Joseph J. Corcoran Company, LLC (JJC Co.)

 TABLE OF CONTENTS A. COVER LETTER B. SUBMISSION 1. The Developer a. Contact Information b. Firm Description c. Development Team d. Market Rate/Mixed‐Income Experience 2. Development Concept a. Overview b. Resident Participation c. Design Concepts d. Financing Structure e. Lender’s Letter of Interest 3. Conceptual Drawings 4. Sales and Management Plan a. Market Strategy b. Management Plan 5. Implementation Plan and Timetable C. REQUIRED FORMS D. APPENDIX 1 A.
COVERLETTER
2 B.
SUBMISSION
1)
THEDEVELOPER
A. CONTACTINFORMATION
Primary Contact: Joseph J. Corcoran Principal Joseph J. Corcoran Company, LLC 150 Mount Vernon Street, Suite 500 Boston, MA 02125 Tel: 617‐822‐7354 Fax: 617‐929‐4362 [email protected] B. FIRMDESCRIPTION
Joseph J. Corcoran Company, LLC’s (JJC Co.) mission is to be the leading housing development company that creates market mixed income communities using private market solutions. JJC Co. was recently awarded the designation to convert the 1,100 units Boston Housing Authority owned Bunker Hill‐
Charlestown project into a market rate mixed income development. JJC Co. brings the mixed income formula pioneered by the Corcoran Jennison Company’s King’s Lynne and Harbor Point communities. Mr. Corcoran spent thirty (30) years in development, asset management, and property management capabilities. The company was founded with the goal to change the real and perceived public images of challenged neighborhoods. JJC Co. has extensive experience in the planning and construction of mixed‐income and mixed‐finance housing development projects in urban areas, many of which were large scale public housing redevelopments under mixed‐financed programs. In each of these properties, strong partnerships were formed with the existing resident groups for the successful redevelopment and management of the revitalized communities. Those relationships, several of which were established over 40 years ago, remain vibrant and strong today. Legal and Ownership Structure Joseph J. Corcoran Company, LLC (JJC Co.) is a for profit company with Joseph J. Corcoran as its sole managing member. It will procure a limited equity partner to provide 90‐95% of the capital required for the development with the remaining 5‐10% to be funded by JJC Co. JJC Co. will be the managing partner of the joint venture entity and will interface with all local and state authorities, as well as HUD. 3 As is customary in large real estate development projects, the Developer will procure a limited partner to provide 90‐95% of the equity capital required for the development, with JJC Co. contributing the balance as General Partners of the Project Company. The Real Estate Private Funds Group of UBS has held prospective conversations with several institutional investors, many of which have expressed an interest in participating as a Limited Partner along the lines described above. Financial Capabilities Joseph J. Corcoran Company, LLC (JJC Co.) is capitalized to perform all obligations required in this RFP and has the capacity to satisfy all financial requirements that may be required for implementation of the new development to lenders and investors. All developed and owned properties, under the Corcoran Jennison umbrella, are separate entities and operate on their own, and thus there is no corporate financial statement. The portfolio from 2009 to 2011 produced average combined revenue in excess of $220 million annually. No state of contingent liability or loss exist which would require disclosure. No litigation or proceedings are pending or threatened. No tax or other regulatory investigations into the affairs of the members of this submission are pending or threatened. Included in the Appendix are two matrices, which provide information demonstrating CJ’s past experience developing public housing, affordable housing, market‐rate housing, and mixed‐income rental facilities. The matrices provide evidence of our ability to secure, structure, and implement layered financing for projects of large‐scale, complex projects. The matrices present a representative sampling of the types of developments CJ proudly lists as amongst our finest achievements. CJ has attained this success by working collaboratively with residents, local officials and community stakeholders alike to raise expectations, reduce social stigma, and provide real hope and long‐term opportunity for low‐income and market families. The second matrix delineates more specifically the income level breakdowns and accompanying funding sources for our previous projects. As successful affordable developers, we are professionals at implementing layered financing for large‐scale, complex projects. We are accustomed to and have been successful in leveraging public and private financing. Both matrices reveal our experience in obtaining, structuring, and implementing layered financing for mixed‐income and mixed‐finance housing development projects of comparable size and complexity in urban areas, including 4% and 9% tax credits and other sources of financing. As a private company, we do not distribute financial information. If designated, we will provide the Somerville Housing Authority with substantial evidence of our capacity to redevelop the property. Since its inception, the Corcoran Jennison and its affiliates have developed real estate across many asset classes, with a concentration on mixed‐income rental housing. The development department of CJ has 14 employees and performs renovation and new construction for both public and private sector projects. Currently, CJ is developing five (5) projects worth over $1 Billion, including: 4 Mixed‐Use/Mixed‐Income  Charlestown‐Bunker Hill Redevelopment: A $1+ Billion redevelopment of Bunker Hill Projects. The project was awarded to Corcoran Jennison Associates/Joseph J. Corcoran Company, LLC in fall of 2015. The project is currently in site/planning and permitting stage with a projected build out consisting of approximately 3,000 mixed income units.  Amesbury Heights: A $50 million, 240‐unit development in Amesbury, Massachusetts. This project was approved as a Chapter 40R Smart Growth district in which 25% of units will be affordable. Construction began in November 2015 with targeted completion by May 2017.  University Place Residences: A $70 million transit‐oriented project located in Dorchester, Massachusetts, comprised of 184 rental units and 10,000 square feet of ground floor retail. 15% of units will be affordable. Construction is expected to begin in Fall 2016.  Oak Hill Apartments – Breckenridge Phase: A final phase of 137 market‐rate units with a total development cost of $22 million is being constructed at the 718 unit mixed‐income property in Pittsburgh, Pennsylvania. Construction is expected to be completed in 2017. Key Personnel: Joseph J Corcoran, Principal Joseph J. Corcoran Company, LLC Joseph J. Corcoran is Principal of Joseph J. Corcoran Company, LLC and since 1985 has been a top executive in various capacities of the Corcoran Jennison Companies with extensive experience in all aspects of the real estate business, including development, finance, and asset and property management. After graduating from Boston College, Mr. Corcoran began his thirty‐year career as an assistant project director of development at Ocean Edge Resort, in Brewster, MA, a 1,200‐unit resort with golf, hotel and associated amenities. After two years, he was overseeing a staff of three project directors, devising a streamlined design and permitting process which allowed the company to deliver over seven hundred units of housing in a three‐year period. Since that time, Mr. Corcoran has been involved in the design, permitting and construction of several apartment developments on behalf of the company, including serving as president of HUB Expo Centers, which oversaw the operation of the Bayside Expo Center and sought to develop additional centers in the United States. Mr. Corcoran has wide‐ranging experience in the asset management of rental and for‐
sale housing, resorts and golf courses, and commercial properties. He is considered an expert in the entitlement process, and has overseen numerous community outreach initiatives in cities and towns throughout the east coast. Embracing a philosophy that communication and engagement are keys to successful projects, Mr. Corcoran has effectively directed scores of projects through a maze of complex permitting and community processes in a timely fashion. 5 Among his other associations, Mr. Corcoran is past president of the Builders Association of Greater Boston, a member of the Board of Directors of Northeastern University’s School of Public Policy and Urban Affairs, a former trustee and present trustee associate of Boston College High School, sitting on its Building and Grounds Committee, and a past trustee of Elizabeth Seaton Academy in Dorchester, Ma, and is a member of the Urban Land Institute and its Affordable/Workforce Housing Council, the National Association of Homebuilders and the National Housing & Rehabilitation Association. Sean McReynolds, Project Director Sean is a Project Director at Corcoran Jennison Companies, responsible for overseeing various developments including, Amesbury Heights, a Chap. 40R 240‐unit mixed income located in Amesbury, MA, University Place Residences, a 184‐unit mixed‐use project on a parcel of land located next to Boston’s Red Line JFK/UMass T station and Cobble Hill Apartments, a 157 unit mixed use project located in Somerville, MA next to Boston’s new MBTA Green line extension. Both projects will have ground level retail. Sean also assists Corcoran Jennison with other developments as well as asset management of its affordable/mixed income portfolio of multifamily assets valued at approximately $2.5 Billion with over 15,000 units under ownership and management. In addition, he currently serves for the past four years as an Assistant Professor of Real Estate & Urban Action with Joseph E. Corcoran at Boston College. Sean is member of Urban Land Institute (ULI) national Urban Development Mixed Use Council – Red, an Advisory Board Member of the Real Estate Council of Boston College (TREC), and an emerging Leader in the Real Estate Finance Association (REFA). He graduated from Columbia University where he received his Master’s in Real Estate Development and received a BS in Finance from Boston College. Jennifer Corcoran, Assistant Project Director Ms. Corcoran began working at Corcoran Jennison Companies in 2013 as a Marketing Associate in the Management division. In this role, she spent time at the company’s mixed‐income properties in Boston, Baltimore and Pittsburgh, working with leasing departments to devise more effective marketing strategies and reporting on new development projects and trends in these markets. Currently, she is assistant Corcoran Jennison on its Charlestown‐Bunker Hill redevelopment. She regularly completes relevant market surveys and stays abreast of local and national housing trends, and advises on programming and design in CJ’s new development projects. She has pursued professional development classes in Real Estate Market Analysis and Best Practices in the Development Process through the Massachusetts Institute of Technology and the Urban Land Institute (ULI), respectively. She is also an active Young Leader member of ULI. She graduated from Boston College in 2013. 6 C. DEVELOPMENTTEAM
