57 E Main Street Columbus OH 43215 | Phone 614.466.7970 | Toll Free 888.362 6432 | www.ohiohome.org Marian Commons PSH City: Youngstown 2014 Low Income Housing Tax Credit Proposal County: Mahoning Project Narrative Photograph or Rendering Marian Commons is a partnership between the three premier Mental Health and Drug Addiction service providers and housing providers in Youngstown. The partnership between Compass & Community Services, Meridian Community Care and Help Hotline Crisis Center along with the Youngstown Metropolitan Housing Authority will bring 40 new one bedroom permanent supportive housing units to the Youngstown market. The project features a two story elevator building, a secured entrance, office s pace, com m unity s pace, and public and private meeting room s for residents. Compass, Meridian and Help Hotline will work as a team to ensure the residents have the best services available to ensure a positive living environment. Meridian will lead the property management and work closely with the other Sponsors to ensure the best quality of life. The development will have on-site transportation provided by the Sponsors along with the appropriate social services that suits the resident’s needs. We feel having the Service Providers as the Sponsor ensures the best opportunity for the residents to recover. Pool: Construction Type: Population: Building Type: Address: City, State Zip: Ownership Entity: Majority Member: Minority Member: Syndicator or Investor: Non-Profit: Project Information Permanent Supportive Housing New Construction Mental Health/Alcohol Drug Issues Two Story elevator building 706 Covington street Youngstown, OH 44501 Ownership Information Marian Commons PSH, Lp Compass Family Services Meridian Community Care Meridian, Compass, Help Hotline Crisis Developer: Phone: Street Address: City, State, Zip: General Contractor: Management: Syndicator: Architect: Development Team Compass Family Services, Meridian Services 330-782-5664 535 Marimon Avenue Youngstown, OH 44502 To be Determined Meridian Services Bereardi and Partners 57 E Main Street Columbus OH 43215 | Phone 614.466.7970 | Toll Free 888.362 6432 | www.ohiohome.org UNITS Bedrooms Bathrooms Square Footage Affordable to what AMGI? Occupied by what AMGI? Gross Rents Tenant Paid Utilities Rental Subsidy Monthly Rental Income Net Rent Maximum Gross Rent 4 1 1 0 35% 0% $306 $120 $329 $ 515 $ 2,060 $ 354 12 1 1 0 50% 0% $510 $120 $125 $ 515 $ 6,180 $ 506 24 1 1 0 60% 0% $510 $120 $125 $ 515 $ 12,360 $ 607 0 0 0 0 0% 0% $0 $0 $0 $ - $ - $ - 0 0 0 0 0% 0% $0 $0 $0 $ - $ - $ - 0 0 0 0 0% 0% $0 $0 $0 $ - $ - $ - 0 0 0 0 0 0 0 0 0 0 0 0 0 0 40 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $ $ $ $ $ $ $ $ $ $ $ $ $ $ - $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 20,600 $ $ $ $ $ $ $ $ $ $ $ $ $ $ - Financing Sources Housing Credit Request Construction Financing Net Credit Request: Construction Loan: $ 5,527,441 Tax Credit Equity: $ 472,559 Historic tax Credits: $ - Deferred Developer Fee: $ 198,387 660,710 10 YR Total: 6,607,100 Development Budget Total $ 40,000 $ 1,000 Predevelopment: $ 315,500 $ 7,888 $ 12,500 HDAP: $ 500,000 Site Development: $ 500,000 Other Sources: $ 350,000 Hard Construction: $ 4,667,000 Total Const. Financing: $ 7,048,387 Permanent Financing Permanent Mortgages: $ - Tax Credit Equity: $ 6,000,000 Per Unit: Acquisition: $ 116,675 Interim Costs/Finance: $ 324,964 $ 8,124 Professional Fees: $ 1,035,500 $ 25,888 Compliance Costs: $ 69,777 $ 1,744 Reserves: $ 95,646 $ 2,391 $ 7,048,387 Historic tax Credits: $ - Total Project Costs: Deferred Developer Fee: $ 198,387 Operating Expenses HDAP: Other Soft Debt: Other Financing: Total Perm. Financing: $ $ $ $ 500,000 350,000 7,048,387 Annual Op. Expenses $ 176,210 Total $ 204,560 Per Unit $ 5,114