Crescent Apartments Presentation January 2015 Agenda - - PowerPoint PPT Presentation

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?

 Nationally recognized

for innovative redevelopment projects

 25 rental communities

• wned and/or

developed in DC, MD and VA

>25 >4,500 >9,000 >$500 MM

Communities Units Residents Investment

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.

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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

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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

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LIHTC Income Limits for 2014 (Based on 2014 MTSP Income Limits)

What w ill my rent be?

Units 30% Rent if no vouchers 50% 60% Current Property 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

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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

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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 disabilities 8 points 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 his/her school 1 point 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

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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

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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

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What is the timeline?

Awards and Surveys



Submit VHDA Application- March 2015



Conduct Resident Surveys- April –May 2015



Assemble Ranking Criteria Tenant Data- May 2015



VHDA Announces Award Recipients – June 2015



Vesting Date Set for Current Residents- June 2015

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Relocation and Construction



Relocation Notices Issued- June 2015



Relocation Process Begins- Fall 2015



Residents Vacate Existing Crescent Buildings- Dec 2015



Commence Construction of New Buildings- Fall 2016



Construction Completed & Lease-up Begins- 1st Quarter 2018

What can residents do?

 Respond to the survey and other inquiries

from Management and CPDC

 Communicate  Ask questions  Participate

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Questions/Answ ers

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