Developer: Joseph J. Corcoran Company, LLC Contact: Joseph J. Corcoran, Principal Phone: 617‐822‐7354 [email protected] Construction Owner’s Representative DiMella Shaffer Contact: Frank Valdez Phone: 617‐778‐0162 [email protected] Management Company: R.C. May & Associates Contact: T. Andrew Bonfatti Phone: 781‐255‐7047 Fax: 508‐242‐3515 [email protected] On‐Site Case Manager Architect: Corcoran Management Company Contact: Richard High, President Phone: 781‐849‐0011 [email protected] Marketing Consultant: Housing Opportunities Unlimited Contact: David Connolly, President Phone: 617‐436‐4500 [email protected] The Collaborative Companies Contact: Sue Hawkes, President & CEO Phone: 781‐270‐7575 [email protected] Legal: Goulston & Storrs Contact: Matthew J. Kiefer Phone: 617‐574‐6597 [email protected] Law Office of Rich Di Girolamo Contact: Rich Di Girlamo Phone: 617‐666‐8200 [email protected] Hawkins Delafield & Wood LLP Contact: Rod Solomon Phone: 202‐682‐1485 Fax: 202‐682‐1486 [email protected] 7 ARCHITECT: DiMella Schaefer DiMella Shaffer’s experience in residential and mixed‐use design encompasses hundreds of projects totaling over 35,000 units of housing for a variety of users. Our work includes numerous projects that have won design excellence awards from the American Institute of Architects, Boston Society of Architects, and various other professional and trade organizations. These projects, ranging from luxury to market‐rate and affordable, vary in size from hundreds of units to smaller high‐end developments, and select single‐family residences, all designed for both the rental and ownership markets. We work hand‐in‐hand with homeowners, builders and developers, public agencies, and neighborhoods to provide exceptional design that integrates economic factors as user expectations and current housing trends. Our multi‐family developments seek to foster a stronger community by creating opportunities for residents to interact as well as compatibility with existing neighborhood conditions and architectural contexts. At every level, from the neighborhood and site plans, to the dwelling layout, well‐designed multi‐family housing creates and reinforces a pride of place for residents. Our projects include re‐purposing obsolete and deteriorated industrial and warehouse structures into viable and desirable housing and mixed‐use developments that address today’s modern needs and requirements, many times revitalizing entire urban areas in the process. At the same time, we apply a combination of preservation techniques and adaptive re‐use solutions to conserve a building’s unique historical and architectural elements. LEGAL COUNSEL: Hawkins, Delafield & Wood Hawkins is a general practice firm with offices in New York City, Newark, Hartford, Washington, D.C., Los Angeles, San Francisco, Sacramento and Portland. Hawkins is among the leading bond and underwriter’s counsel firms in the Nation, with annual bond volume typically in the $45 billion range, and has assisted the housing authorities on bond work in recent years. Hawkins’ work will be undertaken substantially by Rod Solomon of its Washington, DC office. Rod represents approximately fifty housing authorities and their partners in about half the states on all kinds of development and other endeavors. Rod served as General Counsel and in other positions at the Boston Housing Authority from 1980 to 1992, and later served HUD as a Deputy Assistant Secretary in the Office of Public and Indian Housing. His relevant experience, including specialization in subsidy structuring and regulatory approval work and nationally‐leading work on public housing disposition and replacement with project‐based or tenant‐based vouchers that Clarendon Hills will need to build upon, is detailed below. Rod’s work may be supplemented from time to time by Kevin Murphy, a partner with HUD Office of General Counsel and Cambridge Housing Authority experience. Rod also may occasionally 8 seek advice of other partners at Hawkins where their enormous bond and housing financing expertise would be helpful Accordingly, Hawkins, principally through Rod, will advise the team and the SHA regarding subsidy structuring and will lead efforts to obtain necessary HUD approvals to allow this effort to go forward and the low‐income housing component to be supported on as stable a long‐term basis as possible. As discussed further in Section B3, Rod has played this role extensively for similar efforts over the past decade and continues to do so. LEGAL COUNSEL: Goulston & Storrs Goulston & Storrs is nationally recognized as a leading real estate law firm. In particular, the firm is known as an authority in multifamily housing and major mixed‐use projects. They work with owners, tenants, developers, managers, investors, lenders and borrowers in all aspects of both privately funded and federal and state‐assisted multifamily projects. Their clients own, develop and operate market rate and subsidized apartment rentals, condominiums and cooperative housing, senior housing of all types and mixed‐use properties. Their team assists clients in virtually every aspect of acquisition, financing, development and operation of multifamily properties in Boston. Additionally, they counsel their clients in all aspects of affordable housing and economic development projects across the nation, including: deal structuring that maximizes tax benefits and complies with all applicable regulatory systems; assessing potential sources of government financing and applying for and negotiating the terms of these federal, state and local funds; identifying investors, negotiating partnership terms and meeting ongoing compliance requirements; permitting projects through both traditional and inclusionary zoning mechanisms and taking the lead on any related litigation; negotiating all construction and environmental related matters and agreements; structuring condominiums to meet project needs; developing funds; establishing new loan programs; and negotiating and drafting construction, bridge and permanent loans. On the cutting edge of what businesses need now, they also have focused expertise in the areas of sustainable development, green projects, energy related matters and legislative tracking. They have permitted over 30,000 units of housing, 15 regional malls and hundreds of retail centers locally and nationally. The Goulston & Storrs team navigates challenging, multi‐layered, complex transactions that involve:  Community Development Block Grants  Fair Housing Compliance  Green and Sustainable Development  HOME Program  HOPE VI  Multifamily Mortgage Risk‐Sharing Program  Mark‐to‐ Market Program  Massachusetts Chapter 40B Development 9 
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Mixed‐Use Development Mixed‐Income Development State Funding Sources State and Municipal Law Issues Section 8 Contract Expiration, Renewal and Transfer Section 202 Supportive Housing for the Elderly HUD Mortgage Insurance Programs (Section 220 , Section 221(d)(4), Section 223(f) and Section 232) Section 236 Decoupling Tax Credit Financing (Low Income Housing, New Markets, Energy, Historic, Federal & State Credits) Tax Exempt Bond Financing Troubled Asset Disposition Additionally, they help clients navigate through all aspects of the development cycle, including:  Site acquisition and assembly  Development transactions with governmental authorities  Zoning, permitting and land use  Green development, smart growth approvals and climate resilience  Environmental  Historic Preservation  Joint Ventures  Design and construction contracts  Development and property management agreements  Condominium and other forms of common ownership  Construction and permanent financing  Leasing, including ground leases PROPERTY MANAGEMENT: Corcoran Management Company Corcoran Management Co., Inc. AMO is a division of John M. Corcoran and Company, a developer and builder of high‐quality residential real estate. Corcoran Management Company (CMC) is one of the leading management companies in New England. Its management services have been recognized at both the national and local level, earning the company a myriad of industry‐related awards. CMC holds an AMO (Accredited Management Organization) designation from IREM and is an active member of IREM. It is also a member of the Rental Housing Association (RHA), Greater Boston Real Estate Board (GBREB), Citizen’s Housing and Planning Association (CHAPA), National Multi Housing Council (NMHC), National Apartment Association (NAA), Urban Land Institute (ULI), New England Affordable Housing Management Association (NEAHMA), and the National Affordable Housing Management Association (NAHMA). 10 CMC began managing market rate properties in 1963 and subsidized properties ten years later. It currently manages over 9,400 apartments and 154,900 square feet of retail and commercial office space. Multi‐family buildings range in size from 60 to 600 apartment homes and many have an affordable component. They include three story, inner city walkups, 24‐story high rises, suburban garden apartments, and mid‐rise buildings. Its current portfolio includes properties in five states—Massachusetts, Rhode Island, New York, New Hampshire, and Georgia. Recently, CMC has implemented marketing plans to lease up new apartment communities of approximately 1,000 apartments located in South Boston, Lynnfield, Chelsea and Weymouth. Each development reached stabilized occupancy in less than twelve months and included the administration and lease up of each development’s affordable component. Currently, CMC is constructing 283 affordable apartments in the Jamaica Plain Section of Boston, as well as leasing 80 LIHTC apartments in the Upham’s Corner section of Dorchester. RESIDENT MANAGEMENT PARTNER / SERVICE PROVIDER: Housing Opportunities Unlimited Housing Opportunities Unlimited (HOU), led by David Connelly, will advise on relocation and resident services for the redevelopment of Clarendon Hills. HOU has provided direct resident services and relocation assistance in public and subsidized housing as well as consulting assistance to housing entities. It has worked in a diverse range of low‐ and mixed‐income communities, and specializes in assisting communities that are in transition due to major redevelopment. HOU’s clients include housing authorities, private developers, management firms, investors and resident organizations. Its projects have included providing community and supportive services, relocation implementation, and/or consulting assistance at more than 100 sites in 18 states and the District of Columbia, including 20 HOPE VI‐funded projects. CONSTRUCTION OWNER’S REPRESENTATIVE: R.C. May & Associates, Inc. For more than 25 years, R.C. May & Associates has provided expert construction consulting services to owners, developers, institutions and lenders on major construction projects and real estate investments, resulting in efficient and cost effective project delivery and timely completion. Since the firm's founding in 1987, consulting services have been provided on over 500 projects with a total constructed value in excess of $4.5 billion. Led by Andrew Bonfatti, their staff of seasoned construction and real estate professionals makes R. C. May & Associates, Inc. one of New England's most experienced and diversified construction‐consulting firms. 11 D. MARKETRATE/MIXEDINCOMEEXPERIENCE
