Ownership:

Each development will have a separate ownership entity (Villa Vista Housing Partners, LLC; Villa Rita Housing Partners, LLC; and Villa Vita Housing Partners, LLC). Alliant Capital Limited, with ties to Wisconsin, is the investor and owns the majority of the development and Mr. Lawrence Kutz (Avanti Health Care), also the developer, has a minority ownership position in each LLC.

Avanti Health Care employs about 1,100 persons in Superior, Ashland, Hurley, and upper Michigan. It owns and operates 5 nursing homes, a Community Based Residential Facility (CBRF), an EMS service, a home health agency, a home medical products business, independent elderly apartments (with Section 8 contracts), and market rate apartments.

Apartment mix:

Amenities:

Building amenities include:

• The 24-unit buildings in Superior and Hurley will have an elevator; the 12-unit building in Ashland will be on one level
• Common area space and other space including a dining room, commercial kitchen, lounge, private dining room, exercise room, beauty shop space, and activity/library area, and office space
• Laundry room with coin-operated washers and dryers
• in Superior and Hurley, 24 surface parking spaces and 12 garage spaces
• in Ashland, 10 surface parking spaces and 8 garage spaces

The 1-bedroom units are 750 square feet and the 2-bedroom units are 900 square feet. Unit amenities include:

• Ý Kitchens in each unit with a full range, refrigerator, and disposal
• Bathrooms with walk-in showers and a pull-down seat; at least one unit in each RCAC will have a roll-in shower
• A “hobby” area with room for a desk for computer work/sewing/etc.
• Space for a stackable washer and dryer if a tenant wishes in all units
• Window blinds or shades in all units
• Sleeve air-conditioners

Proposed Service Delivery:

The owner will contract Avanti Home Health agency (an affiliate) to deliver scheduled services to the RCACs. All services in a tax credit development must be optional, whether it is an ala carte pricing or a basic package offered which would include meal(s) and some level of services (laundry, housekeeping, personal care, nursing/medication management-administration). At Villa Rita, Superior, and the Villa Vista, Hurley, the adjacent nursing home operated by Avanti Health Care will handle unscheduled services. It is being determined how unscheduled services will be met at Villa Vita, Ashland.

The owners will help tenants qualify for Medicaid-waiver or Card funding, if necessary. If the MA-waiver is unavailable in the county, the owners hope to use the home health agency to help deliver services via the MA Card.

Rates for Services:

The owner is in the process of establishing the rate schedule for services and meals.

Marketing:

The Villa Rita, Superior, and the Villa Vista, Hurley, are scheduled for construction completion by the end of 2002, and will be ready for occupancy in early 2003. Villa Vita, Ashland, will begin construction in the fall of 2002 with completion and occupancy anticipated for the spring of 2003.

Sources and Uses of Funds:

In 2001, these developments received a reservation of Wisconsin Affordable Housing Tax Credits (IRS Section 42 low-income housing tax credit) in the amount of $449,993. The Deere funds were from a loan from the John Deere Corporation to WHEDA to finance affordable housing projects. The WHEDA zero funds were created from interest earned from tax-exempt bond issues that exceeded WHEDA's maximum amount of spread allowed by state law; these funds are lent at a zero rate to bring the spread into compliance.

Construction Photos

Villa Vista – Hurley, June 2002

Villa Rita – Superior, June 2002

Villa Rita – Superior, June 2002