HomeMy WebLinkAboutJ - 09 Regan Development Correspondence��
Development
C O P P O P R T I O N
1055 Saw Mill River Road
Suite 204
Ardsley, NY 10502
tel: 914-693-6613
fax:914-693-1282
November 1, 2023
Certified Mail — Return Receipt Requested
Honorable Tom Williams
Supervisor
Town of Cortlandville
The Raymond G. Thorpe Municipal Building
3577 Terrace Road
Cortland, NY 13045
RECEIVED NOV 0 0 2023
RE: CEO Notification & Transmittal of LIHTC & SLIHC Program Application Documents
Low -Income Housing Tax Credit ("LIHTC") & NYS Low -Income Housing Tax Credit Programs
Project Name: Cortlandville Commons
Project Location: 968 Route 13, Town of Cortlandville, NY 13045
Project Sponsor: Regan Development Corporation
Dear: Supervisor Williams:
This is to inform you of our intention to submit the above -referenced project application to the New York
State Division of Housing and Community Renewal (DHCR) for consideration under both the Federal
Low -Income Housing Tax Credit (LIHTC) and the New York State Low -Income Tax Credit (SLIHC)
Programs.
The LIHTC Program was established by the Tax Reform Act of 1986 (under Section 42 of the Internal
Revenue Code), which authorized federal assistance in the form of tax credits issued to owners of rental
housing units that are reserved for and occupied by households with incomes of 60% or less of the area
median income.
The SLIHC Program was established by Article 2-A of the Public Housing Law, which authorized New
York State assistance in the form of State tax credits issued to owners of rental housing units that are
reserved for and occupied by households earning 90% or less of the area median income.
Under the Internal Revenue Code Section 42(m)(1)(A)(ii), an allocation of either LIHTC or SLIHC to a
project cannot be made unless the chief executive officer (or the equivalent) of the local jurisdiction
within which the proposed project is located has been notified and provided a reasonable opportunity to
comment on the project.
If you have any comments regarding the proposed project described in the attached application
documents, please submit them within 20 days of receipt of this notification letter to: NYS Division of
Housing & Community Renewal (DHCR), 38-40 State St.; Albany, NY 12207; Attention: Arnon
Adler; LIHTC Program Manager; Arnon.AdlerQhcr.nv.eov.
The returned certified mail postal receipt for this package, accepted and signed for by your office, or other
evidence of your receipt of this notification letter and the accompanying documents will be forwarded to
DHCR to serve as proof that the requirements of Section 42(m)(1)(A)(ii) have been met by this LIHTC
and SLIHC Program applicant.
If you wish to discuss the enclosed application or any other aspect of the proposed project, please feel free
to contact;U-r-
at t address above or call meat 914-693-6613.
Sincerely '/�
Regan
President
Enclosed DHCR Application Documents:
1) Exhibit 13-1: Request for Multifamily Finance 9% Programs
2) Attachment B-2: Project Narrative
3) Exhibit B-3: Project Summary
4) Summary Tab from the 9% LIHTC Underwriting Application
Cc: Amon Adler, DHCR
Fall 2023
Regan Development Corporation
Cortlandville Commons
EXHIBIT B-1: HCR MULTIFAMILY FINANCE 9% PROGRAMS
Clty/rown/Bomugh: Town of Cortlandville
County: Cortland
lndlcate the requested funding amounts and the proposed length of the conesponding DHCR/HTFC regulatory period. If the amounts listed an this form differ from those indicated in the UnderwrXing Model, the
,application will be evaluated based on the amounts requested below. Consult the Multifamily Term Sheets on the HCR website far financing terms and requirements.
Flnancingsource
9%Law-Income Housing Credit(UHTC)
State Low Income dousing&Jut �rogmrn SUHIC)
Federal Housinf Trust FugQWfp`m(FHTF _
Low-Incomei(ousing Trust Fund Program W)
Rural and Urban Community Investment Fund (CIF
Supportive Housing Opportunity Program (SHOP
Public Housing Preservation Program (PHP)
Middle Income/q���asyln Pram MIHP)
senior and LG�TQ+AI'mlM ten�m-RcenlPm Program (SENR)
HOME Program (HOME'
Clean Ene Incentives ICEI)
Amount Requested
Regulatory Term (Years)
$ 1,320,000
50
$ IOg000
50
$ 2,905,169
30
$ 8,070,000
30
$ 901,236
30
$ 510,OD0
30
project units per rumung m,n¢e - -- For each permanent funding source (Including non-HCR sources), Indicate the regulatory term length (if applicable) and the number of existing anal/or new construction units to be financed.
