HomeMy WebLinkAbout1999 04 26 Regular Item B
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COMMISSION AGENDA
ITEM B
Consent
Informational
Public Hearing
Regular X
April 26. 1999
Meeting
Mgr. /
Authorizat'
REQUEST: The Community Development Department - requests the commission review the
attached Moss Cove Redevelopment Program with Wyman Fields Foundation for
the rehabilitation and condominium conversion of apartments located in the Lori
Ann Lane area. Chief Executive Officer Candice BirIe will make a presentation to
update the Commission on the current status of the program following the
feasibility study period.
PURPOSE: Request the Commission review the attached Moss Cove Redevelopment
Program with Wyman Fields Foundation for the rehabilitation and condominium
conversion of apartments located in the Lori Ann Lane area, and consider the
CEO's presentation to update the Commission on the status of the program.
APPLICABLE LAW AND PUBLIC POLICY:
The provisions of 420.9072(1)(a) F.S. which states in part: "In addition to the legislative findings
set forth in 420.6015 F.S., the Legislature finds that affordable housing is most effectively
provided by combining available public and private resources to conserve and improve existing
housing and provide new housing for very-low income persons, low-income persons, and
moderate income persons. The Legislature intends to encourage partnerships in order to secure
the benefits of cooperation by the public and private sectors and to reduce the cost of housing for
the target group by effectively combining all available resources and cost-saving measures. The
Legislature further intends that local governments achieve this combination of resources by
encouraging active partnerships between government, lenders, developers, and community
groups to produce affordable housing and pride related services."
"MARCH 26, 1999
REGULAR AGENDA ITEM B
Page 2
CONSIDERATIONS:
· The city has identified a need for revitalizing certain targeted areas within the
City limits. The acquisition, rehabilitation, and conversation of apartments to
condominiums will upgrade the appearance and value of the neighborhood and
also provide housing for low income buyers.
· The total number of units to be rehabilitated is 158.
· The public-private partnership formed includes the City, America's Housing
Development Corp., Wyman Fields Foundation, NationsBank, and the Seminole
County S.H.I.P. Program.
· America's Housing Development Corp. and Wyman Fields Foundation have
extensive experience in these matters. A proposal to the City for rehabilitating
the apartment complex in and around Lori Ann Lane was approved February 22,
1999.
· Partnership roles are as follows:
· America's Housing Development Corp.
Act as Project Coordinator
Work with the Foundation in the creation of initial and final work plans to
include predevelopment activities, acquisition of the properties,
rehabilitation/conversion of rental units, marketing and sales plan.
Work closely with City staff to produce the following:
Condo Conversion approvals and permits
FHA & VA project approvals
Structuring and legal incorporation of Condo Association
Contract with necessary professionals to perform pre-development
activities, i.e. Architect, Engineer, Landscape Architect, etc.
Provide Marketing, Sales, Mortgage qualification and Loan closings.
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Wyman Fields Foundation
Act as Project Developer
~MARCH 26, 1999
REGULAR AGENDA ITEM B
Page 3
Work with AHDC in the creation of initial and final work plans to include
predevelopment activities, acquisition of the properties,
rehabilitation/conversion of rental units, marketing and sales plan.
Provide the financing and/or funds for the purchase of the existing
apartment buildings, potentially 158 units. Ownership of the apartment
buildings/property.
Continued ownership of the converted units through condominium
documents via individual home ownership of the units, and corporate (non
profit) ownership of the buildings/property.
Grant writing of subsidy applications.
Administration of funds and long term compliance of grant rules and
requirements as it pertains to affordability.
Provide relocation services as needed.
Construction Management from Pennitting through to Certificate of
Occupancy to include:
Contract with general contractor, sub-contractors and trades to
perform rehabilitative construction work activities of the units.
Provide housing counseling services pre-post and ongoing follow up over
the affordability period.
Provide ongoing Management of the Condo/Home Owners Association.
· Seminole County's S.H.LP. Program
Closing costs and down payment assistance.
. NationsBank
End-Loan Financing
. City of Winter Springs
Provide an estimated $869,071 low interest loan (subject to negotiation) to
developer for administration, design and rehabilitation cost for conversion
, MARCH 26, 1999
REGULAR AGENDA ITEM B
Page 4
of approximately 64 units in approximately 16 buildings situated in the
City of Winter Springs target area. These funds will be recovered by the
City upon closing of the units over a two year period.
FUNDING:
Funding of the $ 869,071 is proposed in the Bond issue recommended to the Commission to be
issued this year.
SCHEDULE:
February 1999:
July 1999:
December 1999:
September 2000:
July 2001:
Approve Contracts
Complete Acquisitions of Units
Complete Design and Construction Documents
Complete Rehabilitation of Units
Complete Sale of Units
STAFF RECOMMENDATION:
Staff recommends that the Commission review the Moss Road Redevelopment Report and
consider the Wyman Fields Foundation status report and recommendations.
ATTACHMENTS:
*
Moss Road Redevelopment Booklet
COMMISSION ACTION:
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I Wyman Fields Foundation
~merica's Housing Development Corp.
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. mOSS (9ave
moss Road Redevelopment, Winter Springs
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.C$rw.\J "or ".. :
City of Winter Springs
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Moss Cove
FACTSABOUTTHEPROmCT
. 'Concern: The City ofWint~r.springs is e,dremely con~emedaboutthe community surrounding,
. Moss Road, in the City of Winter Springs. The Moss Road area is a corrimunity in decline. As part
of the revitalization effort by th~ City of Winter Springs, the Moss Cove project will bring a stable
population of home owners into the community to benefit the very low, low and moderate new
home buyers and the low and moderate cUrrent home owners in the area. . This project will target
the first time bu)'er single female head ofhousehold,sinc.ewe believe this population will benefit
the most from ~e 18;rge :two bedroom town homes requiring little or no outside maintenance.
Site: Located in City of Winter Springs, 1/4 mile north ofS.R. 434 on Moss Road. . Moss Cove is
minutes away from employment centers, shopping, Winter Spri~gs Elementary, Middle, and High'
Schools, parks.and golf coarse. Mas~ Road Neighbars include;. Winter Springs Police Department,
Fire Department, and Nations Bank: Moss Cove is approximately 20 minutes from downtown
Orlando and 30 minute!! to Atlantic beaches. .
Facilities: 56 two bedroam 2 bath condominium uhits (Cory Lane), 52 two bedroam I ~ bath toWn
home units (Rhoden Lane and Pine~iewT~rrace). . . .
Financing: The City ,of Winter" Springs City Commissioners, Seminole CountyBo~rd of Caunty
Commissioners, CRA/SHIP;Federal Home Loan Bank, Nations, Bank:.
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FACTSABOUT:~PEOPLE . .
Sponsor: Wyman 'CommunitY Development Corporation, a national priv,ate non profit company
which sponsars ather. Affordable Housing Co~munities for both home ownership and rental and is
_ incorporated in the State ofFloiida.
FACTS ABOUT AFFORDABILITY, .
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Community: Private houSing, supportive services and local management.
. Affordable: The purchase prices will be within a. range that will accommodate the needs of both-
the hame.owner and the overall' community. '.
Qualifications: Financially eligible far ownership.
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Moss. Cove
COMMUNITY IMPACT
Moss Cove is a. uni~~e development for Wint~r Springs. It wiil reflect ~n the overall c~mmuri.ity
by ,replacing dilapidated housing, to provide home ownership oppoitunitie's f~r first time home
buyers. This will help ~o stabilize ci1).d revitalize th~ Moss Rpad housing commuriity witha mix of
low and moderate incomes. The cOnUnunity Will offer opportunities for home ownership that might'
otherwise not be available to the first time home buyer population. Also included in the community
will be housing coooseling for the home buyer to prepare, qualify, arid maintain the'horne which
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he/she is pu.rc~asing. The neighborhoods adjacent to the Moss Road redevelopment area will be
, positively impacted inthe fpllowing ways;
, ' Mixed Income Community.:, The impact ofM<?ss 'Coye will affect the overall community through
.'~om.munity stability and rising property values. The Foundation has learned from other affordable
developments that in order to provide long term stability in an affordable community, the mix of
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population income is extremely important. When low in~oine families live in a coinmunity that. '
, ~lso contain moderate inco~e individuals, the diversity and support is available when community .
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issues arise. Moss Cove will provide 30% of its units to moderate income individuals and families.
Empowerment, Supportive Services~ an~ ,the Arts: Wyman Fields Foundation,' through
partnerships in the overall comm~ty will provide housing in combination with programs offeriJlg
support to individuals, and. families on thelf' way to self sufficiency such' as; , Employment;
'Homeowners Associations, Hom,eowners Counseling, Day Care, and Neighborhood Watch.
Safe Neighborhoods: Moss Cove is located close to both the Winter Springs Police Department and
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The Winter Springs Fire Department.
Shopping:. Moss Cove is located within Y:z mile of S.R 434, Walgreens, Nations Bank, and the
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Winter Springs shopping district. Moss Cove is also located within 3 miles ofthe's.R 434 and 17- ,
92 corridor where th~re isboth shopping cOI~plexes and LynxBus Stops. '
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Rhoden Lane & Pineview Terrace
52 Units
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Rhode~ LC\~e
Existi~9
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USES AND SOURCES
CITY OF WINTER SPRINGS
BONDS (Revolving Loan Fund)
Interior and Structural Rehabiliation
Working Capital
SUBTOTAL
$754,002
$115,069
$869,071
COUNTY CDBG GRANT
Structural Rehabiliton
Site Development, Infrastructure, Lighting, Sidewalk
SUBTOTAL
$128,075
$243,125
$371,200
CENTRAL FLORIDA COMMUNITY
REINVESTMENT CORPORATION
Acquistion
SUBTOTAL
$2,173,600
FEDERAL HOME LOAN BANK
$2,173,600
Direct purchase subsidy
SUBTOTAL
$500,000
$500,000
CRA/SEMINOLE COUNTY SHIP
Direct purchase subsidy/Down payment assistance
SUBTOTAL
$279,500
$279,500
HOME/FHFC
Interior and Structural Rehabiliation
Soft Costs
Sales/Closing Costs
Developer's Fees
SUBTOTAL
$161,097
$60,840
$213,200
$260,000
$695,137
As of April 1, 1999
52 MULTI-FAMILY /HOME OWNERSHIP CONVERSION
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Address
100 - 132 Rhoden Lane
100 - 144 Pineview Terr.
