Washington Middle School Non-profit subsidiary Community Private, - - PowerPoint PPT Presentation

Washington Middle School



Private, 501(c) 3 non-profit corporation, working in Oakland County since 1964 

Mission:



Enable residents to gain skills/knowledge to become self sufficient



Providing affordable housing, to increase stability for families and seniors in Oakland and Livingston Counties



143 funding sources, 85 programs, 400+ employees



Non-profit subsidiary Community Housing Development Organization (CHDO) of OLHSA 

Mission:



Strategically develop housing in Oakland and Livingston County communitiies that both provide for the needs of current community residents and become long term assets in the neighborhood in which they are developed .



Venture has developed and

• wns over 140 units of rental

housing for families and seniors and has provided housing services to thousands

• f others.

196 Cesar E Chavez Pontiac, MI 48343 (248)209-2620 www.olhsa.org/venture-inc

State Defined “Elderly”



LIHTC Projects funded under the 1996 Michigan QAP or later QAP A. Pursuant to the MSHDA Act, elderly designated developments not subject to HUD or Rural Development (RD) rules must have units occupied by:



1) a single person who is 55 years of age or older; or



2) a household in which at least one member is 55 years of age or

• lder and all other members are 50 years of age or older.



The MSHDA Act definition does not contain an exception to the elderly age requirement for disabled persons or for minor children who are in the custody of an elderly person.

Market Study Results



Demographic studies for Oakland County estimate a 14.9% increase in the population of residents 55+ through 2022. The average annual increase in the number of households for this age group in Oakland County at this age is forecast at 818 – 439 in Pontiac alone.



Current residents of the City of Pontiac have need of affordable housing options. The rate of seniors in Pontiac that qualify/desire affordable rental options:



Senior households renting: 2017 – 1,071 2022 – 1,823 - forecast



Qualified for affordable housing: 54%



Average occupancy in affordable, senior housing in Pontiac is 99.9%

Data from Market Analyst Professionals, LLC 2017 Market Study



Venture, Inc. – Owner/Developer



Kraemer Design Group – Architect



Detroit based firm with experience in adaptive re-use of historic buildings. Recommended by the state historic preservation office



West Construction – Contractor



Pontiac based company with experience in both affordable housing and historic renovation



Mallory, Lapka, Scott & Selin – Legal Counsel



Michigan Asset Group (MAG) – Property Management



MAG manages 1,200 units of housing similar to the proposed project. They average 97%-100% occupancy rates on multi-family rental sites, due largely to very high resident retention rates

Proposed Development Team

Washington Square

710 Menominee

Proposed Site Plan

Washington Square



Residential Space



39 one and two bedroom apartments for seniors (55+)



Green/LEED Renovation



Universal design on units that don’t

• therwise meet ADA

requirements



On-site management and community space for residents

Washington Square



Community Space/Programs



A historic designation requires the existing gym and auditorium space be redeveloped in a configuration consistent with the current space/use. Plans to utilize this space to house community programs are in pre-development.

Area Income/Rent

 Median Income:

Oakland County: $76,075

City of Pontiac: $31,916

 Oakland County Affordability:



Income limits as established by HUD based on median income: Family Size 30%-60% AMI 1 $14,070 - $28,140 2 $16,080 - $32,160



Affordable Rents - per 2017 Market Study/Pontiac 1 Bedroom $386-$695 2 Bedroom $463-$835

Early Numbers



Development Estimations



Estimated Development Costs – $10.9 million



Estimated Appraised Value at completion $7.6 million



Annual Tax Estimations



Service Fees (PILOT) estimated at $12,000-$20,000



Current taxes on full property: $2,485

Study conducted by Trulia in the 20 highest priced markets across the country between 1996 – 2006)

Property Management

 Michigan Asset Group



Organizational information



Staffing of site



Maintenance/Capital Reserve Account funding



Similar sites under management



Resident verification/ monitoring

Similar Projects - MAG

 Allegan Senior

Residences - Allegan



20 1/2 Bedroom units/senior housing



100% occupancy  Center City - Hillsdale



Hillsdale – 40 1/2 Bedroom units/senior housing



100% occupancy

Similar Project (MAG)

Heritage House – Jonesville



Converted factory



Family/Senior mix



44 affordable



Developer: Peter Jobson



Completion – 2017, 100% occupancy, waiting list

Similar Project

Gateway – Freemont, Michigan



38 Studio, 1 and 2 Bedroom Apartments



55+ age restriction



32 affordable/6 market rate; rents $300-$855



Developer: Home Renewal Systems (Farmington Hills)



First floor commercial and city/community funded recreational space (Red Chef Baker, pool, gym)



Fully leased within 90 days, 100+ on waiting list

Similar Project

Bailey Center – East Lansing, Michigan



1 and 2 Bedroom Apartments



55+ age restriction



25 affordable/5 market rate; rents $369-$925



Developer: Capital Area Housing Partnership



First floor commercial space (CAHP office, Daycare)



Completion – 3/18, 60% rented