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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Texarkana RAD Conversion - Texarkana, AR

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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Pine Bluff RAD Conversion - Pine Bluff, AR

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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Sunset Heights RAD Conversion - Rock Island, IL

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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Lynden Lane - Rock Island, IL

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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Pana Towers - Pana, IL

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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North Pointe II- Ft. Smith, AR

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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North Pointe I- Ft. Smith, AR

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