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North Commons-TCB-affordable housing-details,· -·~ ~) THEC"MMUNITY BvlLDERS October 31, 2019 Undersecretary Janelle Chan Department of Housing and Community Development 100 Cambridge Street, Suite 300 Boston, MA 02114 RE: North Commons at Village Hill (Northampton, MA) Dear Undersecretary Chan: 185 DARTMOUTH STREET BOSTON, MA 02116 p. 617.695.9595 TCBINC.ORG The Community Builders, Inc. (TCB), in partnership with Valley Community Development Corporation (Valley CDC), is pleased to submit this application requesting $707,792 in Annual 9% Federal Low Income Housing Tax Credits, $700,000 in Massachusetts State Housing Tax Credits, and $4.66MM in State loan sources to support the new construction of North Commons at Village Hill, a 53-unit mixed- income (LIHTC/Workforce) multifamily building at the Village Hill campus in Northampton, Massachusetts. Although we are applying for the resources identified, TCB is open to discussing any other source-packages from the State that would support the project. Village Hill is a public/private redevelopment of the former Northampton State Hospital. In the past two decades, the campus has transformed into a vibrant community of predominantly high-end single-family residences. With DHCD's support, TCB was the first to develop on the site: Hilltop Apartments (2005), rehabilitation of two historic dormitories into 33 new units; and Hillside Place (2007), new construction of 40 units across six buildings. Both projects are supported by LIHTC with a small percentage of market- rate units, which are in high demand. Because of these existing 73 units under management at Village Hill, TCB is in a unique position to efficiently manage the proposed new 53-unit building. Together with 35 Village Hill Road (a 12-unit rental building also at Village Hill, now under construction and financed by DHCD's Community Scale Housing Initiative round), we will nearly double the number of TCB-owned and managed units at the Village Hill campus. With North Commons, we have designed a multifamily building that meets TCB's and DHCD's shared sustainability goals and takes it to the next level of efficiency: the Passive House standard. This ambitious design will result in superior comfort and indoor air quality, reduced space heating, and increased durability. The project has been recognized by the Massachusetts Clean Energy Center with a Passive House Design Challenge award, which will help support the cost of design and construction to the standard. The L-shaped building will define the northern edge of the campus, and also features a significant amount of open space including a playground, walk paths, and flat, green lawn space for the benefit of building occupants as well as,the larger Village Hill community. In addition, approximately 20 acres of undeveloped land surrounding the North Commons site to the north and west and adjacent to the Mill River will be preserved through a conservation restriction with the City of Northampton. The market response to living at Village Hill has been strong. Northampton buyers are paying a premium for the location and for the opportunity to live in energy efficient, new construction for-sale homes. In North Commons we propose to re-balance the economic diversity of household types at Village Hill by building more high quality LIHTC units as well as Workforce rental units to serve families and individuals with a broad range of incomes from 30% to 120% AMI. The strategic balance of this proposed model ( ) C) ) ) ../ moves one step closer to the original vision of Village Hill as a true mixed-income community providing a wide range of housing choices. Complementing and completing the residential campus, a new co- housing community will be nestled in the northwest corner of the site, immediately adjacent to North Commons. After years of planning, Village Hill CoHousing is now under construction, as are five new single-family homes in front of the North Commons site, which were planned in coordination with MassDevelopment, to support the transition from single-family homes back to multifamily development at the northern edge of the Village Hill campus. The City of Northampton has been an enthusiastic partner in fostering greater economic diversity at Village Hill. Municipal support for North Commons includes streamlined permitting at higher density within a 40R Smart Growth Overlay District that the City added specifically to accommodate the project. The project has a financial commitment of $150,000 in local CDBG funds, and the Community Preservation Commission is in the process of evaluating TCB's request for $250,000, which if funded would more than double the CPC's earlier commitment to the smaller project, 35 Village Hill Road. Most notably, the City of Northampton, working closely with TCB, submitted an application for $950,000 in MassWorks funding to support the infrastructure work at Village Hill which is required in order for the project to proceed. With MassWorks funding in hand, the infrastructure project can be in construction in the spring and summer of 2020 just prior to the housing project commencing, assuming that the funds requested in this application are awarded. The timing of the MassWorks round aligns well with, and strongly supports, the advancement of North Commons. In addition to the City's partnership, there is strong support, high engagement, and community fundraising from the Village Hill Residents Association for new site amenities which will be shared across the community. Our experienced development team has a demonstrated track record of success working together, and in Northampton, and at Village Hill. We successfully completed a rigorous design review with MassDevelopment, and we understand the needs of existing Village Hill owners and residents, which has and will continue to guide our development process. While so many affordable housing projects across the Commonwealth are met with opposition from neighbors and abutters, we are extremely fortunate to have strong and active support from Village Hill residents through the Village Hill Residents Association. North Commons and the 12-unit 35 Village Hill Road building were initially designed and permitted at the same time. Now 35 Village Hill Road is beginning construction this fall; and North Commons is ready to proceed with site plan approvals in hand, MassWorks and Passive House awards, design documents advanced to a 90% level and estimated by the same general contractor who TCB selected for the 35 Village Hill construction. We look forward to working with DHCD and other partners to finance and close North Commons and advance it into its construction phase. TCB, together with Valley CDC, is extremely grateful for the opportunity to submit North Commons at Village Hill for DHCD's consideration in the 2019 mini-round. Thank you very much for your review and consideration. Sincerely, ~-ey _Rachana Crowley t/ Regional Development Manager ~m~ Executive Director The Community Builders, Inc. Valley Community Development Corporation THE COMMUNIT Y BUILDERS I 2 ) \ ) THEC"MMUNITY BvlLDERS PROJECT NARRATIVE 185 DARTMOUTH STREET BOSTON, MA 02116 P. 617.695.9595 TCBINC.ORG The Community Builders, Inc. ("TCB"), together with Valley Community Development Corporation, seeks support for a 53-unit mixed-income, new construction passive house multifamily building on the Village Hill campus in Northampton, Massachusetts. Known as North Commons, the project aligns with the Baker-Polito Administration goal of creating mixed-income housing throughout the Commonwealth, and completes over two decades of visioning and planning efforts by the City and State for this site. Situated above downtown Northampton with scenic views, and adjacent to the Smith College equestrian fields, Village Hill is a 126-acre public/private redevelopment of a former mental health hospital de- commissioned in the 1990's as part of the Commonwealth's Surplus Property Program. Over the past 20 years, the site has transformed into a community of predominantly market rate, high-end single-family and condominium homes. TCB's development proposal consists of 53 multifamily rental units in an L-shaped building defining the northern edge of the campus. The building has been designed to meet Passive House standards, exceeding the high green standard already set at Village Hill. This large multi-family building also features a significant amount of open space including a playground, walk paths, and flat, green lawn space for the benefit of building occupants as well as the larger Village Hill community. In addition, approximately 20 acres of undeveloped land surrounding the North Commons site to the north and west and adjacent to the Mill River will be preserved through a conservation restriction with the City of Northampton. The addition of these 53 mixed-income rental units at Village Hill will also complement the wide range of economic diversity within this planned community. TCB was the original master developer at Village Hill completing 73 units of affordable rental housing in two Low Income Housing Tax Credit projects as part of the first phase of redevelopment of the campus. With North Commons and the smaller building at 35 Village Hill Road , TCB will near double the number of units owned and managed on the campus, creating operating efficiencies that allow us to increase our private debt financing to help fund these new buildings. A new TCB management suite in 35 Village Hill Road will be more accessible to residents and the public. As MassDevelopment nears the end of its responsibility as steward of Village Hill , TCB feels that as the largest property owner and manager on the campus , it is even more important for our organization to improve our access and visibility to serve the entire campus and its multiple landowner associations. Along the same lines , TCB is partnering with Valley CDC on this project. Valley CDC's roles are as co- sponsor and community liaison. One critical aspect of the project is the inclusion of workforce housing rental units affordable to families up to 120% AMI. We propose 14 units or 25 % of the building for workfo rce , with unit sizes skewed to smaller households in response to market demands. For over two decades, MassDevelopment and the City of Northampton have been balancing the need to redevelop the campus with the goals of the City for this important site. The City envisions a campus that can serve a very wide range of incomes and provide a variety of housing solutions . The site includes an assisted living rental development, both affordable and market; LIHTC rental units ; and many market for-sale options including new construction and rehab condominiums , duplexes , zero-lot line single family , and high end single family homes valued at over $1 M. A new co-housing community , adjacent to North Commons , is now under development. The one missing component , not only for Village Hill but in the City of Northampto n, is new construction moderate-income rental housing . As a small city with a major institution (Smith College), increased student demand has limited the availability of existing apartments and pushed rents to levels that are unattainable for most middle-income households in Northampton. The challenge to developing new construction rental housing to serve this population is supporting the cost of new construction given the () ) limited rents in Western Massachusetts. MassHousing's workforce funds help provide the necessary ) THE COMMUN IT Y BU I LDERS I 2 ) _/ subsidy to help offset this gap and support the cost of construction. The Massachusetts Clean Energy Center's Passive House Design Challenge Award, funded earlier this year, also helps to support design and construction costs associated with the work proposed. At the same time, both TCB and Valley CDC see the ongoing need for high quality, low cost, rental housing serving families and individuals at 60% AMI and lower, including those with little or no income. Valley CDC's recent experience at the lottery for the Lumberyard reflected a demand of over 8 to1 for affordable units. This outcome shows that there continues to be unmet needs for ELI households that are not being adequately addressed by the housing supply in Northampton. Twelve units out of 53 (22%) will be reserved for households earning less than 30% AMI. Of those, TCB proposes to set aside 4 units as Community Based Housing (CBH) units, targeting persons with disabilities. TCB proposes to set aside 8 units (15%) as Facilities Consolidation Fund (FCF) units, targeting clients of the Department of Mental Health. This set aside is particularly important given the original requirements set by the Commonwealth in Chapter 86 which addresses the decommissioning of the Northampton State Hospital. In the Decommissioning Act, the Commonwealth requires that, to the extent feasible, all housing constructed at Village Hill meet a 15% requirement to house DMH clients. Due to the decision to pursue more market rate homeownership development opportunities, that 15% set aside has not been fully met on-site and so it is even more important that the final two residential developments honor this mandate. A resident services coordinator staff position will be supported by all of TCB's Village Hill operating properties, including North Commons (144 units in all). The project soared through local approval in January, 2018, and since then, TCB has worked with Davis Square Architects and Steven Winter Associates to advance the design of the building as a passive house, to 90% Construction Documents. The set has been estimated at different stages of design as it has progressed, with early estimates informing and impacting final design decisions. The construction pricing included in this application, and based on the 90% set, was done by Western Builders, who is the general contractor for 35 Village Hill Road, and whose vertical pricing is in alignment with that small building now entering construction. The high-cost drivers at North Commons are infrastructure and site work elements, which include initiatives by the City of Northampton such as completion of the trail system in the wooded areas surrounding the main building. To support the project, the City of Northampton, working in connection with TCB, submitted a MassWorks application in August, 2019 for $950,000 to support this infrastructure build-out. The funding under MassWorks is essential to the project moving forward and as of October, 2019, we understand the funding award to be favorably announced within the next few weeks. With the grant proceeds, TCB and the City plan to build the Village Hill infrastructure during the spring and summer 2020 construction season, to be completed approximately when the housing project would commence, assuming that North Commons is awarded the funds requested in this application. TCB proposes that this infrastructure project be off-line Simultaneous to the infrastructure work, the 35 Village Hill Road project is closing and we expect will complete construction also in late summer 2020, with support from DHCD and MassHousing's Community Scale Housing Initiative. With 35 Village Hill Road underway, and the MassWorks awarded to support the infrastructure construction at Village Hill, we are excited to bring this highly-ready, ambitious family production project forward to DHCD for consideration in the 2019 mini-round, and thrilled to be culminating the decades of visioning, planning, and work that has become Village Hill. THE COMMUNITY BUILDERS I 3 History of Village Hill The Commonwealth of Massachusetts and the City of Northampton spent ove r two decades collaborating on a plan to redevelop the Northampton State Hospital. From its inception in the 1850s until the last patients departed in 1993 , the Northampton State () Hospital was a major treatment ~T-;.,. -..-.. ~ ) center for the mentally ill. At its · 'u ~l ~ ; ll _-,. ,!>#• ..t: peak , the campus consisted of • '11 ~ -" " :::P* · -.A - 538 acres of land and approximately 970 ,000 square feet of buildings , housed app roximately 2 ,000 patients , and employed some 500 pe rsons. Following the closure of the facility , the City of Northampton and the Commonwealth sought to determine how the site and its buildings might best be reused. The final closure of the facility took place over a twelve-year period. In 1981 , the closure began with the shutdown of the Old Main complex . At that time , the City , the Department of Mental Health , and the Commonwealth Division of Capital Asset Management (formerly known as the Division of Capital Planning and Operations) started exam ining the future of surplus land and buildings at the State Hospital campus . During an extensive public process many alternatives were considered . These included a no build scenario , a mixed-use village on the historical campus , a new jail , a recreation area , suburban style housing , and a combination of open space and industrial developmen t on the agricultural parcels . The planning process became more complex as additional facilities and uses on the site were closed. TH E COMMUN ITY BU I LD E RS I 4 ) 1· ) J By 1993, the closure of the facility was nearly complete as the last patients departed. At that time, the City of Northampton developed a concept of a planned village program for the site. Through legislative initiative (Chapter 86 of 1994), reuse planning proceeded with the establishment of a Citizens Advisory Committee, evaluation of historic issues , implementation of site cleanup requirements , and master planning. In 1995 , a Memorandum of Agreement was entered into with the Massachusetts Historic Commission, providing for a sequenced evaluation of reuse opportunities prior to any demolition taking place. Opportunities for the conveyance of peripheral lands to be used for agricultural, recreational, conservation, affordable housing , and municipal purposes were identified, and a process for the transfer of the remaining land (126 acres) and approximately 880 ,000 square feet of building space to a private developer or developers was laid out by the Department of Capital Asset Management and by the Northampton Citizens Advisory Committee. In October of 1997, The Commonwealth of Massachusetts, through the Department of Capital Asset Management , issued a Request for Proposals for a Master Plan to redevelop the primary campus. The RFP was developed with the input and approval of the Citizens Advisory Committee. The committee 's members represented various local agencies and organizations including the City of Northampton, the Chamber of Commerce ; Northampton Housing Partnership, and the Labor Council; as well as representatives from the Route 10, Route 66 and Grove Street Neighborhood Associations; Valley Community Development Corporation; Alliance for the Mentally Ill ; Franklin/Hampshire Private Industry Council; the Industrial Affairs Council ; and the Department of Mental Health. The Citizens Advisory Committee was chaired by the Mayor of Northampton . The goals for the redevelopment included in the RFP included the following : Job Creation and Economic Growth , Mixed- Income Housing, Jobs and Housing for Clients of DMH , Historic Preservation , Open Space Preservation , and Community Participation. TH E COMMUNITY BUILDERS I 5 A redevelopment team led by The Community Builders was selected through the competitive RFP process . Working with the Citizens Advisory Committee , the City of Northampton , and state officials , TCB developed a master plan that was accepted as the basis for redevelopment of the campus. There have been several iterations of the master plan since the original one was developed , but all plans have included over 200 residential units , approximately 50 % of which were envisioned as single-family residences and other 50 % multifamily. The plans have always called for an assisted liv ing fac ility , which became reality when Christopher Heights opened its doors in 2016. An important piece of the original master plan was a desire for a mixed-income community , where approximate ly fifty percent of the residential units were designated as affordable . With DHCD 's assistance , in 2005 , TCB constructed Hilltop Apartments , a 33 unit rehabilitation of two historically significant dormitories near the site 's entrance. TCB completed construction of an additional 40 units across six new construction buildings known as Hillside Place in 2007 . It was not until the Christopher Heights assisted living project in 2016 that any additional affordable units were built. Between 2008 and 201 1, high end single- family market rate homes were available for purchase but the market was slow to respond ; the average sales prices were well above the average housing cost for the City of Northampton as a whole . In the past seven years , t he market has flou rished at Village Hill and the re are now a wide variety of market- rate ownership options including duplexes ; flat condominiums , both rehab and new; townhouse style condominiums , zero-lot line single fami ly homes , and high end single - family market rate homes that are valued over $1 million. To the average resident of Northampton, the site has become "exclusive" and unaffordable , departing from the original vision of the site as being accessib le to al l. I / I ;>/ I / \ ·~"' tJ ·--~r ....... HI ••I ~ THE COM M UNIT Y BUILDERS I 6 ~/ I l/ /1 I I ti /1 ~ ; ( ~) ) ) l J J North Commons at Village Hill As described above , North Commons will be an L-shaped apartment building located in the northwest corner of the flat area of Lot 13A, which is the very top of Village Hill. It is well set-back on the site and will be visually tucked behind a row of five new single- family homes now under construction (by others) along Ford Crossing . This building is a 3-story , craftsman style , wood frame structure similar in height to other multi-unit apartment buildings at Village Hill , such as Hilltop Apartments , Hillside View and Christopher Heights. This L- shaped building will contain 53 residential units and will be serviced by an elevator. The architectural style will be similar to existing multi-family properties at Village Hill , including articulated facades and varied siding patterns. The exterior color palette will be in keeping with neighboring properties in Beechwood and Northview Homes. The main parking area for the building is tucked behind the building when viewed from Ford Crossing or from the proposed extension to Olander Drive. This placement allows direct access between residential units and sidewalks and minimizes the visual impact of cars on the site. Ample sidewalks and pathways are included to connect the buildings within this site , as well as between this site and other Village Hill neighborhoods. Sustainable Design Features The development team is dedicated to providing new alternatives fo r both energy production and consumpt ion control to assist in ultimately lowering ene rgy costs to our residents , wh ile promoting environmentally responsible and sustainable communities . It has been ou r goal to develop a residential community that conforms to appropriate sustainable construction principles -promoting health , efficiency and long-term affordability for our residents. Our architect , Davis Square Architects , Inc. ("DSA "), shares a desire to con tr ibute to the built envi ron ment in positive ways , by c arefully designing so as to minimize infrastructure costs , reduce the built footprint and maximize open space. Implementi ng smart growth principals and designing for sustainability are high priorities on all of DSA 's projects . THE COMMUNITY BUI L DERS J 7 ,, 0-i¥.,!'~--- F"-1 •• ~J.'------ ~~lb----- We followed this philosophy throughout our planning and design process, and have pursued a design of the building to meet passive house certification standards. Steven Winter Associates, TCB's energy (-') consultant for this project, has confirmed that the project will meet all of the requirements for certification .) by the Passive House Institute U.S. (PHIUS) according to the PHIUS+ standard. The PHIUS+ standard requires the project to meet five energy metrics, as well as an airtightness metric. The requirements are · summarized in the table below, along with what the project is scheduled to meet. Criteria for Certification PHIUS+ Requirement North Commons Proposed Design Space Heating Demand (kBTU/ft2*yr) s 6.2 2.84 Space Cooling Demand (kBTU/ft2*yr) s 2.4 0.88 Space Heating Load (BTU/hr*ft2*yr) s 4.8 2.81 Space Cooling Load (BTU/hr*ft2*yr) s 4.2 2.53 Primary Energy (kWh/person/yr) s 6,200 5,640 Pressurized Airtightness (CFM50/ft2) s 0.05 0.05 In addition to these energy metrics, the project also incorporates the following green features: • Sustainable and green materials such as fiber-cement siding, low VOC interior finishes, and natural flooring materials. • Energy Star appliances and lighting • Native, non-invasive, drought tolerant plant species have been specified for landscaping. THE COMMUNITY BUILDERS I 8 ' ) -~ ) • Additional items are noted in Exhibit 12.5 Sustainability Finally, by developing on less than 20% of the site (-5 acres of the overall -33 acre site), our plan minimizes the impervious area required while maximizing density to the residential number that MassDevelopment and the City of Northampton have approved for the site. This horizontal efficiency creates both programmable and undeveloped open space , and also creates efficiency in the time needed for build-out compared to earlier site plans which called for single-family development at this location. Open Space Features The center green featured in the site plan attached is over half an acre and offers level , recreational space that can be enjoyed by all residents at Village Hill , including opportunities for bicycle riding around the loop, soccer games, and large community gatherings in the summer. The center green is large enough to accommodate these open recreational uses and still allow for a playground, benches, additional trees and gardens, walk paths, and a proposed pavilion which is garnering fundraising support from the Village Hill Residents Association. This open space amenity - a large , level , grassy area -is not currently offered at Village Hill. While there are other parks within Village Hill, most notably Beech Tree Park , the sloping grade of the park limits its use for active recreation. FUNDAMENTAL PROJECT CHARACTERISTICS A. Financial Feasibility All financing sources have been identified for this project sufficient to cover development and operating costs. The financing assumptions and letters of interest are provided in exhibits to this application. 15% Set-Aside Units for Clients of the Department of Mental Health As highlighted elsewhere in the application, TCB proposes to set aside 8 of the 53 total units (or 15%) as Facilities Consolidation Fund units , reserving housing for clients of the Department of Mental Health ("DMH"). This is a requirement of the Commonwealth per Chapter 86, which is an Act Providing For The Disposition Of Certain Property At Northampton State Hospital. In its Section 2: SECTION 2. It shall be the policy of the Commonwealth to stimulate the reuse of Northampton State Hospital in an effort to create jobs and new economic opportunities in the Northampton area_ Further, the policy of the Commonwealth shall be, to the maximum extent feasible , to promote a mix of low income , affordable and market rate housing on the site, up to fifteen percent of which will be prioritized for clients of the department within region one to be funded and developed under the provisions of chapter fifty-two of the acts of nineteen hundred and ninety-three. Resident services will be supported by all of the ope rat ions associated with the Village Hill development (totaling 144 rental units). In furtherance of the Commonwealth's priorities and the long-standing importance of DMH housing at Village Hill , TCB requests special consideration from DHCD for the $1.5M THE COMMUNIT Y BUILDERS I 9 request in FCF funds, above the typical program cap, to support the construction of these units. TCB is also requesting 8 MRVP vouchers to support the 8 units. Cost Limits North Commons is a production project outside Boston in an urban area with large units. DHCD's recommended cost limits for this category of project are $379,000 per unit. North Commons total development costs is $379,672 per unit, closely aligned to DHCD's metrics for this type of project. There is a modest uptick to construction and soft costs in order for the project to be designed to passive house standards. At the current pricing, TCB estimates that the TDC has increased approximately 3% above a typical new construction project. This investment has a huge impact in anticipated reduction in energy consumption and utility costs over the life of the project, and the award from Mass CEC helps to offset the modest capital costs needed. B. Design The design of North Commons will conform to all applicable laws, regulations and codes, including design guidelines that govern all development on the campus. While in concept phase, TCB and our design team worked closely with MassDevelopment on a rigorous design review process which was coordinated and streamlined and has informed the North Commons design that is included in this application. Other key stakeholders including owners and property abutters at Village Hill, the Northampton Housing Partnership, and the City Planning staff and board have been informed throughout the process and provided an opportunity for comment. As to DHCD's criteria: • All units will be designed to meet universal design criteria. • The architectural treatment of this building as craftsman style is contextually appropriate, informed by adjacent buildings and uses, and is well-vetted by MassDevelopment, the City of Northampton, and the Village Hill Neighborhood Association. It meets the high standard of aesthetics established at the site. • The proposed amenities are ample and appropriate for the target population and fully embraces universal design concepts. There is shared laundry, programming for package delivery, and fully accessible routes into the site and the building. The playground and open lawn space will be a marketing feature for residents of North Commons and other properties at Village Hill. • The top sustainability priorities of this building are: o A highly insulated building envelope designed to meet Passive House standards o Continuous ventilation system designed to meet Passive House standards o An airtight building envelope, which will be 5-1 O times tighter than typical new construction o Minimized heating loads -approximately 25% of the typical requirements for heating new construction o Thermal bridge free design and construction o Energy Star rated appliances o LED lighting o A rooftop mounted PV system o High quality double pane windows THE COMMUNITY BUILDERS I 10 -\ ) ) ', .) "--- ) ... _/ o Low VOC sealants, adhesives, paints and finishes; o A covered bicycle storage area near the rear entrance for safe, convenient storage. • TCB will meet the code requirement for interior CO detectors. • Commissioning and envelope testing are included in the Owner's budget. • Estimating with 90% Construction Documents has been provided by Western Builders, who is the general contractor selected via a competitive RFP process for 35 Village Hill Road. The Owner may consider a negotiated bid process with Western for North Commons if it proves beneficial to the project and if allowed by regulation. • All cabling and networking will meet DHCD standards. The primary access road to the building and the utilities will need to be constructed as part of the project. The CoHousing developer is working with TCB, MassDevelopment, and Berskhire Design Group, who is the civil and landscape architect for both projects, to begin construction of the roadway in to the project, as their construction is ahead of North Commons. The North Commons project budget will reimburse MassDevelopment and the CoHousing developer for its share of the common roadway and infrastructure, including stormwater. An easement agreement has been executed amongst the parties. The remainder of the road will be constructed by TCB and the City of Northampton, who worked together to submit an application for MassWorks funding in August, 2019. As of late October, we were informed that the MassWorks application will be funded which will allow TCB and the City would build the infrastructure during the spring and summer 2020 construction season, to be completed approximately when the housing project would commence, assuming that North Commons is awarded the funds requested in this application. C. Development Team The development team assembled for North Commons has extensive local knowledge and experience, including deep experience developing on this same site, as well as a strong, proven track record of permitting, financing, and executing projects of the proposed scale and complexity. D. Marketability By providing LIHTC units affordable to households at 60% AMI as well as workforce housing rental units with income limits up to 120% AMI, our proposed development will make rental housing at Village Hill available to almost all Northampton renter households. Moderate-income AMI limits are: Table 3. 