Developer Experience Corcoran Jennison has extensive experience in market‐rate properties, each entity on this development team has been involved in many successful market‐rate projects. The design team, anchored by DiMella Schaefer., has been the lead in countless market‐rate projects, locally and nationally. Corcoran Management Company has conducted 11 new construction lease‐ups over the past ten years, totaling over 1500 units. The Collaborative Companies has been involved in many of the most prominent development projects in the Boston area in recent years, and further bolsters this team’s ability to successfully design, market and manage a first‐rate product. During the last decade, CJ has focused on two areas: urban mixed‐use development and public housing transformation utilizing the HOPE VI program. Corcoran Jennison Associates is a division of CJ which partners with housing authorities to redevelop undercapitalized housing into safe mixed‐income communities. CJ has converted public housing into thriving and sustainable affordable and mixed‐ income developments in Connecticut, Massachusetts, Pennsylvania and the District of Columbia. In each of these properties, strong partnerships were formed with the local housing authorities and existing resident groups for the successful redevelopment and management of the revitalized communities. Public housing transformation is part of our core mission and is reflective in the way that we involve residents in the development process, institute strong case management and promote a partnership model of property governance. Some highlights of our portfolio include: Mixed‐Finance/ Hope VI Experience  Recapitalization of Harbor Point  Townhomes on Capitol Hill  Oak Hill Apartments  Kings Lynn Apartments  Villages at Montpelier  The Homes at Monterey Place  Southwood Square Apartments  Quaker Meadows Market‐Rate Experience  Amesbury Heights, Amesbury, MA  90 Washington Street, Somerville, MA  University Place Residences, Dorchester, MA Hotel/Office/Retail  Doubletree Boston‐Downtown  Doubletree Boston‐Bayside  Crosstown Center 12 We became involved in the HOPE VI program in recent years, working in partnership with housing authorities to transform their housing into mixed‐income, mixed‐finance communities, including Oak Hill Apartments (718 units) in Pittsburgh, Pennsylvania, The Homes at Monterey Place (340 units) in New Haven, Connecticut, Southwood Square Apartments (315 units) in Stamford, Connecticut and Townhomes on Capitol Hill (134 units) in Washington, DC. Our most notable accomplishments have been the conversions of distressed multi‐family properties into successful mixed‐income neighborhoods. These include Harbor Point Apartments (1,285 units) in Boston, Massachusetts, Kings Lynne Apartments (441 units) in Lynn, Massachusetts, Villages at Montpelier (520 units) in Laurel, Maryland and Quaker Meadows (104 units) in Lynn, Massachusetts. These project have remained financially sustainable and have continued to thrive under CJ’s ownership and management. Below is a more detailed narrative description of each of CJ’s relevant projects in which we provided similar services, illustrating our extensive knowledge and experience in planning and developing low‐income, mixed‐income and market rate housing in urban areas, including large scale public housing redevelopments under mixed‐finance programs. As previously delineated and presented in the following narratives, many of our projects involve working with diverse groups and utilizing innovative financing approaches, including through public sources of funding and layered financing. All of our projects were completed on time and within budget. Harbor Point Apartments, Boston, MA While Harbor Point is often heralded most for its social successes, the fact that it was the recipient of a $215 million loan from Freddie Mac earlier this year is also a very notable milestone in the life of the property, proving that this model continues to work and is a financeable over time. The senior debt financing was arranged by KeyBank Real Estate Capital, who devised a structure to meet CJ’s needs. Harbor Point, located in the Dorchester neighborhood of Boston, is one of our largest and most prominent successes as a company; we recently completed refinancing the property to advantage lower debt payments and to provide the funds necessary to address long‐term capital needs. The narrative below illustrates our experience in the planning and construction of a mixed‐finance rehabilitation project with layered financing. With 1,285 mixed income units, Harbor Point Apartments is the largest mixed income property in the United States. Entering its 28th year of operation, Harbor Point was the predecessor and model for HUD’s HOPE VI program. Today Harbor Point also has over 41,000 square feet of commercial and retail 13 space, all of which is specifically designed to serve the needs of the community. Included are 12,000 square feet for the Geiger Gibson Community Health Center, 1,600 square feet for Fiskie’s Restaurant, 5,200 square feet for Harbor Point Market and Convenience, 12,000 square feet for the Boys and Girls Club of Dorchester, 3,000 square feet for the Harbor Point Fitness Center, 1,600 square feet for Housing Opportunities Unlimited resident services, 1,600 square feet for Harbor Point Public Safety and 5,000 square feet for the University of Massachusetts Daycare Center all within a 51‐acre waterfront site on Boston’s inner harbor. Today, Harbor Point is one of the largest and most successful apartment communities in Dorchester, but it replaced a dangerous and severely dilapidated 1,504‐unit high‐rise public housing development called Columbia Point. The new Harbor Point is an example of how a partnership forged between Corcoran Jennison and the existing public housing residents created, with the support of local, state and federal government entities, a thriving mixed‐income community in a once “no go” area of Boston. Columbia Point was built in 1954 and consisted of 30 high‐rise and mid‐rise buildings containing 1,504 units of public housing. By 1979, the property had deteriorated to such disrepair that only 350 units remained occupied. The remaining units were boarded up and removed from the active rolls. In 1982, the residents, BHA, and the Boston Redevelopment Authority (BRA) issued a Request for Proposals and selected Corcoran Jennison Company to create a mixed‐income development. In 1986 the Harbor Point Apartment Company was formed as an equal partnership between the Columbia Point Community Task Force and Corcoran Jennison Company. As Co‐General Partners, Corcoran Jennison and the Columbia Point Task Force managed the planning and design process as well as the operations management of the property. The governing structure gave the residents and Corcoran Jennison each two representatives on a four person governing board. This ensured a degree of resident involvement in a host of decisions affecting the development in line with their position as 50% owners in the general partnership. Soon thereafter, BHA approved the introduction of private management before redevelopment began. This created a new expectation early in the process that private management would set a new standard for the enforcement of basic rules. When new construction began in 1986, residents who chose to remain on site were relocated as units came on line. Those who chose not to remain on‐site were transferred to other BHA properties or awarded Section 8 certificates along with rehousing guarantees that assured their rights to return when new apartments were ready for occupancy. 14 The first group of buildings was completed in 1987 with most of the 350 original residents being housed by October of 1988. Final construction of the original 1,283 Harbor Point units was completed in 1991. The Redevelopment Plan Key guidelines of the Harbor Point Redevelopment Plan: 1. Harbor Point would be mixed‐income in that 70% of the units (883) would be market and 30% of the units (400) would be low‐income. 2. Subsidized units would not be clustered but spread evenly throughout the development. 3. There would be no physical differences between subsidized units and market rate units. 4. All units needed to be designed and built to sufficiently high quality to attract market rate renters. 5. There would be an extensive array of social/resident services (e.g. health, education, youth, child care) to address the critical needs of the low income families. 6. The design would recognize the types of amenities that would attract market rate residents (fitness center, club house, tennis courts, pool, day care). Redevelopment Financing The development of Harbor Point cost approximately $201 million. This included the hard construction costs, extraordinary site preparation costs, the costs of non‐residential buildings and soft costs. Because Columbia Point was on a former landfill, soil conditions were poor, and deep pilings were required for building construction. The original financing for the development came from a variety of federal, state, local and private sources. These included: 1. A first mortgage from the Massachusetts Housing Finance Agency (MHFA) provided through a tax‐exempt bond and insured by HUD: $121 million 2. A second mortgage, also from MHFA but uninsured: $30 million 3. Federal UDAG hinds made available through HUD and the Boston Redevelopment Authority: $12 million 4. Urban Initiatives funds from HUD through the Boston Housing Authority: $87 million 5. Chapter 884 funds a special program for physical infrastructure through the States' Executive Office of Community Development: $3 million 6. Private limited partnership investors $50 million, one of the first LIHTC investments ever made 7. 99‐year ground lease to the partnership from the Boston Housing Authority: $1.00 The original on‐going operating subsidies to the development include the following: 1. Section 8 project‐based units: 350 units 2. Chapter 707 (MRVP) funds from the State of Massachusetts (similar HUD’s Section 8): 50 units 3. SHARP funds, another State of Massachusetts rental operating subsidy program: Up to $2.5 million per year for up to 15 years 15 Oak Hill Apartments, Pittsburgh, PA Oak Hill Apartments, with 718 mixed‐income units, completed in May 2013 the sixth development phase stemming from the 1996 HOPE VI revitalization plan for the transformation of the former Allequippa Terrace. Secured by a 20‐year office lease agreement with the University of Pittsburgh to locate a research facility, the new development was financed with New Markets Tax Credits from Pittsburgh Urban Initiatives, NMTC Equity from First Niagara Bank, and a First Niagara Bank construction loan. Additionally, a 10‐year lease agreement has been reached for a retail operator to provide the underserved community a convenience store with a grocery and prepared foods in the 2,861 square foot first floor retail space. Oak Hill – Phases 1A, 1B, 1C & 1D – 430 ACC, 40 LIHTC, 162 Market, & 7 Homeowner Completed June 2003 Oak Hill in Oakland Allequippa Street Townhouse Style Units Garden Style Units Wadsworth Phase – 86 Units/Wadsworth Hall Community and Recreation Center Completed September 2011 Wadsworth Hall Recreation Center 61 Garden Style Units 25 Townhouse Units Oak Hill Commons Phase ‐ 21,377 sq. ft. of Office and 2,861 of Retail Completed May 2013 Completed UPitt Sport Complex Completed – 32 Oak Hill Ct. Completed ‐ Oak Hill Commons Phase I Development – 1A, 1B, 1C, & 1D 16 In 1996, the Partnership of Beacon/Corcoran Jennison (BCJ) and the Oak Hill Resident Council (OHRC), the Mayor of Pittsburgh, the Housing Authority of the City of Pittsburgh (HACP) undertook the revitalization of the former 88 acre Allequippa Terrace, a distressed, conventional public housing site. The key ‐ and the most complicated piece ‐ to our success was getting resident “buy‐in” at the earliest stages. We did this by making the residents Co‐General Partners for the life of the property, a governance structure Corcoran Jennison successfully instituted in six large scale mixed‐income redevelopment efforts. The partnership is not an advisory relationship. The Oak Hill Resident Council Board was at the table with Corcoran Jennison every step along the redevelopment path formulating community policy and effecting positive change through oversight of all operations. This CJ/OHRC partnership formed a Governing Board where the residents enjoy 50% representation. Our Resident as Co‐General Partner model of property oversight and governance is a highly participatory process where important property decisions are decided at monthly partnership meetings, never unilaterally. It has been our experience that for mixed‐income communities to be successful, residents must be involved at the earliest stages of development including design, relocation, economic development, lease enforcement, resident services, finance, budgeting, public safety and management. With the assistance of HOPE VI grants, the award‐winning 33 acre Phase I was built in four sub‐phases (1A, 1B, 1C and 1D) and was completed in 2003. Of the 639 units built, 430 are public housing replacement units, 40 are LIHTC rental units, and 162 are market rental units. In addition, 7 units were developed as homeownership units and sold. The total development cost to complete Phase I was $103,409,967. Total development sources included $8,002,675 in Program Income, $27,707,859 in HOPE VI, $2,445,000 in City of Pittsburgh Capital Grant funds, $3,550,000 in Pittsburgh Water and Sewer Authority funds, $7,399,780 in HACP Comprehensive Grant Funds, $12,929,095 in HACP Moderate Rehab of Obsolete Housing Funds, $1,870,000 in CDBG Funds, $9,536,000 in Bank Loans and $265,000 in Construction Period Interest. Phase I was completed in June 2003. 