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Copy of RAD PH Portfolio Analysis

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by

emily d

on 15 November 2013

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Transcript of Copy of RAD PH Portfolio Analysis

Introduction
HOC has submitted applications for 7 of its 11 multifamily properties.
In doing so, HOC made a portfolio disposition election.
Applications for its remaining 4 properties will be submitted in the next two weeks.
The strategy for each of the 11 properties is coming into focus.
Executive Summary
Tenant-in-place rehab
Townhomes and Single Family
19 Units
Ken Gar
Tenant-in-place rehab
Townhomes
24 Units
Parkway Woods
Tenant-in-place rehab
Townhomes
Recent rehab (2008)
71 Units
Seneca Ridge
Tenant-in-place rehab
Townhomes
Little additional density
49 Units
Town Centre Place
Tenant-in-place rehab
Townhomes and Single Family
Little additional density
55 Units
Sandy Spring Meadow
Tenant-in-place rehab
Significant capital needs
Remediable structure
Difficult demolition
High relocation burden (number and demo)
Little additional density
4% LIHTC + TE Bonds +HOC/County/State soft funds
No compelling value in land
141 Units
Arcola Towers
Tenant-in-place rehab
Significant capital needs
Remediable structure
Difficult demolition
High relocation burden (number and demographic)
Little additional density
4% LIHTC + TE Bonds +HOC/County/State soft funds
Difficult value proposition for tenants
158 Units
Waverly House
Relocation & demolition
Significant capital needs
High potential for redevelopment of land
Poor reputation and security
Fosters deconcentration in Gaithersburg
Fast upgrade for residents
Project based vouchers in 669
54 Units

Relocation options:
669 - Vacant units
Seneca Ridge
Redeveloped Washington Square or Emory Grove/Camp Hill parcels
Emory Grove
Washington Square
Relocation & demolition
Significant capital needs
High potential for redevelopment of land
Poor reputation and security
Fosters deconcentration in Gaithersburg
Fast upgrade for residents
Project based vouchers in 669
50 Units

Relocation options:
669 - Vacant units
Seneca Ridge
Redeveloped Washington Square or Emory Grove/Camp Hill parcels
Relocation & demolition
Significant capital needs
Structure unsustainable
High potential for redevelopment of land
Small number of households
Robust relocation options
Creates demand for new relocation housing
96 Units

Relocation options:
NLC Development
Redeveloped Holly Hall Site
Other New Construction Site
Holly Hall
Relocation & demolition
Significant capital needs
Structure unsustainable
High potential for redevelopment of land
Creates second phase for Alexander House
Creates demand for new relocaion housing
160 Units

Relocation options:
Adjacent Site
Adaptive Re-use in Silver Spring
Other New Construction Site
Elizabeth House
RAD Public Housing
Portfolio Analysis

The three strategies for recapitalization:
Stabilization
LIHTC Rehabilitation
Relocation & Demolition
Stabilization
Fewer than 100 units.
Recent renovations.
Little add'l density, underlying land value.
LIHTC Rehabilitaion
Remediable structural skeleton.
High relocation burden.
Little additional density.
Relocation
Capital needs are significant.
Compromised structural skeleton.
Meaningful additional density, underlying land value.
Relocation & Portfolio Strategies
Emory Grove
Washington Square
Vacant Scattered Site Units
Rehabilitation already funded.
Construction to begin in next 60 days.
No debt on properties.
Holly Hall
Nicholson Lane (NC)
Site under contract.
Partnership with Foulger Pratt.
210 units, wood frame construction.
Within major White Flint redevelopment.
Elizabeth House
Elizabeth House II (NC)
Site adjacent to Elizabeth House.
Site owned debt free by JV partner.
JV partner is Lee Family.
JV partner is long-term holder.
Subsidy Reallocation
Three chief themes:
Free up dollars for new construction projects.
Target already-funded scattered site units.
Create market rate floors through partial relocation.
Scattered Site Units
Only operational need.
Decreased ability to leverage.
Stabilization Units
Many recently rehabilitated.
Little imbedded equity.
HOC equity available.
LIHTC Rehabilitation & New Construction
Highest capital need.
Best opportunity to reduce operating expenses.
Best ability to leverage.
In LIHTC rehabilitation and in underlying land, significant implicit equity.
Full transcript