120% AMI Income Limits Household Size 120% AMI Income Limit 1 Person $69,000 2 People $78,900 3 People $88,725 4 People $98,550 THE COMMUNITY BUILDERS I 11 The median household income for renter-occupied units in Northampton is $33,402 (as compared with $84,950 for owner-occupied units), with the majority of renter households earning between $25,000 and $99,999, a great fit for the workforce housing income limits (Census 2015 ACS). All fourteen of the workforce units in this building are small -studio and one-bedroom units -matching closely to the profile of renter households in Northampton -48.5% are one-person households; and 30.8% are two-person households (Census 2015 ACS). A market study prepared by Newmark Knight Frank is included in Exhibit 3. E. Readiness to Proceed TCB is in a position to close North Commons within 5 months if awarded the funding requested in this application. The timeline for the project thus far has been efficiently managed, with the following milestones achieved within the past 30 months since TCB first submitted an offer letter to MassDevelopment: • The Northampton Planning Board granted site plan approval. • A Land Disposition Agreement was executed for Lots 20-A and 13-A. • The Northampton City Council extended their 40-R district to accommodate North Commons. • The City committed $150,000 in CDBG funding to the project. • MassDevelopment reviewed and approved conceptual and schematic design plans. ) • Owners, residents, and other interested stakeholders have participated in community engagement . around design and programming of the site. ) • Energy modeling for Passive House has been run at 30%, 50%, and 90% plan levels, which have confirmed that the project is designed to meet PHIUS requirements. At each stage, feedback from the energy consultant has guided design decisions and details. • Similarly, the plans have been estimated by more than one GC and at various stages of design development, which has also informed the final design and costing that form the basis of this application. • With this feedback, design documents have been advanced to a 90% CD level for architectural plans, and 95% for civil/ landscape as required by permitting. • Environmental Phase 1 's show no Recognized Environmental Conditions and no historic issues as the overall campus was cleared by the Massachusetts Historic Commission during the early planning stages. An updated Project Notification Form and approval from Mass Historic is included in this application. • The Northampton Community Preservation Committee is in the process of evaluating TCB's request for $250,000, following their earlier approval of $200,000 which has been committed to the 35 Village Hill Road project by the City Administration. • All financing sufficient to cover development costs have been identified and LOl's are provided. The infrastructure necessary for North Commons will be constructed and funded with $950,000 in MassWorks funds by TCB working as an agent for the City of Northampton. If funding announcements occur in late January, 2020, TCB envisions the following steps to get to closing: • February 2020 -Completion of Drawings I Bid Set • March 2020 -Final Pricing THE COMMUNITY BUILDERS I 12 • April 2020 -Final Contract & MassHousing I Lender Board Approvals • May 2020 -DHCD Business Meeting • June 2020 -Initial Closing In summary, the project is well-poised to proceed to closing and construction quickly upon notification of funding announcements. Special Project Characteristics • Official Local Support Northampton Mayor David Narkewicz strongly supports the project. Despite limited resources and many other projects and priorities of this small city, the city has committed $150,000 in CDBG funding to support the project. In addition, the Northampton Community Preservation Committee is in the process of evaluating TCB's request for $250,000, following their earlier approval of $200,000 which has been committed to the 35 Village Hill Road project by the City Administration. • Inclusion in a Comprehensive Neighborhood Revitalization Effort. Village Hill is part of an overall Master Plan for the site which was approved by the Citizens Advisory Committee, a collaboration of local agencies and organizations. The CAC is chaired by the Mayor of Northampton and accordingly is part of a Neighborhood Revitalization effort approved by the City. See the History of Village Hill summary provided earlier in this narrative. • M/WBE Participation on the Development Team. There are no M/WBE qualified firms on the development team as yet. TCB will look to achieve more diverse participation through sub-contracting and through ongoing selection of professional contracting. • Non-profit Sponsorship. The Community Builders, Inc., the sponsor, owner, developer and property manager, is a qualified 501 c(3) organization. The project co-sponsor and community liaison, Valley CDC, is also a qualified 501 c(3) organization. • Special Populations. 12 units out of 53 (22%) will be reserved for households earning less than 30% AMI. Of those, TCB proposes to set aside 4 units as Community Based Housing (CBH) units, targeting persons with disabilities. TCB proposes to set aside 8 units (15%) as Facilities Consolidation Fund (FCF) units, targeting clients of the Department of Mental Health. This set aside is particularly important given the original requirements set by the Commonwealth in Chapter 86 which addresses the decommissioning of the Northampton State Hospital. In the Decommissioning Act, the Commonwealth requires that, to the extent feasible, all housing constructed at Village Hill meet a 15% requirement to house DMH clients. A resident services coordinator staff position will be supported by the project's operations. • Inclusion of Market Rate Units in the Project Of the project's 53 units, 39 will be restricted at LIHTC levels (60% AMI or lower), and the remaining 14 units or 26% of the project will be affordable to households earning up to 120% AMI. In Northampton, this upper tier of 120% is market. (Market rents are generally affordable to households earning closer to 85% AMI.) • Location in an Opportunity Area. Northampton is a high opportunity city and Village Hill is in an ideal location within the City proximate to jobs and access. THE COMMUNITY BUILDERS I 13 • Conformance with Section 42 Preferences. North Commons will commit to an Extended Term of Affordability of 50 years. As proposed, 12 units will have project-based subsidy (4 CBH units with HUD-811 PRAC and 8 FCF units with MRVP's, included in this application). Over 20% percent of the units are set aside for households whose incomes are at or below 30% of AMI. The project is located in a state-designated Difficult to Develop Area. • Environmentally Friendly Design and Enhanced Accessibility. North Commons has been designed from the initial concept stage to meet the highest levels of energy efficiency in current construction and also complied with universal design principles. Specifically, North Commons has: o A highly insulated building envelope designed to meet Passive House standards o A continuous ventilation system designed to meet Passive House standards o An airtight building envelope, which will be 5-10 times tighter than typical new construction o Minimized heating loads -approximately 25% of the typical load for this building type o Thermal bridge free design and construction o Energy Star rated appliances o LED lighting o A rooftop mounted PV system o High quality double pane windows o Low voe sealants, adhesives, paints and finishes; o A covered bicycle storage area near the rear entrance for safe, convenient storage. All 53 units meet universal design criteria and all are visitable with the building elevator. There \ are four ADA units which are also CBH units. Barrier-free parking spaces are provided as well as ) accessible parking spaces in the rear lot. • Proximity to Transit. There is a bus stop at the entrance to the Village Hill site, along Route 66, which is a short walk from North Commons. The Valley BikeShare program which just began in the Pioneer Valley this spring has bikeshare location directly across TCB's 35 Village Hill Road project. Because of the City's coordination, many of the stations are located immediately adjacent to other affordable housing (i.e., Pulaski Park, Village Hill, Pleasant Street, and Jackson Street) or near affordable housing (Lilly Library, Main Street, State Street) or in areas providing services to affordable housing residents (downtown, the high school, the hospital, Florence Center, State Street). ValleyBike will provide affordable access to pedal assist bicycles, to serve for trips where transit services may not be ideal, or any other trips where bike share can be helpful. The City and ValleyBike hope to serve all residents, including those who may not be able to afford the full cost or who are unbanked and may not have access to credit cards. The City has connected the various affordable housing owners with the ValleyBike program people to identify the best opportunities to meet with residents and clients and help serve their transportation needs. THE COMMUNITY BUILDERS I 14 "_) / ) \ I Summary TCB and Valley CDC are pleased to submit this application to DHCD for mini-round funding consideration to support North Commons . The Village Hill endeavor is ambitious and meaningful to TCB, given our long history working with Mass Development to guide the redevelopment of the hospital campus forward . Beyond our enthusiasm for returning to the site just over a decade after we rehabilitated Hilltop Place , we are also grateful for the strong and continued support from the City of Northampton. All the way from the Mayor's office and City Council, to the Northampton Housing Partnership, Community Preservation Committee , Planning Board , and other authorities having jurisdiction , it is refreshing to develop in a community with the coordination , sophistication , professionalism , and access that Northampton has. Working closely with Valley CDC and the Planning Department , we have forged relationships with energy and solar providers , the CoHousing developers , and the Village Hill Residents Association who along with other local stakeholders are deeply engaged citizens helping to guide the development process along . These connections have helped shape our 53-unit project, and we are excited and grateful to offer North Commons to DHCD for your consideration as a highly-ready project under the 2019 mini-round. THE COMMUNITY BUILDERS I 15 ( ) Summary Allowance for Tenant-Furnished Utilities and Other Services l.ocalily: Northampton Housing Authority - W638999 5800AHDD UnitTvoe OBR Mabie Home (Manufactured Hamel" a. Natural Gas 37 b. Eleclric 57 c. Boltle Gas 90 d.Oil 83 High-Rise with Elevator a Natural Gas 38 b. Electric 51 Row HouselGaltlen Apt {RONhouse/To.vnhouse)" a NabralGas 37 b. Electric 56 c. Bottle Gas 89 d. Oil 82 "" Two-Three FamilyJOuplex {Semi-Oelached)* a. N~tural Gas 45 b. Eleclric 68 c. Bottle Gas 108 d.OD 99 Older Mulli-Famlly (Law Rise)* a. Natural Gas 40 b. Eleclric 61 c.BaWeGas 97 d.Oil 89 Older Home Converted (Semi Detached)* a. Natural Gas 43 b. Eleclric 65 c.BoWeGas 103 d.Oil 95 Single Fanily Detached a Natural Gas 49 b. Etectric: 74 c. Bottle Gas 118 d.Oil 108 Al Unit Types-Cooking a. Natural Gas 6 ~ 14 c. BoUleGas 15 ( ADUnlT~____.) 47 All Uni Types-Waler Heat ,a. Natural Gas 8 b. Electric 17 c. Bottle Gas 19 d.Oil 16 Range (Tenant Owned) 4 Refrigerator (Tenait Owned) 4 Water Sewer I ~ {1 B~] \_./ 45 68 108 100 44 63 50 75 119 110 58 88 140 128 53 80 127 117 55 83 132 122 66 100 160 147 8 @ 20 ®) 10 22 25 21 4 4 I ·~/ ~·q 0 HAPPY Software, Inc. www.happysoftware.com ,...--., ( 2BR) \..__./ 58 88 140 129 52 n 67 102 162 149 n 116 184 169 70 106 169 156 74 111 1n 163 79 120 192 176 11 @ 27 (a1') 14 30 33 28 5 4 Jj 105'" \f'\\l~ ~ National Grid/Columbia Gas Date: 06/0112019 Monthly Dollar Allowances 3BR 4BR 5BR 6BR 7BR 75 93 113 141 180 225 165 207 63 71 89 102 115 95 117 137 157 178 84 101 118 135 153 127 153 178 205 232 202 244 284 326 369 185 224 261 300 339 95 111 127 1<46 165 144 169 192 221 249 229 269 306 351 397 211 247 281 323 365 87 104 120 138 156 131 158 182 209 236 209 252 289 332 376 192 231 266 305 345 91 109 122 140 158 138 165 185 212 240 220 262 294 338 382 202 241 270 310 351 100 113 132 151 171 152 171 199 229 259 241 273 317 365 413 222 251 292 335 379 14 17 18 21 24 29 36 39 45 51 33 41 44 51 57 101 125 135 155 175 17 21 23 26 29 37 <46 49 57 64 41 50 54 63 71 35 43 47 54 61 5 5 5 5 5 5 5 5 5 5 "HUD 50058 Unit Type in Parenthesis where Different Summary Allowance for Tenant-Furnished Utilities and Other Services Locality: Northampton Housing Authority - W638999 5800AHDD UnilTvno OBR Mable Home (Manufactured Home)• a Natural Gas 37 b.Electric 57 c. Bottle Gas 90 d.Oil 83 Hig!H&e with Elevator a Natural Gas 38 b.Electric 51 Row House/Garden Apt (Rowhouse/Ta.vnhouse)• /aNafi[ral G~> 37 b. Eleclric 56 c. Bottle Gas 89 d.Oil 82 Two-Three FamllyJDuplex (Semi-Del.ached)* a Natural Gas b. Electric c. Bottle Gas d.Oil Older Mulli-Famlly (Law Rise)* a Natural Gas b. Eleclric c. Bottle Gas d.Oil Older Home Comated (Semi Detached)* a Natural Gas b. Eleclric c. Bottle Gas d.Oil Single Family Detached a Natural Gas b. Electric c. Bottle Gas d.Oil AIUnitT~ ~as c. Bottle Gas ,.------. ~Al Unit Types-Electlicit __} Al~Heat a. Natural Gas b. Electric c. Bottle Gas d.Oil Range (Tenant Owned) Refrigerator (Tenant OWned) Water Sewer 0 HAPPY Software, Inc. www.happysoftware. 45 68 108 99 40 61 97 89 43 65 103 95 49 74 118 108 6 14 15 47 8 17 19 16 4 4 ~- (1 BR) \_/ 45 68 108 100 44 63 <iD-J 75 119 110 58 88 140 128 53 80 127 117 55 83 132 122 66 100 160 147 8 c1i) 2_g,, (_9i' UP 22 25 21 4 4 '"31 ~~ ~ { 2BR) \.._./ 58 88 140 129 52 77 mi 102 162 149 77 116 184 169 70 106 169 156 74 111 177 163 79 120 192 176 11 cw 27 (ay 69 30 33 28 5 4 ,_ ~ 1ilt? vnlvr-§- ' Date: National Grid/Columbia Gas 06/0112019 Monthly Dollar Allc;>wances 3BR 4BR 5BR 6BR 7BR 75 93 113 141 180 225 165 207 63 71 89 102 115 95 117 137 157 178 84 101 118 135 153 127 153 178 205 232 202 244 284 326 369 185 224 261 300 339 95 111 127 146 165 144 169 192 221 249 229 269 306 351 397 211 247 281 323 365 87 104 120 138 156 131 158 182 209 236 209 252 289 332 376 192 231 266 305 345 ', ) 91 109 122 140 158 138 165 185 212 240 220 262 294 338 382 202 241 270 310 351 100 113 132 151 171 152 171 199 229 259 241 273 317 365 413 222 251 292 335 379 14 17 18 21 24 29 36 39 45 51 33 41 44 51 57 101 125 135 155 175 17 21 23 26 29 37 46 49 57 64 41 50 54 63 71 35 43 47 54 61 5 5 5 5 5 5 5 5 5 5 *HUD 50058 Unit Type in Paleidl1esis where Different Exhibit 2: Evidence of Local Support 2.1 Letters of Local Support: • Letter from Mayor David J. Narkewicz • Letter from Senator Elizabeth Warren • Letter from Representative James P. McGovern • Letter from State Senator Joanne Comerford • Letter from Representative Lindsay Sabadosa • Letter from Wayne Feiden , City of Northampton Planning & Sustainability • Letter from Lauren A. Liss, MassDevelopment • Letter from Reverend Todd Weir, Northampton Partnership • Statement of Support of TCB Planned Development at Village Hill 2.2 Community Involvement in Project: The Community Builders {TCB) in coordination with Valley Community Development Corporation {VCDC}, a local non-profit organization serving as the community liaison, actively engaged neighbors and community groups in the planning of the proposed project. Village Hill Neighborhood Association This project is located within a planned development known as "Village Hill" (former Northampton State Hospital campus). Residents of Village Hill have an active group--the Village Hill Neighborhood Association ("the Association "). The Association represents residents, plans community-wide events, and addresses matters of collective importance. In the near future, as Mass Development transitions out of its developer I owner role at Village Hill, the Association will take over management responsibilities. Representatives of TCB and VCDC first attended an Association monthly meeting in early June 2017 to introduce the project and field questions. At that time, Association members recommended that TCB and VCDC host a larger informational meeting to showcase plans and attract a wider audience of Village Hill residents. This meeting took place on June 26, 2017 and drew over 40 Village Hill residents. The design team {landscape architect, architect) presented plans to date and TCB outlined the project program . Residents in attendance were highly engaged, asking many questions and offering suggestions that have since been incorporated into the project including having a playground at North Commons for shared use; maintaining as much green open space as possible; and connecting to existing trails . North Commons THEC MMUNITY B "'ILDERS Valley Community Oevelopmenl 1 October 31, 2019 Shortly following the June presentation, the Association established a sub-committee whose purpose is to act as a liaison with the project developers. Representatives of TCB and VCDC met with this sub- committee in late July 2017. Topics of conversation included landscaping, tree care, nearby trails, construction period concerns, and ways to integrate affordable housing residents with the larger Village Hill community. In August 2017, a group of Village Hill residents with young children or grand-children met with TCB and VCDC staff to talk specifically about lay-out and equipment desired for the playground area. It was discussed that the project developer may include some key pieces of play equipment, with Village Hill residents raising funds to supplement play equipment or add structures (i.e . pavilion) in the playground area. In September another presentation was made to the larger Village Hill community. Again, attendance was high; conversation and questions were plentiful. At this meeting, the developers shared more advanced plans, which were met very favorably by attendees. Residents of Village Hill have been active supporters of the proposed project, providing letters of support (see Exhibit 2.1) and attending local hearings, such as the CPA and zoning hearings, to speak in favor of the project. Northampton Housing Partnership The project was presented to the Northampton Housing Partnership in September 2017. The Partnership expressed excitement at the opportunity to integrate additional affordable units at Village Hill, where homeownership units are typically selling for over $500,000. The Partnership expressed enthusiasm for the project and provided a letter of support (see Exhibit 2.1). Northampton Planning Dept & Planning Board Early in the redevelopment of the Northampton State Hospital into Village Hill, the City established two Smart Growth Overlay sub-districts at Village Hill to encourage and support development of affordable housing. To facilitate this particular project, the City Planning Department proposed (and the City Council approved) an update to the City's Smart Growth zoning bylaw and added a new sub-district at Village Hill. The Planning Board welcomed the project, approving the 40-R permit following 2 hearings. At the permit hearings, multiple community and Village Hill residents spoke in support of the project. Northampton Community Preservation Act {CPA} Committee In the fall of 2017 TCB requested $350,000 in CPA funds for the two new projects at Village Hill -both 35 Village Hill Road and North Commons. The CPA Committee supported the project with an initial allocation of $50 ,000 to help the project at the time, an amount limited by the scarcity of funds , and encouraged TCB to re-apply for CPA funds in a subsequent funding cycle . Half a dozen community North Commons THEC MMUNITY B '"'ILDERS Valley Community Developmen1 1 October 31, 2019 members spoke on behalf of the project, including former, founding members of the CPA Committee and the former Mayor of Northampton, who had been instrumental in the original plans for redevelopment of the Northampton State Hospital. In the fall of 2018, the CPC awarded an additional $150,000, and allocated all of the initial $50,000, to support 35 Village Hill Road, as it was advancing towards closing and required additional financial support to move forward. Multiple community members spoke in support of the project. In September of 2019, TCB submitted an additional request to the CPC to support the North Commons project. TCB presented to the CPC on October 16, and the CPC will hear public comment about the project on November 6. The project has a lot of support and the CPC will make its recommendations to the City Council by December. The Council will vote in December or January. In addition, the City encouraged TCB to seek Community Development Block Grant (CDBG) funds for this project. Northampton is a HUD entitlement community. The City has committed $150,000 in CDBG funds, all of which will be targeted to North Commons. See Exhibit 2.1 for letter of support from the Mayor1 s Office. Northampton CDBG Office & Mayor's Office The City encouraged TCB to seek Community Development Block Grant (CDBG) funds for this project. Northampton is a HUD entitlement community . The City has committed $150,000 in CDBG funds , all of which will be targeted to North Commons. See Exhibit 2.1 for letter of support from the Mayor1 s Office . Valley Community Development's Community Engagement Committee VCDCs Community Engagement Committee is comprised of the Executive Director, Board members, Valley tenants, and users of the First Time Home buyer Program. Committee members who are Northampton residents attended the CPA Committee and permit hearings to speak in support of the project. Press Coverage The local newspaper, the Daily Hampshire Gazette, published an article and an Opinion Editorial shortly after Mass Development selected TCB and VCDC to develop 65 rental units at Village Hill on two parcels (North Commons is one of these two parcels). This press coverage (attached) is positive and supportive of the proposed project. North Commons THEC MMUNITY B v lLDERS Valley Community Developmen1 l October 31 , 2019 October 22, 2019 Janelle Chan, Undersecretary MAYOR DAVID J. NARKEWICZ City of Northampton Office of the Mayor 210 Main Street Room 12 Northampton, MA 01060-3199 (413) 587 -1249 Fax: (413) 587-1275 mayor@northampton ma .gov Department of Housing and Community Development 100 Cambridge Street, Suite 300 Boston, MA 02114 RE: North Commons project, The Community Builders, Northampton, Massachusetts Dear Undersecretary Chan; I am writing to express support for The Community Builders/Valley Community Development Corporation's application to create a new 53-unit mixed-income, energy efficient building at Village Hill. This project is consistent with the Commonwealth's priorities for housing and community development as well as helping to fulfill Northampton's need for ) high quality, affordable rental units and workforce housing. This project will make a critical contribution to addressing the affordability crisis we are experiencing in Northampton and expand the housing options at the former Northampton State Hospital property. As an expression and commitment of local support, my office will be allocating $150,000 of Community Development Block Grant funds to support North Commons. Additionally, we are supporting The Community Builders' 35 Village Hill Road project with $200,000 in Community Preservation Act funds, and the Community Preservation Commission is evaluating an additional $250,000 requested by The Community Builders for North Commons. Both projects have the endorsement of the Northampton Housing Partnership, which voted its unanimous support at its meeting held May 7th, 2018, the Northampton Community Preservation Committee and the Northampton City Council, who voted to approve the Community Preservation Act funding allocation. This project aligns with a multitude of city goals by enhancing housing opportunities for those with low, moderate and workforce income levels while locating these housing opportunities close to jobs, services, and public transportation . As long time community partners with proven track records for developing affordable housing, we applaud The Community Builders and the Valley Community Development Corporation for their vision and dedication. I ask that you look favorably on this project. If you have any questions or require any additional information, please contact my office at (413) 587-1249. Respectfully, 0~l~- David J. Narkewicz, Mayor / \. ELI ZAB ET H WARRE N MASSACHUSETIS COMMITTEES BANKING, HOUSING, AN D URBAN AFFAI RS ·finittd ~rates cScnatc UNITED STATES SENATE WASH INGTON, DC 20510-2105 P: 202 224-4543 2400 JFK FEDE RAL BUILDING 15 NEW SUDBURY STREET BOSTO N, MA 02203 HEALTH, EDUCATION. LABO R, AND PENS IONS ARMED SE RVICES P : 617-565-3170 1550 MAIN STREET ) SPECIA L COMMITIEE ON AG ING February 21, 2019 Ms. Janelle Chan , Undersecretary Massachusetts Department of Housing and Community Development 100 Cambridge Street, Suite 300 Boston , MA 021 08 Dear Undersecretary Chan , SU ITE 406 SPRINGFIELD . MA 0 1103 P: 41 3-788-2690 wv .. w warren.senate.gov I am writing in support of The Community Builders ' application to the Department of llousing and Community Development (DHCD) for financing through the Low-Income Housing Tax Credit Program. If awarded, this financing will be used to develop North Commons at Village Hill , a 53-unit mixed-income housing complex in the City of Northampton. T he Village Hill Campus is a 126-acre mixed-use and mixed-income community tha t inc o rp orates sustainable , energy-efficient design. North Commons at V illage H ill will meet the cutting-ed ge and energy -efficient standards set b y The C ommuni ty Bu ilders. M assDeve lopment, and the C ity of N orthampton. The Community Builders has successfully collaborated with the City of Northampton for many years and helped shape the City's redevelopment over multiple decades. The development of the North Commons project will create an additional 53 rental units available to renters within a wide range of household incomes. Units will serve households ranging from those earning less than 30% Area Median Income through those earning 120% Area Median Income . This project will aim to reflect Northampton's diverse and \:Velcoming community. as well as the City's commitment to sustainability and energy efficiency . North Commons at Village Hill is an example of the many innovative housing projects occurring in the Pioneer Valley and will contribute to the v ibrancy and indusivity of the City of Northampton. This DHCD financing , if awarded. will offer much needed assistance to The Community Builders, the City ofN011hampton , and its residents. I request that you give their application your full and fair consideration. ( \ c ) 0 ) .../ J A M ES P. McGOVE RN 2NO DISTRICI, MASSACt1USEns COMMlmE ON RULES COMM ITIEE ON AGRICULTURE SENIOR DEM OCRA TIC WH IP ~ongress of tbe Wniteb ~tates ~ou£)e of l\eprt£)tntatibt£) mastJmgton , me 20515-2102 hup: 'WWW mcgovern house.gov February 15, 2019 Ms. Janelle Chan, Undersecretary Massachusetts Department of Housing and Community Development 100 Cambridge Street, Suite 300 Boston, MA 02108 RE: North Commons at Village Hill (Northampton, MA) Dear Undersecretary Chan: 438 CA~NON Housr_ On-1er Bu1LD1"'IG WASttlNGTON DC 2051!>-'102 (2021 22H101 D<STlllCT OFFICES 12 EAST WORCESTER STREET. Sum 1 WORct:STt~. MA 01604 (508! 831 7356 h PltA$Al\ff SrRHT NOOCTkAMPTON MA 01060 l413) 341-8700 24 CttuRCH STREE 1, Row" 29 LEOMINSTER, MA 01453 (9781 466-3557 I am writing in support of The Community Builders' (TCB) One Stop application for North Commons at Village Hill. This 53-unit mixed-income, passive house building will complement over a decade of investment at Village Hill , including single-family and co-housing being developed adjacent to the North Commons site. I understand that the building is being designed to cutting edge, passive house standards, to meet and exceed the high sustainability standard that has been set at Village Hill by TCB, homebuilders, MassDevelopment, and the City of Northampton . As you may know, Village Hill is a 126-acre public/private redevelopment of a fonner mental health hospital de-commissioned in the l 990's as part of the Commonwealth 's Surplus Property Program. TCB has had a long history of successful collaboration with the City of Northampton that has helped shape the site's redevelopment over multiple decades . T he Village Hill campus has transformed into a successful mixed-use, mixed-income community. The additional 53 rental units, which will serve a wide variety of households from those earning less than 30% AMI through 120% AMl, will contribute to Northampton's unique character, quality of life, and vitality of community by providing high quality, new construction rental housing. Both through this project and since TCB initially developed and began managing at Village Hill, TCB has built healthy and productive relationships with the residential community and long term owners. Once again, please accept my support for the North Commons at Village Hill project. Your full and fair consideration ofTCB's funding application is greatly appreciated . Sinc~r , A /A ./J f! rv.>ZJ~ Jam P . McGovern Member of Congress THIS STATIONERY PRINTED ON PAPER MADE OF RECYCLED FIBERS ( ~ -) '©:4e ~nmmnnfuealt4 nf Jlassar4usefts MASSACHUSETTS SENATE STATE HOUSE SENATOR JOANNE M. COMERFORD Hmu !J51t ir~. Fr11 11klin a11d Worcester District BOSTON, MA 02133-1053 TEL . (617) 722-1532 FAx (617) 722-1062 ) ) February 19, 2019 Ms. Janelle Chan, Undersecretary Massachusetts Department of Housing and Community Development 100 Cambridge Street, Suite 300 Boston, MA 02108 Re: Nortll Commons at Village Hill (Northampton, MA) Dear Undersecretary Chan, www.MASENATE.COV I am writing to express my support for The Community Builders' One Stop application for financing through the Low-Income Housing Tax Credit Program for the development of the North Commons at Village Hill project in Northampton, Massachusetts . North Commons at Village Hill is a 53 ~unit mixed-income, passive house building which will complement over a decade of investment at Village Hill , such as single-family and co-housing adjacent to the North Commons site. The building design meets cutting edge, passive house standards, and exceeds the high sustainability standard that ha s been set at Village Hill by The Community Builders, homebuilders , MassDevelopment, and the City of Northampton. The Village Hill campus has become a successful mixed-use . mixed-income community . Village Hill is a 126-acre public/private redevelopment of a former mental health hospital de- commissioned in the 1990's as part of the Commonwealth's Surplus Property Program. The Community Builders have a long history of successful collaboration with the City of Northampton that has helped shape the site's redevelopment over multiple decades. The additional 53 rental units, which will serve a wide variety of households from those earning less than 30% AMI to 120% AMI, will contribute to Northampton's unique character, quality of life, and vitality by providing high quality, newly constructed rental housing at this premiere location in a high opportunity area within the Pioneer Valley. Both through this project and since The Community Builders initially developed and began managing at Village Hill, The Community Builders have built relationships with the community and long-term owners at the Village Hill site. Northampton is a diverse and welcoming community, which reflects in the city's planning efforts as well as in the response from households who call Village Hill "home" to more mixed-income rental housing. I look forward to seeing the momentum at Village Hill continue with the construction of North Commons, and for those reasons I am pleased to lend my strong support to The Community Builders' request for financing. Thank you very much for your consideration. ~:7.!ly, £Com~ State Senator Hampshire, Franklin, Worcester district ) ) February 20, 2019 Ms. Janelle Chan, Undersecretary Massachusetts Depmiment of Housing and Community Development 100 Cambridge Street, Suite 300 Boston, MA 02108 RE: North Commons at Village Hill (Northampton, MA) Dear Undersecretary Chan: I am writing in support of The Community Builders' One Stop application for N01ih Commons at Village Hill. This 53-unit mixed-income, passive house building will complement over a decade of investment at Village Hill, including single-family and co-housing being developed adjacent to the North Commons site. The building is being designed to cutting edge, passive house standards, to meet and exceed the high sustainability standard that has been set at Village Hill by TCB, homebuilders, MassDevelopment, and the City of No1ihampton. Village Hill is a 126-acre public/private redevelopment of a fonner mental health hospital de-commissioned in the l 990's as part of the Commonwealth's Surplus Property Program. TCB has had a long history of successful collaboration with the City of Northampton that has helped shape the site's redevelopment over multiple decades. The Village Hill campus has transfonned into a successful mixed-use, mixed-income community. The additional 53 rental units, which will serve a wide variety of households from those earning less than 30% AMI through 120% AMI, will contribute to Northampton's unique character, quality of life, and vitality of community by providing high quality new construction rental housing at this premiere location -in a high opportunity area within the Pioneer Valley. Both through this project and since TCB initially developed and began managing at Village Hill, TCB has built relationships with the community and long tenn owners at the Village Hill site. Northampton is a diverse and welcoming community, which reflects in the city's planning efforts as well as in the response from households who call Village Hill "home" to more mixed-income rental housing. I, Representative Lindsay Sabadosa of the 1st Hampshire District, look forward to seeing the momentum at Village Hill continue with the construction of North Commons, and support TCB's request for financing. Thank you very much for your consideration. Sincerely, r~~ Lindsay Sabadosa State Representative, 1st Hampshire ) ) ) Planning & Sustainability· City of Northampton planning I res ilie ncy I conservation I place-making I sustainable transportation I zon ing I GIS I historic I CB architecture I agriculture and food Wayne Feide n , FAICP. Director of Planning & Sustainability• Wfeiden@NorthamptonMA.gov • 413 -587-1265 October 25, 2019 Ms. Janelle Chan, Undersecretary Massachusetts Department of Housing and Community Development 100 Cambridge Street, Suite 300 Boston, MA 02108 RE: North Commons at Village Hill, Northampton, MA Dear Undersecretary Chan: I am pleased to add Planning & Sustainability's support of The Community Builders' North Commons application. TCB's proposed 53 mixed-income units in a passive house building will advance the city's vision for mixed-income units with green construction . As the last major residential project at the former Northampton State Hospital, this project helps us achieve exactly the mix of density, mixed-income, and green residential construction that we have been planning and working for over two decades. We are proud of transforming the former state hospital into the dense mixed-use Village Hill. This village is within walking distance of our downtown, with housing at every level of the income bracket, from a homeless shelter to mixed-income to some of highest-end housing in the city . After reviewing several MassWorks-eligible projects, this summer Mayor David J. Narkewicz identified North Commons as our top priority and directed us to apply to MassWorks for infrastructure to serve North Commons . We believe in and are committed to North Commons . TCB has already been a dependable partner at Village Hill. We look forward to this newest project. I am excited to help support this next stage in the state hospital redevelopment and support TCB's request for financing from the Low Income Housing Tax Credit program. Thank you very much for your consideration . Sincerely, ~~ Wayne Feiden, FAICP Director of Planning & Sustainability City Hall• 210 Main Street. Second Floor• Northampton. MA 01060 • NorthamptonMA .gov/plan 99 High Street Boston, Massachusetts 02110 Tel: 617-330.2000 800-~~5-8030 Fax: 617-330-200 1 www.m:assdeottiopm<nt.com ) _) CHAltfs D. Bmt Governor !WYN E. POUTO Lieutenant Go~mor M•E ICENNEAtr Chairman Llim NA Liss President ond CEO MAs.sDEVEIDPMENT February 20, 2019 Ms. Janelle Chan, Undersecretary Massachusetts Department of Housing and Community Development I 00 Cambridge Street, Suite 300 Boston, MA 02108 RE: North Commons at Village Hill (Northampton, MA) Dear Undersecretary Chan: I am pleased to write in support of The Community Builders ' (TCB) One Stop application for North Commons at Village Hill Northampton. This 53-unit mixed- income, passive-house building will complement over a decade of investment at Village Hill , including the single-family and co-housing currently being privately developed adjacent to the North Commons site. The North Commons building is designed to cutting edge, passive-house standards, to meet and/or exceed the high sustainability standard that have been set at Village Hill by TCB, MassDevelopment, and the City of Northampton. Village Hill is a 126-acre public/private redevelopment of the former Northampton State Hospital, which was de-commissioned in the 1990's as part of the Commonwealth's Surplus Property Program . TCB has had a long history of successful collaboration with MassDevelopment and the City of Northampton that has helped shape the site's redevelopment over many decades . Village Hill has transformed the former hospital campus into a vibrant, sustainably designed, mixed-use, mixed-income community. The additional 53 rental units, which will serve a wide variety of households from those earning less than 30% AMI through 120% AMI, will contribute to Village Hill's unique character, quality of life, and the vitality of community, by providing high quality new construction rental housing at this premiere location -in a high opportunity area within the Pioneer Valley. For over twenty years , TCB has worked collaboratively with MassDevelopment to build strong relationships with the larger Northampton community and with the residents of Village Hill. Village Hill is a diverse and welcoming community. MassDevelopment , the City and current residents have been deeply involved in the planning and permitting of North Commons and all look forward to the addition of more mixed-income rental housing to fully realize the potential of this master planned community. <!