Moss Cove
Acquisition Feasibility
Rhoden Lane & Pineview Terrace
Owner
Price
Rhoden
$160,000
$160,000
Rhoden
Feasible
Yes
Yes
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DEVELOPMENT BUDGET-Phase I (52 units)
WLNTER SPRINGS-
Interior and Structural Rehabilitation
Site Development (roads, parking lots, sidewalks,lighti
Landscaping/Security
General Requirements (4%)
Building Contractor's Profit /Overhead(8%)
Sub Total Rehabiliation costs
cqUISltlon pur ase
Architect, Engineering, Survey
Accounting Fees, Legal,
Builder's Risk/Liability Insurance and Misc fees
Sub Total Develo ent Costs
Closing 05ts ro er 0
Closing CostsfTitle Ins. /Construction Loan Interest
Marketing/Advertising
Sub Total Sales and Financial Costs
SUB TOTAL COSTS
Developer overhead and fees
County CDBG
Down Payment (SHIP/Bond) Assistance
Federal Home Loan Bank Grant/HOME
Buyer Sale Price
As-of Aprif 15, 1999
SUMMARY
RHODEN/PINEVIEW
:R20.. ------ --
tRhoden
$768,352
$130,000
$30,400
$37,150
$77 ,272
$1,043,174
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Constru
Winter Springs.
Rhoden Lane
4/14/99
SCOPE OF WORK
Remove old Flooring
Provide new carpet & vinyl
Shutters
Remove old Roofs
Provide new 3-tab shingles
Remove old appliances
Provide new appliances
Paint interior of unit
Remove exterior treatments
Patch stucco as required
Paint exterior
False gable construction
Rework trusses at ends
Columns at entry
New kitchen cabinets
covered porches at front
Mini-blinds
Refinish tubs and showers
New toilets
New bathroom cabinets
New sink and faucet in bathroom
New kitchen sink and faucet
New screen at porches
Misc drywall patch & repair
Contingency
Ughts at porches
Permits
Additional Items
New ale units
Water heaters
New windows
#buildings
#Units
sf/unit
total sf
5
20
952
19,040
. 640
23,457
1,568
5,331
14,927
448
23,520
17,060
1,400
14,280
29,702
16,800
25,200
5,600
35,840
11 ,200
3,136
4,480
6,720
5,600
4,032
3,136
7,168
2,128
22,400
784
8,960
35,840
8,960
13,440
302 Mornins Glory Drive
Lake Mary. Florida 32746
Phone: (407) 302-1924
Total
295,518
$/unit
14,776
fax: (407) 302-7254
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DEVELOPMENT BUDGET -Phase I (52 unils)
WINTER SPRINGS-
:=jr~i;flfi<:~~fj;:y,?;;=~~~:(:~f~~~W~;:~ii~~:~~t~:}~~~!~J';!;f1~:~~~~;;~~:~~fff~~~;~'%;(~~~;,~if~TOTAl
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I USESICONSTRUCTION 952 952 952 952 952 952 952 952 952 952
Interior and Structure I Rehabilitation $14,776 $14,776 $14,776 $14,776 $14.776 $14,776 $14,776 $14,776 $14,776 $14.776 $768,352
Sile Development (roads, parking lots, sidewalks,lighting,re $2,500 $2,500 $2,500 $2,500 $2.500 $2,500 $2,500 $2,500 $2,500 $2,500 $130,000
Landscaping/Security $400 $400 $400 $400 $400 WlO $400 $400 $400 $400 $30,400
General Requirements (4%) $707 $707 $707 $707 $707 $707 $707 $707 $707 $707 $37,150
Building Contractor's Profit lOverhead(8%) $1,471 $1,471 $1,471 $1.471 $1,471 $1.471 $1.471 $1.471 $1,471 $1,471 $77,272
Sub Total Rehabilialion cosls /$22 sa III $19,854 $19,854 $19,854 $19,854 $19,854 $19,854 $19,854 $19,854 $19,854 $19,854 $1 043174
Acquisition/purchase $41,800 $41,800 $41.300 $41.800 $41 ,800 $41,800 $41,800 $41,800 $41,800 $41,800 $2,173,600
Architect. Engineering, Survey $350 $350 $350 $350 $350 $350 $350 $350 $350 $350 $18,200
Accounting Fees. Legal, $300 $300 $300 $300 $300 $300 $300 $300 $300 $300 $15,600
Buildefs RiskILiability Insurance and Mise fees $520 $520 $520 $520 $520 $520 $520 $520 $520 $520 $27,040
Sub Total Develaoment Costs $42,970 $42 970 $42,970 $42,970 $42,970 $42,970 $42,970 $42,970 $42.970 $42.970 $2234440
Closing Costs (Broker) (3%) $2,075 $2,075 $2,1)75 $2,075 $2,075 $2,075 $2,075 $2,075 $2.075 $2,075 $107,900
Closing CostslTille Ins. /Construction Loan Interest $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1.500 $1.500 $1.500 $78,000
Marketing/Advertising $525 $525 $525 $525 $525 $525 $525 $525 $525 $525 $27,300
Sub Total Sales and Financial Cosls $4,100 $4,100 $4,100 $4,100 $4,100 $4,100 $4,100 $4.100 $4,100 $4,100 $213 200
SUB TOTAL COSTS $ES.924 $66 924 $66,924 $66,924 $66,924 $66.924 $66.924 $66,924 $66,924 $66,924 $3490 814
Developer overhead and fees $5.000 $5,000 $5.1)00 $5,000 $5.000 $5,000 $5,000 $5,000 $5,000 $5,000 $260,000
County COBG $7.138 $7,138 $7,138 $7,138 $7,138 $7,138 $7,138 $7.138 $7,138 $7.138 $371,176
Down Payment (SHIPlBond) Assistance $10,000 $10,000 $10.000 $10,000 $3.500 $3,500 $3.500 $3,500 $3,500 $3,500 $279,500
Federal Ho_ Loan Bank GrantlHOME $7,663 $7,663 $7,663 $7,663 $10,163 $10,163 $10,163 $10,163 $10,163 $10,163 $501,760
Buyer Sale Price $47,123 $47,123 $47,123 $47,123 $51,123 $51,123 $51,123 $51,123 $51,123 $51,123 $2,598,37B
A:; of April 1,1999
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DEVElOPMENTBUDGET~~I~un~)
WINTER SPRINGS-
USESICONSTRUCTION
Interior and Structural Rehabilitation
Site Development (roads, parking lots. sidowalks,lighting,r
landscaping/Security
General Requirements (4%)
Building Contractor's Profit /Ovorhead(8%)
Sub Total Rehabiliallon costa $22 s ft
Acquisition/purchase
Archttect. Engineering, Survey
Accounting F8O$, legal,
Buildof's Risklllability Insurance and Misc f8O$
Sub Total Devel ment Costs
Closing Costs (Stoker) (3%)
Closing CostsIrdle In../Construction loan Interest
Marketing/Advertising
Sub Total Sales and Financial Costs
SUB TOTAL COSTS
Developer overhead and fees
County CDBG
Down Payment (SHlPlBond) Assistance
Federal Home loan Bank GrantIHOME
Buyer Sale Price
As of April '. 1999
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r~1!~~!l7
945
$14,776
$ 2,500
$700
$719
$1,496
$20,191
$41,800
$350
$300
$520
$42,970
$2,075
$1.500
$525
$4,100
$67,261
$5,000
$7,138
$ 3,500
$10,500
$51,123
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P
945
$14.776
$2,SOO
$700
$719
$1,496
$20,191
$41,800
$350
$300
$520
$42 970
$2,075
$1,500
$525
$4,100
$67,261
$5,000
$7,138
$3,500
$10,500
$51,123
945
$14,776
$2,500
$700
$719
$1,496
$20191
$41,300
$350
$300
$520
$42,970
$2,075
$1,500
$525
$4,100
$67.261
$5,000
$7,138
$3,500
$10,500
$51,123
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$14.776 $14,776 $14,776 $14.776 $14,776 $14,776 $14.776 $14,776 $14.776 $14,776 $14.776
$2,500 $2.500 $2,500 $2.500 $2,500 $2.500 $2.500 $2,500 $2,500 $2,500 $2.500
$700 $400 $400 $400 $400 $400 $400 $400 $400 $400 $400
$719 $707 $707 $707 $707 $707 $707 $707 $707 $707 $707
$1,496 $1,471 $1,471 $1,471 $1,471 $1,471 $1,471 $1,471 $1.471 $1,471 $1.471
$20,191 $19,654 $19.654 $19,654 $19,854 $19854 $19.654 $19,654 $19,654 $19,854 $19,654
W~ w. w. W~ W~ ~~ W~ w_ ~~ ~_ W~
$350 $350 $350 $350 $350 $350 $350 $350 $350 $350 $350
$300 $300 $300 $300 $300 $300 $300 $ 300 $300 $300 $300
$520 $520 $520 $520 $520 $520 $520 $520 $520 $520 $520
$42.970 $42,970 $42970 $42.970 $42.970 $42.970 $42970 $42,970 $42,970 $42970 $42970
$2,075 $2,075 $2,075 $2,075 $2,075 $2,075 $2,075 $2,075 $2,075 $2,075 $2.075
$1.500 $I,SOO $1,500 $1.500 $1.500 $1,500 $1,500 $1,500 $1,500 $1.500 $1,500
$525 $525 $525 $525 $525 $525 $525 $525 $525 $525 $525
