The Winning Combination:
Links + Non Profit Owners
The current non-profit owner remains in place after refinancing and rehabilitation. There is no dilution of ownership interest — unlike the Low Income Housing Tax Credit structure
. Nonprofit owners are empowered via active participation in every development decision and the non profit, not the investor, receives development fee.
Pre-Development Costs and Technical Assistance
Links helps the Board identify design and construction firms that assume all of the architectural and design costs pre closing. Owners incur minimal out of pocket expense pre closing costs -$20k per project. These funds are advanced from project’s reserve for replacement account and are paid back into that account at closing.
Links provides all of the technical assistance required during the creation of the development and financing plan including weekly meetings with the Board. Links remains actively involved with the job after it closes, helping to resolve any problems that arise after construction starts.
Gibson Plaza: Multiple Financing Sources Help Provide Maximum Leverage of Public Resources
Gibson was built as a Section 236 project in 1973 and the affordability restrictions would have lapsed in 2013. The new financing structure extends affordability protections for an additional 40 years.
Links created a multiple source financing package for Gibson: Private Funds: $22,301,800 loan from Links with HUD insurance via the 221(d)(3) program, District of Columbia Housing Authority: $6,879,083 replacement factor funds and 20 Project based vouchers, HUD Green Retrofit: $2,047,333 District of Columbia Weatherization Program: $1,100,000 from the and Washington Gas: $500,000.
District Weatherization funds also secured by Links for Asbury Dwellings $800,000 and Allen House: $400,000.
No residents displaced. Project funding includes $1.4 million that pays for temporary relocation and a rent subsidy for residents who will not receive Section 8 or Public Housing Assistance.
Construction takes place two floors at a time so most residents remain in place while the $96,700 per unit rehabilitation takes place.
Gibson was built as a 236 project in 1973 and the affordability restrictions could lapse in 2013. The new financing structure includes new 40-year affordability protections for current and future low- and moderate-income families.
The new Gibson will maintain its income and ethnic diversity and expand opportunities for disabled families with 33 units meeting Uniform Federal Accessibility Standards (UFAS) standards and a new handicapped-accessible elevator. Income Levels: Annual Household incomes range from $1,000 to $60,000.
Age and Ethnicity:
65% African American
After five failed redevelopment attempts, Gibson Plaza, with Links Mortgage, went from pre-development to closed loan in 18 months. Asbury Dwellings from predevelopment to construction complete in 26 months.
"Green" Energy Efficiency
Gibson Plaza aims for certification in the Leadership in Energy and Environmental Design (LEED)
program when complete: Including solar assisted hot water, energy star roof and windows and the first Washington Gas all-gas multifamily property in the Nation's Capital.