All Forum Posts by: Kristi Kandel
Kristi Kandel has started 49 posts and replied 357 times.
Post: Should I Change Careers?
- Developer
- Fort Myers Beach, FL
- Posts 380
- Votes 195
Quote from @Collin Ordonez:
Hey All,
My ultimate investment goal in real estate is to be able to own, or possibly develop, large multifamily properties. I am 26 doing project management for a large commercial general contractor, but am wondering if I should change career paths to work for a multifamily investor or large developer. The thought would be to try to grow knowledge and connections in the industry to hopefully accelerate the ability to buy multifamily properties in the future. I like my current career and think I would be able to use the knowledge I've gained in the construction field to renovate existing multifamily properties or help run new development projects.
Currently I have one property that is currently being used as a mid-term rental. We don't have enough money to personally put down on a commercial multifamily deal, so the goal is to buy a 1-4 unit to live in while we grow knowledge/capital to be able to purchase larger deals.
Any advice is helpful on the possible career shift or other advice on getting started in multifamily investing would be appreciated!
Hey Collin that is awesome to hear about your current experience! You're doing very well and asking the right questions!
Personally, if you're happy with your current company and leadership it might make sense for you to join other parts of the company in estimating, project management, accounting, client relationships, business development, etc. The more you can get a free education while getting paid the better.
At the same time it could make a lot of sense to find RE meetups or forums online chatting about various parts of development, repositioning existing properties, etc.
Post: Affordable Housing - Columbus, OH - Human Trafficking Survivors
- Developer
- Fort Myers Beach, FL
- Posts 380
- Votes 195
An AWESOME project just finished in Columbus, OH. This is exactly the type of public/private partnership our team is working to build across the country. The efforts that projects of this nature take are massive but the results are more than worth it.
One-of-a-kind home for human trafficking survivors to open next month in Columbus
Columbus Dispatch
On Friday, survivors of human trafficking will walk into their brand new home: a place where each fixture and detail was chosen especially for them by fellow survivors.
The home is Harriet’s Hope — named for abolitionist Harriet Tubman — a 52-unit housing community that can host multiple families and was designed specifically for human trafficking survivors.
The one-of-a-kind community comes out of a public-private partnership that brought together Ohio Attorney General Dave Yost; Columbus Metropolitan Housing Authority (CMHA); CVS Health and OhioRISE, the CVS/Aetna-owned Medicaid program; Beacon 360 Management and many others.
The Dec. 1 opening of Harriet's Hope, a community on Columbus' West Side whose exact location isn't being shared to protect survivor's safety, was announced at the Ohio Statehouse this morning.
A call to action
The project started a few years ago as a vision of Celia Kendall, the CEO of Beacon 360 Management, a nonprofit real estate developer and management firm based in Columbus with 28 communities across Ohio.
Kendall got the idea for Harriet's Hope after being unsettled by what she saw doing street outreach with women being trafficked six years ago.
"I could not just go back and return to life as normal," Kendall said. "Every night when I lay down, when all of us lay down, this whole world awakens where people have no choice but to participate in sex trafficking or labor trafficking."
She realized women are disproportionately affected and began to ask what the need was. By connecting with agencies who work with those who are trafficked, such as Salvation Army Central Ohio, she found out that the biggest need was housing: a safe place for survivors to go after being trafficked.
"Oftentimes that is the thing that allows trafficking to continue," Kendall found. "If your housing is held over your head by your trafficker, it's very difficult to get out of that if you don't have a place to lay your head. This should eliminate that fear."
Kendall set out to answer what she felt was a call to action and approached CMHA and others about the project.
Together they developed Harriet's Hope, believed to be the only affordable, permanent community specifically for human trafficking survivors in the nation.
The importance of housing for human trafficking survivors
Harriet's Hope is part of a larger initiative in the state to end human trafficking and fulfills a critical missing piece — safe, affordable and accessible housing for survivors — in its efforts, said Ohio Attorney General Dave Yost, whose office has a human trafficking commission.