In the"Exist/Rehab" column, only Include existing units that will be rehabilitated or preserved.
Community Service Facility Civic Units Commercial Units
Residential Units Community Room Units
its
Regulatory Exist/ New Exist/ New War/ New EMlaU New ERlat/ New
Funding source name Term (Years) Rehab Construction Rehab Consumption Rehab Combustion Rehab Construction Rehab Construction
LIHTC Equity
62
I
SURCEquity
69
1
NYS HCR -HTF Loan
67
1
1
NVS HCR -CIF Loan
NYS HCR -CEI Loan
67
1
NYS HCR- FHTF Loan
14
1
OPWDD
11
1
Sponsor Commercial Loan
Deferred Developer Fee
1
the HFPJor detalls)
I,RpN},ing lnitiative(ESSHI)Projects
i r�Brr'lea
IJ Projects in escurce mas(WR/I
IJ Public Hewing RedevelagmP)jtPA)ec(Z
CI M/ r6E FV9P j>e0q?
Will t±h Le INrr/PP61'h,4 . Income mfmm..m se-andeP
ap(�P i
Will a rirhtofnrskr�2021paBon
Will the project mou de anartstici marvoc an pre erence
Exhibit B-1 Request for Multifamily Finance 9%Programs Page 1 of 2
Fall 2023
Regan Development Corporation
Cortlandville Commons
State Housing Goals
r _— -
Complete the xp)rroprbta bosliesi fortAs$hb Housing Goal smetbythe Project. Refer to the REP for further Housing Goal details. _
Fvnlanatinn of how the omiect meets the Housing Goal:
Ummunlly Renewal and Revitalization Proleds:Projects that address a component Indicated In the
site Control: A purchase and sale agreement has been executed and recently extended to move the closing
romidpalltys most recent comprehensive plan, or other municipal approved plan, as demonstrated by
date to on or before July 15, 2025.Zoning: A Zoning Variance was approved on July 18, 2022. Local
one or more of the following:
Planning Board Review: Planning Board approval was granted on July 18, 2022. Section 581-A: The Assessor
e Demonstrate site control of land acquired though and Banks, established pursuant to Article 16 of New
for the Town of Cortlandvllle is estimating the total annual ad valorem tax of the property pursuant to
York State Not -for -Profit Corporation Law, in neighborhoods that have experienced a high lnddence of
Section 581-A and has estimated that tax to be$61,737.
abandoned and/or-somble- properties;
•Demonstrate the donation of one or more of the project saes from the municipality in which the project
Is located at either $0 or $1 acquisition price;
-Demonstrate the rezoning of, or the granting of a zoning variance/special use permit fog at least one
project site necessary to complete the project;
,Demonstrate the project municipallty has committed capital financing to the project as evidenced in the
application sources and .,as;
eg draft commitment for a PILOT for the project (at a level greater than Seaton 581-A of Heal Property Tax
Law);
r0sted as a priority project in the mun dpainks latest Action Plan;
-11911 ing a site for the project which has been designated for redevelopment by an Urban Renewal Plan;
,lppliwnt, or its affiliate, has been Identified as the Designated Developer for the project by the
municipality.
Integrated supportive Housing Projects: Projects that provide permanent supportive housing to one or Cortlamblile Commons is an affordable residential multifamily building that will give preference in tenancy
more special needs population:, and that can show evidence of a service and operating subsldy from a for persons with intellectual and developmental disabilities(VDD) and who are eligible for services available
governmental agenry, such as Empire State Supportive Housing Initiative(ESSHI). through the NYS Office for People with Developmental Disabilities(OPWDD). Regan Development is
partnering with Springbrook, NY Inc., a New York not -for -profit corporation that has an Integrated
Supportive Housing Award from OPW DD for the project. Springbrook Is the support service provider for a
minimum of eleven (11) housing units that are avallable to serve these special needs households.