$4,100 $4,100 $4.100 $4.100 $4,100 $4,100 $4,100 $4100 $4,100 $4,100 $4.100
$67.261 $60,924 $66.924 $68.924 $60,924 $68,924 $66.924 $66,924 $66.924 $66.924 $66.924
$5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5.000
$7.138 $7,138 $7,138 $7,138 $7,138 $7,138 $7.138 $7,138 $7.138 $7.138 $7.138
$3,500 $3,500 $3.500 $3.500 $3,500 $3.500 $3,500 $3,500 $3,500 $3.500 $10.000
$10.500 $10.163 $10,163 $10,163 $10,163 $10,163 $10,163 $10,163 $10,163 $10,163 $7.663
$51,123 $51,123 $51,123 $51,123 $51,123 $51,123 $51,123 $51,123 $51,123 $51,123 $47,123
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DEVELOPMENTBUOGET~~I~un~)
WINTER SPRINGS-
USES/CONSTRUCTION 945 945 945 945 945 945 945 945 945 945 945 945 945 945
Interior and Structural Rehabilitation $14,776 $14,776 $14.776 $14,776 $14.776 $14.776 $14.776 $14.776 $14,776 $14.776 $14.776 $14.776 $14.776 $14.776
Site Development (roads, parking lots, sidewalks,lighting,r $2,500 $2.500 $2,500 $2,500 $2,500 $2.500 $2,500 $2.500 $2.500 $2.500 $2.500 $2.500 $2.500 $2.500
Landscaping/Security $700 $700 $700 $700 $700 $700 $700 $700 $700 $700 $700 $700 $700 $700
General Requirements (4%) $719 $719 $719 $719 $719 $719 $719 $719 $719 $719 $719 $719 $719 $719
Building Contracfo(s Profil/Overhead(8%) $1,496 $1,496 $1,496 $1,496 $1,496 $1,496 $1,496 $1.496 $1.496 $1,496 $1,496 $1,496 $1.496 $1,496
Sub Total Rehabillation costs $22. fl $20,191 $20,191 $20,191 $20 191 $20.191 $20,191 $20,191 $20 191 $20,191 $20,191 $20,191 $20,191 $20,191 $20,191
Acquisition/purchase $41,800 $41,800 $41,800 $41,800 $41,800 $41,800 $41,800 $41,800 $41,800 $41,800 $41,800 $41.800 $41,800 $41 ,800
Architect, Engineering. Survey $350 $350 $350 $350 $350 $350 $350 $350 $350 $350 $350 $350 $350 $350
Accounting Fees, Legal, $300 $300 $300 $300 $300 $300 $300 $300 $300 $300 $300 $300 $300 $300
Builde~s Risklllability Insurance and Misc fees $520 $520 $:;20 $520 $520 $520 $520 $520 $520 $520 $520 $520 $520 $520
Sub Total Davelo men! Costs $42,970 $42,970 $42,970 $42,970 $42,970 $42.970 $42,970 $42,970 $42,970 $42,970 $42,970 $42.970 $42.970 $42,970
Closing Costs (Btoker) (3%) $2,075 $2,075 $2,075 $2,075 $2,075 $2,075 $2,075 $2,075 $2,075 $2,075 $2,075 $2,075 $2,075 $2,075
Closing Coststrrtle Ins. IConstruction Loan Interest $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500
Marketing/Advertising $525 $525 $525 $525 $525 $525 $525 $525 $525 $525 $525 $525 $525 $525
Sub Total Sales and Financial Costs $4,100 $4.100 $4,100 $4.100 $4.100 $4.100 $4,100 $4,100 $4,100 $4,100 $4.100 $4,100 $4,100 $4.100
SUB TOTAL COSTS $E>7,261 $67,261 $67.261 $67,261 $67.261 $67,261 $67.261 $67.261 $67,261 $67,261 $67.261 $67,261 $67,261 $67,261
Developer overhead and fees $5,000 $5,000 $5.000 $5.000 $5.000 $5,000 $5,000 $5.000 $5.000 $5,000 $5,000 $5.000 $5,000 $5,000
County CDBG $7,138 $7,136 $7,136 $7.136 $7,136 $7,136 $7.136 $7,136 $7.136 $7,136 $7.136 $7,136 $7.136 $7,136
Down Payment (SHIP/Bond) Assistance $3,500 $3,500 $3,500 $3,500 $3.500 $3,500 $3,500 $3,500 $3,500 $3.500 $3.500 $3,500 $3,500 $3.500
Federal Home Lean Bank GrantlHOME $10,500 $10,500 $10,500 $10,500 $10,500 $10.500 $10,500 $10,500 $10,500 $10,500 $10.500 $10.500 $10,500 $10,500
Buyer Sale Price $51,123 $51,123 $51,123 $51.123 $51,123 $51,123 $51,123 $51,123 $51,123 $51,123 $51,123 $51,123 $51,123 $51.123
As of April 1, 1999
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DEVELOPMENT BUDGET -Phase I (52 units)
WINTER SPRINGS-
USESICONSTRUCTION 945 945 945 945 945 945 945 945 945 945 945 945 945 945
Interior and Structural Rehabilitation $14,776 $14,776 $14.776 $14.776 $14,776 $14,776 $14,776 $14,776 $14,776 $14,776 $14,776 $14,776 $14,776 $14.776
Site Development (roads, parking lots. sidewalks,lighting.r $2,500 $2,500 $2.500 $2.500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500
Landscaping/Security $700 $700 $700 $700 $700 $700 $700 $700 $700 $700 $700 $700 $700 $700
General Requirements (4%) $719 $719 $719 $719 $719 $719 $719 $719 $719 $719 $719 $719 $719 $719
Building Contracto(s Profit/Overhead(8%) $1,496 $1,496 $1,496 $1.496 $1,496 $1,496 $1,496 $1.496 $1,496 $1,496 $1.496 $1,496 $1,496 $1 .496
Sub Total Rehabilialion costs $22 s ft $20,191 $20,191 $20,191 $20,191 $20,191 $20,191 $20191 $20191 $20,191 $20,191 $20191 $20 191 $20191 $20.191
Acquisition/purchase $41,800 $41,800 $41,800 $41,800 $41,800 $41,800 $41,800 $41,600 $41,800 $41,800 $41,800 $41,800 $41.800 $41,800
Architect, Engineering, Survey $350 $350 $350 $350 $350 $350 $350 $350 $350 $350 $350 $350 $350 $350
Accounting Fees, Legal, $300 $300 $300 $300 $300 $300 $300 $300 $300 $300 $300 $300 $300 $300
Builde(s RiskILiability Insurance and Mise fees $520 $520 $520 $520 $520 $520 $520 $520 $520 $520 $520 $520 $520 $520
Sub Total Develo ment Costs $42,970 $42.970 $42.970 $42,970 $42,970 $42 970 $42,970 $42.970 $42 970 $42,970 $42,970 $42,970 $42.970 $42,970
Closing Costs (Broker) (3%) $2,075 $2,075 $2,075 $2,075 $2,075 $2,075 $2,075 $2,075 $2,075 $2,075 $2,075 $2,075 $2,075 $2.075
Closing CostsITrtle Ins./Construction Loan Interest $1,500 $1,500 $1,500 $1.500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $t,5OO $1.500 $1,500 $1,500
Marketing/Advertising $525 $525 $525 $525 $525 $525 $525 $525 $525 $525 $525 $525 $525 $525
Sub Total Sales and Financial COBts $4,100 $4,100 $4100 $4.100 $4,100 $4.100 $4.100 $4,100 $4,100 $4,100 $4100 $4.100 $4,100 $4,100
SUB TOTAL COSTS $67,261 $67,261 $67,261 $67,261 $67,261 $67,261 $67.261 $67 261 $67.261 $67,261 $67,261 $67.261 $67.261 $67.261
Developer overhead and fees $ 5,000 $5.000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5.000 $5.000 $5,000 $5,000 $5,000 $5.000
County CDBG $7,138 $7,138 $7,138 $7,138 $7,138 $7,138 $7,138 $7,138 $7,138 $7,138 $7,138 $7.138 $7.138 $7.138
Down Payment (SHIP/Bond) Assistance $10.000 $10,000 $10,000 $10,000 $10,000 $10,000 $10,000 $10,000 $10,000 $10,000 $3,500 $3,500 $3,500 $3.500
Federal Home Loan Bank GrantlHOME $ 6,000 $6,000 $6,000 $6,000 $6,000 $8,000 $8,000 $6,000 $8,000 $6,000 $10,500 $10,500 $10.500 $10.500
Buyer Sale Price $47,123 $47,123 $47,123 $47.123 $47,123 $47,123 $47,123 $47,123 $47,123 $47,123 $51,123 $51,123 $51,123 $51,123
As of April 1,1999
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Wyman Fields Foundation
Project Work Task SCheduling
Contract with City of Winter Springs City of Winter Sprin 111111999 21.00d 21.00d 218/1999
Market Analysls AHDC 2/8/1999 18.00d 18.00d 3/411999 , -~,
Research and Conlacl current owner.; AHDC 1/1511999 32.00d 32.00d 3/2/1999 ~D-."';
NegQglale and option units AHDC 2/24/1999 32.00d 32.00d 41811999 =...... .' '-
Acquire acquistlon financing Candace Bi~e 3129/1999 32.00d 32.00d 5111/1999 .. )..;,1' . ,.~, ..;:.;et,~;
Purchase/Close on 52 units Candace Birte, AHD 5/11/1999 18.00d 18.00d 614/1999
Contract with Architect Eric Bi~e 312911999 14.00d 14.00d 4/1511999
Contrac1 with Engineer Eric Birte 3/29/1999 14.00d 14.00d 4/1511999 "r;:'
Contrac1 with General Contrac1or Eric Bi~e 4115/1999 14.00d 14.00d 5/411999 '."
