CONTINUUM Multigenerational and Mixed-Income Community Living

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1 CONTINUUM Multigenerational and Mixed-Income Community Living A Proposal for CHOICE, Inc. Affordable Housing Development Competition 2017 Federal Home Loan Bank of Boston

2 SITE 34 ACRES in North Chelmsford 11 Ac. of Wetlands 30 Ft. of Elevation change 4 Uninhabited Structures

3 SITE HISTORY Aerial of 255 Princeton Street shows Read Hall before its destruction from a fire in 2013.

4 CURRENT SITE CONDITIONS Considered by community members to be a blighted site, the campus has been exposed to trespassing and vandalism. However, the dense foliage of this temperate forest has the potential of a sanctuary-like atmosphere removed from the surrounding traffic Current site is overgrown and features the remaining four structures: Richardson Hall, Gould Hall, Bigelow Hall, and Upham Hall.

5 CHELMSFORD HOUSING DEVELOP DEMOGRAPHICS & MARKET ANALYSIS North Village Delaney Terrace CHOICE Center Chelmsford Senior Center 11% 30% % under 14 18% % above 55 26% % 19% 19% 30% CHELMSFORD MEDIAN HOUSEHOLD INCOME $95, and older account for 9.5% of the population, but 29% of households include an individual 65 and older Chelmsford is an aging community, with a senior community growing at 3.4% per annum. 1/2 of renters pay more than 30% for housing Project Site Brookdale North Chelmsford The Atrium at Drum Hill Lowell General Hopsital Chelmsford Campus Chelmsford Housing Authority Chelmsford Arms MacFarlin Manor UMass Lowell Benchmark Senior Living at Chelmsford Crossing Summer Place Sunny Acres Nursing & Rehab Center # of Households less than 10,000 10,000 to 14, ,000 to 24, ,000 to 34,999 1,410 35,000 to 49,999 1,804 50,000 to 74,999 1,599 75,000 to 99,999 3, ,000 to 149,999 1, ,000 to 199,999 1, ,000 or more 2,318 HHs under $35,000/Yr Chelmsford Median Household Income: $95,290 Village at Mystery Spring Income Bracket ($)

6 TARGETED RESIDENT POPULATION 95% of elder adults live at home, while 5% require assistance. 85% of elder adults with memory impairment live at home, while 15% require assistance. IBASHO PRINCIPLES Continuum Target Population: Multi-Generational 60% elder adults (55+) 40% non-seniors students families caretakers workforce Mixed Income 40% units at 60% AMI Older people are a valuable asset to the community All residents participate in normal community life All generations are involved in the community Local culture and traditions are respected Community members drive development and implementation Medical Health The Wellness Center provides onsite medical checkups and ongoing care for residents. Family-Centered The family-oriented structure allow for elders to live in close proximity to their loved ones. Physical & Mental Wellbeing Social activities improve quality of life and health. Community Engagement Elder adults stay healthier and happier longer when they remain engaged in society. Communities are environmentally, economically, and socially sustainable Growth of the community is organic and embraces imperfection gracefully Informal gathering places are needed to foster relationships

7 DESIGN OBJECTIVES Adapting existing structures as commercial anchors Generating platforms for community engagement and partnerships Sustaining multi-generational lifestyles through programming of commercial and residential amenities Promoting physical and mental health through landscaping and preservation of natural surroundings EXISTING SITE PLAN Property Line Preservation of Wooded Area Creating informal and formal communal gathering spaces within and between buildings for lively interaction Designing adaptability of units for aging-inplace Main Entrance Wetland Parcel to be sold off Demolition of Old Pavement Historic Buildings to be Preserved Historic Buildings to be Preserved Readaptation of Existing Pavement Historic Buildings to be Preserved Demolition

8 PROGRAM OUTLINE Princeton Street Main Entrance 1 PROGRAM 3 Commercial Anchors 1 Wellness Center Walking Trails 5 Residential Buildings 2 Daycare Social Units Club 4 Residential Building 3 1 Protected Wetlands Wellness LANDSCAPE Center 13,050 SF Clinic Consultation Office Gym 1 Protected Wetlands 2 Paved Accessible Paths 3 Walking Trails 4 Read Park 5 Community Garden 6 Gazebos Rest Stations Daycare 1 Main Entrance 2 Secondary Access 3 Vehicular Access 4 Pedestrian Paths 5 Walking Trails 6 Parking 7 Bike Racks 12,878 SF Social Club 13,050 SF CIRCULATION 17 Guest Units Cafe/Bar/Restaurant Residential Senior Non-Senior 159,370 SF 95,622 SF 63,748 SF Gazebos Rest Stations Social Club Read Park Vehicular Access Wellness Center TOTAL 198,348 SF Residential Building Daycare 2 Secondary Access