Projects In Well-Resourced Areas (WR,1): Projects In well-Recourced Areas, formerly referred to as
Housing Opportunity Projects, are family projects located in census Vacts wi h poverty rates below lo%In
the 2019 American Community Survey and the school district of the central of the census tract soared
above the state median In the average of 3M through Mh grade English and Math standardized lest scores
tram the past five years (2015-2019). See below for a map of these census tracts, now referred to as HCR-
Gedgnated Wims. Proposed projects must have an average unit size of at least 2 bedrooms. Wine projects
may not be: 1) intended for, and solely occupied by persons 62 years of age or older; or 2) Intended and
operated for occupancy by persons 55 years of age or older. At least 10%of the project units must be
targeted to and serve households at or below 30%of AMI,
IWR�
Workforce opportunity Projects: Projects that propose housing within a sale half-mllewaik of frequently
occurring public transportation favallable 7 days a week on a repetitive, fixed. mute schedule that is
regular and continuing).
Projects Advancing Stale Revitalization and Economic Development Initiatives, including:
,Downtown Revitanzalon Imtiative Projects: Projects that mopose residential and/or mixed use projects
located in Downtown Revita0zatmn Initiative plan areas that deadly advance the objectives of an approved
Downtown Revitalization InitlaDve Strategic Investment Plan
-Boom ink Development Projects: Projects specifically endorsed in the Regional Economic Council Strategic
Plans that will support the construction and/or rehabditanon of affordable housing.
•Rrewngeld Cleanup Program Projeds: Projects resulting in the deanquoulevelopment of property that
has been determined to be eligible to participate in the New York State Brownfield cleanup Program
(BCP). The application must propose plan of finance fully utilizing all BIT tax credits generated from the
cleanup/redevelopment of the property.
•grojects which will be Implemented in a neighborhood located in a designated Empire State Poverty
Reduction Initiative (ESPRI) locality and coordinated with the ESPRI activities underway. At least 15%of the
Project units must be created to and serve households at or below 30%of AMI.
Senior Heading: Projects that allow low -Income seniors to live Independently Inthe community.
Preference will be given to pralines that also meet at least one of the following State Housing Goals: 1)
Community Renewal and Revitalization, 2) Workforce Opportunity, 3) Economic Development, Ora)
Downtown Revitalization Initiative.
Public Housing Redevelopment Projects: Projects that address the needs of public housing vnits outside
the City of New York and/or asset Public Housing Authorities in completing their restructuring plans,
including projects partkipaUng in HUD's Rental Assistance Demonstration Program.
Preservation Projects: Projects that are currently under a regulatory agreement with NCR or another
governmental agency to provide affordable housing to low-income individuals and/or families in order to
preserve the housing as a viable community housing resource.
Exhibit B-1 Request for Multifamily Finance 9% Programs Page 2 of 2
ATTACHMENT B-2
Project Narrative
HCR Multifamily Finance 9% LIHTC RFP — Fall 2023
Proiect Information
Regan Development Corporation is proposing Cortlandville Commons, an affordable residential
multifamily building with 68 dwelling units and some commercial space, to be developed on vacant real
property located at 968 New York State Route 13, Town of Cortlandville, Cortland County, State of New
York, 13045. Tax ID# 96.13-01-02.110,
Regan Development Corporation will form a single purpose New York limited liability company that will
develop and operate the property (the "LLC"). The LLC will consist of an investor member and a
managing member. A housing development fund company ("HDFC") will be established pursuant to
Section 402 of the New York State Not -For Profit Corporation Law and Article XI of the New York State
Private Housing Finance Law, which will hold a 1% ownership interest, the sole member of which will be
Springbrook NY Inc.
Nonprofit Partner Springbrook NY Inc. (Springbrook) was founded in 1925 and has a track record of
developing alternative housing options for persons with special needs. Springbrook is partner with the
Regan team on the very successful development in Johnson City (Century Sunrise Apartment) where two
old factory buildings were renovated to create 105 affordable apartments, with 26 units reserved for
persons with I/DD. Springbrook will offer a comprehensive package of housing related support services
for a minimum of eleven (11) housing units, with onsite support staff, and they have achieved a funding
award for the project from OPWDD under their Integrated Supportive Housing program.
o The project involves the new construction of a single four-story elevator building with 68 dwelling
units, including 27 one -bedroom apartments, 37 two -bedroom apartments, and 4 three -bedroom
apartments. This includes one two -bedroom apartment to be occupied by a live-in building
superintendent.
o The apartments will be affordable to individuals and families with a range of incomes up to 80
percent of the Area Median Income ("AMI") for Cortland County.
o Gross monthly basic rents range from $744 to $1,425. This includes a utility allowance of $62 per
month for one -bedroom units, $73 per month for two -bedroom units and $84 per month for
three -bedroom units.