The lack of a safe place to go can make individuals very vulnerable when it comes to human trafficking, according to advocates. In a Polaris Project survey, 64% of trafficking survivors said they were homeless or had unstable housing when they were recruited. Traffickers often recruit directly from shelters, according to the Washington D.C.-based nonprofit organization that works to prevent human trafficking.
Yost's office is fighting to stem the demand for sex trafficking via law changes and other approaches, but places like Harriet's Hope "provide that highway of hope for a survivor to be able to exit the life," he said.
"One of the challenges survivors of human trafficking always face is they are dependent upon their trafficker," Yost said. "Where can they go? How are they going to get help? Where are they going to live? This is an alternative."
The project involved several agencies coming together, not only to fund it but to offer services to survivors, design the community, and more.
CVS Health provided $10.6 million in funding for the approximately $16 million project as part of its goal to address social determinants of health, like the lack of equitable access to housing. Other funders include the Affordable Housing Trust of Columbus, Franklin County, the city of Columbus, state funding and organizations like the Ohio Capital Corporation for Housing.
A lack of housing or access to housing can negatively impact people's health, said Latasha Brown, CVS's first anti-human trafficking administrator.
That's part of the reason the health company, which also owns Ohio's Medicaid program, invested in Harriet's Hope and in other affordable housing projects in Ohio. It has invested nearly $80 million in affordable housing across Ohio since 2020, Brown said.
"A survivor cannot improve their overall well-being without stable access to quality housing," said Brown, who is elated about the opening of Harriet's Hope. "I hope this haven will allow them to focus on their healing journey and position them for their bright future."
Services for survivors
Harriet's Hope is open to any individual — no matter their gender identity or sexual orientation — who has experienced human trafficking or chronic homelessness, meets CMHA's income guidelines for a housing voucher and is ready to make a commitment to sobriety, Kendall said.
Most residents will be identified through the Salvation Army, but referrals can come from anyone, anywhere, she said.
What sets the community apart from others is that the services residents need are embedded within it, Kendall said.
Services include substance abuse disorder treatment by Alvis, case management through the Salvation Army, gender-affirming case management through Kaleidoscope Youth Center, a computer lab furnished by Dell, a food pantry, nutritional services, financial literacy classes, peer support, employment readiness programs, legal aid, health screenings, child care and more.
Residents will start out with a one-year lease before going month to month, Kendall said. Since the goal is that everyone is successfully housed, residents can stay in the community forever, if they want to, she said.
There are 47 fully furnished one-bedroom units and five two-bedroom units meant to provide a place where women can reunite with their children. It's an independent living recovery community and the building — the location of which is not being shared so residents can maintain their safety — will have a property manager, assistant property manager and security. Each resident pays 30% of their income for rent and utilities, meaning if they have no income, they pay nothing.
"I hope that people feel safe, I hope they feel a sense of autonomy, a sense of self, a sense of confidence," Kendall said. "I hope that they feel free. That is truly the spirit through which the project is named, I hope they feel free and all the power that comes from that."
If you suspect someone is a trafficking victim, call The National Human Trafficking 24-hour Hotline at 1(888) 373-7888 to access Central Ohio's local response network.
Danae King
Post: Affordable Housing - Columbus, OH - Human Trafficking Survivors
- Developer
- Fort Myers Beach, FL
- Posts 380
- Votes 195
An AWESOME project just finished in Columbus, OH. This is exactly the type of public/private partnership our team is working to build across the country. The efforts that projects of this nature take are massive but the results are more than worth it.
One-of-a-kind home for human trafficking survivors to open next month in Columbus
Columbus Dispatch
On Friday, survivors of human trafficking will walk into their brand new home: a place where each fixture and detail was chosen especially for them by fellow survivors.
The home is Harriet’s Hope — named for abolitionist Harriet Tubman — a 52-unit housing community that can host multiple families and was designed specifically for human trafficking survivors.