17 Phase II Development – Wadsworth Phase Subsequent development on the remaining 50 acres was delayed for approximately four years due to a community dispute that challenged “best use” agendas by pitting mixed income housing advocates against influential alumni interested in building a sports complex for the University of Pittsburgh. In March 2007, a Memorandum of Agreement (MOA) was reached by the stakeholders opening the way to re‐
develop the remaining 50 acres, completing the original HOPE VI vision with an additional 450 units ‐ known as Phase II. Through this process, HUD gave preliminary approval of the Disposition Plan for Phase II and the Oak Hill Master Plan was refined. In partnership with the Oak Hill Residents Council, the Housing Authority of the City of Pittsburgh and Beacon/Corcoran Jennison signed a landmark agreement in 2008 to sell 12.5 acres of former public housing land to the University of Pittsburgh. As compensation, the University agreed to pay $4 million to help fund Wadsworth phase development and $1 million to support ten years of resident programming at the soon to be renovated Wadsworth Hall. In April 2009, a Master Development Agreement (MDA) for the completion of Phase II was signed between the HACP and Beacon/Corcoran Jennison. In the midst of the worst recession of modern times, CJ was able to pull together a complicated financial plan that made this deal possible – a significant feat at this difficult point in economic history. To complete the Wadsworth Phase, the Partnership received a $1.16 million LIHTC reservation to renovate a community center (Wadsworth Hall) and build 86 residential units (45 LIHTC/ACC and 41 Market). Sources to complete the $37,368,530 development included $9,077,000 in Program Income, $4,000,000 in land sale proceeds, $8,583,899 in LIHTC Equity, $6,922,297 in TCAP, $419,934 in Deferred Development Fees, and $8,365,400 in City of Pittsburgh infrastructure. The Wadsworth Phase was completed in September of 2011. 18 Phase II Development – Oak Hill Commons Land sale negotiations also included University commitments to lease Oak Hill Commons, a commercial development supported by an executed 20‐year office lease. The 24,238 square foot building was completed in May 2013 and accommodates a University affiliated research facility. As a community benefit, Oak Hill Commons also reserves 2,861 square feet of street level retail to provide for a convenience/grocer/sandwich shop. This much desired community amenity was not previously viable at this location. Oak Hill Market will open in December 2013. To complete the Oak Hill Commons Phase, the Partnership received a $2,730,000 New Markets Tax Credit award from the Pittsburgh Urban Redevelopment Authority. Sources to complete the $7,060,500 development included $1,992,701 in NMTC Equity and $5,067,799 in First Niagara Loans. Oak Hill Commons is comprised of 21,377 square feet of office space and 2,861 square feet of retail space. The building was competed on May 1, 2013 and occupied on May 6, 2013. In each phase of development, Corcoran Jennison was responsible for submitting LIHTC and NMTC applications, securing bank loans and equity investors, preparing HACP/HUD approval applications for Disposition, Mixed Finance Proposals and Rental Terms Sheets, City of Pittsburgh Permitting, Relocation, Commercial and Residential Leasing, and Property Management. The project required the utilization of innovate funding structures; CJ excels at completing projects under complicated mixed‐finance programs. 19 20 21 22 23 24 25 TEAM EXPERIENCE Each entity on this team is an expert in the design, construction and financing of both market‐rate and mixed income properties. CJA has assembled an impressive team with the diversity of skill sets, specializations and experience that is necessary in order to holistically transform this site into a thriving and sustainable mixed‐income community. Architect Frank Valdes, is who will be the lead architect on this project, resume is below 26 Legal Hawkins, Delafield & Wood Hawkins, through Rod Solomon, has unique and continuing experience that will be particularly relevant to the Clarendon Hills’ initiative. With respect to public housing disposition and conversion to replacement vouchers, Rod structured and obtained all approvals for the public housing authority that undertook the first‐large‐scale full replacement of its public housing stock with vouchers, San Diego’s replacement of 1354 units. This involved resolution of many specific issues to obtain HUD agreement or approval of the disposition, award of replacement vouchers, and implementation to substitute voucher subsidies for public housing. Rod has represented approximately thirty PHAs or their partners undertaking similar activities, including conversion of public housing to project‐based vouchers, borrowing against the former public housing properties to raise renovation funds, and related use of low‐income housing tax credits in some instances. Several of these processes have involved voluntary conversion of public housing to vouchers rather than dispositions. Several are ongoing, including the Millers River effort for the Cambridge Housing Authority that resulted in the award of approximately 300 tenant protection vouchers two weeks ago (July 30, 2015). Much of the public housing revitalization activity recently has been in conjunction with the Rental Assistance Demonstration (RAD). Rod is a co‐author of the RAD statute and represents in some RAD‐
related fashion PHAs with approximately 20,000 of the initial 60,000 units to be converted under RAD and with approximately 25,000 units now eligible because Congress raised the per‐unit cap. These transactions vary from very small to several large portfolio conversions; in numerous instances Rod worked with the PHA to determine its RAD participation and then to implement RAD, through closing. More to the point for Clarendon Hills, some of the RAD transactions are being accompanied by substantial public housing disposition and replacement with project‐based vouchers. Rod has taken and continues to take a lead role in structuring the subsidy plan and obtaining the necessary disposition approvals and other HUD waivers and approvals for the San Francisco Housing Authority portfolio conversion involving approximately 1,400 units of public housing disposition and 2,000 RAD units, 4% tax credits and City funds to produce more than approximately $500 million in rehabilitation costs. Locally, Rod is HUD Counsel for the Cambridge Housing Authority’s 2.130‐unit RAD conversion using RAD, Moving to Work and 4% tax credit funds that will accompany the Millers River disposition/PBV effort. Rod also is leading the subsidy structuring and HUD approvals aspects of two smaller portfolio RAD/disposition efforts for Boulder (CO) Housing Partners and the Housing Authority of the City of Santa Barbara (CA), and involved in other similar efforts including recently leading a District of Columbia 27 Housing Authority planning and application effort covering 2,500 units to be converted to RAD largely also using 4% tax credits. More generally, Rod represents various entities as they use RAD, project‐based vouchers, replacement of public housing with vouchers, public housing Capital Fund financing, public housing mixed finance and other mechanisms to augment affordable housing resources and address financing and regulatory challenges. He frequently speaks on current housing issues; this year, he has spoken to the Housing Development Law Institute on RAD, the “HUD Academy” of former HUD officials on RAD’s history and potential (with Gregory Byrne, a senior HUD official), the conference of 39 Moving to Work (MTW) PHAs on the history of MTW and the American Bar Association’s Affordable Housing Forum on PBV. Rod writes articles for industry publications on at least an annual basis. These opportunities, in addition to his practice, put Rod in frequent contact with other affordable housing leaders and practitioners that provides insight into developing HUD issues Rod has longstanding working relationships with HUD officials in Washington, D.C., the Special Applications Center in Chicago that handles disposition applications with which he has worked for years as disposition, replacement and related policies have evolved, and elsewhere. He works closely with HUD personnel in making determinations on novel issues, obtaining guidance on approaches to developments or problems, and ascertaining the best way obtain a positive outcome within HUD rules and regulations. Rod is in contact with national HUD personnel almost daily, which is an asset in determining current and future trends in public housing and negotiating specific issues. A copy of his most recent annual Journal of Housing & Community Development article on public housing investments is included in the materials. Rod’s resume is below: ROD SOLOMON HAWKINS DELAFIELD & WOOD LLP (12 years, leading public finance law firm, Partner)  Represent housing authorities and other public and private entities contributing to affordable housing  Develop and implement innovative portfolio repositioning to increase local housing resources  Obtain favorable and path‐breaking resolutions of diverse funding, regulatory and administrative issues regarding public and assisted housing and related programs 28 PRIOR PROFESSIONAL EXPERIENCE U. S. Department of Housing and Urban Development (9 years, Deputy Assistant Secretary and similar positions)  represented the Administration throughout negotiations with Congress on the Quality Housing and Work Responsibility Act of 1998 (QHWRA), which overhauled the public housing and voucher programs  structured virtually all public housing and tenant‐based Section 8 legislation for HUD  coordinated implementation of the 1998 Act (40 proposed and final rules, training, etc.)  developed and implemented comprehensive public housing and voucher administrative reforms  directed administration of new statutory initiatives, including PHA Plan, Moving to Work Demonstration and mandatory conversion of distressed public housing to vouchers  developed and implemented program for public housing capital fund financings  shaped President’s proposed “Public Housing Reinvestment Initiative,” to allow conversion of