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Location
One Penny Place, Woodruff, WI (one of the prime tourist areas
in Wisconsin), is in Oneida County and adjacent to Vilas County
with a combined population of 57,809. It is located on a campus-style
setting with the Howard Young Medical Center (HYMC) (a regional
medical center), Dr. Kate Convalescent Center, Dr. Kate Home
Health Agency, and Wood Court Apartments (a 20-unit HUD 202
independent elderly development); they are all part of the
Howard Young Health Care system.
| Location of Woodruff, WI |
One Penny Place, Woodruff, WI |
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One Penny Place is a 51-unit T-shaped apartment building
with 35% common area space. Amenities are as follows:
| Building Amenities
- 24-hour locked, secure entry
- Porte-cochere
- Elevator
- 21 underground parking spaces
- Kitchen
- Community and dining room
- Sunrooms in each wing on each floor (9 total)
- Exercise room with equipment and whirlpool bath
- Library
- Computer area with Internet service
- Two private dining rooms
- Medical consulting room
- Beauty/barber shop
- Guest apartment unit for overnight rental
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Unit Amenities
- Patios/balconies
- Kitchen with full- size range/oven, microwave, dishwasher,
garbage disposal, and full-size refrigerator
- Walk-in shower with bench, sink with vanity
- Lifeline phone system; tenant wears a pendant
- Individually controlled hot water heat
- TV cable hookups
- Sleeve unit air conditioning
- Window and door blinds
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Occupancy Information
One Penny Place opened in October 2001 and was fully occupied
within 6 months. In September, 2002, it was changed from 100%
assisted living to about 35% assisted living. Initially, residents
moved into the apartments because they were so attractive.
They were reluctant to take services, but liked the assurance
that they were available. Furthermore, the owner/manager was
not aware that it could give preference to perspective tenants
who had special needs. In order to protect the owner from
legal issues, many units were determined to be only for independent
living. Under WI regulations, independent living and assisted
living are allowed under the same roof. Specific units do
not have to be assigned as one or the other; they may float.
Clarification of Fair Housing laws has helped in future marketing
efforts.
Currently, 16 residents take assisted living services; two
of them use the MA-waiver to pay for services. There are two
vacant units as of June 2004; applications are pending for
these units. There is one couple and the rest are one-person
households. Four residents (independent living) use Section
8 vouchers to help pay for rent. Forty of the residents have
lived at One Penny Place for at least one year
Apartment-type & mix, square footage, and rent
structure
| Unit type |
CMI* set aside |
No. units |
Size SF |
Rent/ Mo.
(rent, heat, water & sewer;
tenant pays elec.) |
| 1 BR |
50% |
7 |
650-702 |
$425-454 |
| 1 BR |
60% |
10 |
702 |
$453-487 |
| 1 BR |
60% |
10 |
702-741 |
$495-536 |
| 1 BR |
60% |
4 |
823 |
$520-556 |
| 2 BR |
30% |
1 |
741 |
$275-325 |
| 2 BR |
40% |
4 |
741 |
$385-400 |
| 2 BR |
50% |
6 |
741 |
$385-400 |
| 2 BR |
60% |
1 |
741 |
$550-597 |
| 2 BR |
60% |
8 |
910 |
$595-644 |
| TOTAL |
|
51 |
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| *Represents the
maximum rent allowed for 50% CMI |
ONEIDA & VILAS COUNTY MEDIAN INCOME (CMI) LIMITS:
2004
| CMI* |
1-person |
2-person |
1-br max. rent |
2-br max. rent |
| 30% |
$11,100 |
$12,690 |
$297 |
$357 |
| 40% |
$14,800 |
$16,920 |
$396 |
$476 |
| 50% |
$18,500 |
$21,150 |
$495 |
$595 |
| 60% |
$22,200 |
$25,380 |
$594 |
$715 |
As of June 2004:
| Age |
Number of
Residents |
| 55-60 |
3 |
| 71-75 |
3 |
| 76-80 |
5 |
| 81-85 |
19 |
| 86-90 |
9 |
| 90+ |
9 |
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| Income |
Number of
Residents |
$4,000-10,000
(none in assisted living units) |
8 |
| $11,000-15,000 |
18 |
| $16,000-20,000 |
20 |
| $21,000-23,220 |
3 |
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Service Delivery
Services in a tax credit development must be optional unless
included in rent. Tenants must also have the option to contract
with other area service providers. The owner/manager helps
residents qualify for Medicaid-waiver funding. Services are
offered ala carte. At this time, charges for services cover
the costs plus some additional income.
Meals:
Meals (lunch and dinner) per day are offered at a charge
of $4.50 per meal scheduled and $5.50 for unscheduled. Meals
are prepared at HYMC and delivered to One Penny Place, which
has a kitchen designed to warm the food; the meals are served
in a large dining room, which also serves as a community
room.
Supportive Services:
- Housekeeping, laundry, transportation, beauty shop on
site, activities/recreation
Personal Care and Nursing Services:
Northwoods Senior Housing LLC contracts with Dr. Kate’s
Convalescent Center to deliver personal care and nursing
services to the assisted living residents. Its nursing staff
also provides unscheduled care (within 3 minutes of the
apartments) at night. Emergency services are provided by
911 and the adjacent emergency medical hospital.
Services Contracted
| As of June, 2004 |
| Service |
Number
of Residents |
| Noon meal |
14 |
| Evening meal |
14 |
| Medication administration |
9 |
| Medication Management |
9 |
| Personal Care worker |
11 |
| Laundry/Housekeeping |
19 |
| Transportation |
11 |
Ownership
Northwoods Senior Housing, LLC, is the ownership entity.
The managing member, which owns 0.1% of the development, is
composed of Dr. Kate Newcomb Convalescent Center, Inc. and
SunStarr Housing Partners, LLC. Credits were sold to the Richmond
Group/Fannie Mae (investors) for the balance of the ownership.
Northwoods Senior Housing LLC received a housing tax credits
in the amount of $409,931; they were sold for $0.825 per dollar
of credit.
Financing
| Use of Funds: |
|
Cost/Unit |
| Land costs: |
$55,000 |
$1,078 |
| Construction costs: |
$4,046,968 |
$79,352 |
| Soft costs: |
$1,135,257 |
$22,260 |
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| TOTAL: |
$5,237,225 |
$102,200 |
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| Source of Funds: |
|
% of total |
| Equity from tax credits: |
$3,382,225 |
64.6 |
First Mortgage:
5.57%,
30 am./30 term |
$1,300,000 |
24.8 |
HOME Funds:
3%,
27 am./27 term |
$220,000 |
4.2 |
| Owner HOME cash match: |
$55,000 |
1.1 |
FHLB
0%, 15
am./30 term
(deferred for first 15 yrs.) |
$255,000 |
4.9 |
| WHEDA grant: |
$25,000 |
0.5 |
|
| TOTAL: |
$5,237,225 |
100.0 |
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Photos of One Penny Place (click
on a thumbnail for a full-sized image)
Front |
Rear |
Side |
Side |
Lobby |
Lobby |
Dining Room |
Main Kitchen |
Beauty Shop |
Kitchen |
Bathroom |
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