Rehabilitation
SUSTAINABLE PROPERTY CASE STUDY: BAYVIEW TOWERS
NHPF undertook the $12.5 million rehabilitation of Bayview Towers, located in downtown Stamford, Connecticut. Funding partners included the Connecticut Housing Finance Authority, PNC Bank, and Connecticut Light and Power, with assistance from the Hartford HUD office. Energy efficiency and sustainability were primary considerations throughout the rehabilitation project. High- to moderate-flow plumbing fixtures were replaced with the low-flow variety. Lighting, appliances, and air conditioning units were all replaced with energy-efficient models. The original single-pane windows were replaced with insulated double-pane windows. In addition, the property’s roof was replaced with additional insulation, helping to keep the effects of the weather on the outside and residents’ energy costs down.
BEFORE REHABILITATION
TOTAL COST $36,450,000
FINANCING SECURED FINANCING AND FUNDING FOR THIS PROJECT INCLUDE: $15,550,000 CONNECTICUT HOUSING FINANCE AUTHORITY TAX-EXEMPT BONDS $10,900,000 DEFERRED SALE PRICE $7,000,000
FEDERAL LOW-INCOME HOUSING TAX CREDIT EQUITY (LIHTC)
$1,150,000
EXISTING PROPERTY RESERVES
$800,000
INTERIM INCOME
$550,000
DEFERRED DEVELOPER FEE
$500,000
CONNECTICUT HOUSING TAX CREDIT CONTRIBUTION (HTCC) FROM CONNECTICUT LIGHT AND POWER
$62,000
PER UNIT IN HARD CONSTRUCTION COSTS
AFTER REHABILITATION
9
Powered by FlippingBook