The one-of-a-kind community comes out of a public-private partnership that brought together Ohio Attorney General Dave Yost; Columbus Metropolitan Housing Authority (CMHA); CVS Health and OhioRISE, the CVS/Aetna-owned Medicaid program; Beacon 360 Management and many others.
The Dec. 1 opening of Harriet's Hope, a community on Columbus' West Side whose exact location isn't being shared to protect survivor's safety, was announced at the Ohio Statehouse this morning.
A call to action
The project started a few years ago as a vision of Celia Kendall, the CEO of Beacon 360 Management, a nonprofit real estate developer and management firm based in Columbus with 28 communities across Ohio.
Kendall got the idea for Harriet's Hope after being unsettled by what she saw doing street outreach with women being trafficked six years ago.
"I could not just go back and return to life as normal," Kendall said. "Every night when I lay down, when all of us lay down, this whole world awakens where people have no choice but to participate in sex trafficking or labor trafficking."
She realized women are disproportionately affected and began to ask what the need was. By connecting with agencies who work with those who are trafficked, such as Salvation Army Central Ohio, she found out that the biggest need was housing: a safe place for survivors to go after being trafficked.
"Oftentimes that is the thing that allows trafficking to continue," Kendall found. "If your housing is held over your head by your trafficker, it's very difficult to get out of that if you don't have a place to lay your head. This should eliminate that fear."
Kendall set out to answer what she felt was a call to action and approached CMHA and others about the project.
Together they developed Harriet's Hope, believed to be the only affordable, permanent community specifically for human trafficking survivors in the nation.
The importance of housing for human trafficking survivors
Harriet's Hope is part of a larger initiative in the state to end human trafficking and fulfills a critical missing piece — safe, affordable and accessible housing for survivors — in its efforts, said Ohio Attorney General Dave Yost, whose office has a human trafficking commission.
The lack of a safe place to go can make individuals very vulnerable when it comes to human trafficking, according to advocates. In a Polaris Project survey, 64% of trafficking survivors said they were homeless or had unstable housing when they were recruited. Traffickers often recruit directly from shelters, according to the Washington D.C.-based nonprofit organization that works to prevent human trafficking.
Yost's office is fighting to stem the demand for sex trafficking via law changes and other approaches, but places like Harriet's Hope "provide that highway of hope for a survivor to be able to exit the life," he said.
"One of the challenges survivors of human trafficking always face is they are dependent upon their trafficker," Yost said. "Where can they go? How are they going to get help? Where are they going to live? This is an alternative."
The project involved several agencies coming together, not only to fund it but to offer services to survivors, design the community, and more.
CVS Health provided $10.6 million in funding for the approximately $16 million project as part of its goal to address social determinants of health, like the lack of equitable access to housing. Other funders include the Affordable Housing Trust of Columbus, Franklin County, the city of Columbus, state funding and organizations like the Ohio Capital Corporation for Housing.
A lack of housing or access to housing can negatively impact people's health, said Latasha Brown, CVS's first anti-human trafficking administrator.
That's part of the reason the health company, which also owns Ohio's Medicaid program, invested in Harriet's Hope and in other affordable housing projects in Ohio. It has invested nearly $80 million in affordable housing across Ohio since 2020, Brown said.
"A survivor cannot improve their overall well-being without stable access to quality housing," said Brown, who is elated about the opening of Harriet's Hope. "I hope this haven will allow them to focus on their healing journey and position them for their bright future."
Services for survivors
Harriet's Hope is open to any individual — no matter their gender identity or sexual orientation — who has experienced human trafficking or chronic homelessness, meets CMHA's income guidelines for a housing voucher and is ready to make a commitment to sobriety, Kendall said.
Most residents will be identified through the Salvation Army, but referrals can come from anyone, anywhere, she said.
What sets the community apart from others is that the services residents need are embedded within it, Kendall said.
