Let's Build Something Together
PUBLIC HOUSING REPOSITIONING
Public Housing is facing an enormous backlog of capital improvements that can not be met by the Department of Housing and Urban Development's (HUD) Public Housing Program. HUD's Rental Assistance Demonstration (RAD), Section 18, and Section 22 Voluntary Conversion programs address this backlog by granting Public Housing access to private investment, and converting it to project-based Section 8 Housing. This allows progressive housing authorities to improve their portfolio, maintain control of their assets, and reinvest in their communities.
S.E. Clark & Associates guides housing authorities through the entire Repositioning process in a way that meets client interests. Through these partnerships, the firm has preserved over 1,500 affordable housing units across seven respositioning transactins utilizing RAD, Section 18 demo/dispo, and Section 22 Voluntary Conversion.
The below developments represent just some of the Conversions SEC has been a part of since the programs' inceptions.
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CLIENT: Housing Authority of the City of Texarkana, AR
SCOPE AND SCALE: 390 Scattered Site Multifamily RAD Rehabilitation
TOTAL DEVELOPMENT COST: $29,500,000
TOTAL CONSTRUCTION COST: $11,000,000 ($28,000/unit)
FUNDING: 4% IRS LIHTC; Tax Exempt Bonds; FHA 223(f) mortgage; RAD PBV; Continuation of PILOT
YEAR COMPLETED 2015 – 2018
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CLIENT: Housing Authority of the City of Pine Bluff, AR
SCOPE AND SCALE: 251 Scattered Site Multifamily RAD Rehabilitation
TOTAL DEVELOPMENT COST: $20,000,000
TOTAL CONSTRUCTION COST: $9,000,000 ($35,000/unit)
FUNDING: 4% IRS LIHTC; Tax Exempt Bonds; FHA 223(f) mortgage; RAD PBV; Continuation of PILOT
YEAR COMPLETED 2014 – 2017
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CLIENT: Rock Island Housing Authority
SCOPE AND SCALE: 141 Multifamily RAD Rehabilitation
TOTAL DEVELOPMENT COST: $11,750,000
TOTAL CONSTRUCTION COST: $4,500,000 ($32,000/unit)
FUNDING: 4% IRS LIHTC; Tax Exempt Bonds; FHA 223(f) mortgage; RAD PBV; Continuation of PILOT
YEAR COMPLETED 2014 – 2017
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CLIENT: Rock Island Housing Authority
SCOPE AND SCALE: Section 18 Demo-Dispo; 55 Single Family Units; New Construction
TOTAL DEVELOPMENT COST: $14,112,000
TOTAL CONSTRUCTION COST: $9,150,000 ($166,000/unit)
FUNDING: 9% IRS LIHTC; Illinois LIHTC; FHA 221(d)(4) Mortgage; PILOT
YEAR COMPLETED 2011 – 2014
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Year Complete: 2014
Project Type: Rehabilitation
Units: 72 Multifamily
Cost of Development: $8,238,000
Public Funding: IL Affordable Housing Tax Credits
IRS Funding: LIHTC
HUD Funding: FHA 221(d)(4), RAD PBRA
Client: Christian County Integrated Community Services
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Year Complete: 2010
Project Type: New Construction
Units: 67 Single Family Duplex
Cost of Development: $10,811,336
Public Funding: HOME, CDBG, City Fund
IRS Funding: LIHTC
HUD Funding: Section 8 PBV
Client: Ft. Smith Housing Authority
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Year Complete: 2007
Project Type: New Construction
Units: 50 Single Family Duplex
Cost of Development: $6,511,336
Public Funding: HOME, CDBG, City Fund
IRS Funding: LIHTC
HUD Funding: Section 8 PBV, Unrestricted Section 8 Reserves, Capital Funds
State Funding: State LIHTC
Client: Ft. Smith Housing Authority