SUbm~ Federal Home Bank Loan AHP Grant Eric Birte 9/111999 32.00d 32 .00d 10/15/1999
Relocation Plan for existing residents Jeanette Marcus 512511999 28.00d 28.00d 71211999 ~~;:~-'. . ,,~.',
Markel Plan AHDC 4115/1999 5.00d 5.00d 4/21/1999
Preliminary Site Plan review Eric B1rte 411511999 42.00d 42.00d 811411999 .'.o,' ~ n.:-,-":~' ,=;'&1>.:,,:a.;;; j"
Preliminary Conslructlon Documents Eric Birle 8114/1999 32.00d 32.00d 7/2811999 ! ;~ ';.-;j; ~ - ;' '"
Final Construction Documents Eric Birle 7/2811999 28.00d 28.00d 91311999
Permitting Eric Birte 91311999 42.00d 42.00d 111211999
SUbm~ County SHIP/CDBG grant for Slreetscap Kathy PhiJrops 3/1/1999 18.00d 18.00d 3/2411999
Relocation of existing residents (8 units) Jeanette Marcus 10/1811999 14.00d 14.00d 11/411999
Prescreenlng of Polentlon Buye1S Jeanette Marcus 1114/1999 42.00d 42.00d 1/512000
Reloca1ion of existing residents (8 units) Jeanette Marcus 1114/1999 14.00d 14.00d 11/2411999
Rehabili1alion completed on 8 units Kathy PhilHps 11/2411999 56.00d 56.00d 2111/2000
Relocation of existing residents (8 units) Jeanette Marcus 11/24/1999 14.00d 14.00d 1211411999 ~
Rehabilitation compla1ed on 8 units Kathy Phillips 214/2000 56.00d 56.00d 4/24/2000
Homebuyers close on 8 units AHDC 214/2000 5.00d 5.00d 2110/2000
Rehabilitation completed on 8 units Kathy Phillips 4/2412000 56.00d 56.00d 7/12/2000
Slreelscape completed City of Winter Springs 11/17/1999 84.00d 84.00d 3/1612000
Rehabilitation completed on 8 units Kathy Phillips 7/1212000 56.00d 56.00d 9/28/2000
Homebuyers close on 8 units AHDC 4/2412000 5.00d 5.00d 4/28/2000
Rehabilialion completed on 8 units Kathy Phillips 9/2812000 56.00d 56.00d 12115/2000
Hornebuyers close on 8 units AHDC 2/1012000 5.00d 5.00d 2/1612000
Rehabilitation completed on 8 units Kathy Phillips 12/1512000 56.00d 56.00d 317/2001
Homebuyers close on 8 units AHDC 9/2812000 5.00d 5.00d 10/4/2000
Rehabilitation completed on 8 units Kathy Phillips 31712001 56.00d 56.00d 5/2312001
Homebuyers close on 8 units AHDC 1211512000 5.00d 5.00d 12/2112000
Rehabili1ation completed on 4 units Kathy Phi16ps 5I23l2OO1 48.00d 48.00d 7131/2001
Homebuye1S close on 8 units AHDC 317/2001 5.00d 5.00d 3/1312001
Homebuyers close on 4 units AHDC 713112001 5.00d 5.00d 8/6/2001
Printed: 4/14/1999
Page 1
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Wyman Fields Foundation
Project Work Task Scheduling
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Wyman Fields Foundation
Project Work Task Scheduling
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I 56 Units
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I Moss Cove
Acquisition Feasibility
I Cory Lane
Address Owner Price Feasible
I 100 Cory Lane Roebuck $162,000 Later Date
I 108 Cory Lane Roebuck $162,000 Later Date
141 Cory Lane Roebuck $162,000 Later Date
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13 3 Cory Lane Roebuck $162,000 Later Date
I 125 Cory Lane Roebuck $162,000 Later Date
I 117 Cory Lane Roebuck $162,000 Later Date
149 Cory Lane Roebuck $162,000 Later Date
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116 Cory Lane Arce $145,000 Yes
I 124 Cory Lane Hunt $145,000 Yes
132 Cory Lane Amar $155,000 Yes
I 109 Cory Lane Amar $155,000 Yes
I 101 Cory Lane Valentine $145,000 Later Date
140 Cory Lane V onderlippe Forclosure Later Date
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148 Cory Lane Morris ? Later Date
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SUMMARY
CORY LANE
DEVELOPMENT BUDGET- (56 units) Ct2S' .G101
WINTER SPRINGS-Cory Lane COry.... COry TOTAL
I USES/CONSTRUCTION 906 906
Interior and Structural Rehabilitation $14,676 $14,676 $821,856
Site Development (roads, parking lots, sidewalks,lighting,re( $3,500 $3,500 $196,000
Landscaping/Security $800 $800 $44,800
General Requirements (4%) $759 $759 $42,506
Building Contractor's Profit /Overhead(8%) $1,579 $1,579 $88,413
Sub Total Rehabiliation costs $21,314 $21,314 $1,193,575
Acquisition/purchase $42,322 $37,750 $2,264,016
Architect, Engineering, Survey $350 $350 $19,600
Accounting Fees, Legal, $300 $300 $16,800
Builder's Risk/Liability Insurance and Misc fees $520 $520 $29,120
Sub Total Development Costs $43,492 $38,920 $2,329,536
Closing Costs (Broker) (3%) $2,075 $2,075 $116,200
Closing CostsfTitle Ins. /Construction Loan Interest $1,500 $1,500 $84,000
Marketing/Advertising $525 $525 $29,400
Sub Total Sales and Financial Costs $4,100 $4,100 $229,600
SUB TOTAL COSTS $68,906 $64,334 $3,752.711
Developer overhead and fees $5,000 $5,000 $280,000
County CDBG $7,138 $7,138 $399,728
Down Payment (SHIP/Bond) Assistance $3,500 $10,000 $293,500
Federal Home Loan Bank GranUHOME $10,500 $7,663 $542,412
Buyer Sale Price $52,768 $44,533 $2,797,071
As of Apri/15, 1999
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Constru
Winter Springs
Corey Lane
4/14/99
SCOPE OF WORK
Remove old Flooring
Provide new carpet & vinyl
Shutters
Remove old Roofs
Provide new 3-tab shingles
Remove old appliances
Provide new appliances
Paint interior of unit
Remove exterior treatments
Patch stucco as required
Paint exterior
Awning over stairway
Straighten stairway
Awning over 2nd floor
New kitchen cabinets
Window boxes
Mini-blinds
Refinish tubs and showers
New toilets
New bathroom cabinets
New sink and faucet in bathroom
New kitchen sink and faucet
New screen at porches
Mise drywall patch & repair
Contingency
exterior lighting
permits
Additional Items
New alc units
Water heaters
New windows
302 Mornins Glory Drive
#buildings
#Units
sf/unit
total sf
14
56
906
50,736
1,705
62,507
1,568
14,206
39,777
1,254
65,856
45,459
3,920
39,984
83,167
58,016
62,720
34,496
100,352
1,290
8,781
25,088
18,816
15,680
11,290
8,781
20,070
5,958
62,720
3,293
25,088
100,352
25,088
50,176
Leke Mery. floride 32746
Phone: (407) 302-1924
Total
821,842
$/unit
14,676
Fex: (407) 302-7254
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Cory Lane Plant List
Quantity Size Species Unit cost Total
31 30 gal. Laurel Oak $ 212.50 each $ 6,587.50
0 65 gal. Laurel Oak $ 450.00 each $ -
14 15 gal. Wax Myrtle $ 87.50 each $ 1,225.00
308 1 gal. Liriope evergreen giant $ 5.00 each $ 1,540.00
0 3 gal. Sago Palm $ 20.00 each $ -
47 10'-15' C.t. Sabal Palm $ 85.00 each $ 3,995.00
168 3 gal. Indian Hawthorn $ 12.50 each $ 2,100.00
0 St. Augustine Turf $ 0.28 sq. ft. $ -
41150 Bahia Turf $ 0.15 sq. ft. $ 6,172.50
2605 4 inch Native Grasses (Spartina) $ 1.00 each $ 2,605.00
$ 24,225.00
. Irrigation costs
$
$
14,000.00.
38,225.00
4/13/99Cory Lane plant estimate.xls
- - - - - - - - - - - - - - - - - - -
DEVELOPMENT BUDGET-'(56 units)
WINTER SPRINGS--Co Lane
USES/CONSTRUCTION 906 906 906 906 906 906 906 906 906 906
Interior and Structural Rehabilitation $14,676 $14,676 $14,676 $14,676 $14,676 $14,676 $14,676 $14,676 $14,676 $14,676
Site Development (roads, parking lots, sidewalks,lighting,re $3,500 $3,500 $3,500 $3,500 $3,500 $3,500 $3,500 $3,500 $3,500 $3,500
Landscaping/Security $800 $800 $800 $800 $800 $800 $800 $800 $800 $800
General Requirements (4%) $759 $759 $759 $759 $759 $759 $759 $759 $759 $759
Building Contractor's Profit /Overhead(8%) $1,579 $1,579 $1,579 $1,579 $1,579 $1,579 $1,579 $1,579 $1,579 $1,579
Sub Total Rehabillation costs $21,314 $21 314 $21,314 $21,314 $21,314 $21,314 $21,314 $21,314 $21,314 $21,314
Acquisition/purchase $42,322 $42,322 $42,322 $42,322 $42,322 $42,322 $42,322 $42,322 $42,322 $42,322
Architect, Engineering, Survey $350 $350 $350 $350 $350 $350 $350 $350 $350 $350
Accounting Fees, Legal, $300 $300 $300 $300 $300 $300 $300 $300 $300 $300
Builder's RisklLiability Insurance and Misc fees $520 $520 $520 $520 $520 $520 $520 $520 $520 $520
Sub Total Develo ment Costs $43,492 $43492 $43,492 $43,492 $43,492 $43,492 $43 492 $43,492 $43,492 $43,492
Closing Costs (Broker) (3%) $2,075 $2,075 $2,075 $2,075 $2,075 $2,075 $2,075 $2,075 $2,075 $2,075
Closing CostsfTitle Ins. /Construction Loan Interest $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500
Marketing/Advertising $525 $525 $525 $525 $525 $525 $525 $525 $525 $525
Sub Total Sales and Financial Costs $4,100 $4 100 $4,100 $4100 $4,100 $4,100 $4,100 $4,100 $4,100 $4 100
SUB TOTAL COSTS $68,906 $68,906 $68,906 $68,906 $68,906 $68 906 $68,906 $68,906 $68,906 $68,906
Developer overhead and fees $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000
County CDBG $7,138 $7,138 $7,138 $7,138 $7,138 $7,138 $7,138 $7,138 $7,138 $7,138
Down Payment (SHIP/Bond) Assistance $10,000 $10,000 $10,000 $10,000 $10,000 $10,000 $10,000 $10,000 $10,000 $10,000
Federal Home Loan Bank GranUHOME $8,000 $8,000 $8,000 $8,000 $8,000 $8,000 $8,000 $8,000 $8,000 $8,000
Buyer Sale Price $48,768 $48..768 $48,768 $48,768 $48,768 $48,768 $48,768 $48,768 $48,768 $4fj,768
As of April 15, 1999
- - - - - - - - - - - - - - - - - - -
DEVELOPMENT BUDGET- (56 units)
WINTER SPRINGS-Co Lane
USES/CONSTRUCTION 906 906 906 906 906 906 906 906 906 906
Interior and Structural Rehabilitation $14,676 $14,676 $14,676 $14,676 $14,676 $14,676 $14,676 $14,676 $14,676 $14,676
Site Development (roads, parking lots, sidewalks,lighting,re $3,500 $3,500 $3,500 $3,500 $3,500 $3,500 $3,500 $3,500 $3,500 $3,500
Landscaping/Security $800 $800 $800 $800 $800 $800 $800 $800 $800 $800
General Requirements (4%) $759 $759 $759 $759 $759 $759 $759 $759 $759 $759
Building Contractor's Profit IOverhead(8%) $1,579 $1,579 $1,579 $1,579 $1,579 $1,579 $1,579 $1,579 $1,579 $1,579
Sub Total Rehabiliation costs $21,314 $21,314 $21,314 $21 314 $21,314 $21 314 $21,314 $21,314 $21 314 $21 314
Acquisition/purchase $42,322 $42,322 $42,322 $42,322 $42,322 $42,322 $42,322 $42,322 $42,322 $42,322
Architect, Engineering, Survey $350 $350 $350 $350 $350 $350 $350 $350 $350 $350
