John Hartwick, Dawson Holdings, provides information about creating and preserving quality affordable rural housing for seniors using HUD and USDA programs
2. Kachina I & II Apartments
316 N. Avenue A
Casa Grande, AZ 85122
50%HUD / 50% USDA
3. Kachina I & II Apartments
Project Information
• The Kachina Apartments I & II is a
senior living complex of ninety six
(96) 1 bedroom units. Phase I of the
complex was originally built in 1979
and Phase II was built in 1981.
• 5 units were notated to be fully UFAS
compliant.
• The property consists of four
residential buildings, two laundry
facilities, a community room and
leasing office and occupies a 7.5
acre lot.
4. Kachina I & II Apartments
Project Information
Lenders
• Lenders
– CITI
– USDA
– State of AZ, ADOH
– Utah Community
Reinvestment Corp
5. Kachina I & II Apartments
Project Information
Kachina 1
• 48 units USDA 515
• Prior Rents $323
• Post Rehab Rents $501
Kachina 2
• 48 units HUD
• Prior Rents $503
• Post Rehab Rents $503
Purchase Price - $2,145,000
9% Tax Credits Allocated - $6,385,240
Tax Credits Converted at just over 90 cents on
the dollar for rehab. $5.75m spent
6. Kachina I & II Apartments
Project Information
Partners
• Partners
– Affordable Housing
Partners – Tax
Credit Syndicators
– Pinal-Gila Council
for Senior Citizens
– USRG, LLC
– Precision General
Commercial
Contractors, Inc
7. Kachina I & II Apartments
Initial Walk Issues
“Sure, No Problem”
33. Broadway Senior Center
Project Information
• Broadway Senior Center is a senior
living complex of 112 - 1 bedroom
and 8 - 2 bedroom units. The complex
was originally built in 1979.
• 6 units were notated to be fully UFAS
compliant.
• The property consists of 24 residential
buildings, and one office building with
laundry facilities and a community
room. It occupies a 7.5 acre lot in
mid-town Sacramento.
35. Broadway Senior Center
Project Information
• 120 units HUD MAHRA 524 (b)
24 units at 50% LIHTC
96 units at 60% LIHTC
HUD POA shows preference for 20% of applicants to those with ELI @
30% below Area Median Income
Purchase Price - $7,155,000
Tax Credits Allocated - $3,544,000
Soft SHRA Loans - $2,760,000
36. Broadway Senior Center
Project Information
Partners
• Partners
– Centerline Investor LP
– Tax Credit
Syndicators
– Community Resident
Services, Inc
– Sackett Management
– Precision General
Commercial
Contractors, Inc
48. Casa De Angelo
Project Information
• Casa De Angelo Apartments is a
senior living complex of 100 - 1
bedroom units. The complex was
originally built in 1979.
• 5 units were notated to be fully UFAS
compliant.
• The property consists of 10
residential buildings, and one office
building with laundry facilities and a
community room. It occupies a 6.5
acre lot.
49. Casa De Angelo
Project Information
Lenders
• Lenders
– US Bank
– SHRA
– City of Sacramento
50. Casa De Angelo
Project Information
• 100 units HUD MAHRA 524 (b)
24 units at 50% LIHTC
96 units at 60% LIHTC
HUD POA shows preference for 20% of applicants to those with ELI @
30% below Area Median Income
Purchase Price - $6,605,000
Tax Credits Allocated - $3,301,000
Soft SHRA Loans - $3,495,000
51. Casa De Angelo Apartments
Project Information
Partners
• Partners
– WNC Housing, LP –
Tax Credit
Syndicators
– Community Resident
Services, Inc
– Sackett Management
– Precision General
Commercial
Contractors, Inc