o Linkage agreements to market the completed units at Cortlandville Commons have been executed
with the Cortland Housing Authority and Cortland Housing Assistance Council, Inc., two
organizations that operate and maintain Public Housing and Section 8/subsidized housing waiting
lists in Cortland County.
o All 68 dwelling units will be visitable and adaptable. Ten -units (10) will be built as fully accessible
and adapted for residents with mobility, hearing and/or vision impairments. Referrals and services
for the fully adapted units are through Springbrook, and the Cortland Housing Authority and
Cortland Housing Assistance Council, Inc. will also make referrals for fully accessible units.
o The project includes 6,148 square feet of non-residential space. Fresh Beginnings Childcare, Inc.
has signed a Letter of Intent to occupy the space at $5.00 per square foot and to operate a
children's daycare center.
II. Project Desien and Scooe of Work
The proposed building is a four-story structure with a building height of approximately 60 feet, in
compliance with the building code. The building design offers superior quality and condition with high
quality finishes and amenities, two elevators, community space within the building and outdoor spaces,
REGAN DEVELOPMENT CORPORATION I Cortlandville Commons 1 I P a g e
ATTACHMENT B-2
Project Narrative
HCR Multifamily Finance 9% LIHTC RFP — Fall 2023
all in compliance with the HCR Design Guidelines. Parking spaces will be provided on -site. The property
and building will be smoke -free and all units will have access to Broadband.
All 68 dwelling units will be visitable and adaptable. A total of 10-units will be built as fully accessible
and adapted for residents with mobility (7-units), hearing and or vision impairments (3-units). These
units will be non -segregated and appropriately scattered throughout the building. The projects
nonprofit partner, Springbrook, will make referrals to the project to fill the fully accessible and adapted
units and will make available the wide variety of services they offer to help ensure the Independence of
the residents.
The project will participate in the Clean Energy Initiative Program (CEI). The all -electric building will
utilize highly efficient air source heat pumps for heating, cooling, DHW and will feature ERVs forfresh
air. The project will qualify for Boost CEI incentive totaling $510,000. All owners and architects have not
completed a Passive House project. The project will certify to EPA Indoor aiPLUS which helps to improve
the home's indoor air quality by requiring construction practices and product specifications that
minimize exposure to airborne pollutants and contaminants, DOE Zero Energy Ready Home which
focuses on an energy efficient building that can easily accept on -site renewables to offset site energy. A
solar PV array will be installed on -site to offset site energy. Additional details and supporting
documentation including resiliency assessment are specified in the Green Summary Building Report.
The project will adopt new practices to common area spaces to improve sanitation and promote social
distancing. The public bathrooms will include touchless features, from the sink faucet and hands -free
soap dispenser to the wastebasket lid and the toilet flush.
III. Site Information
Site Control: A purchase and sale agreement has been executed and recently extended to move the
closing date to on or before July 15, 2025.
Zoning: A Zoning Variance was approved on July 18, 2022.
Local Planning Board Review: Planning Board approval was granted on July 18, 2022.
Environmental Site Assessment: The Phase I Environmental Site Assessment (ESA) dated October 10,
2023, prepared by PVE Engineering in conformance with ASTM standards concluded there were no
matters that require further investigation. The report confirms there is no evidence of recognized
environmental conditions on this vacant land, no evidence of controlled recognized environmental
conditions, no evidence of historical recognized environmental conditions, no evidence of de minimis
conditions, and no evidence of business environmental risks. The report reveals areas of miscellaneous
debris that will require removal. A copy of the report and conclusions are provided in Attachment E-3,
and all appendices are available upon request.
IV. Project Location and Market Information
The site is located on New York State Route 13 in the Town of Cortlandville, on a main transportation
linkage that connects the City of Cortland and Interstate 1-81. Route 13 is the direct link to the City of
Ithaca where there is a great concentration of employment options including at Cornell University. The
nearby City of Cortland has a DRI award from the State to promote investment in the area including
residential development. Base employers in the city include industrial and manufacturing uses on the
REGAN DEVELOPMENT CORPORATION I Cortlandville Commons 2( P a g e
ATTACHMENT B-2
Project Narrative
HCR Multifamily Finance 9% LIHTC RFP — Fall 2023
eastern end of the city near Route 11 and 1-81, and the hospital and SUNY Cortland. The SUNY Cortland
University is the area's largest employer and draws over 6,900 students from the surrounding counties
to the 191-acre campus which is northwest of the project site.