Accoulllting Fees, Legal, $300 $300 $300 $300 $300 $300 $300 $300 $300 $300
Buildeil's RisklLiability Insurance and Misc fees $520 $520 $520 $520 $520 $520 $520 $520 $520 $520
Sub TCl>tal Develo ment Costs $43,492 $43,492 $43,492 $43,492 $43,492 $43 492 $43,492 $43,492 $43 492 $43,492
Closing Costs (Broker) (3%) $2,075 $2,075 $2,075 $2,075 $2,075 $2,075 $2,075 $2,075 $2,075 $2,075
Closing CostsfTitle Ins. IConstruction Loan Interest $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500
Marketing/Advertising $525 $525 $525 $525 $525 $525 $525 $525 $525 $525
Sub Total Sales and Financial Costs $4,100 $4100 $4,100 $4 100 $4,100 $4100 $4,100 $4,100 $4,100 $4,100
SUB TOTAL COSTS $68,906 $68,906 $68,906 $68,906 $68,906 $68906 $68,906 $68,906 $68,906 $68,906
Developer overhead and fees $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000
County CDBG $7,138 $7,138 $7,138 $7,138 $7,138 $7,138 $7,138 $7,138 $7,138 $7,138
Down Payment (SHIP/Bond) Assistance $3,500 $3,500 $3,500 $3,500 $3,500 $3,500 $3,500 $3,500 $3,500 $3,500
Federal Home Loan Bank GranVHOME $10,500 $10,500 $10,500 $10,500 $10,500 $10,500 $10,500 $10,500 $10,500 $10,500
Buyer Sale Price $52,768 $52..768 $52,768 $52,768 $52,768 $52,768 $52,768 $52,768 $52,768 $5t, 768
As of April 15, 1999
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DEVELOPMENT BUDGET-(56 units)
WINTER SPRINGS-Co Lane
USES/CONSTRUCTION 906 906 906 906 906 906 906 906 906 906
Interior and Structural Rehabilitation $14,676 $14,676 $14,676 $14,676 $14,676 $14,676 $14,676 $14,676 $14,676 $14,676
Site Development (roads, parking lots, sidewalks,lighting,re $3,500 $3,500 $3,500 $3,500 $3,500 $3,500 $3,500 $3,500 $3,500 $3,500
Landscaping/Security $800 $800 $800 $800 $800 $800 $800 $800 $800 $800
General Requirements (4%) $759 $759 $759 $759 $759 $759 $759 $759 $759 $759
Building Contractor's Profit IOverhead(8%) $1,579 $1,579 $1,579 $1,579 $1,579 $1,579 $1,579 $1,579 $1,579 $1,579
Sub Total Rehabiliation costs $21,314 $21,314 $21,314 $21,314 $21,314 $21,314 $21,314 $21,314 $21 314 $21,314
Acquisition/purchase $42,322 $42,322 $42,322 $42,322 $42,322 $42,322 $42,322 $42,322 $37,750 $37,750
Architect, Engineering, Survey $350 $350 $350 $350 $350 $350 $350 $350 $350 $350
Accounting Fees, Legal, $300 $300 $300 $300 $300 $300 $300 $300 $300 $300
Builder's RisklLiability Insurance and Misc fees $520 $520 $520 $520 $520 $520 $520 $520 $520 $520
Sub Total Develo ment Costs $43,492 $43,492 $43,492 $43,492 $43,492 $43,492 $43,492 $43,492 $38,920 $38,920
Closing Costs (Broker) (3%) $2,075 $2;075 $2,075 $2,075 $2,075 $2,075 $2,075 $2,075 $2,075 $2,075
Closing CostsfTitle Ins. IConstruction Loan Interest $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500
Marketing/Advertising $525 $525 $525 $525 $525 $525 $525 $525 $525 $525
Sub Total Sales and Financial Costs $4,100 $4 100 $4,100 $4,100 $4,100 $4 100 $4,100 $4 100 $4,100 $4,100
SUB TOTAL COSTS $68,906 $68,906 $68,906 $68,906 $68,906 $68 906 $68,906 $68,906 $64,334 $64,334
Developer overhead and fees $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000
County CDBG $7,138 $7,138 $7,138 $7,138 $7,138 $7,138 $7,138 $7,138 $7,138 $7,138
Down Payment (SHIP/Bond) Assistance $3,500 $3,500 $3,500 $3,500 $3,500 $3,500 $3,500 $3,500 $3,500 $3,500
Federal Home Loan Bank GranUHOME $10,500 $10,500 $10,500 $10,500 $10,500 $10,500 $10,500 $10,500 $10,500 $10,500
Buyer Sale Price $52,768 $52,.768 $52,768 $52,768 $52,768 $52,768 $52,768 $52,768 $48,196 $48;,196
As of April 15, 1999
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DEVELOPMENT BUDGETJ(56 units)
WINTER SPRINGS-Co Lane
USES/CONSTRUCTION 906 906 906 906 906 906 906 906 906 906
Interior and Structural Rehabilitation $14,676 $14,676 $14,676 $14,676 $14,676 $14,676 $14,676 $14,676 $14,676 $14,676
Site Development (roads, parking lots, sidewalks,lighting,re $3,500 $3,500 $3,500 $3,500 $3,500 $3,500 $3,500 $3,500 $3,500 $3,500
Landscaping/Security $800 $800 $800 $800 $800 $800 $800 $800 $800 $800
General Requirements (4%) $759 $759 $759 $759 $759 $759 $759 $759 $759 $759
Building Contractor's Profit IOverhead(8%) $1,579 $1,579 $1,579 $1,579 $1,579 $1,579 $1,579 $1,579 $1,579 $1,579
Sub Total Rehabillation costs $21,314 $21,314 $21,314 $21,314 $21 314 $21 314 $21,314 $21,314 $21,314 $21,314
Acquisition/purchase $37,750 $37,750 $37,750 $37,750 $37,750 $37,750 $40,500 $40,500 $40,500 $40,500
Architect, Engineering, Survey $350 $350 $350 $350 $350 $350 $350 $350 $350 $350
Accounting Fees, Legal, $300 $300 $300 $300 $300 $300 $300 $300 $300 $300
Builder's RiskILiability Insurance and Misc fees $520 $520 $520 $520 $520 $520 $520 $520 $520 $520
Sub Total Develo ment Costs $38,920 $38,920 $38,920 $38,920 $38 920 $38 920 $41,670 $41,670 $41,670 $41,670
Closing Costs (Broker) (3%) $2,075 $2,075 $2,075 $2,075 $2,075 $2,075 $2,075 $2,075 $2,075 $2,075
Closing CostsfTitle Ins. IConstruction Loan Interest $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500
Marketing/Advertising $525 $525 $525 $525 $525 $525 $525 $525 $525 $525
Sub Total Sales and Financial Costs $4,100 $4 100 $4,100 $4,100 $4,100 $4100 $4,100 $4,100 $4,100 $4100
SUB TOTAL COSTS $64,334 $64,334 $64 334 $64,334 $64,334 $64334 $67,084 $67,084 $67,084 $67,084
Developer overhead and fees $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000
County COBG $7,138 $7.138 $7,138 $7,138 $7,138 $7,138 $7,138 $7,138 $7,138 $7,138
Down Payment (SHIP/Bond) Assistance $3,500 $3,500 $3,500 $3,500 $3,500 $3,500 $3,500 $3,500 $3,500 $3,500
Federal Home Loan Bank GranUHOME $10,500 $10,500 $10,163 $10,163 $10,163 $10,163 $10,163 $10,163 $10,163 $10,163
Buyer Sale Price $418,196 $48,,196 $48,533 $48,533 $48,533 $48,533 $51,283 $51,283 $51,283 $51,283
As of April 15, 1999
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DEVELOPMENT BUDGET-(56 units)
WINTER SPRINGS-Co Lane
USES/CONSTRUCTION 906 906 906 906 906 906 906 906 906 906
Interior and Structural Rehabilitation $14,676 $14,676 $14,676 $14,676 $14,676 $14,676 $14,676 $14,676 $14,676 $14,676
Site Development (roads, parking lots, sidewalks,lighting,re $3,500 $3,500 $3,500 $3,500 $3,500 $3,500 $3,500 $3,500 $3,500 $3,500
Landscaping/Security $800 $800 $800 $800 $800 $800 $800 $800 $800 $800
General Requirements (4%) $759 $759 $759 $759 $759 $759 $759 $759 $759 $759
Building Contractor's Profit IOverhead(8%) $1,579 $1,579 $1,579 $1,579 $1,579 $1,579 $1,579 $1,579 $1.579 $1.579
Sub Total Rehablliation costs $21,314 $21 314 $21,314 $21 314 $21,314 $21 314 $21,314 $21,314 $21,314 $21.314
Acquisition/purchase $40,500 $40,500 $40.500 $40,500 $37,750 $37.750 $37,750 $37,750 $37,750 $37.750
Architect, Engineering, Survey $350 $350 $350 $350 $350 $350 $350 $350 $350 $350
Accounting Fees. Legal. $300 $300 $300 $300 $300 $300 $300 $300 $300 $300
Builder's Risk/Liability Insurance and Misc fees $520 $520 $520 $520 $520 $520 $520 $520 $520 $520
Sub Total Develo ment Costs $41,670 $41,670 $41,670 $41 670 $38,920 $38 920 $38.920 $38,920 $38,920 $38,920
Closing Costs (Broker) (3%) $2,075 $2.075 $2,075 $2.075 $2,075 $2,075 $2,075 $2.075 $2,075 $2.075
Closing CostsfTitle Ins. IConstruction Loan Interest $1,500 $1,500 $1.500 $1.500 $1,500 $1,500 $1.500 $1.500 $1.500 $1.500
Marketing/Advertising $525 $525 $525 $525 $525 $525 $525 $525 $525 $525
Sub Total Sales and Financial Costs $4 100 $4.'100 $4.100 $4,100 $4,100 $4100 $4.100 $4,100 $4,100 $4,100
SUB TOTAL COSTS $67,084 $67,084 $67,084 $67,084 $64,334 $64 334 $64,334 $64,334 $64.334 $64.334
Developer overhead and fees $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5.000 $5,000
County CDBG $7,138 $7,138 $7,138 $7,138 $7,138 $7,138 $7,138 $7,138 $7,138 $7,138
Down Payment (SHIP/Bond) Assistance $3,500 $10,000 $10.000 $10,000 $10,000 $10,000 $3.500 $3,500 $3,500 $3,500
Federal Home Loan Bank Grant/HOME $10,163 $7,663 $7.663 $7.663 $7,663 $7.663 $10.163 $10,163 $10,163 $10,163
Buyer Sale Price $51,283 $47..283 $47.283 $47,283 $44,533 $44.533 $48.533 $48,533 $48,533 $48;,533
As of April 15, 1999
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DEVELOPMENT BUDGET- (56 units)
WINTER SPRINGS-Co Lane TOTAL
USES/CONSTRUCTION 906 906 906 906 906 906
Interior and Structural Rehabilitation $14,676 $14,676 $14,676 $14,676 $14,676 $14,676 $821,856
Site Development (roads, parking lots, sidewalks,lighting,re $3,500 $3,500 $3,500 $3,500 $3,500 $3,500 $196,000
Landscaping/Security $800 $800 $800 $800 $800 $800 $44,800
General Requirements (4%) $759 $759 $759 $759 $759 $759 $42,506
Building Contractor's Profit IOverhead(80/0) $1,579 $1,579 $1,579 $1,579 $1,579 $1,579 $88,413
Sub Total Rehabiliation costs $21,314 $21,314 $21,314 $21,314 $21,314 $21,314 $1 193,575
Acquisition/purchase $37,750 $37,750 $37,750 $37,750 $37,750 $37,750 2,26 ,016
Architect, Engineering, Survey $350 $350 $350 $350 $350 $350 $19,600
Accounting Fees, Legal, $300 $300 $300 $300 $300 $300 $16,800
Builder's RisklLiability Insurance and Misc fees $520 $520 $520 $520 $520 $520 $29,120
Sub Total Develo ment Costs $38,920 $38,920 $38,920 $38 920 $38,920 $38,920 $2,329,536
Closing Costs (Broker) (3%) $2,075 $2,075 $2,075 $2,075 $2,075 $2,075 116,200
Closing CostsfTitle Ins. IConstruction Loan Interest $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $84,000
Marketing/Advertising $525 $525 $525 $525 $525 $525 $29,400
Sub Total Sales and Financial Costs $4,100 $4 100 $4,100 $4,100 $4,100 $4100 $229 600
SUB TOTAL COSTS $64,334 $64,334 $64,334 $64,334 $64,334 $64 334 3,752 1
Developer overhead and fees $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $280,0
County CDBG $7,138 $7,138 $7,138 $7,138 $7,138 $7,138 $399,728
Down Payment (SHIP/Bond) Assistance $3,500 $3,500 $3,500 $3,500 $3,500 $3,500 $293,500