Services include substance abuse disorder treatment by Alvis, case management through the Salvation Army, gender-affirming case management through Kaleidoscope Youth Center, a computer lab furnished by Dell, a food pantry, nutritional services, financial literacy classes, peer support, employment readiness programs, legal aid, health screenings, child care and more.
Residents will start out with a one-year lease before going month to month, Kendall said. Since the goal is that everyone is successfully housed, residents can stay in the community forever, if they want to, she said.
There are 47 fully furnished one-bedroom units and five two-bedroom units meant to provide a place where women can reunite with their children. It's an independent living recovery community and the building — the location of which is not being shared so residents can maintain their safety — will have a property manager, assistant property manager and security. Each resident pays 30% of their income for rent and utilities, meaning if they have no income, they pay nothing.
"I hope that people feel safe, I hope they feel a sense of autonomy, a sense of self, a sense of confidence," Kendall said. "I hope that they feel free. That is truly the spirit through which the project is named, I hope they feel free and all the power that comes from that."
If you suspect someone is a trafficking victim, call The National Human Trafficking 24-hour Hotline at 1(888) 373-7888 to access Central Ohio's local response network.
Danae King
Post: Affordable Housing - Columbus, OH - Human Trafficking Survivors
- Developer
- Fort Myers Beach, FL
- Posts 380
- Votes 195
An AWESOME project just finished in Columbus, OH. This is exactly the type of public/private partnership our team is working to build across the country. The efforts that projects of this nature take are massive but the results are more than worth it.
One-of-a-kind home for human trafficking survivors to open next month in Columbus
Columbus Dispatch
On Friday, survivors of human trafficking will walk into their brand new home: a place where each fixture and detail was chosen especially for them by fellow survivors.
The home is Harriet’s Hope — named for abolitionist Harriet Tubman — a 52-unit housing community that can host multiple families and was designed specifically for human trafficking survivors.
The one-of-a-kind community comes out of a public-private partnership that brought together Ohio Attorney General Dave Yost; Columbus Metropolitan Housing Authority (CMHA); CVS Health and OhioRISE, the CVS/Aetna-owned Medicaid program; Beacon 360 Management and many others.
The Dec. 1 opening of Harriet's Hope, a community on Columbus' West Side whose exact location isn't being shared to protect survivor's safety, was announced at the Ohio Statehouse this morning.
A call to action
The project started a few years ago as a vision of Celia Kendall, the CEO of Beacon 360 Management, a nonprofit real estate developer and management firm based in Columbus with 28 communities across Ohio.
Kendall got the idea for Harriet's Hope after being unsettled by what she saw doing street outreach with women being trafficked six years ago.
"I could not just go back and return to life as normal," Kendall said. "Every night when I lay down, when all of us lay down, this whole world awakens where people have no choice but to participate in sex trafficking or labor trafficking."
She realized women are disproportionately affected and began to ask what the need was. By connecting with agencies who work with those who are trafficked, such as Salvation Army Central Ohio, she found out that the biggest need was housing: a safe place for survivors to go after being trafficked.
"Oftentimes that is the thing that allows trafficking to continue," Kendall found. "If your housing is held over your head by your trafficker, it's very difficult to get out of that if you don't have a place to lay your head. This should eliminate that fear."
Kendall set out to answer what she felt was a call to action and approached CMHA and others about the project.
Together they developed Harriet's Hope, believed to be the only affordable, permanent community specifically for human trafficking survivors in the nation.
The importance of housing for human trafficking survivors
Harriet's Hope is part of a larger initiative in the state to end human trafficking and fulfills a critical missing piece — safe, affordable and accessible housing for survivors — in its efforts, said Ohio Attorney General Dave Yost, whose office has a human trafficking commission.
The lack of a safe place to go can make individuals very vulnerable when it comes to human trafficking, according to advocates. In a Polaris Project survey, 64% of trafficking survivors said they were homeless or had unstable housing when they were recruited. Traffickers often recruit directly from shelters, according to the Washington D.C.-based nonprofit organization that works to prevent human trafficking.