Cortlandville Commons will offer a mix of one, two, and three -bedroom apartments, at multiple rents
and Income tiers/bands allowing the development to properly target a mix of households and types that
are representative of the target market, workforce, and supportive housing for persons with I/DD. A
Market Study completed by Newmark Valuation & Advisory concludes there is support for the project
with the planned unit mix and rents and confirms there is a shortage of rental apartments available for
the local workforce. The study concluded that the inclusion of commercial space to offer daycare
services was an added favorable factor. The study indicates that 35% of local renters pay more than 35%
of their income on rent and that nearby affordable housing options have extensive waitlists with limited
turnover. The study also concluded that the concentration of commercial services in the immediate area
offer significant employment options and that the main transportation linkages into metro Ithaca by
accessible public transit provide numerous additional employment options. The Market Study reports a
weighted average capture rate of 2.62%, indicative of strong support for the project.
V. Project Financine Information
The construction financing includes a loan of $18,750,000 from 1PM Chase Bank, NA, $5,715,852 in
equity investment through the Federal Low-income Housing Tax Credit Program (LIHTC), $309,933 in
equity investment through the State Low-income Housing Credit Program (SLIHC), deferred reserves and
the deferral of more than 78% of the development fee.
Permanent project financing includes $11,456,703 in equity investment through LIHTC, $644,866 in
equity investment through SLIHC, $1,586,376 from OPWDD, a permanent loan of $8,070,000 from the
Housing Trust Fund Program (HTF), $901,236 from the Community Investment Fund (CIF), $2,905,169
from the Federal Housing Trust Fund (FHTF), $510,000 from the Clean Energy Incentive program (CIF), a
sponsor loan for the commercial space of $300,413 and deferred development fee of $575,289. The
total project cost is $26,950,052. The LIHTC/SLIHC investor is Regions Affordable Housing, LLC and their
proposed pay -in is approximately $0.8700 for LIHTC and $0.6700 for SLIHC.
PILOT: Regan Development will maintain Cortlandville Commons as affordable housing for at least 50
years. To provide a measure of certainty as to expenses, and to signify the communities full support for
the project, the Town of Cortlandville has agreed that all ad valorem tax (town, county, highway, school,
library, and special districts and including special assessments), commencing upon completion of the
project, will be factored at Section 581-A of the Real Property Tax Law.
VI. Development Team and Ownershio Information
Regan Development Corporation is a second -generation family -owned real estate development firm
that has been operating for over 30 years. Larry and Ken Regan have developed affordable housing and
commercial real estate in New York, New Jersey, and Connecticut. Their work varies depending on the
needs of the community and has included new construction, rehabilitation, and historic preservation,
and often contains units dedicated to house persons with special needs with supportive services
provided onsite.
Recently the Regan's developed Broad Street Commons (2019), a mixed -use affordable housing project
in the City of Glens Falls near the City's Downtown Revitalization target area, and Swinburne
REGAN DEVELOPMENT CORPORATION I Cortlandville Commons 3( P a g e
ATTACHMENT B-2
Project Narrative
HCR Multifamily Finance 9% LIHTC RFP — Fall 2023
Apartments, a special needs housing project in the City of Albany (2020). MacKenzie Overlook in Lake
Placid was recently completed. Other recent projects are reported in Exhibit A-3 including Niagara
Gateway Apartments (2018), which combined new construction with the preservation of the fayade of
the former Buffalo Milk Company building and Century Sunrise in Johnson City (2018), which involved
the rehabilitation of two long vacant industrial buildings near Binghamton University. The Regan's also
developed Homesteads on Ampersand Apartments (2015) in the Town of Plattsburgh. The Regan
Development Principals: Lawrence (Larry) Regan, President; Kenneth (Ken) Regan, Vice President;
Jeremy Regan and Gabe Regan.
Nonprofit Partner: Springbrook NY Inc. (Springbrook) has an established track record of providing a full
continuum of services and support for people with intellectual and developmental disabilities (I/DD).
Founded in 1925 as the Upstate Baptist Home for Children, Springbrook works with more than 1,000
individuals of all ages, employing nearly 1,200 teachers, therapists, nurses, behavior specialists, direct
support professionals, and ancillary staff. Springbrook uses a unique person -centered approach to
partner with clients, through which they define innovative, community -based services and support
options that enable each individual client to reach their goals. Springbrook has a track record of
developing alternative housing options for persons with special needs and is partner with the Regan
team on the very successful development in Johnson City (Century Sunrise Apartment) where two old
factory buildings were renovated to create 105 affordable apartments, with 26 units reserved for
persons with I/DD. Springbrook is a fiscally viable nonprofit with a strong connection to the community.
