USER Real Estate Development Financials: An Adventure

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The Story

The development narrative

Project Brief

Goals

Rental Project

A majority of the units are “Affordable”

A mix of 1 Bed, 2 Bed, and 3 Bed units

Utilize the 9% LIHTC tax credit

Property

Location: Choose some place you know.

Land Opportunity: A community member has offered you a lot that is 100’ by 200 ft with street frontage on one of the 200ft sides.

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Zoning

Image in you read through the local zoning code to find this info or that

Malcom x Architects

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gave you this info)

20’ Rear Yard Setback

5’ Side Yard Setbacks

0’ front yard Setback

.25 Parking spaces per unit.

35’ maximum Height

2 Floor Area Ratio

Multifamily: Maximum 1 unit per 650SF

Minimum 10% Common Space

QAP limitations

Limit on Developer Fees 15% (Set By the QAP)

Limit on Architecture Fees 5% (Set By the QAP)

Dwelling Unit Sizes  Unit square footage is measured from the inside face of the unit’s walls and includes usable storage space, stairwells and hallways inside the unit, as well as space occupied by interior walls within the unit. Fifty percent of the area under sloped ceilings with greater than 5ʹ-0ʺ clearance and less than 7ʹ-6ʺ clearance should be included in the unit square footage. All new construction units must not be more than 10% greater than sizes noted below (except in the case of multi-level units with internal staircase(s). If units are smaller than sizes noted below, unit furnishing plans must be submitted in addition to plans that are required for funding submission.

SRO (SPO) 150-240 square feet (depending upon provision of bath and kitchen)

Studio 500 square feet

One bedroom 600 square feet

Two bedroom 800 square feet

Three bedroom 950 square feet

Four bedroom 1,200 square feet

Single Room Occupancy/Group Homes/Assisted Living/Small Unit Supportive Housing $259,000 Suburban Area with Small Units $329,000 Suburban Area with Large Units $349,000 Urban Area with Small Units $379,000 Urban Area with Large Units $399,000

For the purpose of this QAP, DHCD typically will cap the allowable eligible basis in the production set-aside at $250,000 per assisted unit for projects within

Solutions (for those not interested in do’in architecture things)

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