} Prince d on recycled~ manufactured in Mass;it=husetu MassDevelopment looks forward to seeing the momentum at Village Hill continue with the construction of North Commons, and we support TCB's request for financing. Thank you very much for your consideration. Sincerely, (___ .. // --Q_~ . . ---1-::> ~::-::r .. ---~-/'~~-· / . ~----- ( ___ .~/ Lauren A. l1Ss President and CEO ) / ) /,,,----, ') NORTHAMPTON HOUSING PARTNERSHIP 210 Main Street Northampton City Hall Northampton Massachusetts Community Preservation Committee 210 Main Street Northampton, MA 01060 RE: Village Hill North Honorable Members: SeptemberlS,2017 This letter is to communicate the full support of the Housing Partnership for the Valley CDC/ The Community Builders proposal to develop additional affordable housing at Village Hill. The co-developers attended the September 11th meeting and presented the project. The motion that was made and unanimously approved was as follows: " ... to authorize the Chair to issue a letter of support to reflect the Northampton Housing Partnership's recognition of the critical need for housing across all income levels and how fundamentally difficult it is for households with lower incomes to find housing in Northampton. This extraordinary project addresses these needs in different ways and the letter should ... convey the Partnership's whole hearted endorsement, particularly for the creation of affordable rental units, which is inherently difficult to develop." The Partnership is very excited about the two different locations and building types and particularly the inclusion of work force housing. The different levels of affordability will address the needs of households earning very low, low and moderate incomes and those in the range just above those levels, but who still struggle with market rate rents. The Community Builders successfully developed the first two affordable housing sites at Village Hill and off-site at the Ice Pond Drive sub-division which includes 6 affordable homes. Valley CDC is also a long time community development partner, so we are thrilled they have come together to create additional affordable housing for area residents at this site. R~yM~ Reverend Todd Weir, Chair ( Statement in Support of TCB Planned Development at Village Hill (February 2019) WE, the undersigned residents of the Village Hill neighborhood, are writing in strong support of The Community Builders final planned development at Village Hill. As you are aware, Village Hill is a planned community designed to provide a variety of housing options that incorporate sustainable, energy-efficient design and that are available for folks with a wide range of incomes. The Community Builders (known as TCB) was the first developer at Village Hill and the first builder of new residences and remodeler of existing buildings here. TCB set a standard for green building and aesthetic design for affordable housing which was then continued in the construction that followed for market rate residences. TCB has sought out and been receptive to community input in their pre-design stages, design stages, and post-design stages of construction. They have listened to concerns and responded with changes to their plans and/or inclusivity of community ideas and wishes into their plans. Initial neighborhood concerns focused on creating building plans that preserved as much green space as possible which they have done so. ) In their original stages of design, they organized meetings for the whole community, ·· with small groups, and individual community members in the evening and on weekends. They have attended monthly Village Hill Resident Association meetings and have always responded promptly and thoughtfully to community requests or overtures. It is a testament to both the overall design and the maintenance and care given to the existing TCB properties already in place at Village Hill that many homeowners in the neighborhood are unaware that these apartments are mixed income housing properties for which there are also perpetual waiting lists for would-be tenants. With the first building now funded, TCB is focusing intently on the larger project which will benefit the community as a whole beyond providing more, much needed housing for the populations they serve. The following are some of the benefits of the project: 1) It will preserve in perpetuity close to 30 acres of open space adjacent to the Mill River with a conservation restriction. 2) It will provide a much needed and creatively designed playground space for all of the neighborhood -for which the larger community has shown much interest and support, both in enthusiasm and offers of financial backing. , j 3) The entire passive house design for this project will achieve minimum energy usage. 4) In addition, TCB is committed to providing new and extending existing walking paths, an important, greatly valued component of this new neighborhood. As a whole, our community has applauded the efforts of TCB in bringing this new development to Village Hill. We welcome them as an already established good neighbor who have shown great effort in considering the community in their plans and show continued interest in being a strong, positive presence in the community. In addition to our signatures below, we have gathered pledges of over $2200 in support of the proposed playground in this new development. Sincerely, Beth Grams Haxby-74 Village Hill Rd. and the following VH residents: Bob Haxby -74 Village Hill Rd. Vanitha Virudachalam and Rajan Mehta -100 Moser St. Grace Simonette -82 Musante Drive Ingrid Defosse and Fernando Madero -50 Musante Drive Candace and Gary Drimmer -80 Musante Drive Andy Turrett -86 Musante Drive Kim Wolfson -75 Musante Drive Janet Taft -21 Moser St. Robert Dorin and Lesley Peebles -111 Moser St. Mindy Theroux -29 Moser St. Lin and Tucker Respess -6 Moser St. Dick and Pat Aslin -7 Higgins Way Nick Warren -79 Olander Drive Sam Gindin and Larry Picard -74 Village Hill Rd. Sura Levine -74 Village Hill Rd. Richard Wilby and Sheila LeGrenade -73 Village Hill Rd. Linda Baker -53 Ford Crossing Meg and Jonathan Wright -91 Olander Drive Douglas Mccarroll and Virginia Sandman -15 Higgins Way Arlene Avakian -117 Olander Drive Ross and Nancy Vinocur -71 Higgins Way Sarah Bachrach -78 Moser St. Janet and Brian Grant -46 Olander Drive Judy Pierson -12 Moser St. Janet Nelson and Nick Papouchis -74 Village Hill Rd. Evie and Steve Hawley -92 Moser St. Julie and Jerry Feinland -30 Ford Crossing Iva Liebert -65 Ford Crossing '\._) PARENTS TALK ABOUT HOW TO STOP · 'SEXWAL PiBUSE o·F CHILDREN iEALTH, C1 Tuesday April ll, 2017 NEW ENGLAND DISTINGUISHED NEWSPAPER OF THE YEAR 2016 cmES & TOWNS, 81 DON'T Dl'.JMIP' IT, FIX IT SPORTS, 01 , NEW COACH TAKES STOCK McCall evaluates program Established 1786 Northampton, Massachusetts Volume 231, No.186 $1.00 $19 housing pr~;,:ect to fill in.: Village Hill Developer aims to build 65 rental units By AMANDA DRANE ®amandadrane NORTHAMPI'ON -Former state hospital property up at Village Hill busUes with construction, but one large piece of the planned puzzle has so far been missing: roughly 30 acres of undeveloped land on the '-... north side of the neighborhood. But if new and approved plans for a $19 million residential project come to fruition, that could soon change. MassDevelopment, charged with selling the state-owned parcels, chose a developer last week to take over Village Hill's last major residen- tial venture. The Community Builders plans to build 65 mixed-in- come rental units on 29 acres in col- laboration1 with Valley Community Development Corp. "This proj~ is an important final phase for the overall Village Hill de- velopment, though there are still some smaller parcels that are being developed individually," Northamp- ton Mayor David Narkewicz said Monday. The Community Builders, lead developei; also plans to create 2,500 square feet of commercial space on two separate parcels. And a group of prospective resi- '-...--' dents, from whom the previous de- veloper took deposits, will retain 5 acres of the north end of Village Hill for an intended cohousing project They have seven months to find a new developer for that project, Mass- Development said in statement re- leased Monday. MassDevelopment also plans to keep one acre of its own to develop .five single.family units. The land was previously slated for development last year by 'lhmsfor- mations Inc., but that project fell through in November after the com- pany failed to secure financing and later filed for bankruptcy. Prwpec- tive buyers who paid about $15,000 each in deposits ended up on com- pany owner Robert Carter Scott's list of creditors. "Hopefully, the next developer will be able to work with them on their de~its," he said in a November in- temew. SEE VIUAGE HIU. A5 ,, _/ () •'--..) GAZETTE ALE PHOlO The VIiiage Hiii development In Northampton Includes many solar-ready homes. Village Hill FROM Al Rachana Crowley, senior project manager for The Community Builders, said the company helped kick off development at Village Hill with a mixed-income project. The newest residential plan will be the nonprofit's third development in the burgeon- ing neighborhood. ''We're excited to bring this mixed-income compo- nent back to the site," Crow- ley said Laura Baker, real estate project manager for Valley CDC, said specifics of the two nonprofits' collaboration still need fine tuning. ''We are still kind of work- ing out the details of who's going to do what," she said "We're really early, and things are still in the concep- tual phase. n But the mutual goals, Crowley and Baker said, are clear. The planned residen- tial project will be designed with accessibility and effi- ciency in mind Baker said current plans, which are sub- ject to change, include eight units in the affordable range, 27 targeting low-to-middle- income earners, and then 30 units in a tier designed for the city's workforce. For a two-person household, the b9ttom tier would be for those earning about $20,000 or less, $40,000 or less in the middle tier and then about $80,000 or less in the third tier. "So this is a pretty big range," she said "That should capture pretty much everyone in the Northamp- ton rental market That's the goal -to really have an eco- nomic mix." Baker ~d they hope to have designs in order in time to apply for funding by next spring. "This is a really important housing type for Northamp- ton, when we talk about try- ing to create housing at dif- ferent levels of the income ladder," Narkewicz said, ex- plaining that prospective res- idents who make slightly above the median $33,000 an- nually often get "priced out" of the Northampton housing market "They're really try- ing to bµ'get an area of the market where there's a need" Amanda Drone can be contacted at adrane@ gazettenet.com. ( ) ~/ ') .. / Exhibit 3.1: Market Information and Acquisition Value Market Information A marketing study prepared in accordance with the National Council of Affordable Housing Market Analysts (NAHMA) must be submitted for all LIHTC projects (refer to Appendix Gin the Qualified Allocation Plan.) For all other projects, it is strongly reconunended that a market study prepared by a third pai1y be submitted. For those projects primarily serving persons with disabilities or special populations the information in this exhibit should be completed, along with statistical data from human service agencies, housing authorities, or other service organizations. Market Data. Define the target rental and/or sales market (geographic area) within which the project will operate. What is the profile of the typical tenant/purchaser located within this market area? Include the following: age, sex, income level, type of household, etc. The target rental market the project will operate in will be the City of N011hampton in Hampshire County, MA. The average household size for a renter in this market is 1.96. The median age is 38.8 and the median income is $58,557. 48% of the total households are renters. Median monthly_gross rent is $975 with 41.4% ofrenters paying more than 35% or more of AGL Comparable Property: List below tlu·ee (3) comparable market complexes and indicate source (including telephone number) for information for each. a: Comparable No. 1: Name of prope11y: Location: Distance from Subject: Type (Walkup, Elevator or Row) Amenities: Source of Information Telephone# of source: Hillto~ts 51 Village Hill Road N011hampton, MA .2 Miles WalkuQ Stove/Refrigerator/Dishwasher/washer/dryer hookup, some hardwood floors. Site has free parking Summary Update Analysis North Commons - Newmark Ni£ht Frank 716.523.0668 Units Bedrooms/ Baths Square Feet Market Rents Vacancv 13 111 13 2/1 1 3/1.5 3 Ill 3 211 b: Comparable No. 2 Name of property: Location: Distance from Subject: Type (Walkup, Elevator or Row) Amenities: Source of Information .++ ~-C' ~~ .. ··~~· Telephone rr V.L '>'JUJl..AEedroomsl Units Baths -1/1 2/1 2/1 c: Comparable No. 3: Name of prope11y: Location: Distance from Subject: Type (Walkup, Elevator or Row) Amenities: Source of Information Telephone# of source: Units Bedrooms/ Baths 1/1 2/1 3/1 600s.f. $1245 0% lOOOs.f. $1605 0% 1575s.f. $1950 0% 600s.f. $1245 0% 1000 $1605 0 Hathaway Farms Townhouses 73 Barrett St N011hampton MA 2.5 Miles Row Stove/Refrigerator/Dishwasher/microwave/free parking/private entrance Summary Update Analysis North Commons - Newmark Night Frank "71 '-'-() 1 "7 1 ()() 1 i v-v.7 i -/ 1 vv Squw e Feet 640s.f. 875s.f. 1l80s.f. s.f. "11" 1 ' 1v1lli tWl Rents $1597 $1933 $2241 $ Rolling Green Apartments Vacancv 0% 0% 0% % I Rolling Green Drive Amherst MA 10.6 Miles Walku_p Stove/Refrigerator/Dishwasher/Garbage disposal, ale, hardwood floors. Site has laundry/free parking Summary Update Analysis North Commons - Newmark Night Frank 716-691-7100 Square Market Feet Rents Vacancv 640s.f. $1425 7% 875s.f. $1815 7% ----- ] ! 80sf $21 15 % s.f. $ % ----- Estimate the average attainable market rent in the area for units to be developed: J ) /- .____/ 0 Bdr $ 1142 1 Bdr $1500 2 Bdr $1750 3 Bdr $2120 4Bdr $ State basic similarities and differences between proposed development and comparables. Explain any variances between comparables and estimated attainable market rents. Units will have similarities to comparables in floor plan and unit size as well as appliances and other amenities. Units will not include in unit washerld1yer hookups as laundry facilities will be provided. Rents will be comparable as the market demands. Acquisition Value Estimated current value of property: A. Assessed value: (Attach supporting documents as pmi of this Exhibit.) $ As of: I I 20 B. Attach a copy of any appraisals of the existing prope1iy (land and buildings, if any). Appraisal attached. C. Include legal description of prope11y and reference book and page riumber, which can be obtained from your local Regist1y of Deeds: Not available at this time. Book: Page No: Line: D. Existing m011gage amount ($): _N_I A _____________ _ M011gage holder: _N_I A _____________ _ Date note is due: NI A E. Current net operating income (actual revenue less operating expenses over the last twelve months): $ NIA F. Outstanding liens (list separately): To Whom Owed Amount Date Due Last arm's-length transaction: If the site is under agreement (purchase and sale, option, etc.), do you have any identity of interest with the seller? rYes P"No (d) below for the last sale of the site where there was no identity of interest. If you own the site, when did you acquire it? If yes, then fill in sections (a) through Was there an identity of interest with the last seller? rYes P"No ({fyes, then.fill in sections (a) through (d) below.for the last arm's-length transaction.) a. Date oflast arm's-length sale: b. Price oflast arm's-length sale: c. Purchaser: d. Seller: _________________________ _ Principals of seller corporation: _________________ _ NOTE: Most lenders will allow acquisition costs as part of the Total Development Cost only to the extent that such costs do not exceed the lower of (a) the last arm's-length transaction plus reasonable canying and/or maintenance costs; or (b) the estimated current market value of the property. Carrying and Maintenance Costs Since Acquisition: If you have included any carrying and/or maintenance costs in the Total Development Cost (as part of the acquisition cost), attach as pm1 of this Exhibit evidence of payment of those costs. (\ ) ) 0 ) Vacant Land Parcel North of Ford Crossing Rd/Orlander Dr . Northampton, Hampshire County, MA 10060 NKF Job No.: 19-0008781 Appraisal Report Prepared For: Ms. Rachana Crowley The Community Builders 31 Trumbull Road Northampton, MA 01060 RCrowley@tcbinc.org Prepared By: Newmark Knight Frank Valuation & Advisory, LLC 241 O North Forest Road, Suite 204 Amherst, New York 14068 "j ~= Newmark M ~ Knight Frank October 31, 2019 Ms. Rachana Crowley The Community Builders 31 Trumbull Road Northampton, MA 01060 RCrowley@tcbinc .org C l ~ Newmark Knight Frank RE : Appraisal of a vacant land parcel located North of Ford Crossing Road and Olander Drive by Newmark Knight Frank Valuation & Advisory, LLC (herein "Firm" or "NKF") NKF Job No .: 19-0008781 Dear Ms. Crowley: Newmark Knight Frank Valuation and Advisory, LLC (herein "Firm" or "NKF") has developed an appraisal of the referenced property and the results are presented in the following Real Estate Appraisal Report. The subject of this appraisal assignment includes a site that is part of the Village Hill Development; a planned development that includes a mi x of housing, and commercial/community service development. Specifically, this part of the project includes what is identified as parcels A/D and E (on the maps presented, it is important to note that only these parcels are considered in the analysis). Only A will be developed; a total of 4.88 Acres that will be constructed with a total of 53 multi-family units targeting a mixed income population. Parcel D (north of the A development parcel) has 18.5 Acres, and E (East of the development parcel) with 10.42 Acres . These parts of the development will be retained as conservation land and will not be developed . The site is vacant but is development ready. It is part of the Planned development district and the zoning is PV . Approvals are in place for the units and infrastructure is ready for the development to be initiated but there is infrastructure required for access . The parcel is under a Land Dispos ition Agreement to be sold from Hospital Hill Development, LLC to The Community Builders, Inc. for $1,900,000 which includes part of a separate development parcel; the amount allocated to the land to be part of this development is $1,880,000. This agreement includes other land being developed . Newmark Knight Frank 2410 North Forest Road , Suite 20 4 Amherst, New York 14068 www .ngkf.com () ) ~ (\ :_) ) October 31, 2019 Ms. Rachana Crowley Key Value Considerations Strengths :: Desirable location within a Planned development near the area colleges . :: Proximity to commercial needs/necessities. :: Zoning and infrastructure for utilities in place Risk Factors :: Median income and rent limitations :: Limited development activity evident in the region Based on the anaysis contained in the following report, the opinion of value for the subject is: Appraisal Premise Interest Appraised Value Conclusion Market Value "As Is" Fee Simple $1,060,000 Completed by N KF The report has been prepared for the client in conjunction with an application for LIHTC, and can be relied upon by DHCD. The value above accounts for the current market value of the vacant site. This is to be used for the development of apartment units, and there will be infrastructure development and costs being implemented to allow for access/use and ingress/egress . The total cost for infrastructure that will be implemented by the City and TCB is $661,200 (see details in the addendum). It is anticipated that this will be in place by June of 2020. At that time it can be assumed that the value of the development parcel (land and infrastructure) will be : Market value of the land/site: $1,060,000 Cost of infrastructure/construction : $661,200 Soft Costs of infrastructure: $288.717 Total as of 6/2020*: $2,010,000 *Assuming completion of all infrastructure as anticipated by this date . The costs were issued by the developer. Hard costs are in the addendum . Soft costs include Design, Bidding, permitting, Contingency and Admin . Vacant Land Parcel ··1~ •• =~ October 31, 2019 Ms. Rachana Crowley Extraordinary Assumptions and Hyp·othetical Conditions An ext ra ordina ry assumptio n is defined in USPAP as an assignment-specific assumpt io n as o f t he effect ive da t e rega rding uncerta in informat ion used in an analys is w hich, if found to be false, could alte r t he appraiser's o pini ons o r co nclusio ns . T he value co nclusio ns are subject to the foll owing ext ra o rdinary assumpt io ns tha t ma y affect the assignmen t resul t s . 1. Assumes site is free and clear o f any en viro nment al hazza rds o r co ncerns . 2. T he Commen t s rela t ed to t he infrast ructure improv ements clearly require complet io n pri o r to all ow for co nside rat io n o f impact. T hey are not part o f t he vacant land vaue but w ill add to t he value o f t he dev el o pmen t s it e w hen built/in place . A hy pot het ical co ndi t io n is defined in USPAP as a co ndit io n, di rec t ly rela t ed to a s pecific assignment, w hi c h is co nt ra ry to w ha t is kn own by t he appraiser to exi st on t he effect ive d at e o f t he assignment result s, but is used for t he purpo se o f anal ysis. T he value co nclusio ns are based o n t he foll owing hypot het ica l co ndi t io ns t ha t may affect t he assignment resul t s . Hypothetical Conditions A hypothetical condition is defined in USPAP as a condition, directly related to a specific assignment, which is contrary to what is known by the appraiser to exist on the effective date of the assignment results, but is used for the purpose of analysis . The value conclusions are based on the following hypothetical conditions that may affect the assignment results. c None The appraisal was developed based on, and this report has been prepared in conformance with the Client's appraisal requirements, the guidelines and recommendations set forth in the Uniform Standards of Professional Appraisal Practice (USPAP), the requirements of the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute, Title XI of the Financial Institution Reform, Recovery and Enforcement Act (FIRREA) of 1989, and the lnteragency Appraisal and Evaluation Guidelines (December 2, 201 O). Vacant Land Parcel ··1~ •• =~ .- ) ) Certification Certification We certify that, to the best of our knowledge and belief: 1. The statements of fact contained in this report are true and correct. 2. The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions and are our personal, impartial and unbiased professional analyses, opinions, and conclusions . 3 . We have no present or prospective interest in the property that is the subject of this report and no personal interest with respect to the parties involved . 4. We have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. 5. Our engagement in this assignment was not contingent upon developing or reporting predetermined results. 6. Our compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. 7. This appraisal assignment was not based upon a requested minimum valuation, a specific valuation, or the approval of a loan . 8. Our analysis, opinions, and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute and conforms with the Uniform Standards of Professional Appraisal Practice (USPAP). 9. The reported analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute. 10 . The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. 11 . As of the date of this report, M . Scott Allen, MAI has completed the continuing education program for Designated Members of the Appraisal Institute . 12. M . Scott Allen, MAI is a State Certified Appraiser, in the State of Massachusetts. 13 . M . Scott Allen toured the site in February of 2019 when prior market study work was completed on the land/site. 14. No one has provided significant real property appraisal assistance to the person(s) signing this report. Vacant Land Parcel ••1ea •• =~ Certification 4 15. The Firm operates as an independent economic entity. Although employees of other service lines or affiliates of the Firm may be contacted as a part of our routine market research investigations, absolute client confidentiality and privacy were maintained at all times with regard to this assignment without conflict of interest. 16. Within this report , "Newmark Knight Frank", "NKF Valuation & Advisory", "NK F , Inc.", and similar forms of reference refer only to the appraiser(s) who have signed this certification and any persons noted above as having provided significant real property appraisal assistance to the persons signing this report. 17. The appraisers have not performed any services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three-year period immediately preceding acceptance of this assignment. Appraisal Premise Interest Appraised Value Conclusion Market Value "As Is" Fee Simple $1,060,000 Completed by N KF The report has been prepared for the client in conjunction with an application for LIHTC, and can be relied upon by DHCD. The value above accounts for the current market value of the vacant site . This is to be used for the development of apartment units, and there will be infrastructure development and costs being implemented to allow for access/use and ingress/egress. The total cost for infrastructure that will be implemented by the City and TCB is $661,200 (see details in the addendum). It is anticipated that this will be in place by June of 2020. At that time it can be assumed that the value of the development parcel (land and infrastructure) will be : Market value of the land/site: $1,060,000 Cost of infrastructure/construction: $661,200 Soft Costs of infrastructure: $288.717 Total as of 6/2020*: $2,010,000 The costs were issued by the developer. Hard costs are in the addendum. Soft costs include Design, Bidding, permitting, Contingency and Admin . ,/?#~~ M . Scott Allen, MAI Executive Vice President Appraiser Mass Cert. #103369-RA-CG Email :scott.allen@ngkf.com Vacant Land Parcel ··1~ •• =~ ) ") ../ Table of Contents Table of Contents Appraisal Transmittal and Certification Certification Table of Contents Subject Maps Subject Photographs Executive Summary 6 Introduction 7 Neighborhood Analysis 11 Land and Site Analysis 1 0 Zoning and Legal Restrictions 36 Real Estate Taxes 37 Highest and Best Use 38 Appraisal Methodology 39 Sales Comparison Approach 40 Price per Acre Conclusion 47 Reconciliation of Value 48 Assumptions and Limiting Conditions 50 Addenda Glossary of Terms Land Disposition Agreement Reciprocal Easement Probable Cost Engagement Letter Qua I ifications Vacant Land Parcel ..... --~,--•• =..; Subject Maps 5 Aerial Picture A is the buildable/useable part of the site . D and E w ill re m ain wooded as co nservation land . \ ~.., .... _ 1 \ Vacant Land Parcel *~!".:t" y -e,._ •Uf;Ai."'J.;t C • .,,itite".I. Northempt.on, MA * Subject • Cl tlu 0 .33 .67 I --Miles ••1es •• =~ ........_ ) ~ J Introduction Executive Summary North Commons at Village Hill Property Type: Street Address: City, State & Zip: MSA Name : Market Name : Latitude : Longitude: Census Tract: Land Area: Zoning: Assessor's Parcel ID (s): Highest and Best Use -As Vacant: Analysis Details Valuation Date: Market Value "As Is" In spectio n Date and Date of Photo s: Report Date: Report Type: Client: Intended Use: Intended User: App ra isal Premise: Intended Use and User : Int ere st Appraised: Expos ure Time (Marketi ng Period) Est imate : Site Characteristics Total Land Area (Gross): Usa ble Land Area (Net): Shape: Topography: Flood Zone: Flood Map I Date: Zoning Legally Conforming Easements I Encroachments: Environmental Hazards: Compiled by NKF Vacant Land Parcel Vacant Residential Land Ford Crossing Road Northampton, Hampshire County, MA 01060 Springfield MSA Hampshire 42 .312029 -72.647301 8219.03 4.88 Useable Acres, 212,573 SF PD 13C-017-001 Multi-Family October 21, 2019 February 18, 2019 October 22, 2019 Appraisal Report The Community Builder s DACD Application The Community Builders & DACD None 6 The intended use and user of our report are specifically identified in our repor t as agreed upon in our contract for serv ices and/or reliance language found in the report. No other use or user of the report is permitted by any other party for any other purpose. Dissemination of this report by any party to non-client, non-in tended users does not extend reliance to any other party and Newmark Knight Frank wi ll not be responsible for unauthorized use of the report, its conclusions or contents used partially or in its entirety. Fee Simple 12 Months (12 Months) 33.8 Acres 4.88 Acres Irregular Level Zone X 2501670002A/ April 3, 1978 PD; A Planned Development District Yes Pending Access Easements None Noted ••1e.§ •• =~ Introduction Value Conclusions Appraisal Premise Market Value "As Is" Compiled by NKF Interest Appraised Fee Si mple Extraordinary Assumptions and Hypothetical Conditions 7 Date of Value Value Conclusion 10/21/2019 $1,060,000 An extr aordi nary assumpt io n is defi ned in USP AP as an assignment-specific assumpt ion as o f the effect iv e date re9arding uncertain information used in an anal y sis w hich, if found to be false, could alter the appraiser's opinions o r conclusio ns. T he value conclusions are subject to t he foll owing extraord ina ry assumptions t hat ma y affect the assignment results. 1. Assumes site is free and clear o f an y en viro nmental hazzards or co ncerns. 2. T he Comments related to t he infrastru ct ure improvements clearly require completion prior to all ow for co nsideratio n o f impact. T hey are not part o f the v acant land v aue but w ill add to t he v alue o f the development site w hen built/in place . A hypothetical cond ition is defined in USPAP as a condition, directly rela t ed to a specific assignment, w hich is contrary to w ha t is know n by the appraiser to exist o n th e effectiv e date o f the assignment results, bu t is used for the purpose o f analy sis . T he v alue co nclusions are based o n t he follow ing hypothetical co ndi t io ns t ha t may affect the assignment results . Introduction Ownership and Sales History The site is currently owned by Hospital Hill Development. There has been no recorded recent sale of the land . The land is under a "Land Disposition Agreement" to transfer from the current owner to The Community Builders. Some notes include: Signed originally in August of 2017. The price is $1,900 ,000 but this includes land that will be part of another development. The allocated amount to this site is currently $1,880,000 The agreement shows a total of 26.4 acres for what is defined as parcel A. The developer has confirmed however that the parcel has now been classified as A/D and E for a total of 33 .8 Acres . Only A which equals 4.88 acres will be developed. There are requirements that the parcel be advanced as intended to accommodate a mixed income/affordable housing development; see the Agreement that will be provided in the addendum . Vacant Land Parcel ••1!!f:5 •• =~ ) Introduction 8 Intended Use and User The intended use and user of our report are specifically identified in our report as agreed upon in our contract for services and/or reliance language found in the report. No other use or user of the report is permitted by any other party for any other purpose . Dissemination of this report by any party to non-client, non-intended users does not extend reliance to any other party and Newmark Knight Frank will not be responsible for unauthorized use of the report, its conclusions or contents used partially or in its entirety. :: The intended use of the appraisal is to establish market value to be used with the requirements of the DH CD-LI HTC application . :: The Community Builders and Mass DHCD. Definition of Value Market value is defined as: 'The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus . Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby : :: Buyer and seller are typically motivated; :: Both parties are well informed or well advised, and acting in what they consider their own best interests; :: A reasonable time is allowed for exposure in the open market; :: Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and :: The price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale." Source: Code of Federal Regulations, Title 12, Chapter I, Part 34.42[g]; also lnteragency Appraisal and Evaluation Guidelines, Federal Register, 75 FR 77449, December 10, 2010, page 77472) Interest Appraised The appraisal is of the Fee Simple. Vacant Land Parcel ••15:5 •• =~ Introduction 9 Appraisal Report This appraisal is presented in the form of an appraisal report, which is intended to comply with the reporting requirements set forth under Standards Rule 2-2(a) of USPAP. This report incorporates sufficient information regarding the data, reasoning and analysis that were used to develop the opinion of value in accordance with the intended use and user. Purpose of the Appraisal The purpose of the appraisal is to develop an opinion of the of the Fee Simple interest in the property . Scope of Work Extent to Which the Property is Identified :: Physical characteristics :: Legal characteristics :: Economic characteristics Extent to Which the Property is Inspected NKF inspected the subject property on February 18, 2019 as per the defined scope of work . Scott Allen made a personal inspection of the property that is the subject of this report. Type and Extent of the Data Researched :: Exposure and marking time; :: Neighborhood and land use trends; :: Demographic trends; :: Market trends relative to the subject property type; :: Physical characteristics of the site and applicable improvements; Type and Extent of Analysis Applied :: :: :: :: :: Flood zone status; Zoning requirements and compliance; Real estate ta x data; Relevant applicable comparable data; and Investment rates We analyzed the property and market data gathered through the use of appropriate, relevant, and accepted market-derived methods and procedures . Further, we employed the appropriate and relevant approaches to value, and correlated and reconciled the results into an estimate of market value, as demonstrated within the appraisal report. Vacant Land Parcel ••1ei •41 =~ \ 0 ) Area Analysis 10 Neighborhood Analysis The Village Hill development is a mixed-use residential and commercial planned development located to the south of the downtown core of the City of Northampton and Smith College . Specifically, the Village Hill District is located off the north side of Chapel Street/West Street near its intersection with Prince. It is the redevelopment of the former mental hospital which is integrating some of the existing historical buildings together with new construction to accommodate different development components . We will present a summarization of some of the development options within the Village Hill District later within this analysis. The area is about % of a mile to a mile south/west of the main downtown area of Northampton, which is generally identified as the intersection of Main Street and Pleasant Street. The site is also less than a mile from Smith College which is just to the east, and near numerous recreational areas (predominately located along Mill River). In regards to the neighborhood boundaries, they are broadly defined as : • Prospect Street to the north • Old Springfield Road to the south • Florence Road to the west • Pleasant Street to the east. Surrounding property uses around the sites that are part of the development are other phases of the Village Hill Redevelopment Project. Broadly, some of the surrounding property uses that are general to the area include : Surrounding Property Uses Direction Adjoining Property Uses To the North of the Village Hill Development is North predom inate ly vacant head ing towards Mill River. An office development on the south side of To the Chape l Street -L3 -KEO . There are also South: scattered residential, and commun ity serv ice uses t o the south and small churches . Out side of the boundaries of the Village Hill development there is some vacant land , To the East: recreati ona l areas and then recreat i on assoc iat ed with Sm ith Co ll ege . This i s then foll owed by portions of Sm ith Co ll ege . To the Northampton Commun ity Gardens, scattered West: res idential and vacant l and . North Commons at Village Hill Northampton, MA Trends/Comments No significant new deve l opment activity ev ident . No significant new deve l opment activity ev ident . No new deve lopment activity but supportive of the res ident ial uses assoc iated with project. No impact on the deve lopment but cons istent w ith the rura l and recreat iona l areas of t hi s porti on of the county. No new deve l opment activity ev ident. Note al so that further to the south and west is the Hampshire County Ja il and House of Correcti on . ··1~ •• =~ Area Analysis Economic Analysis Area Analysis -\ ,_;, .... _ , .. ..._ .. ;. \ ' ...: . .. .-- *VIUJW6 Hlll Ptt1)11cl 81 Vlllag11 f!llfl f(d "1frzo 17 CALIPl:.R. C20t6 HEJt E .,.. 11 -· Northampton, MA * Subject Ci ti es .,.., 0 .33 .67 1 --Miles The subject property is located in Hampshire County which is part of the Springfield Metropolitan Statistical Area (MSA), Along with Hampden County. The Knowledge Corridor surrounding Springfield -Hartford is New England's second most populous urban area with 1.9 million people . To the west of Hampshire County is Berkshire County and to the east is Worcester County . Hampshire County is the middle section of the Pioneer Valley, and the northern tip of the Hartford-Springfield Knowledge Corridor. Western New England's largest city, and Western Massachusetts' economic, civic, and recreational capital is Springfield . Springfield lies on the Connecticut River. North Commons at Village Hill Northampton , MA ••1e.a ·~ =~ ) ~ Area Analysis 12 Population : The population of the Springfield MSA shows a consistent growth rate of approximately one to two percent from 1990 to 2017 . Hampshire County has historically grown at a larger rate than the MSA as a whole, growing t almost four percent in 2000 and 2010 . The most recent population estimates indicate that this growth has slowed, with a population change of just 1 . 97% from 2010-2017. Region 1990 Massachusetts 6,016,425 --MSA 1990 Springfield MSA 602,880 County 1990 Hampden County 456,341 Hampshire County 146,540 Cities 1990 Amherst town 35,244 Northampton city 29,290 South Hadley town 16,676 Easthampton Town city 15,541 Belchertown town 10,574 *2013-20 17 ACS 5-Year Estimates North Commons at Village Hill Northampton, MA 2000 6,349,097 2000 608,478 2000 456,263 152,215 2000 34,884 28,979 17, 179 15,998 12,960 Population Trends % Change 2010 % Change 1990-2000 2000-2010 5.53 % 6,547,629 3.13 % % Change 2010 % Change 1990-2000 2000-2010 0.93% 621,570 2.15% % Change 2010 % Change 1990-2000 2000-2010 -0 .02 % 463,490 1.58 % 3.87% 158,080 3.85% % Change 2010 % Change 1990-2000 2000-2010 -1.02% 37,819 8.41% -1.06 % 28,549 -1.48% 3 .02 % 17,514 1.95% 2.94% 16 ,053 0.34% 22.56% 14,649 13.03% 2017* % Change 2010-2017 6,789,319 3.69% % Change 2017* 2010-2017 630,385 1.42% 2017* % Change 2010-2017 469, 188 1 .23% 161,197 1.97% 2017* % Change 2010-2017 39,880 5.45% 28,548 0.00% 17,737 1.27% 16,051 -0 .01% 14,9 06 1.75% ••1a:a •• :"S I Area Ana lys is 1 3 Umass Donahue Institute Population Projections -March 2015 -MCD UMD I Reg ion COUNTY MCD Name Lower Pioneer Va l ley Hampden AGAWAM Lower Pi oneer Va ll ey Hamps hi re AMH ER ST Lower Pioneer Va ll ey Hamps hi re BELC HERTOWN Lower Pio nee r Val ley Hampde n CHI CO PEE Lower Pionee r Valley Hampden EAST Lo wer Pioneer Valley Hamps hire EASTH AMPTON Lower Pioneer Valley Hamps hire GRANBY Lower Pio nee r Valley Hamps hi re HAD LE Y Lower Pio neer Valley Hampden HAMPDE N Lower Pi oneer Valley Hampshire HATFIELD Lower Pi oneer Valley Hampden HO LYOK E Lower Pi oneer Valley Hampshi re HUN T INGTON Lower Pi o neer Valley H ampden LON GM EADOW Lower Pi o neer Va ll ey H ampde n LUD LOW Lower Pioneer Va l ley Hampden MONSON Lower Pioneer Va ll ey Hampden MON T GOMERY Lower Pio neer V al ley Hamps hi re NORTHAMPT ON Lower Pio neer Va ll ey H ampden PA LMER Lower Pioneer Val ley Hampden RUSSE LL Lower Pioneer Val ley Hamps hi re SOUTH HAD LEY Lower Pioneer Val ley Hamps hi re SOUTHAMPTON Lower Pio nee r Valley Hampden SOU TH WICK Lowe r Pioneer Vall ey Hampden SPR ING FIEL D Lower Pioneer Valley Frankl in SUND ERLAND Lower Pioneer Valley Hamps hire WAR E Lower Pio neer Valley Hampden WEST SPR INGF IELD Lower Pi o neer Val ley Hampde n WESTFIELD Lower Pi oneer Valley Hampden WIL BRA H AM Lo w er Pio neer Va l ley Hampshi re WILLI AMSBURG North Commons at Village Hill Northampton , MA Censu s 2010 Projection 2 0 1 5 Pro je ction 202 0 Projection 2 025 Projection 2030 Projection 2 0 35 28,438 28 ,741 28,956 37,819 36,701 35,769 14,649 15,576 16,514 55,298 56,514 57,815 15,720 16,627 17,544 16,053 16,304 16,481 6,240 6,279 6,323 5,250 5,553 5,850 5,139 5,069 4,951 3,279 3,286 3,284 39,880 40,588 41,228 2,180 2,173 2,160 15,784 15,554 15,383 21,103 21,026 20,931 8,560 8,677 8,804 838 937 1,035 28,549 28,548 28,702 12,140 12,198 12,245 1,775 1,810 1,852 17,5 14 17,673 17,967 5,792 6,024 6,229 9,502 9,789 10,056 153,060 155,922 159,235 3,684 3,543 3,408 9,872 9,96 7 10,064 28,391 28,992 29,581 41,094 41,599 42,251 14,219 14,519 14,858 2,482 2,491 2,488 29,172 35,203 17,393 59,157 18,504 16,574 6,346 6,131 4,776 3,267 41,952 2,140 15,272 20,770 8,897 1,13 1 28,768 12,246 1,896 18,169 6,40 1 10,262 162,9 00 3,265 10,129 30,16 0 42,896 15,257 2,471 29,259 34,783 18,133 60,333 19,609 16,509 6,325 6,381 4,550 3,226 42,660 2,087 15,363 20,495 8,912 1,2 17 28,481 12,136 1,951 18,273 6,493 10,377 166,650 3,124 10,067 30,649 43,255 15,776 2,432 ••15:.5 •• =~ 29 ,151 34,675 18,713 61,325 20,794 16,269 6,252 6,595 4,281 3,149 43 ,2 11 2,000 15,661 20,095 8,839 1,292 27,784 11,936 1,998 18,363 6,512 10,397 169,79 1 2,973 9,919 31,045 43,260 16,34( 2,35L. :) Area Analysis 14 Umass Donahue Institute Population Projections -MCD COUNTY Census 2010 Projection 2015 Projection 2020 Projection 2025 Barnstable 215,888 215,073 205,41 1 198,550 Berkshire 131,219 129,450 129,692 129,992 Bristol 548,285 557,690 563,618 568,691 Dukes 16,535 17,29 1 17,305 17,604 Essex 743,159 783,531 798,824 813,666 Fran k lin 7 1,372 70,498 70,703 70,832 Hampden 463,490 471,163 479,431 487,931 Hampshire 158,080 158,855 160,077 161 ,1 58 Middlesex 1,503,085 1,577,277 1,611,789 1,645,167 N antucket 10,172 10,667 10,678 10,895 Norfolk 670,850 705,106 729,296 752,774 Pl ymouth 494,919 508,861 519,998 530,225 Suffolk 722,023 764,433 809,433 853,702 Worcester 798,552 822,696 844,413 864,691 Umass Donahue Institute Population Projections -MCD UMDI Region Census 2010 Berkshire and Fr ank l in 236,058 Cape and Is lands 242,595 Central 693,813 Greater Boston 1,975,155 Lower Pioneer Valley 604,304 Metro West 655,126 Northeast 1,031,733 Southeast 1,108,845 North Commons at Village Hill Northampton, MA Projection 2015 Projection 2020 Projection 2025 233,933 235,525 237,166 243,03 1 233,394 227,049 709,911 726,844 741,499 2,085,049 2,188,899 2,285,777 612,680 621,964 631,505 691,033 699,529 711,926 1,084,149 1,094,180 1,104,909 1,132,805 1,150,333 1,166,047 Projection 2030 Projection 2035 192,894 187,674 130,446 130,389 572,196 573,960 17,972 18,453 824,650 831,063 70,586 69,882 49 5,749 501,718 161,277 160,451 1,673,074 1,694,670 11,371 12,004 771,889 786,274 538,676 544,388 888,796 914,644 881,550 893,899 Projection 2030 Projection 2035 238,415 238,596 222,237 218,131 753,049 760,508 2,361,771 2,418,750 639,506 644,980 724,514 734,887 1,113,547 1,118,267 1,178,087 1,185,350 ••1ea •• =~ Area Analysis 15 Employment Data The charts below outline the labor force and employment data for the County of Hampshire. Historically, unemployment peaked at 7.0 % in 2010 likely due to the recessionary climate; the rate has since been decreasing annually with the most recent annual data of 3.4 % in 2017 being a decrease from the rate of 3.6% in 2016 . Year to date the rate has decreased from 2.6% in December 2017 to 2.4% in December 2018 . In terms of employed people, there has been a steady increase annually since the low of 79,500 in 2010 . As of December 2018, there were 90,400 Employed. Unemployment Rate -Hampshire County - Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Ann Avg 2018 3.4% 3.5 % 3.4% 2 .9 % 3 .0% 3.9 % 3.9 % 3 .3 % 2 .9 % 2 .5% 2 .2% 2.4% 3.1 % 2017 4 .1% 3 .9% 3 .9 % 3 .3% 3.4% 4 .0 % 4 .1% 3.5 % 3.1 % 2 .7 % 2 .6% 2.6 % 3.4% 2016 4.4% 4 .1 % 3 .9 % 3.4% 3 .6% 4.2% 4 .1 % 3.6 % 3.3 % 3 .0 % 2.9 % 3 .0 % 3.6 % 2015 5.4% 4.8% 4 .7% 4.3% 4.5% 5.1% 5.1 % 4.4% 4.3 % 3 .8 % 3.9% 3 .8 % 4.5% 2014 6 .2% 5 .8% 5.6 % 5 .0% 5.2% 5 .9% 5.8% 5 .1 % 5 .1% 4.6 % 4 .6% 4.4% 5.3% 2013 6.8 % 6.2 % 5.9 % 5 .8% 6 .2% 7 .1% 6 .7 % 6 .1 % 5 .9% 5.5 % 5 .3% 5.3 % 6.1 % 2012 6.4% 6 .0 % 5.4% 5 .2% 5.3 % 6.5% 6 .6% 5.9 % 5 .8% 5.5% 5.5% 5.7 % 5.8 % 2011 7.2% 6 .5% 6 .1 % 6 .0% 5.9 % 7 .0 % 6 .9% 6 .1 % 6 .0% 5.5 % 5.4% 5.5% 6 .2% 2010 8.0% 7.3% 7 .0% 6.5% 6.7 % 7.8% 7.8 % 7 .0% 7.0 % 6.2 % 6.5% 6.6 % 7 .0% 2009 6.2 % 6.1 % 5 .7 % 5.3% 5.9 % 7 .1 % 7.4% 6 .8% 7 .1 % 6 .5% 6.7 % 6.7 % 6.4% 2008 4 .6% 4 .1% 4 .0% 3.6 % 4 .2% 5.1 % 5.2 % 4.7 % 4 .7 % 4.4% 4.9 % 5 .1 % 4.5% 2007 4 .7 % 4 .3% 3 .9 % 3.6 % 3 .7 % 4.5% 4.4% 3.6 % 3 .7 % 3 .3 % 3 .3 % 3.5 % 3 .9% Employment -Hampshire County Ann Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Avg 2018 85.0 86 .9 87.7 88.5 88 .7 88 .9 88.6 88.7 89 .0 89 .8 90.3 90.4 88 .5 2017 84.0 85.2 85 .7 86.0 85.4 85.6 85.1 85.1 85 .2 85.9 86 .5 86.1 85 .5 2016 83.2 84.3 84.8 85 .0 84.4 84.6 84.4 84.6 84.5 85.4 85.8 85 .5 84.7 2015 82 .6 83.7 83 .7 84.0 83 .6 83 .8 82 .8 82 .9 82.3 83 .6 83 .8 83 .7 83.4 2014 80.3 81.2 81 .9 82.6 82 .2 82.4 82.2 82 .6 82.0 83.6 83.7 83 .7 82.4 2013 78 .9 79.7 80.1 80 .7 80.3 80 .2 79.7 79 .8 80 .2 80.5 80.9 81 .1 80 .2 2012 78.6 79.5 80 .4 81.0 80.9 81 .1 79.6 79.7 80.1 81 .1 80.8 80 .4 80 .3 2011 78 .5 79.2 79 .7 79.9 79 .8 80.1 79.1 79 .4 79 .6 80 .4 80.1 80.0 79.7 2010 77.6 78.4 79 .0 79 .9 79 .8 79.9 79 .5 79.5 79.3 80 .3 80.3 80 .0 79.5 2009 80 .4 83.2 83.4 83.9 83.4 80 .3 79.4 79.1 80.8 82.8 83 .0 8 1.8 81.8 2008 82 .2 85 .2 85.9 86.4 85.9 82.8 81 .8 81.5 83.9 86 .2 85.9 85.0 84.4 2007 82.7 85.6 86 .2 86.1 86.2 83 .4 82.3 82.0 84.4 86.5 87.0 86 .1 84.9 Dat a in Th ousand s So urce: BL S.go v (Up da te d 7012112 07 9) North Commons at Village Hill Northampton, MA ••1§:.5 •• =~ -~ 0 J Area Analysis 16 Outlined below and on the following page are wages broken down by industry for the County of Hampshire for the 2nd quarter of 2018 (most current available). Description Total, All Industries Goods-Producing Natural Resources and Mining 11 -Agriculture, Forestry, Fishing and Hunting 21 -Mining, Quarrying, and Oil and Gas Extraction Construction 23 -Construction Manufacturing 31-33 -Manufacturing DUR -Durable Goods Manufacturing NONDUR-Non-Durable Goods Manufacturing Service-Providing Trade, Transportation and Utilities 22 -Utilities 42-Wholesale Trade 44-45-Retail Trade 48-49 -Transportation and Warehousing 11 nformation 51 -Information Financial Activities 52-Finance and Insurance 53-Real Estate and Rental and Leasing Professional and Business Services 54-Professional and Technical Services 55-Management of Companies and Enterprises 56 -Administrative and Waste Services Education and Health Services 61 -Educational Services 62-Health Care and Social Assistance Leisure and Hospitality 71 -Arts, Entertainment, and Recreation 72 -Accommodation and Food Services Other Services 81 -Other Services, Except Public Administration Source Mass.gov (Updated 10/20 19) North Commons at Village Hill Northampton , MA No. of Establishments 4,609 570 44 37 7 405 405 121 121 73 48 4,039 701 6 142 490 63 88 88 258 149 109 706 463 22 221 1,418 139 1,279 476 97 379 392 392 Number of Employees Apr-18 May-18 Jun-18 49,030 49,459 49,384 4,730 4,897 5,102 412 435 498 373 397 459 39 38 39 1,993 2,118 2,214 1,993 2,118 2,214 2,325 2,344 2,390 2,325 2,344 2,390 1,342 1,348 1,378 983 996 1,012 44,300 44,562 44,282 10,880 10,956 10,970 103 103 103 2,648 2,654 2,714 7,316 7,363 7,339 813 836 814 713 752 713 713 752 713 1,842 1,858 1,872 1,348 1,347 1,343 494 511 529 4,478 4,478 4,578 1,938 1,871 1,903 557 561 562 1,983 2,046 2,113 17,010 16,947 16,643 6,679 6,620 6,351 10,331 10,327 10,292 7,294 7,472 7,330 997 1,D30 1,008 6,297 6,442 6,322 2,083 2,099 2,176 2,083 2,099 2,176 Total Wages $541,342,430 $68,236, 137 $3,210,575 $2,745,584 $464,992 $28,820, 166 $28,820, 166 $36,205,396 $36,205,396 $22,588,728 $13,616,668 $473, 106,293 $125,805,053 $2,952,077 $61,496,593 $54,213, 127 $7,143,257 $9,728,964 $9,728,964 $24,720,374 $20,013,596 $4,706,778 $53,568,352 $30,381,437 $6,712,415 $16,474,500 $204,853,304 $96,496, 127 $108,357,177 $36, 714, 603 $4,880,552 $31,834,051 $17,715,642 $17,715,642 Avg Monthly Avg Weekly Employment Wages 49,291 $845 4,910 $1,069 448 $551 410 $515 39 $917 2,108 $1,052 2,108 $1,052 2,353 $1, 184 2,353 $1, 184 1,356 $1,281 997 $1,051 44,381 $820 10,935 $885 103 $2,205 2,672 $1,770 7,339 $568 821 $669 726 $1,031 726 $1,031 1,857 $1,024 1,346 $1, 144 511 $709 4,511 $913 1,904 $1,227 560 $922 2,047 $619 16,867 $934 6,550 $1,133 10,317 $808 7,365 $383 1,012 $371 6,354 $385 2,119 $643 2,119 $643 ••1sa •• =~ Area Analysis 17 Employmen t Forecasts -Hampshire County In regards to employment forecasts for the county WDA, we are able to provide some documentation from the Massachusetts Labor and Workforce Development website broken down by various trade groups. Industry Projections for Franklin/Hampshire WDA Industry Total All Industries Crop Production Animal Production Utilities Construction Construction of Buildings Heavy and Civil Engineering Construction Specialty Trade Contractors Manufacturing Food Manufacturing Be verage and Tobacco Product Manufacturing Paper Manufacturing Plastics and Rubber Products Manufacturing Fabricated Metal Product Manufacturing Machinery Manufacturing Computer and Electronic Product Manufacturing Furniture and Related Product Manufacturing Miscellaneous Manufacturing Wholesale Trade Merchant Wholesalers, Durable Goods Merchant Wholesalers, Nondurable Goods Wholesale Electronic Markets and Agents and Brokers Retail Trade Motor Vehicle and Parts Dealers Furniture and Home Furnishings Stores Building Material and Garden Equipment and Supplies Dealers Food and Beverage Stores Health and Personal Care Stores Gasoline Stations Sporting Goods, Hobby, Book, and Music Stores General Merchandise Stores Miscellaneous Store Retailers Nonstore Retailers Transportation and Warehousing So urce : Ma s s.go v (1012019) North Commons at Village Hill Northampton, MA Employment 2016 101, 115 814 131 235 2,962 781 122 2,059 6,866 401 105 697 1,281 1,492 440 425 156 727 2,767 940 1,511 316 11,088 1,240 145 1,084 3,718 592 543 505 1,539 771 403 1,974 Employment % Change Change 2026 106,813 898 152 241 3,250 868 131 2,251 6,107 426 115 489 1,208 1,412 214 366 125 670 2,860 921 1,509 430 11,270 1,269 144 1,100 3,793 595 559 447 1,565 769 441 2,026 5,698 5.60 % 84 10.30% 21 16.00% 6 2.60 % 288 9.70% 87 11.10 % 9 7.40 % 192 9.30 % -759 -11.10 % 25 6.20 % 10 9 .50 % -208 -29.80 % -73 -5.70 % -80 -5.40 % -226 -51.40 % -59 -13.90 % -31 -19 .90 % -57 -7.80% 93 3.40% -19 -2.00 % -2 -0 .10% 114 36.10 % 182 1.60% 29 2.30 % -1 -0 .70 % 16 1.50% 75 2.00% 3 0.50 % 16 2.90 % -58 -11.50 % 26 1.70% -2 -0.30 % 38 9.40 % 52 2.60 % ••15 •41 =~ I 0 _.) Area Analysis 18 Industry Projections for Franklin/Hampshire WDA - ' Industry ' i - Rail Transportation Truck Transportation Transit and Ground Passenger Transportation Support Activities for Transportation Couriers and Messengers Information Publishing Industries (except Internet) Motion Picture and Sound Recording Industries Telecommunications Other Information Services Finance and Insurance Credit Intermediation and Related Activities Securities, Commodity Contracts, and Other Financial lnvestm Insurance Carriers and Related Activities Real Estate and Rental and Leasing Real Estate Professional, Scientific, and Technical Services Professional, Scientific, and Technical Services Management of Companies and Enterprises Management of Companies and Enterprises Administrative and Support and Waste Management and Remediat Administrative and Support Services Waste Management and Remediation Service Educational Services Educational Services Health Care and Social Assistance Ambulatory Health Care Services Hospitals Nursing and Residential Care Facilities Social Assistance Arts, Entertainment, and Recreation Amusement, Gambling, and Recreation Industries Accommodation and Food Services Accommodation, including Hotels and Motels Food Services and Drinking Places Other Services (e xcept Government) Repair and Maintenance Personal and Laundry Services Religious, Grantmaking, Civic, Professional, and Similar Org Private Households Source: Mass.gov (10/20 19) North Commons at Village Hill Northampton, MA Employment 2016 205 340 815 129 143 1, 117 518 126 278 102 1,857 1,268 139 450 837 750 2,510 2,510 1, 131 1, 131 2,376 2,155 221 22,630 22,630 14,970 4,653 2,516 3,585 4,216 1,741 879 8,594 637 7,957 2,972 696 798 1,313 165 Employment % Change Change 2026 209 340 850 122 157 1,026 480 120 217 108 1,696 1,177 146 373 832 744 2,927 2,927 1,197 1, 197 2,208 1,959 249 25,230 25,230 16,841 5,394 2,584 4,133 4,730 1,795 887 9,097 684 8,413 3,071 729 839 1,334 169 4 2.00 % 0 0.00 % 35 4 .30 % -7 -5.40 % 14 9 .80 % -91 -8.10% -38 -7 .30 % -6 -4.80% -61 -21.90 % 6 5.90 % -161 -8.70% -91 -7.20% 7 5.00 % -77 -17.10% -5 -0.60% -6 -0.80% 417 16.60% 417 16.60% 66 5.80 % 66 5.80 % -168 -7.10% -196 -9.10 % 28 12.70% 2,600 11 .50 % 2,600 11.50% 1,871 12.50% 741 15.90% 68 2 .70 % 548 15.30% 514 12.20 % 54 3.10 % 8 0 .90 % 503 5.90 % 47 7.40% 456 5.70% 99 3 .30 % 33 4.70% 41 5.10 % 21 1.60% 4 2.40% ··1~ •• =~ I : Area Analysis 19 Major Employers Below are the major employers in the Franklin/Hampshire WDA. The top four employers based on number of employees are in retail and education, another main industry consistent in the major employers is health care . Largest Employers Franklin/Hampshire WDA 2018 Company Name C & S Wholesale Grocers Inc Massachusetts University-Amh Mt Ho lyoke College Smith College Yankee Candle Co Inc Amherst College Cooley Dickinson Hospital Delivery Express LS Starrett Co Mt Holyoke College Pelican Products Inc Seaman Warehouse US Veterans Medical Ctr Yankee Candle Co Athol Memorial Hospital Athol-Royalston School Dist Baystate Franklin Medical Ctr Berry Pla stics C & S Wholesale Grocers Inc Cooley Dickin s on Hosp COVERIS Advanced Coatings Deerfield Academy Farren Care Ctr Inc Hampshire College Mullins Center Northfield Mt Hermon State Police Source: Mass .gov (10 /2019) North Commons at Village Hill Northampton, MA City Number of Emi:!lo~ees Hatfield 1,000-4, 999 Amherst 1,000-4, 999 South Had ley 1,000-4, 999 Northampton 1,000-4, 999 South Deerfield 1,000-4, 999 Amherst 500-999 Northampton 500-999 Amherst 500-999 Athol 500-999 South Had ley 500-999 South Deerfie ld 500 -999 Orange 500-999 Leeds 500-999 South Deerfield 500-999 Athol 250-499 Athol 250-499 Greenfield 250-499 Easthampton 250-499 Hatfield 250-499 Easthampton 250-499 South Hadley 250-499 Deerfield 250-499 Turners Falls 250-499 Amherst 250-499 Amherst 250-499 Mt Hermon 250-499 Northam~ton 250-499 ••j5 •• =~ ( ) ') J Area Analysis 20 Residential Sales In regards to media n sale p ri ce, the Sp ringfield MSA falls at $2 2 3,600 w hich has gone up 4.6% over th e past year according to Zillow . ¢Zillow Market Overview: Real Estate APRIL2019 Na tiona l Home Val ues Current: $226 ,800 Mon thly Change: -(1.1% Quarterly Change: 0.4% Annual Cha nge: 6.1% Negative Equity*: 8 . 2% Springfield Home Valoos Current $224 ,800 Monthly Change: --0.2% Quarterly Change: 0% Annual Change: 3.7% Negative Equity*: 5.6% Home Va lues Forecast (,.,... 12 months) Na t ional: 2.8% Springfield Metro: 1.1% Major Cities -Home Va lues Springfield Current: $161,600 Monthly Change: 0.2% Annual Change: 7.2% Chicopee Current: S183,600 Monthly Change: 0.2% Annual Change: 2.8% West fk?l d Current: S251,300 Monthly Change: 0.1% Annual Cha nge: 1.8% Holyoke Current: S204,100 Monthly Change: --0.3% Annual Change: 7.4% Am h etSt Current: $339 ,200 Monthly Change: --0.1% Annual Change: 3.2% ,.Zlllow' North Commons at Village Hill Northampton, MA -6'1'\.--e.A -4 9'.·.?.•'&. ..J.2' 1A ·t •,.,·42'. Honie Values (ZHVI ) lncrea.sing Valu!!S: DKreasing Va lul!S: Fall From Peak: Peak ZHVI Date: Peak ZHVI: Sa les 71.3% 17.9% --0.2% 2019-03 S225 .300 Median Sale Price: $.- Mont hl y Change: -% Annual Change: -% Sale Price/Sq . Ft.: $.- Sa l~to-l ist Price Ratio: - Sold for a Loss /Ga in: -%/-% Foreclo sures Homes Foreclosed: -/10. 000 Monthly Change: - Annual Change: Foreclosure Resales: -% Monthly Change: -pp Annual Change: -pp • Negative equity data is from 2018Q2_ www.zillow .com /r~/ Springfield Metro ---.la't..·S"" ~-IV.-Ll'ti. ll"l.-14.U. Ren t Zillow Rent Index: Monthly Change_ Annual Change: Rent list Price: Rent list/Sq_ Ft .: Listings Med ian list Price: Monthly Change: An nu al Change: Sl,629 -0.2% 3-7% $1,520 Sl.3 List Price/Sq. FL Listi ngli with Price Cut: 5244,000 3.8% 1.7% §158 15.5% 2.8% Amount of P rice Cut: How do -track home values 1 To track home values, we use t he Zillow Home Value Index (ZHVI). T he ZHVI is the mid-point of estimated home valu!!S for the area. Half the i!$1:imated home va lu!!S are above this numbe1 and half are below _ ...... --.... ,--•• =.; Area Analysis 21 APRIL2019 large.st Cities Covered by Zillow ~ e, > .x l. I ~ ~ N t .I? t !:., l ~ E ?:!, t ~ ~ ,.. " " ~ ~ ,.. "" ~ J? tii! ·~ ~ w ~ l .. :::; ~ " N ~ ,.. ~ :::; :::; .. " ~ t; ~ 5 5 > > .,., ~ t :::; ~ ~ 1; l " Ii ~ ii: ii! l!f 0 :r :r :I: .;: if JC N N N N ..... "" N N N :2 Ag:..'°"' 2?8.400 -0.I .0 .1 24 228,700 2019 -03 .(} l l 621 ·0.4 D.1 8.1 0.6 <Iii Ambor>-t 339.200 .o.J 0 .4 3.2 339,700 2019 •CI3 41 2,381 0 .1 D.7 5.& 1 .3 14 Bdcberta\m 276.300 ·D.6 ·l.l 2 279,6oo 2018·12 ·l.2 1.884 .0.1 D.6 " ·D.6 3.6 Ch1CX1pee 183.000 0 .2 0.3 211 181,&DO 2019,04 0 1,531 -0.3 1 b.2 1.2 7 .0 fast LongmeadD\~ 200 .IYJO 02 0.2 4.2 2.&6,DOO 2019-04 0 1,946 0 .1 D.l 2.3 1.1 <1.3 E:isthamptan 261 ,200 ·D.6 ·D.4 3.2 263,300 2018 ·11 .0.8 l,T.ll o.i 1.3 2 .5 ll.I 1.8 Gr.mby 249 .900 0 0.4 0.2 1.8 250,800 2019-03 --0.4 l 7'19 ·0.2 ·0.l 3.1 0.2 3.3 Hol)lDl<e 204 .100 ·D.3 0.4 7.A 204,800 2019•03 .0.3 l,SOl ·O.l l.4 4.1 3.5 S.6 Longme:idc,., 3~.6oo G.l o.s. 3 .7 3&8,500 2007-06 .u 2.316 (I.I ·1.3 2 l.6 <1 .0 l.tJdlDW 224.400 .o.J ·0.2 4 225.000 2019412 .0.3 1,653 .Q.7 D.5 10 . .l 1.8 iu Man""" l .£>37 ·1.2 3 .1 ·0.5 55 Ncrtl.:impmri 298..800 -t.2 ·2 .9 1.A 307,800 2018 12 ·2 .9 2,035 0 .4 3.5 14.3 0 .2 3.!i P:i lmer 1.567 .u ·I.I 10 .2 7 .6 South Hodley 237.TOO ·D.6 ·0.3 3.4 239,200 2019-03 .0.6 l ,635 o .02 O.!I 0 .1 3.4 Southwi<k 249.500 ·0.5 .o.a l 253,500 2007·05 1.6 1 607 .o.6 ·l 3 .6 ·D.8 5..2 Spnngfleld 161.{i(JO 02 05 7.2 161 ,&CIO 2019-04 0 1 ,477 0.2 1 2.4 3 .2 8.2 Wore l~.700 ·0 .3 D.4 5.3 103.&00 200E,.10 -6.8 1.483 ·0 .5 ·l.5 .a.6 l .9 l!..2 West Spri'lefweld 224,400 ·D.3 0 4..8 225,100 2019-0'2 .O.l l ,<>59 .o.s -0.2 8.2 l.5 '.5 !6 ""'dtfield 251.300 01 .Q.7 Ui 254,300 2018-U ·l i l 721 0 .3 1.3 B.6 ·0.1 5.2 \lvdbr..l.:im 2gs,ooo 0 ·D.7 3 301,500 2006-01 ·2.2 1,987. 0.2 0.4 -. .Q.6 0.3 5.4 largest Counties Covered by Zillow ~ E ~ 1 e N ~ ~ !:. ~ ~ E 0.. !1 E ~ ~ ~ >o " ::;' ..r; e.:. .if ~ ~ )-~ ~ ~ ~ ::E )-0 ~ 0 N 0 >o " :::< 13 :::; ~ {) <> ~ ~ " ii :::< ~ > i ~ ~ ~ ~ 1 " ~ ~ ii: ~ ~ a. N N N ;;;; 0.. e N N N ~ Hompd"" •County 205,900 0 .1 Q.2 4.3 205.000 2019-04 0 .0 1 ,578 -0.1 D.& 5.4 1.8 H:imf15fii rc County 272,100 -0 .8 .u 4.2 275._400 20!!>-0i ·1.2 l .896 0.l l 5 .il 0.1 -~----~- •Tne top 20 l:irgest cities •nd top 10 (a •II) coumiei; within tile metro ;re li•ted . Addition;! counties, cities, neigh.borhooils .;n<l ZIP codei; m;i,y be .;v;ail ;ble online •t www rillaN .com /rese;rch/d;t• by cnuili.ng J1fesslbill""'.com Zillow Research: .Zil low® G the leading re.I est••• •n<f rent<>1 m;rksplocc dediC'1ted 1o empaNering consumers whll d•U, inspir.;tion •n<f knaModge ;round tile p!;oce they coll !home, and connecting tt.cm with the bes;; loc.;il profcssion•I• wh.o can help . In "ddi!ion, .ZillaN operates.,, industry-~di1tg economics •nd .;iul)'tlics b 1n e.>u led by Zillow's Chiei Econami<t Dr. Svenj• «iudell. Dr. GIJdell •nd lier te.>m of economists and dota itll;tlym prod11CC ..:tenoive h1>using d •t• ;;_nd ,..,._.icl> <<>•11ori ng inore <h•n 450 mo rk.ets >< ZillaH ~I Est•te R...,..-dh . Zillow •lso spom;ors the qu..rterly Zi llaw Home p ,rice Expect.,ioM S"""')', wliic11 .. ks mere tll•n 100 lcading <>CXJnom ists, ,...,1 es<.>te experts •nd i iwes<mcnl •n<f mw:<>t runegin• lo predie< tile ~ti> of th.e Zillaw Home v .. 1 ... ln<fex ., • ., the ne>:t me>"'-'' .. Zillaw •lso span""' the b~.;n.nu•I Zill""' li1>using Confidence lnilox (ZHC I) wbicb m ... ..,, .. CQ1'S1tme r confidence in loc.>I hou<ing mark«$, lboth cur<cntly •nd over time . L>unched in 2006 Zi.llow is ...,.,ed .>nd oper.1<ed by Zi llow Gro1t1> ( t~ASDAQ : Z) •nd headqinirt.ercd in Seil'tt.le. -?-Zfllow· -w.:tillow .com/rescardt/ North Commons at Village Hill Northampton, MA •• •• I ------------- I_, 0 Area Analysis 22 Building Permits Below we provide the historical permits issued since 2008 . The h ighest nu m be r issued du ring t hat tim e frame w as in 2018 with 368 issued . Annually, there was an i ncrease in permits issued from 289 in 2 017 t o 3 6 8 in 20 1 8 . SOCDS Building Permits Database -1 ~~~-C-o_u_n_cy_T~ot_a_ls~~~--, -.. --Housing Unit Building Permits for : Hampshire County -2008 2009 Total Units 224 194 ··-Units in Single-Family Structures 184 177 Units in All Multi-Family Structures 40 17 Units in 2-unit Multi-Family Structures 0 6 Units in 3-and 4-unit Multi-Family Structures 3 11 Units in 5+ Unit Multi-Family Structures 37 0 Source: Huduser.org *2019 Preliminary Data Through July, Updated 10/21/2019 North Commons at Village Hill Northampton, MA 2010 2011 248 144 232 121 16 23 0 2 4 3 12 18 2012 179 144 35 8 0 27 2013 197 163 34 14 4 16 -- 2014 2015 193 188 164 169 29 19 8 0 0 4 21 15 - 2016 2017 2018 2019* 257 289 368 240 215 222 17 74 146 0 0 12 4 0 0 13 74 134 ••1ea •• =~ 7 7 0 0 0 0 Area Analysis 23 HUD PD&R Report Below is the market at a glance for Hampshire Coun t y which includes data from the American Community Fac t Finder and US Census Bureau. ~ Market at a Gl an c e Hamp shire CounlY. MA Pr~reo o-, PO&."l · Econcr"IC i\ •.t ~1 .\N!V"tt. u.~,,. 1f..,\AD1 ~ E.J"Qlilf"C ReQI ONt 0 ~·~ Cteatcd on OC1 obet 21 . 2()19 ECON OMIC CON[)JTIONS Lillbor f.Of'CI! Ud Hetadcl .. ~I On~red EmpAajtnel nt ;: : s' ,. . . I a ~ = '!.' ' '" v 'i ;; I "' .. . ./'. "J V -~· h~1 ·~1 1 l ~~~ \./ ....... :: ~ " Lebcw Foiu J.u.-dc111 [mofoymtrt 1 f,iirl~J)q,--tr-t: ..,.t 3-Mon~ '1'•1 1 -Ch~-YHt 11-Nonth ~N1 -0vv-'Yir~ OK.a~ US..B.,....'1diAWI~ ~~-U.:3 &.11•11.dtAtiO.SUltHk:::S 3.Mgntb Aycppp l -<te\gntb YHr:<)a::r~Ynr C:baoPp bbgr ,~ Rosldcnt £mpbymcnt \Jn.err.;plD)'mMt Ram,.._., :I Ccwll'Dd !mploymcm QQ~ S6U6t; us B..Mh al libM SUtett. AUgll'lil "'" 89 liti 1111,811 • Ocoombor 2010 ll4.w>t AQgust Z0 1i 91 ,J'1?' 8t1,'4i !.& CMcombct '°" 6G,2tl August 201• !!Uzz 90.e.tJ 2.9 Dccanbur 2011 ll0.2!U .August2D17 10 Al.lg&.Ht2D11 Numticr Pcrocnt 2.301 2.0 2.llG< l .1 .... nl• D11 combar2D1g to Doccmbor 201 t 1,409 2.2 POPU L A TION & HOUSEHOL [)S Dl3:~DDliill ~lll]ISi ...... ...... AltQCl;16cm111I klllilDDI July ZDOCI , .... 2DO) to 2o 1o ,.,. .. .....,., ~""""" Population ISi.2~1 1111,0!IO e.flj D..< lf!O- HD\lsc_hok h; S!i ,i191 >ll.7112 211 °" 1511,10) 0.USo;.tat 1-2000c.n.. 2'0'10Cecau' US. C.....Bl.1Hu~iOct"IEWilil*' ? -2000 Ctidul 2'l)lCM.ul, 1011 2?17~ 1'011NfrMICll'ICodlttufllJ S"""'rt (1 • Ylftlfl " ... . ,..P ~o lrc1 fllnrn.ICllallpa&tklt M.grabnn ,, -." ..g"'--..6' "\ .. <j ... , .. .,. .. .. ~-·~· N~t t\•!w~t °'""91" 11.'f'( ~·h9" • P9pul&~ (."~g' 081.1: SO..ot U S. 0..•.do &.-ui.: ~ Eiottnald Nolb .. ,. "•~ll'l dtltl.i1d9'1.l..lyyflil !~!<l'*\;111• 2-H w:~~~N'if~lf~~U!M;J* '.i-Mil•:M1~191'titl~diMfllll'*Ml'•""'J.U.b2010 North Commons at Village Hill Northampton, MA AC$ lPag111 . .ttqn f1ftmatu tm9'",-m Julj July 2017 ZDtl Z015402017 Nimtba Pcm:rt 161,t!lB 1G t ,83J. ,., as G11&4& 58 902 '319 ..0 .$ August 2011 .to AQgust :N11 N!.mttcr Pcroent I !it>!» IG 1 ... 1 2-2 .... "'' Occ cm~r 20t7 to Otc11mbG:r 2011 67 O.t 2017 to2011 ,....,..,.,. 11t ,.,,. """""' (I.I I.I ••1 •41 ------------- ( ' ) ) _) ) ..__,, Neighborhood Analysis 24 Mam ;1111>e counl MA 1oon11007 OUSI NG M•RK.ET CO ND ITION H'li lcrli ~11 4 (jS l 4 1' °" 10'0 De<.,,,,,.. V.Canq R•""" s .~i1 !l ft lK 0.8'! 1016 ~?P ACS AC> ~. R•ntal 10 St' .,, "" ACS Du~. ~10 CMiut., 2016 2017 ~ 21);4.AJiwiell'I Ccdirft.mfJ-S~ 41 -Y*ll') Houuig lnwntory by Tenu re ZO tll 20 1.& 20 17 2D18 Oacmnlll AC$ ACS .ACS t oM 1Housln9 Urwts ~2.lm fl;l.O!lO lll,800 ~MS Oc cllJllcd ~l!.702 &8.1 ~7 1>1M& ~l!ICl2 Owners 39,001 37,8illl 39,:l~ !&,9S5 ,.. O.W.on llll-4 e:!l.1 ii&O fl&.1 11-ellors 19,101 20.29<J 19,.11!1 19,947 ,.._llo~ 33.A! 34.9 1211 33.9 total V•c•nt 3.901 4 .923 ,,,11!12 &.1&5 I Av.alla llh far $111t 949 3/i1 :i2' 390 Av•ll•b1a for R.C!llt 9!o 814 1,il39 2.341 OtharYacat 2.397 3742 .oaa 2.4111 DDSGiud ~~ CiNr.li. 2018 2017 Md :»l&Ali1lihCln C6Wr'J.ar1~ Sdl"Wfi f1 -'t•1tl North Commons at Village Hill Northampton, MA Aanulll Building llCIMl'I • single ~•mlf lOO zoo .. • E ~ 100 ...,,,~f4 #0 .. ~' .;;,. ~~ ~· ~., ~~ ~I ~.. :0.°' ·!' '!."' '!."' -f' '!.°' ·!' ·:> '!.<> oai.Soi.rta. u.s CtMui ~a au~Pelln.u !3Uh"'*Y ...... amr .. 201hJH(n-y, ..,.,..,....,..101~ Annul.__, .AclMIJ. UUIU f amlly 1~0 :: l 100 = ~o Oi&.16&xl>ot. U'S Cteiul BirMJ Bi.IMhgf'tllmla !Uf'rKp -D>IAIOf2010"--'"'""4'~101~ ,. .. '!.