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MI Casa, Inc. Affordable Housing Development Consulting Fernando Lemos Executive Director

MI Casa, Inc. Affordable Housing Development Consulting Fernando Lemos Executive Director. Tenant Purchase Project. TOPA law and Ownership Structure. Ownership: what does each resident own?. Tenant Purchase Project. Phases : Meet the tenants and their building. Tenant Profile

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MI Casa, Inc. Affordable Housing Development Consulting Fernando Lemos Executive Director

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  1. MI Casa, Inc.Affordable Housing Development ConsultingFernando Lemos Executive Director

  2. Tenant Purchase Project • TOPA law and Ownership Structure. Ownership: what does each resident own?

  3. Tenant Purchase Project Phases: • Meet the tenants and their building. • Tenant Profile • Building Evaluation • Feasibility Analysis. • Create a Development Plan • Timeline • Financial Pro forma • Tenant Trainings • Acquire the property • Hire an Architect for Construction • Hire a contractor. • Start and Finish Construction

  4. Tenant Purchase Project • Tenant Profile. INTRODUCTION This tenant profile summarizes the “Tenant Survey Forms” submitted by the current residents of 5610 Colorado Ave, NW. By evaluating the demographic and financial data, the profile incorporates information about the relationship between household and unit size, the financial capacity of the tenant households. The tenant profile helps to determine the feasibility of a project when analyzed along with an operating budget and a building evaluation. Section I – Households interviewed The building is presently composed of 36 units, of which 29 are occupied. The Association is composed of 29 households, and 19 (or 65%) of them submitted information for this survey. This survey presents a profile of the socio-economic characteristics of the residents of 5610 Colorado Ave, NW, including household income, household size, rent expenditures, affordable rent, source of income, and tenure which may be used to draw conclusions for the tenant association as a whole. Section II – Demographic Data The average length of stay for residents of 5610 Colorado Ave. is 7.6 years. Of the 19 households interviewed, 9 have lived in the building between 1 and 4 years, while 10 have lived there for 5 years or more. This shows a relative stability in the resident community. The average household size for the 5610 Colorado Ave. tenants is 3, which is compatible with the unit size in 14 out of the 19 surveyed apartments(*). The following chart shows in more detail, household sizes. The racial and ethnic composition of the tenants is divided between persons of African-American descent and more recent immigrants from Eastern Africa and Latin America. Of the surveyed households, 63% are Latin American immigrants, primarily from El Salvador and Mexico; 26% of households are African American and 11% African immigrants, primarily from Ethiopia.

  5. Tenant Purchase Project PROJECT DESCRIPTION The subject is a single building located at 5610 Colorado Ave. N.W., in Washington, D.C. The building was built in approximately 1938. The building houses 36 units (efficiencies and one-bedroom units) with an approximate total area of 32,000. square feet. The building appears to consist of self-supporting masonry bearing walls and ceiling surfaces of plaster on wood partitions. All apartments have a mix of laminated and hardwood flooring, kitchens have vinyl flooring, and bathroom floors are ceramic tile. Landing floors and stairs are concrete. Heat in the building is generated by a central gas fired boiler with a heat exchange unit in each unit. Air conditioning is supplied through individual window units in each apartment. The building has one main entrance that provides access to an ample lobby where mailboxes are located. The unit mix and approximate sizes are as follows: Unit* Size** No. of Type (sq. ft.) Units (9) Efficiencies 570 Sq.Ft. (approx.) (27) One-Bedroom 650 Sq.Ft. (approx.) • Building Evaluation.

  6. Tenant Purchase Project • Feasibility Analysis

  7. Tenant Purchase Project • Development Plan - Timeline.

  8. Tenant Purchase Project • Development Plan – Financial Pro-forma.

  9. Tenant Purchase Project • Development Plan – Tenant Trainings. • Board Development roles • We own the building! • Select a management company • Select an Architect • Managing training for coops President: roles and responsibilities Presidente: funciones y responsabilidades Managing the Association Preside membership meetings Sign documents Approve circulars and correspondence Administrar la Asociacion Presidir las reuniones generales Firmar documentos Aprobar circulares yc orrespondencia

  10. Tenant Purchase Project Development Plan Architect Contractor Construction

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