Yost's office is fighting to stem the demand for sex trafficking via law changes and other approaches, but places like Harriet's Hope "provide that highway of hope for a survivor to be able to exit the life," he said.
"One of the challenges survivors of human trafficking always face is they are dependent upon their trafficker," Yost said. "Where can they go? How are they going to get help? Where are they going to live? This is an alternative."
The project involved several agencies coming together, not only to fund it but to offer services to survivors, design the community, and more.
CVS Health provided $10.6 million in funding for the approximately $16 million project as part of its goal to address social determinants of health, like the lack of equitable access to housing. Other funders include the Affordable Housing Trust of Columbus, Franklin County, the city of Columbus, state funding and organizations like the Ohio Capital Corporation for Housing.
A lack of housing or access to housing can negatively impact people's health, said Latasha Brown, CVS's first anti-human trafficking administrator.
That's part of the reason the health company, which also owns Ohio's Medicaid program, invested in Harriet's Hope and in other affordable housing projects in Ohio. It has invested nearly $80 million in affordable housing across Ohio since 2020, Brown said.
"A survivor cannot improve their overall well-being without stable access to quality housing," said Brown, who is elated about the opening of Harriet's Hope. "I hope this haven will allow them to focus on their healing journey and position them for their bright future."
Services for survivors
Harriet's Hope is open to any individual — no matter their gender identity or sexual orientation — who has experienced human trafficking or chronic homelessness, meets CMHA's income guidelines for a housing voucher and is ready to make a commitment to sobriety, Kendall said.
Most residents will be identified through the Salvation Army, but referrals can come from anyone, anywhere, she said.
What sets the community apart from others is that the services residents need are embedded within it, Kendall said.
Services include substance abuse disorder treatment by Alvis, case management through the Salvation Army, gender-affirming case management through Kaleidoscope Youth Center, a computer lab furnished by Dell, a food pantry, nutritional services, financial literacy classes, peer support, employment readiness programs, legal aid, health screenings, child care and more.
Residents will start out with a one-year lease before going month to month, Kendall said. Since the goal is that everyone is successfully housed, residents can stay in the community forever, if they want to, she said.
There are 47 fully furnished one-bedroom units and five two-bedroom units meant to provide a place where women can reunite with their children. It's an independent living recovery community and the building — the location of which is not being shared so residents can maintain their safety — will have a property manager, assistant property manager and security. Each resident pays 30% of their income for rent and utilities, meaning if they have no income, they pay nothing.
"I hope that people feel safe, I hope they feel a sense of autonomy, a sense of self, a sense of confidence," Kendall said. "I hope that they feel free. That is truly the spirit through which the project is named, I hope they feel free and all the power that comes from that."
If you suspect someone is a trafficking victim, call The National Human Trafficking 24-hour Hotline at 1(888) 373-7888 to access Central Ohio's local response network.
Danae King
Post: Interest rates impacting development planning
- Developer
- Fort Myers Beach, FL
- Posts 380
- Votes 195
Quote from @Jon H.:
We're currently halfway through development planning (including soft costs) to a coastal multifamily development project. Looking for any anecdotal references on developers who have delayed current WIP projects due to rate increases.
I'm aware every project is different and there are a lot of complex details that impact a financial decision whereas simple responses here would not be reflective of great advice. We're primarily looking for some feedback on general topics that are included in decision making that cause a delay in MF developments. There are many fellow San Diego based large developers holding off on projects, so I want to see how far down in project size that trend is going.
The options we have are:
1. We stall development, cleanup current property, rent at market, hold our I/O 2.9% rate for the next 5 years while still locked in and pick back up development when rates fall in the next few years. Essentially any Reno costs need to be recouped at +ROI before development begins.
2. Continue with development but stall until we believe rates are good enough to move forward with an 18mo construction plan. Essentially this leads to worse loan terms, higher debt allowance and worse ROI on the project.