public housing to project‐based vouchers with credit‐enhanced borrowing to finance renovations Atlanta Housing Authority (2 years, Chief Operating Officer/Acting Executive Director)  obtained $100 million in discretionary funds  supervised management reforms to reduce vacancies and improve maintenance and security Boston Housing Authority (12 years, General Counsel, planning/redevelopment director, special counsel)  implemented reforms resulting in dramatic improvement in conditions, release from receivership and court control and removal from HUD troubled list  structured $500 million in public housing redevelopment, including the Harbor Point mixed income and Commonwealth developments (Commonwealth cited by U.S. Senate)  supervised critical litigation yielding millions of dollars and a major civil rights settlement  restructured BHA's governance through local and state legislation and administrative action  authored related federal public housing laws (e.g., performance evaluation, distressed housing) United States Senate (5 years, Legislative Assistant to Senator Taft)  wrote community development, Section 8, housing finance and other key parts of Housing and Community Development Act of 1974, as well as Supplemental Security Income, international trade and other laws  authored report for Joint Economic Committee on welfare reform 29 EDUCATION  Harvard Law School, J.D.; Kennedy School of Government, M.P.A.; Amherst College, B.A. AWARDS, PUBLICATIONS, AND SERVICE ACTIVITIES  Recognized by: HUD; Senate Housing Subcommittee; Council of Large Public Housing Authorities; Millennial Housing Commission; Massachusetts House and Senate; City of Boston (“Rod Solomon Day”); Atlanta Housing Authority; Amherst College (“Six Alumni Making a Difference”); President Bush's Commission on Model State and Local Laws (1992); Presidential signing pens. Publications: impact of QHWRA (Brookings Institution, 2005); House testimony on public housing reform (2006) and financing (2010); public housing investments (Journal of Housing & Community Development, annually 2003‐2014); cited heavily in Cisneros and Engdahl (editors), From Despair to Hope (compilation regarding HOPE VI and public housing transformation, 2009). Boards: Housing and Development Law Institute, Fairfax County Housing and Redevelopment Authority, National Center for Housing and Child Welfare. Led Investment Committee, Public Housing Summit (2008). Assisted President’s HUD transition, including drafting Recovery Act provisions (2009). Drafted key provisions of Rental Assistance Demonstration law (2011). Goulston & Storrs David Abramowitz and Matthew Kiefer will be the primary attorneys leading the Goulston & Storrs team working on the project. Their contact information and biographies are enclosed, showing David’s experience in affordable housing development and multi‐layered public and private financings including public housing redevelopment, and Matthew’s experience in advancing complex urban projects through the process of obtaining site control and approvals from public agencies, among other commercial real estate matters. David was on the Goulston & Storrs team that represented the tenant task force in connection with the redevelopment of Harbor Point Apartments in the 1980s, and was lead attorney on the refinancing of Harbor Point Apartments in 2007 and again late last year. David was lead counsel to the team that redeveloped Mission Main, and has worked on other public housing redevelopments including in Tulsa, OK, and Pittsburgh, PA. An example of a recent project of similar scope, size and complexity is Matthew’s ongoing representation of the master developer of Seaport Square, a master planned project consisting of 6.3 million square feet of mixed‐use development located on 23 acres, connecting Downtown Boston to the South Boston Waterfront/Seaport District. Additionally, Matthew led the permitting effort as part 30 of the team that redeveloped Mission Main. Further examples of representation in the Boston real estate market are shown on the enclosed figure entitled “Central Boston Development Projects.” The Goulston & Storrs team will include Jean Bowe and David Linhart, attorneys who worked on the refinancing of Harbor Point Apartments noted above, among other affordable housing and commercial development matters in the Boston area. 31 LAW OFFICES OF
RICHARD G. Di GIROLAMO
Attorneys at Law
424 Broadway
Somerville, MA 02145
~~~~~~
Richard G. Di Girolamo
Assistant
Tel: (617) 666-8200
Anne M. Vigorito, Of Counsel
Fax (617) 776-5435
Michael LaRosa, Legal
THELAWOFFICESOFRICHARDG.DIGIROLAMO
History The Law Offices of Richard G. DiGirolamo were established by the present principal, Richard G. DiGirolamo, in 1995. The Law Offices of Richard G. Di Girolamo are located at 424 Broadway, Somerville, Massachusetts 02145. Areas of Specialization The firm is active in the general practice of the Law, including litigation, civil, corporate and real estate law, trusts, criminal matters, personal injury matters, business law, zoning and municipal work. The firm also represents numerous lenders and mortgage companies in residential and commercial real estate closings. The Law Offices of Richard G. DiGirolamo practices in various courts, including Federal, State Appellate, Superior and District. The firm also appears before various Municipal Boards, including Zoning Boards of Appeal, Planning Boards, Licensing Commissions, and various State Tribunals including the Appellate Tax Board, Alcoholic Beverage Control Commission and the Registry of Motor Vehicles. Attorneys Associated with the Firm 1.
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Richard G. Di Girolamo Anne M. Vigorito, Of Counsel Michael LaRosa, Of Counsel 32 Property Management Firm Corcoran Management Company Corcoran Management Company (CMC) possesses 50 years of experience in managing both market rate and affordable housing. The company has managed all types of multi‐family communities, from inner‐
city walkups to 24 story high‐rises. CMC oversees a very diverse portfolio including market‐rate properties in urban and suburban settings, mixed income with affordable components, LIHTC, 40B, workforce, Section 8, Section 236 and public housing. CMC is able to provide a full range of management services, including but not limited to:  Marketing and lease‐up planning  Affirmative Fair Marketing Plan and Tenant Selection Plan development and implementation  Housing lottery services  LIHTC qualifying and compliance monitoring. CMC is accustomed to meeting the reporting requirements of various agencies, including HUD, DHCD, Masshousing, LIHTC monitoring agencies, Boston Fair Housing Commission and the Boston Housing Authority. Having experience in multi‐family development as well as management, CMC is able to provide construction design input concerning building and apartment layouts, common area and apartment finishes as well as building amenity selections. CMC is experienced in all facets of the development and management of multi‐family real estate. CMC has vast experience in in urban property management, including properties in Boston, Chelsea, Worcester and Springfield, Massachusetts, as well as in Jacksonville, Florida and Providence, Rhode Island. CMC manages over 1,500 units in 11 different developments across the city of Boston. The following pages provide a more detailed look at the properties that comprise CMC’s urban portfolio. West Broadway Homes: Managed for the Boston Housing Authority and built in 2004, West Broadway Homes is an attractively designed urban development comprised of 133 units of tiered income, LIHTC State Public Housing located in South Boston, MA. CMC was involved with WBH prior to construction and managed the lease‐up and marketing plan implementation and housing lottery process. The marketing effort that CMC orchestrated for WBH attracted over 3,600 applications. 50 West Broadway: Located only blocks away from WBH in South Boston, 50 WB is a 139 unit, market‐
rate luxury apartment community with an affordable component. Developed by John M. Corcoran Company, CMC’s development entity, 50 WB is a beautifully appointed urban development boasting an attractive amenity package, including courtyards, Wi‐Fi café, fitness center, a bocce court and 33 underground garage parking. CMC assisted with pre‐construction development design and marketing plan development and implementation, as well as affordable unit marketing and lottery management. MetroMark (under construction): Located in Jamaica Plain, in close proximity to the Forest Hills MBTA station, MetroMark consists of 283 luxury market‐rate and affordable rental units. CMC has provided pre‐construction design input, as well as marketing and lease‐up planning and implementation. MetroMark is designed to be an urban oasis, complete with rooftop courtyards, a concierge, full fitness and yoga studio, an abundance of community gathering spaces, Wi‐Fi entertainment area, a dog grooming room, and a bike repair shop. CMC will direct both the market rate and affordable lease‐up. MetroMark is being to LEED Gold standards. Parkside Commons: Parkside is a 238‐unit luxury apartment community with an affordable component, located in Chelsea, Massachusetts. CMC provided pre‐construction design input and developed and implemented the marketing and lease‐up plan. Although located in an urban setting, Parkside provides three outdoor courtyards complete with a saltwater pool and California kitchen, as well as ample under‐
building garage parking. Parkside earned LEED Silver certification. St. Kevin’s/ Upham’s Corner Development (under construction/in lease‐up): Located in Dorchester, MA, and sponsored by the Planning Office of Urban Affairs, St. Kevin’s and Upham’s Corner combined will include 80 apartments of tiered income, LIHTC housing. Three buildings comprise the developments, including the total renovation of the former St. Kevin’s School on Columbia Road, as well as a new 12‐
