W. Baltimore Street View: Before Renovations

W. Baltimore Street View: After Renovations

Sources and Uses Sources LIHTC Equity $7,522,584 FHA 221(d)(4)   Sources LIHTC Equity $7,522,584 FHA 221(d)(4) $9,964,538 Seller Takeback $6,500,000 Interim Income $373,125 Maryland Housing Rehab Program - MF $500,000 Deferred Fee $853,902 TOTAL SOURCES $25,714,148 Uses Acquisition Expenses $6,740,000 Construction $11,652,903 Architectural $250,872 Prof. Services and Fees $427,717 Financing $1,417,362 Partnership Expenses $60,000 Carrying Costs + Reserves $2,665,294 Fees $2,500,000 TOTAL USES

Hollins House Rent Comparison

Fay Towers 1202 N. 1st Street 200 One Bedroom units Built in 1971 Richmond, VA Gilpin Neighborhood 200 One Bedroom units Built in 1971 Seniors

Fay Towers Existing

Fay Towers Proposed Replacement

Brookland Park Plaza Photo

Sources and Uses

Housing Authority Partnerships Do interests align? Preservation vs. mission Is RAD a recapitalization tool or asset disposition? Institutional implications for authorities Budget Staff Services

HA Partnership Negotiations Ownership Ground Lease Sale Seller Note Partnership – Co-Managing Member vs. Special Member Economics Developer Fee Cash Flow Reversionary Value Decisions & Approvals Design Budget Management Management & Operations PBRA vs. PBV Staffing Resident Screening