We'll surely run this evaluation in detail and we would appreciate any feedback from Socal or National developers who are involved in 2-20 unit projects.
Thanks BP Pros!
I think a lot will depend on the people in the deal who brought the equity. You have numerous scenarios to work with and depending on the exit/operational strategy those could increase or narrow down. Double check with the city of SD too on how many times you can renew the permits once they are ready to be issued to see how much runway you have to finish permitting the project and potentially play a waiting game.
In general, it's unlikely we see interest rates as low as they've been for the past decade. If the deal works for all partners at today's rates it's likely worth moving forward since it's in SD and generally going to be a great long term hold market.
There's just a lot of project specific details that would define the best solutions for your project.
Post: multi-phases multifamily development project, financial modeling
- Developer
- Fort Myers Beach, FL
- Posts 380
- Votes 195
Quote from @Marc-Antoine R.:
Hello all,
I'm looking for a financial model for one of my project, land acquisition for multi-phases multifamily rental development project, total 10 phases for 1500 units.
Thanks for the help
I tried to paste in the contact for our UW for these models. If you'd like his info just shoot me a DM.
Post: Purchasing properties for new construction
- Developer
- Fort Myers Beach, FL
- Posts 380
- Votes 195
Quote from @Cameron Van Winkle:
What's a good method to get in front of home owners to pursue them to sell their property off market to a builder? I have created a list of properties/land that a couple of my builders are interested in and trying to figure the best approach.
So far I have sent out mailers but I know the likelihood of hearing back from those are slim. My guess is to cold call them, but what is a solid script I could practice before hand?
Thank you!
If it's a small list we'll do more research on WHO the owners are and try to have a personal conversation. If it's a larger list you can try more generic scripts. Here's an example for a specific type of property you could tweak: https://docs.google.com/document/d/1KnhMg12LxsVbVRxhFHggArwy...
Post: Newbie- Land purchase and development of Retail Shells
- Developer
- Fort Myers Beach, FL
- Posts 380
- Votes 195
Quote from @Chirag Mehta:
Let me start this off with a bit of my background. I own 5 sfr in San Antonio and rent them out with a property manager handling all details. I am currently in the corporate world-tech sales and wanting to accelerate this business but taking a different and more complex route.
I have my eyes set on a plot of land near my home where there is high income and significant traffic in a rapidly growing area in Cedar Park, Texas (north of Austin). My objective is to buy about an acre of land, that is already leveled, access is being done, and utilities are going to be 5 feet from the property; and then build 3-4 shell retail spots on my plot, owner occupy one of them with a business and lease out the others.
I am meeting with a developer this weekend, but have some wrong numbers regarding the average cost of building a shell space. I have meetings with my lawyer to discuss partnership contract and acct for the financial piece.
Since this is extremely new, I am building a team of a contractor, broker, loan officer, accountant, Lawyer and investors. I have been interview these folks and almost down to the right folks.
What I am seeking from the community is experience from those that have done this and have been successful but also those that have pitfalls to learn from those to either not make the same mistake, or do what works. I am happy to provide any and all detail and more so...if you are in the austin/cedar park Texas area and are looking to partner and you have experience in this area...I am all ears.
Thank you in advance to all that replied!
Hey Chirag - I've been in RE development nationwide since 2007. It seems like you're asking the right questions and talking to the right professionals. I'm happy to have a conversation with you if you'd like. Just shoot me a DM.
Here's a link to various resources for vetting some of your partners: https://drive.google.com/drive/folders/13Z0B7mV--YRtVN3TJhez...
Post: Reasons to apply for commercial zoning exception or variance
- Developer
- Fort Myers Beach, FL
- Posts 380
- Votes 195
Quote from @Spencer Speckles:
I have a property in the central business district (C-1). I’ve been trying to lease the building for several years and have not been successful. Here’s my problem: the available space is at street level and the permitted uses are limited to restaurant or retail, but the size of the space is larger than what a restaurant/retail space would need in this community. I am negotiating with a group who wants to lease the building as a medical clinic, which not permitted at street level but is permitted on an upper level.