They will offer a comprehensive package of housing related support services with onsite support staff,
and they have achieved a funding award for the project from OPWDD under their Integrated Supportive
Housing program. The key members of the Springbrook Team working with Regan Development on
Cortlandville Commons are Thomas Maggs, Board President; Patricia Kennedy, CEO; Seth Haight, COO;
Kimberly Corbett, Director of Community Services; and Hank Lobb, Assistant Director of Community
Services.
Additional Members of the Development Team: Listed below are the external members of the Regan
Development Team who have worked together on numerous projects.
o Project Architect: AnthonyJ. (AJ) Coppola, Principal, Coppola Architectural PC
o Civil Engineer and Landscape Architecture: Jamie Easton, PE, EP Land Services LLC
o Sustainability & Performance Benchmarking: Alex Fox, Sustainable Comfort, Inc.
o General Contractor: Peter B. Marx, President, U.W. Marx Construction Company
o Attorney: ChristopherJ. Babcock, Partner, Cannon, Heyman & Weiss, LLP
o Management Agent: Sandra E. (Sandy) Cipollone, Senior Vice President, Michaels Management -
Affordable, LLC
o Affordable Housing Planner and Consultant: Judy Calogero, President, Calogero Partners, LLC
VI. DeveloomentTimeline
All public approvals are in place for Cortlandville Commons except for building permits, which will be
issued just prior to the start of construction. The Regan Development Team will be in position to close
on construction financing as soon as possible and preferably by or before September 2024. Based on
this plan, initial occupancy would begin in December 2025.
REGAN DEVELOPMENT CORPORATION I Cortlandville Commons 4 1 P a g e
Fall 2023
Regan Development Corporation
Cortlandville Commons
EXHIBIT B-3: PROJECT SUMMARY
- - -
!Complete this form to describe the project as a whole unless otherwise spedfled. Thesummarybelow must be cansinentwlCh the rest otthe application.
Project Type (select all that apply) Protect Use select all that ap ly) Is the project Su ect to:
O New con.Wctlon ❑AdaptNe Reuse ❑P... atlon 121Residential Davis -Bacon wage rat es] No
❑Public Housing ❑Senior Housing L] Supportive H...Ing
0 commvnity(Serdce) Facility Section 3 requirements] Ves
❑Gvic Section 504 requirements7 No
❑ Oeeupled Mosbilitadon Ej Commeaial
Does the project include multiple sites?I Ro I
Does the site Include multiple buildings?I No
Building Address: 1968 NYS Route 13 If the project includes multiple sites or buildings, complete
Town of Cortlandville, NV 13045 Exhibit B-3a: Multiple Sites and/or Buildings.
Building Section / Borough: 196.13 _
Building Block:101
Building Lot:102.110
Building Geographic Coordinates: Latitude: 42.578890
(provide 6decimal places) Longitude:-76.210510
County: Cortland
Municipality: ITown of Cortlandville, NY
Districts and Representatives:
State Assembly: 125-Anna Kelles I
State Senate:52 - Lea Webb j
Congressional: 122 - Brandon W it llams
Community Board (NYC Only):I N/A
HUD QCR No
HUD DDA2 No
Housing Opportunity Census Tract? No L
Qualified Opportunity Zone? No
CHDO Eligible? No {
An,,,ahar enorial nrniprt lnrality desienationisi: Cortland Is L community _
Is the project... Communities under Court Order/Court Decision
located in a Rood plain area? No Is the project located in a community in which a court decision or
located in a waterfront revitalization area? No court -ordered plan to address desegregation or remedy a violation of
located in or adjacent to a coastal area? No I law has been issued? No
eligible for/listed in the National Re�Ister of Historic P aces? No if yes, attach evidence that the proposedpro/ect is consistent with such court decision
if yes to anyofthe above, a[tac adescription. or courtenteredplan.
I —I I
Exhibit B-3 Project Summary Page 1 of 3
Fall 2023
Regal.
