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INNOVATIVE MULTIFAMILY DEVELOPMENTS: REHABS, RENOVATIONS, AND NEW CONSTRUCTION

INNOVATIVE MULTIFAMILY DEVELOPMENTS: REHABS, RENOVATIONS, AND NEW CONSTRUCTION Governor’s Housing Conference September 27, 2013. Chickie Grayson President & CEO Enterprise Homes, Inc. Enterprise Homes, Inc. Development arm of Enterprise, based in Baltimore

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INNOVATIVE MULTIFAMILY DEVELOPMENTS: REHABS, RENOVATIONS, AND NEW CONSTRUCTION

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  1. INNOVATIVE MULTIFAMILY DEVELOPMENTS: REHABS, RENOVATIONS, AND NEW CONSTRUCTION Governor’s Housing Conference September 27, 2013 Chickie Grayson President & CEO Enterprise Homes, Inc.

  2. Enterprise Homes, Inc. • Development arm of Enterprise, based in Baltimore • One of the mid-Atlantic’s largest developers of high-quality affordable and market-rate housing communities • Over 5,400 residences completed • Mixed-income/workforce • Homeownership • Family and Senior Rental Communities • Award-winning communities throughout the region • Commitment to sustainable development

  3. Enterprise Homes, Inc. • HARPER HOUSE (Formerly Abbott House) SEIZE THE OPPORTUNITY Proposal to HUD for Operation Breakthrough • Built in 1971 using the Rouse-Wates System • 100 units: efficiencies, 1- and 2-bedrooms • 100% Section 8

  4. Enterprise Homes, Inc. • HARPER HOUSE (Formerly Abbott House)

  5. Enterprise Homes, Inc. • HARPER HOUSE (Formerly Abbott House) SEIZE THE OPPORTUNITY LIHPRHA Program – 1997 • Assumption of Section 236 mortgage • Modest renovation ($3 million) • Eyesore and neighborhood nuisance

  6. Enterprise Homes, Inc. • HARPER HOUSE (Formerly Abbott House) SEIZE THE OPPORTUNITY Strong Real Estate Market ~ Great Recession (’08) = NO GO

  7. Enterprise Homes, Inc. • HARPER HOUSE (Formerly Abbott House) SEIZE THE OPPORTUNITY New Issue Bond Program – 2010 • Close by December 2011 • We DID it!!! (and then it got extended)

  8. Enterprise Homes, Inc.

  9. Enterprise Homes, Inc. • HARPER HOUSE (Formerly Abbott House) BEFORE AFTER Efficiencies 7 0 One-Bedroom 42 36 Two-Bedroom 5164 Total: 100 100

  10. Enterprise Homes, Inc. • HARPER HOUSE (Formerly Abbott House) SCOPE OF WORK • Replace major capital items: Windows, HVAC, Roof, Generator • Upgrade Elevators • New kitchens (appliances, cabinets, countertops, flooring, lighting, etc.), bathrooms (all fixtures, flooring) • Add carpet to all units • Create common/community space • (8) unit addition • Reconfigure certain units • Increase Energy Efficiency • Designed to meet Enterprise Green Communities Criteria

  11. Enterprise Homes, Inc. • HARPER HOUSE (Formerly Abbott House) FINANCING TDC: $21,688,940 Sources: • Tax-exempt bonds • Interim Income • MEEHA Grant (MD CDA) • Seller Take-Back • Deferred Developer Fee • LP Tax Credit Equity

  12. Enterprise Homes, Inc. • THE GREENS AT ENGLISH CONSUL • 9% LIHTC • Couldn’t Score on QAP; pent up LIHTC demand SEIZE THE OPPORTUNITY RENTAL HOUSING WORKS

  13. Enterprise Homes, Inc. • THE GREENS AT ENGLISH CONSUL FINANCING TDC: $14,621,523 Sources: • Tax-Exempt Bonds • FHA • Taxable Bonds • 4% LIHTC • Rental Housing Works • Partnership Rental Housing • HOME Funds • Federal Home Loan Bank – Atlanta • Empower Maryland • Deferred Fee

  14. Enterprise Homes, Inc. • THE GREENS AT ENGLISH CONSUL

  15. Enterprise Homes, Inc. • THE GREENS AT ENGLISH CONSUL

  16. Chickie GraysonPresident & CEOEnterprise Homes, Inc.cgrayson@enterprisehomes.comTel: 410.332.7400 www.EnterpriseCommunity.com

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