Federal Home Loan Bank GranUHOME $10,163 $10,163 $10,163 $10,163 $10,163 $10,163 $542,412
Buyer Sale Price $418,533 $48..533 $48,533 $48,533 $48,533 $48,533 $2,797,071
As of April 15, 1999
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MARKETING
STRATEGIES & PLAN
FOR THE CITY OF :
WINTER SPRINGS,
FLA.
AMERICA'S
HOUSING
DEVELOPMENT CORP.
3440 Morlnotmm Lone. Suite 205
N. Ft. Myers, Fl. 33903
Response to City of Winter Springs, Florida
Condominium Conversion Project ( Transitional Housing Plan)
April I, 1999
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Table of Contents
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ii
AHDC - Mission Statement .....................................................................FORW ARD
AHDC - Corporate Philosophy .................................................................FORW ARD
MARKETING STRATEGIES & OVERVIEW ........................................SECTION I
MARKET AREA PROFILE.................... ..... ...... .............................. ........... SECTION II
. BUYER PROFILE..... .............. ....... ........................................ ...................... SECTION III
MARKE TIN G PLAN .................. ......... ......... ...... ................................ .......... SECTI ON IV
AMERICA'S
HOUSING
DEVELOPMENT CORP.
3440 Marlnatown Lane. Suite 205
N. Ft. Myers. Fl. 3390
Response to City of Winter Springs, Florida
Condominium Conversion Project ( Transitional Housing Plan)
April 1, 1999
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MISSION STATEMENT
-
All across our country and throughout the world there exists a critical
need for affordable housing from the impoverished to the moderate
income families.
***********
Creating solutions for this problem has proven to be one of the greatest
challenges for both public and more recently
private entities.
***********
'Our Mission is to develop these strategic Partnerships Worldwide,
to offer Affordable Housing to those in need.'
Response to City of Winter Springs, Florida
Condominium Conversion Project ( Transitional Housing Plan)
April 1, 1999
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'Developing strategic
Partnerships Worldwide
For Affordable Housing'
.AnJ.cr1ca~
Housing
Dcvclopzncnt Corp.
3440 Marinatown Lane, Suite 205
North Fort Myers, FL 33903
(941) 997-5454 fax: (941) 997-5411 Toll Free (888) 347-3818
CORPORATE PHILOSOPHY
All across the country there exists a major need for affordable housing for very low, low
and moderate income families. Creating a solution for this problem has proven to be one of
the greatest challenges for both public and more recently private entities.
AHDC has several thousand low and moderate income housing units experience. We have
created these numbers by first coming to an understanding of what the needs of each
community are and then creating a public private partnership that can meet that need
; effectively.
Participants can include all or part of the following such as the City Government, CDC
Partner, Builder(s), Developer, Master Planners and Lender. One of our CD.F.I
Development Partners has also been instrumental in realizing revisions to some HUD
financing programs that once completed will allow a much larger number of families to
qualify for end loan financing.
Whether home ownership programs are all that is needed or a complete holistic master
planning approach, we can bring together nationally recognized Development Partners that
can provide local hands on project coordination in order to take the project through pre
and post development activities.
All of our Housing Plans are designed to create HIGH IMPACT in each City and
addresses historical low income housing problems such as LOSS MITIGATION,
PROPERTY APPRECIATION and HISTORICAL PRESERVATION.
By working together with the local Government and others I believe we can create the
formula and team members necessary to produce the needed housing in every community.
Thank you.
Barry Graham, CEO
Response to City of Winter Springs, Florida
Condominium Conversion Project ( Transitional Housing Plan)
April 1, 1999
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.
-
SECTIOKl
MARKETING STRATEGIES
AND
OVERVIEW
Response to City of Winter Springs, Florida
Condominium Conversion Project ( Transitional Housing Plan)
April 1, 1999
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1-1
SEe. I
MARKETING STRATEGIES & OVERVIEW
'The lack of Affordable Housing is a barrier to quality family and community life.'
OVERVIEW:
The market share of very low, low and moderate income families, makes up more of the
population than all other market shares combined for prospective home buyers. It requires that
specific marketing methods be used to take the message to these large numbers of families.
Based on the information compiled in the following sections, we believe that the elements listed in
the Marketing Plan to follow, will bring together the elements for a Comprehensive, Integrated
approach to solving the Urban housing needs for the very low to moderate income family
.(transitional housing) in the City of Winter Springs.
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Why transitional housing? Historically, low income families are searching for single versus
multi-family home ownership. When condominium ownership is marketed as a 'stepping stone'
to single family ownership, it is received in a whole different way.
Transitional ownership," gives the current apartment renter of today an opportunity to gain
individual home ownership, secure equity and build a plan for the future. The future plan to one
day own a single-family home of his own.
This ownership dream will also further stabilize the communities economic growth and
revitalization for the future. It will assure more jobs, a more stable work force, and stimulate
business and professional growth for the community for years to come.
******
'The marketing goal will be to reduce or eliminate, to the maximum e.xtent possible, all
the development costs so that the only remaining cost to the future buyer is the actual true
ownership costs. '
Response to City of Winter Springs, Florida
Condominium Conversion Project ( Transitional Housing Plan)
April 1, 1999
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Much of the information that has been gathered about the community in our marketing research
will be outlined in the following marketing topics such as:
A. General Demographic Statistics:
B. Unit Conversion Strategy:
C. Identification of the Cityffown's defined need areas:
E. Market Area Profile:
F. Buyer Profile:
The Demographics and Unit availability:
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. The first and most critical elements to the whole program are the available housing units for
conversion. These have been identified as the 14 rental apartment buildings on Cory Av. Winter
Springs, that could be renovated and converted to condo's and developed for Affordable
Housing.
The initial acquisition offer for the first 7 of the 14 structures is to have been made by the Wyman
Field's Foundation on March 12, 1999.
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Unit Conversion Strategy:
In order to create fee simple ownership on a more liberal form of end loan financing, a three stage
process will take place. '
Project Approval:
First, the submitting of required paperwork to the Veterans Administration for project approval
and then taking that approach on to the Federal Home\oan Administration. Both steps will
produce the ability, once approved, to create a much more liberal form of financing than
conventional forms of end loans for our low income families. There are pre-sale requirements that
also have to be met.
Response to City of Winter Springs, Florida
Condominium Conversion Project ( Transitional Housing Plan)
April 1, 1999
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1-3
Conversion Process:
Secondly, create and submit all required Condo conversion doc's. & paperwork to the State of
Florida for approval and registration from rental apartments to Condominiums. The overall
process will need to be worked out closely with the Winter Springs City Attorney's office and
may take from 3-5 months to finalize.
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Condo Association:
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Third, an 'Expandable Condominium' association would be formed with the initial buildings
secured. As each additional buildings are acquired, they would then be added to the existing
association of owners. The Wyman Field Foundation will esablish and oversee the management
of the association.
Response to City of Winter Springs, Florida
Condominium Conversion Project ( Transitional Housing Plan)
April 1, 1999
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SECTION II
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MARKET AREA
PROFILE
Response to City of Winter Springs, Florida
Condominium Conversion Project ( Transitional Housing Plan)
April 1, 1999
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SECTION II.
MARKET AREA PROFILE:
Profiling the Market of the Winter Springs area, we find that it offers numerous opportunities for
education, employment and recreation. The one thing it does not offer is affordable housing for the very
low and low income families.
.
Existing home inventory, in the area, does offer some limited purchase opportunities for the moderate
income family, but little for the Very Low to Low Income group. Based on the following market
profile, we strongly believe there exists a market for these condominium units once rehab is completed
on enough buildings to make a noticable impact on the area.