<> C l ------------ Neighborhood Analysis 25 Village Hill Complex As indicated, the subject sites are part of the Village Hill Redevelopment Project. There are multiple components associated with this development and a summarization is outlined below . Many are residential in orientation . The community takes up 126 acres and appears to be around 70 % built out. Subsequent to the presentation of the neighborhood data, we will present a map outlining master plan for this community . Some of the components of this development that are important to recognize include the following : Single-Family Units: Scattered throughout the project and located within multiple sections . There are a number of housing options within the Village Hill Development. Many of these are built out to full capacity and involve mostly three and four-bedroom structures . Pr icing ranges from the upper $460,000 to over $650,000 for some of the larger homes and more recently -built dwellings . A summarization of general housing patterns in the area is outlined in the first chart . Then there is some documentation related to single-family homes from within the Village Hill Development, specifically. This becomes important in order to ascertain not only market support for these un its, but pricing for nearby homes . Local Single Family Residentia l Sales -Northampton, MA Addre ss Sale Date Sale/List Price SF Comments 52 Longview Drive, Nort ha m pt on, MA Curre nt Li sting $249,9 00 1,0 08 4-bed 2-bat h; W of the site 11 40 Florence Roa d, Northam pton, MA Cu rrent Li stinq $2,2 00,000 6,36 1 5-bed 4-bath; SW of the site 6 7 Westham pto n Ro a d, Northa mpton, MA Current Li sting $319,0 0 0 1,130 3-bed 2-b ath; SW of t he site 4 Rust Ave nue, Northa m pton, MA Current Li sti ng $459,000 1,7 17 3-bed 3-b ath; S of the site 3 La ngwort hy Road, Nort ha mpto n, MA Cur re nt Li stin g $539,0 0 0 1,848 2-bed 3-bat h; N of t he site 22 Lasel l Ave nue, Northa mpton, MA 10/4 /201 9 $365,0 00 2,214 6-bed 2-b a th; E of the s ite 14 Wins low Avenue, Nort hampton, MA 10/2/20 19 $275,000 1,3 00 3-bed 2-b at h; NW of t he s ite 161 Tu rkey Kil l Roa d, Nort hampton, MA 1 0/1/20 1 9 $464,500 3,120 4-bed 3 .5-bath; SW of the site 11 56 West hampto n Ro ad, Northam pto n, MA 9/30/20 1 9 $290,000 1,632 3-bed 2-b ath; SW of the site 387 Prospect Street, Nort ham pton, MA 9/27 /20 19 $775,000 3,7 93 6-bed 3.5-bath; N of t he site Sou roe: Zill ow.c o m 10/2 0 1 9 Apartments: The apartments include Hilltop and Hillside, both operated by the Community Builders . We refe r the reader to the Supply section for additional details of these ex isting developments which are operationally successful. Assisted Living: Ch ristopher Heights at Northampton is the assisted living development located on site . This project targets senio rs who have advanced needs regarding level of care. There are 83 assisted living units ; 43 of which are designed for low-income sen iors . North Commons at Village Hill Northampton, MA ·~1~ •• =~ 0 ._,_,) Neighborhood Analysis 26 Commercial & Business Components: A commercial development will be built out in some of the later phases . The L3-KEO Corporation and VCA, Inc . are part of the master plan even though they are on the opposite side of the road from the development activity. A map demonstrating the layout for the Village Hill master plan follows this discussion . Note that the proposed subject developments are part of Lot 20, which is outlined in green, and the north part of the site in an area identified as Summit Oaks Homes on the master plan map. Lot 13A Development The subject property is part of what they have identified as Lot 13A within the complex. Adjacent to/near the subject parcel will be future development to include : • A proposed Co-housing parcel immediately adjacent that will total 6.2 acres. • Proposed land for future development by Mass Dev along Ford Crossing Road; 1 acre • Conservation land located both to the north and east of the Community Builder's development site. To the north, there will be a total of 18.5 acres of undeveloped land and to the east, 10.42 acres of undeveloped land. In the addendum of the report, there will be a document provided that indicates a breakdown of the different space uses at the former Village at Hospital Hill/Northampton State Hospital redevelopment project. Commercial Development In regards to commercial necessities, residents of the subject area travel to the downtown core of Northampton for many of their commercial needs . The downtown area however, provides more boutique-type retail and commercial opportunities, including local restaurants and pubs, retail operations, banks, and general stores . Large-scale retail is outside of the downtown core to the north off of King Street and closer to the Cooley Dickinson Hospital. In regards to transportation linkages, the following should be recognized: • The highway network system in the area is a few miles from the site; 1-91 has a means of ingress and egress off of Route 5 at Exit 18. This highway subsequently connects with other parts of Massachusetts, and eventually access into Metro Boston . • Bus Service : The local transit system does not provide bus service to the subject site specifically, but there is regional service available . There is a PVTA bus stop 1 mile from the site . North Commons at Village Hill Northampton, MA ••15:.5 •• =~ Neighborhood Analysis 27 • Rail Access: Commuter rail service and local rail transit is not available. There is Amtrak rail service in downtown Northampton and the station provides a connection to Metro Boston. Recreational and Community Services: Many recreational options are available nearby. This includes walking, biking and hiking trails along the Mill River, recreational amenities available at Smith College, nearby parks, and nearby schools. Schools: A summarization of the schools that apply to the development and their rankings are outlined below: The property is located in part of the Northampton School District. The schools that are within closest proximity include: Elementary School: Middle School: High School: Bridge Street School, 2 Parsons St., Northampton Northampton -Public Grades K-5 JFK Middle School, 100 Bridge Rd, Florence Northampton -Public Grades 6-8 Northampton High School, 380 Elm St, Northampton -Public Grades 9-12 The Northampton City School District ranks 253rd out of 332 districts in Massachusetts according to SchoolDigger.com. Area Colleges: Area colleges have a significant economic impact and influence on the region/neighborhood. Smith College is clearly the closest in proximity but there are others in the region that are important to recognize: • Smith College is located to the south in the heart of downtown Northampton. Smith College is a small, private women's school founded in 1871 . The enrollment includes 2,500 undergraduates in Northampton and 150 studying elsewhere . They do admit both men and women as graduate students, but they remain committed to the education of women at the graduate level. • University of Massachusetts at Amherst is located just to the east of the subject area; located on the opposite side of the Connecticut River, past Hadley . • As indicated, the area is significantly impacted by the affiliation/association of the "five colleges", which includes nearby Smith College in Northampton, University of Massachusetts, Amherst College, Mt. Holyoke College and Hampshire College. North Commons at Village Hill Northampton, MA ••Je5 •41 =~ ) ) .__., Neighborhood Analysis 28 Together, these colleges create the economic driving force for this portion of Western Massachusetts. Hospital and Medical Facilities: The Cooley Dickinson Hospital is to the north of the subject area and serves as the largest acute care hospital, and hospital system . It is also one of the area's largest employers . Proximity to Work Places The subject property is within close proximity to many of the places of work within Northampton. Many of these are in or near the downtown area including Smith College and the Cooley Dickenson Hospital. There is another hospital facility located to the north; the Northampton VA & Medical Center which is a large employer and also many of the residents commute to Amherst where the University of Massachusetts is located; less than 10 miles from the subject site. Economic Development Activity There is not a significant amount of general economic development activity evident in the area. It is a small community and economic activity is generally related to retail development, physical updates to existing residential and multi-family projects, and expansion/rehabilitation of some of the area 's largest community services like the hospitals and colleges . A general summarization of trade services/community services and their proximity to the project are summarized in the chart on the following page : North Commons at Village Hill Northampton, MA ··1~ ~· =~ Neighborhood Analysis COMMUNITY SERVICES COMMUNITY SERVICES NAME MAJOR HIGHWAY(S) 1-91 PUBLIC BUS STOP PVT A Bus Stop SUBWAY/RAIL STATION Northampton Amtrak Stat i on MAJOR EMPLOYERS I Sm ith Co ll ege EMPLOYMENT CENTERS PHARMACY Ser i o's Pharmacy NEAREST MARKET Sm ith Corner Conven ience Pl us NEAREST LARGE MARKET Super Stop & Shop DISCOUNT DEPARTMENT STORE Wa l mart SCHOOLS: ELEMENTARY Br i dge Street Elementary MIDDLE I JUNIOR HIGH John F. Kennedy Mi dd le Schoo l HIGH Northampton High Schoo l HOSPITAL Coo l ey Dick inson Hospital URGENT CARE Baystate Urgen t Care POLICE Northampton Po lice Department FIRE Northampt on Fi re Dept POST OFFICE U.S. Post Off ice BANK Bank of Amer ica SENIOR CENTER High land Va ll y Elder Serv ices DAYCARE Northampton Parents Center Day Care RECREATIONAL FACILITIES Look Memorial Park LIBRARY Forbes Li brary *CALC ULATED ALONG DED ICATED ROAD WA VS Note-Walkscore 16 NOTE: Parcel A is at the North end of the next exh ibit. North Commons at Village Hill Northampton, MA 29 TRAVEL DISTANCE* FROM SITE (IN MILES) 2 1 1.6 1.2 1.2 1 1.8 3.4 1.8 4 2.2 2.4 2.5 1.3 2.2 2.9 1.2 1.4 1.1 3.9 1 ••1e5 •• =~ ) -----------(,,--- OS Neighborhood Photographs Chapel Street/West Street facing East Village Hill Infrastructure Ford Crossing West Hill Top Apartments North Commons at Village Hill Northampton, MA 31 Chapel Street/West Street facing West Village Hill Infrastructure Olander Drive South Typical Townhomes ••15:5 •• =~ ) => _) Neighborhood Photographs Typical Single-Family Home Assisted Living Complex Commercial Development Nearby North Commons at Village Hill Northampton, MA 32 Typical Single-Family Home Smith College Downtown Northampton ••15:.5 •• =~ Land Analysis North Commons at Village Hill Property Type: Street Address : City, State & Zip : MSA Name: Market Name : Latitude: Longitude: Census Tract: Land Area: Zoning: Assessor 's Parcel ID (s): Highest and Best Use -As Vacant: Analysis Details Valuation Date : Market Value "As Is " Inspection Date and Date of Photos : Re po rt Date : Report Type : Cli ent: Intended Use : Intended User : Appraisa l Premise : Intended Use and User: Interest Appraised: Exposure Tim e (Marketing Period) Estimate : Site Characteristics Total Land Area (Gross): Usable Land Area (Net): Shape: Topography: Flood Zone : Flood Map I Date: Zoning Lega ll y Conforming Easements I Encroachments: En vironme ntal Hazards: Compiled by NKF North Commons at Village Hill Northampton, MA Vacant Residential Land Ford Crossing Road 33 Northampton, Hampshire County, MA 01060 Springfield MSA Hampshire 42.312029 -72.647301 8219.03 4.88 Useable Acres, 212,573 SF PD 13C-017-001 Multi-Family October 21, 2019 February 18, 2019 October 22, 2019 Appraisal Report The Community Builders DACD Application The Community Builders & DACD None The intended use and user of our report are specifically identified in our report as agreed upon in our contract for services and /or reliance language found in the report. No other use or user of the report is permitted by any other party for any other purpose. Dissemination of this report by any party to non-client , non-intended users does not extend reliance to any other party and Newmark Knight Frank will not be responsible for unauthorized use of the report, its conclusions or contents used partially or in its entirety. Fee Simple 12 Months (12 Months) 33.8 Acres 4.88 Acres Irregular Le vel Zone X 2501670002A/April 3, 1978 PD; A Planned Development District Yes Pending Access Easements None Noted ··1~ •41 =~ 0 J Land Analysis 34 Excess or Surplus Land There is land that is considered to be excess, but the value contribution is limited. What shows as parcel D and E will be provided by the developer as conservation land -it has use limitations now and once this restriction is set, the land cannot be sold/used for development. Easements, Encroachments and Restrictions There will be an access easement to an adjacent parcel provided through the main access to the site . This will be a shared road for ingress and egress; see the agreement in the addendum . There will be no income generated from the eastment nor any cost to the owner. It is necessary to allow access to the development of housing on Parcel B. The costs to complete this part of the road will be shared. No other easement, encroachment or restrictions are noted. Our valuation assumes no adverse impacts from easements, encroachments, or restrictions, and further assumes that the subject has clear and marketable title. Environmental Issues No environmental issues were observed or reported . Conclusion :: The developable land is 4 .88 Acres and the plans will allow for 53 units to be built. :: Adequate Access off of the road to be built, extending north off of Ford Crossing . :: Zoning and infrastructure will allow for the site development to advance as intended . North Commons at Village Hill Northampton, MA ••15:.5 •. ::--::: •I ~•• I ~ m -------=.:."...":"=.;:-: ------::".": -----=---==-~:': :..:.. .. -===-.:.:::::::=~ ··---.. ----=--=.".:·"-='-"'=""..:::::.-==- ""'- , . );,:;:· SE \flf\J 'uoidweL.JlJON ll!H a Bell!/\ ie SUOWWOJ LjlJON : \_) :.::.:::-- ...-\ ( ' 0 'J Zoning and Legal Restrictions 36 Zoning and Legal Restrictions The subject is zoned PV; the part of Parcel A that will be developed. This is a Planned development district and the project is approved with conditions. The section of the Bylaw that applies is 350- 20: Smart Growth Overlay District. The developer is proposing affordable apartments on the site, and the intended development of the 53 units is allowable. Additional building on the other parts of the site are not probable. The land disposition agreement indicates that there was site plan approval was issued as the concepts for the entire planned development were advance, as early as 2002 . Vacant Land Parcel ••15:5 •• =~ Real Estate Taxes 37 Real Estate Taxes The parcel is identified as Map 31 C Block 017, Lot 001. The assessment for the land which now totals 29.4 acres from the assessment records (the A/D and E parcels for the project are slightly larger) is $294,000 at 100% full value . The Tax rate is a total of $17.37 /Thousand of assessed value indicating that the total taxes are $5,107. Tax Map .....,..... (Rllll i, NORTHAMPTON Vacant Land Par c el Tax Map ... ,~ .. •• j5r:.5 •• =~ ( ,,---... 0 J Highest and Best Use 38 Highest and Best Use As Vacant Legally Permissible The site is zoned PV and allows for multi-family developed as intended . Based on available data and analysis, no other legal restrictions such as easements or deed covenants are present which would impair the utility of the site . The developer is proposing affordable housing with 53 apartments. Physically Possible The subject site contains 4.88 useable acres, and would offer good frontage, depth and utility to accommodate multi-family development. All utilities are available. The land to the rear or north (parcel B) and East (parcel E) is considered non developable land based on situation and other physical aspects . Financially Feasible Of the legally permissible and physically possible uses, multi-family and community services uses appear most probable based on observation of surrounding properties as well as the location. These uses are more fully analyzed for their financial feasibility . Zoning is already in place to allow the development to advance as anticipated . Feasibility for any type of type of development is related to the achievable rent or owner-user that would be in place . Maximally Productive The test of maximum productivity is to determine the actual use of the property that results in the highest land value and/or the highest return to the land. It is important to consider the risk of potential uses as a use that may generate the highes t returns in cash could also be the riskiest and thus not as likely for a developer to consider. In this case, the maximally productive use is a multi-family development. The associated risk is typical and market conditions appear to be supportive . Highest and Best Use Conclusion -As Vacant The highest and best use of the subject as though vacant is for the development of a multi-family housing developmen t. Vacant Land Parcel ••15:5 •• 5"S Appraisal Methodology 39 Appraisal Methodology Cost Approach The cost approach is based on the proposition that the informed purchaser would pay no more for the subject than the cost to produce a substitute property with equivalent utility. This approach is particularly applicable when the property being appraised involves relatively new improvements that represent the highest and best use of the land, or when it is improved with relatively unique or specialized improvements for which there exist few sales or leases of comparable properties . Sales Comparison Approach The sales comparison approach utilizes sales of comparable properties, adjusted for differences, to indicate a value for the subject. Valuation is typically accomplished using physical units of comparison such as price per square foot, price per unit, price per floor, etc ., or economic units of comparison such as gross rent multiplier. Adjustments are applied to the property units of comparison derived from the comparable sale . The unit of comparison chosen for the subject is then used to yield a total value . Income Capitalization Approach The income capitalization approach reflects the subject's income-producing capabilities . This approach is based on the assumption that value is created by the expectation of benefits to be derived in the future. Specifically estimated is the amount an investor would be willing to pay to receive an income stream plus reversion value from a property over a period of time. The two common valuation techniques associated with the income capitalization approach are direct capitalization and t he discounted cash flow (DCF) analysis . Application of Approaches to Value Approach Comments Cost Approach The Cost Approach is not applicable and is not utilized in this appraisal. Sales Comparison Approach The Sales Comparison Approach is applicable and is utilized in this appraisal. Income Capitalization Approach The Income Capitalization Approach is not applicable and is not utilized in this appraisa l. Compiled by N K F Vacant La nd Parcel ·~15:5 •411 =~ ) ) ) () ._) Sales Comparison Approach 40 Sales Comparison Approach The sales comparison approach value is derived by analyzing closed sales, listings, or pending sales of land properties that are similar to the subject. The sales comparison approach includes the following steps. D Research and verify information on properties in the competitive market that are similar to the subject and that have recently sold, are listed for sale, or are under contract. D Select the most relevant units of comparison in the market and develop a comparative analysis. D Examine and quantify via adjustments differences between the comparable sales and the subject property using all appropriate elements of comparison . :: Reconcile the various value indications to a value bracket and then a single value indication . The unit of comparison applied in this sales comparison analysis is the price per unit; based on the number of apartments that can be built and/or are anticipated to be built on the site/project that sold . Density and what can be built is a primary motivation of acquisition for redevelopment/development projects and is an approach that merits consideration when analyzing the market value of the underlying site . We often see development groups acquire land of this nature based on the density and what you can do with it, as opposed to the price per-acre methodology . If 100 units can be built on 1 acre site, the development groups usually have to pay around the same price for the 1 acre site as they do for a larger site offering the same density; in other words, even if 4 acres could be acquired, if only 100 units could be built on the 4-acre site similar to the 1-acre parcel, there is no reason the development group would want to, be willing to or be able to pay a different price . Analyzing the apartment land on a per apartment unit basis allows for consideration of the typical motivations of buyer/seller interests and intent. Note that there are three sales used. Sales in this area are and have been limited . There were a number reviewed, considered and evaluated but those chosen are most reflective of a similar highest and best use . Vacant Land Parcel ••15:5 •• =~ ------------- J Lt I •• •• ·--. _.., _..., - ® 0 J Sales Comparison Approach Land Sale Comparable 1 Location Data Location 256 Plea sant Street City, State 'Nort hampton , MA Market Val uation Properties Submarket Va lu ation Land County Hampshire Physical Data Property Type Land (MF Residential) Use at Sa le Completed Proposed Use MF Resident ial Acres 0.39 Acres Land SF 16,988SF Useable Acres 0.39 Acres Useable Land SF 16,988SF Frontage 54 Visibilit y Average Topography 0 Shape Rectangular Corner/Interior Location Interior Flood Zone x Utilities Water, Sewer, Gas, Electric ity Number of Units 55 Zoning GB -General Business Allowable Bldg Area '204900422.2 Allowable Bldg Units Verification Comments Sale Data Transaction Type Date Marketing Time Grant or Grantee Document No. Price Financing Terms Price Adjustments For: Finan cing Cond it ions of Sale Other Adjusted Price Analysis Price per Acre Price Per SF Price per Unit Price per FAR Closed February 8, 2017 N/A Gail M LaBarge 42 Valley Commun ity Development Corporation 12548000175 $1,000,000 Cash to Seller -Buyer Obtained Finan cing $0 $0 $0 $1,000,000 $2,564, 163 $58.87 $18,182 $82.91 The site was occupied by a 12,036 square foot building that required demolition. The property was purchased by the Va lle y Community Development Corporation as a redevelopment project. They plan on demolishing any buildings that are on the site to develop an affordable housing mu lti -fa mily property with 55 units . It will also contain approximately 5,000 square feet of commercial space on the 1st floor in addition to a mix of one-, two -, and three-bedroom units . Vacant Land Parcel ••1ea •• =~ Sales Comparison Approach Land Sale Comparable 2 North Square Apartments Location Data Location City, State Market Submarket County Physical Data Property Type Use at Sa le Propo sed Use Acres Lan d SF Useable Acres Useable Land SF Frontage Visibili t y Topography Shape Corner/Interior Location Flood Zone Utilities Number of Units Zoning All owable Bldg Area All owable Bldg Units Ver ifi cation Comments 26 Spring Street "Amherst, MA Va luati on Properties Va luati on Land Hampshire Land (MF Residential) Under Constr uction MF Re sidentia l 0.34 Acres 14,810 SF 0.34 Acres 14,8 10 SF Average Level Rectangular Interior 0 Feet (Avg.) Water, Sewer, Gas, Ele ctric ity 58 General Bu si ness 59980 .5 Sale Data Tran sac ti on Type Date Marketing Time Grant or Grantee Do cumen t No. Price Fi nanc in g Terms Price Adj ustments For: Financing Conditions of Sale Other Adjusted Price Analysis Price per Ac re Price Per SF Price pe r Un it Price per FAR Closed August 16, 20 19 N/A San Realty Inc. 26 Spring St reet 13360000155 Cas h to Selle r $1,250,000 $0 $0 $0 $1,250,000 $3,676,570 $84.40 $2 1,5 52 $20.84 43 The property is currently stil l under construction. It broke ground 3/2019 and is expected to be co mp leted on 12/2019 est imated, There are 4 sto rie s in the building with a total of 60,000 square foot. The proeprty also sit s on .34 acres and has a zoning of Geberal Business. It also offers 17 free parki ng spaces around the entire building. The site sold for $1,250,000 or $2 1,55 1 per unit. Vacant Land Parcel ••15:5 •• =~ ( ,.._,,, 0 ..__) Sales Comparison Approach Land Sale Comparable 3 85 Sewall Street Location Data Location City, State Market Submarket County Physical Data Property Type Use at Sale Proposed Use Acres Land SF Useable Acres Useable Land SF Frontage Visibility Topograph y Shape Corner/Interior Locat io n Flood Zone Utilities Number of Units Zoning Allowable Bldg Area Allow able Bldg Units Verification Comments 85 Sewall Street 'Boylston , MA Valuation Properties Va lu ation Land Worcester Land (MF Residential) Proposed MF Residential 13.30 Acres 579,348 SF 13.30 Acres 579,348 SF 0 Average Gently Sloping Irregular Interior x 0 66 MUI & RR Confirmed-Other Sale Data Transaction Type Date Marketing Time Grantor Grantee Document No . Price Financing Terms Price Adjustments For : Financing Conditions of Sale Other Adjusted Price Analysis Price per Acre Price Per SF Price per Unit Price per FAR Closed February 11, 2019 NIA BETHLEHEM BIBLE CHURCH 85 SEWAL L LLC Book 60034, Pages 79 & 136 $1,000,000 Cash to Seller -Buyer Obtained Financing $0 $0 $0 $1,000,000 $75, 188 $1.73 $15,152 $0.00 44 This represents the sale of a proposed, 66-unit {10 % will be affordable) apartment complex development site in Boylston near Route 146. The property is located in a residential neighborhood. Approvals we re in-place at the time of sale . Vacant Land Parcel ••1es •• =~ Sales Comparison Approach Comparable Land Sales Summary Subject Sale 1 Addr ess Lot 13 -A 256 Pl eas ant St reet City, State Northampton, MA Nort hampton, MA Use at Sa le Ass ume d Vaca nt Comp leted Prop ose d Us e Co mme rci al MF Re siden t ial Gross Acres 4.88 Ac res 0.39 Acres Gross Lan d SF 212,573 SF 16,988 SF Numbe r of Unit s 53 55 Zoning Commerc ial GB· Ge nera l Busi ness Tran sact ion Type Clos ed Bu yer Val ley Co mmunity Selle r Gail M La Barge Inte rest Co nveye d Fee Simp le Fee Simpl e Tra nsact ion Date Feb-17 Price $1,000,000 Adj. Sa le Price $1,000,000 Price pe r Gross Land Acre $2,564,163 Price Per Gross Land SF $58.87 Pri ce pe r Usa bl e Land Acr e $2,56 4,163 Price Per Us able Land SF $58.87 Price per Un it $18,182 Pr ic e per FAR $82.9 1 Analysis of Improved Comparable Data Comparable One 45 Sale2 Sa le 3 26 Sprin g Str eet 85 Sewa ll Str ee t Amhe rst, MA Boylston, MA Un der Constructio n Propose d MF Resi dential MF Re sid ential 0.3 4 Ac re s 13.30 Acres 14,810SF 579,348 SF 58 66 Gen era l Business MU I & RR Closed Close d 26 Spr in g Stre et 85 SEWA LL LL C Sa n Rea lt y Inc. BETH LEHE M BIB LE CHURCH Fe e Simple Fe e Sim ple Aug-19 Fe b-19 $1,250,00 0 $1,000,000 $1,250 ,00 0 $1,000,00 0 $3,676 ,570 $75, 188 $84.40 $1.73 $3,6 76,57 0 $75, 188 $84.40 $1.73 $21,552 $15, 152 $2 0.84 $0.00 Vacant land in the area to be used for development of market rate apartments . There was a commerical buiding in place which required demolition at an estimated cost of $100 ,000 . Plans call for the advancement of a market rate development with 55 units . The re were adjustments needed for time /market conditions (+8 % or 3 %/yea r -.25 % for each month of time variation), and an upward adjustment of 10% to account for the $100,000 of demolition cost associa t ed with clearing the site to become development ready . The site is small but there is no size adjusment needed since the price per apartment unit method is used . Comparable Two Small, Vacant parcel to be used for the develoment of a 58 unit complex targetting students . Recent sale so no adjustment for time was required . The site is development ready . Although some advancment of the project /site appears to have been advanced, this is simlar to the status of the subject site /parcel and as such there was no adjustement needed . Simila r to sale one, the site is small but the density greater and the number of units to be built is simila r. Comparable Three A vacant parcel in Worcester Mass, used since it is proposed to be developed with apartments; a total of 66 units . Adjustments were needed to accoun t for location (+10 %) as the area /location is inferior (rents and overall economics /devleopment potential for m . family) and + 10 % to Vacant Land Parcel ••1ea •• =~ ( :) ... ./ Sales Comparison Approach 46 account for the site advancement which was not as extensive as the development advancement on the subject site related to utilities or infrastructure. Other Sales: A couple of other sales and listings were considered/but not applied : Listing at 207 Earle St, which is part of the Village Hill Development. Located across the street from the main site, this parcel has 1.5 acres and was listed for $125,000 or $83,333 per acre . A site near University Drive and Amity Street in Northampton Sold on 6/28/2018 . The plans called for development of apartment/rental units but specifics were not available . One report indicated that 40 townhome units might be built and if so, this would reflect a total of $16,500 per unit. Analysis of Adjustments Comparable Land Sales Adjustment Grid Subject Sale 1 Address Lot 13-A 256 Pleasant Street City, State Northampton, MA Northampton, MA Gross Land Area (Ac res) 4.88 Acres 0.39 Acres Land Units 53 55 Transaction Type Closed Transaction Date Feb-17 Price per Uni t $18,182 Transaction Adjustments Prope rt y Rights 0% Financing 0% Conditions of Sale 0% Market Conditions (Time) 8% Subtotal 8% Physical Adjustments Location 0% Demolition 10% Zoning 0% Size 0% Shape 0% Topography 0% Others 0% Subtotal 10% ·--- Overall Adjustment 18% Indicated Price per Unit ·s21 ,455 Compiled by NKF Vacant Land Parcel Sale2 26 Spring Street Amherst, MA 0.34 Acres 58 Closed Aug-19 $21,552 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% . -~ 0% $21,552 Sale 3 85 Sewall Street Boylston, MA 13.30 Acres 66 Closed Feb·19 $15,152 0% 0% 0% 2% 2% 10% 0% 0% 0% 0% 0% 10% 20 % 22% $18,485 ••15:.5 •• =~ Sales Comparison Approach 47 Price per Unit Conclusion : To arrive at an indication of value by price acre, consideration is given to each of the sales . A summary of the ranges and the conclusions are below: Land Value Conclusion Number of Units Comparable Sales Indications Unadjusted Price per Unit Adjusted Price per Unit Reconciled Value per Unit Total Indicated Value Compiled by NKF Vacant Land Parcel Range $15, 152 -$21,552 $18,485-$21,552 Rounded 53 Average $18,295 $20,497 $20,000 $1,060,000 $1,060,000 ••15:.5 •• =~ J ·J Reconciliation of Value 48 Reconciliation of Value The value indicated by our analyses is as follows: Value Conclusions Appraisal Premise Market Value "As Is" Compiled by NKF Interest Appraised Date of Value Value Conclusion Fee Simple 10/21/2019 $1,060,000 The value above accounts for the current market value of the vacant site . This is to be used for the development of apartment units, and there will be infrastructure development and costs being implemented to allow for access/use and ingress/egress. The total cost for infrastructure that will be implemented by the City and TCB is $661,200 (see details in the addendum). It is anticipated that this will be in place by June of 2020 . At that time it can be assumed that the value of the development parcel (land and infrastructure) will be: Market value of the land/site: $1,060,000 Cost of infrastructure/ construction: $661,200 Soft Costs of infrastructure: $288.717 Total as of 6/2020*: $2,010,000 *Assuming completion of all infrastructure as anticipated by this date. The costs were issued by the developer. Hard costs are in the addendum . Soft costs include Design, Bidding, permitting, Contingency and Admin. Cost Approach In this case, the cost approach was not utilized. Sales Comparison Approach The Sales Comparison Approach is focused on comparing the subject to sales and other market transactions with the aim to develop an indication of value that is founded on the theory of substitution. Basically, the intention is to determine value through considering the prices of properties which would be a substitute property to the subject. In this case, a selection of reasonably similar sales were obtained and the adjustment process was well founded by reasoning and direct evidence. Accordingly, primary weight is given to the sales comparison approach. Income Capitalization Approach The subject property is a redevelopment site . The income approach was not developed . Vacant Land Parcel ••J5:S •• =~ Assumptions and Limiting Conditions 49 Assumptions and Limiting Conditions The Appraisal contained in this Report (herein "Report") is subject to the following assumptions and limiting conditions: 1. Unless otherwise stated in this report, title to the property which is the subject of this report (herein "Property") is assumed to be good and marketable and free and clear of all liens and encumbrances and that there are no recorded or unrecorded matters or exceptions to title that would adversely affect marketability or value. No responsibility is assumed for the legal description, zoning, condition of title or any matters which are legal in nature or otherwise require expertise other than that of a professional real estate appraiser. This report shall not const itute a survey of the Property. 2. Unless otherwise stated in this report, it is assumed: that the improvements on the Property are structurally sound, seism ically safe and code conforming; that all building systems (mechanical/electrical, HVAC, elevator, plumbing, etc.) are in good working order with no major deferred maintenance or repair required; that the roof and exterior are in good condition and free from intrusion by the elements; that the Property and impro vements conform to all applicable local, state, and federal laws, codes, ordinances and regulations including environmental laws and regulations. No responsibility is assumed for soil or subsoil conditions or engineering or structural matters. The Property is appraised assuming that all required license s, certificates of occupancy, consents, or other legi slative or administrative authority from any lo cal, state, or national government or private entity or organization have been or can be obtained or renewed for any use on which the value estimates contained in this report is based, unless otherwise stated. The physical condition of the Property reflected in this report is solely based on a visual inspection as typically conducted by a professional appraiser not someone with engineering expertise. Responsible ownership and competent property management are assumed . 3. Unless otherwise stated in this report, this report did not take into consideration the existence of asbestos, PCB transformers or other toxic, hazardous, or contaminated substances or underground storage tanks, or the cost of encapsulation, removal or remediation thereof. Real estate appraisers are not qualified to detect such substances. The presence of substances such as asbestos, urea formaldehyde foam insulation, contaminated groundwater or other potentially hazardous materials and substances may adversely affect the value of the Property. Unless otherwise stated in this report, the opinion of value is predicated on the assumption that there is no such material or substances at, on or in the Property. 4. All statements of fact contained in this report as a basis of the analyses, opinions, and conclusions herein are true and correct to the best of the appraiser's actual knowledge and belief. The appraiser is entitled to and relies upon the accuracy of information and material furnished by the owner of the Property or owner's representatives and on information and data provided by sources upon wh ich members of the appraisal profession typically rely and that are deemed to be reliable by such members. Such inform ation and data obtained from third party sources are assumed to be reliab le and have not been independently verified. No warranty is made as to the accuracy of any of such information and data. Any material error in any of the said information or data could have a Vacant Land Parcel ••JE:.5 •• =~ (\ 0 '-....../ Assumptions and Limiting Conditions 50 substantial impact on the conclusions of this Report. The appraiser reserves the right to amend conclusions reported if made aware of any such error. 5. The opinion of value stated in this report is only as of the date of value stated in this report . An appraisal is inherently subjective and the conclusions stated apply only as of said date of value, and no representation is made as to the effect of subsequent events. This report speaks only as of the date hereof. 6. Any projected cash flows included in the analysis are forecasts of estimated future operating characteristics and are predicated on the information and assumptions contained within this report. Any projections of income, expenses and economic conditions utilized in this report are not predictions of the future . Rather, they are estimates of market expectations of future income and expenses. The achievement of any financial projections will be affected by fluctuating economic conditions and is dependent upon other future occurrences that cannot be assured. Actual results may vary from the projections considered herein . There is no warranty or assurances that these forecasts will occur. Projections may be affected by circumstances beyond anyone's knowledge or control. Any income and expense estimates contained in this report are used only for the purpose of estimating value and do not constitute predictions of future operating results. 7. The analyses contained in this report may necessarily incor porate numerous estimates and assumptions regarding Property performance, general and local business and economic conditions, the absence of material changes in the competitive environment and other matters. Some estimates or assumptions, however, inevitably will not materialize, and unanticipated events and circumstances may occur; therefore, actual results achieved during the period covered by the analysis will vary from estimates, and the variations may be material. 