Parkman Landing for Seniors - Ohio Housing Finance Agency

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Parkman Landing for Seniors
City:
Warren
2014 Low Income Housing Tax Credit Proposal
County:
Trumbull
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Project Narrative
Photograph or Rendering
Parkman Landing - involves the new construction of 60 age-restricted fully
accessible units in the northwest section of the City of Warren, Trumbull
County, Ohio. This community will replace units, also located in the
northwest section of Warren. Of the 60 units proposed at this project, 40 will
be one-bedroom units and the remaining 20 units will offer two-bedrooms.
The community will be developed using Low-Income Housing Tax Credit
(LIHTC) financing and will target senior households ages 55 and older
earning up to 30%, 50% and 60% of Area Median Household Income (AMI).
The diversity of this mixed income (individuals earning from 0 to 60% of AMI)
community provides affordable housing choices in areas of the community
with greater amenities and established neighborhoods. This independent
living community will fully support aging in place and reduce the rent burden
to elderly individuals with planned supportive services and rental subsidy.
Having substantial local support, this project will help to invigorate a site
considered by the City for revitalization
Pool:
Construction Type:
Population:
Building Type:
Address:
City, State Zip:
Ownership Entity:
Majority Member:
Minority Member:
Syndicator or Investor:
Non-Profit:
Project Information
New Units Urban
New Construction
Senior
3 Story Elevator
2501 Parkman Road
Warren, Ohio 44484
Ownership Information
Parkman Landing Associates, Ltd.
Parkman Landing Inc.
N/A
Ohio Capital Corporation for Housing
Trumbull Housing Development Corporation
Developer:
Phone:
Street Address:
City, State, Zip:
General Contractor:
Management:
Syndicator:
Architect:
Development Team
Trumbull Housing Development Corporation
330-369-1533
4076 Younstown Road, SE
Warren, Ohio 44484-3367
To be BID
Trumbull Metropolitan Housing Authority
Ohio Capital Corporation for Housing
Archi‐Tekton, Inc.
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Affordable
to what
AMGI?
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Occupied by
what AMGI?
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Tenant Paid
Utilities
Rental Subsidy
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Monthly
Rental
Income
Maximum
Gross Rent
UNITS
Bedrooms
Bathrooms
Square
Footage
18
1
1
672
30%
30%
$296
$0
$126
$
422
$
7,596
$
6
1
1
697
50%
60%
$481
$0
$0
$
481
$
2,886
$
506
16
1
1
672
60%
60%
$550
$0
$0
$
550
$
8,800
$
607
Gross Rents
Net Rent
303
2
2
1
922
30%
30%
$356
$0
$164
$
520
$
1,040
$
364
10
2
1
922
50%
60%
$570
$0
$0
$
570
$
5,700
$
607
8
2
1
922
60%
60%
$630
$0
$0
$
630
$
5,040
$
728
0
0
0
0
0
0
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0
0
0
0
0
0
0
60
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
$
$
$
$
$
$
$
$
$
$
$
$
$
$
-
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
31,062
$
$
$
$
$
$
$
$
$
$
$
$
$
$
-
Financing Sources
Housing Credit Request
Construction Financing
Net Credit Request:
Construction Loan:
$
2,918,362
10 YR Total:
Tax Credit Equity:
$
3,000,000
Development Budget
Historic tax Credits:
$
-
Deferred Developer Fee:
$
750,000
753,000
7,530,000
Total
Per Unit:
Acquisition:
$
1
$
0
Predevelopment:
$
431,000
$
7,183
HDAP:
$
-
Site Development:
$
715,000
$
11,917
Other Sources:
$
2,129,321
Hard Construction:
$
5,882,000
$
98,033
Total Const. Financing:
$
8,797,683
Interim Costs/Finance:
$
357,209
$
5,953
Professional Fees:
$
1,146,000
$
19,100
Permanent Financing
Permanent Mortgages:
$
600,000
Tax Credit Equity:
$
6,397,683
Compliance Costs:
$
101,152
$
1,686
Reserves:
$
165,321
$
2,755
$
8,797,683
Historic tax Credits:
$
-
Total Project Costs:
Deferred Developer Fee:
$
-
Operating Expenses
HDAP:
Other Soft Debt:
Other Financing:
Total Perm. Financing:
$
$
$
$
1,800,000
8,797,683
Annual Op. Expenses
$ 146,628
Total
$
286,999
Per Unit
$
4,783

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