I need to file for an Exception. I remember, several years ago, reading in the code book that one reason an exception may be granted is if zoning restrictions result in an excessive hardship on one’s ability to use the building.
There is a specific legal term to describe these circumstances, but I don’t recall what it is. Can someone provide me with the word/phrase that I can use in the hearing?
Spencer - if you reach out to the AHJ planning/zoning dept their staff will be able to provide you with a link to:
1. code / zoning ordinance code sections
2. applications & fees
3. provide insight on the options for the zoning - this is where you are very candid with them and tell them why you're doing this and start to form a relationship with staff. They will be able to tell you the likelihood of the exception being approved, timing & cost from application to approval, how the approval body would respond, etc. It's during these conversations that you find out the jurisdiction's stance and that shapes how you present the project to the jurisdiction once you're ready to submit.
The municipalities are public servants and while they aren't always the most helpful, they are there to be resources to the public.
Post: Estimated development cost on 100~ units (800 sq ft each) and land cost?
- Developer
- Fort Myers Beach, FL
- Posts 380
- Votes 195
Quote from @Chris Blackburn:
We are finishing up a 112 unit project in Keizer Oregon. Would be happy to share our numbers with you. These are 3 story walk ups. I will tell you the average price per door for LIHTC homes in Oregon is about $472,000 per door, (VS our price of $210,000 per door).
https://www.oregon.gov/ohcs/hsc/Documents/meetings/2023-JULY-07-HSC-Meeting-Packet.pdf
So in summary:
- Average price per door: $472,365
- Average funding per door: $173,640
Peaceful Villa (Portland)
- Units: 166 (new construction)
- Funding: LIFT $8.75M, GHAP $10M, OAHTC $30M
- Total cost: $100.7M
- Cost per unit: $607K
College View Apts (Bend)
- Units: 59 (new construction)
- Funding: LIFT $8.3M
- Total cost: $23.5M
- Cost per unit: $354K
Ollie Court (Eugene)
- Units: 81 (new construction)
- Funding: LIFT $11.254M
- Total cost: $45.4M
- Cost per unit: $521K
Pacific Flats (Phoenix)
- Units: 72 (new construction)
- Funding: LIFT $13.515M
- Total cost: $24.7M
- Cost per unit: $343K
Phoenix Corner (Phoenix)
- Units: 88 (new construction)
- Funding: LIFT $15.3M
- Total cost: $28.4M
- Cost per unit: $323K
Rand Road (Hood River)
- Units: 129 (new construction)
- Funding: LIFT $15.1M
- Total cost: $58.3M
- Cost per unit: $452K
Average percent of project funded?
Here are the calculations for the average percentage of project costs funded by LIFT and other sources across these 6 affordable housing projects:
Project Name | Total Cost | Total Funding | % Funded
- Peaceful Villa: $100.7M | $48.75M | 48%
- College View: $23.5M | $8.3M | 35%
- Ollie Court: $45.4M | $11.254M | 25%
- Pacific Flats: $24.7M | $13.515M | 55%
- Phoenix Corner: $28.4M | $15.3M | 54%
- Rand Road: $58.3M | $15.1M | 26%
Total Cost: $281,050,250 Total Funding: $103,355,000
- Average % funded = Total Funding / Total Cost
- = $103,355,000 / $281,050,250
- = 37%
So based on the data provided:
- The average percentage of total project costs funded by LIFT and other sources is 37%
This indicates that on average, the LIFT funding and other public funding sources are covering about 37% of total development costs. The remaining 63% is likely from private financing, equity, and other sources.
The Oregon Housing Stability Council has approved spending more than $100 million to build nearly 650 affordable homes in urban and rural areas throughout the state.
The council approved funding requests for 10 affordable housing developments during its Friday meeting, prioritizing requests from communities that lost homes during the 2020 wildfires. The $103.5 million approved is less than half the amount requested by developers around the state.