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The primary buyers will be middle age couples with no kids, single parents head of household with one
or two children on the average, or single adults. In addition to this group, families with two children
will be added as they decide to use this form of living as a 'stepping stone' into the single family
housing.
DEMOGRAPIllCS:
There are approximately] 4, 1 00 households in the immediate Winter Springs area. The county of
Seminole is proud of the following statistics:
· the highest Median income of any county in Florida
· the highest effective buying power in the entire Orlando area
· a county population of approximately 338,000 residents
· a median home price of $1 0 1 ,600 an employment growth of over 6%
· an unemployment rate of approximately 3.2%
· one of the highest concentrations of adults with college degrees in the region
· public schools rank in the top 100 for the nation
· the county ranks number one for post secondary education in the state
· Seminole Community College ranks 12th out of28 in the state and enrolls nearly 30,000 students
· the county has 18 industrial parks; 17 golf courses; over 200 lakes, and much more to offer to new
residents.
Response to City of Winter Springs, Florida
Condominium Conversion Project ( Transitional Housing Plan)
April I, 1999
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SUMMARY OF KEY MARKET AREA INFLUENCES:
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WINTER SPRINGS
SUMMARY OF KEY AREA DEMOGRAPHICS
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-1p} :i~:,:j;:;,.';F?;T~)7-.-~"~-"--'''~i--~:~~~--~--~'0>'~'---.-----~~~~-.-~~-----~;
Ii'" ,....~~~ ~~~
With these favorable market conditions, future investigation into the area Buyer's Profile
should also lead to very favorable and positive results.
Response to City of Winter Springs, Florida
Condominium Conversion Project ( Transitional Housing Plan)
April 1, 1999
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SECTION III
BUYER
PROFILE
Response to City of Winter Springs, Florida
Condominium Conversion Project ( Transitional Housing Plan)
April 1, 1999
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3-1
SECTION In. BUYER PROFILE
THE BUYER
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As we direct our marketing towards the very low and low to moderate income families, it is
important to determine a specific buyer profile for each. This profile is determined by the
median income caps that are set by HUD. per number of family members. As shown, these
are provided we can conclude the following qualifications for this profile:
The current income guidelines from HUD for 1999 show the average Median income in the
United States is $47,800.00. The figures also show that this same group in the state of
Florida, residing in Non-Metro. areas is somewhat below this figure at $36,100.00.
However, in Seminole county, this figure is slightly higher than the national average and ranks
closer to the Metropolitan average for Florida in general.
The current Median income for Seminole county is $48,100.00 or higher than the national
average by nearly $300.00. This higher average will assure the capability of financial
readiness in our potential 'target market buyer'.
The following median income figures show the household income limits which will be used to
determine the households in Seminole County who will be eligible for the project:
120% Moderate Income 80% Low Income
$40,440.00 $26,950.00
$46,200.00 $30,800.00
,.' f';i;!$~~i;9'6~jpQ'ii:;'1!:!:::':ii!;n!~;!';ii'i"'1:::::~"'r,;$;a 4\65,'0 ;"6'0";[
$57,720.00 $38,500.00
60% Ver Low Income
$20,220.00
$23,100.00
$25,900.00
$28,860.00
Response to City of Winter Springs, Florida
Condominium Conversion Project ( Transitional Housing Plan)
April I, 1999
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3-2
QUALIFICA TIONS DEFINED:
As we follow the Median Income chart for example, a 3 person household must have an
annual income of$34,650.00 or less to qualify as a Low income applicant for the project and
$51,960.00 or less to qualify as a Moderate income applicant.
INCOME AND BUYER'S AGE RESEARCH STATISTICS:
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Estimated income and buyer's age research for Winter Springs as compiled by Database
America Montvale, Nu, indicates out of the approximate 14,000 households surveyed, less
than 4000 households earned over $60.000.00. The majority fell within our target market.
The following charts reflect income and age demographics for our targeted city of Winter
Springs:
. \i~S:J:J~At~b.mt;QNffi:RANGES
,. ,WINTER SPR.INGS FL.
'H' "'",.', ' , " " ' l
$60 000 +
3,998
~',:,...,T:_,:-.--
,-- ."Y"',-
I,' "
. '." . . .
,. . , I~eat;tll~Qmegr~p,p,r:ipgeabove
AGE DEMOGRAPHICS:
,:~'~f~r~~'~j:h:::tijl!:ijliil;.. ,.
Ages 45-54 ~es 55 +
4199
4,466
O::!!g~":j~~~m?i"ri,~'6.Y~"; .i':;i~;i::.
Response to City of Winter Springs, Florida
Condominium Conversion Project ( Transitional Housing Plan)
April 1, 1999
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INCOME AND AGE FINDINGS:
From the survey information gathered and shown on the previous charts, our target market,
with an average family size of 3, shows that we should have approximately 4300 individuals
with incomes that meet the Low income guidelines and approximately 3600 individuals with
incomes that meet the Moderate income guidelines for down payment assistance.
The average ages of these first time home buyers will be in the 25 to 45 years of age se'gment
which will be the primary focus of the marketing group. This age group is and has been
historically the segment of the population that is currently renting apartments and has never
owned a first home.
GUIDELINES FOR BUYER'S ASSISTANCE-
Assistance for down payment is available from Seminole county for these potential buyers
outlined above.
In addition to having an income at or below 80% of the county median levels, the household
must also be a first time home buyer, not have owned a home in the past three years and must
be able to be approv.ed by a local bank or mortgage company for the final mortgage amount.
Currently, the 80% (Low) income family in Winter Springs can apply for $3,500 of S.H.I.P.
Funds for down payment or closing cost assistance from Seminole Co. The (Y. Low) family
below the 80% median income range may apply for a $10,000 assistance.
The Moderate income family (80-120% of median income) may apply for State Bond
assistance depending on income and need and may qualifY for up to $5,000 in assistance.
Response to City of Winter Springs, Florida
Condominium Conversion Project ( Transitional Housing Plan)
April 1, 1999
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3-4
RENTAL MARKET RESEARCH:
According to MfPF Research, Inc. a national real estate market consulting firm, the demand
for rental apartments in 1998 were at an all time high across the U.S. with occupancy
averaging nearly 95% .
Average rents climbed nearly 4% in 98' and the National average was approximately
$780 /mo. (ranging from $697 in the South to $876 in the West for 3- BR).
Our goal will be to establish a final mortgage which is at or near the Fair Market Rents in the
Winter Springs area. The HUD Fair Market Rents for Seminole County are defined as:
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J. "'.;; :'a_~i'.;:,i~~-{-!,lt~;'-" .t~, '.~,:r.:;"2';L:1l'f ;:-l~"~!1J,gi_~\J:~~'';',,i;,,;-;:' '~t,,-!l;n.;_~:r.':;<'-i~;;:'J.c:I~:';+2t'~'~i1~-!VJMb::;l';i'1~ . ~>:.C:~":'_-Vi+.t"'.!A".:J;.t ;~~, .n", ,';:i.' .~~; ":~~'-':Jr;;'::"~-1::. ~;;.,
~ l;'_~ 'I :'~,::,.&./l.""Y.:.: ,A'
!!!!
3 Bedroom Unit
4 Bedroom Unit
BUD Fair Market Rent
$558.00
$Q<;>? OQ,,).
$874.00
$1,066.00
';J
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. :-.:::::-;- .::r't~~,;:~;'1:';.j:;~"'::i:;i::17.:..}~=:;;:~;;r~.:::~,:~!.::~.:'~:~y--:-. -; ''-:~j: .~- ;..::;
'I, ~-<-~J~.:;:':.:,':;';i~
'-i';;:::;l:::;:'jr.:;~ .~: 1'", ~),.:"_,;~,\!..:,;:>;...-': c.l ..'
As researched, the average 2 bedroom rental apartment available in Seminole Co. being $665, is
higher than the averages in the South and ranks with the highest rents being paid in the Western
markets.
This type of rental market will further solidify the demand of permanent buyer's needed for
Affordable Housing that will price in the High $40,000. to Low $50,000.
Home ownership can be realized for less than market rent payments for housing units in this
payment category with a small out of pocket down payment from the buyer. Even if the
individual does not use the down payment assistance programs, the use of low interest
government loans from FHA can place a significant numbers of new buyers into their first
home. Note the income vs. buying statistics on the following chart.
Response to City of Winter Springs, Florida
Condominium Conversion Project ( Transitional Housing Plan)
April 1, 1999
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3-5
MEDIAN INCOME VS. BUYING POWER ( HOME OWNERSHIP ):
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The following Median Income Chart has been created to show the Low to Moderate income
family's potential buying power for home ownership in Seminole county.
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STATE: FLORIDA COUNTY: SEMINOLE CITY: WINTER SPRINGS
MEDIAN FAMIL Y INCOME: $48 100.00
.nnn____n__..... .....u_______.___._.u _nnnnno__n_un....__ ___O..nn_.._n_.o..o_. .................. --.....M;;~;.;iia;i--.--. .......Marta;,..;.e--..... n___..........nnn..__ --------....-....-----..----
Soft
".vmbnt Tot.1 ~> J:mllll; AmI. .AIIU Second TOTAL HOUSE
~ X 28% a P.!.T.!. -$25.001-$25.00\ T. T.A. (ARMl IS3 500.001 COST (FIXED'
1 PERSON $26.950.40 $628.84 $578.84 $341.96 $87 887.38 $3 500.00 $82813.36
2 PERSON $30 800.00 718.67 $668.67 $383.67 $101 525.62 $3 SOO.OO $95 121.09
AVERAGES: .[:,$~,'~@1'D.Q';~m::"!~[$1iH~2~4f~6":':,,';
3 PERSON $34.649.60 $808.49 $758.49 $425.37 $115 163.86 $3 500.00 $107428.83
4 PERSON $38 500.80 $898.35 $848.35 $467.09 $128,807.77 $3 500.00 $119741.68
: ..
IQ.% L ,<.