unit, townhouse‐style building. CMC has provided pre‐construction design input and developed and implemented the Affirmative Fair Marketing Plan, Tenant Selection Plan, and lotteries within the Boston Fair Housing Commission. The first two phases of the development are currently occupied. CMC distributed over 5,300 applications through its outreach effort. Housing Authorities: Properties owned by the Boston Housing authority and managed by CMC include:  Commonwealth Family/Elderly  91‐95 Washington Street  JJ Carroll Apartments  Patricia White Apartments CMC has the ability to manage any type of urban housing to the industry’s highest standards. CMC’s depth of experience in managing a diverse portfolio makes them an outstanding choice for a managing the mixed‐income Somerville development. 34 MBE/WBE/ SECTION 3 PARTICIPATION EXPERIENCE Redevelopment initiatives provide both short term and long term employment opportunities for the community, beginning at the construction period and continuing in management operations throughout the life of the property. Joseph J. Corcoran Company, LLC is very committed to meeting SHA’s MBE, WBE and Section 3 goals, and our history has shown that we have often exceeded set goals in these areas. To the greatest extent possible, we will advance MBE/WBE and Section 3 business concerns in this project. As a part of our holistic approach, we believe that this redevelopment should benefit the community by generating economic opportunities for low income individuals and WBE/MBE business concerns. These opportunities will be quantified in terms of dollars and number and types of contracts. We affirm BHA’s goal to create an infrastructure for economic sustainability of the community, which will be tied to the development and implementation of technology infrastructure, education, training, and supportive services for the project site of BHA public housing residents at‐large. Our management firm, Corcoran Management Company, also has a reputable history of actively soliciting MBE/WBE firms to service their managed properties. In an effort to attract these firms, CMC participates in MBE/WBE trade fairs and posts business, service and capital improvement opportunities in various publications, including Masshousing’s Diversity and Inclusion Business Opportunities. CMC’s commitment to supporting MBE/WBE business development dates back decades. It has consistently been the recipient of Masshousing’s “Award of Achievement” in recognition of exceeding MBE and WBE goals; its latest “Award of Achievement” was presented in 2014. CMC has been instrumental in giving a number of MBE and WBE firms their starts and mentoring them through their early development. In 2014, CMC provided over 30 MBE/WBE firms with business opportunities, varying from providing legal services to janitorial contract services. Payments to these firms for 2014 exceeded $4 million. Additionally, CMC’s experience in complying with and exceeding Section 3 requirements is notable. The company has encouraged and participated in resident employment practices in its property management services since 1983. In its operation of the Boston Housing Authority’s federally funded developments located in Brighton, MA, CMC has hired a number of residents at various positions. Many of these employees remain employed at CMC today, and some have advanced to supervisory and managerial positions within the company. Property management provides many opportunities to hire staff at entry level positions and allows for training and advancement. CMC has a formal internal training program that provides for specific course modules, including Fair Housing Practices, CMC Customer Service, Leasing/Renting Operations, Affordable Housing Operations, Maintenance Operations, as well as Budgeting and Financial Management. In 2014, CMC was awarded a $200,000 training grant through the Commonwealth of Massachusetts’s Workforce Training Fun, which is used to further enhance the professionalism of CMC staff at every level. 35 2)DEVELOPMENTPLAN
A. OVERVIEW
Large projects are always complicated by conflicting goals, and the redevelopment and repositioning of the Clarendon Hills Apartments will be no exception. It is the task of the development team to sort through the issues to create a coherent development plan that meets the objectives of the Somerville Housing Authority, the community, its residents, the team’s financial partners, and the marketplace. The three major issues this redevelopment plan addresses includes: 1. Provide for the replacement of 216 deeply subsidized units; 2. Creating a development plan that will be acceptable to the greater Somerville community; 3. Developing a financial plan that is feasible—one that is attractive to private markets while not relying on tax credits. The plan proposes a 595 unit mixed‐income, privately financed community comprised of 379 market rate units and 216 public housing replacement units. The plan will achieve this density with a complete redevelopment of the 5.16‐acre site. Through a phased approach, the plan will demolish the 9 brick bunker‐style buildings and replace with new, sustainable five story wood frame buildings with basement and on‐street parking. The redevelopment plan is guided by our first priority: rehousing of all eligible public housing tenants currently living at the Clarendon Hills Apartments and encouraging as many as possible to return to the redeveloped property. As part of the financing strategy to ensure re‐housing of all eligible current residents, the team will pursue a disposition process with the SHA and seek to secure Mass Rental Voucher program (MRVP) vouchers from DHCD. JJC Co. will work closely with the SHA to ensure the unit mix matches the need of the returning residents. Housing Opportunities Unlimited (HOU), a key member of the project team, will provide intensive case management to help all current residents remain in good standing and encourage them to return to the revitalized community. HOU has vast and successful experience in relocation and case management services. HOU is available to provide the complicated relocation services required of this redevelopment effort should the SHA request its services in this project. B. RESIDENTPARTNERSHIP
Our resident participation program is to make residents part of the ownership structure. In this partnership, residents will not have merely a “meaningful” say in the operation of the property; they will participate in the design and operation of the community as an owner would. 36 Joseph J. Corcoran Company, LLC is committed to a partnership arrangement with the Clarendon Hill residents. The ownership entity would incorporate a resident partnership serving as the managing co‐
general partners. The agreement among both parties would stipulate that co‐general partners will share decision making on the day‐to‐day management of the property. Multi‐phased and complex redevelopment of public housing can be traumatic for many residents. To be successful, residents must be vested and committed to the change. This “buy‐in” occurs when residents are fully informed and materially involved in the development of the policy and procedure changes. Our practice is to include residents in the development of the lease terms, property rules and conditions, as well as the types of forms that will be used in the new development. Familiarity, understanding and endorsement are the cornerstones to a successful transformation. To achieve this goal, regularly scheduled sessions with residents, redevelopment consultants and the appropriate SHA and City departments will be organized to discuss and receive approval for all issues pertaining to relocation, design, rule enforcement, traffic, parking, vehicular and pedestrian circulation and resident programming to acquire resident input in the development planning. The transformation from public housing to mixed‐income housing is one that entails numerous major implications for the residents. Our partners will take particular care to ensure that every resident impacted by relocation is fully apprised in writing of his or her rights and responsibilities and is appropriately assisted in making the relocation process successful. Once the new housing units are built and occupied, regularly scheduled monthly meetings will be organized between the Partnership and the governing board. This will require resident representatives to participate in decisions relating to property management, leasing, resident service and public safety. In these meetings, professional management staff will present progress reports and seek partnership approvals and direction on operating and capital needs budgets, rules and regulations, staffing levels and other operations and management matters including annual operating budgets, changes in management agents, as well as changes in tenant selection procedures, lease terms or all matters related to continued occupancy. 37 Under the propose resident participation model, the Partnership (Developer and Residents) will have joint decision‐making on the following matters which represent those areas that most directly impact the residents: Design 
Size and configuration of the Development and any off‐site housing 
Design and lay‐out of the interiors and exteriors of the buildings 
Negotiations of design issues with SHA, City of Somerville, DHCD and other parties 
Selection of kitchen and bathroom cabinets, bathroom fixtures, windows, flooring materials, color boards, and common area furnishings Relocation 
Approval and monitoring of relocation policies and procedures 
Approval of form of relocation agreements with residents 
Approval of selection of relocation consultants (if not selected by SHA) Property Management 
Approval and monitoring of standards and policies for marketing, rent‐up and resident selection 
Approval of form of residential lease 
Approval and monitoring of eviction policies and procedures 
Approval and monitoring of interim management plan 
Approval and monitoring of long‐term management plan 
Approval and monitoring of affirmative action plans for marketing and hiring 
Approval and monitoring of repair and maintenance policies and standards 
Approval and monitoring of management agent contract 
Approval and monitoring of public safety contract 
Annual approval of management operating expense budget Resident Services/Resident Programming 
Approval and monitoring of subcontractors and vendors to provide services 
Development of resident services program 
Annual approval and evaluation of resident service providers To be certain, the redevelopment of the Clarendon Hills units of public housing into a successful mixed income neighborhood will require significantly more than private investment, inspired design, complex planning and a well‐executed construction strategy. The ultimate goal of delivering sustainable housing for low income families will rest on how well our resident partnership, management, leasing, public safety, and supportive and community service programs are integrated into the delivery of property management services. 38 C. DESIGNCONCEPT
Our proposed redevelopment plan is premature in the sense that we didn’t spend months developing it with current residents and other community stakeholders. No final plan can take shape without understanding residents’ needs and aspirations. That discussion and collaboration will form the foundation of a multi‐stakeholder planning process that delves into essential questions we’ll need to answer to help create a successful mixed‐income community. These include managing the transportation needs of a larger community, meeting the health and social service needs of a more diverse community, and assuring design compatibility within Somerville’s adjoining neighborhood. The overarching goal of this redevelopment plan is to reintegrate this parcel back into the greater Somerville community; to achieve this goal, we will take cues from the neighborhood’s rich urban fabric and stitch the parcel back to the Alewife Brook reservation, while respecting the residential scale of the neighborhood, with the goal of creating a vibrant new identity through the addition of a multi‐