Andrea Bell, director of Oregon Housing and Community Services, said the grants are a crucial step toward addressing Oregon’s housing crisis. A 2021 study estimated that Oregon needs to build more than 580,000 homes by 2040, and nearly half of the new homes need to be affordable for people earning less than median income.
“Lack of affordable housing is a top concern for many people across the state, and we must continue to pursue measurable progress,” Bell said in a statement. “These investments will help improve the futures and quality of life for thousands of Oregonians in rural and urban areas of the state.”
The projects – apartment buildings and townhouses – are spread across the state, from central Oregon to the coast and from southern Oregon to Portland. Two of the approved projects are in Phoenix, a small Jackson County city devastated by the 2020 Labor Day wildfires.
Pacific Flats, a 72-unit apartment complex targeted at families, will receive $13.5 million. The new complex will have a mix of two- and three-bedroom units affordable for families earning between 30% and 60% of the median income in the area, or as much as about $48,500 for a family of four, under current income limits set by the federal department of Housing and Urban Development. Construction will start in February.
The other Phoenix development, Phoenix Corner, received $15.3 million to build 88 apartments on 4 acres of land. It will have a mix of one-, two-and three-bedroom apartments affordable for people earning up to 60% of the median income, and construction will begin in April.
The largest grant is for the Gussie Belle Brown Apartments, which will receive $17.9 million to build 120 units in northeast Salem. It will include 24 one-bedroom apartments for people earning 30% or less of the median income – about $17,000 for a single person or $20,000 for a couple.
Most other units will be two- or three-bedroom apartments for families earning up to 60% of the median income, or just more than $50,000 for a family of four. Construction will start in June 2024, and the developer plans to add an on-site child care center in a second phase.
Rand Road Affordable Housing in Hood River will receive $15.1 million to build townhomes and apartments on a 7-acre site. The development will include 22 three-bedroom rental townhomes, two three-story apartment buildings with studios and one-, two-, and three-bedroom apartments and a four-story apartment building with an elevator.
All units will be available for people earning up to 60% of the median income, which in Hood River County means a limit of just more than $37,000 for a single person and $53,000 for a family of four. Construction will begin in November.
Estacada, a rural community in Clackamas County where homes burned in the 2020 wildfires, will receive $11.9 million to expand an apartment complex that received funding last year. The original development had 36 apartments, and the second phase will have 48. They’ll be a mix of two- and three-bedroom units available for people earning up to 60% of the median income in the area, almost $68,000 for a family of four.
Eugene’s Ollie Court apartments will receive $11.3 million to build 81 affordable units and an early learning center on the ground floor of one of two four-story buildings. Construction will begin in July 2024. The apartments, a mix of one-, two-and three-bedroom units, will be affordable for people earning up to 60% of the median income, which in Eugene means limits around $35,500 for a single person and $50,500 for a family of four.
Bend will receive $8.3 million for College View apartments, a pair of new apartment buildings across the street from the Oregon State University-Cascades campus. It will include 59 total units with one, two or three bedrooms. All will be available to people earning up to 60% of the median income: about $40,000 for a single person or $57,000 for a family of four. Construction will begin next July.
Rivergreen Apartments in Corvallis will get $5.6 million to expand an existing apartment complex and add 24 new units available for people earning up to 60% of the median income – about $41,000 for a single person and just less than $59,000 for a family of four.
The two smallest awards, $2.3 million each, are for small developments in Depoe Bay and Portland. Depoe Bay Townhomes will have six duplexes, with 12 units total, to provide housing for wildfire survivors who lost their homes in 2020. Construction will begin in March.
The Portland development, Unicorn Bed, will have 13 two-bedroom apartments in two buildings on an Alphabet District lot in northwest Portland that takes up one-tenth of an acre. Construction will begin in September.
Chris AWESOME info. I'll shoot you a DM on affordable housing in Oregon.