Great House on Dewey Street

Great House on Dewey Street
Development Team
TFP
Carole Jackson – Tradewinds Financial Planning
Financial Planner
Clay Milan – City of Hollywood, FL
Community Development Manager
ANF Group
Inc.
Elizabeth Taschereau – ANF Group, Inc.
Director, Business Development
Jake Zunamon – Housing Trust Group
Development Manager
Supply ≠ Demand
(6,270)
American Community Survey
Household Median Income
Broward County: AMI = $60,900
Subject
Hollywood city, Florida
Occupied housing units
Owner-occupied housing units
Renter-occupied housing units
Estimate
Margin of Error
Estimate
Margin of Error
Estimate
Margin of Error
55,823
+/-943
33,421
+/-936
22,402
+/-750
Less than $5,000
3.6%
+/-0.6
2.5%
+/-0.6
5.3%
+/-1.2
$5,000 to $9,999
4.2%
+/-0.8
2.8%
+/-0.6
6.2%
+/-1.6
$10,000 to $14,999
6.1%
+/-0.6
4.4%
+/-0.7
8.6%
+/-1.3
$15,000 to $19,999
6.7%
+/-0.9
5.2%
+/-1.0
8.8%
+/-1.5
$20,000 to $24,999
5.9%
+/-0.7
4.7%
+/-0.8
7.7%
+/-1.4
$25,000 to $34,999
11.5%
+/-0.8
9.2%
+/-1.1
14.9%
+/-1.7
$35,000 to $49,999
15.3%
+/-1.0
13.9%
+/-1.2
17.4%
+/-1.9
$50,000 to $74,999
17.9%
+/-1.1
19.2%
+/-1.5
16.0%
+/-1.9
$75,000 to $99,999
10.3%
+/-0.9
12.9%
+/-1.2
6.4%
+/-1.3
$100,000 to $149,999
11.7%
+/-0.8
15.2%
+/-1.2
6.4%
+/-1.2
$150,000 or more
6.9%
+/-0.7
10.0%
+/-0.9
2.3%
+/-0.8
Median household income (dollars)
46,419
+/-1,386
59,475
+/-2,223
33,812
+/-1,942
Occupied housing units
OWNER
RENTER
HOUSEHOLD INCOME IN THE PAST 12 MONTHS (IN 2014
INFLATION-ADJUSTED DOLLARS)
American Community Survey
…Median Income Statistics
Show a Different Story
• Median annual rental costs:
• Median income for renters:
$12,432
$33,812
The median Hollywood household is spending
about 37% of their income on rent – well above
the 30% threshold that defines cost-burdened.
*American Community Survey
LMI Area
Development Site
Site & Neighborhood Context
West View
North View
Eight Affordable
Rental Residences
6 – two bedroom, two bath, 1,000 SF
2 – three bedroom, two bath, 1,200 SF
Site Plan
Affordable Housing!
• Income Bands: 50-80% AMI
• 2 BR: $816/$1,306 vs. $1,600 market
• 3 BR: $1,508 vs. $2,200+ market
• Rents will be about 51-68% below market rate
• Affordability period 50 years
Community Amenities
Major Roads: Dixie Hwy & Federal Hwy
& Bus Stops
Poinciana Park
House on Dewey Street
Presidente, World Market,
Europa, Publix
Challenges/Opportunities
• Funding – City and Developer Participation
• Community Support – Outreach, Education, Visually
pleasing property, Property Values
• Competing Priorities – Housing Deficit vs. Design vs.
Financial Feasibility
Community & Stakeholder Outreach
•
•
•
•
Key stakeholders
Property owners
Residents
Community/Civic Associations
Development Strategy
Form
Development
Entity
OCCUPANCY!
CHDO Developer
• 35 Years experience
• Developer of single/
multi-family affordable
housing
• Knowledge of local
market
Confirmed Funding Sources
Deferred
CHDO
Fee
$410,000
$300,000
$45,000
Sources & Uses of Funds
Sources
Uses
City of Hollywood
$410,000.00
HOME (HUD via COH)
$300,000.00
Developer's Equity
Bank Loan
TOTAL
$45,000.00
$870,000.00
$1,625,000.00
Land
Pre-Development & General
Development Costs
Construction
Contingency Hard Cost
Developer Fee
TOTAL
$300,000.00
$150,000.00
$1,000,000.00
$50,000.00
$125,000.00
$1,625,000.00
Financial Data
•
•
•
•
•
•
Total Development Costs: $1,625,000
Vacancy: 7%
Operating Expenses: $5,000 (per unit, per year)
Developer Fee: $125,000
Cash Flow: $12,000 per year
Debt Service Coverage Ratio: 1.2
Great House on Dewey Street
Questions?