generational mix‐ income community. We propose two site plan options for consideration, one that extends Hamilton Road though the site connecting it to Alewife Brook Parkway and the immediate reservation, while the other one focuses on the creation of a large courtyard/park, as an extension of the Alewife Brook reservation into the site as a public amenity that will enhance the pedestrian experience and enrich the new community. The building designs will take cues from the architectural styles of Somerville, without mimicking it and blending respectfully into its surroundings. Additionally, different styles of housing will appeal to a broader swath of the market, therefore contributing to the project’s economic sustainability and will help attract a diverse mix of residents. The buildings will contain a variety of unit types, sizes and configurations and, most importantly, will be programmed to prohibit any clustering of affordable units; market‐rate units and public housing units will be interspersed throughout the property, with no visible distinction between the two. An edge of Townhouses consisting of 3‐stories in height will mark the entry to the complex, as well as respect the residential scale immediately across North Street. Ground floor units on the buildings will take advantage as much as possible, from stoops and exterior entrances to invigorate the street edge similar to the surrounding existing neighborhood ‐ therefore the building will not be only activated by a single lobby entry, but add continues street life by having private entries to these ground floor units directly from the outside at multiple points. We will also work with The Haitian Coalition of Somerville to make sure we find adequate space with n the site, so they can continue to price their services to the Haitian Community. SUSTAINABILITY The project team includes national leaders in green and sustainable building technology. The team is committed to building into the new community the latest energy‐efficient technologies and pursuing healthy homes initiatives. The size and scope of the project allows the team to think creatively about delivering energy‐efficient housing on a scale not usually considered in urban areas. With a priority 39 placed on the well‐being of our residents, the development team will institute policies and programs to encourage better total health. Examples include: • Mitigating asthma through use of low‐VOC materials and finishes and maintenance of a smoke‐free environment after construction. • Implementing an integrated pest‐management program. • Constructing a new wellness center with full gym and classes dedicated to encourage healthy choices. The cost of the green and sustainable features will be measured against long‐term impacts and payback. Using our experienced design and construction teams, we will develop a menu of features to consider and complete cost‐benefit analyses to determine the feasibility of incorporating them into the project. The redevelopment plan will meet all criteria of HUD’s Enterprise Green Communities mandate and will meet several of the optional criteria as well. The team will also seek a LEED Neighborhood Development rating, at the equivalent of a LEED Gold‐certifiable development. D. FINANCINGSTRUCTURE
Public housing funding is suffering from ever‐dwindling resources—both for capital replacement and operating subsidies. Large‐scale redevelopment capital programs like Choice Neighborhoods, due to the lack of funding authorization from Congress, cannot meet the capital replacement demands of public housing projects throughout the country. It is our team’s goal to meet this need with a market‐based approach that leverages strong real estate markets, like Somerville, with institutional force for core, urban development opportunities, supported by a strong and capable development team. This site has the potential to be a new integrated neighborhood with residents of all incomes living together. Throughout the Boston area, and particularly in Somerville, private equity has been fueling development projects across all asset classes. Rental housing has been the recipient of many millions of dollars of private equity as the marketplace has responded to the supply constraints of a city experiencing growth in business sector activity alongside an aging housing stock. The finance strategy for the development will capitalize on the desire to invest in supply‐constrained cities; an investment profile that has been increasingly attractive to investors seeking strong development partners with track records of accomplishment. These potential private equity sources range from multinational insurance companies to traditional pensions and endowment funds that devote a portion of their portfolios to real estate investments for long‐term return. Investors view Somerville as a core urban development opportunity whereby an experienced development partner can deliver on projects that benefit from residential demand and demographic and market trend support. The core product in our plan is adding enough market rate density to the project so that our income, expense and cost projections generate risk‐adjusted returns in line with institutional expectations. It is the responsibility of our financial advisory partner, the Real Estate Private Funds Group of UBS Investment Bank, to engage institutional investors and negotiate the most cost efficient Limited Partner 40 equity participation arrangement. In the course of our preparatory work for this opportunity, UBS has had preliminary discussions with several domestic and international institutions that have expressed interest in partnering with our team on this initiative. A formal fundraising solicitation process will begin as soon as we have reached final agreement with the SHA and will run simultaneously with the entitlement, permitting, and disposition processes. As is customary, final agreements and commitments from equity partners will become effective upon securing project entitlements. Financing Strategy The development of 595 units, 216 of which are replacement public housing, will require multiple phases and a variety of funding sources. The project will rely on only three main sources of capital: Private Equity, Private Debt and public sources of capital such as Tax Increment Financing (TIF) and various grants awarded by the State to project like these at the municipal level. Given the significant public infrastructure work required to revitalize the Clarendon Hills, the team will enter into discussions with the City of Somerville about creating a Tax Increment Financing (TIF) vehicle to capture the significant future tax revenue from this project and capitalize it to be used as a source to improve public utilities and street infrastructure. The majority of the project will be financed through private equity and debt. In order to support the deeply subsidized units in the remainder of the program, the market‐rate units must generate enough operating income to cover their annual operating costs and the debt service plus that attributed by the affordable units. The project will support $133,000,000 in debt and require $43,000,000 in equity. Summary of Proforma Assumptions The annual operating expenses per unit are anticipated to be $8,816. With a program of 319 market rate units and 216 Tenant Protection Vouchers units, the project is anticipated to generate almost $12 million in annual net operating income. With the current low interest environment and private equity demand for urban product, we anticipate raising a total of $132 million in private debt and $43 million in private equity to fund the total costs of the 216‐unit housing project. Cost of Development The project team will bring their skills and expertise to develop the most desirable, yet cost‐effective housing – utilizing a typology of mid‐rise construction with wood‐frame over podium. The buildings will incorporate sustainable and healthy homes features, with appropriate finishes befitting the market. The key metric will be to keep costs within the $350,000 per unit total development cost threshold. 41 42 43 44 45 E. LENDER’S LETTER OF INTEREST 46 3)
CONCEPTUALDRAWINGS
47 48 49 50 51 4)SALESANDMANAGEMENTPLAN
A. MARKETING STRATEGY Clarendon Hills has potential to be thriving market rate/mixed income community given its proximately to Teele Square and Davis Squares. Given its location, the approach for marketing the redeveloped Clarendon Hills’ site will be the same as the marketing approach for any other market rate luxury property in the city. Unfortunately, because of the concentration of poverty on mega blocks and historic issues of security within large public housing complexes, the current development is isolated as an island. Redevelopment will weave the site back into the neighborhood by creating a new and exciting identity that will engage both current residents and the larger community. The occupancy rates of high‐end rental apartments and the strong sales in the condo market are a testament to the strong appeal of Somerville. Rents at Maxwell Green, which opened in 2013, begin at $2,500 for a 1‐bedroom unit and reach $3,500 for a 2‐bedroom unit with a den. The same is true for Avalon at Assembly Row and AVA Somerville. There are The market‐rate units at the redeveloped Clarendon Hills are expected to rent at these average rates: Market Rental Unit Unit Type
NRSF
Rent
Studio 475 $ 2,200
One Bed
675 $ 2,500
Two Bed
960 $ 3,250
Three Bed 1,130 $ 4,000 Below is brief synopsis of the immediate market rental comparable that are located nearby Clarendon Hills. 52 53 54 F. MANAGEMENT PLAN Sustaining professional excellence, resident satisfaction and high performance in management of the replacement units is essential to the development’s success. Given the strategy of attracting private capital supported by a market mixed‐income development, the need to attract and retain market residents will ensure that property management remains of the highest quality. To ensure that management doesn’t overlook replacement units, residents will be a part of the ownership structure. The management company will be working for them. We summarize the resident‐partnership model below. Finally, as a further tool to ensure high performance management for the replacement units, we will apply our “Quality of Life” model, an ownership initiative that brings together all key players in the overall operation of the property to ensure that all parties are working towards the same goals Corcoran Management Company Inc., has extensive experience managing a diverse portfolio of inner city and suburban luxury properties. The range includes market rate, mixed income and affordable in the form of LIHTC, 40B, workforce, Section 8, Section 236 and public housing ACC. Encompassing 50 years of property management experience, CMC is expert in meeting the management and reporting requirements of HUD, DHCD, MassHousing, LIHTC monitoring agencies, Boston Fair Housing Commission, and the Boston Housing Authority. Corcoran Management Company has overseen the lease‐up of over 1,348 market rate units in 7 properties in the past 15 years. The leasing and marketing experience they bring to this redevelopment initiative is exceptional. Specific to Boston, CMC currently manages 1,500 units of housing within Boston in 11 separate developments. Most notable are West Broadway Homes, 50 West Broadway, MetroPark, Parkside Commons, St Kevin’s, and Commonwealth, Carroll and Patricia White Apartments. We plan to combine CMC’s venerable management experience with CJ’s development experience earned from the revitalization of seven severely distressed public housing developments. All were purchased from existing owners as part of a comprehensive program of physical and social redevelopment. All involved temporary and permanent relocation and the provision of resident services. Largely replicating Corcoran Jennison’s Harbor Point mixed income management model, Corcoran Management Company will have an on‐site presence that fully engages the Clarendon Hill residents at the community level.  The merging of CMC’s management expertise and CJ’s interdisciplinary governance systems will assure that property management will remain responsive to the residents while being directly accountable to the tenant/owner partnership. As a third party management agent, Corcoran Management Company has all the tools get the job done right and will be held accountable for the financial and social health of the community.  55 5)IMPLEMENTATIONPLANANDTIMETABLE
JJC Co. will be the lead in site planning, securing entitlements, relations with the Somerville Housing Authority and City of Somerville, community outreach, coordination with our resident partners, and will oversee property management. DispositionStrategy