Exhihlt 8-3 Project Summary Page 2 of 3
Fall 2023
Regan Development Corporation
Cortlandville Commons
Units and Square Footages
Include all units In the protect, regardless of funding source.
sI
Project)
#of Existing
Units
#of New
Total#of Total Usable %of Total
.J'Entire
Units
68
Units SF (by SF)
78,186 93%
-1 Community rooms: For the exclusive use of the residential tenants.
Residential Dwellings
Community Rooms
1
0%1
Residential Common S�ace
1 0%] Community Service Facility: Not for the exclusive use of residential tenants.
Community Service Facility
0%I Civic space: Non-residential, non-commercial space used for activities engaged
Civic Space
in
Commercial Space
1
6,148 7%
0%
Enclosed Parking (if applicable)
Other
0
# of existing buildings on the project site(S) at the time of application submission: u ncmer v ry
Describe the use(s) of and existing buildings on the site at the time of application submission:
not applicable, vacant land
Describe any existing accessory structures, recreational facilities, and parking on the site at the time of application submission:
not applicable, vacant land
I is the project occupied at the time of application submission? No
# of occupied residential units:
# of occupied non-residential units:
Will relocation of tenants be necessary?
How many? Residential:
Has this project previously received DHCR/HTFC funding?) No SHARS ID number(s):
Has the project ever been under the supervision
of DHCR Housing Operations?) No
Original name of the project, if different from the
project name proposed in this application:
Supervision Start Date: Supervision End Date:
DHCR Contact: Project Contact:
Has an application previously been submitted to DHCR/HTFC for this project?
No
Month and year of submission(s)/Project ID if known: IN/A
Project name(s) previously submitted under:I N/A
Exhibit B-3 Project Summary Page 3 of 3
Project Name: Cortlandville Commons
Applicant: Regan Development Corporation
Project County: Cortland County
(SUMMARY
Total Units
Total LIHTC Units
Income Mix:
20%'
30%
40%
50%
60%
70%
80%
90%
[ Over
90%
Studios
lone -Bedrooms
Two -Bedrooms
Three -Bedrooms
Four -Bedrooms
Five -Bedrooms
[Residential Gross Square Footage
Community Service Facility Gross Square Footage
Other Non-residential Gross Square Footage
Parking Spaces
Total Project Income
Residential Vacancy Rate
ICSF Vacancy Rate
Other Non-residential Vacancy Rate
CSF + Non -Residential Income as % of Total
ITotalExpenses
Net Operating Income
Total Construction Term
l Income to Expense Year 1
I DSCR Year 1
Residential Income Inflation
Operating Expense Inflation (Excluding Mgmt. Fee)
Management Fee Expense Inflation
Net Cash Flow 15 Years
INA
LIHTC Equity
ISLIHC Equity
IOPWDD
NYS HTFC- HOUSING TRUST FUND
NYS HTFC - COMMUNITY INVESTMENT FUND
NYS HTFC - FEDERAL HOUSING TRUST FUND
NYS HTFC - CLEAN ENERGY INCENTIVE
SPONSOR COMMERCIAL LOAN
DEFERRED DEVELOPMENT FEE
61 r
I
lAcquisition
Construction Costs
Soft Costs
Reserves & Escrow
Developer Fee
Total Development Costs
Total Residential Development Costs
Amount
68
67
14
2
4
40
7
27
36
4
79,955
6,276
796,652
628,167
127,115
24
1.11
731,926
11,456,703
644,866
1,586,376
8,070,000
901,236
2,905,169
510,000
300,413
575,289
26,950,053
25,748,404
Percentage
98.53%
0.00%
20.90°�
2.99%
5.97%
59.70%
0.00%
10.45%
0.00%
0.00./
0.00%
39.71%
52.94%
5.88%
0.00%
0.00%
Per Unit
1
1
I
1,176
11,715 1
5.00% I
10.00%
10.00%
5.199�
9,238 I
1,869
1
1
2.00% I
3.00% I
2.00%
10,7641
0.00% #REFI I
42.51% #REFI
2.39% #REFI I
5.89% #REFI
29.94% #REFI
3.34% #REFI
10.78% #REFI
1.89% #REFI I
1.11% #REFI 1
2.13% #REFI 1
0.00% #REFI I
0.00% #REFI I
0.00% #REFI I
0.00% #REFI I
0.00% #REF! I
1.30% #REFI I
72.06% #REFI 1
16.33% #REFI I
0.78% #REFI I
9.549'. #REF! I
396,3241
378,653 I
671
500.00%1
67