Crescent Apartments Presentation January 2015
Agenda Introductions CPDC Who we are What are the redevelopment plans? What is the relocation plan? What can residents expect? Questions and Answers 2
Who Is CPDC? Community Preservation and Development Corporation (CPDC) Premier non-profit real estate developer, established in 1989 Mission: Develop vibrant communities through innovation and partnerships Community Investment Challenging Developments Sophisticated Financing Sustainable Design Commitment to Residents Measurable Results 3
What does CPDC Do? >25 >4,500 >9,000 >$500 MM Communities Units Residents Investment Nationally recognized for innovative redevelopment projects 25 rental communities owned and/or developed in DC, MD and VA 4
5 What is CPDC s Strategic Plan?
6 Our residents
What is CPDC s Role in the Lake Anne Redevelopment Project? Redevelop portions of Lake Anne Construct replacement housing for 181 Crescent Apartments Manage relocation process for existing tenants We will be your new landlord 7
8 What does Crescent Apartments look like now?
9 What will Crescent look like in the future?
A More Affordable Crescent Fairfax County Redevelopment and Housing Authority (FCRHA) currently sets rent at the Crescent as being affordable at 60% area median income which allows them to serve a blend of family incomes ranging from low and moderate to high. Unfortunately, this means residents who qualify to live at the Crescent normally qualify based on their income, or income plus subsidy. The new Crescent will have set rental amounts specifically targeted for low to moderate income family households which means: more affordability on the property and more families able to qualify for units without the need for subsidies. 10
Who will qualify to live at the new Crescent Apartments? In order to be considered a Vested Tenant all residents must meet the following criteria: 11 Must Have Verified Lease of Record in Tenant s Name Must be a Current Resident of Crescent Apartments as of VHDA award date (probably a date in June 2015) Verified Income Below 60% AMI for household residing in your unit Must remain income eligible and in good standing under your lease to stay in your relocation unit and to move into a replacement unit
What is the maximum allowable income? Family Size 60% 1-person $44,940 2-person $51,360 3-person $57,780 4-person $64,200 5-person $69,360 6-person $74,520 LIHTC Income Limits for 2014 (Based on 2014 MTSP Income Limits) 12
What will my rent be? Units 30% Rent if no vouchers 50% 60% Current Property Rents 1- Bedroom $491 $893 $1,093 $1,050 2 Bedroom $583 $1,064 $1,305 $1,390 3- Bedroom $665 $1,222 $1,500 $1,625 Residents with vouchers or other rental subsidies will have no change in rent Residents will be responsible for Electric, Hot Water, Cable, and Internet 13
What happens first? 1531-1545 1570-1578 14
How will relocation work? 77 On-site units available for relocation All other vested tenants will be temporarily relocated into Offsite units The Tenant Survey will be performed to collect information Households will receive points based upon ranking system Vested households with the highest ranking by point (regardless of location of current unit) will have a higher priority to stay in the onsite units or in selection of off-site units 15
Ranking System-Vested Tenants Condition Family with a child under 18 years of age Each additional child under 18 years of age A member of the household is 62 years of age or older or a person with disabilities Point(s) 16 Points 1 point per child 8 points Family s first preference to stay on site or at a development within the existing school district will prevent a minor child from being displaced from his/her school 1 point Household currently receives locally- or federally-funded rental assistance 1 point Years of tenancy: 1 Year 1 point 2 Years 2 points 3 Years 3 points 4 Years 4 points 5 Years 5 points 6 10 Years 6 points 11 Years or Over 7 points 16
What are the relocation benefits? Benefits for Vested Tenants Relocation arrangements and moving services paid for by CPDC Translation services Transportation to tour off-site relocation apartments Extended management office hours Utility set-up assistance and security deposits for offsite relocation Residents relocated into Off-site units will pay current Crescent rent amount and CPDC pays difference 17
What are the relocation benefits? Over-Income and Non-Vested Tenants: Relocation referral services Moving cost assistance Residents between 60%-80% AMI may be entitled to move into any FCRHA-owned property or Fairfax County Rental Program unit Entitled to one-time lump sum payment by CPDC One-bedroom unit- $3700 Two bedroom unit- $3400 Three-bedroom unit- $4400 18
What is the timeline? Awards and Surveys Relocation and Construction Submit VHDA Application- March 2015 Conduct Resident Surveys- April May 2015 Assemble Ranking Criteria Tenant Data- May 2015 VHDA Announces Award Recipients June 2015 Vesting Date Set for Current Residents- June 2015 Relocation Notices Issued- June 2015 Relocation Process Begins- Fall 2015 Residents Vacate Existing Crescent Buildings- Dec 2015 Commence Construction of New Buildings- Fall 2016 Construction Completed & Lease-up Begins- 1 st Quarter 2018 19
What can residents do? Respond to the survey and other inquiries from Management and CPDC Communicate Ask questions Participate 20
21 Questions/Answers