Redevelopment of Small Rental Properties. E. Black President/CEO, Liberty City Community Revitalization Trust
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1 E. Black President/CEO, Liberty City Community Revitalization Trust T. Coble Policy/Program Director, Miami Coalition for the Homeless, Inc. M. Faldas Administrator, Drewmarc Mulligan Ministries, Inc. K. Spence Assistant Community & Economic Development Manager, CRA of FL Overview Problem Statement Liberty City Profile Small Rental Rehabilitation Scenario Funding Sources Liberty City Revitalization Trust Intermediary
2 Problem Statement Financing rehab of 2 20 unit properties Important source of affordable rental units Most were built over 40 years ago Large demand for rehab by owners Difficult to fund Miami Dade County City of Miami 2010 population 39,808 Boundaries: NW 79 th Street to the north, NW 27 th Avenue to the west, the Airport Expressway (SR 122) to the south, and I 95 to the east Liberty City
3 American Indian 0% Liberty City Racial Composition White 11% Asian 0% Black 89% Liberty City Income 9% 14% 15% 10% 8% 14% 12% 11% 5% Miami Dade AMI : $52,600 Liberty City Median Household Income : $22,352 2% Household Size >3 1%
4 Liberty City Housing Costs 25% 20% Median Monthly Housing Cost $738 15% 10% 5% 0% Less than $100 $100 to $199 $200 to $299 $300 to $399 $400 to $499 $500 to $599 $600 to $699 $700 to $799 $800 to $899 $900 to $999 $1,000 to $1,499 $1,500 to $2,000 or $1,999 more Liberty City Housing Profile 16,189 Housing Units 5,089 or 31.4% are 2 20 unit structures Year Structure Built Substandard units 1,127,units 14% 7% 3% 3% 4% 9% Built 2005 or later Built 2000 to 2004 Lacking complete kitchen and plumbing facilities Built 1990 to 1999 Built 1980 to 1989 Overcrowded 14% Built 1970 to 1979 Built 1960 to 1969 Built 1950 to % Built 1940 to 1949 Built 1939 or earlier 18%
5 Property Address: 6415 NW 17 Ave., Miami, FL Property Information: Primary Zone: Beds/Baths: 10/10 Floors: 2 Living Units: 10 Adj Sq Footage: 4,519 Lot Size: 7,614 sq ft Year Built: 1955 Multi Family Medium Density Residential Redevelopment of Small Rental Properties
6 Redevelopment of Small Rental Properties Assessment Information: Year: 2011 Land Value: $ 27,333 Building Value: $227,124 Market Value: $254,457 Assessed Value: $250,800 Asking Price: $225, Rehabilitation Cost Estimates: $350, ,000
7 Project Cost Project Analysis Cash Flow Acquisition: 225,000 Rental Income 60,000 Rehab: 375,000 32,000 TOTAL: 600,000 NOI 28,000 v. $255,000 Available for 1.20 DCR 23,333 Property 1.15 DCR 24,348 NOI/cap rate Cash 0.10 cap rate = 1.20 DCR 0.08 cap rate = 1.15 DCR 3,652 Redevelopment of Small Rental Properties $23, , ,000 PV=$321,175 =539,337 $24,348 PV= $335,146 = 562,798
8 Sources of Funding Loan Grant/Cash from TC Combination Redevelopment of Small Rental Properties Loan Money Commercial Loans Not available for less than $750,000 Federal Home Loan Bank Loans Potential source of very low rate loan funds
9 Grant Money SAIL No funding available SHIP No funding available CDBG Local government disinclined HOME Local government disinclined Rehabilitation of Small Rental Properties Grant Money (cont d) 9% Tax Credit Nonprofits and small for profit developers unable to compete with large for profits Federal Home Loan Bank grants Maximum of $5,000 $6,000 per unit
10 Combination loan/cash source 4% Tax Credit & Bond financing Not available for fewer than 100 units (but projects can be bundled) Redevelopment of Small Rental Properties The Community Liberty City is an Urban Community where residents are working hard to restore the vitality of their Community. The Liberty City Community Revitalization Trust (Liberty City Trust) is charged with facilitating the development of the real estate in the area with the City of Miami. The Liberty City community has been successful in building in fill new construction of single family homes and large tax credit apartment buildings. There is a large market demand for small rental buildings in need of rehabilitation.
11 The Problem Most banks do not want to provide loans for these properties because of the limited equity, experience of the borrower and the size of the loans. Government does not want to fund small rental properties because of the reporting requirements. Redevelopment of Small Rental Properties The Solution The Liberty City Trust proposes to provide Intermediary Services to the lender, the government and the borrower for small rental properties acquisition and rehabilitation. These services will include: Application to the Government and Lender Lender and Government Compliance Property Maintenance Property Management
12 Small Rental Properties are in most communities. Our approach provides a solution that most community can use. The results is a most vibrant community and the local residents benefit. Thank ideas. you for this opportunity to present our
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