitment to Residents • Measurable Results 3
What does CPDC Do? >25 >4,500 >9,000 >$500 MM Communities Units Residents Investment Nationally recognized for innovative redevelopment projects 25 rental communities owned and/or developed in DC, MD and VA 4
What is CPDC’s Strategic Plan? 5
Our residents 6
What is CPDC’s Role in the Lake Anne Redevelopment Project? Redevelop portions of Lake Anne Construct replacement housing for 181 Crescent Apartments Manage relocation process for existing tenants We will be your new landlord 7
What does Crescent Apartments look like now ? 8
What w ill Crescent look like in the future? 9
A More Affordable Crescent Fairfax County Redevelopment and Housing Authority (FCRHA) currently sets rent at the Crescent as being affordable at 60% area median income which allows them to serve a blend of family incomes ranging from low and moderate to high. Unfortunately, this means residents who qualify to live at the Crescent normally qualify based on their income, or income plus subsidy. The new Crescent will have set rental amounts specifically targeted for low to moderate income family households which means: more affordability on the property and more families able to qualify for units without the need for subsidies. 10
Who w ill qualify to live at the new Crescent Apartments? In order to be considered a “Vested Tenant” all residents must meet the following criteria: Must Have Verified Lease of Record in Tenant’s Name Must be a Current Resident of Crescent Apartments as of VHDA award date (probably a date in June 2015) Verified Income Below 60% AMI for household residing in your unit Must remain income eligible and in good standing under your lease to stay in your relocation unit and to move into a replacement unit 11
What is the maximum allow able income? Family Size 60% 1-person $44,940 2-person $51,360 3-person $57,780 4-person $64,200 5-person $69,360 6-person $74,520 LIHTC Income Limits for 2014 (Based on 2014 MTSP Income Limits) 12
What w ill my rent be? Units 30% 50% 60% Current Rent if no Property vouchers Rents 1- Bedroom $491 $893 $1,093 $1,050 2 –Bedroom $583 $1,064 $1,305 $1,390 3- Bedroom $665 $1,222 $1,500 $1,625 • Residents with vouchers or other rental subsidies will have no change in rent • Residents will be responsible for Electric, Hot Water, Cable, and Internet 13
What happens first? 1531-1545 1570-1578 14
How w ill relocation w ork? 77 On-site units available for relocation All other vested tenants will be temporarily relocated into Off- site units The Tenant Survey will be performed to collect information Households will receive ‘points’ based upon ranking system Vested households with the highest ranking by point (regardless of location of current unit) will have a higher priority to stay in the onsite units or in selection of off-site units 15
Ranking System-Vested Tenants Condition Point(s) Family with a child under 18 years of age 16 Points Each additional child under 18 years of age 1 point per child A member of the household is 62 years of age or older or a person with 8 points disabilities Family’s first preference to stay on site or at a development within the existing school district will prevent a minor child from being displaced from 1 point his/her school Household currently receives locally- or federally-funded rental assistance 1 point Years of tenancy: 1 Year 1 point 2 Years 2 points 3 Years 3 points 4 Years 4 points 5 Years 5 points 6 – 10 Years 6 points 11 Years or Over 7 points 16
What are the relocation benefits? Benefits for Vested Tenants • Relocation arrangements and moving services paid for by CPDC • Translation services • Transportation to tour off-site relocation apartments • Extended management office hours • Utility set-up assistance and security deposits for off- site relocation • Residents relocated into Off-site units will pay current Crescent rent amount and CPDC pays difference 17
What are the relocation benefits? Over-Income and Non-Vested Tenants: • Relocation referral services • Moving cost assistance • Residents between 60%-80% AMI may be entitled to move into any FCRHA-owned property or Fairfax County Rental Program unit • Entitled to one-time lump sum payment by CPDC • One-bedroom unit- $3700 • Two bedroom unit- $3400 • Three-bedroom unit- $4400 18
What is the timeline? Relocation and Construction Awards and Surveys Relocation Notices Issued- Submit VHDA Application- March 2015 June 2015 Relocation Process Begins- Conduct Resident Surveys- Fall 2015 April –May 2015 Residents Vacate Existing Assemble Ranking Criteria Crescent Buildings- Dec 2015 Tenant Data- May 2015 VHDA Announces Award Commence Construction of New Buildings- Fall 2016 Recipients – June 2015 Construction Completed & Vesting Date Set for Current Lease-up Begins- 1 st Quarter Residents- June 2015 2018 19
What can residents do? Respond to the survey and other inquiries from Management and CPDC Communicate Ask questions Participate 20
Questions/Answ ers 21
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