Presentation is loading. Please wait.

Presentation is loading. Please wait.

PREISS-STEELE PLACE Preiss-Steele Place 500 Pickwick Trail Durham, NC 27704 Partners: Durham Housing Authority (DHA) Development Ventures, Inc. (DVI) City.

Similar presentations


Presentation on theme: "PREISS-STEELE PLACE Preiss-Steele Place 500 Pickwick Trail Durham, NC 27704 Partners: Durham Housing Authority (DHA) Development Ventures, Inc. (DVI) City."— Presentation transcript:

1 PREISS-STEELE PLACE Preiss-Steele Place 500 Pickwick Trail Durham, NC Partners: Durham Housing Authority (DHA) Development Ventures, Inc. (DVI) City of Durham HUD & FNMA Enterprise Social Investment Corp. (ESIC) Community Investment Corp. of NC (CICNC) NC Housing Finance Agency (NCHFA) Units -

2 Assisted Living Facilities Models in Public Housing 2 BACKGROUND PREISS-STEELE PLACEDURHAM, NC Jack Preiss and DVI want to develop assisted independent living for low-income residents City of Durham provides development infrastructure: capacity bldg grant, taxable bond funds, land purchase, 2 nd mortgage, & 50% of const loan NCHFA: tax credit allocation & catalyst for dev loan CICNC: 1 st mortgage & bridge loan ESIC: tax credit syndication, TA, special limited partner

3 Assisted Living Facilities Models in Public Housing 3 PROCESS Powerful people, organizations, and institutions - under creative leadership - can make something positive happen for poor people Muddling through partnership process can effectuate a very complex development strategy if all the players are familiar with one another Jack Preiss, Duke Professor, Chairman of Durham HA, and key player in DVI, was the creative leadership DURHAM LEADERS AT WORK PREISS-STEELE PLACEDURHAM, NC

4 Assisted Living Facilities Models in Public Housing 4 PROCESS (Continued) FUNDING SOURCES 1 st Mtg. ( )$1,066,00015%CICNC Bridge Loan (6 9.25)$1,479,50019%CICNC 2 nd Mtg. (20 0.5) $2,000,00026% City of Durham Taxable bonds 3 rd Mtg. (30 0.3) $200,0002% NCHFA Conservation loan Grant $100,0001% NCHFA Conservation Grant Developer Equity (repaid in 5 yrs.) $105,0001% DVI Deferred Development Fee Limited Equity (10 yr. Commitment) $2,750,60036%FNMA/ ESIC Total:$7,701,100 PREISS-STEELE PLACEDURHAM, NC $76,000 per unit

5 Assisted Living Facilities Models in Public Housing 5 PROCESS (Continued) FUNDING USES Site Work and Construction$4,142,17453% Design, Financing, Construction, Legal Fees$2,723,44435% Land$295,6354% Contingency$280,9104% Syndication Fees$220,0003% Lease up Reserve$38,9371% Total:$7,701,100 PREISS-STEELE PLACEDURHAM, NC

6 Assisted Living Facilities Models in Public Housing 6 DESIGN / STAFFING 102 Units 1 BR102 Design: New three story apartment building Units and hallway wheelchair accessible Lounges Color-coded floors Staffing: Manager Assistant Manager Volunteer Receptionist Custodian PREISS-STEELE PLACEDURHAM, NC

7 Assisted Living Facilities Models in Public Housing 7 MANAGEMENT / MARKETING Management: Supervised by Durham HA Deputy Director of Operations Audited annually by North Carolina Housing Finance Agency, ESIC, CICNC, and City of Durham Marketing: Initially there was no marketing, now there is some outreach in elderly publications PREISS-STEELE PLACEDURHAM, NC

8 Assisted Living Facilities Models in Public Housing 8 CHALLENGES/FAILURES/LESSONS LEARNED PREISS-STEELE PLACEDURHAM, NC Challenge - Create a fluid and transparent development process Challenge addressed by section 8 and project development fund set aside Key Failure - Capital attraction to provide residents: Additional staff Storage space Accessible transportation More security Key Lesson Learned – Need powerful and committed staff under driven leadership, to do anything decent for the poor

9 Assisted Living Facilities Models in Public Housing 9 ACCOMPLISHMENTS/SUCCESSES/HIGHLIGHTS Friends of Jack Preiss was created by Jack Preiss to address vital resident needs not met by local government There is a waiting list notwithstanding that a soft rental market enables landlords to offer luxury apartments to section 8 holders DVI and the Durham community have organized local skills to address the issue of Assisted Living for low- income elderly PREISS-STEELE PLACEDURHAM, NC


Download ppt "PREISS-STEELE PLACE Preiss-Steele Place 500 Pickwick Trail Durham, NC 27704 Partners: Durham Housing Authority (DHA) Development Ventures, Inc. (DVI) City."

Similar presentations


Ads by Google