9 DEVELOPMENT OUTLINE PHASE I PHASE II PHASE III PHASE IV DEVELOPMENT TIMELINE TYPICAL CONSTRUCTION & LEASE UP TIMELINE YEAR 1 Q1 Q2 Q3 Q4 YEAR 2 Q1 Q2 Q3 Q4 YEAR 3 Q1 Q2 Q3 Q4 YEAR 4 Q1 Q2 Q3 Q4 YEAR 5 Q1 Q2 Q3 Q4 MONTHS Land Acquisition Sell SF Subparcels Pre-Development Legal Design Permits Marketing Construction Phase I Construction Phase II Construction Phase III Construction Phase IV Typical Construction Phase Demolition of Existing Structure Sitework Foundation Structural Steel 2nd Floor Slab / Cores Framing Roofing Exterior Classing Interior Buildout FF&E Occupancy Lease up

10 MULTIGENERATIONAL INTERACTIONS promoted through dialogue of residential and commercial buildings such as the daycare facility that serve resident and community children, the wellness center where health services are provided, and the social club, where guests and residents are entertained.

11 TYPICAL RESIDENTIAL BUILDING TYPICAL BUILDING FLOOR PLAN Each floor has a mix of studio, 1-bedroom, 2-bedroom, and 3-bedroom units. A central circulation core and communal lounge space overlooks a balcony. TYPICAL BUILDING GROUND PLAN The ground floor of each residential building contains services for residents, including laundry room, communal kitchen and dining for private events, and common lounge space for informal gatherings.

12 BUILDING UNIT MIX 210 RENTAL UNITS 60% 126 Senior 40% 40% 50 Affordable 40% 60% 76 Market Rate 60% 84 Non-Senior 34 Affordable 50 Market Rate UNIT TYPE BREAKDOWN: 33% 70 Studio Units 42% 88 1-Bedroom Units 17% 35 2-Bedroom Units 8% 17 3-Bedroom Units* (*20% of Non-Senior) STUDIO 1 BEDROOM 2 BEDROOM 3 BEDROOM

13 UNIT PLANS STUDIO 405 SF Total: 70 Units Studio unit provides an efficient layout for the single occupier, such as a student or single elder. 2-BEDROOM 918 SF Total: 35 Units 2-bedroom units allow up to three residents, including family members, a care provider, or guests BEDROOM 648 SF Total: 88 Units 1-Bedroom unit provides an efficient layout for the single occupier with study space for home office. 3-BEDROOM 1,099 SF Total: 17 Units 3-bedroom units are suitable for families with children or a multigenerational household.

14 ENVIRONMENTAL ACCOUNTABILITY Sustainable Sites 23/26 Regional Priority: Chelmsford, MA 19/26 P1 Construction Pollution Prevention C1 Renewable Energy Production 3/3 P2 Integrative project planning and design C2 Optimize Energy Performance 12/18 P3 Construction activity pollution /prevention C3 Surrounding Density and Diverse Uses 4/5 C1 Site Selection - 1/1 1/1 C2 Site development - protect or restore habitat - 2/2 2/2 Water Efficiency 5/9 C3 Open Space - 1/1 1/1 P1 Outdoor water use reduction C4 Rainwater Management - 2/3 2/3 P2 Indoor Water Use Reduction C5 Tenant design and construction guidelines - 1/1 1/1 C1 Outdoor Water Use Reduction 2/2 C6 LEED for Neighborhood Development Location - 5/9 5/9 C2 Indoor Water Use Reduction 2/6 C7 Sensitive Land Protection - 1/1 1/1 C3 Water Metering 1/1 C8 Access to quality transit - 1/1 1/1 C9 Access to transit - 2/2 2/2 Energy & Atmosphere 7/12 C10 Bicycle facilities - 1/1 1/1 P1 Fundamental commissioning and verification C11 Reduced parking footprint - 1/1 1/1 P2 Minimum energy performance C12 Compact development - 3/3 3/3 P3 Building-level energy metering C13 Community resources - 2/2 2/2 P4 Fundamental refrigerant management C1 Enhanced commissioning 3/6 Materials and Resources 8/11 C2 Advanced energy metering 1/1 P1 Storage and Collection of Recyclables C3 Demand response 1/2 P2 Construction and demolition waste management planning C4 Enhanced refrigerant management 1/1 P3 Durability management C5 Green power and carbon offsets 1/2 Building product disclosure and optimization, environmental product C1 declarations - 1/2 1/2 Indoor Environmental Quality 13/16 C2 Construction and demolition waste management - 2/2 2/2 P1 Minimum indoor air quality performance C3 Design for flexibility - 1/1 1/1 P2 Environmental tobacco smoke control C4 Durability management verification - 1/1 1/1 C1 Enhanced indoor air quality strategies 1/2 C5 Environmentally preferable products - 2/4 2/4 C2 Low emitting materials 2/3 C6 Long-term commitment - 1/1 1/1 C3 Construction indoor air quality management plan 1/1 C4 Indoor air quality assessment 2/2 Innovation 5/7 C5 Thermal comfort 1/1 C1 Innovation 1/1 C6 Interior lighting 2/2 C2 Pilot 2/2 C7 Daylight 2/3 C3 Exemplary performance 1/3 C8 Quality views 1/1 C6 LEED Accredited Professional 1/1 C9 Acoustic performance 1/1 Total Score 83/110