8. All prospective value opinions presented in this report are estimates and forecasts which are prospective in nature and are subject to considerable risk and uncertainty. In addition to the contingencies noted in the preceding paragraphs , several events may occur that could substantially alter the outcome of the estimates such as, but not limited to changes in the economy, interest rates, capitalization rates, behavior of consumers, investors and lenders, fire and other physical destruction, changes in title or conveyances of easements and deed restrictions, etc. In making prospective estimates and forecasts, it is assumed that conditions reasonably foreseeable at the present time are consistent or similar with the future . 9. The allocations of value for land and improvements must not be used in conjunction with any other appraisal and are invalid if so used . This report shall be considered only in its entirety. No part of this report shall be utilized separately or out of context. 10. Neither all nor any part of the contents of this report (especially any conclusions as to value, the identity of the appraiser, or any reference to the Appraisal Institute) shall be disseminated through advertising media, public relations media, news media or any other means of communication (including without limitation prospectuses, private offering memoranda and other offering material provided to prospective investors) without the prior written consent of the Firm . Possession of this report, or a copy hereof, does not carry with it the right of publication. 11 . Client and any other Intended User identified herein should consider this report and the opinion of value contained herein as only one factor together with its own independent considerations and Vacant Land Parcel ••1ea •. :--:: Assumptions and Limiting Conditions 51 underwriting guidelines in making any decision or investment or taking any action regarding the Property. Client agrees that Firm shall not be responsible in any way for any decision of Client or any Intended User related to the Property or for the advice or services provided by any other advisors or contractors . The use of this report and the appraisal contained herein by anyone other than an Intended User identified herein, or for a use other than the Intended Use identified herein, is strictly prohibited . No party other than an Intended User identified herein may rely on this report and the appraisal contained herein. 12 . Unless otherwise stated in the agreement to prepare this report, the appraiser shall not be required to participate in or prepare for or attend any judicial, arbitration, or administrative proceedings . 13 . The Americans with Disabilities Act (ADA) became effective January 26, 1992. No survey or analysis of the Property has been made in connection with this report to determine whether the physical aspects of the improvements meet the ADA accessibility guidelines . No expertise in ADA issues is claimed, and the report renders no opinion regarding the Property's compliance with ADA regulations. Inasmuch as compliance matches each owner's financial ability with the cost to cure the non-conforming physical characteristics of a property, a specific study of both the owner's financial ability and the cost to cure any deficiencies would be needed for the Department of Justice to determine compliance . 14. Acceptance and /or use of this report constitutes full acceptance of these Assumptions and Limiting Conditions and any others contained in this report, including any Extraordinary Assumptions and Hypothetical Conditions , and is subject to the terms and conditions contained in the agreement to prepare this report and full acceptance of any limitation of liability or claims contained therein. Vacant Land Parcel ••15:.5 •• =~ SUMMARY UPDATE ANALYSIS NORTH COMMONS AT VILLAGE HILL FORD CROSSING RD AND OLANDER DR NORTHAMPTON, HAMPSHIRE COUNTY, MA 01060 Analysis Prepared For (1): Ms. Rachana Crowley The Community Builders 31 Trumbull Road Northampton, MA 01 060 RCrowley@tcbinc .org Analysis Prepared By: Newmark Knight Frank Valuation & Advisory, LLC 241 O North Forest Road, Suite 204 Amherst, NY 14068 .. J ~= Newmark •• ~ Knight Frank NKF Job No.: 19-001134 Date of Report : October 22, 2019 CD PERSPECTIVE VI EW E October 22, 2019 Ms . Rachana Crowley The Community Builders 31 Trumbull Road Northampton, MA 01060 RCrowley@tcbinc.org Re : Summary Update Analysis North Commons at Village Hill Ford Crossing Road and Olander Drive Northampton, Hampshire County, MA 01060 NKF Job No .: 19-0011334 Dear Mr. Crowley : C l ~ Newmark Knight Frank Newmark Knight Frank (NKF) has completed a Comprehensive Market Study overviewing supply and demand trends related to the development of a proposed housing project to be built in the Northampton, Hampshire County, MA. This Summary Update is to be used in conjunction with a full/complete comprehensive report completed by the same analyst in February of 2019. It needs to be submitted together with that n report that provides detailed supporting data, outlines objectives and offers all of the detail ( necessary to comply with the State Allocating Agency Market Study Requirements . Scope and objective of this Summary: The summary report is being prepared simply to update key and critical economic data and information that was outlined and supported in the 2/2019 report (prepared by the same analyst but with GAR Associates). The variables and the economics which impact the project have not varied/changed much and it was therefore concluded that a summary can be provided tying in with the initial report (the reader of this summary should use and have available that initial analysis/report). The main objectives of this summary report are : :: To demonstrate that sufficient demand exists for the proposed development in the market area . There was sound and favorable support previously and it remains similar. :: Demonstrate that the proposed project will not cause any undue economic harm on the existing rental stock in the market area . :: To evaluate the positioning of the subject's rent structure within the context of the current market conditions in the area, and evaluate rent advantage. Newmark Knight Frank 2410 North Forest Road , Suite 204 Amherst, NY 14068 www .ngkf.com ) 0 \._) October 22, 2019 Ms. Rachana Crowley :: The context of this summary will follow the basis of the original executive summary/summary of findings . :: The only changes associated with the project and analysis are: o The 2019 income limits and rents were not out at the time the previous report was prepared. They are now and have been incorporated; the median for the County and for the levels use to set the basis for rents and income are up by around. 2.4 %. o The rents changed for the 60 % AMI units in conjunction with the above. Since the maximum AMI levels were and are well below market, it was reasonable to apply increases for those units. The section 8 rents for the one bedroom and two bedroom units a/so went up slightly; the one bedroom average is now $910/month compared to $914/month previously, and the two bedroom went up to $1, 167 from $1 , 163 . In regards to the scope of the analysis, the o r iginal report meets the definition criteria of a Comprehensive report as required by IRC Section 42 for allocat ing purposes . The NCHMA guidelines and definition of a Comprehensive report have been complied with, and a checklist was issued in the addendum of the or iginal report for review and reference. The report has been prepared for the spec ific use of the client for the proposed project as identified herein . The recommendations and conclusions do not apply to any other party o r proposed development. Respectf u I ly , Newmark Knight Frank /Pl~~ M . Scott Allen, MAI Execut ive Vice Presiden t Analyst MA Cert . # 103369-RA-CG Email :scott.allen@ng kf .com Newmark Knight Frank 2410 North Forest Road, Suite 204 Amherst, NY 14068 www.ngkf.com iii Table of Contents Table of Contents Appraisal Letter Summary of Findings Potential Issues and Concerns Summary of Proposed Development Penetration Rates Achievable Market Rents Achievable Tax Rents Demographics Income/Rent Restrictions Market Rent Summary Affordable Rent Summary Absorption Additional Comparable Data Qualifications of the Appraiser Newmark Knight Frank 2410 North Forest Road , Suite 204 Amherst , NY 14068 www .ngkf.com 1 8 3 6 7 9 14 16 17 18 20 ( ) \ Summary of Findings 1 Summary of Findings The Summary of Findings will present a concise analysis of many of the important characteristic related to this study . On the next couple of pages we will overview favorable market and product characteristics, and also any potential market or project issues and concerns. Our general conclusions pertaining to the likelihood of support include: • We are anticipating support for the development as intended, designed and economically structured. There are many variables that relate to the potential success of an affordable family housing development but some of the key and critical variables to consider here include: • Support for other mixed-income housing within this portion of Northampton. • Waiting lists evident at other affordable housing units, and support for workforce housing at/towards market rent levels. • Positive capture rates which are indicative of an adequate pool of income qualified households to support the development/project. An overview of some of the positive and favorable market/subject characteristics together with a o summarization of potential project/market concerns include the following: 'J Favorable Characteristics: • New construction at completion offering good quality energy-efficient apartments, in an elevator building structure . There will be typical/necessary community space provided within structure, and adequate on-site surface parking to accommodate all residents. • Supportive capture rate of less than 5% based on net demand model which eliminates all existing affordable housing prior to determining prospective meet and support for new units. The positive capture rate results are an indication of an adequate pool of income qualified households to support the development. • Location features of the project in the planned development, within proximity to community necessities and commercial needs. • From a supply perspective, the market is stable, with waiting lists evident at affordable housing projects in the area. The important aspect to recognize is that the local market does demonstrate support by way of other examples for mixed-income/mixed integrated housing of this nature. • Significant rent advantage for the affordable housing units. The workforce housing units placed at a rent level that is around 10% less than market, but given the physical characteristics of the complex and locational attributes, they will be adequately supported . North Commons at Village Hill Ford Crossing Road and Olander Drive Northampton, MA 01060 Summary of Findings 2 Potential Issues & Concern: As is typical for any development of this nature, there are other variable factors that require consideration, including : • Influence of students on the market in general. Students are not included as part of the demand analysis . Summary of Project Details Outlined below is as summarization of some of the project details that provide a general summarization of the development: Qu ick Project Details Location -- Proiect Ila me: North Commons at Villaqe Hill Citv/Town: Northampton Countv: Hampshire Address/ Intersection: No specific delineated address, but the site is located on Ford Crossing Road and Olander Drive. 2019 Total Population -PMA 36,372 2019 Total Househokls -PMA 13,732 % Chanae -Population (next 5 vrs.) -2.03% % Chan!)e -Househokls (next 5 vrs.) -1% Census Tract/Zip Code: 8219 .03 I 01050 Demand Absorption and Ocwpancv Tarqet Vacancv Rate: 5% or less based on the stable mar ket Proiected Absorption Rate: 7-8 units per month Projected Lease-Up Period: Assuming a 15 % pre-commitment prior to completion, 45 units would requ ire lease-up. At the estimated absorption level presented , th is would correlate to an additional lease-up oeriod betw een 5.5 to 6.5 months . Gross Househokls capture Rate f Proiect Totan: 4.43~~ North Commons at Village Hill Ford Crossing Road and Olander Drive Northampton, MA 01060 Dcs<:riptlon Project Type: Total Units: Low Income Units: Market Rate Units: UnitTvn<><;: Income Set Asides: PMA Souare Miles: Elevator building, mi xed-income project w ith affordable and some w orkforce units . 53 9 None, but there v1ill be a total of 14 units structured at 120% AMI thresholds ; rents that will approximate mar ket. Mix of studio , one , tw o and three-bedroom units There w ill be multiple income set asides -see rent summaries w hich follo w for specifics . Some units w ill be at the 30 % AMI (Project- Based or subsidized units ), some at the 60 % tax credit levels and some at the state's w orkforce housing level of 120% AMI. 83.80 sauare miles ( ) ) ,.-..... r ) 0 I _,, Summary of Findings 3 Summary of Proposed Development This study specifically applies to the portion of development activity planned within the Village Hill complex by the Community Builders and others . Specifically, the report applies to the North Commons at Village Hill, which will be a three-sto ry elevator building targeting mixed-income populations, with rents offering levels under Deep Subsidy Project-Based Assistance, up to 120% AMI which appro ximate market levels in the area . The development concept for the project is consistent with the state allocating agency's goal and objective of creating new mixed -income housing throughout the state and it will target very low-income households as well as some workforce housing units . The project will be an elevator building, with residential units located at all levels, and 66 surface parking spaces provided at no additional charge to the tenants . In addition to the residential units, there will be community and common area space as necessary for a project of this nature . The units will be attractive and well appointed, and the project will utilize energy -efficient design standards throughout the development process . The subject development is part of a larger master-planned community known as Village Hill. Other portions of this development/project are up and operational, and th is phase of the development will be built in conjunction with another 12-unit project, also planned for construction by the Community Builders. Outlined below is a summarization of the intended unit mi x and rent structure applicable to t he development. This is then followed by some notes that apply to the analysis . UNIT MIX / RENl SUMMARY Ul IJof Unit Type Units %AMI Sq.Ft. Studio -WOli<force 5 120°/c 550 Studio -Tax Credit PBA 3 30% 550 1 BRM -Tax Credit 2 60% 640 I BRM -WOli<force 9 120% 640 I BRM -Tax Credit P8A 8 30•,~ 640 2 BRM -Tax Credit 21 60% 875 2 BRM -Tax Credit P8A 1 50% 8 75 ~~-T~x Qmt 4 60% 1180 (I) 1his is the % AMI that the r.nt tans at or bolow (2) Estimated tenant paid utilti6 based on pro~d dall! (3) Tax crec>t max based on the 2019 AMI le~ (4) 2019 HU) Ff'R effective as of 9/2018 (>) Net Tenant Tobi Gross Tenant Paid Gross Rents/ Rents Ullllties Rents Sq.ft. 51,100 so 51,100 $2 .00 5847 so 5847 $1 .54 s998 so S998 51 .56 Sl,350 so Sl,350 $2 .11 S910 so 5910 51.42 $1,198 so $1,198 $1.37 $1,167 so 51,167 $1.33 $1,383 so sl,383 $1 .17 (5) Equal to street rents, these are LW1-adjusted for location, qualty, etc • they are~ averages. (SA) Acllevable marl<et rent adjusted to subject amemies/quality/ccndition (6) The % that the intended Slbject rent is below the ll!x credit maxinun olowable levels . .., <•> Tax ere.rot HUD Maximums FH R $1,69 5 $702 5423 S702 $998 5831 51,938 $831 54S4 $831 Sl,198 51,061 S998 51 ,061 sl,383 $1,329 "' Un restricted Hart.et Averages $1,143 51,143 51,294 sl,294 Sl,294 Sl,640 51,6'10 $2,120 (7) The % that the intended Slbject rent is below the average unrestricted marl<et rent in the area before adjustments to achievable (8) The % that the ntended Slbject rent is below the average L<Yestricted marl<et rent il the area post adjustments to achievable. North Commons at Village Hill Ford Crossing Road and Olander Drive Northampton, MA 01060 .... "' m ,., Achievable %Disc %Disc %Disc H aricet to TC to HICT to ADJ HICT Rent/Adj MAX AV""'!le5 Averages $1,225 35.10% 3.76% 10.20% Sl,225 -100.24% 25.90% 30.86% $1,500 0.00% 22.87"/o 33.47% $1,500 30 .34% '"4.33•/E' 10.00% 51,500 -100.44% 29.68% 39.33% $1,750 0.00% 26.95% 31.S4% sl,750 -16 .93% 28.84% 33.31% $2,200 0.00%·. 34.76%. 37.14% Summary of Findings 4 Some notes pertaining to the previous data include: • As far as utilities, these will be gross rents with ownership covering the cost of all utilities, including heat and electric . This is not necessarily typical for the market but in comparison to tax credit specific standards, all rents will be converted to gross in any regards in order to properly identify consistency with the variables. • The Project-Based units will be funded through two different specific programs . The rent structure for these units can exceed tax credit specific thresholds at the 30 % AMI units. We do understand that the regulatory agreement will hold the Project-Based units to an AMI threshold of 30 % as opposed to the typical Project-Based allowances, which can extend to 50% AMI levels. • Because of the different rent tiers, some of the analysis for the Project-Based units reflects an average of the different intended rent thresholds . • For the workforce housing units, the rents can technically extend up to 120 % AMI but they are obviously impacted by market rent levels; meaning that the rents cannot exceed market. As evident by review of the documentation provided, the projected rents for these units fall below market supported levels by around 10 %. The remainder of the Summary of Findings section will provide some additional detail on critical and key variables . Outlined below is a summarization of factors that are important for review . Project Capture Rate : Weighted Average Capture: 4.43 % Typically, any capture rate that is at or below 20% is indicative of likely project support and the lower the capture rate, the more favorable the development, as it indicates a larger pool of income qualified households to support the apartment units. North Commons at Village Hill Ford Crossing Road and Olander Drive Northampton, MA 01060 ( ( 0 Summary of Findings Summery A11ttfY!t! fmmly 1Jpm8t1cl for S/1, 'J, l/4 8£tdroom rlprUfn1PIJ~ Noto: TM number> apply to tM demand g/a..ary in addendum. I studio-WOr~ I AS1,IOO I st...i~BA I I 1 BRM -Tax i CredltQ $998 1 1 BRM -Workfotce I 9s1,3.50 Tot o! Number of HH in the Market-2019 (Al HH ) 21 ,186 21 ,186 21 ,186 21 ,186 % of Renters. 43.07% 43.07% 43.07% 43.07'4 % of Owners 56.93% 56 .93% 56.93% 56.93% 4 Renter Mobility Contribution Number of Renters bose<I on HH size/U nit type(1 ) 4916 4916 7484 7484 Les.s Senior HH aged 62+: See narrative for details -1626 -1626 -1937 -1937 T Net Renter HH 3290 3290 5547 5547 Estirnllted Rents for Target Morket -Gross Rent(2) 51100 5847 5998 51350 Income Qual. Ronge: (3)-Specific Range based on rents 537. 750 -569, 725 SO-S16,950 529.940 -542,600 S46.285 -579, 720 10 Income Range to account for elimination: S0-569,725 SO-516,950 S0-542,600 so -579,720 11 Total lrrcome Qua/ifiod HH (From 2019 HISTA}(4) 2419 911 2598 4118 12 Elimin11tion of Eti•ting/Plannod Competitoro 0 -251 ·251 0 ·13 Net Demand 2419 660 2341 4118 14 Income qua/ based on ~ 1pecific band above 34.35'1 100.tml 29.14% 31.61'0 15 Mobility Factor 4m~ 100% 100Y. -. 16 Not Demand 332 660 682 522 3) M arl<ot Growth/Contraction 11 Applicable Growth (2 of tM 5 years) 18 Total Demand By Unit Type 332 660 682 522 19 Numbor of Units 5 3 2 9 20 Capturo for unit type 1.50% 0.45'1 0.29% 1.13% 21 Ratio of total project (unit type compared to total) 9.4340 %' s.6604 %' 3.7736%' 16.9811% .. 22 Woightod Average Marl<•! Capture(pro-rated by type) I 4.43%1 (1) 112 person HH for the 1br, 213 person HH for 2br and 314 person HH for tM 3br units, 4+ person HH for the 4br units. Rentera only. (2) Grou Ront is nocessary in order to ostablith tM income qualifiod range. (3) Low ond for affordability basod on •P"Cific funding objectivos TM Maximum is ba .. d on tho LIHTC standar<h (4) TM total Mro goes from a.Max in order to oliminato competition from c/eop subsidy projects. We will apply a second incomfl qua/. Based on the contribution for our specific income band. North Commons at Village Hill Ford Crossing Road and Olander Drive Northampton, MA 01060 5 I 1 Bedroom-PBA I 2 BRM-Tax l28edroom-PBA I 3BRM-Tax Credit SI 198 Credit SI 383 21 ,186 21,186 21 ,186 21 ,186 43.07% 43.07% 43.07 % 43.07 % 56.93% 56.93'4 56.93% 56.93% 7484 3502 3502 1641 -1937 --406 -406 -167 5547 3096 3096 1474 5910 51198 51,167 51383 so -519,380 535.940 -547,940 S0-536,350 541,490 -553 ,220 so -519,380 SO-547,940 SO-536.350 SO-553,220 1211 1234 921 496 ·251 ·326 ·326 ·124 1020 908 601 312 100.00% 26.01% 100.00ll 26.21% 1oor. f<Km 1°"'~ 10fm 1020 236 601 98 1020 236 601 98 8 21 1 4 0.18 " 8.89" 0.11% 4.10'i 15.0943%' 39.6226%' 1.8868%' 7.5472°l Summary of Findings 6 Penetration Rate: The penetration rates are a market wide analysis that accounts for the number of income qualified units compared to the total number of affordable units that fall within the PMA . It is a barometer only and differs significantly from capture rates which are specific to the project in question. The penetration rate analysis for the project is summarized below . Some of the units do separate the workforce from the subsidized or tax credit units, as there are different income qualification thresholds that apply. Penetration Rate Analysis Studio Workforce studio-Affordable 1 BR Workforoe 1 BR Affordable 2 BR Un its 4 BRM Units Incom e Band s/Range : $37,750-$69,725 $0 -$16 ,950 $46 ,285 -$79 ,720 $0 -$4 2,600 $0 -$4 7,94 0 $0-$53,220 T otal Numb er of Qua lifi ed HH : 33 2 91 7 522 2,59 8 1,234 4 96 Total Number of Affo rdable Units :" 5 260 9 267 347 128 Penetr at ion Rate: 1.50% 28.3 5% 1.73% 10.28 % 28.12% 25 .80% *Total outlined by line item 12 in the demand model (all ex isting affordable). Rent Advantage: Rent advantage is important for this project given the mi xed-income nature and the need to support units that approach market. Clearly , the affordable units have a significant advantage over market and as evident by review of the data below, the 120 % AMI units are supported by the market thresholds. Rent Advantage , .. . . ' . . ... ''. !Studio 120% s 1.1 00 $ 1.225 ff BR 60% s 998 s 1.500 ~1BR120% s 1.350 s 1.5 00 12BR60% s 1.198 s 1,7 50 13 BR 60-A s 1.383 s 2.200 (1) The advantago applios lo the ostimatod Tar Credit Ronts onl y North Commons at Village Hill Ford Crossing Road and Olander Drive Northampton, MA 01060 ·' Rent Advantag e-Net of u tilities Un it Type AMI Level S ubject TC A chievable Advantag e(1} 10 .20% Studio 120% s 1.100 s 1,225 10.20% 33 .47 % 1 BR 60% s 998 s 1.500 33 .47% 10 .00 % 1BR120% s 1,350 $ 1.500 10.00 % 3 1.54 % 28R 60% s 1,198 s 1.750 31.54% 37.14 % 38R60% s 1.383 s 2.200 37 .14 % ) \ ) ,) Summary of Findings 7 Achievable Market Rents: Outlined in the chart above and apply post completion . The achievable market rent accounts for adjustment considerations compared and contrasted to the subject and reflect the unrestricted market average that could be ach ieved . A summarization of the achievable rent analysis that will be discussed in greater detail with Supply section is outlined below: North Commons at Village Hill Ford Crossing Road and Olander Drive Northampton, MA 01060 Summary of Findings Achievable Market Rents Studio 550 SF MktAvq Liv 166 Class/ti eds Rent s 1.143.00 s 1.000 .00 s 926 .00 Conclt$$ions s s s Location s s s Condition/Aooeal s 114 .00 s s 93 .00 Amenities s s s Parl<ina s s s Elevator s s s CableAntemet s s s Laundrv s s s Communitv Soace s s s Other s s s Unit Size s 40 .00 s s U!lllt/es s s s Total s 1.297 .00 s 1.000 .00 s 1.019 .00 Adopted Gross s t,225.00 Net of Utilllles s 1,225.00 I BR WJ SF MktAva HilltooAots H•tha-v Farms RollinaG.-. Laurel Ridae Liv 155 Hawkins Meadow Rent 51 .294 5 1.254 .00 s 1.597 .00 5 1.425 .00 5 1.325 .00 s Concessions s s s s s 5 Location s s s s s s Condltlon/An,,,.al s 60 .00 s 63 .00 s 80 .00 s 143 .00 s 133 .00 s Amenities 5 s s s s s Parl<ln_q s s s s s s Elevator s s s s s s CableAntemet s s s s s s Laundrv s s 5 s s 5 Communltv Soace s s s s s s Other s s s 5 5 5 Unit Size s (26 .00} 5 16.00 s [25 .00 s 48 .00 s 24 .00 s Ill/I/ties s s s s s s Total s 1.328 .00 s 1.333 .00 s 1.652.00 s 1.616 .00 s 1.482 .00 s Adopted Gross $ 1,500.00 Net of U!ilities s 1,500.00 2 BR 875 SF MktAva HllltooAots Hathawav Fann• Ro/lino Green Laurel Ridae Rent 51 .640 s 1,605 .00 s 1.933 .00 s 1.815 .00 s Concessions 5 s s s s Location s s s s s Condition/An,.,.al 5 82 .00 s 80 .00 s 97 .00 s 182.00 s Amenities s s s s s Parl<lnq 5 5 s s s Elevator $ s s s s CableAntemet s s s s s Laundrv s s s s s Communitv Space s s s s s Other s s s s s Unit Size s (23 .00 s (50 .00 s (18 .00 ) s (44 .00 ) s U!il/ties s s s s s Total s 1,699 .00 s 1,635 .00 s 2,012 .00 s 1.953 .00 s Adopted Gross s 1 750.00 Net of Utilities $ t ,750.00 3BR1180 SF MktAva HilltooAots Hatha-Fanns Rollina~ Rent s 2.120 .00 s 1.950 .00 s 2.241 .00 s Concessions s s s s Location s s s s CondltionJAn,,,.al s 106 .00 s 98 .00 s 112.00 s Amenities s s s s Parl<inq s s s s Elevator s s s s CableAntemet s s s s Laundrv s s s s Communitv Space s s s s Other s s s s Unit Size s [15 .00 s [158 .00 s 24 .00 s Utilities s s s s Total s 2.211 .00 s 1.890 .00 s 2.377.00 s Adopted Gross $ 2 200.00 Net of U!ilities $ 2,200.00 North Commons at Village Hill Ford Crossing Road and Olander Drive Northampton, MA 01060 2.115 .00 s s s 212 .00 s s s s s s 5 s 10 .00 s s 2.337 .00 s 1.615 .00 162 .00 (17 .00 1.760 .00 1.100.00 s 1.42 5.00 s s s 143.00 s s s s s s s s (24 .00) s 1.100 .00 s 1.544 .00 8 ( Summary of Findings 9 Achievable Tax Credit Rents: Establishing achievable tax credit rents is somewhat complicated given that it becomes iterative; meaning that tax credit maximum rent levels may be consistent with achievable ma r ket and appear supported . However, tax credit rents: • Must be supported by demand . In other words, there must be an adequate pool of income qualified households to support the units under the context that they would be unrestricted . • There must be a gap between the achievable market and tax credit rents i n order to justify developer and investor interest. Some other complicated variables that come into play when analyzing tax credit specific rents include : • Year placed in service and restrictions that apply . • The availability of some funding sources that change developer requirements in regards to maximum allowable allocations . • The gap between what can be done from a regulatory perspective, and approval from t he state allocating agency to allow for specific ta x rent rents to be charged . 0 Tax Credit Rent Analysis (all Gross Rents) ../ Project Name Hilltop Apts (1) Hillside Apts (1) Mill Valley Meadowbrook Apts (1) Live 155 The Lumberyard Butternut Farms (1} Average -Pri mary Co mps S ubje ct Rents V ariati on/ su bje ct advanta ge 1 BR 60% I 2 BR 60% I 3 BR 60% $994 $1,190 N/A 5994 Sl ,198 N/A N/A S l ,0 71 Sl,341 5938 $1,184 Sl,<!84 5936 N/A N/A 5908 $1,090 ~1,25 9 5886 $1,270 Sl,474 S943 Sf,767 S1 ,390 5998 51 ,198 S1 ,383 -5.87% -2.64% 0.4 7% (!) Project was {:¥aced in service prior to O 1/01/2009 and is thefefore eligible for 1ERA Special" income and ren t limit. (2) ~ere there are negatives, it means that the subject is hi¢er than the average re rents, and where it is positive, it means that there is an advantage . North Commons at Village Hill Ford Crossing Road and Olander Drive Northampton, MA 01 060 Summary of Findings 10 Subject TC Averages TC MAX {1019} M. Rate Averages 1 Bedroom units Gross Gross Gross Grass 60%AM I $998 $943 $998 $1 .294 1 Bedroom units 60%AM I $1,198 $1 ,1 67 $1,198 $1,640 3 Bedroom units 60%AM I $1,383 $1,390 $1,383 $2,120 Note: for the subject analysis, the actual projected utility totals are applied. for the other analysis, we used averages of $75/585/$110 for heat and elewic. This is consistent with the average utility total applied in other rent summaries and accounts for a mix of newer/older, etc. North Commons at Village Hill Ford Crossing Road and Olander Drive Northampton, MA 01060 ( ) ) Summary of Findings Job•:D-UJJ.f Prof. Nomt: North Commons at Villa~ Hill Dacrlptlon: MS: FAMILYTAXCRElXT Rrnt Summ0ty frK Af/onloblt Projttts In th~ Artt1 !:!!f!!!l. N- HilltopApts Hillside AportnN!nts Hathaway Fonns MNdowbroolc Aport1Mt1ts auttttnut Farms Buttttnut forms Pomt>r'O)I' LoM Coopffati'tt Hampton COUit Rolling Gtftft Apartmrnts llw!SS Uw!SS ~Lul'nMrYord I Bedroom Aver~es: £!!!J!!!!L N- HllltopApts Hlllsld~ Apart,,,.nts Hathaway Farms MfttdowlHoolc Aparl.nN"ntJ Hompshlrt Apts Flonnct Hftghts Apartmtnts Bllttttnut Farms P'Dnwroy LaM CoopHOtit1t Hampton Courl 11olling Grttn Aporlmmts Mill Valley Estat'1 TM lumNr Yard 2 Bedroom Aven.1.u: !:!!f!!!l. Nam• HathtJVJOYFamK M«ldowbroolc Apartmmts HampshlrrApts FIOttnet Hnghts AporttMnts Bllftffl!utFanm Pomtroy Lant Cooprmtlw HamptOllCOUrt Ra/Ung Gtttn ApartmMts MJll Vallrt Estain Thr LumMr Yard 3 Bedroom Av.r5es: !:!!f!!!l. N_,• MNdowbf'oolc Apatfmtttts Hampshlrt Apts Florma Htfghts Apartmt"nts Pomm>y Lant Caopnvtiw Hampton Caurl l1ollino Gl'Ht'I Apartmc;nts 4 ledroom Aver•1~: ~r!t!!!l..N•m« !lwm Uw155 studioAYera1 MunlclJ!!!!!l P!!!L!o!!. AMI Units: T¥2!f!!J.t Northampton Northampton Northampton Northampton Fom11y TOK Cr tdlt Fomlly Tax Crtdlt. 60M" 13/33 601' 19/40 21/107 HVDSrc. & Fam ily Ta x CrNlt Family TOJt Crtdlt FamJl)I Tox Crtdlt Fom lly Tox Crtdlt 601' 90/252 Amhrrsr Amhrnt Amhrrsr 601' 2/27 ~ 3/27 4/25 Northampton HUDS«. & -J/77 HUDStt. & n/a/20< AmhtrSt Northampton Northampton Northompton Fomlly TIM Crtdlt Fom lly Tcrx Crtdlt Fam~ Tor Crtdit "°" n/a/70 SOI< n/a/70 ~ 14/55 Munfcfpol/ty Pro/. Tre: AMI Northampton Fam /ly Ta x CrttJ/t ~ Horthomplon Fomlly Ta x CrtdJt. ~ Northampton f-11.JD Stt. & Northampton Fam ily Ta x Crtdlt ~ Northampton Pubflc Housing • Fomlly 501' Flortnct Publk Housing· FomJ.')i ~ Amhmt Fom ly Tar Credit 60'6'. Amherst Fam ily Ta x CrttJlt Northampton HUD Stt. & ~ Amherst HUD Stt. & Amherst Famlly To x Cftd'it ~ Northampton Fam.fy Tax Crtdlt ~ Munldi!!!!!!l. Northomptan Northampton Northampton Flortnct Amherst Amhtrst ~ AMI HUDStt. 8 Fom lly To x Crttllt ~ Pubic Hausln9 • Fom Uy ~ Publk HoCJ""9 • Family 50J6'. Fam ily Tox Crtdft. ~ Famll>'ToxCrttlff Northampton HUD Sf'C, a ~ Amhf'rst HUD Ste. 8 Amhrrst Fam »y Ta x Crtdlt ~ Northampton Fa mly Ta x Crtdft ~ Munlclpolftr Prof. Tt'P! AMI Northampton Fom fy Tax Cmilt ~ Northomptoo Pubic Housing • Family ~ Flortnct Public Housing • Fom lly SON AmhttTt Fomlly Ta x Crttllt Northampton HUD Ste. 8 ~ Amhtnt HUD Stt:. 8 Un lts:T¥/!!f!!i!_ 13/33 13/'° 13/107 127/252 41/80 24/.S<J 12/27 11/25 14/77 n/a/20< n/o/148 3'/55 Units: T¥2!f!!J.t 10/107 25/252 36/80 22/50 9/27 9/25 2/77 n/o/204 n/o/14& 7/55 Untu: TrI!!f!!i!. l0/252 2/llO </5'1 1 /25 l/77 n/a/20< Munlc'e!!!£!r. ~ AMI Un/ts:TrI!!f!!i!. Northampton Northome.ton Fomlly Tax Crtdlr Fam!!t_ Tox Crtdlt 50J( n/o/70 601' n/a/JO t I of Units: th& Unit Typt / wholt Proftct '"Utlb: (H)':ot, (E)itctrlc Paid by Londlord t Whfi~ tht~& o mngt of rt'ntsfora unit, tht ovttagt & dlsplcr)otd 10/21/201' North Commons at Village Hill Ford Crossing Road and Olander Drive Northampton, MA 01060 Urut Type. l Bedroom Yr. Bullt WoltLlst 1006 37Applktmb 2009 .fl Appkonts 1972/2004 None 1970'$/Rthob 2005 1BR = 2·3 ymrs 2SR = 6 months 3 & 4 BR= 2·3 )"Nrs 10ll 10ll mJ 1"89 1971 1011 2018 101' Unit Type: 2 Bedroom Yr. Built 2006 Est1mat1d l·J ~ Estlmottd 1·3 ~ 40+/· oppfcants 6months · J )lf'Ot'· offordobW units. 15' ,,,,,,...,,,,, 4004-oppllconb 4oo+ applcants Walt list l7Appl1cants 1009 41Appliwntt 1972/1004 Noot 1970's/Rthob 2005 1BR = 2·3 )'tors 2BR = 6mooths 3 & 4 BR= 2-3 ,.ors 1011 1''3 Im 1'71 Im 201, Unit Type · l Bedroom Yr. Built Yts, Housing Authority MO.StH 1st NHA Masttr Lht Estlmotttl l ·.J~or.s 40+/· appkants 6 months • 1 )'ftJI' • affrxdabk units. lS+Applconh 9 opplfconts • af!Ol'dab~ unt1 Woitl.ist 1972/1004 Noot 1970's/Rthob2005 1BR~2·3)'f'Ors 2BR=6months 3548R=2·3 ~ors 1011 1"3 1 ... 1'7J ,,,. 1019 Unit Tvpe; .J Bedroom Yts, Hausln9 Authority Ma1ttr llst NH.A Mmttr List EstJmottd l·l YtON 4D+/· opplfconts 6 months • J ~or· offardabk units. 15+Applcants !I oppllconts • affordablt unb Yr.Built Wottllst 1970VRthob200S l8R=l·3J"f'Ol'S 25R=6mor.th1 35~BR=l·J )"lfQ'J Yu. HowJr/9 Authortty Molt tr lfst NHAMosWLJst ,.,, Im 1'71 Umt Type. Studio Yr. Built 1011 201& 40+/· opplconts 6montlu • 1'f«K"·offO<dablrWJ#ts. lS+App.tcoms WoltUst 400+ appllconts .coa+oee.konts Ott.(Avy} UtJls• Sq. Ft 979' H 600 100ll 600 9~ 702 97% H 750 '""" '""" J~ H 585 '!% HE 759 100% HE HE HE GrossRtntt m.oo m.oo 1,083.00 9l8.00 J,248.00 .... oo 870 . .SO 949.00 1,083.00 936.00 780.00 908.00 11 Grou$/SFI $ 1.66 $ 1.56 s 1.54 $ 1.25 1.62 1.43 "" 666.o s 9n.46 s .... OC'C.(A!l) utlls" Sq. Ft Grou Rtntt Gross $/SFt 97% H 1000 1,190.00 $ l.19 lOO!l 1030 1.m.00 s. 1.16 93 " 920 1,441.00 $ 1.57 97% H 1071 1.184.00 $ 1.11 '""" 1,336.00 '""" 1,336.00 '""" 1.270.00 '""" s 1,076.SO lOO!l H 906 s 1.212.00 s 1.34 9"' HE 9!6 1,441.00 s 1.46 9'% H 954 1.071.00 s 1.12 HE s 1.,090.00 -'8LO S 1,237.13 1.26 occ.(Avg} urJls" Sq. Ft. 93" 1120 97" H 1371 l OOll '""" lOOll lOOll ,..,. "" "" "" 12!5 HE 11.58 1152 HE 1.218.Ei ""-(A~ utlls" Sq.Ft. 97'6 H 1400 '""" lOOll lOOll Gross Rmtt Gross $/SFt 1,117.00 s 1.62 l.AM.OO s 1.oa 1.662.00 1.602.00 1.4ROO 1,320.50 1.516.00 1,119.00 1,341.00 1.259.00 1,535.45 1.18 1.57 1.16 1.26 GIWI Rmtt Grou S/Sft s 1.723.00 $ 1.23 s 1,927.00 s 1.927.00 s 1.522.00 100ll 2000 s 1,843.00 0.92 1.71 "" HE llil $ 1,954.00 -1,Sl9.3 S 1,821.00 1.2D Occ.