1 PERSON $23 581.60 $550.24 $500.24 $305.47 .- ;$68'642.81:..' $75.952.50 $3500.00 $72 042.81
2 PERSON $26 950.00 $628.83 $578.83 $341.96 ;$79-i~:1i~,oii:;:t $87,885.96 $3500.00 $82812.08
AVERAGES:!'$?8iij~41.?Qji!ii[m,.i[i~6~8i'1~m;'!~,,:',:;ij;1:!i,,!$6:iil'ii~'i!:':!:' .i$~~Q)~Q,;, .,-'ii. :'.i.,.,;;1i...-, j, ,$~3i,82'~~i $3,500.@ $88, 196i 71
'.-
3 PERSON $30 318.40 $707.43 $657.43 $378.45 $99.819.42 $3 500.00 $93.581.35
4 PERSON $33,688.20 $786.06 $736.06 $414.96 $111,757.85 $3500.00 $104,355.09
~
1 PERSON $20 212.80 $471.63 $421.63 $268.97 $64 017.62 $3.500.00 $61,272.26
2 PERSON $23,100.00 $539.00 $489.00 $300.25 $74246.30 $3 500.00 $70,503.06
AVERAGES: $2!f~JjQ $572.6$:., '$622;~l .' i;:$3,t:6!sit" $79;'5.~Q;'64 $3;600.00, $76; 11S)iii
3 PERSON $25987.20 $606.37 $556.37 $331.53 , . 6, $84474.99 $3500.00 $79 733.86
4 PERSON $28,875.60 $673.76 $623.76 $362.82 ';Silgti68.60' $94 707.92 $3500.00 $88968.50
A VERA GEJ $84,697.83 $93,853.93
.. THE MONTHL Y PA YMENTS & LOAN AMOUNTS REFLECTED ABOVE ARE BASED ON NO OTHER LONG TERM DEBT OBUGA TfONS AND AT A
7.75% FIXED INTERESTRATE AND 6.25% ARM.
FAIR MARKET RENT LOCAL ESTIMATED COSTSI
1 BEDROOM $558.00 PRICE EVALUATION
2 BEDROOM $665.00 PRICE $49,500.00
3 BEDROOM $874.00 LAND COST $0.00
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4 BEDROOM $1 066.00 BASEMENT $0.00
TOTAL PRICE $49.500.00
CLOSING COSTS EST. $1,250.00
GRANT FUNDS 1$3,500.00
MORTGAGE AMOUNT $47,250.00
~~ ARM:
Median Income Chart
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Response to City of Winter Springs, Florida
Condominium Conversion Project ( Transitional Housing Plan)
April I, 1999
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3-6
Market Sampling - Converted Apartments:
Analyzing the information from the previous chart, a summary of typical apartment sale to the
target buyer in the Low to Moderate income range can be seen in the following table:
"
Unit Unit Sales
Size Price
Famil
Size
Average
Income
Maximu
Debt
Payment
80% u
.i2jjp~r$oti;" ,:'::$~:Q~~Qq'~P'9.:':1:1'~~1'~'ll,~~~:[,:!:g'f.2\.i~i:f~~9'i5,OO~OO: "'$448ill'3:0,'i:'$4i:1iQ~O'Ot;,!:,'$~~th3iji:::': ,o:,$~65j)O;'
3 Person $34,649.00 $808.49 2/2 $49,500.00 $448.30 $110.00 $558.30 $665.00
60%
2 Person
3 Person
$23,100.00 $628.83 2/2 $49,500.00 $448.30 $110.00
$25,987.00 $707.43 2/2 $49,500.00 $448.30 $110.00
$558.30
$558.30
$665.00
$665.00
!!..
.' ... '11"_., t.'8 --::.... ~-J:'_ ~-;r, ""'. ,-' <.
',---,' -_-~J ",,' \~. ~""."'fjV"^;I1jlr:;
** THE MONTHL Y PA YMENTS & LOAN AMOUNTS REFLECTED ABOVE ARE BASED ON NO OTHER LONG TERM DEBT
OBLlGA TlONS AND A T A 30 YR. 7.5% FIXED RA TE AND 6.25% ARM. THEY ALSO REFLECT A REDUCTION OF THE $3,500
GRANT FUND. SOFT SECOND USED FOR DOWN PA YMENT REDUCTION. '
The average Low Income family of two with an income of$30,800.00 would be able to afford a
maximum debt payment of up to $718/ mo. but could own their own Condo for $558.30 / mo.
(selling value and expenses according to example). They would be paying a current fair market
rent of $665/mo. for a comparible unit in other 'unblighted areas' of the city.
We can conclude that our Target Buyer could now own for less than what is being spent for
current rental payments.
Response to City of Winter Springs, Florida
Condominium Conversion Project ( Transitional Housing Plan)
April 1, 1999
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SECTION ff
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MARKETING
PLAN
Response to City of Winter Springs, Florida
Condominium Conversion Project ( Transitional Housing Plan)
April 1, 1999
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4-1
SECTION V.
THE MARKETING PLAN
Introduction:
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Each of the elements presented in the previous sections are designed to produce an 'Urban
Infill Development' strategy that will strengthen the design fabric of the' Community'.
Each 'Community' has its own set of characteristics that have to be incorporated in order to
produce housing for the Very low, Low and Moderate income families. In most cases, these
families could not realize home ownership in any other way due to lack of income and down
payment requirements
Homes or Multi- family residences selling in the $50,000.00 range are both marketable and
sellable as affordable residences to the targeted families in this community.
The following are the ingredients that America's Housing Development Corp. submits that it
feels would be necessary in order to produce Affordable Housing in the City of Winter
Springs FI.
The Marketing Plan:
Overview:
The marketing efforts will include local community participation. This will come in the form
of contacting the local faith based leaders in the community, not for profit organizations,
minority associations, clubs and businesses in the targeted areas. In addition to this, a series
of press releases will be sent out to all local media in order to expose the program to as many
families as possible. Group meetings are suggested to be used and mailers or paycheck
mailers to City employees, with city participation approval, if the numbers of units available
are large enough to dictate this form of marketing.
We have determined our Marketing Direction and focused on the typical buyer's that we will
concentrate on to purchase these Affordable Condominium Units. (See previous sections on
Market and Buyer Profile).
Response to City of Winter Springs, Florida .
Condominium Conversion Project ( Transitional Housing Plan)
April I, 1999
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4-2
Creating Our Buyers:
In order to generate the potential buyers for our targeted project, we first have to establish a
sense of belonging to a 'Community'.
The City of Winter Springs mission, is to assist individuals within the city and surrounding
county areas to establish new roots, to be able to provide a home for their families, and to
establish a sense of Community Revitalization A new image must be created!
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That's the magic word: Community! Establishing this community image will not only
bring families and businesses together but through the power of the media, group meetings,
faith based organizations, and city officials support, this 'sense of community' can be quickly
and effectively be achieved.
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!!!
Key Steps to assure success:
Buyer financing is the number one challenge to a successful project acceptance, second only
to building acquisition and conversion.
On an average, only 10 to 20% of all applications received from interested individuals, will be
able to qualify. This is why all of the marketing methods and financing have to be able to
reach a broad audience.
Along with this, the methods used cannot come with standard industry related advertising and
marketing costs. This is why the number one way to create the buyers needed is through our
local not for profit and faith based organizations. Once complete, the benefits will speak for
themselves with community spirit and pride.
The main focus of our marketing efforts will be creating the buyers through the local Seminole
County Chamber of Commerce. The Program Coordinator Sharon Self and her Administrator
Assistant Cheri Wright, administer the S.H.I.P. fund program and have expressed strong belief
that they have a number of families who would meet the profile for these housing units once
completed.
The Chamber held all home buyers classes in 1998, from which came a large number of family
applicants. A constant flow of applicants comes into the Chamber for the down payment
assistance funds as administrators of these funds for the County.
Response to City of Winter Springs, Florida
Condominium Conversion Project ( Transitional Housing Plan)
April 1, 1999
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If additional families are needed, additional marketing efforts can be expended as needed such
as:
A. Work with HANDS organization for prospective families who are the
administrators of the county home ownership classes for 1999.
B. Meet with the local Pastors Associations for introduction to the Low income
families in their congregations.
C. Many times, all families interested, will meet for group meeting presentations at their
own church.
D. 'Rent Buster' parties, which have interested families inviting 3-5 families or
friends over to their home for a smaller flip chart presentation. Those who
attend will then be asked to hold the same type of meeting and so on till all units
are sold. The majority of families who do not qualify are encouraged to start
credit rebuilding and or budget counseling so they can eventually become a
home owner.
E. Open Houses on weekends as the initial units are completed with the following
support:
1. Do 3-step mailer specifically to all 158 + other targeted low income areas on the
south side ofHwy. 443 with the following flyer:
Own for less than rent
Estimated out of pocket expense
Estimated monthly payments
Credit rebuilding program
Rent -Till Own - remain where your are till you can own.
Have payment guarantee funds - monthly payments made for you in times of
hardship.
Financed facilities and potential for equity and value increase
Use Condo as Interim housing to build equity as a stair-step into a
future single family home.
2. Post a double sided sign along roadway with artists rendering of the exterior
of the completed units.
F. Effective usage of 'free media' should be used with all stages to take the message
through editorials and public information spots for newspapers, radio and TV .
Affordable Housing is a very hot topic. This takes the message to even a broader
audience which in many cases, will create the needed activity.
Response to City of Winter Springs, Florida
Condominium Conversion Project ( Transitional Housing Plan)
April 1, 1999
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4-4
Special Assist Programs:
There are several Special Assist Programs available that can be initiated to enhance and
promote a new 'Community', one that is revitalized and destined to becoming a focal point of
pride for the City of Winter Springs.
Some of the programs can include'
· A Home Guarantee Program - provideing assurance for mortgage payment in times of
hardship with a soft repayment schedule once back on their feet.
· Credit Redo - specific steps for rebuilding an individuals credit worthiness for the future.
· Neighborhood watch - a self awareness program for community safety.
· Enhanced Zoning - specific guidelines enforced to improve and protect the property
values of the community for the future.
· Operation Safe Home - the enhancement of law enforcement and suppression of violent
and drug related crimes in the community.
· Officer Next Door Program - offers special incentives for ownership to law enforcement
officers to live in the designated development to help foster additional safety.
Conclusion:
Upon successful acquisition and rehab of the proposed units, the marketing efforts expended
in order to create the buyers for these units, should be minimal due to the following:
· population base
· target size
· proposed selling price
· minimal down payment requirement
· strong support by the Chamber Of Commerce
The primary ingrediant of course, is the continued encouragement and support of the City
Fathers of Winter Springs and their strong commitment to developing a 'New Community
Life' for so many fanilies in need.
**************
Response to City of Winter Springs, Florida
Condominium Conversion Project ( Transitional Housing Plan)
April I, 1999
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Third Party Reports Available
I. Environmental Assessment & Review
II. Relocation Plan & Lease Requirements
III. Appraisals