Washington Middle School Non-profit subsidiary Community Private, - PowerPoint PPT Presentation

Washington Middle School

Non-profit subsidiary Community  Private, 501(c) 3 non-profit  Housing Development Organization (CHDO) of OLHSA corporation, working in Oakland County since 1964 Mission:  Mission:  Strategically develop housing  in Oakland and Livingston Enable residents to gain  County communitiies that both provide for the needs of current skills/knowledge to become self community residents and sufficient become long term assets in the neighborhood in which they Providing affordable housing,  are developed . to increase stability for families and seniors in Oakland and Venture has developed and  Livingston Counties owns over 140 units of rental housing for families and 143 funding sources, 85  seniors and has provided programs, 400+ employees housing services to thousands of others. 196 Cesar E Chavez Pontiac, MI 48343 (248)209-2620 www.olhsa.org/venture-inc

State Defined “Elderly” LIHTC Projects funded under the 1996 Michigan QAP or later  QAP A. Pursuant to the MSHDA Act, elderly designated developments not subject to HUD or Rural Development (RD) rules must have units occupied by: 1) a single person who is 55 years of age or older; or  2) a household in which at least one member is 55 years of age or  older and all other members are 50 years of age or older. The MSHDA Act definition does not contain an exception to the  elderly age requirement for disabled persons or for minor children who are in the custody of an elderly person.

Market Study Results Demographic studies for Oakland County estimate a 14.9%  increase in the population of residents 55+ through 2022. The average annual increase in the number of household s for this age group in Oakland County at this age is forecast at 818 – 439 in Pontiac alone. Current residents of the City of Pontiac have need of affordable  housing options. The rate of seniors in Pontiac that qualify/desire affordable rental options: Senior households renting:  2017 – 1,071 2022 – 1,823 - forecast Qualified for affordable housing: 54%  Average occupancy in affordable, senior housing in Pontiac is  99.9% Data from Market Analyst Professionals, LLC 2017 Market Study

Proposed Development Team Venture, Inc. – Owner/Developer  Kraemer Design Group – Architect  Detroit based firm with experience in adaptive  re-use of historic buildings. Recommended by the state historic preservation office West Construction – Contractor  Pontiac based company with experience in both affordable housing and historic  renovation Mallory, Lapka, Scott & Selin – Legal Counsel  Michigan Asset Group (MAG) – Property Management  MAG manages 1,200 units of housing similar to the proposed project. They average  97%-100% occupancy rates on multi-family rental sites, due largely to very high resident retention rates

Washington Square 710 Menominee

Proposed Site Plan

Washington Square Residential Space  39 one and two  bedroom apartments for seniors (55+) Green/LEED  Renovation Universal design on  units that don’t otherwise meet ADA requirements On-site management  and community space for residents

Washington Square Community  Space/Programs A historic designation  requires the existing gym and auditorium space be redeveloped in a configuration consistent with the current space/use. Plans to utilize this space to house community programs are in pre-development.

Area Income/Rent  Median Income: Oakland County: $76,075 City of Pontiac: $31,916  Oakland County Affordability: Income limits as established by HUD based on median income:  Family Size 30%-60% AMI 1 $14,070 - $28,140 2 $16,080 - $32,160 Affordable Rents - per 2017 Market Study/Pontiac  1 Bedroom $386-$695 2 Bedroom $463-$835

Early Numbers Development Estimations  Estimated Development Costs –  $10.9 million Estimated Appraised Value at  completion $7.6 million Annual Tax Estimations  Service Fees (PILOT) estimated at $12,000-$20,000  Current taxes on full property: $2,485 

Study conducted by Trulia in the 20 highest priced markets across the country between 1996 – 2006)

Property Management  Michigan Asset Group Organizational information  Staffing of site  Maintenance/Capital  Reserve Account funding Similar sites under  management Resident verification/  monitoring

Similar Projects - MAG  Allegan Senior Residences - Allegan 20 1/2 Bedroom  units/senior housing 100% occupancy   Center City - Hillsdale Hillsdale – 40 1/2  Bedroom units/senior housing 100% occupancy 

Similar Project (MAG) Heritage House – Jonesville Converted factory  Family/Senior mix  44 affordable  Developer: Peter  Jobson Completion – 2017,  100% occupancy, waiting list

Similar Project Gateway – Freemont, Michigan 38 Studio, 1 and 2  Bedroom Apartments 55+ age restriction  32 affordable/6 market  rate; rents $300-$855 Developer: Home  Renewal Systems (Farmington Hills) First floor commercial and  city/community funded recreational space (Red Chef Baker, pool, gym) Fully leased within 90  days, 100+ on waiting list

Similar Project Bailey Center – East Lansing, Michigan 1 and 2 Bedroom  Apartments 55+ age restriction  25 affordable/5 market  rate; rents $369-$925 Developer: Capital  Area Housing Partnership First floor commercial  space (CAHP office, Daycare) Completion – 3/18,  60% rented