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Whispering Waters Project

Whispering Waters Project. Presented by: Ron Rukenstein, PP, AICP Ron Rukenstein & Assocs. P.O. Box #1 Titusville, NJ 08560 (609) 730-8138 Phone (609) 730-8139 Fax ron@rukenstein.com E-mail. Salem County’s Greatest Area of Need. WW - Challenges. 113 Vacancies (42%)

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Whispering Waters Project

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  1. Whispering Waters Project Presented by: Ron Rukenstein, PP, AICP Ron Rukenstein & Assocs. P.O. Box #1 Titusville, NJ 08560 (609) 730-8138 Phone (609) 730-8139 Fax ron@rukenstein.com E-mail

  2. Salem County’s Greatest Area of Need

  3. WW - Challenges • 113 Vacancies (42%) • Open Air Drug Activity • Gunfire/Murders • Children Afraid to Play • Seniors afraid to go out - Day or Night • No Social Activities or Programs

  4. Existing Playground

  5. Family Room in Need of Repair

  6. Kitchen in Need of Repair

  7. Typical Water Damage from Roof Leaks

  8. Typical Antiquated Boiler

  9. Located in an isolated area with limited resources

  10. Prior Efforts – Fence with gatehouse

  11. Comprehensive Approach Project Partners • Ron Rukenstein, Developer • John Bibeau, General Contractor • Independence Realty, Local Coordination • Calvary CDC, Social Services • USDA • City of Salem • Local Law Enforcement • NJ HMFA • Elected Officials

  12. The New Whispering Waters • Restore WW to a preferred rental community • Vision - A clean/safe community with effective management and proud tenants, contributing to the revitalization of the City of Salem.

  13. Proposed Solution –Part 1 • Overall project density reduced from 276 units to 260 units while incorporating 69 3-br units (30%) to target the needs of families. • Gut rehabilitation or reconstruction of all 18 existing buildings (13 new const/5 rehab). • Providing social services through the creation of a learning/social services center (financed in part by a USDA DLT Grant) along with new recreation facilities

  14. Proposed Solution –Part 2 • Thirty units set aside for adults with disabilities, interspersed throughout the project, and supported by social services. • Professional sustained management is vital to the successful transformation of this project • Prepared Security and Transition Plans • Tenants diligently screened by interview, references, and background checks

  15. Phase 2 Project Scope • Replaces 176 units (80 1-br & 96 2-br) with 140 units (42 3-br and 98 1-br in 11 buildings. • 6 new modular bldgs built on existing footprints • 5 gut rehabs upgraded to structurally sound conditions, replace antiquated central boilers with individual instantaneous hot water heaters and 13 SEER air conditioners • All units achieve highest level of energy star standards • Remove underground storage tanks, upgrade laundry facilities, and create water recharge areas.

  16. Phase 2 Funding Sources • $16,918,308 in Tax Credit Equity- 1.8 million in annual credits sold at 94 cents per credit • $2,400,000 in NJ Home Express • $3,000,000 in NJ Special Needs Housing Trust Fund • $975,000 in FHLB NY Affordable Housing Funds • $92,000 in Deferred Developer Fees • Total Sources: $23,985,308 - No New Hard Debt

  17. Phase 1 Project Scope • Replaces 100 units (84 1-br and 16 2-br) w/ 120 new units (39 1-br, 45 2-br & 36 3-br). • 7 new modular buildings • Construction of the Community Center with adjacent new children’s playground area • All units will provide instantaneous hot water heaters & 13 SEER air conditioners • All units achieve highest level of energy star performance standards • repave the entire parking lot and interior roadway

  18. Phase 1 Funding Sources • $14,132,532 in Section 1602 Tax Credit Exchange - Exchanged $1,738,000 in annual credits at 81 cents per credit • $1,000,000 in Tax Credit Equity, sold $153,862 in annual credits at 65 cents per credit • $3,240,000 in NJ Home Express • $1,200,000 in NJ Special Needs Housing Trust Fund • $800,000 in FHLB NY Affordable Housing Funds • $575,251 in Deferred Developer Fees • Total Sources: $20,947,783 - No New Hard Debt

  19. USDA Financing • Sources and Uses do not including assumed USDA 515 Program Debt • $4,311,202 in existing 515 debt was recast with a 50 year amortization and a 30 year term, reducing the debt service from $210,000 to $110,000 /yr • USDA reinforced their commitment by awarding a $175,584 DLT Grant • We are now applying to the USDA REAP grant and loan guarantee to construct a rooftop solar system for the Community Center

  20. Building C Structurally Deficient - Before Demolition

  21. Demolition Work (9-8-08)

  22. New Concrete Slab (9-16-09)

  23. Foundation Work (9-24-08)

  24. Pouring Slab (10-15-08)

  25. Working on New Building (10-23-08)

  26. Building Complete on January 2, 2009!

  27. New Community Center COMING SOON!Community Center and Playground!

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