SLIDE 1
June 8, 2017
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RAD Conversion
2
- First Conversions
- Diggs Phase I Update
- Franklin Arms
- Tranche II/Broad Creek
- RAD Cap
- Summary Schedule
Rental Assistance Demonstration Program Update June 8, 2017 2 RAD - - PowerPoint PPT Presentation
Rental Assistance Demonstration Program Update June 8, 2017 2 RAD - - PowerPoint PPT Presentation
1 Rental Assistance Demonstration Program Update June 8, 2017 2 RAD Conversion First Conversions Diggs Phase I Update Franklin Arms Tranche II/Broad Creek RAD Cap Summary Schedule 3 RAD Closings June Grandy
SLIDE 2
SLIDE 3
RAD Closings
June
- Grandy Village
275 Units
- Grandy Village Phase V
16 Units
- North Wellington
25 Unit 316 Units
- Resident Briefings
- Sign New Leases
- Close With HUD (Legally)
- Complete Conversion as of July/September 2017
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SLIDE 4
Diggs Phase I Update
- Finalizing Demolition/Disposition Application
- Updated LIHTC Allocation to 2017
- Working with VHDA on Bond Financing
- RFP for Equity Investor Proposals - Due This Week
- Plan to Bid in July with proposals due in August
- Financially there is still a GAP based on current estimates
- GAP may be just over 2M or as much as 5M
- Scope of Work including all items from VHDA
- Equity Pay in amount by the investor
- Ultimately the Construction Bid
- Delay submitting Finance Plan to HUD Until after receive
construction estimate and VHDA Approval (Sept/Oct)
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SLIDE 5
Franklin Arms
- Submitting the Financial Plan by June 15
- Close with HUD in November
- Convert as of December 1, 2017
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SLIDE 6
Tranche II
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- Broad Creek – 4 phases 169 Units – Received CHAPS
Next Milestones
- PIC removal Application July 7, 2017
- Finance Plan
December 4, 2017 Also
- Requesting Approval to resubmit for 2 phases (85 Units) that
were withdrawn last year (Tranche I)
- Requesting to add Broad Creek V (50 Units) just completed
last year and not part of our Portfolio Award Broad Creek (TCB properties) - 304 Units
SLIDE 7
Tranche II
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- Oakleaf – Submitted have not received CHAP Yet
- Will continue to evaluate –best to postpone conversion
Young, Tidewater and Calvert – St. Paul’s Area Have not submitted as part of Tranche II Coordinating with the City on Broader Transformation RAD not best Redevelopment option
SLIDE 8
RAD Program Potential Change
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- Lifting the Cap
Pro Remove Pressure for New Projects Submit When Ready All properties can convert – no more Tranches Con Program will be further formalized-more rules and less flexibility
SLIDE 9
Challenges
- Financial
- Administrative
- Operational
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SLIDE 10
Status Summary
- July 2017
- 316 Units Convert (Grandy Village (2) and North Wellington)
- December 2017
- 100 Units Convert (Franklin Arms)
- 2018
- 222 Units Convert (Diggs Phase I)
- 304 Broad Creek (all Phases)
Total RAD Conversion by end of 2018 = 942 Units Also Phase II Diggs Town another 100 units (close TBD)
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