Charlesview ResidencesThe relocation and reconstruction of a distressed housing development 

into a new 340‐unit mixed‐income, mixed‐use community.

Bev BatesSenior Vice President, Development Operations

The Neighborhood

The Site

240 rental homes

100 for-sale homes

15,000sf retail

11,000sf community space

111,000sf garage(not shown)

ElevationsMixed Use Midrise

TownhousesTownhouses

Sources & UsesSources

LIHTC Equity $ 27.6M

Residential First Mortgage (NIBP) $ 46 0MResidential First Mortgage (NIBP) $ 46.0M

Replacement Housing Payment $ 63.5M

State Soft Source (PDF) $    2.0M

$Brownfield TC  $    0.3M

Total Sources $141.4M

Uses Program & Infrastructure

Housing

Site Preparation $  11.5M $    2.5M

Construction $    3.7M $  83.4M

Soft Costs $    0.9M $  11.8M

Finance Costs, Reserves & Fee $ 7.1M $ 20.5MFinance Costs, Reserves & Fee $    7.1M $  20.5M

Total Development Costs $  23.2M $118.2M

Key Innovations

• Porting of 200‐unit HAP Contract

• $46 million construction‐to‐• $46 million construction‐to‐permanent mortgage from NIBP

• 90% Risk Share Insurance

• Mark up to Market Transfer Rent Adjustment to Increase First Mortgage

• Land Swap and Development Partnership with Harvard University

Rules for Porting Section 8 Under Section 8bb

• Must prove obsolescence of existing site

• 1 for 1 Replacement of same unit mix/size

• Build first relocate second• Build first, relocate second

• All existing residents to have right to move to new location with comparable or better affordabilitycomparable or better affordability and amenities

• Cannot underwrite new deal based on old contractbased on old contract

• No hard forward commitment available