Our finance plan assumes all replacement units will be supported by project‐based Mass Rental Voucher Program (MRVP). Joseph J. Corcoran Company, LLC anticipates that the SHA would request DHCD’s Division of Public Housing and Rental Assistance approval for disposition of Clarendon Hills. Disposition of the site will require compliance with Mass General Laws Chap. 30B. The project team would work with the SHA to submit an up‐front technical assistance request to the DHCD to obtain early confirmation of the acceptability of this approach. Upon disposition approval, we anticipate that SHA would apply for 216 MRVP (or the maximum for which it is eligible in view of DHCD’s rules). The project would request receipt of the MRVP in phases as they are needed for temporary relocation or otherwise. The phased schedule will help to assure that the application is realistic in view of both state appropriations and possible additional SHA Section 8 voucher needs. Another subsidy for these units that would contribute to the development’s long‐term viability would be project‐based vouchers (PBV). Thus, we would seek the maximum feasible number from the SHA through the required process and would consult with the SHA as to that number. While the SHA has plenty of room under its legal cap for PBV commitments of 20% of voucher budget authority, the SHA would need to determine whether it could commit that amount in view of other potential PBV needs. In addition, if a number of Clarendon Hills residents are provided and take the opportunity to move permanently with their vouchers rather than return to the new development, the SHA would have to commit that number of turnover vouchers to provide full PBV coverage at Clarendon Hills. To the extent all 216 units cannot be covered by PBV or MRVP, we propose to (1) restrict rents for such units to levels related to fair market rents that will allow families with tenant‐based vouchers to access the units and (2) provide a preference for voucher‐holders (but not leave units vacant if there are no voucher‐holders who seek the units). The developer would accept a use restriction to offer such units only to families with incomes up to 80% of HUD area median income at initial occupancy (the public housing income limit). In this manner, we would assure that 216 low‐income units would remain at the Clarendon Hills’ site and covered by deep subsidies. 56 Permitting
The redevelopment of Clarendon Hills will require approvals at local, state, and federal levels. For City approvals, the team will work with the Law Offices of Rich Di Girolamo who has extensive experience permitting projects in the City of Somerville. It is anticipated that we will need to secure variances from local zoning as it relates to height, FAR, and parking. This process will include site plan review by the City of Somerville planning department and approval by the Zoning Board of Appeals (ZBA) and Planning Board. The project will also be subject to local design review commission and requires coordination between the commission and the Planning department. At the State and Federal level, we would work with Goulston & Storrs on securing the necessary permits. Below is a brief synopsis of the approvals/permits required before any construction activity can begin. City Approvals
ZBA/Site Plan Review
‐ Variances (Height, FAR, Parking)
‐ Special Permit
Design Review Commission
‐ Site design approval
Conservation Commission
‐ Order of Conditions
DPW ‐ Water & Sewer Connection Permits
State Approvals
DHCD
‐ Disposition Approval
‐ MRVP Vouchers
DEP ‐ Air Quality ‐Notice of Construction
‐ Sewer Connection Permit
MassDOT
‐ Access Permit (Mystic Valley Parkway)
‐ Utility Connection Permit
Federal Approvals
EPA ‐ General Construction Permit
‐ NPDES
57 Phasing
The redevelopment of 9 buildings over 5.16‐acres into a new mixed‐income community of at least 595 units will require careful planning, phasing, and effective implementation. The team proposes to do a “phased” approach that will displace as few SHA units onsite as possible. We proposed a construction phasing plan where 96 SHA units (total of five (5) buildings) remain onsite for Phase I. This will allow for construction of two new apartment buildings. During Phase II, another SHA building will be demolished in order to construct two rows of townhouse units near the adjacent neighborhood (72 SHA units will remain onsite). Finally, in Phase III, the remaining three SHA buildings will be replaced by a new apartment building and two row of townhouses. 58 Timeline
59 C. REQUIREDFORMS
60 61 62 63 D. APPENDIX
A Corcoran Jennison Property Matrix 64 65 66 67 68 69 REFERENCES: Joseph J. Corcoran Company LLC / Corcoran Jennison: Vincent Tufo Betty Carrington CEO President Charter Oak Communities Charlestown Tenant Task Force 22 Clinton Avenue 617‐337‐5123 Stamford, CT 06901 Ms. Carrington has been working with 203‐977‐1400 Joseph J. Corcoran and Corcoran/SunCal [email protected] on their redevelopment plan for Bunker Hill housing project. Charter Oaks Communities (formerly the Stamford Housing Authority) hired Corcoran Jennison, in collaboration with Beacon, for the Hope VI redevelopment of the Southfield Village public housing development, now Southwood Village, as a mixed income community. Ana Sanchez Resident Representative Quaker Meadows Resident Council Lynn, MA 781‐596‐1300 [email protected] Ms. Sanchez is the Resident Representative for the Quaker Meadows Residents Council and is a 50% partner on all development and management operations decisions. Matthew Purtell Senior Banker KeyBank Real Estate Capital 225 Franklin Street Boston, MA 02110 Tel: 617 385 6248 Mr. Purtell was CJ’s contact at KeyBank, who facilitated refinance of Harbor Point in 2015. Thomas E. Cummings Director, Department of Housing Urban Redevelopment Authority of Pittsburgh 200 Ross Street Pittsburgh, PA 15219‐2069 412‐255‐6670 [email protected] Mr. Cummings was involved in all six phases of the redevelopment of the Allequippa Terrace, a 1,770‐unit failed public housing development that became Oak Hill Apartments. Jonathan Matterazzo Relationship Manager Commercial Real Estate Santander Bank 75 State Street Boston, MA 02109 617‐757‐3505 [email protected] Mr. Matterazzo manages Corcoran Jennison’s account at Santander Bank. CJA has a seven year relationship with Santander (formerly Sovereign), which includes commercial loans and several accounts with the bank. Brian Hudson Executive Director Pennsylvania Housing Finance Agency 211 North Front Street Harrisburg, PA 17105 717‐780‐3800 [email protected] The PHFA provided LIHTC’s over 11 years and five phases to funding new construction for 498 units at Oak Hill Apartments. Christopher Robie Senior Vice President of Commercial Lending Citizens Bank 28 State Street Boston, MA 02109 617‐725‐5605 [email protected]
Mr. Robie has handled Corcoran Jennison’s corporate account at Citizen’s Bank for over 10 years. 70 DiMella Schaffer: DAVID PERRY Senior Vice President Hines 212‐230‐2276 [email protected] JOHN WEIGEL President Navigator Advisors 617‐875‐1381 [email protected] Project:  Loft 23 Project:  165 Cambridge Park Drive St. John Smith Assistant Director – Capital Construction Boston Housing Authority 52 Chauncy Street Boston, MA 02111 (617) 988‐4000 [email protected] Projects at:  Heritage Housing, East Boston (2 Phases)  Lower Mills Housing, Dorchester (2 phases) David Aiken Planning Office For Urban Affairs 84 State Street, Suite 600 Boston, MA 02109 Tel: 617‐350‐8885 Fax: 617‐350‐8889 [email protected] Properties Managed:  St. Kevin’s Residential, Dorchester, MA  Upham’s Corner, Dorchester, MA R.C. May & Associates, Inc.: Greg Grove President/CEO The Guardian Foundation 3575 Piedmont Rd NE Atlanta, GA 30305 (404) 233‐6500 [email protected] Project at:  Lighthouse Nursing Care, Revere MA JOE MACALUSO Director Somerville Housing Authority 617‐625‐1152 joem@sha‐web.org Project:  Waterworks at Chestnut Hill Peter Mahoney Development Manager John M. Corcoran & Co. LLC 100 Grandview Road, Suite 203 Braintree, MA (781) 849‐7111 [email protected] Projects:  50 West Broadway Apartments, South Boston  Metro Mark Apartments, Jamaica Plain Corcoran Management Company (CMC): Matthew P. Brennan David R. McCarthy, Jr. Senior Director Executive Director Real Estate Investments Asset Management‐ Global Real Guardian Life Insurance Company Estate‐ US of America UBS Realty Investors LLC 7 Hanover Square, H20C 10 State House Square, 15th Floor New York, NY 10004 Hartford, CT 06103‐3604 Tel: 212‐919‐8276 Tel: 860‐616‐9087 Fax: 212‐919‐2149 Fax: 860‐616‐9006 [email protected] [email protected] Properties Managed: Properties Managed:  The Ledges, Weymouth, MA  Commons at Southfield Highlands  Parkside Commons, Chelsea, MA
I, Weymouth, MA  Commons at Southfield Highlands II, Weymouth, MA  Waltham Overlook, Waltham, MA 71 Housing Opportunities Unlimited (HOU): Eliza Datta Coyan Lewis Director of Development, New England Project Manager The Community Builders, Inc. Government of the District of Columbia Office of the Deputy Mayor for Planning and Economic 95 Berkeley Street, #500 Development Boston, MA 02116 1100th Street, SW, Suite 500 E (857) 221‐8643 [email protected] Washington, DC 20024 (202) 724‐8702 [email protected] Projects:  Charlesview, Boston, MA Projects:  Leyden Woods, Greenfield, MA  Temple Courts Washington DC (2007‐Present) HOU provided comprehensive relocation services  Park Morton, Washington, DC (2010‐Present) to 207 households at Charlesview and is providing relocation consulting and implementation services HOU provides comprehensive case management at Leyden Woods, a 200‐unit development. services to 167 households at Temple Courts and to 46 households at Park Morton. HOU previously relocated all Temple Courts households offsite. Legal: Goulston & Storrs: Chrystal Kornegay Deborah Goddard Undersecretary Managing Director, Policy & Department of Housing and Program Development Community Development MassHousing Tel: 617‐573‐1101 Tel: 617‐845‐1112 [email protected] [email protected] Projects: Project:  Mission Main (535 public  Jackson Square (436 residential housing and market‐rate units units with approximately in Mission Hill neighborhood of 141,200 square feet of retail Boston); space and office space and  Harbor Point Apartments community oriented facilities in (1,284‐unit apartment complex the Roxbury and Jamaica Plan in Dorchester neighborhood of neighborhoods of Boston) Boston) Steve Samuels Chairman and Principal Samuels & Associates Tel: 617‐603‐5454 [email protected] Project:  The Point (349 residential units above approximately 20,000 square feet of retail space in the Fenway neighborhood of Boston) 72 Legal: Hawkins, Delafield & Wood: 1. San Francisco Mayor’s Office of Housing/San Francisco Housing Authority: comprehensive public housing disposition/RAD portfolio transaction including disposition approval for eight developments (1400 units) Kate Hartley Deputy Director of Housing City and County of San Francisco Mayor’s Office of Housing and Community Development 1 South Van Ness Avenue, 5th floor San Francisco, CA 94103 (415) 701‐5528 Barbara Smith Acting Executive Director San Francisco Housing Authority 1815 Egbert Avenue San Francisco, CA 94124 (415) 715‐3220 2. Cambridge Housing Authority: Millers River public housing disposition and replacement PBV (300 units); RAD/MTW/tax credit portfolio conversion (2130 units). Gregory Russ Executive Director Cambridge Housing Authority 362 Green Street Cambridge, MA 02139 (617) 864‐3020 3. Boulder Housing Partners: pioneering disposition and PBV project (Broadway); portfolio RAD and public housing disposition and replacement project. Betsy Martens, Co‐Executive Director Boulder Housing Partners 4800 Broadway Boulder, CO 80304 (720) 564‐4610 NOTE: Additional references for transactions of all sizes and public housing‐related initiatives of all kinds are available upon request. 73