| At
this site, click on Long Term Care; One Penny Place is listed
— click to see schematics and other information.
Ownership
The ownership entity is Northwoods Senior Housing, LLC. Northwoods
Senior Housing, LLC, is the managing member and owns 1% of
the development. Credits were sold to investors for the balance
of the ownership of the development.
Northwoods Senior Housing LLC , which received a housing
tax credit allocation in 2000, is composed of Howard Young
Medical Center and SunStarr Real Estate Group LLC.
The Howard Young Medical Center, Dr. Kate Convalescent Center,
the home health agency, and are located on the same campus.
A HUD 202 independent elderly development is also located
on the campus.
Apartment mix
| Unit type |
CMI* set aside |
No. units |
Size SF |
Proposed Mo.
Rent & Utilities |
| 1 BR |
50% |
10 |
650 |
$435 |
| 1 BR |
60% |
17 |
650 |
$515 |
| 2 BR |
30% |
1 |
745 |
$299 |
| 2 BR |
40% |
4 |
745 |
$409 |
| 2 BR |
50% |
6 |
745 |
$409 |
| 2 BR |
60% |
1 |
745 |
$549 |
| 2 BR |
60% |
12 |
860 |
$574 |
| TOTAL |
|
51 |
|
|
| *CMI:
County Median Income Tables |
Amenities
- 21 underground parking spaces
- Elevator
- 37% common area space (dining room, kitchen, lounge,
private dining rooms, activity areas)
| Use of Funds: |
|
|
| Total cost: |
$5,400,397 |
|
| Cost/unit: |
$105,890 |
|
| |
| Source of Funds: |
|
|
| Equity from tax credits: |
$3,430,141 |
|
| First Mortgage: |
$1,174,861 |
|
| Federal HOME Funds: |
$220,000 |
|
| Owner HOME match: |
$55,000 |
|
| Federal Home Loan Bank grant: |
$258,000 |
|
| Deferred Dev. Fees: |
$237,395 |
|
| WHEDA grant: |
$25,000 |
|
|
| TOTAL: |
$5,400,397 |
|
Proposed Service Delivery:
Northwoods Senior Housing LLC, will contract with Dr. Kate
Convalescent Center, which will use Dr. Kate Home Health agency
(an affiliate) to deliver services to the RCAC. All services
in a tax credit development must be optional. Tenants will
have the option to contract with other area service providers.
Scheduled services will be offered through the home health
agency. A lifeline system is going to be in place with a phone
and pendant(s) for each apartment. The owner is still working
out the delivery of unscheduled services. It is possible that
the home health agency office might be located within the
development; there is an extra unit that might be used for
this.
The owners will help tenants qualify for Medicaid 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.
Marketing:
The RCAC is opening in mid October. As of August 1, 23 households
have applied and given deposits on the apartments; 75% are
singles. These households are being screened for the income
qualifications needed to meet the tax credit requirements.
Rates for Services:
The owner is working out the rate schedule at this time.
Photos of One Penny Place Under Construction
Construction Managers Kathy and Sue
|