15 SOLAR SYSTEM INVESTMENT RECUPERATION Area (SF) Monthly Average Monthly Average Total Monthly Number Annual Energy Annual Energy consumption Energy consumption Energy Rate ($/kwh) of Units Consumption Expenditure per Unit per SF Consumption Residential Building 1 31,872 SF kwh - 37,800 kwh 453,600 kwh $0.14 $62,778 Residential Building 2 31,872 SF kwh - 37,800 kwh 453,600 kwh $0.14 $62,778 Residential Building 3 31,872 SF kwh - 37,800 kwh 453,600 kwh $0.14 $62,778 Residential Building 4 31,872 SF kwh - 37,800 kwh 453,600 kwh $0.14 $62,778 Residential Building 5 31,872 SF kwh - 37,800 kwh 453,600 kwh $0.14 $62,778 Total Residential 159,360 SF ,000 kwh 2,268,000 kwh $313,891 Richardson Wellness Centre 13,050 SF kwh 18,814 kwh 225,765 kwh $0.12 $27,092 Gould Child Care 12,878 SF kwh 18,566 kwh 222,789 kwh $0.12 $26,735 Bigelow Social Club 13,050 SF kwh 18,814 kwh 225,765 kwh $0.12 $27,092 Total Commercial 38,978 SF 56,193 kwh 674,319 kwh $80,918 Space Heating Residential Energy Consumption 59% 1% Air Conditioning 16% Water Heating 24% Appliances, Electronics, Lighting Site 149,846 SF kwh 7,492 kwh 89,908 kwh $0.14 $12,443 Total Project 149,846 SF 7,492 kwh 89,908 kwh $12,443 Grand Total 348,184 SF 210 SF 252,686 kwh 3,032,227 kwh $407,253 Annual Recuperation 60,000 50,000 40,000 30,000 Production (kwh/month) $1,000,000 $800,000 $600,000 $400,000 $200,000 20,000 10,000 $0 ($200,000) Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec ($400,000)

16 FINANCING SUMMARY LIHTC tax Credit Total Affordable Sq. Footage 55, SF Total LIHTC eligibility $15,762,101 Sq. Footage Dev Cost $ Cost of Bridge Loan 6% Total LIHTC Credit (9% over 10 years) $14,185,891 Syndication Yield 0.9 Ownership percentage 99.90% Equity $12,767,302 Fed Historic Tax Credit Total Historic Credit Eligibility $6,727,258 Total Historic Credit (10% one time) $672,726 Syndication Yield 0.9 Ownership percentage 99.90% Equity $605,453 State Low Income tax credits State Low Income tax credits $1,000,000 Syndication Yield 0.9 Ownership percentage 99.90% Equity $900,000 Other sources of debt and grants: Private Activity Bonds Mass Solar Program Housing Reserve Assurance Program (Housing RAP) Mass Housing Partnerships Working Capital Credit Lines Residential Development Cost: Equity JV Cash Equity Amount % of Total Development Cost Developer Equity (51%) $8,587, % Partner Equity (49%) $8,251, % JV Equity from Operations $3,819, % Single Family Plot Sale $1,200, % Tax Credit Equity LIHTC Tax Credit (replaces Bridge Loan in capital stack) $12,767,302 Historic Tax Credit $605, % State Low Income Tax Credit $900, % Sub Total: Equity $23,363, % Debt TDC Per Unit Per SF % TDC $57,949,910 $275,952 $ % Mass Solar Loan $300, % Construction Loan $34,297, % Permanent Loan (Bond + Debt) (replaces Source of Funds Construction Loan in Capital Stack) $36,355, Syndication Bridge Loan $11,305, % Sub Total: Debt $45,902, % Grand Total $69,266,464 Uses of Funds Amount % of Total Development Cost Acquisition Land $2,000, % Five Residential Buildings Hard Costs $29,608, % Soft Cost $7,093, % Three Commercial Rehab Buildings Hard Costs $5,500, % Soft Cost $1,226, % Subtotal: Construction $43,429, % Site Infrastructure Earth Work $4,705, % Utilities $374, % Roads $897, % Storm water management $187, % Pedestrian/Bike Lanes $250, % Landscape Plaza $2,726, % Environmental Remediation $77, % Demolition $584, % Parking $1,596, % Subtotal: Site Infrastructure $11,399, % Construction Contingency $1,484, % General Conditions $2,983, % Capitalized Reserves (3%) $1,838, % Developer Overhead (5%) $3,064, % Developer Fee (5%) $3,064, % Subtotal: Other Costs $12,437, % Total Development Cost $69,266, %

17 COMMUNITY INTERACTIONS can happen formally and informally throughout Continuum, within buildings and without, on the courtyard spaces. Each cluster of housing is anchored by a commercial element and open space.