(Avg} utlls" Sq. Ft Gron Rmtt Grou $/SN ll>OK HE HE l OOll 728.00 874.00 SOl.00 Summary of Findings 12 Brief Summary of the Neighborhood & Area The Village Hill development is a mixed-use residential and commercial planned development located to the south of the downtown core of the City of Northampton and Smith College. Specifically, the Village Hill District is located off the north side of Chapel Street/West Street near its intersection with Prince . It is the redevelopment of the former mental hospital which is integrating some of the existing historical buildings together with new construction to accommodate different development components . We will present a summarization of some of the development options within the Village Hill District later within this analysis . The area is about% of a mile to a mile south/west of the main downtown area of Northampton, which is generally identified as the intersection of Main Street and Pleasant Street. The site is also less than a mile from Smith College which is just to the east, and near numerous recreational areas (predominately located along Mill River). In regards to the neighborhood boundaries, they are broadly defined as : • Prospect Street to the north • Old Springfield Road to the south • Florence Road to the west • Pleasant Street to the east. Surrounding property uses around the sites that are part of the development are other phases of the Village Hill Redevelopment Project. Broadly, some of the surrounding property uses that are general to the area include: Surrounding Property Uses Direction Adjoining Property Uses To the North North of the Village Hill Development is predominately v acant heading towards Mill Ri ver . To the South: An office development on the south side of Chapel Street -L3 -KEO . There are also scattered residential, and community service uses to the south and small churche s. To the East : Outside of the boundaries of the Village Hill development there is some vacant land, recreational areas and then recreation associated with Smith College . This is then follo wed by portions of Smith College . To the West: Northampton Commun ity Gardens, sc attered residential and vacant land . North Commons at Village Hill Ford Crossing Road and Olander Drive Northampton, MA 01060 Trends/Comments No significant ne w development acti v ity evident. No significant new development acti v ity evident. No new de velopment activity but supportive of the residential uses associated with project. No impact on the de velopment bu t consistent with the rural and recreational areas of this portion of the county . No ne w de velopment activ ity evident. Note also that further to the south and w est is the Hampshire Count y Jail and House of Correction . :_) ,_) Summary of Findings 13 Site Evaluation The parcel is located at the north end of the Village Hill redevelopment project. It is just to the north of Ford Crossing Road, and appears to be accessible by way of Olander Drive. Market Draw Area The primary market area (PMA) is defined by NCHMA guidelines as, "a geographic area from which a property is expected to draw the majority of its residents." There is no set or defined ratio, but typically we see that the PMA will contribute anywhere from about 60% to 70% of the tenant base; all markets function with primary and secondary/tertiary areas. In this case, however, we have accounted only for a primary market area with no contribution anticipated from secondary or tertiary markets . The market draw area was based on the following factors: • Review of physical barriers of entry to the marketplace . • Review of commuter patterns, areas of employment and highway linkages . Of key consideration is that most of the residents in the area work in and around the downtown district of the city, or to the south. • Review of general residential patterns for homeowners, which are often similar to patterns and trends impacting low-income rental markets . • In this case, we were able to converse with the Community Builders, who also operate other developments within this Planned Development District, offering similar mixed -income characteristics . They confirm the parameters of the market draw area as being reasonably representative of the primary area from wh ich tenants can be expected . Note also that that even though there are different income levels targeted as part of the project, it is felt that the same primary market area will apply to both . The demographic data set forth in the information which follows is representative of the var iables applicable to the PMA that we have established . The subject property is specifically located within Census Tract 8219.03, and the market draw area will consist of a total of 83.80 square miles . HISTA Data Outlined on the following page is the H ISTA data, which accounts for projections to the current year . The 2010 Census documentation and American Community Fact Finder were used and forecasts modeled in order to project to the current time frame. HISTA 2.2 information was used . This data incorporates 2010 Census and the most recent American Community Survey information. Statistics will be applied from 2014 (which reflects the base year data from the current ACS, with projections through the year of 2019 and forecasts onward to 2024. HISTA stands for Households by Income, Size, Tenure and Age and is a useful demographic database for application to demand modeling and analysis of affordable housing. It is a Claritas product, and prepared by Ribbon Demographics. In addition to the HISTA household data, we will also present some additional statistics on household demographics broken out further by income classification, population patterns and trends, and a chart that shows median household income broken down by the various census tracts. A summarization of the HISTA data applicable to the project, with household and population statistics is outlined below. North Commons at Village Hill Ford Crossing Road and Olander Drive Northampton, MA 01060 Summary of Findings Demographic Summary PMA -HIST A Data * 2014** 2019 O/o Change Total Renter Households: 6,966 71 021 0.79% Owner Occupied Households: 6,901 6,711 -2.75 % Total Households: 131867 13 , 7:32 ~ -0.97% %ofRenters 50.23% 51.13% ;io19 Data: Renters Earning $.3 0,000 or Less: 30.22% Renters Earn ing $20,000 or Less: 21.36% Ratio of Renters with 3 or more persons 20 .99% 2019 Estimated Median Income Market Dra w Area : $65 ,096 Median Inc.ome Subject Census Tract: $.36 ,866 ,. All data applies to under age 62 onl y *"'The 2012-2016 ACS data has been used as the bas is in the demographic summary for the equi valent of the 20 l 4 household statistics, Poculation ~/o Chanae 38,421 I NI A 36,372 I -5.33% 35 ,634 I -2 .03% 1) Census 2 ) Current Year Estimate 3} 5-y r Projection Some other notes evident by review of this information include: 14 2024 O/o Ch.a nae 61973 -0.68%. 6 ,621 -1.34% B ,59 4 -1.00% 51.29% • The information indicates minor declinations in the household and population count is between 2019 and 2024. This is fairly typical for the older portions of Massachusetts. • Fairly high ratio of renter households for a suburban location due largely to the presence of area colleges . Over 51 % of households are renters. • Moderate-income nature of the area is evident by the fact that only 30.22% of renter households earn $30,000 a year or less . • Fairly low ratio of large renter households with three or more persons -just less than 21 %. • From an income perspective, the subject census tract is influenced by the inclusion of many students within the data set and also the presence of some affordable housing in the area. The median income in the subject census tract is less than $37,000 compared to the market draw area as a whole, which is over $65,000. North Commons at Village Hill Ford Crossing Road and Olander Drive Northampton, MA 01060 ( 0 J Summary of Findings 15 The Rental Housing Market/Competitive Supply The area is dominated by a couple of different types of projects, including: • Market rate housing closer to the colleges, much of which is predominantly occupied by students. While some of this data will inevitably be reviewed and analyzed as part of the supply set, some of it will be discounted in regards to allocation and analysis to the project because the influence of the students. • Mixed-income housing similar to the subject development. Based on the economic and demographic nature of the area, there have been other mixed-income developments initiated . For the most part, these projects have met with economic success and they do provide good case example of the prospective future support for the development being advanced. • Tax credit specific and other affordable housing units. From a market-oriented perspective, the developments that were reviewed and analyzed are stable and well-performing. The occupancy level for area projects is currently reflecting threshold levels at 98% on average . Rent levels are adequate, supported and have increased over time . Affordable I Subsidized Supply Analysis and Tax Credit Analysis Affordable housing projects in the area reflect a number of mixed-income units/developments as well as some tax credit specific apartments. Like market rate units, the affordable units are well occupied on a consistent basis; the documentation/data indicates an average occupancy for the affordable units at 99% and they all carry some form of a waiting list. Within the Supply section of the report, we will present documentation related to the maximum income and rent levels that apply. There are different tiers necessary for review and application to a development of this nature. They will include : • 30% AMI, which would be the restriction for some of the Deep Subsidy units based on the regulatory agreement. • 60% AMI is the tax credit standard. • 120% AMI, which applies to the workforce housing units. Critical to note is that the 2019 AMI levels have yet to be released by HUD. As such, the tax credit standards for compliance purposes at the current time are still based on 2018 threshold levels, which in this portion of Massachusetts reflect a 4-person median income of $73,900. North Commons at Village Hill Ford Crossing Road and Olander Drive Northampton, MA 01060 Summary of Findings 16 Income/Rent Restrictions Outlined below is a summary of the historical AMI changes within the county as it applies to tax credit rent and income determination. Percent AMI Changes I Year AMI % Change 2014 $65,700 - 2015 $67,700 +3.04 % 2016 $68,200 +.73% 2017 $66,600 -2 .34% 2018 $73,900 +10 .96% 2019 $76,000 +2.84% Also, given that there are a number of different parameters associated with this project, we referenced a wide variety of income levels and rent levels . MAXIMUM INCOMES HAMPSHIRE COUNTY, MA 30%AMI 50%AMI 60%AMI 1 Person $21,150 $35,250 $42,300 2 Person $24,150 $40,250 $48,300 3 Person $27,180 $45,300 $54,360 4 Person $30,180 $50,300 $60,360 5 Person $32,610 $54,350 $65,220 MAXIMUM RENTS HAMPSHIRE COUNTY, MA 30%AMI 50%AMI 60%AMI 1 BR $499 $831 $998 2BR $599 $998 $1,198 3BR $691 $1,153 $1,383 North Commons at Village Hill Ford Crossing Road and Olander Drive Northampton, MA 01060 120%AMI $74,520 $85,200 $95,880 $106,440 $11!4,960 120% AM I $831 $1,061 $11,329 0 Summary of Findings 17 Market Rent Summary Outlined below is a summarization of the intended rents applicable to the project, coupled with analysis of market, and other variables for reference. As is typical, all rents have been forecasted to a gross basis in order to compare and contrast reasonably with the tax credit maximum standards . Gross Rent Analysis I -Unit Type Avg. Rent Avg.Sq.Ft. Rent/Sq.Ft. Studio -Market Averages $1,142 400 $2.86 Studio-Classifieds $926 N/A N/A Studio-Achievable Market $1,225 550 $2.22 Studio-Subject Workforce $1,100 550 $2.00 Studio-Subject Tax Credit/PBA $847 550 $1.54 1 BRM -Market Averages $1,294 706 $1.83 1 BRM-Classifieds $1,181 N/A N/A 1 BRM-Achievable Market $1,500 640 $2.34 1 BRM-Subject Tax Credit 60% AMI $998 640 $1.56 1 BRM-Subject Workforce $1,350 640 $2.11 1 BRM-Subject Tax Credit/PBA $910 640 $1.42 2 BRM -Market Averages $1,640 933 $1.76 2 BRM-Classifieds $1,732 N/A N/A 2 BRM-Achievable Market $1,750 875 $2.00 2 BRM-Subject Tax Credit 60% AMI $1,198 875 $1.37 2 BRM-Subject Tax Credit/PBA $1,167 875 $1.33 3 BRM -Market Averages $2,120 1,217 $1.74 3 BRM-Classifieds $2,007 N/A N/A 3 BRM-Achievable Market $2,20'0 1,180 $1.86 3 BRM-Subject Tax Credit 60% AMI $1,383 1 $1.07 Some notes evident by review of this data that are clearly indicative of patterns are: • The tax credit and Project-Based units are all well below market and there is a significant advantage . • The workforce housing units are structured at a level that is around 1 0% below market supported rent levels/thresholds. North Commons at Village Hill Ford Crossing Road and Olander Drive Northampton, MA 01060 Summary of Findings 18 • Classifieds generally are supportive of the rent levels and thresholds set by the market patterns . Some of the two-bedroom apartments are at a higher threshold level, as are a handful of the three-bedrooms . Classifieds are more typically local single-family units, or smaller rental options within duplex to 12-unit type properties. Affordable Rent Summary Job #: H-11314 Proj. Namt: North Commons at Villagt Hill DncrlptlOll: MS: FAMILY TAX CREOrT Rmt Summaty for Marht Rott Profects Unit Typt: l Bedroom P!!!P.!!!l.Nome Munl'!~ Yr. 8ult Occ.(AWJ} Utns• Sq. Ft. Rnlt Ra~ Rtnl{Mld) $/SF{Mld) HilltopApts Hathaway Forms Hathaway Farms Hampton Court Nor1h1mpton 200(5 97% H 600 S1175 $ 1,175.00 s 1.96 North1mpton 1972/2004 93% 702 "$1475 • $1499 Northampton 1972/2004 70 2 $1375 s 1,487.00 s 2.12 1,375.00 s 1.96 Northampton 1919 Rolrlng Grttn Apart~nts Amherst 1971 Li~ 155 Northampton 2018 LDu~f Rid~ Northampton 1'67 HoWldns ~dow Amherst 1963 Astft' Fl~ds ApOrttMnt Homft Northampton 1963 Southpofnt Apart~nts Amherst 1970 Sooth~rt~nts Amherst 1970 1 Bedroom Avera1es: l'r!t!!!L Nam' Hll/topApts Hillsidt Apart~nts Hathaway Farms Hathaway Farms Hampton Courl Hampton Court Rolli119 Grttn ApaltrMnts Rolling GTHn Apartmt'nts Mill valley Btotts Mill Vallty Estotts LaurtlRidgt Hmvkins Mtodow Alpint Commoos Asttr Fftlds Apottm~t Homts Ast tr Fitlds Apartmtnt Homts southpolnt Apartmtnts .SOUthpolnt Apartments Southpoint Apartmtnts Tht 8ouldtf'I Tht SouldtrS 2 Bedroom Avera1e~: P!3!!.!!1. Name HllltopApts Hillside Apartments Hathaway Farms Hathaway Forms Hampton Court Rolling GrttnApartmtnts Mill Volley Estates Mill Valley Estates Alpine Commons South~rtme11ts 3 Bedroom Aver5u: MuniclJ!!!!!!.r. Yr.l&lllt North1mpton 2006 Northampton 2009 Northampton 1972/2004 Northampton 1972/2004 Northampton 19!9 Northampton 19!9 Amherst 1971 Amherst 1971 Amherst 19!9 Amherst 1989 Northampton 1967 Amherst 1963 Amherst 1970 Northampton 1968 Northampton 1968 Amherst Amherst Amherst Amherst Amherst Municl£!!!!r.. 1970 1970 1970 1974 1974 Yr.~llr Northampton 2006 North1mpton 2009 Northampton 1972/2004 Northampton 1972/2004 Northampton 1!389 Amherst 1971 Amherst 1989 Amherst Amherst Amherst 1989 1970 1970 100" .. " 100% .. " 100% 100% 98% .. ,. 585 $1200 HE 759 $1425 HE ,. $1100 H 100 " $1290 700 ,. 51390 566 ~25 • $925 875 $1245 • $1345 875 $1000. $1080 706.4 Uni t Type 2 Bedroom Occ.{A!l) uti/s• Sq. Ft. Rttit~ 97% H 1000 $1500 $1425 100% 1030 93% 920 $1725. $1710 100% "" 9'% 920 $1825. $1880 906 " $1610 H 906 HE 986 H E 1151 954 51680 sins $1913 $1750 994 $1800 96% H 918 " $1570 100% H 918 " $1720 100% H E 650 " $2040 100% 860 $995 • $1095 975 $1295 -$1375 .. " 990 $1340 990 $BIO 990 $1280 91% 750 $1199 850 $1489 -$1529 .. % 933.3 Unit Type 3 Bedroom Occ.(A119) Utfls• Sq. Ft. ..,,,_ 97" H 1S75 100% 1147 93% 1120 1120 100% H 1185 91" HE 1158 99% H 1152 $1825 $1750 $2110 . $2175 $2010 -$206.5 52100 $2115 $2050 H 1192 $2100 100% .. ,. "" H E 1200 $1670 H S1530 • $1605 1.216.6 Un •t Typ~ 4 B<>droam 1,200.00 s 2.05 1,425.00 1,100.00 1,290.00 $ 1,390.00 s 875.00 $ 1,295.00 s 1.040.00 s 1,241.09 .,. $ 1.88 1.14 1.9' 1.55 1.48 1.1' 1.76 lltnt{M;d) $/SF(Mld) s 1,500.00 s 1.50 1,425.00 s 1.38 1,752.50 s 1.90 1.,652.50 s 2.01 1,680.00 s 1.85 1.6so.oo $ 1.85 1,715.00 s 1.74 1,915.00 $ 1.65 1.750.00 s 1.83 1,800.00 s 1.81 1,5 70.00 $ 1. 71 1, 720.00 s 1.87 2,040.00 s 3.14 1.045.00 s 1.21 1.335.00 s 1.37 1,340.00 1,380.00 1,280.00 1,199.00 1,509.00 1,574.40 1.35 1.39 1.29 1.60 1.7'1 L69 Rml{Mld) $/SF{Mld) $ 1.825.00 s 1.16 1,750.00 s 1.53 2,142.50 s 1.91 2.037.50 s 1.82 2,100.00 $ 1.63 2,115.00 $ 1.83 2.oso.00 s 1.78 2,100.00 2,670.00 1,567.50 2,035 .75 1.76 2.23 1.67 Pr!!/!!!!.1.Nome Munic'e!!!!!l. rr • ..,lit Orc.(Avg) r.nits• Sq. Ft. Rftft Ran~ lftnt(Mid) $1SF{Mid) Hatho\Wy Forms Hathaway forms Hampton Court Rolling Grttn Apart~nts Mill Valley Estotts Alpine Commons .t Bedroom Avera.1.es: Northampto n 1972/2004 93% 1232 Northampton 1972/2004 U32 Northampto n 1989 Amherst 1971 Amherst 19&9 Amherst 1970 100% 985' "" 100% 2000 H E 1158 H 1680 H E 1000 98% 1.3&3.7 Urot Type• Studio $2075 . $2130 s 2,102.50 s:zetso -S21os S 2,on.50 $2300 $ 2,300.00 $2900 S 2.900.00 $2750 s 2, 750.00 $3330 $ 3,330.00 2.576.67 s 1.71 s 1.69 s 1.15 s 2.50 s 1.6< $ 3.33 $ 1.86 Gross ~nt Gross $/SF 1,2S4.00 s 2.09 1,597.00 s 2.27 1,415.00 s 2.12 l,235.00 $ 2.U 1.425.DO 1,100.00 l,325.00 1,425.00 9!5.00 1,33 0.00 l ,075.00 1.,294.1! Gross~nt l..,605.00 1.611.00 1,912..50 1.982.50 1,725.00 1,725.00 1.715.00 1,915.00 1.795.00 l ,MS.00 1.615.00 1,765.00 2,040.00 1,175.00 1,465.00 1,3!5.GO l..,425.00 1,325.00 1,244.00 1.554.00 1.639.70 LS8 1.89 2.()4 L74 1.52 L23 LS3 Gross$/SF s 1.61 1.56 ~OS 2.15 1.90 1.90 1.74 L65 1.81 1.86 1.76 1.92 3.14 1.37 L50 1.40 L44 1.34 1.66 1.83 L76 Gross lknt Gross $/SF 1,950.00 s 1.24 1.945.00 s 1.70 2,292.50 s 2.05 2,187.50 s 1.95 2.155.00 s 1.68 2.115.00 s 1.83 2.105.00 s 1.83 2,155.00 2.670.00 1,622.50 2.119.75 LBl 2.23 1.74 Gross Rent Gross $/SF 2.272.50 s 1.84' 2,247.50 s 1.82 2.470.00 $ L24 2,900.00 $ 2.50 2.815.00 s 1.68 3,330.00 $ 3.33 2.672.50 s 1.93 P~Nom• Munlclt!!!!!l. "·"'"' Oc'C.(A119) utits• Sq. FL RftitRonge lfrnt(Mid) $/SF(Mid) Gross lltnt Gross$/SF 11,,.155 A'£..intCommoo s Stud to Averi1es: Northampton Amh1iHst • Utlls: (H)tot, {f)Jtctrlc Pold by i ondJord 10/21/2019 North Commons at Village Hill Ford Crossing Road and Olander Drive Northampton, MA 01060 2018 1970 100% HE 100% H E 400 100% 400.0 $1000 $1285 s 1,000.00 s 1,000.00 1,285.00 s 3.21 s 1.285.00 3.21 1,142.50 2.16 1,14 2.50 2.86 ( /'\ 0 J Summary of Findings 19 Most Comparable Rental Developments All the developments and projects referenced/reviewed should be considered in their entirety when analyzing the development in question . All projects that we have referenced are within proximity and offer alternative options for area tenants . Still, we have selected from the data presented a handful of projects that will be deemed the most comparable or similar for analysis based on proximity, condition, age and in this case, unit mix. Many of the local projects offer mixed-income developments with some affordable and some market rate units. We have also added and included a few that are pure market rate in order to show the variation between mixed-income and market rate housing. Also, because of the studio units which are present only at a handful of developments, we did have to add another project that may not have been considered primary for application to the other unit types. Primary comps are: • • • • • • • • • Hilltop Apartments Halfway Farms Hampton Court Rolling Green Laurel Ridge Liv 7 55 Alpine Commons (studio only) ·Hawkins Meadows (1 br only) For application to the studios, we a/so included the classifieds since only one other development in the market area had studio units specifically. Achievable Market Rent The achievable market rent analysis was previously presented. Within the Supply section of the report, we will present supporting documentation related to the adjustments. Capture Rate Analysis Previously, we presented a summarization of the capture rates and the penetration rates for project. The capture rates are favorable in each case, for each bedroom type and the weighted average falls below 5%. This is indicative of an adequate pool of age and income qualified households to support the development and project. Generally, the supportive capture rate simply indicates that the number of age and income qualified households for each of the individual unit types, as well as the project as a whole is more than adequately supported. This is indicative of strong likely support for the project and a high demand. While the capture rate is important for analysis, there are many other variables that are critical to the potential success of the project. Beyond capture other important items to recognize with this development and within the analysis include : • Adequate support for each of the individual rent tiers and unit types which includes Project - Based Assistance, typical tax credit units, and workforce-orientated units/housing . North Commons at Village Hill Ford Crossing Road and Olander Drive Northampton, MA 01060 Summary of Findings 20 • Physically, the development/project will reflect some of the newest and most physically appealing units within the Northampton marketplace . • Sound occupancy and waiting lists at other area developments. Utilization /contribution only from the primary market area, no secondary or tertiary market inclusion. • Net demand model which eliminates all existing affordable housing from the capture rate analysis /demand modeling prior to establishing support for new additional units. Impact on Other Affordable Housing There will be no adverse influence related to the other affordable housing in the area based on completion of the subject units . With 53 apartments, it is not anticipated that these units will have any negative impact on occupancy, rent or other operations for projects that exist in the area . There are only a handful of tax credit specific units being developed as part of this project and the others target either higher income households at the 120 % AMI thresholds or Deep Subsidy-targeted households at/below 30% AMI. Project Timing I Absorption Under the conte xt that the development would take around 18 months, the project will be bu i lt and operational by late -2020 to early 2021 depending on approvals. Project absorption has been reviewed and analyzed based on consideration of lease-up patterns at area developments and other general supporting knowledge of projects in Northampton and other parts of Massachusetts . A summarization of the absorption is outlined below: Absorption Time Frame I Project Stabilization Units Occupied at Completion (Late 2020/early 2021 ): 8± units -pre-leasing acti vity or 15 % of the complex Monthly Absorption Subsequent to Initial Occupancy : 7-8 units on average per month Total Number of Units Requiring Absorption Subject to Project Completion: 45 Additional Months to Absorb (at Completion): 5.5 -6.5 months North Commons at Village Hill Ford Crossing Road and Olander Drive Northampton, MA 01060 ( 090 LO \iV\I 'uoidwe4lJON ai\!JO Japue10 pue peoct Bu1ssOJJ pJO.:J ll!H a5e11!1\ ie SUOWWOJ 4lJON CJ Property Name: Street Address: Hillside Apartments 51 Vi lla ge Hill Road City, State: Northampton, MA Date of Survey: 10/2019 Type of Project: Mixed Income No. of Units: 40 Year Built: 2009 Occupancy Rate: 100% Rent Concessions: No Cond. Rating: B+ Waiting List: 41 Applicants AFFORDABLE APARTMENT RENTAL No. 1 Rental Data Unit TJ£1~e Baths AMI No. of Units Sq. Ft. Current Rent Rent[Sg. Ft. 1 Bedroom, LIHTC 1 60% 19 600 $855 $1.43 2 Bedroom, LIHTC Townhouse 1 60% 13 1030 $1012 $0.98 2 Bedroom, Market Rate Townhouse 1 6 1030 $1425 $1.38 3 Bedroom, Market Rate Townhouse l 1/2 2 1147 $1750 $1.53 Amenities: Units have a stove, refrigerator, A/C units, washer/dryer units and a mix of wood floors, vinyl flooring and carpeting . On-site parking and children 's play area. Utilities: Heat: Tenant Pays Electric: Tenant Pays Comments: This is phase two of the Villages at Hospital Hill I & II. It is a mixed income property with 32 LITHC units and 8 market rate units. Hillside Apts does not include heat and hot water, Phase 1 which is ca ll ed Hilltop Apts and is written up as a separate comparable and does include heat and hot water . As of 10/2019-the manager stated that this comp lex is currently fully occupied and that there is a waiting list with 41 applicants. There are 37 (93 %) Section 8 voucher holders. Utility Allowance: lBR = $139 2BR = $186 Apartment Features Utilities Other Features ~ Separate Entrance(s) 0 Heat Included 0 Elevator 0 Pool 0 Tennis 0 Balcony/Patio 0 Cook Included ~ Rec. Area -Type: Play Area ~ Carpets 0 Electricity Included 0 Firep lace 0 Community Room ~ Drapes/Blinds 0 Hot Water Included 0 Alarm System Gated entrance : No 0 Storage ~ Cold Water Included Security Features: 0 Coin Laundry Facility ~ Sewer 0 Washer/Dryer Hookups Equipment ~ Washe r/Dryer Units ~AC Type: unit Parking Features Included ~ Stove Surface: Yes Enough for: All Amt: Extra Cost: No 0 Cable Included in Rent ~ Refrigerator Garage: No 0 Disposa l 0 Internet Service Included ~ Dishwasher Covered: No 0 Microwave Verification: TCB -Rachana Contact Phone: (513) 586-5065 Verified On: 10/21 /2019 Web Site: http://www.massdevelopment.com/wp-content/uploads/2009/ 11/hillside_place. pdf Newmark Knight mnk 1 ~·1 :::.,S M l=-= ) ) ..... ./ Property Name: Street Address: City, State: Date of Survey: Type of Project: No. of Units: Year Built: Occupancy Rate: Rent Concessions: Cond. Rating: Waiting List: Hampton Co urt 20 Hampton Ave Northampton, MA 10/2019 Mixed Income 77 19 89 100 % No B+ 6 months -1 year -affordable units. Unit Time 1 Bedroom 2 Bedroom 3 Bedroom 4 Bedroom, Townhouse 2 Bedroom 1 Bedroom, Affordab le 2 Bedroom, Affordab le 3 Bedroom, Affordab le 4 Bedroom, Affordab le: Townhouse AFFORDABLE APARTMENT RENTAL No. 2 Rental Data ---- Baths AMI No. of Units Sq. Ft. Current Rent Rent[Sg. Ft. 1 4 585 $1200 $2.05 2 38 906 $1680 $1.85 2 5 1285 $2100 $1.63 21/2 6 2000 $2300 $1.15 1 4 906 $1680 $1.85 1 50% 3 585 $914 $1.56 1 50% 14 906 $1167 $1.29 2 50% 2 1285 $1461 $1.14 21/2 50% 1 2000 $1673 $0 .84 Amenities: Units have standard kitchen app liances (stove & refrigerator), dishwashers, garbage disposals and microwave . The units also have a/c, carpeting, washer/dryer hook-ups and wa lk in closets. The complex offers a commun ity room , elevator, laundry facility, sauna and free on-site surface parking. This is an elevator building. Utilities: Heat: Landlord Pays Electric: Tenant Pays Comments: This is a mixed income project. There are 20 affordable units that are restricted to 50% AMI levels or less. There are only (4) two- bedroom one bath units. The one, two and three-bedroom units include heat and hot water, the four-bedroom units do not. The four- bedroom units are townhouse units in a separate building from the mid-rise building. There is no added fee for pets . As of 10/2019-the manager stated that this complex is fully occupied and that they do have a waiting list for the Affordable Housing of 6 months-1 year. The complex does not provide additional storage, but does have surface parking for all tenants at no cost. Rent includes heat, wa ter (hot/cold), sewer and trash remo va l. Apartment Features D Separate Entrance(s) D Balcon y/Patio ~ Carpets ~ Drapes/Blinds ~ Storage ~ Coin Laundry Facility ~ Washer/Dryer Hookups D Washer/Dryer Units Amt: D Cable Included in Rent D Internet Service Included Newmark Knight fnnk Utilities ~ Heat Included D Cook Included D Electricity Included ~ Hot Water Included ~ Cold Water Included ~ Sewer Equipment ~AC Type: central ~ Stove ~ Refrigerator ~ Disposal ~ Dish washer ~ Microwave 2 Other Features ~ El evator D Poo l D Tennis -Type: Sauna ~ D D Rec. Area Fireplace ~ Community Room Gated entrance: Alarm System Security Features: Parking Features Surface: Yes Enough for: All Extra Cost: No Garage: No Covered: No :: AFFORDABLE APARTMENT RENTAL No. 3 Pr operty Name: Street Address : Meadowbrook Apartments 491 Bridge Rd City, State: Northampton, MA Date of Suivey: 2/2019 Type of Project: Family Tax Credit No. of Units: 252 Year Built: 1970's/Re hab 2005 Occupancy Rate: 97% Rent Concessions: No Cond.Rating: B Waiting List: !BR = 2-3 years 2BR = 6 months 3 & 4 BR = 2-3 years UnitTirne Baths 1 Bedroom 1 2 Bedroom 1 3 Bedroom , Townhouse 2 4 Bedroom , Townhouse 2 Rental Data ---- AMI No. of Units Sq. Ft. Current Rent Rent[Sg. Ft. 60% 90 750 $893 $1.19 60% 127 1071 $1123 $1.05 60% 25 1378 $1409 $1.02 60% 10 1400 $1630 $1.16 Amenities: Units ha ve stove, refrigerator, dishwasher and patio/ba lcony. On-site coin laundry, off-street parking, community room, playground and a pool. Utilities: Heat: Land lord Pays Electric: Tenant Pays Comments: Family Tax credit project. As of 2/2019-the manager stated that th is complex is currently at 97% occupied w ith eight (8) avai lable units. The manager also stated that there is a lengthy waiting list for the various units. Rent includes heat, wa ter (hot/cold), sewer and trash removal. Apartment Features Utilities Other Features D Separate Entrance(s) ~ Heat Included D Elevator ~ Pool D Tennis ~ Balcony/Patio D Cook Included ~ Rec. Area -Type: Various See Amen ities D Carpets D Electricity Included D Fireplace ~ Community Room ~ Drapes/Blinds ~ Hot Water Included D Alarm System Gated entranc e: D Storage ~ Cold Water Included Security Features: ~ Coin Laund ry Facility ~ Sewer D Washer/Dryer Hookups Equipment D Washer/Dryer Units D AC Typ e : Parking Features Surface: Yes Enough for: All Amt: ~ Stove Extra Cost: No D Cable Included in Rent ~ Refrigerator Garage: No D Disposa l D Internet Service Included ~ Dishwasher Covered: No D Microwave Verification: Leasing Assistant -Jenny Contact Phone: (413) 584-7590 Verified On: 02/11/2019 Web Site: Newmark Knight fr.tnk 3 c ( ) .J AFFORDABLE APARTMENT RENTAL No. 4 Property Name: Hampshire Apts Street Address: 241 Jackson Street City, State: Northampton, MA Date of Survey: 2/2019 Type of Project: Public Housing -Family No. of Units: 80 Year Built: Occupancy Rate: 100% Rent Concessions: No Cond. Rating: C+ Waiting List: Yes , Housing Authority Master list Rental Data ------------- Unit Time Baths AMI No. of Units Sq. Ft. Current Rent Rent[Sa. Ft. 2 Bedroom 1 50 % 41 N/A $1206 N/A 3 Bedroom 1 50 % 36 N/A $1512 N/A 4 Bedroom l 1/2 50 % 2 N/A $1757 N/A Amenities: Units have stove, refrigerator, blinds, basements and washer/dryer hook-ups. Off-street parking Utilities: Heat: Tenant Pays Electric: Tenant Pa ys Comments: This is a public housing family project operated by the Northampton Housing Authority. Currently there is 1 vaca nt unit. Tenants pay rent based on 30% of their adjusted income and income qualify up to the 50 % AMI le ve l. As of 2/2019-the manager stated that this complex is currently fully occupied and vacancies are fill from the NHA master of qualified app li cants. Rent includes water, sewer and trash removal. Management was not able to determine the current utility allowances at the time of the survey. Apartment Features ~ Separate Entrance(s) 0 Balcony/Patio 0 Carpets ~ Drapes/B linds 0 Storage 0 Coin Laundry Facility ~ Washer/Dryer Hookups 0 Washer/Dryer Units Amt: 0 Cable Included in Rent 0 Internet Service Included Verification: Web Site: Newmark Knight Frank NHA -Betsy Utilities 0 Heat Included 0 Cook Included 0 Electricity Included 0 Hot Water Included ~ Cold Water Included ~ Sewer Equipment 0 AC Type: ~ Stove ~ Refrigerator 0 Disposal 0 Dishwasher 0 Microwave Other Features 0 Elevator 0 0 0 Rec. Area Fireplace 0 Pool 0 Tennis -Type: 0 Community Room Alarm System Gated entrance: No Security Features: Parking Features Surface: Yes Enough for: All Extra Cost: No Garage: No Covered: No Contact Phone: (413) 584-4030 Verified On: 02/15/2019 4 :: =-= AFFORDABLE APARTMENT RENTAL No. 5 Property Name: Street Address: Florence Heights Apartments 178 Florence Road City, State: Florence, MA Date of Survey: 2/2019 Type of Project: Public Housing -Family No. of Units: 50 Year Built: Occupancy Rate: 100% Rent Concessions: No Cond. Rating: C+ Waiting List: NHA Master List Unit TJ£1~e Baths 2 Bedroom 1 3 Bedroom 1 4 Bedroom 1112 Rental Data ---------~--~- AMI No. of Units Sq. Ft. Current Rent Rent[Sa. Ft. 50 % 24 N/A $1206 N/A 50% 22 N/A $1512 N/A 50 % 4 N/A $1757 N/A Amenities: Units ha ve stove, refrigerator, blinds, basements and washer/dryer hook-ups. Off-street parking Utilities: Heat: Tenant Pays Electric: Tenant Pays Comments: This is a public housing family project operated by the Northampton Housing Authority. Tenants pay rent based on 30% of their adjusted income and income qualify up to the 50% AMI level. As of 2/2019-the manager stated that this complex is currently fully occupied and vacancies are fill from the NHA master of qualified app licants. Rent includes water, sewer and trash removal. Management was not able to determine the current utility allowances at the time of the survey . Apartment Features ~ Separate Entrance(s) D Balcony/Patio D Carpets ~ Drapes/Blinds D Storage D Coin Laundry Facility ~ Washer/Dryer Hookups D Washer/Dryer Units Amt: D Cable Included in Rent D Internet Service Included Verification: Web Site: Newmark KnigM f~nk NHA -Betsy Utilities D Heat Included D Cook Included D Electricity Included D Hot Water Included ~ Cold Water Included ~ Sewer Equipment D AC Type : ~ Stove ~ Refrigerator D Disposal D Dish was her D Microwave Other Features D Ele va tor D D D Rec. Area D Pool D Tennis -Type: Fireplace D Community Room Alarm System Gated entrance: No Security Features: Parking Features Surface: Yes Enough for: All Extra Cost: No Garage: No Covered: No Contact Phone: (413) 584-4030 Verified On: 02 /15/2019 5 "·== M i:~ J AFFORDABLE APARTMENT RENTAL No. 6 Property Name: Street Address: City, State: Date of Survey: Type of Project: No. of Units: Year Built: Occupancy Rate: Rent Concessions: Cond . Rating: Waiting List: Estimated 1-3 years UnitT~12e 1 Bedroom 2 Bedroom 3 Bedroom 1 Bedroom Butternut Farms 12 Longmeadow Dri ve Amherst, MA 2/2019 Family Tax Credit 27 2011 100% No B+ Rental Data ------------- Baths AMI No. of Units Sq. Ft. Current Rent Rent[Sa. Ft. 1 60% 3 N/A $820 N/A 1 60% 12 N/A $1182 N/A 1 60% 9 N/A $1365 N/A 1112 60% 2 N/A $1182 N/A Amenities: Units have stove, refrigerator, balcony/patio and carpeting. On-site laundry, basketball court and playground. Utilities: Heat: Landlord Pays Electric: Tenant Pays Comments: Family tax credit project. As of 2/2019-the manager stated that this complex is currently fully occupied and has an estimated 1-3 year wait list. As of April 1, 2017, the agency changed from HAP Housing to Wayfinders. The Utility Allowances are; 1 BRM = $66 2 BRM = $88 3 BRM= $109. Heat is electric. Apartment Features Utilities Other Features D Separate Entrance(s) D Heat Included Electric D Elevator D Pool D Tennis ~ Balcony/Patio D Cook Included ~ Rec. Area -Type: Play Area & Basketball Court ~ Carpets D Electricity Included D Fireplace D Community Room ~ Drapes/Blinds D Hot Water Included Electric D Alarm System Gated entrance: No ~ Storage ~ Cold Water Included Security Features: ~ Coin Laundry Facility ~ Sewer D Washer/Dryer Hookups Equipment D Washer/Dryer Units D AC Type : Parking Features Surface: Yes Enough for: All ~ Stove Extra Cost: No Amt: ~ Refrigerator Garage: No D Cable Included in Rent D Disposal D Internet Service Included D Dishwasher Covered: No D Microwave Verification: Wayfinders-Melvin Redriquez Contact Phone: (413) 233-1500 Verified On: 02/11/2019 Web Site: Newmark Knight frank 6 ::1 ~.; AFFORDABLE APARTMENT RENTAL No. 7 Property Name : Street Address: City, State: Pomeroy Lane Cooperative 34 Pomeroy Lane Amherst, MA Date of Survey: 2/2019 Type of Project: Mixed Income No. of Units: 25 Year Built: 1993 Occupancy Rate: 100% Rent Concessions: No Cond. Rating: B Waiting List : 40+/-applicants Unit Time Baths 1 Bedroom 1 2 Bedroom 1 3 Bedroom 1 4 Bedroom, House 2 Rental Data ------------ AMI No. of Units Sq . Ft. Current Rent Rent[Sa . Ft. 4 N/A $727 -$802 N/A 11 N/A $883 -$986 N/A 9 N/A $1062 -$1225 N/A 1 N/A $1306 N/A Amenities: Units have stove, refrigerator, dishwasher, disposals and washer/dryer hook-ups. Each unit is assigned a carport and there is a community room. Flooring is a mix of vinyl and carpet. Utilities: Heat: T enant Pa ys Electric: Tenant Pays Comments: This is a mixed income community that includes LIHTC and market rate units, howeve r the rents for the market rate units are set at the Section 8 contract levels. Low end of rent range are the 60% AMI rents and the high end are the Section 8/market rents . As of 2/2019-the management stated that this complex is cu rrentl y fully occup ied and there is a waiting list of over 40 qualified applicants . Utility allowances are: lBR =$106, 2BR =$142, 3BR =$177 & 4BR =$2 16 . The market rate for 2BR unit is $1034 & 3BR unit is $1300 . Apartment Features Utilities Other Features D Separate Entrance(s) D Heat Included D Ele vator D Pool D Tennis ~ Balcony/Patio D Cook Included D Rec. Area -Type: ~ Carpets D Electricity Included D Firep lace ~ Commun ity Room D Drapes/B linds D Hot Water Included D Alarm System Gated entrance : D Storage ~ Cold Water Included Security Features: D Coin Laundry Facility ~ Sewer ~ Washer/Dryer Hookups Equipment D Washer/Dryer Units D AC Type: Parking Features Surface: Yes Enough for: Some A mt: ~ Stove Extra Cost: No ~ Refrigerator Garage: No D Cable Included in Rent ~ Disposal D Internet Service Included ~ Dishwasher Covered: Yes Enough for: All D Microwave Extra Cost: No Verification: Amherst Housing -Pam #3 10 http://www. pomeroylanecooperative. org/ Contact Phone: (413) 256-0206 Verified On: 02 /14/2019 Web Site: Newmark Knight frank 7 C = r \ ) ) '---' AFFORDABLE APARTMENT RENTAL No. 8 Property Name: Street Address: City, State: Date of Survey: Type of Project: No. of Units: Year Built: Occupancy Rate: Rent Concessions: Cond. Rating: Waiting List: Mill Valley Estates 420 Riverglade Drive Amherst, MA 2/2019 Mixed Income 148 1989 99% No A- 9 applicants -affordable units Unit Tl£~e 2 Bedroom 2 Bedroom, w/foyer 3 Bedroom 3 Bedroom, w/foyer 4 Bedroom, townhouse 2 Bedroom, LIHTC Units 3 Bedroom, LIHTC Units Rental Data Baths AMI No. of Units Sq. Ft. Current Rent Rent[Sa. Ft. 2 N/A 954 $1750 $1.83 2 N/A 994 $1800 $1.81 2 N/A 1152 $2050 $1.78 2 N/A 1192 $2100 $1.76 21/2 N/A 1680 $2750 $1.64 2 60% N/A 954 $1026 $1.08 2 60% N/A 1152 $1286 $1.12 Amenities: Units have standard kitchen appliances (stove & refrigerator) and dishwashers. The units offer central a/c, carpeting, breakfast bar, mini blinds, walk in closets, washer/dryer hook-ups and patios/balconies. The townhouse units have separate entrances. Site features include a grilling area, playground, on-site daycare, on-site laundry, basketball court, tennis court, community garden and walking paths. On-site parking is free. Utilities: Heat: Landlord Pays Electric: Tenant Pays Comments: This is a mixed income property with 74 Market Rate and 74 LIHTC units. As of 2/2019-management stated that this complex is currently 99% occupied with one (1) available unit. The complex is a mixed income property. Rent includes heat, water (hot/cold), sewer and trash removal. Apartment Features Utilities Other Features ~ Separate Entrance(s) ~ Heat Included D Elevator D Pool ~ Tennis ~ Balcony/Patio D Cook Included ~ Rec. Area -Type : Vario us See Amenities ~ Carpets D Electricity Included D Fireplace D Community Room ~ Drapes/Blinds ~ Hot Water Included D Alarm System Gated entra nee: D Storage ~ Cold Water Included Security Features: ~ Coin Laundry Facility ~ Sewer ~ Washer/Dryer Hookup; Equipment D Washer/Dryer Units ~ AC Type : unit Parking Features Surface: Yes Enough for: Al l ~ Stove Extra Cost: No Amt: ~ Refrigerator Garage: No D Cable Included in Rent D Disposal D Internet Service Included ~ Dishwasher Covered: No D Microwave Verification: Leasing Consultant -Kate http://www.m illvalleyapts.com/ Contact Phone: (413) 253-7377 Verified On: 02/11/2019 Web Site: Newmark Knightfnnk 8 :: AFFORDABLE APARTMENT RENTAL No. 9 Property Name: Street Address: City, State: Date of Survey: Type of Project: No. of Units: Year Built: Occupancy Rate: Rent Concessions: Cond. Rating: Waiting List: UnitT}'.