Civic Park Redevelopment A RAD Project October 16, 2014.

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Presentation transcript:

Civic Park Redevelopment A RAD Project October 16, 2014

RAD Facts First RAD Applications submitted late ,000 Units in demonstration phase – 117,104 Units are currently on the RAD waiting list – 3,424 are in NC, third highest amount in the nation Conversion of Public Housing Subsidies into a long- term project-based Section 8 contract Right to Return PHA control

How does it work? ACC Section 8

Why did SHA pursue RAD?

Housing Authorities Options for Conversion

Civic Park Today

Civic Park Tomorrow (9% LIHTC – 2 phases)

Civic Park Tomorrow (9% LIHTC)

Pine Hills and Brook View Today

Boundary Apartments Today

Pine Hills and Boundary Apts Tomorrow (20 Year Systems Replacement Plan) Possible Debt via Conventional Loan

Carpenter’s Corner Today (Conversion Only)

RAD Process - Developer and PHA PHA Process Developer Process Development Partner Selection CHAP Award RAD Application Physical Needs Assessment Amendment to PHA Plan (RAD Milestone) Amendment to PHA Plan (RAD Milestone) Tax Credit Application Obtain Financing LOI’s (RAD Milestone) Tax Credit Award

RAD Process - Developer and PHA PHA Process Developer Process Submit RAD Closing Package RAD Conversion Commitment Financing Plan (RAD Milestone) Financing Plan (RAD Milestone) Tenants Sign PBRA/PBV Leases Implement Multi-family and LIHTC Compliance Plan Finance Closing Remove Units from PIC and add to TRACS Relocate Residents

Lee Cochran Laurel Street Residential Tel East Boulevard Charlotte, NC Sam Foust Salisbury Housing Authority Tel Martin Luther King Jr Ave N Salisbury, NC Contact Information