~e 1 Bedroom 2 Bedroom 3 Bedroom The Lumber Yard 256 Pleasant Street Northampton, MA 2/2019 Family Tax Credit 55 2019 N/A No A Rental Data Baths AMI No. of Units Sq. Ft. Current Rent Rent[~. Ft. 1 60% 14 N/A $908 N/A 1 60% 34 N/A $1090 N/A 1 60% 7 N/A $1259 N/A Amenities: The units and complex feature; stove, refrigerator, window coverings, a/c, on-site laundry, community room, elevator and limited surface parking. Utilities: Heat: Landlord Pays Electric: Landlord Pays Comments: 43 apartments are available for households at or below 60% of Area Median Income and 12 for households at or below 30% Area Median Income (with project-based rental assistance subsidies). Preference for homeless families and individuals and those at risk of homelessness applies for six of the apartments. 7 apartments are equipped for the hearing-impaired with 5 of them being fully wheelchair-accessible. Tenants w ill be selected via lottery, taking place in February 2019 . Estimated occupancy by end of May, earl y June 2019 . Apartment Features Utilities Other Features D Separate Entrance(s) ~ Heat Included Electric ~ Elevator D Pool D Tennis D Balcony/Patio ~ Cook Included D Rec. Area -Type: D Carpets ~ Electricity Included D Fireplace ~ Community Room ~ Drapes/Blinds ~ Hot Water Included D Alarm System Gated entrance : D Storage ~ Cold Water Included Security Features: ~ Coin Laundry Facility ~ Sewer D Washer/Dryer Hookups Equipment D Washer/Dryer Units ~ AC Type : Parking Features Surface: Yes Enough for: Some Amt: ~ Stove Extra Cost: No D Cable Included in Rent ~ Refrigerator Garage: D Disposal D Internet Service Included D Dishwasher Covered: D Microwave Verification: Cathy Leahy/Ray Contact Phone: (413) 244-1263 Verified On: 02 /14/2019 Web Site: http://www. wayfi ndersma. org / rea I-estate/ property/ fa mi ly-housi ng-downtow n-northa m pt on Newmark Knigtit fr.1nk 9 c ( 0 MIXED INCOME MARKET RATE/ AFFORDABLE APARTMENT RENTAL No. 1 Property Name: Hilltop Apts Street Address: 51 Village Hill Road City, State: Northampton , MA Date of Survey: 10/2019 Type of Project: Mixed Income No. of Units: 33 Year Built: 2006 Occupancy Rate: 97% Rent Concessions: No Cond. Rating: B+ Rental Data UnitTlr'.~e Baths No. of Units Sq. Ft. Current Rent Rent[Sg. Ft. 1 Bedroom, LIHTC 1 13 600 $915 $1.53 1 Bedroom, Market Rate 1 3 600 $1175 $1.96 2 Bedroom, LIHTC 1 13 1000 $1085 $1.09 2 Bedroom, Market Rate 1 3 1000 $1500 $1.50 3 Bedroom , Market Rate T ownhouse l'h 1 1575 $1825 $1.16 Amenities: Units have a stove, r.efrigerator, washer/dryer hook-ups a nd a mix of wood floors, vin yl flooring and carpetin g . On-site parking and children 's play area. A/C sleeves are provided but tenants must supply the units themselves . Utilities: Heat: Landlord Pays Electric: Tenant Pays Comments: This is phase one of the Villa ges at Hospita l Hill I & II. I t is a mixed income property with 26 LITHC units and 7 market rate units. Hilltop Apts includes heat and hot wate r, Phase II which is cal led Hillside Apts and written up as a separate comparable does not in clude heat and hot water. As of 10/20 19-management stated that this complex is currently 100% occupied wi th no vacant units and that there are 37 applicants on the waiting list. There are 32 (97%) Section 8 voucher holders . Utility Allowance: lBR = $79 2BR = $105 Apartment Features Utilities Other Features D Separate Entrance(s) ~ Heat Included D Elevator D Pool D Tennis D Balcony/Patio D Cook Included ~ Rec. Area -Type: Play Area ~ Carpets D Electricity Included D Fireplace D Community Room ~ Drapes/B li nds ~ Hot Water Included D Alarm System Gated entrance: No D Sto ra ge ~ Co ld Water Included Security Features: D Coin Laund ry Facility ~ Sewer ~ Washer/Dryer Hookups Equipment D Washer/Dryer Units D AC Type: Parking Features Surface: Yes Enough for: All ~ Stove Extra Cost: No Amt: ~ Refrigerator Garage: No D Cab le Included in Rent D Disposal D Internet Service Included D Dishwasher Covered: No D Microwave Verification: TCB Management -Rachana Contact Phone: (413) 586-5065 Verified On: 10/21 /2019 Web Site: Newmark Knighlfnmk http://www. thevillagesathospitalhil I. com/ :: MIXED INCOME MARKET RATE/ AFFORDABLE APARTMENT RENTAL No. 2 Property Name: Hathaway Farms t ·~...'.:~ Street Address: 73 Barrett St City, State: Northampton, MA Date of Suivey: 10/2019 Type of Project: Mi xed Inco me No. of Units: 207 Year Built: 1972/2004 Occupancy Rate: 93% Rent Concessions: No Cond. Rating: B+ Rental Data -------------- Unit Time Baths No. of Units Sq. Ft. Current Rent Rent[Sg. Ft. 1 Bedro om, Elite 1 9 702 $1475 -$1499 $2.10 -$2.14 1 Bedro om, HUD Sec. 8 1 21 702 $1081 $1.54 1 Bedroom, Standard 1 10 702 $1375 $1.96 2 Bedroom, Elite 1 35 920 $1825 -$1880 $1.98 -$2.04 2 Bedroom, HUD Sec. 8 1 13 920 $1439 $1.56 2 Bedroom, Standard 1 35 920 $1725 -$1780 $1.88 -$1.93 3 Bedroom, Elite l 1/2 22 1120 $2110 -$2175 $1.88 -$1.94 3 Bedroom , HUD Sec. 8 11h 10 1120 $1815 $1.62 3 Bedro om, Standard l 1/2 22 1120 $2010 -$2065 $1.79 -$1.84 4 Bedro om, Standard 11h 19 1232 $2050 -$2 105 $1.66 -$1.7 1 4 Bedro om, Standard 2 11 1232 $20 75 -$2 130 $1.6 8 -$1.73 Amenities: Units have stove, refrigerator, dishwashers and carp eting. The two, three and four bedroom units have washer/dryer hook-ups and either enclo sed patio or private yard. There is a common laundry, off-street parking and a pla yg round. Utilities: Heat: Tenant Pa ys Electric: Tenant Pays Comments: The project was built w ith mi xed income characteri stics in mind and ca r ries affordab ility requ irem ents for 20 % of the apartment units.The apartments are developed and designed as two-story tow nhome units/apartments w ith all the two, three and four-bedroom units ha ving pri va te and separate entries and t wo floor leve ls . The one-b edroom units are also designed in townhome fashion but they reflect one-story "flat " apartments either on the ground or second level. There are 26 residential buildings. From 1999 to 2004 there we re ren ova tions w hich included new kitch ens , new bath s and general interior updates . Newmark Knigtil Frank As of 10/2019 -the leasing associate stated that th is comp le x is currently at 93% occupancy with 14 vaca nt units . Th e co mplex sets aside 20 % ( 42) of the units for Affordable Housing program s. The leasing associate also stated that the comp lex accepts an y affordable hou sing program and there is no w aiting list at this time, because there is low turn over once units are rented. The units are design ated standard o r elite . Th e elite being units th at have upgraded kitchen and baths( add $100). Th e complex does offer additional storage, $40 per month extra and surface parking at no add itional cost. 2 "'= ··,=~ ) I 0 '-" MIXED INCOME MARKET RATE/ AFFORDABLE APARTMENT RENTAL No. 2 Hathaway Farms, Continued ... Apartment Features Utilities ~ Separate Entrance(s) D Heat Included ~ Balcony/Patio D Cook Included ~ Carpets D Electricity Included Other Features D Elevator Rec. Area Fireplace D Pool D Tennis -Type: Play Area D Community Room ~ Drapes/Blinds D Hot Water Included ~ D D Alarm System Gated entrance: No D Storage ~ Cold Water Included Security Features: ~ Coin Laundry Facility ~ Sewer ~ Washer/Dryer Hookups Equipment D Washer/Dryer Units D AC Type: ~ Stove Amt: ~ Refrigerator D Cable Included in Rent D Disposal D Internet Service Included ~ Dishwasher D Microwave Parking Features Surface: Yes Enough for: All Extra Cost: No Garage: No Covered: No Verification: Leasing Associate -Erin Contact Phone: (413) 586-1405 Verified On: Web Site: Newmark Knightlnnk http://www.hathawayfarmstownhomes.com/index. aspx 2a 10/14/2019 :: MIXED INCOME MARKET RATE/ AFFORDABLE APARTMENT RENTAL No. 3 Property Name: Rolling Green Apartments r-- Street Address: 422 Belchertown Road I City, State: Amherst, MA Date of Survey: 10/2019 Type of Project: Mixed Income No. of Units: 204 Year Built: 1971 Occupancy Rate: 98% Rent Concessions: No Cond. Rating: B Rental Data Unit Time Baths No. of Units Sq. Ft. Current Rent Rent[Sg. Ft. 1 Bedroom 1 N/A 759 $1425 $1.88 1 Bedroom, HUD Sec. 8 1 N/A 759 $1083 $1.43 2 Bedroom 1 N/A 986 $1715 $1.74 2 Bedroom, HUD Sec. 8 1 N/A 986 $1441 $1.46 2 Bedroom , Townhouse 1112 N/A 1158 $1915 $1.65 3 Bedroom, HUD Sec. 8 1112 N/A 1158 $1819 $1.57 3 Bedroom, Townhouse 1112 N/A 1158 $2115 $1.83 4 Bedroom, HUD Sec. 8 1112 N/A 1158 $1984 $1.71 4 Bedroom, Townhouse 1112 N/A 1158 $2900 $2.50 Amenities: Units ha ve standard kitchen appliances (stove & refrigerator), dishwashers and garbage disposals. The units have a/c, carpeting, mini blinds and patios/ba lconies. The comp lex offers a laundry facility, playground, poo l and free lot parking. Housing vouchers are we lcome. Utilities: Heat: Landlord Pays Electric: Landlord Pays Comments: This is a mixed income property with Market Rate and LIHTC units (20% or 41 units, management stated all LIHTC units are filled with voucher holders). All of the townhouse units are the same total square footage, simp ly the bedroom sizes differ -smaller br size s for the 3 and 4 bedroom apartments. There is no added fee for pets. Some improvements were anticipated post rehabilitation, but we understand that since the acquisition there has been no major gut rehabilitation of indivi dual apartments. As of 2/2019-property manager stated that this complex is currently at 94% occupancy, with four (4) available units . Rent includes heat, electric, wa ter (hot/co ld), sewer and trash removal. Apartment Features Utilities D Separate Entrance(s) D Heat Included 0 Balcony/Patio D Cook Included 0 Carpets D Electricity Included 0 Drapes/Blinds D Hot Water Included D Storage 0 Cold Water Included 0 Coin Laundry Facility 0 Sewer D Washer/Dryer Hookups Equipment D Washer/Dryer Units 0 AC Type: unit 0 Stove Amt: 0 Refrigerator D Cab le Included in Rent 0 Disposal D Internet Service Included 0 Dishwasher D Microwave Newmark t<nigtit Frank 3 Other Features D Ele va tor 0 Pool D Tennis 0 Rec. Area -Type: Playground & D Fireplace D Basketball D Community Room Gated entrance: Alarm System Security Features: Parking Features Surface: Yes Enough for: All Extra Cost: No Garage: Covered: :: ~·':: ~ ( ) I ( MIXED INCOME MARKET RATE/ AFFORDABLE APARTMENT RENTAL No. 4 Property Name: Live 155 Street Address: 155 Pleasant St reet City, State: Northampton, MA Date of Survey: 10/2019 Type of Project: Mixed Income No. of Units: 70 Year Built: 2018 Occupancy Rate: 100% Rent Concessions: No Cond. Rating: A Rental Data Unit Time Baths No. of Units Sq. Ft. Current Rent Rent[Sq. Ft. 1 Bedroom 1 N/A N/A $936 N/A 1 Bedroom 1 N/A N/A $780 N/A 1 Bedroom, Market Rate 1 N/A N/A $1100 N/A Stud io 1 N/A N/A $874 N/A Stud io 1 N/A N/A $728 N/A Stu d io, Market Rate 1 N/A N/A $1000 N/A ) Amenities: T he units and comp lex featu re; stove, refrigerator, a/c, window coverings, on-site laundry, commun ity room and elevator. No Parking availab le . All-e lectric heating/cooling with a solar energy system which allows for all the util ities to be included in the rent. Utilities: Heat: Landlord Pays Electric: Landlord Pays Comments: This former 58-room Single Room Occupancy building has been transformed into 70 studio and one-bedroom mixed income rental apartments and 2,600 square feet of retail space . There are 27 studio units and 43 one-bedroom units. There are 23 market rate units and 47 affordable units. As of 10/2019-management stated that this complex is currently fu ll y occupied and that they maintain a wait list of 400+ applicants. The complex opened for occupancy in May 2018 and was fully occupied by August 2018 . T he appl ication lottery was held in mid- February 2018 . Units are rented at market rate, 50% and 60% AMI levels. Residences may also qualify under the MRVP program which rents at 40% of the tenants adjusted gross income . Rent includes all utilities. An internet package is available to tenants for an additiona l $30 per mon t h . No on-site parking is avai lable. Apartment Features Utilities Other Features 0 Separate Entrance(s) ~ Heat Included Electric ~ Elevator 0 Poo l 0 T ennis 0 Ba lcony/Patio ~ Cook Included 0 Rec. Area -Type: 0 Carpets ~ El ectricity Included 0 Fireplace ~ Community Room ~ Drapes/B li nds ~ Hot Water Included 0 Alarm System Gated entrance: 0 Storage ~ Cold Water Included Security Features: ~ Coin Laundry Facility ~ Sewer 0 Washer/Dryer Hookups Equipment 0 Washer/Dryer Units ~ AC Type : Parking Features Surface: No Amt: ~ Stove ~ Refrigerator Garage: No 0 Cab le Included in Rent 0 Disposal ,) 0 Internet Service Included 0 Dishwasher Covered: No 0 Verification: Newmark Knightfnnk Microwave Asst. Property Mgr. -Cathy Leah y Contact Phone: (413) 348-6096 Verified On: 4 10/14/20 19 .. ::..:: .. == MARKET RATE APARTMENT RENTAL No. 5 Property Name: Laurel Ridge Street Address: 312-380 Hatfield St City, State: Northampton, MA Date of Survey: 10/2019 Type of Project: Market Rate No. of Units: 72 Year Built: 1967 Occupancy Rate: 96% Rent Concess ions: No Cond. Rating: B 02/18/2018 Rental Data Unit TJl~e Baths No. of Units Sq. Ft. Current Rent Rent[Sg. Ft. 1 Bedroom 1 N/A 700 $1290 $1.84 2 Bedroom 1 N/A 918 $1570 $1.71 Amenities: Units have standard kitchen appliances (stove & refrigerator), dish washers and garbage disposals. The units have a/c, hardwood floors, m ini blinds, ceiling fans and wa lk-in closets. The complex offers extra storage for all residents, laundry facilities and free parking . Utilities: Heat: Landlord Pa ys Electric: Tenant Pays Comments: As of 10/2019-management stated that this complex is currently 96% occupied w ith three (3) available units. There are no specia ls being offered. There is an additional $25 monthly fee for a pet (cats on ly). Up to 2 pets per unit are allowed. Rent includes heat, wate r (hot/cold), sewer and trash remova l. Apartment Features Utilities Other Features D Separate Entrance(s) ~ Heat Included D Elevator D Pool D T ennis D Balcony/Patio D Cook Included D Rec. Area -Ty pe: D Carpets D Electricity Included D Fireplace D Community Room ~ Drapes/Blinds ~ Hot Water Included D Alarm System Gated entrance : ~ Storage ~ Cold Water Included Security Features: ~ Coin Laundry Facility ~ Sewer D Washer/Dryer Hookups Equipment D Washer/Dryer Units D AC Type: Parking Features Surface: Yes Enough for: All Amt : ~ Stove Extra Cost: No D Cable Included in Rent ~ Refrigerator Garage: ~ Disposal D Internet Service Included ~ Dishwasher Covered: D Microwave Verification: Katie Contact Phone: (413) 256-6061 Verified On: 10/21/20 19 Web Site: Newmark KnigM f~nk http://www. laurelridgeaptsma. com/laurel-ridge-northampton-ma/ 5 c 1=..E ( ') { { MARKET RATE APARTMENT RENTAL No. 6 Property Name: Hawkins Meadow Street Address: 370 Northampton Road City, State: Amherst, MA Date of Survey: 10/2019 Type of Project: Market Rate No. of Units: 80 Year Built: 1963 Occupancy Rate: 100% Rent Concessions: No Cond. Rating: B 02/11/2011 Rental Data UnitT~~e Baths No. of Units Sq. Ft. Current Rent Rent[Sg. Ft. 1 Bedroom 1 N/A 700 $1390 $1.99 2 Bedroom 1 N/A 918 $1720 $1.87 Amenities: Units have standard kitchen appliances (stove & refrigerator), dishwashers and garbage disposals. The units have a/c, hardwood floors, mini blinds, ceiling fans and shared decks. The comp lex offers a pool and laundry facilities. On-site parking is free. Utilities: Heat: Landlord Pays Electric: Tenant Pays ) Comments: As of 10/2019-management stated that this complex is currently fully occupied and that they do not maintain a wait list. There is an additional fee of $25 for a pet. Rent includes heat, wate r (hot/cold), sewer and trash removal. Apartment Features Utilities Other Features D Separate Entrance(s ) ~ Heat Included D Ele vator ~ Pool D Tennis ~ Balcony/Patio D Cook Included D Rec. Area -Type: D Carpets D Electricity Included D Fireplace D Community Room ~ Drapes/Blinds ~ Hot Water Included D Alarm System Gated entrance: D Storage ~ Cold Water Included Security Features: ~ Coin Laundry Facility ~ Sewer D Washer/Dryer Hookups Equipment D Washer/Dryer Units ~AC Type: unit Parking Features Surface: Yes Enough for: All Amt: ~ Stove Extra Cost: No ~ Refrigerator Garage: No D Cable Included in Rent ~ Disposal D Internet Service Included ~ Dishwasher Covered: No D Microwave Verification: Katie Contact Phone: (413) 256-6061 Verified On: 10/21/2019 Web Site: http://www. hawkinsmeadow .com/hawki ns-mead ow-amherst-ma/ J Newmark Knight Frank 6 :: MARKET RATE APARTMENT RENTAL No. 7 Property Name: Alpine Commons Street Address: 133 Belchertown Road City, State: Amherst, MA Date of Suivey: 10/2019 Type of Project: Market Rate No. of Units: 52 Year Built: 1970 Occupancy Rate: 100% Rent Concessions: No Cond. Rating: B Rental Data Unit Time Baths No. of Units Sq. Ft. Current Rent Rent[Sg. Ft. 2 Bedroom, The Va lley 1 N/A 650 $2040 $3.14 3 Bedroom, The Pioneer 1 N/A 1200 $2670 $2 .23 4 Bedroom , The New En g land 2 N/A 1000 $3330 $3 .33 Stud io, The Hampshire 1 N/A 400 $1285 $3 .21 Amenities: Units have standard kitchen app li ances (stove & refrigerator), dishwashers and microwave. The units have a/c, carpeting, mini blinds, walk in closets and patios/balconies . Select units have washer/dryer . High speed internet and basic expanded comcast cab le included in rent. The complex offers extra storage, grills and off street parking. Utilities: Heat: Land lord Pays Electric: Landl ord Pays Comments: As of 10/20 19-mangement stated that this complex is currently ful ly occupied and that they do not maintain a wait list. Rent includes all utilities (heat, electricity, water, sewer, trash remova l) plu s internet and cable . Apartment Features Utilities Other Features D Separate Entrance(s) ~ Heat Included D Elevator D Pool D Tennis ~ Balcony/Patio ~ Cook Included ~ Rec. Area -Type: Grills ~ Carpets ~ Electricity Included D Fireplace D Community Room ~ Drapes/Blinds ~ Hot Water Included D Alarm System Gated entrance : ~ Storage ~ Cold Water Included Security Features: D Coin Laundry Facility ~ Sewer D Washer/Dryer Hookups Equipment ~ Washer/Dryer Units ~ AC Type: central Parking Features Included ~ Stove Surface: Yes Enough for: All Amt: Extra Cost: No ~ Refrigerator Garage: No ~ Cable Included in Rent D Disposal ~ Internet Service Included ~ Dishwasher Covered: ~ Microwave No Verification: Leasing Consultant -Ashley Contact Phone: (413) 256-0741 Verified On: Web Site: http://www.aspensquare.com/massachusetts/a mherst/apartments/a lpine-commons Newmark Knight Frank 7 10/21/2019 c ('i r I \ ·-..J MARKET RATE APARTMENT RENTAL No. 8 Property Name: Aster Fields Apartment Homes Street Address: 80 Barrett St City, State: Northampton, MA Date of Survey: 10/2019 Type of Project: Market Rate No. of Units: 22 Year Built: 1968 Occupancy Rate: 100% Rent Concessions: No Cond. Rating: B- Rental Data Unit Time Baths No. of Units Sq. Ft. Current Rent Rent[Sg. Ft. 1 Bedroom 1 N/A 566 $825 -$925 $1.46 -$1.63 2 Bedroom 1 N/A 860 $995 -$1095 $1.16 -$1.27 2 Bedroom, Townhome 1 N/A 975 $1295 -$1375 $1.33 -$1.41 Amenities: Units have standard kitchen appliances (stove & refrigerator), dishwasher and microwave . Units have carpeting and patios/balconies. On-site parking is free. Townhome units are two-level and have private separate entries. Utilities: Heat: Tenant Pays Electric: Tenant Pays Comments: Previously called Pheasant Hills Apartments. This small complex has a mix of 1 and 2-bedroom apartments and townhome-style units. It is currently 100% occupied. Management did not know the exact square footages and estimated the numbers above. There are no pets allowed at this complex. As of 10/2019-management declined to participate in the survey, the above information was obtained from various internet sources including and the complex homepage . The complex webs ite stated that the complex is currently fully occupied. Apartment Features Utilities Other Features ~ Separate Entrance(s) D Heat Included D Elevator D Pool D Tennis ~ Balcony/Patio D Cook Included D Rec. Area -Type: ~ Carpets D Electricity Included D Fireplace D Community Room D Drapes/Blinds D Hot Water Included D Alarm System Gated entrance : D Storage ~ Cold Water Included Security Features: ~ Coin Laundry Facility ~ Sewer D Washer/Dryer Hookups Equipment D Washer/Dryer Units D AC Type: Parking Features Surface: Yes Enough for: All ~ Stove Extra Cost: No Amt: ~ Refrigerator Garage: D Cable Included in Rent D Disposal D Internet Service Included ~ Dishwasher Covered: ~ Microwave Verification: Property Manager -Nancy http://asterfields .o rg / Contact Phone: (413) 582-0300 Verified On: 10/15/20 19 Web Site: Newmark Knight Fnnk 8 :: =-= MARKET RATE APARTMENT RENTAL No. 9 Property Name: Southpoint Apartments Street Address: 42 Southpoint Dr City, State: Amherst, MA Date of Survey: 10/20 19 Type of Project: Market Rate No. of Units: 182 Year Built: 1970 Occupancy Rate: 98% Rent Concessions: Yes, See comments. Cond. Rating: B 02/1812019 Rental Data Unit Time Baths No. of Units Sq. Ft. Current Rent Rent[Sg. Ft. 1 Bedroom 1 N/A 875 $1000 -$1080 $1.14 -$1.23 1 Bedroom, Townhouse l 1/2 N/A 875 $1245 -$1345 $1.42 -$1.54 2 Bedroom 1 N/A 990 $1280 $1.29 2 Bedroom, Garden discount 1 N/A 990 $1380 $1.39 2 Bedroom, Townhouse 11/i N/A 990 $1340 $1.35 3 Bedroom, Townhouse l 1/2 N/A N/A $1530 -$1605 N/A Amenities: Units have standard kitchen appliances (stove & refrigerator), dishwashers and garbage disposals . The units have carpeting, mini blinds and walk in closets. The complex offers laundry facilities and free parking. Utilities: Heat: Landlord Pa ys Electric: Tenant Pays Comments: As of 10/2019-management stated that this complex is currently 98% occupied with four (4) available units. Heat and hot water are included in rent ONLY for select 2 bedroom units. There are other 2 bedroom units that offer discount heat. Management is offering a rent concession for 4 months the Townouses are $100 off ($400 total) and the Garden style units are $50 off ($200 total). There was a $30 increase across the board on all units since February 2019. Apartment Features Utilities Other Features D Separate Entrance(s) ~ Heat Included D Elevator D Pool D Tennis ~ Balcony/Patio D Cook Included D Rec. Area -Type: ~ Carpets D Electricity Included D Fi rep lace D Community Room ~ Drapes/Blinds D Hot Water Included D Alarm System Gated entrance : ~ Storage ~ Cold Water Included Security Features: ~ Coin Laundry Facility ~ Sewer D Washer/Dryer Hookups Equipment D Washer/Dryer Units D AC Type: Parking Features Surface: Yes Enough for: All Amt: ~ Stove Extra Cost: No D Cable Included in Rent ~ Refrigerator Garage: ~ Disposal D Internet Service Included ~ Dish w asher Covered: D Microwave Verification: Rental Manager -Bonnie Contact Phone: (413) 253-4055 Verified On: 10/15/2019 Web Site: Newmark Knight frank http ://www.apartments.com/southpoint-apartments-amherst-ma/55 bk yvm/ 9 "i== M ( ) ._) MARKET RATE APARTMENT RENTAL No. 10 Property Name: The Boulders Street Address: 156A Brittany Manor Dr City, State: Amherst, MA Date of Survey: 2/2019 Type of Project: Market Rate No . of Units: 256 Year Built: 1974 Occupancy Rate: 98% Rent Concessions: Yes, See comments. Cond. Rating: B Rental Data ------------ UnitT)'.~e Baths No. of Units Sq . Ft. Current Rent Rent[Sg. Ft. 2 Bedroom 1 N/A 850 $1489 -$1529 $1.75 -$1.80 2 Bedroom 1 N/A 750 $1199 $1.60 Amenities: Units have standard kitchen appliances (stove & refrigerator), dishwashers and garbage disposals. The units have a/c and carpeting. The complex offers a fitness center; playground, picnic area with BBQ and laundry facility. Lot parking is free. Utilities: Heat: Landlord Pays Electric: Tenant Pays Comments: As of 2/2019-management stated that this complex is currently 98% occupied with five (5) available units. They do not maintain a wait list. Rent includes heat, and trash removal. Water/sewer are metered and billed by a third party. Apartment Features Utilities 0 Separate Entrance(s) ~ Heat Included 0 Balcony/Patio 0 Cook Included ~ Carpets 0 Electricity Included 0 Drapes/Blinds ~ Hot Water Included ~ Storage 0 Cold Water Included ~ Coin Laundry Facility 0 Sewer 0 Washer/Dryer Hookups Equipment 0 Washer/Dryer Units ~ AC Type: unit ~ Stove Amt: ~ Refrigerator 0 Cable Included in Rent ~ Disposal 0 Internet Service Included ~ Dishwasher 0 Microwave Other Features 0 Elevator ~ Rec. Area 0 Pool 0 Tennis -Type: Fitness Center, Playground, picnic area 0 Fireplace 0 Community Room 0 Alarm System Gated entrance : Security Features: Parking Features Surface: Yes Enough for: All Extra Cost: No Garage: No Covered: No Verification: Casey Contact Phone: (413) 256-8534 Verified On: 02/11/2019 Web Site: Newmark l<nightfrnlk http://www. bouldersapartmenthomes. com / 10 c Qualifications M . SCOTT ALLEN, MAI Executive Vice President Newmark Knight Frank North Forest Road , Suite 204 Amherst , NY 14068 scott .alle n@ng kf.com T 716 .523 .0668 Years of Experience 33 Years Areas of Specialization • Valuation & Advisory • Market Analysis • Multifamily • Land • HUD FHNMAP • LIHTC Appraisals and Market studies North Commons at Village Hill Ford Crossing Road and Olander Drive Northampton, MA 01060 C l ~ Profess ional Background Newmark Knight Frank Scott Allen , MAI , joined Newmark Knight Frank Valuation & Advisory in 2019 as executive vice president of the Buffalo office. A 33-year industry veteran , Mr. Allen has prepared valuations and market analyses across a broad range of property types that includes residential housing , low- income housing projects, apartments , student apartments , historic preservation projects , senior housing projects, commercial property and vacant land . Over the course of his career, Mr. Allen has focused on producing quality market analyses and appraisal work in a timely manner for mortgage lenders, corporations , non-profits, tax credit syndicators , private developers/investors , and government entities including HUD , Rural Development, and Fannie Mae/Freddie Mac . Mr. Allen began his career as a certified general appraiser and currently focuses his work efforts on market analysis and appraisal work related to multifamily and residential housing. Prior lo joining Newmark Knight Frank, Mr . Allen was principal and partner of GAR Associates, a commercial real estate and advisory firm established in 1961. Professional Affiliations • Member, National Council of Housing Market Analysts (NCHMA) • Board of Directors, National Housing & Rehabilitation Association (NH & RA) • Member, Eastern & Western Lenders Association (HUD Lenders) • Member, New York State Association For Affordable Housing (NYSAFAH) Licenses and Designations • Designated member, Appraisal Institute (MAI) • Certified general real property appraiser, states of Arizona , Connecticut, Maryland , Massachusetts, New Jersey, New York, North Carolina , Pennsylvania , South Carolina , Vermont , and Virginia. • Approved Market Analyst by New York State HCR and ADOH (Arizona Department of Housing) • HUD MAP appraisal and market analysis Education Mr. Allen earned his Bachelor of Arts degree in materials and logistics management from Michigan State University's College of Business in 1986. Mr. Allen is currently certified by the Appraisal lnstitute's voluntary program of continuing education for its designated members , and has been an approved instructor for the HUD MAP Underwriting Training Program since 2013 . ( ) (\ 0 J Qualifications Fold, T:ittor1 Ot tb~ Mong Id Perionstio~ ISSUES THE FO !.LOWING l.ICENSE C!ORT GEN. REAL. ESTATE APPRA ISER SCOTT ALLEN 2399 SWEET HOME RO C.10 GAR ASSOCIATES Ll.C BU FFA LO. NY 14228·2.32.6 103369 OG/1 Sl2020 489.429 ~ I " .. ~·I 1g 111 §1h1_~,,1mom:a · · >EEUJuliid•Hii9ift•c ··· .... gt_3U@~1¢11 w11eu North Commons at Village Hill Ford Crossing Road and Olander Drive Northampton, MA 01060 23 ""- '~~/ THEC"MMUNITY BulLDERS North Commons at Village Hill Resident Services Narrative One Stop -October 2019 185 DARTMOUTH STREET BOSTON, MA 02116 P. 617.695.9595 TCBINC.ORG As part of The Community Builders mission to build and sustain strong communities where people of all incomes can achieve their full potential, TCB has enhanced resident services through our place-based Community Life (CL) initiative. CL is an integral part of our culture and property management approach. Community Life works by employing on-site staff who build relationships with our residents, provide support and coaching, develop on-site programs and partner referrals that reflect residents' needs and desires. Our areas of focus include youth development, asset building, workforce development, community engagement and health. CL measures impact through our strategic plan and outcome measures. Following this narrative is more information about TCB's CL program values and objectives. With North Commons and 35 Village Hill Road, TCB will near double the number of units we manage at the Village Hill site. With a total volume of 144 rental units across five projects, TCB will be able to sustain a full time resident services program on site. In the North Commons operating budget, we are budgeting $18,000 for RSC salary plus benefits and a modest operating budget. This represents a total Resident Services budget across all phases of $50,000 x 37% (53 units in North Commons I 144 units total). Community Life staff will provide the following assistance to ensure that residents at all of TCB's Village Hill Properties have basic support: Guide residents through the process of obtaining and retaining quality stable housing by conducting lease signings, move in/move out processes, orientation, relocation (where appropriate), re-certifications and interim re-certifications, household inspections, household compliance and applicable reporting. Implement the Housing Stabilization Standards of Practice (SOP) and facilitate open communication among all staff and among residents as it relates to the housing operational processes. Develop relationships with key community stakeholders, partners, programs, and services. Develop relationships with residents to understand their needs and aspirations and provide referrals to other TCB staff or external partners as appropriate. Support and help facilitate community engagement strategies with residents, some of which may be resident-led, that reach beyond individual coaching and referrals. • Housing Stability: Leveraging Stable Housing as a Platform for Innovation • Resource Building: Impact through Connections to Resources • Community Engagement: A Community Engaged is a Healthy Community THEC "'MMUNITV B "'ILDERS ~ ·\ ~ J \ ,_ 0 Community Life is TCB Ts place-based model that uses stable housing as a platform for residents and neighborhoods to achieve success. D Engages residents in solving problems and cultivating community leadership. D Integrates community life efforts with property management operations to promote resident success. D Partners with key local partners to create unique programming opportunities as pathways to sustainability. D Evaluates our progress using clear, results-driven metrics. D Shares best practices, challenges and strategies with other leaders in the field. THEC ,....MMUNITV B '-l lLDERS \ __) THEC "MMUNITV B ""'ILDERS ·Demographic Data •Community Life Questionnaires •Community Resource and Stakeholder Scan ·RANA ·Analyze demographic and resident survey data ·Analyze property including property funding , staffing , physical structures and locations •Determine site priorities for 2-year Community Success Plan •Develop CSPs including strategies based on site's data analysis ·Determine budget to support site strategies ·Oversee residents engagement in CSPs ·Strategize on community partnerships •Support CL staff/RSC in the implementation of the CSPs ·Provide continuous training and technical assistance •Create MOU/MOA with Legal •Process invoices, and vendor request •Facilitate communication between sites and corporate accounting J l ~ I) • Q ~ 0 75°/o of children ages 3-6 are enrolled in quality early education programs 60°/o of young adults ages 16-25 are enrolled in high school, post- secondary education, employed, or in the armed forces Each year, 5°/o of households without income start earning wages 50°/o of residents have a checking or savings account 80°/o of eligible residents are registered to vote THEC MMUNITY B '"'I LDERS ) \ .i ( ( '